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2021-08-14

good sharing

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2021-08-14

good reading

Where Will Virgin Galactic Stock Be In 10 Years?<blockquote>10年后维珍银河股票会在哪里？</blockquote>

2021-08-14

like & comment pls [Smile]

Tesla seeks to reduce board members’ terms, make other changes in October shareholder meeting<blockquote>特斯拉寻求缩短董事会成员任期，并在 10 月股东大会上做出其他改变</blockquote>

2021-08-11

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Here Comes The iPhone 13: One Reason Why It May Be A Success<blockquote>iPhone 13 来了：它可能成功的一个原因</blockquote>

2021-08-11

like comment

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2021-08-10

like & comment

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2021-08-09

like & comment

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2021-08-09

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Tesla stock was up 2% in early trading following an upgrade to ‘buy’ from Jefferies with a target of $850 from the previous $700.<blockquote>特斯拉股价在早盘交易中上涨 2%，此前杰富瑞将其评级上调至 “买入 ”，目标价从之前的 700 美元上调至 850 美元。</blockquote>

2021-08-07

good reading

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2021-08-07

like

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2021-08-06

can be a stock watchlist… keep eye on them!

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2021-08-06

[Miser] [Miser] [Miser]

The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，今年标普500可能再上涨 6%。为什么这么乐观。</blockquote>

2021-08-05

pls like

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2021-08-04

thanks for sharing

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2021-08-02

let watch…

Earnings Scheduled For August 2, 2021<blockquote>定于 2021 年 8 月 2 日公布的收益</blockquote>

2021-07-30

nice

Hotels’ Earnings Show Things Are Getting Better<blockquote>酒店盈利显示情况正在好转</blockquote>

2021-07-30

good read

The 2 High-Growth Stocks Everyone Will Be Talking About Friday<blockquote>周五大家都会谈论的两只高增长股票</blockquote>

2021-07-28

cont watching….

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2021-07-28

good to follow [Happy]

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2021-07-28

Good article

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sharing&nbsp;","listText":"good sharing&nbsp;","text":"good sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/897403744","repostId":"2158025081","repostType":4,"isVote":1,"tweetType":1,"viewCount":2629,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897403613,"gmtCreate":1628952433932,"gmtModify":1631885721606,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"good reading&nbsp;","listText":"good reading&nbsp;","text":"good reading","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/897403613","repostId":"1149823415","repostType":4,"repost":{"id":"1149823415","kind":"news","pubTimestamp":1628909753,"share":"https://www.laohunote.com/m/news/1149823415?lang=zh_CN&edition=full","pubTime":"2021-08-14 10:55","market":"us","language":"en","title":"Where Will Virgin Galactic Stock Be In 10 Years?<blockquote>10年后维珍银河股票会在哪里？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149823415","media":"seekingalpha","summary":"Summary\n\nVirgin Galactic fell more than 30% post-earnings as the market was disappointed with the \"d","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Virgin Galactic fell more than 30% post-earnings as the market was disappointed with the \"delay\" affecting the launch of its private commercial revenue service.</li>  <li>However, we think the company's \"delay\" is necessary for it to rectify its supply constraints and meet the huge demand that the company is experiencing.</li>  <li>We would also discuss in detail the company's long-term opportunities and threats, and what investors need to monitor moving forward.</li>  <li>Lastly, we present our valuation arguments for long-term investors who are considering adding exposure to Virgin Galactic.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/00922c9874a28954c08c613b8dbf378b\" tg-width=\"768\" tg-height=\"493\" width=\"100%\" height=\"auto\"><span>Nastco/iStock via Getty Images</span></p><p><blockquote><ul><li>维珍银河财报公布后下跌超过 30%，原因是市场对影响其私人商业收入服务推出的“延迟”感到失望。</li><li>然而，我们认为该公司的“延迟”对于其纠正供应限制并满足该公司正在经历的巨大需求是必要的。</li><li>我们还将详细讨论公司的长期机遇和威胁，以及投资者未来需要监控的内容。</li><li>最后，我们为考虑增加维珍银河敞口的长期投资者提出了我们的估值论点。</li></ul><p class=\"t-img-caption\"><span>Nastco/iStock 来自 Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Back in May, when we published our previous article (link to article appendedhere) on Virgin Galactic (SPCE), we clearly highlighted that we think the Street's consensus has been too optimistic about Virgin Galactic's revenue estimates as we thought the projections overstated the market opportunity for suborbital space tourism over the next 10 years to a large extent, based on our research that consulted multiple sources, and we submitted a revised projection.</p><p><blockquote>早在 5 月份，当我们发表上一篇关于维珍银河 (SPCE) 的文章（链接到此处的文章）时，我们明确强调，我们认为华尔街的共识对维珍银河的收入预测过于乐观，因为我们认为这些预测在很大程度上夸大了未来 10 年亚轨道太空旅游的市场机会，基于我们咨询了多个来源的研究，我们提交了修订后的预测。</blockquote></p><p> Since then, the Street has revised its near-term projections downwards as the company recently indicated that they are expecting to commence commercial service only from&nbsp;late Q3'CY22.</p><p><blockquote>此后，华尔街下调了近期预测，因为该公司最近表示，他们预计要到 2022 年第三季度末才开始商业服务。</blockquote></p><p> This article will discuss the circumstances leading to Virgin Galactic's \"delayed\" launch, the long-term opportunities, and the competitive threat facing Virgin's leadership quest in suborbital space tourism.</p><p><blockquote>本文将讨论导致维珍银河“推迟”发射的情况、长期机遇以及维珍在亚轨道太空旅游领域寻求领导地位所面临的竞争威胁。</blockquote></p><p> Lastly, we would present our valuation argument for long-term investors considering adding exposure to the stock right now.</p><p><blockquote>最后，我们将为现在考虑增加股票敞口的长期投资者提出我们的估值论点。</blockquote></p><p> <b>Revisions to Virgin Galactic's Mean Consensus Estimates</b></p><p><blockquote><b>维珍银河平均共识估计的修订</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e15e65a740bf4a03405cd6f31e82bfc\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>May's consensus revenue estimates &amp; Aug's consensus revenue estimates. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>5 月份的共识收入预期和 8 月份的共识收入预期。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/149d99203d29b3a3e785096ccc509c57\" tg-width=\"600\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Scale of revised estimates (Between May and Aug estimates). Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>修订估计数的规模（5月至8月估计数之间）。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Investors should be able to glean clearly that near-term consensus estimates were revised downwards from May's projections that affected CY21 to CY25. However, we think what's important for investors to note is that the Street revised its estimates meaningfully upwards from CY26 to reflect the strong demand that SPCE highlighted during its recent earnings call, which we think demonstrates the company's confidence in a strong revenue runway for the long term, which we would discuss in detail in the subsequent sections.</p><p><blockquote>投资者应该能够清楚地了解到，近期共识预测较 5 月份影响 21 财年至 25 财年的预测有所下调。然而，我们认为投资者需要注意的重要一点是，华尔街从 CY26 大幅上调了其预期，以反映 SPCE 在最近的财报看涨期权上强调的强劲需求，我们认为这表明了该公司对长期强劲收入的信心，我们将在后续章节中详细讨论这一点。</blockquote></p><p> <b>Private Commercial Full Revenue Service is Expected from Q3'CY22</b></p><p><blockquote><b>预计从 2022 年第三季度开始提供私人商业全额收入服务</b></blockquote></p><p> SPCE has since lost about 33% of its value since its earnings release on Aug 5, which we think is largely attributed to the near term headwinds resulting from its \"delay\" on commercial service launch as a result of proposed critical enhancements to VSS Unity and the mothership VMS Eve to increase their turnaround time between flights and maintenance significantly.</p><p><blockquote>自 8 月 5 日发布财报以来，SPCE 的价值已下跌约 33%，我们认为这在很大程度上是由于 VSS Unity 和母舰 VMS Eve 提出的关键增强措施导致其商业服务推出“延迟”，从而导致近期不利因素显着增加了飞行和维护之间的周转时间。</blockquote></p><p> As a result of the enhancements that would take place after the completion of Unity 23 revenue-generating flight with the Italian Air Force, the company expects to commence its private commercial full revenue service only from late Q3'CY22, which we think may have taken investors aback as while the market expected full commercial service to begin in 2022, they did not expect it to be as late as Q3.</p><p><blockquote>由于与意大利空军完成 Unity 23 创收飞行后将进行增强，该公司预计仅从 2022 年第三季度末开始其私人商业全额收入服务，我们认为这可能会让投资者感到惊讶，因为虽然市场预计全面商业服务将于 2022 年开始，但他们没想到会迟到第三季度。</blockquote></p><p> However, we think the market has once again chosen to focus on the uncertainty resulting from the near-term revenue service delay and ignore the importance of the enhancements that are expected to improve VMS Eve's turnaround time so significantly that Virgin Galactic emphasized:</p><p><blockquote>然而，我们认为市场再次选择关注近期收入服务延迟带来的不确定性，而忽视了预计将显着缩短 VMS Eve 周转时间的增强功能的重要性，以至于维珍银河强调：</blockquote></p><p>   These enhancements  <i>could potentially allow Eve to fly 100 flights between major maintenance inspections</i>. This is up from the current interval of 10 flights between major inspections today. This will be an incredibly important success factor during the early commercial service period while we are in process of manufacturing additional motherships.  In addition, the company also highlighted that with the enhancements, the company is also \"targeting a reduced turnaround flight between Unity flights of 4 to 5 weeks, and that's down from what has at best, been 7 to 8 weeks for VSS Unity.\"</p><p><blockquote>这些增强<i>可能允许夏娃在重大维护检查之间飞行 100 次航班</i>这比今天主要检查之间10次飞行的间隔有所增加。在我们制造更多母舰的过程中，这将是早期商业服务时期极其重要的成功因素。此外，该公司还强调，通过这些增强功能，该公司还“目标是将 Unity 航班之间的周转航班缩短至 4 至 5 周，这低于 VSS Unity 最多 7 至 8 周的时间。”</blockquote></p><p></p><p> The Street and the market were certainly disappointed with the announcement, as analysts cut near-term forecasts and downgraded ratings, and Morgan Stanley also emphasized: \"During this heavy maintenance period, Virgin Galactic will not be able to conduct any space flights until summer of 2022.\"</p><p><blockquote>华尔街和市场当然对这一声明感到失望，因为分析师下调了近期预测并下调了评级，摩根士丹利也强调：“在这个繁重的维护期间，维珍银河将无法进行任何太空飞行，直到2022年夏天。”</blockquote></p><p> Sure, no flights. We are certainly not concerned, as the company reiterated the significance of these enhancements:</p><p><blockquote>当然，没有航班。我们当然不担心，因为该公司重申了这些增强功能的重要性：</blockquote></p><p>   These are reasonably robust modifications to Eve. But the reason we are taking the additional scope and the additional time for this enhancement period of Eve is because the flight rate that we will derive from Eve following this enhancement period is we plan to build that to effect. It's almost 10x greater between major inspections and what we've been doing now. That will give us an ability to fly Eve much more frequently, and  <i>that's really important to our initial group of future astronauts as well as the people that we're going to be signing up starting today</i>.\"  If investors could clearly glean the language used by the company in the above sentence, the company is clearly doing it because they are expecting such a robust demand for its space flight services that we think may have exceeded what the company had initially planned for. So while the recent launch event with Sir Richard Branson was largely seen as a major PR coup, it certainly allowed the company to measure the response from interested customers, and the company has clearly indicated that they see such robust demand that they needed to open up a priority list as soon as possible as CEO Michael Colglazier articulated:</p><p><blockquote>这些都是对Eve的相当稳健的修改。但是我们为Eve的这个增强期采取额外的范围和额外的时间的原因是因为我们将在这个增强期之后从Eve得出的飞行率是我们计划建立的。大检查和我们现在所做的差不多是10倍。这将使我们有能力更频繁地驾驶夏娃<i>这对我们未来的第一批宇航员以及我们从今天开始报名的人来说非常重要</i>.”如果投资者能够清楚地理解该公司在上述句子中使用的语言，那么该公司显然正在这样做，因为他们预计对其太空飞行服务的需求如此强劲，我们认为这可能已经超过了该公司最初的计划。因此，虽然最近与理查德·布兰森爵士举行的发布会在很大程度上被视为一次重大的公关政变，但它无疑让公司能够衡量感兴趣的客户的反应，而且该公司已经明确表示，他们看到了如此强劲的需求，以至于他们需要尽快打开优先列表正如首席执行官 Michael Colglazier 所说：</blockquote></p><p>   Leveraging the substantial demand we have seen to our website, I am pleased to announce that we will soon open a priority list for future space travelers who wish to be next in line. We will reach out first to this list with any available inventory following the conclusion of our spacefarer conversion process. Registration for this list will soon be made available on our website...We have an enormous amount of confidence in the total addressable market that's been kind of shown from the response to [Sir Richard Branson's] Unity 22. So we won't be absorbing all of it, but we do think we can make a major step forward here.  We are not sure what the market and other investors think. Still, the company needs to find a way to cope with the demand from what's obviously a heavily supply-constrained situation. The next best thing they would do in the near term is to make the necessary modifications to VMS Eve and VSS Unity to ensure these highly valued potential customers don't go knocking on the door of Jeff Bezos's Blue Origin (BORGN).</p><p><blockquote>利用我们对我们网站的巨大需求，我很高兴地宣布，我们将很快为希望成为下一个太空旅行者开放一个优先名单。在我们的宇航员转换过程结束后，我们将首先联系这份清单，提供任何可用的库存。该名单的注册将很快在我们的网站上提供……我们对整个潜在市场充满信心，这一点从对[理查德·布兰森爵士]Unity 22的反应中可以看出。因此，我们不会吸收所有这些，但我们确实认为我们可以在这里向前迈出一大步。我们不确定市场和其他投资者的想法。尽管如此，该公司仍需要找到一种方法来应对明显严重供应紧张的需求。他们在短期内要做的下一个最好的事情是对VMS Eve和VSS Unity进行必要的修改，以确保这些高价值的潜在客户不会去敲杰夫·贝佐斯的蓝色起源（BORGN）的门。</blockquote></p><p> <b>Are There Really So Many Customers Who Couldn't Wait to Get On Board VSS Unity?</b></p><p><blockquote><b>真的有那么多客户迫不及待地想加入VSS Unity吗？</b></blockquote></p><p> Yes, it's pretty incredible to think that the company is expecting so many customers who couldn't wait to get on board. Lisa Rich, the Managing Partner at the venture capital firm Hemisphere Ventures, articulated: \"...I've met so many Virgin [Galactic] ticket&nbsp;holders over the years. And by the way, every one of them has told me that the $250,000 they've spent waiting has paid for itself 10 times over because of the experiences that they have shared over the years.\"</p><p><blockquote>是的，想到该公司期待着这么多迫不及待地想加入的客户，真是令人难以置信。风险投资公司 Hemisphere Ventures 的执行合伙人丽莎·里奇 (Lisa Rich) 表示：“……这些年来，我见过很多维珍 [银河] 机票持有者。顺便说一句，他们每个人都告诉我，他们花了 25 万美元等待已经收回了 10 倍，因为他们多年来分享的经验。”</blockquote></p><p> Investors should clearly understand that the community of 600 future astronauts that have committed to Virgin Galactic's flight services formed a tight-knit group over the years as the company emphasized: \"I think one thing that probably [is] not well known outside of the existing future astronaut is one of the secret weapons of Virgin Galactic is our astronaut office. This is a group of people who have brought together these 600 people into a true community.\"</p><p><blockquote>投资者应该清楚地了解，致力于维珍银河飞行服务的 600 名未来宇航员社区多年来形成了一个紧密团结的团体，正如该公司所强调的那样：“我认为，除了现有的未来宇航员之外，有一件事可能不太为人所知，那就是维珍银河的秘密武器之一就是我们的宇航员办公室。这是一群人将这 600 人聚集在一起，形成了一个真正的社区。”</blockquote></p><p> The company emphasized that these customers really value the journey towards realizing the flight experience as these customers consider it a \"life-transitional journey.\" They see so much value in what Virgin Galactic is doing that the company emphasized that their customers consider joining the community that the company brought together is \"[a] top, top of mind [priority] and very powerful.\"</p><p><blockquote>该公司强调，这些客户非常重视实现飞行体验的旅程，因为这些客户认为这是一次“人生转型之旅”。他们认为维珍银河所做的事情非常有价值，以至于该公司强调，他们的客户认为加入该公司汇集的社区是“最重要的[优先事项]，并且非常强大。”</blockquote></p><p> Importantly, the company also highlighted that they have opened up ticket sales to their 1000-strong \"Spacefarer\" community who has signed up through the company's \"One Small Step\" program, with a price starting from $450K per seat, that's way higher than the $200K to $250K per seat that the initial 600 future astronauts signed up for.</p><p><blockquote>重要的是，该公司还强调，他们已经向通过该公司的“一小步”计划注册的1000名“宇航员”社区开放了门票销售，价格从每个座位45万美元起，远高于最初600名未来宇航员注册的每个座位20万至25万美元。</blockquote></p><p></p><p> Virgin Galactic believes that these future astronauts are going to be the \"sales ambassadors\" for the company because of the experience of the strong and tight-knit astronaut community that the company has painstakingly built up: \"...And so I think you can think about lifetime value in several ways. One of them is as people move through being a future astronaut graduate into the astronaut community, I think they're going to come back, and I think it will just be very natural in how people will share the experience<b><i>.</i></b>And I think them sharing the experience will not only let people say how wonderful it was, but it will also bring normalcy to the concept of human spaceflight. So this group of people as we bring them in, the lifetime value is all-around demand and continuing to increase the total addressable market as they go out there and share what they've done.\"</p><p><blockquote>维珍银河认为，这些未来的宇航员将成为公司的“销售大使”，因为他们拥有公司精心打造的强大而紧密团结的宇航员社区的经验：“……所以我认为你可以从几个方面来思考终身价值。其中之一是，当人们从未来的宇航员毕业生进入宇航员社区时，我认为他们会回来，我认为人们分享这种经历是非常自然的。<b><i>.</i></b>我认为他们分享这段经历不仅会让人们说那是多么美妙，还会给人类太空飞行的概念带来常态。因此，当我们把这群人带进来时，他们的终身价值是全面的需求，并随着他们走出去分享他们所做的事情，继续增加整个潜在市场。”</blockquote></p><p> <b>Strong Demand Justifies Rapid Scaling Up To Achieve Strong Operating Leverage</b></p><p><blockquote><b>强劲的需求证明快速扩大规模以实现强大的运营杠杆是合理的</b></blockquote></p><p> Astute investors would clearly have recognized that if the company relied on just the fleet of VSS Unity or VSS Imagine to dominate the market for suborbital space tourism, it would have been largely insufficient.</p><p><blockquote>精明的投资者会清楚地认识到，如果该公司仅仅依靠 VSS Unity 或 VSS Imagine 的机队来主导亚轨道太空旅游市场，那么这在很大程度上是不够的。</blockquote></p><p> Based on the company's guidance and the Street's estimates, working through the company's initial community of 600 future astronauts would take a few years at least without the modifications to VMS Eve.</p><p><blockquote>根据该公司的指导和华尔街的估计，在不对 VMS Eve 进行修改的情况下，该公司最初由 600 名未来宇航员组成的社区至少需要几年时间。</blockquote></p><p> The initial cadence (before modifications) for 2022 is a maximum of 10 revenue flights comprising 60 passengers in total. Moving on to 2023, the company could also only fly a maximum of 24 to 36 flights annually, which would allow them to fly a maximum of 144 to 216 astronauts. Thus, it may be at least another 2 years until 2025 before Virgin Galactic could start to work through the order book from the 1000 Spacefarer community, and we think by then, at least some of them would have gone over to Blue Origin. Therefore, the initial cadence really doesn't work, especially with the company preparing to draw up its priority list soon for the interest generated from the Unity 22 PR campaign, and they need to work through the 1,600 future astronauts fast, which in the near term would be solved by Eve's modifications since it allows SPCE to fly 10x more in between major inspections.</p><p><blockquote>2022年的初始节奏（修改前）是最多10个收入航班，总共包括60名乘客。展望 2023 年，该公司每年最多只能飞行 24 至 36 次航班，这将允许他们最多搭载 144 至 216 名宇航员。因此，到2025年，维珍银河可能至少还需要两年时间才能开始处理1000名宇航员社区的订单，我们认为到那时，至少他们中的一些人会去蓝色起源。因此，最初的节奏确实不起作用，特别是该公司准备很快为 Unity 22 公关活动产生的兴趣制定优先列表，他们需要快速处理 1,600 名未来宇航员，这将在不久的将来通过 Eve 的修改来解决，因为它允许 SPCE 在重大检查之间的飞行次数增加 10 倍。</blockquote></p><p> However, the company still thinks that would still be insufficient to cater to the level of demand that they have been experiencing. As a result, they announced that they would be building their next-gen Delta class vehicles \"that are capable of turning on a 1-week interval.\" This class of ships is expected to form the majority of the company's future capacity over time.</p><p><blockquote>然而，该公司仍然认为这仍然不足以满足他们所经历的需求水平。因此，他们宣布将制造下一代 Delta 级车辆，“能够每隔 1 周启动一次”。随着时间的推移，此类船舶预计将构成该公司未来运力的大部分。</blockquote></p><p> Part of the reason that the company needed to raise the&nbsp;$500M equity&nbsp;offering recently is that they are ready to start developing and build the Delta class vehicles that would be highly instrumental towards meeting their long term capacity and cadence, that VSS Unity and VSS Imagine would never be able to meet sufficiently.</p><p><blockquote>该公司最近需要筹集 5 亿美元股权发行的部分原因是，他们已准备好开始开发和制造 Delta 级车辆，这将极大地有助于满足其长期容量和节奏，VSS Unity 和 VSS Imagine 永远无法满足。</blockquote></p><p> Crucially, the company highlighted that by ramping production and capacity through the Delta class, they would be able to achieve significant operating leverage as Virgin Galactic emphasized: \"...And that's why we're so focused on getting the Delta class with next generation of mothership. That's where we really get efficiency. That's where we get scale. That's where you'll really see the flow-through come because we'll have a fixed cost basis that is easy for us to communicate and easy for us to contribute the trade for efficiency down the road.\"</p><p><blockquote>至关重要的是，该公司强调，通过 Delta 级提升产量和运力，他们将能够实现显著的运营杠杆，正如维珍银河所强调的那样：“.....这就是为什么我们如此专注于获得下一代母舰的 Delta 级。这才是我们真正获得效率的地方。这才是我们获得规模的地方。这才是你真正看到流量的地方，因为我们将有一个固定的成本基础，这对我们来说很容易沟通，也很容易为未来的效率做出贡献。”</blockquote></p><p> <b>Competing Against Blue Origin</b></p><p><blockquote><b>与蓝色起源竞争</b></blockquote></p><p> We think operating leverage will be the name of the game here, and Virgin Galactic clearly recognizes that it would be vital for the company to operate at a sufficient scale justified by its demand drivers to compete strongly against Blue Origin.</p><p><blockquote>我们认为运营杠杆将是这里的游戏名称，维珍银河清楚地认识到，对于该公司来说，以其需求驱动因素所证明的足够规模运营对于与蓝色起源进行强有力的竞争至关重要。</blockquote></p><p> While we don't think Blue Origin's main game is in suborbital space tourism, as Jeff Bezos also highlighted previously that: \"The architecture&nbsp;and the technology we have chosen is complete overkill for a suborbital tourism mission.”</p><p><blockquote>虽然我们不认为蓝色起源的主要游戏是亚轨道太空旅游，但正如杰夫·贝索斯之前强调的那样：“我们选择的架构和技术对于亚轨道旅游任务来说完全是矫枉过正。”</blockquote></p><p> We think Blue Origin's main market certainly goes beyond suborbital space tourism that Morgan Stanley highlighted that \"Mr. Bezos’ company is seeking business in a space market that will triple in size to more than $1 trillion in annual sales by 2040, assuming rapid technological developments enable routine moon landings, asteroid mining and space tourism.\"</p><p><blockquote>我们认为，蓝色起源的主要市场肯定超出了摩根士丹利强调的亚轨道太空旅游，“贝佐斯先生的公司正在太空市场寻求业务，到 2040 年，该市场的规模将扩大两倍，年销售额将超过 1 万亿美元，前提是技术的快速发展能够实现常规登月、小行星采矿和太空旅游”。</blockquote></p><p> Therefore, while Blue Origin focuses on building up its Space colonies' vision over the long term, we think they would most certainly be able to ramp their production quickly and gain significant operating leverage. The key is how those advantages translate to its suborbital space tourism segment in the near term would be key to determine Virgin Galactic's leadership.</p><p><blockquote>因此，虽然蓝色起源专注于建立其太空殖民地的长期愿景，但我们认为他们肯定能够快速提高产量并获得显着的运营杠杆。关键是这些优势如何在短期内转化为其亚轨道太空旅游领域，这将是决定维珍银河领先地位的关键。</blockquote></p><p></p><p> One thing is for sure. Both companies expect the price for the suborbital space tourism tickets to come down substantially over time as production scales up and technologies improve. Thus, the key for Virgin Galactic's leadership and survival in this market is to gain operating leverage as quickly as possible to build up those advantages while Blue Origin has its plate full with its various projects across the entire spectrum.</p><p><blockquote>有一点是肯定的。两家公司预计，随着生产规模的扩大和技术的进步，亚轨道太空旅游门票的价格将随着时间的推移大幅下降。因此，维珍银河在这个市场上的领导地位和生存的关键是尽快获得运营杠杆以建立这些优势，而蓝色起源则忙于整个领域的各种项目。</blockquote></p><p> Virgin Galactic wants to make suborbital space tourism much more accessible, and the key to achieving that is to drive prices down through operating leverage achieved by ramping up production. As a result, we think the company's Delta class plans are highly pivotal to Virgin Galactic's leadership against Blue Origin and highly encourage investors to keep their eyes closely focused on these plans.</p><p><blockquote>维珍银河希望让亚轨道太空旅游更容易获得，而实现这一目标的关键是通过提高产量实现的运营杠杆来降低价格。因此，我们认为该公司的 Delta class 计划对于维珍银河对抗蓝色起源的领导地位至关重要，并强烈鼓励投资者密切关注这些计划。</blockquote></p><p> <b>Free Cash Flow Forecast &amp; Valuations</b></p><p><blockquote><b>自由现金流预测和估值</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/48be5e8da375fdc72591e31b96a223f4\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>EBITDA margin forecast &amp; CapEx margin forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EBITDA 利润率预测和资本支出利润率预测。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/57509b52b1c0ac46a44e7a0dd619bd97\" tg-width=\"640\" tg-height=\"361\" width=\"100%\" height=\"auto\"><span>EV / Fwd EBITDA trend. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV / Fwd EBITDA 趋势。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Despite the delay in launching full revenue service to Q3'22, the Street's estimates expect the company to be FCF profitable from the end of FY24. We think that's important as it demonstrates the long-term cash flow potential for the company's business in this market, where only BORGN and SPCE are the clear leaders right now.</p><p><blockquote>尽管推迟到 2022 年第三季度推出全面收入服务，但华尔街预计该公司将从 2024 财年末开始实现自由现金流盈利。我们认为这很重要，因为它展示了该公司业务在这个市场的长期现金流潜力，目前只有 BORGN 和 SPCE 是该市场的明显领导者。</blockquote></p><p> However, the valuations still look expensive at 18.5x by the end of 2030, 36% above its aerospace and defense peers comp set mean of 13.61x.</p><p><blockquote>然而，到 2030 年底，估值看起来仍然很昂贵，为 18.5 倍，比航空航天和国防同行的平均薪酬 13.61 倍高出 36%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1084f3186f9732fad8d28b824c65de2a\" tg-width=\"640\" tg-height=\"472\" width=\"100%\" height=\"auto\"><span>Street's mean price target. Source: TIKR</span></p><p><blockquote><p class=\"t-img-caption\"><span>Street 的平均价格目标。资料来源：TIKR</span></p></blockquote></p><p> The Street is also not too optimistic, as the mean target price of $35.55 is a mere 13.5% above the last closing price, as analysts focused on SPCE's near term \"headwind\" of moving its revenue service to Q3'CY22, which we think is highly important to its long term competitive advantage.</p><p><blockquote>华尔街也不太乐观，因为平均目标价 35.55 美元仅比最后收盘价高出 13.5%，因为分析师关注的是 SPCE 将其收入服务转移到 2022 年第三季度的近期“逆风”，我们认为这对其长期竞争优势非常重要。</blockquote></p><p> While we are really excited about the company's long-term prospects, as well as its ambition to bring suborbital space tourism to the world, we are not so sure about Virgin Galactic's expensively-looking valuation.</p><p><blockquote>虽然我们对该公司的长期前景以及将亚轨道太空旅游带给世界的雄心感到非常兴奋，但我们对维珍银河看起来昂贵的估值不太确定。</blockquote></p><p> <b>SPCE Stock Price Action and Trend Analysis</b></p><p><blockquote><b>SPCE 股票价格走势和趋势分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f872b3e8670eac6d5ca4d8afce15200\" tg-width=\"640\" tg-height=\"390\" width=\"100%\" height=\"auto\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：TradingView</span></p></blockquote></p><p> While we don't think SPCE would be a suitable stock for long-term investors given its expensive valuation, we think position traders may still find an opportunity lurking around the horizon with this stock.</p><p><blockquote>虽然鉴于其昂贵的估值，我们认为 SPCE 不是一只适合长期投资者的股票，但我们认为头寸交易者仍然可能会发现这只股票潜伏的机会。</blockquote></p><p> SPCE is strongly supported along its 50-week moving average dynamic support level that has held strongly since 2020, including the recent false break to the downside (bear trap) it saw in May. Therefore, position traders keen to trade this stock may find an opportunity once the price action resolves itself in the next couple of weeks, we hope.</p><p><blockquote>SPCE 受到 50 周移动平均线动态支撑位的强力支撑，该支撑位自 2020 年以来一直保持强劲，包括最近 5 月份出现的下行（熊市陷阱）的假突破。因此，我们希望，一旦价格走势在未来几周内自行解决，热衷于交易该股票的头寸交易者可能会找到机会。</blockquote></p><p> In summary, we assign a neutral rating to SPCE for long-term investors.</p><p><blockquote>总之，对于长期投资者，我们给予 SPCE 中性评级。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Where Will Virgin Galactic Stock Be In 10 Years?<blockquote>10年后维珍银河股票会在哪里？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhere Will Virgin Galactic Stock Be In 10 Years?<blockquote>10年后维珍银河股票会在哪里？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-14 10:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Virgin Galactic fell more than 30% post-earnings as the market was disappointed with the \"delay\" affecting the launch of its private commercial revenue service.</li>  <li>However, we think the company's \"delay\" is necessary for it to rectify its supply constraints and meet the huge demand that the company is experiencing.</li>  <li>We would also discuss in detail the company's long-term opportunities and threats, and what investors need to monitor moving forward.</li>  <li>Lastly, we present our valuation arguments for long-term investors who are considering adding exposure to Virgin Galactic.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/00922c9874a28954c08c613b8dbf378b\" tg-width=\"768\" tg-height=\"493\" width=\"100%\" height=\"auto\"><span>Nastco/iStock via Getty Images</span></p><p><blockquote><ul><li>维珍银河财报公布后下跌超过 30%，原因是市场对影响其私人商业收入服务推出的“延迟”感到失望。</li><li>然而，我们认为该公司的“延迟”对于其纠正供应限制并满足该公司正在经历的巨大需求是必要的。</li><li>我们还将详细讨论公司的长期机遇和威胁，以及投资者未来需要监控的内容。</li><li>最后，我们为考虑增加维珍银河敞口的长期投资者提出了我们的估值论点。</li></ul><p class=\"t-img-caption\"><span>Nastco/iStock 来自 Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Back in May, when we published our previous article (link to article appendedhere) on Virgin Galactic (SPCE), we clearly highlighted that we think the Street's consensus has been too optimistic about Virgin Galactic's revenue estimates as we thought the projections overstated the market opportunity for suborbital space tourism over the next 10 years to a large extent, based on our research that consulted multiple sources, and we submitted a revised projection.</p><p><blockquote>早在 5 月份，当我们发表上一篇关于维珍银河 (SPCE) 的文章（链接到此处的文章）时，我们明确强调，我们认为华尔街的共识对维珍银河的收入预测过于乐观，因为我们认为这些预测在很大程度上夸大了未来 10 年亚轨道太空旅游的市场机会，基于我们咨询了多个来源的研究，我们提交了修订后的预测。</blockquote></p><p> Since then, the Street has revised its near-term projections downwards as the company recently indicated that they are expecting to commence commercial service only from&nbsp;late Q3'CY22.</p><p><blockquote>此后，华尔街下调了近期预测，因为该公司最近表示，他们预计要到 2022 年第三季度末才开始商业服务。</blockquote></p><p> This article will discuss the circumstances leading to Virgin Galactic's \"delayed\" launch, the long-term opportunities, and the competitive threat facing Virgin's leadership quest in suborbital space tourism.</p><p><blockquote>本文将讨论导致维珍银河“推迟”发射的情况、长期机遇以及维珍在亚轨道太空旅游领域寻求领导地位所面临的竞争威胁。</blockquote></p><p> Lastly, we would present our valuation argument for long-term investors considering adding exposure to the stock right now.</p><p><blockquote>最后，我们将为现在考虑增加股票敞口的长期投资者提出我们的估值论点。</blockquote></p><p> <b>Revisions to Virgin Galactic's Mean Consensus Estimates</b></p><p><blockquote><b>维珍银河平均共识估计的修订</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e15e65a740bf4a03405cd6f31e82bfc\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>May's consensus revenue estimates &amp; Aug's consensus revenue estimates. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>5 月份的共识收入预期和 8 月份的共识收入预期。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/149d99203d29b3a3e785096ccc509c57\" tg-width=\"600\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Scale of revised estimates (Between May and Aug estimates). Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>修订估计数的规模（5月至8月估计数之间）。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Investors should be able to glean clearly that near-term consensus estimates were revised downwards from May's projections that affected CY21 to CY25. However, we think what's important for investors to note is that the Street revised its estimates meaningfully upwards from CY26 to reflect the strong demand that SPCE highlighted during its recent earnings call, which we think demonstrates the company's confidence in a strong revenue runway for the long term, which we would discuss in detail in the subsequent sections.</p><p><blockquote>投资者应该能够清楚地了解到，近期共识预测较 5 月份影响 21 财年至 25 财年的预测有所下调。然而，我们认为投资者需要注意的重要一点是，华尔街从 CY26 大幅上调了其预期，以反映 SPCE 在最近的财报看涨期权上强调的强劲需求，我们认为这表明了该公司对长期强劲收入的信心，我们将在后续章节中详细讨论这一点。</blockquote></p><p> <b>Private Commercial Full Revenue Service is Expected from Q3'CY22</b></p><p><blockquote><b>预计从 2022 年第三季度开始提供私人商业全额收入服务</b></blockquote></p><p> SPCE has since lost about 33% of its value since its earnings release on Aug 5, which we think is largely attributed to the near term headwinds resulting from its \"delay\" on commercial service launch as a result of proposed critical enhancements to VSS Unity and the mothership VMS Eve to increase their turnaround time between flights and maintenance significantly.</p><p><blockquote>自 8 月 5 日发布财报以来，SPCE 的价值已下跌约 33%，我们认为这在很大程度上是由于 VSS Unity 和母舰 VMS Eve 提出的关键增强措施导致其商业服务推出“延迟”，从而导致近期不利因素显着增加了飞行和维护之间的周转时间。</blockquote></p><p> As a result of the enhancements that would take place after the completion of Unity 23 revenue-generating flight with the Italian Air Force, the company expects to commence its private commercial full revenue service only from late Q3'CY22, which we think may have taken investors aback as while the market expected full commercial service to begin in 2022, they did not expect it to be as late as Q3.</p><p><blockquote>由于与意大利空军完成 Unity 23 创收飞行后将进行增强，该公司预计仅从 2022 年第三季度末开始其私人商业全额收入服务，我们认为这可能会让投资者感到惊讶，因为虽然市场预计全面商业服务将于 2022 年开始，但他们没想到会迟到第三季度。</blockquote></p><p> However, we think the market has once again chosen to focus on the uncertainty resulting from the near-term revenue service delay and ignore the importance of the enhancements that are expected to improve VMS Eve's turnaround time so significantly that Virgin Galactic emphasized:</p><p><blockquote>然而，我们认为市场再次选择关注近期收入服务延迟带来的不确定性，而忽视了预计将显着缩短 VMS Eve 周转时间的增强功能的重要性，以至于维珍银河强调：</blockquote></p><p>   These enhancements  <i>could potentially allow Eve to fly 100 flights between major maintenance inspections</i>. This is up from the current interval of 10 flights between major inspections today. This will be an incredibly important success factor during the early commercial service period while we are in process of manufacturing additional motherships.  In addition, the company also highlighted that with the enhancements, the company is also \"targeting a reduced turnaround flight between Unity flights of 4 to 5 weeks, and that's down from what has at best, been 7 to 8 weeks for VSS Unity.\"</p><p><blockquote>这些增强<i>可能允许夏娃在重大维护检查之间飞行 100 次航班</i>这比今天主要检查之间10次飞行的间隔有所增加。在我们制造更多母舰的过程中，这将是早期商业服务时期极其重要的成功因素。此外，该公司还强调，通过这些增强功能，该公司还“目标是将 Unity 航班之间的周转航班缩短至 4 至 5 周，这低于 VSS Unity 最多 7 至 8 周的时间。”</blockquote></p><p></p><p> The Street and the market were certainly disappointed with the announcement, as analysts cut near-term forecasts and downgraded ratings, and Morgan Stanley also emphasized: \"During this heavy maintenance period, Virgin Galactic will not be able to conduct any space flights until summer of 2022.\"</p><p><blockquote>华尔街和市场当然对这一声明感到失望，因为分析师下调了近期预测并下调了评级，摩根士丹利也强调：“在这个繁重的维护期间，维珍银河将无法进行任何太空飞行，直到2022年夏天。”</blockquote></p><p> Sure, no flights. We are certainly not concerned, as the company reiterated the significance of these enhancements:</p><p><blockquote>当然，没有航班。我们当然不担心，因为该公司重申了这些增强功能的重要性：</blockquote></p><p>   These are reasonably robust modifications to Eve. But the reason we are taking the additional scope and the additional time for this enhancement period of Eve is because the flight rate that we will derive from Eve following this enhancement period is we plan to build that to effect. It's almost 10x greater between major inspections and what we've been doing now. That will give us an ability to fly Eve much more frequently, and  <i>that's really important to our initial group of future astronauts as well as the people that we're going to be signing up starting today</i>.\"  If investors could clearly glean the language used by the company in the above sentence, the company is clearly doing it because they are expecting such a robust demand for its space flight services that we think may have exceeded what the company had initially planned for. So while the recent launch event with Sir Richard Branson was largely seen as a major PR coup, it certainly allowed the company to measure the response from interested customers, and the company has clearly indicated that they see such robust demand that they needed to open up a priority list as soon as possible as CEO Michael Colglazier articulated:</p><p><blockquote>这些都是对Eve的相当稳健的修改。但是我们为Eve的这个增强期采取额外的范围和额外的时间的原因是因为我们将在这个增强期之后从Eve得出的飞行率是我们计划建立的。大检查和我们现在所做的差不多是10倍。这将使我们有能力更频繁地驾驶夏娃<i>这对我们未来的第一批宇航员以及我们从今天开始报名的人来说非常重要</i>.”如果投资者能够清楚地理解该公司在上述句子中使用的语言，那么该公司显然正在这样做，因为他们预计对其太空飞行服务的需求如此强劲，我们认为这可能已经超过了该公司最初的计划。因此，虽然最近与理查德·布兰森爵士举行的发布会在很大程度上被视为一次重大的公关政变，但它无疑让公司能够衡量感兴趣的客户的反应，而且该公司已经明确表示，他们看到了如此强劲的需求，以至于他们需要尽快打开优先列表正如首席执行官 Michael Colglazier 所说：</blockquote></p><p>   Leveraging the substantial demand we have seen to our website, I am pleased to announce that we will soon open a priority list for future space travelers who wish to be next in line. We will reach out first to this list with any available inventory following the conclusion of our spacefarer conversion process. Registration for this list will soon be made available on our website...We have an enormous amount of confidence in the total addressable market that's been kind of shown from the response to [Sir Richard Branson's] Unity 22. So we won't be absorbing all of it, but we do think we can make a major step forward here.  We are not sure what the market and other investors think. Still, the company needs to find a way to cope with the demand from what's obviously a heavily supply-constrained situation. The next best thing they would do in the near term is to make the necessary modifications to VMS Eve and VSS Unity to ensure these highly valued potential customers don't go knocking on the door of Jeff Bezos's Blue Origin (BORGN).</p><p><blockquote>利用我们对我们网站的巨大需求，我很高兴地宣布，我们将很快为希望成为下一个太空旅行者开放一个优先名单。在我们的宇航员转换过程结束后，我们将首先联系这份清单，提供任何可用的库存。该名单的注册将很快在我们的网站上提供……我们对整个潜在市场充满信心，这一点从对[理查德·布兰森爵士]Unity 22的反应中可以看出。因此，我们不会吸收所有这些，但我们确实认为我们可以在这里向前迈出一大步。我们不确定市场和其他投资者的想法。尽管如此，该公司仍需要找到一种方法来应对明显严重供应紧张的需求。他们在短期内要做的下一个最好的事情是对VMS Eve和VSS Unity进行必要的修改，以确保这些高价值的潜在客户不会去敲杰夫·贝佐斯的蓝色起源（BORGN）的门。</blockquote></p><p> <b>Are There Really So Many Customers Who Couldn't Wait to Get On Board VSS Unity?</b></p><p><blockquote><b>真的有那么多客户迫不及待地想加入VSS Unity吗？</b></blockquote></p><p> Yes, it's pretty incredible to think that the company is expecting so many customers who couldn't wait to get on board. Lisa Rich, the Managing Partner at the venture capital firm Hemisphere Ventures, articulated: \"...I've met so many Virgin [Galactic] ticket&nbsp;holders over the years. And by the way, every one of them has told me that the $250,000 they've spent waiting has paid for itself 10 times over because of the experiences that they have shared over the years.\"</p><p><blockquote>是的，想到该公司期待着这么多迫不及待地想加入的客户，真是令人难以置信。风险投资公司 Hemisphere Ventures 的执行合伙人丽莎·里奇 (Lisa Rich) 表示：“……这些年来，我见过很多维珍 [银河] 机票持有者。顺便说一句，他们每个人都告诉我，他们花了 25 万美元等待已经收回了 10 倍，因为他们多年来分享的经验。”</blockquote></p><p> Investors should clearly understand that the community of 600 future astronauts that have committed to Virgin Galactic's flight services formed a tight-knit group over the years as the company emphasized: \"I think one thing that probably [is] not well known outside of the existing future astronaut is one of the secret weapons of Virgin Galactic is our astronaut office. This is a group of people who have brought together these 600 people into a true community.\"</p><p><blockquote>投资者应该清楚地了解，致力于维珍银河飞行服务的 600 名未来宇航员社区多年来形成了一个紧密团结的团体，正如该公司所强调的那样：“我认为，除了现有的未来宇航员之外，有一件事可能不太为人所知，那就是维珍银河的秘密武器之一就是我们的宇航员办公室。这是一群人将这 600 人聚集在一起，形成了一个真正的社区。”</blockquote></p><p> The company emphasized that these customers really value the journey towards realizing the flight experience as these customers consider it a \"life-transitional journey.\" They see so much value in what Virgin Galactic is doing that the company emphasized that their customers consider joining the community that the company brought together is \"[a] top, top of mind [priority] and very powerful.\"</p><p><blockquote>该公司强调，这些客户非常重视实现飞行体验的旅程，因为这些客户认为这是一次“人生转型之旅”。他们认为维珍银河所做的事情非常有价值，以至于该公司强调，他们的客户认为加入该公司汇集的社区是“最重要的[优先事项]，并且非常强大。”</blockquote></p><p> Importantly, the company also highlighted that they have opened up ticket sales to their 1000-strong \"Spacefarer\" community who has signed up through the company's \"One Small Step\" program, with a price starting from $450K per seat, that's way higher than the $200K to $250K per seat that the initial 600 future astronauts signed up for.</p><p><blockquote>重要的是，该公司还强调，他们已经向通过该公司的“一小步”计划注册的1000名“宇航员”社区开放了门票销售，价格从每个座位45万美元起，远高于最初600名未来宇航员注册的每个座位20万至25万美元。</blockquote></p><p></p><p> Virgin Galactic believes that these future astronauts are going to be the \"sales ambassadors\" for the company because of the experience of the strong and tight-knit astronaut community that the company has painstakingly built up: \"...And so I think you can think about lifetime value in several ways. One of them is as people move through being a future astronaut graduate into the astronaut community, I think they're going to come back, and I think it will just be very natural in how people will share the experience<b><i>.</i></b>And I think them sharing the experience will not only let people say how wonderful it was, but it will also bring normalcy to the concept of human spaceflight. So this group of people as we bring them in, the lifetime value is all-around demand and continuing to increase the total addressable market as they go out there and share what they've done.\"</p><p><blockquote>维珍银河认为，这些未来的宇航员将成为公司的“销售大使”，因为他们拥有公司精心打造的强大而紧密团结的宇航员社区的经验：“……所以我认为你可以从几个方面来思考终身价值。其中之一是，当人们从未来的宇航员毕业生进入宇航员社区时，我认为他们会回来，我认为人们分享这种经历是非常自然的。<b><i>.</i></b>我认为他们分享这段经历不仅会让人们说那是多么美妙，还会给人类太空飞行的概念带来常态。因此，当我们把这群人带进来时，他们的终身价值是全面的需求，并随着他们走出去分享他们所做的事情，继续增加整个潜在市场。”</blockquote></p><p> <b>Strong Demand Justifies Rapid Scaling Up To Achieve Strong Operating Leverage</b></p><p><blockquote><b>强劲的需求证明快速扩大规模以实现强大的运营杠杆是合理的</b></blockquote></p><p> Astute investors would clearly have recognized that if the company relied on just the fleet of VSS Unity or VSS Imagine to dominate the market for suborbital space tourism, it would have been largely insufficient.</p><p><blockquote>精明的投资者会清楚地认识到，如果该公司仅仅依靠 VSS Unity 或 VSS Imagine 的机队来主导亚轨道太空旅游市场，那么这在很大程度上是不够的。</blockquote></p><p> Based on the company's guidance and the Street's estimates, working through the company's initial community of 600 future astronauts would take a few years at least without the modifications to VMS Eve.</p><p><blockquote>根据该公司的指导和华尔街的估计，在不对 VMS Eve 进行修改的情况下，该公司最初由 600 名未来宇航员组成的社区至少需要几年时间。</blockquote></p><p> The initial cadence (before modifications) for 2022 is a maximum of 10 revenue flights comprising 60 passengers in total. Moving on to 2023, the company could also only fly a maximum of 24 to 36 flights annually, which would allow them to fly a maximum of 144 to 216 astronauts. Thus, it may be at least another 2 years until 2025 before Virgin Galactic could start to work through the order book from the 1000 Spacefarer community, and we think by then, at least some of them would have gone over to Blue Origin. Therefore, the initial cadence really doesn't work, especially with the company preparing to draw up its priority list soon for the interest generated from the Unity 22 PR campaign, and they need to work through the 1,600 future astronauts fast, which in the near term would be solved by Eve's modifications since it allows SPCE to fly 10x more in between major inspections.</p><p><blockquote>2022年的初始节奏（修改前）是最多10个收入航班，总共包括60名乘客。展望 2023 年，该公司每年最多只能飞行 24 至 36 次航班，这将允许他们最多搭载 144 至 216 名宇航员。因此，到2025年，维珍银河可能至少还需要两年时间才能开始处理1000名宇航员社区的订单，我们认为到那时，至少他们中的一些人会去蓝色起源。因此，最初的节奏确实不起作用，特别是该公司准备很快为 Unity 22 公关活动产生的兴趣制定优先列表，他们需要快速处理 1,600 名未来宇航员，这将在不久的将来通过 Eve 的修改来解决，因为它允许 SPCE 在重大检查之间的飞行次数增加 10 倍。</blockquote></p><p> However, the company still thinks that would still be insufficient to cater to the level of demand that they have been experiencing. As a result, they announced that they would be building their next-gen Delta class vehicles \"that are capable of turning on a 1-week interval.\" This class of ships is expected to form the majority of the company's future capacity over time.</p><p><blockquote>然而，该公司仍然认为这仍然不足以满足他们所经历的需求水平。因此，他们宣布将制造下一代 Delta 级车辆，“能够每隔 1 周启动一次”。随着时间的推移，此类船舶预计将构成该公司未来运力的大部分。</blockquote></p><p> Part of the reason that the company needed to raise the&nbsp;$500M equity&nbsp;offering recently is that they are ready to start developing and build the Delta class vehicles that would be highly instrumental towards meeting their long term capacity and cadence, that VSS Unity and VSS Imagine would never be able to meet sufficiently.</p><p><blockquote>该公司最近需要筹集 5 亿美元股权发行的部分原因是，他们已准备好开始开发和制造 Delta 级车辆，这将极大地有助于满足其长期容量和节奏，VSS Unity 和 VSS Imagine 永远无法满足。</blockquote></p><p> Crucially, the company highlighted that by ramping production and capacity through the Delta class, they would be able to achieve significant operating leverage as Virgin Galactic emphasized: \"...And that's why we're so focused on getting the Delta class with next generation of mothership. That's where we really get efficiency. That's where we get scale. That's where you'll really see the flow-through come because we'll have a fixed cost basis that is easy for us to communicate and easy for us to contribute the trade for efficiency down the road.\"</p><p><blockquote>至关重要的是，该公司强调，通过 Delta 级提升产量和运力，他们将能够实现显著的运营杠杆，正如维珍银河所强调的那样：“.....这就是为什么我们如此专注于获得下一代母舰的 Delta 级。这才是我们真正获得效率的地方。这才是我们获得规模的地方。这才是你真正看到流量的地方，因为我们将有一个固定的成本基础，这对我们来说很容易沟通，也很容易为未来的效率做出贡献。”</blockquote></p><p> <b>Competing Against Blue Origin</b></p><p><blockquote><b>与蓝色起源竞争</b></blockquote></p><p> We think operating leverage will be the name of the game here, and Virgin Galactic clearly recognizes that it would be vital for the company to operate at a sufficient scale justified by its demand drivers to compete strongly against Blue Origin.</p><p><blockquote>我们认为运营杠杆将是这里的游戏名称，维珍银河清楚地认识到，对于该公司来说，以其需求驱动因素所证明的足够规模运营对于与蓝色起源进行强有力的竞争至关重要。</blockquote></p><p> While we don't think Blue Origin's main game is in suborbital space tourism, as Jeff Bezos also highlighted previously that: \"The architecture&nbsp;and the technology we have chosen is complete overkill for a suborbital tourism mission.”</p><p><blockquote>虽然我们不认为蓝色起源的主要游戏是亚轨道太空旅游，但正如杰夫·贝索斯之前强调的那样：“我们选择的架构和技术对于亚轨道旅游任务来说完全是矫枉过正。”</blockquote></p><p> We think Blue Origin's main market certainly goes beyond suborbital space tourism that Morgan Stanley highlighted that \"Mr. Bezos’ company is seeking business in a space market that will triple in size to more than $1 trillion in annual sales by 2040, assuming rapid technological developments enable routine moon landings, asteroid mining and space tourism.\"</p><p><blockquote>我们认为，蓝色起源的主要市场肯定超出了摩根士丹利强调的亚轨道太空旅游，“贝佐斯先生的公司正在太空市场寻求业务，到 2040 年，该市场的规模将扩大两倍，年销售额将超过 1 万亿美元，前提是技术的快速发展能够实现常规登月、小行星采矿和太空旅游”。</blockquote></p><p> Therefore, while Blue Origin focuses on building up its Space colonies' vision over the long term, we think they would most certainly be able to ramp their production quickly and gain significant operating leverage. The key is how those advantages translate to its suborbital space tourism segment in the near term would be key to determine Virgin Galactic's leadership.</p><p><blockquote>因此，虽然蓝色起源专注于建立其太空殖民地的长期愿景，但我们认为他们肯定能够快速提高产量并获得显着的运营杠杆。关键是这些优势如何在短期内转化为其亚轨道太空旅游领域，这将是决定维珍银河领先地位的关键。</blockquote></p><p></p><p> One thing is for sure. Both companies expect the price for the suborbital space tourism tickets to come down substantially over time as production scales up and technologies improve. Thus, the key for Virgin Galactic's leadership and survival in this market is to gain operating leverage as quickly as possible to build up those advantages while Blue Origin has its plate full with its various projects across the entire spectrum.</p><p><blockquote>有一点是肯定的。两家公司预计，随着生产规模的扩大和技术的进步，亚轨道太空旅游门票的价格将随着时间的推移大幅下降。因此，维珍银河在这个市场上的领导地位和生存的关键是尽快获得运营杠杆以建立这些优势，而蓝色起源则忙于整个领域的各种项目。</blockquote></p><p> Virgin Galactic wants to make suborbital space tourism much more accessible, and the key to achieving that is to drive prices down through operating leverage achieved by ramping up production. As a result, we think the company's Delta class plans are highly pivotal to Virgin Galactic's leadership against Blue Origin and highly encourage investors to keep their eyes closely focused on these plans.</p><p><blockquote>维珍银河希望让亚轨道太空旅游更容易获得，而实现这一目标的关键是通过提高产量实现的运营杠杆来降低价格。因此，我们认为该公司的 Delta class 计划对于维珍银河对抗蓝色起源的领导地位至关重要，并强烈鼓励投资者密切关注这些计划。</blockquote></p><p> <b>Free Cash Flow Forecast &amp; Valuations</b></p><p><blockquote><b>自由现金流预测和估值</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/48be5e8da375fdc72591e31b96a223f4\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>EBITDA margin forecast &amp; CapEx margin forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EBITDA 利润率预测和资本支出利润率预测。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/57509b52b1c0ac46a44e7a0dd619bd97\" tg-width=\"640\" tg-height=\"361\" width=\"100%\" height=\"auto\"><span>EV / Fwd EBITDA trend. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV / Fwd EBITDA 趋势。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Despite the delay in launching full revenue service to Q3'22, the Street's estimates expect the company to be FCF profitable from the end of FY24. We think that's important as it demonstrates the long-term cash flow potential for the company's business in this market, where only BORGN and SPCE are the clear leaders right now.</p><p><blockquote>尽管推迟到 2022 年第三季度推出全面收入服务，但华尔街预计该公司将从 2024 财年末开始实现自由现金流盈利。我们认为这很重要，因为它展示了该公司业务在这个市场的长期现金流潜力，目前只有 BORGN 和 SPCE 是该市场的明显领导者。</blockquote></p><p> However, the valuations still look expensive at 18.5x by the end of 2030, 36% above its aerospace and defense peers comp set mean of 13.61x.</p><p><blockquote>然而，到 2030 年底，估值看起来仍然很昂贵，为 18.5 倍，比航空航天和国防同行的平均薪酬 13.61 倍高出 36%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1084f3186f9732fad8d28b824c65de2a\" tg-width=\"640\" tg-height=\"472\" width=\"100%\" height=\"auto\"><span>Street's mean price target. Source: TIKR</span></p><p><blockquote><p class=\"t-img-caption\"><span>Street 的平均价格目标。资料来源：TIKR</span></p></blockquote></p><p> The Street is also not too optimistic, as the mean target price of $35.55 is a mere 13.5% above the last closing price, as analysts focused on SPCE's near term \"headwind\" of moving its revenue service to Q3'CY22, which we think is highly important to its long term competitive advantage.</p><p><blockquote>华尔街也不太乐观，因为平均目标价 35.55 美元仅比最后收盘价高出 13.5%，因为分析师关注的是 SPCE 将其收入服务转移到 2022 年第三季度的近期“逆风”，我们认为这对其长期竞争优势非常重要。</blockquote></p><p> While we are really excited about the company's long-term prospects, as well as its ambition to bring suborbital space tourism to the world, we are not so sure about Virgin Galactic's expensively-looking valuation.</p><p><blockquote>虽然我们对该公司的长期前景以及将亚轨道太空旅游带给世界的雄心感到非常兴奋，但我们对维珍银河看起来昂贵的估值不太确定。</blockquote></p><p> <b>SPCE Stock Price Action and Trend Analysis</b></p><p><blockquote><b>SPCE 股票价格走势和趋势分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f872b3e8670eac6d5ca4d8afce15200\" tg-width=\"640\" tg-height=\"390\" width=\"100%\" height=\"auto\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：TradingView</span></p></blockquote></p><p> While we don't think SPCE would be a suitable stock for long-term investors given its expensive valuation, we think position traders may still find an opportunity lurking around the horizon with this stock.</p><p><blockquote>虽然鉴于其昂贵的估值，我们认为 SPCE 不是一只适合长期投资者的股票，但我们认为头寸交易者仍然可能会发现这只股票潜伏的机会。</blockquote></p><p> SPCE is strongly supported along its 50-week moving average dynamic support level that has held strongly since 2020, including the recent false break to the downside (bear trap) it saw in May. Therefore, position traders keen to trade this stock may find an opportunity once the price action resolves itself in the next couple of weeks, we hope.</p><p><blockquote>SPCE 受到 50 周移动平均线动态支撑位的强力支撑，该支撑位自 2020 年以来一直保持强劲，包括最近 5 月份出现的下行（熊市陷阱）的假突破。因此，我们希望，一旦价格走势在未来几周内自行解决，热衷于交易该股票的头寸交易者可能会找到机会。</blockquote></p><p> In summary, we assign a neutral rating to SPCE for long-term investors.</p><p><blockquote>总之，对于长期投资者，我们给予 SPCE 中性评级。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4449270-virgin-galactic-stock-10-years\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPCE":"维珍银河"},"source_url":"https://seekingalpha.com/article/4449270-virgin-galactic-stock-10-years","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149823415","content_text":"Summary\n\nVirgin Galactic fell more than 30% post-earnings as the market was disappointed with the \"delay\" affecting the launch of its private commercial revenue service.\nHowever, we think the company's \"delay\" is necessary for it to rectify its supply constraints and meet the huge demand that the company is experiencing.\nWe would also discuss in detail the company's long-term opportunities and threats, and what investors need to monitor moving forward.\nLastly, we present our valuation arguments for long-term investors who are considering adding exposure to Virgin Galactic.\n\nNastco/iStock via Getty Images\nInvestment Thesis\nBack in May, when we published our previous article (link to article appendedhere) on Virgin Galactic (SPCE), we clearly highlighted that we think the Street's consensus has been too optimistic about Virgin Galactic's revenue estimates as we thought the projections overstated the market opportunity for suborbital space tourism over the next 10 years to a large extent, based on our research that consulted multiple sources, and we submitted a revised projection.\nSince then, the Street has revised its near-term projections downwards as the company recently indicated that they are expecting to commence commercial service only from late Q3'CY22.\nThis article will discuss the circumstances leading to Virgin Galactic's \"delayed\" launch, the long-term opportunities, and the competitive threat facing Virgin's leadership quest in suborbital space tourism.\nLastly, we would present our valuation argument for long-term investors considering adding exposure to the stock right now.\nRevisions to Virgin Galactic's Mean Consensus Estimates\nMay's consensus revenue estimates & Aug's consensus revenue estimates. Data source: S&P Capital IQ\nScale of revised estimates (Between May and Aug estimates). Data source: S&P Capital IQ\nInvestors should be able to glean clearly that near-term consensus estimates were revised downwards from May's projections that affected CY21 to CY25. However, we think what's important for investors to note is that the Street revised its estimates meaningfully upwards from CY26 to reflect the strong demand that SPCE highlighted during its recent earnings call, which we think demonstrates the company's confidence in a strong revenue runway for the long term, which we would discuss in detail in the subsequent sections.\nPrivate Commercial Full Revenue Service is Expected from Q3'CY22\nSPCE has since lost about 33% of its value since its earnings release on Aug 5, which we think is largely attributed to the near term headwinds resulting from its \"delay\" on commercial service launch as a result of proposed critical enhancements to VSS Unity and the mothership VMS Eve to increase their turnaround time between flights and maintenance significantly.\nAs a result of the enhancements that would take place after the completion of Unity 23 revenue-generating flight with the Italian Air Force, the company expects to commence its private commercial full revenue service only from late Q3'CY22, which we think may have taken investors aback as while the market expected full commercial service to begin in 2022, they did not expect it to be as late as Q3.\nHowever, we think the market has once again chosen to focus on the uncertainty resulting from the near-term revenue service delay and ignore the importance of the enhancements that are expected to improve VMS Eve's turnaround time so significantly that Virgin Galactic emphasized:\n\n These enhancements\n could potentially allow Eve to fly 100 flights between major maintenance inspections. This is up from the current interval of 10 flights between major inspections today. This will be an incredibly important success factor during the early commercial service period while we are in process of manufacturing additional motherships.\n\nIn addition, the company also highlighted that with the enhancements, the company is also \"targeting a reduced turnaround flight between Unity flights of 4 to 5 weeks, and that's down from what has at best, been 7 to 8 weeks for VSS Unity.\"\nThe Street and the market were certainly disappointed with the announcement, as analysts cut near-term forecasts and downgraded ratings, and Morgan Stanley also emphasized: \"During this heavy maintenance period, Virgin Galactic will not be able to conduct any space flights until summer of 2022.\"\nSure, no flights. We are certainly not concerned, as the company reiterated the significance of these enhancements:\n\n These are reasonably robust modifications to Eve. But the reason we are taking the additional scope and the additional time for this enhancement period of Eve is because the flight rate that we will derive from Eve following this enhancement period is we plan to build that to effect. It's almost 10x greater between major inspections and what we've been doing now. That will give us an ability to fly Eve much more frequently, and\n that's really important to our initial group of future astronauts as well as the people that we're going to be signing up starting today.\"\n\nIf investors could clearly glean the language used by the company in the above sentence, the company is clearly doing it because they are expecting such a robust demand for its space flight services that we think may have exceeded what the company had initially planned for. So while the recent launch event with Sir Richard Branson was largely seen as a major PR coup, it certainly allowed the company to measure the response from interested customers, and the company has clearly indicated that they see such robust demand that they needed to open up a priority list as soon as possible as CEO Michael Colglazier articulated:\n\n Leveraging the substantial demand we have seen to our website, I am pleased to announce that we will soon open a priority list for future space travelers who wish to be next in line. We will reach out first to this list with any available inventory following the conclusion of our spacefarer conversion process. Registration for this list will soon be made available on our website...We have an enormous amount of confidence in the total addressable market that's been kind of shown from the response to [Sir Richard Branson's] Unity 22. So we won't be absorbing all of it, but we do think we can make a major step forward here.\n\nWe are not sure what the market and other investors think. Still, the company needs to find a way to cope with the demand from what's obviously a heavily supply-constrained situation. The next best thing they would do in the near term is to make the necessary modifications to VMS Eve and VSS Unity to ensure these highly valued potential customers don't go knocking on the door of Jeff Bezos's Blue Origin (BORGN).\nAre There Really So Many Customers Who Couldn't Wait to Get On Board VSS Unity?\nYes, it's pretty incredible to think that the company is expecting so many customers who couldn't wait to get on board. Lisa Rich, the Managing Partner at the venture capital firm Hemisphere Ventures, articulated: \"...I've met so many Virgin [Galactic] ticket holders over the years. And by the way, every one of them has told me that the $250,000 they've spent waiting has paid for itself 10 times over because of the experiences that they have shared over the years.\"\nInvestors should clearly understand that the community of 600 future astronauts that have committed to Virgin Galactic's flight services formed a tight-knit group over the years as the company emphasized: \"I think one thing that probably [is] not well known outside of the existing future astronaut is one of the secret weapons of Virgin Galactic is our astronaut office. This is a group of people who have brought together these 600 people into a true community.\"\nThe company emphasized that these customers really value the journey towards realizing the flight experience as these customers consider it a \"life-transitional journey.\" They see so much value in what Virgin Galactic is doing that the company emphasized that their customers consider joining the community that the company brought together is \"[a] top, top of mind [priority] and very powerful.\"\nImportantly, the company also highlighted that they have opened up ticket sales to their 1000-strong \"Spacefarer\" community who has signed up through the company's \"One Small Step\" program, with a price starting from $450K per seat, that's way higher than the $200K to $250K per seat that the initial 600 future astronauts signed up for.\nVirgin Galactic believes that these future astronauts are going to be the \"sales ambassadors\" for the company because of the experience of the strong and tight-knit astronaut community that the company has painstakingly built up: \"...And so I think you can think about lifetime value in several ways. One of them is as people move through being a future astronaut graduate into the astronaut community, I think they're going to come back, and I think it will just be very natural in how people will share the experience.And I think them sharing the experience will not only let people say how wonderful it was, but it will also bring normalcy to the concept of human spaceflight. So this group of people as we bring them in, the lifetime value is all-around demand and continuing to increase the total addressable market as they go out there and share what they've done.\"\nStrong Demand Justifies Rapid Scaling Up To Achieve Strong Operating Leverage\nAstute investors would clearly have recognized that if the company relied on just the fleet of VSS Unity or VSS Imagine to dominate the market for suborbital space tourism, it would have been largely insufficient.\nBased on the company's guidance and the Street's estimates, working through the company's initial community of 600 future astronauts would take a few years at least without the modifications to VMS Eve.\nThe initial cadence (before modifications) for 2022 is a maximum of 10 revenue flights comprising 60 passengers in total. Moving on to 2023, the company could also only fly a maximum of 24 to 36 flights annually, which would allow them to fly a maximum of 144 to 216 astronauts. Thus, it may be at least another 2 years until 2025 before Virgin Galactic could start to work through the order book from the 1000 Spacefarer community, and we think by then, at least some of them would have gone over to Blue Origin. Therefore, the initial cadence really doesn't work, especially with the company preparing to draw up its priority list soon for the interest generated from the Unity 22 PR campaign, and they need to work through the 1,600 future astronauts fast, which in the near term would be solved by Eve's modifications since it allows SPCE to fly 10x more in between major inspections.\nHowever, the company still thinks that would still be insufficient to cater to the level of demand that they have been experiencing. As a result, they announced that they would be building their next-gen Delta class vehicles \"that are capable of turning on a 1-week interval.\" This class of ships is expected to form the majority of the company's future capacity over time.\nPart of the reason that the company needed to raise the $500M equity offering recently is that they are ready to start developing and build the Delta class vehicles that would be highly instrumental towards meeting their long term capacity and cadence, that VSS Unity and VSS Imagine would never be able to meet sufficiently.\nCrucially, the company highlighted that by ramping production and capacity through the Delta class, they would be able to achieve significant operating leverage as Virgin Galactic emphasized: \"...And that's why we're so focused on getting the Delta class with next generation of mothership. That's where we really get efficiency. That's where we get scale. That's where you'll really see the flow-through come because we'll have a fixed cost basis that is easy for us to communicate and easy for us to contribute the trade for efficiency down the road.\"\nCompeting Against Blue Origin\nWe think operating leverage will be the name of the game here, and Virgin Galactic clearly recognizes that it would be vital for the company to operate at a sufficient scale justified by its demand drivers to compete strongly against Blue Origin.\nWhile we don't think Blue Origin's main game is in suborbital space tourism, as Jeff Bezos also highlighted previously that: \"The architecture and the technology we have chosen is complete overkill for a suborbital tourism mission.”\nWe think Blue Origin's main market certainly goes beyond suborbital space tourism that Morgan Stanley highlighted that \"Mr. Bezos’ company is seeking business in a space market that will triple in size to more than $1 trillion in annual sales by 2040, assuming rapid technological developments enable routine moon landings, asteroid mining and space tourism.\"\nTherefore, while Blue Origin focuses on building up its Space colonies' vision over the long term, we think they would most certainly be able to ramp their production quickly and gain significant operating leverage. The key is how those advantages translate to its suborbital space tourism segment in the near term would be key to determine Virgin Galactic's leadership.\nOne thing is for sure. Both companies expect the price for the suborbital space tourism tickets to come down substantially over time as production scales up and technologies improve. Thus, the key for Virgin Galactic's leadership and survival in this market is to gain operating leverage as quickly as possible to build up those advantages while Blue Origin has its plate full with its various projects across the entire spectrum.\nVirgin Galactic wants to make suborbital space tourism much more accessible, and the key to achieving that is to drive prices down through operating leverage achieved by ramping up production. As a result, we think the company's Delta class plans are highly pivotal to Virgin Galactic's leadership against Blue Origin and highly encourage investors to keep their eyes closely focused on these plans.\nFree Cash Flow Forecast & Valuations\nEBITDA margin forecast & CapEx margin forecast. Data source: S&P Capital IQ\nEV / Fwd EBITDA trend. Data Source: S&P Capital IQ\nDespite the delay in launching full revenue service to Q3'22, the Street's estimates expect the company to be FCF profitable from the end of FY24. We think that's important as it demonstrates the long-term cash flow potential for the company's business in this market, where only BORGN and SPCE are the clear leaders right now.\nHowever, the valuations still look expensive at 18.5x by the end of 2030, 36% above its aerospace and defense peers comp set mean of 13.61x.\nStreet's mean price target. Source: TIKR\nThe Street is also not too optimistic, as the mean target price of $35.55 is a mere 13.5% above the last closing price, as analysts focused on SPCE's near term \"headwind\" of moving its revenue service to Q3'CY22, which we think is highly important to its long term competitive advantage.\nWhile we are really excited about the company's long-term prospects, as well as its ambition to bring suborbital space tourism to the world, we are not so sure about Virgin Galactic's expensively-looking valuation.\nSPCE Stock Price Action and Trend Analysis\nSource: TradingView\nWhile we don't think SPCE would be a suitable stock for long-term investors given its expensive valuation, we think position traders may still find an opportunity lurking around the horizon with this stock.\nSPCE is strongly supported along its 50-week moving average dynamic support level that has held strongly since 2020, including the recent false break to the downside (bear trap) it saw in May. Therefore, position traders keen to trade this stock may find an opportunity once the price action resolves itself in the next couple of weeks, we hope.\nIn summary, we assign a neutral rating to SPCE for long-term investors.","news_type":1,"symbols_score_info":{"SPCE":0.9}},"isVote":1,"tweetType":1,"viewCount":4307,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897403361,"gmtCreate":1628952395653,"gmtModify":1631885721620,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"like &amp; comment pls [Smile]&nbsp;","listText":"like &amp; comment pls [Smile]&nbsp;","text":"like & comment pls [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/897403361","repostId":"2159321505","repostType":4,"repost":{"id":"2159321505","kind":"highlight","pubTimestamp":1628911811,"share":"https://www.laohunote.com/m/news/2159321505?lang=zh_CN&edition=full","pubTime":"2021-08-14 11:30","market":"us","language":"en","title":"Tesla seeks to reduce board members’ terms, make other changes in October shareholder meeting<blockquote>特斯拉寻求缩短董事会成员任期，并在 10 月股东大会上做出其他改变</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2159321505","media":"MarketWatch","summary":"Board members would serve for two years rather than three\nTesla CEO Elon Musk in Germany last year. ","content":"<p>Board members would serve for two years rather than three</p><p><blockquote>董事会成员任期两年，而不是三年</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/abc701f141f0c0044cabe912e510fe2e\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>Tesla CEO Elon Musk in Germany last year. MAJA HITIJ/GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>特斯拉首席执行官埃隆·马斯克去年在德国。MAJA HITIJ/盖蒂图片社</span></p></blockquote></p><p> Tesla Inc. set its shareholder meeting for Oct. 7 at the Fremont, Calif., factory, with a call for reducing its directors’ terms among the proposals the electric-car maker will bring to the table, the company said in filing late Friday.</p><p><blockquote>特斯拉公司在周五晚些时候提交的文件中表示，该公司将于 10 月 7 日在加利福尼亚州弗里蒙特工厂召开股东大会，在这家电动汽车制造商将提出的提案中，看涨期权是减少董事任期。</blockquote></p><p> One of the proposals calls for each director’s term to be reduced from three years to two years. Tesla’s&nbsp;board currently has nine members who are divided into three classes in staggered three-year terms.</p><p><blockquote>其中一项提案是将每位董事的任期从三年缩短至两年。特斯拉董事会目前有九名成员，分为三个班级，交错任期三年。</blockquote></p><p> If the proposal is approved, however, the board will be divided into two classes with staggered two-year terms, with directors distributed as equally between the classes as possible, Tesla said in the&nbsp;filing.</p><p><blockquote>然而，特斯拉在文件中表示，如果该提案获得批准，董事会将分为两个阶层，任期交错为两年，董事在两个阶层之间尽可能平均分配。</blockquote></p><p> The board would be reduced to eight members, since Antonio Gracias, a venture capitalist who has served on the Tesla board since 2007, said in 2019 he’d not be seeking reelection when his term ends this year.</p><p><blockquote>自 2007 年以来一直在特斯拉董事会任职的风险投资家 Antonio Gracias 在 2019 年表示，他将在今年任期结束时不再寻求连任，因此董事会成员将减少到八人。</blockquote></p><p> Tesla’s board nominated current board members James Murdoch, the youngest son of News Corp&nbsp;founder Rupert Murdoch, and Kimbal Musk, Chief Executive Elon Musk’s brother, for re-election as class II directors, with terms expiring in 2024. If the term reduction is approved, then their terms would end in 2023, the company said.</p><p><blockquote>特斯拉董事会提名新闻集团创始人默多克的小儿子詹姆斯-默多克（James Murdoch）和首席执行官马斯克（Elon Musk）的弟弟金巴尔-马斯克（Kimbal Musk）连任二级董事，任期将于 2024 年届满。该公司表示，如果缩短任期获得批准，那么他们的任期将于 2023 年结束。</blockquote></p><p> Tesla’s curtailing board member terms was a response to a shareholder proposal calling to elect each board member for one year.</p><p><blockquote>特斯拉缩短董事会成员任期是对股东提案的回应，该提案要求选举每位董事会成员一年。</blockquote></p><p> The two-year term, however, “strikes a suitable balance to the long-term interests of and nearer-term accountability to our stockholders at this time,” Tesla said.</p><p><blockquote>特斯拉说，不过，两年的任期 “在公司的长期利益和此时对股东的短期责任之间取得了适当的平衡”。</blockquote></p><p> Tesla shares were flat in after-hours trading after ending the regular trading day down 0.7%. The stock has gained 1.6% this year, compared with gains of around 19% for the S&amp;P 500 index.</p><p><blockquote>特斯拉股价在常规交易日结束时下跌 0.7%，在盘后交易中持平。该股今年上涨了 1.6%，而标普500指数的涨幅约为 19%。</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>Tesla seeks to reduce board members’ terms, make other changes in October shareholder meeting<blockquote>特斯拉寻求缩短董事会成员任期，并在 10 月股东大会上做出其他改变</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla seeks to reduce board members’ terms, make other changes in October shareholder meeting<blockquote>特斯拉寻求缩短董事会成员任期，并在 10 月股东大会上做出其他改变</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-14 11:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Board members would serve for two years rather than three</p><p><blockquote>董事会成员任期两年，而不是三年</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/abc701f141f0c0044cabe912e510fe2e\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>Tesla CEO Elon Musk in Germany last year. MAJA HITIJ/GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>特斯拉首席执行官埃隆·马斯克去年在德国。MAJA HITIJ/盖蒂图片社</span></p></blockquote></p><p> Tesla Inc. set its shareholder meeting for Oct. 7 at the Fremont, Calif., factory, with a call for reducing its directors’ terms among the proposals the electric-car maker will bring to the table, the company said in filing late Friday.</p><p><blockquote>特斯拉公司在周五晚些时候提交的文件中表示，该公司将于 10 月 7 日在加利福尼亚州弗里蒙特工厂召开股东大会，在这家电动汽车制造商将提出的提案中，看涨期权是减少董事任期。</blockquote></p><p> One of the proposals calls for each director’s term to be reduced from three years to two years. Tesla’s&nbsp;board currently has nine members who are divided into three classes in staggered three-year terms.</p><p><blockquote>其中一项提案是将每位董事的任期从三年缩短至两年。特斯拉董事会目前有九名成员，分为三个班级，交错任期三年。</blockquote></p><p> If the proposal is approved, however, the board will be divided into two classes with staggered two-year terms, with directors distributed as equally between the classes as possible, Tesla said in the&nbsp;filing.</p><p><blockquote>然而，特斯拉在文件中表示，如果该提案获得批准，董事会将分为两个阶层，任期交错为两年，董事在两个阶层之间尽可能平均分配。</blockquote></p><p> The board would be reduced to eight members, since Antonio Gracias, a venture capitalist who has served on the Tesla board since 2007, said in 2019 he’d not be seeking reelection when his term ends this year.</p><p><blockquote>自 2007 年以来一直在特斯拉董事会任职的风险投资家 Antonio Gracias 在 2019 年表示，他将在今年任期结束时不再寻求连任，因此董事会成员将减少到八人。</blockquote></p><p> Tesla’s board nominated current board members James Murdoch, the youngest son of News Corp&nbsp;founder Rupert Murdoch, and Kimbal Musk, Chief Executive Elon Musk’s brother, for re-election as class II directors, with terms expiring in 2024. If the term reduction is approved, then their terms would end in 2023, the company said.</p><p><blockquote>特斯拉董事会提名新闻集团创始人默多克的小儿子詹姆斯-默多克（James Murdoch）和首席执行官马斯克（Elon Musk）的弟弟金巴尔-马斯克（Kimbal Musk）连任二级董事，任期将于 2024 年届满。该公司表示，如果缩短任期获得批准，那么他们的任期将于 2023 年结束。</blockquote></p><p> Tesla’s curtailing board member terms was a response to a shareholder proposal calling to elect each board member for one year.</p><p><blockquote>特斯拉缩短董事会成员任期是对股东提案的回应，该提案要求选举每位董事会成员一年。</blockquote></p><p> The two-year term, however, “strikes a suitable balance to the long-term interests of and nearer-term accountability to our stockholders at this time,” Tesla said.</p><p><blockquote>特斯拉说，不过，两年的任期 “在公司的长期利益和此时对股东的短期责任之间取得了适当的平衡”。</blockquote></p><p> Tesla shares were flat in after-hours trading after ending the regular trading day down 0.7%. The stock has gained 1.6% this year, compared with gains of around 19% for the S&amp;P 500 index.</p><p><blockquote>特斯拉股价在常规交易日结束时下跌 0.7%，在盘后交易中持平。该股今年上涨了 1.6%，而标普500指数的涨幅约为 19%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/tesla-seeks-to-reduce-board-terms-in-october-shareholder-meeting-11628888340?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":{"TSLA":"特斯拉"},"source_url":"https://www.marketwatch.com/story/tesla-seeks-to-reduce-board-terms-in-october-shareholder-meeting-11628888340?mod=newsviewer_click","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2159321505","content_text":"Board members would serve for two years rather than three\nTesla CEO Elon Musk in Germany last year. MAJA HITIJ/GETTY IMAGES\nTesla Inc. set its shareholder meeting for Oct. 7 at the Fremont, Calif., factory, with a call for reducing its directors’ terms among the proposals the electric-car maker will bring to the table, the company said in filing late Friday.\nOne of the proposals calls for each director’s term to be reduced from three years to two years. Tesla’s board currently has nine members who are divided into three classes in staggered three-year terms.\nIf the proposal is approved, however, the board will be divided into two classes with staggered two-year terms, with directors distributed as equally between the classes as possible, Tesla said in the filing.\nThe board would be reduced to eight members, since Antonio Gracias, a venture capitalist who has served on the Tesla board since 2007, said in 2019 he’d not be seeking reelection when his term ends this year.\nTesla’s board nominated current board members James Murdoch, the youngest son of News Corp founder Rupert Murdoch, and Kimbal Musk, Chief Executive Elon Musk’s brother, for re-election as class II directors, with terms expiring in 2024. If the term reduction is approved, then their terms would end in 2023, the company said.\nTesla’s curtailing board member terms was a response to a shareholder proposal calling to elect each board member for one year.\nThe two-year term, however, “strikes a suitable balance to the long-term interests of and nearer-term accountability to our stockholders at this time,” Tesla said.\nTesla shares were flat in after-hours trading after ending the regular trading day down 0.7%. The stock has gained 1.6% this year, compared with gains of around 19% for the S&P 500 index.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2993,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895080332,"gmtCreate":1628694163226,"gmtModify":1631885721634,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"like&nbsp;","listText":"like&nbsp;","text":"like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/895080332","repostId":"1186134691","repostType":4,"repost":{"id":"1186134691","kind":"news","pubTimestamp":1628692062,"share":"https://www.laohunote.com/m/news/1186134691?lang=zh_CN&edition=full","pubTime":"2021-08-11 22:27","market":"us","language":"en","title":"Here Comes The iPhone 13: One Reason Why It May Be A Success<blockquote>iPhone 13 来了：它可能成功的一个原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186134691","media":"Thestreet","summary":"Apple stock(AAPL)  has been spinning its wheels and trading at a share price of around $142 to $147 ","content":"<p>Apple stock(<b>AAPL</b>) &nbsp;has been spinning its wheels and trading at a share price of around $142 to $147 since early July. Afterdelivering a killer fiscal third quarterlate last month, investors seem to be awaiting the next catalyst to get behind the stock once again and push it to new all-time highs.</p><p><blockquote>苹果股票（<b>苹果</b>自 7 月初以来，该公司一直在运转，股价约为 142 至 147 美元。在上月底公布了杀手级的第三财季后，投资者似乎正在等待下一个催化剂，再次支持该股并将其推向历史新高。</blockquote></p><p> The catalyst may be only about six to eight weeks away. This is when the iPhone 13, Apple’s second generation of 5G-capable mobile devices, is expected to be unveiled. At least one main feature may help to make this one yet another successful smartphone launch for the Cupertino company.</p><p><blockquote>催化剂可能只有大约六到八周的时间。届时，苹果第二代支持 5G 的移动设备 iPhone 13 预计将亮相。至少有一个主要功能可能有助于使这家库比蒂诺公司的又一次成功的智能手机发布。</blockquote></p><p> Not all about 5G</p><p><blockquote>不全是关于5G</blockquote></p><p> Even though one of the iPhone 12’s most talked-about feature is the ability to exchange data at 5G speeds, some believe that this is not the main appeal of the device to most consumers. 5G networks are still far from being fully developed, particularly outside China, and owning a 5G device today may not mean much to most users across most global markets.</p><p><blockquote>尽管 iPhone 12 最受关注的功能之一是能够以 5G 速度交换数据，但一些人认为这并不是该设备对大多数消费者的主要吸引力。5G网络还远未完全发展，特别是在中国以外，如今拥有5G设备对大多数全球市场的大多数用户来说可能意义不大。</blockquote></p><p> The same could also be said of the iPhone 13. To win the hearts and minds of Apple enthusiasts and encourage them to buy the new product, the company will probably need to offer other substantial feature upgrades. One of the most likely ones is a set of new applications for the cameras.</p><p><blockquote>iPhone 13也是如此。为了赢得苹果爱好者的心并鼓励他们购买新产品，该公司可能需要提供其他实质性的功能升级。最有可能的一个是一套新的相机应用程序。</blockquote></p><p> Bloomberg has justreportedthat Apple will introduce three new camera features on the iPhone 13:</p><p><blockquote>彭博社刚刚报道称，苹果将在 iPhone 13 上推出三项新相机功能：</blockquote></p><p> <ol>  <li>Portrait mode for videos, which allows for depth effects by blurring the background;</li>  <li>ProRes, a higher-quality video format that gives pro users more options in post-production;</li>  <li>New filters to enhance the look and colors of photos.</li> </ol> Will it be enough?</p><p><blockquote><ol><li>视频的人像模式，通过模糊背景来实现深度效果；</li><li>ProRes，一种更高质量的视频格式，在后期制作中为专业用户提供了更多选择；</li><li>增强照片外观和颜色的新滤镜。</li></ol>够了吗？</blockquote></p><p> The questions that Apple stock investors might be asking themselves is: will camera updates be enough to increase iPhone sales in the coming fiscal year? The answer is subject to personal opinions. I believe that these three new features alone will not do the trick.</p><p><blockquote>苹果股票投资者可能会问自己的问题是：相机更新是否足以在即将到来的财年增加 iPhone 的销量？答案取决于个人意见。我相信仅靠这三个新功能是不够的。</blockquote></p><p> However, the iPhone is proving to be more about the full package of benefits that it offers to its users than about one “killer” feature – be it camera, 5G connectivity, screen size, or other. I believe that the iPhone 13 has a good chance of doing well in fiscal 2022. However, other factors will likely play an important role, including the faster A15 processor and the continuous software updates to iOS.</p><p><blockquote>然而，事实证明，iPhone 更多的是它为用户提供的全套优势，而不是一项 “杀手级 ”功能--无论是摄像头、5G 连接、屏幕尺寸还是其他功能。我相信iPhone 13很有可能在2022财年表现出色。然而，其他因素可能会发挥重要作用，包括更快的A15处理器和iOS的持续软件更新。</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>Here Comes The iPhone 13: One Reason Why It May Be A Success<blockquote>iPhone 13 来了：它可能成功的一个原因</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\">\nHere Comes The iPhone 13: One Reason Why It May Be A Success<blockquote>iPhone 13 来了：它可能成功的一个原因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-08-11 22:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple stock(<b>AAPL</b>) &nbsp;has been spinning its wheels and trading at a share price of around $142 to $147 since early July. Afterdelivering a killer fiscal third quarterlate last month, investors seem to be awaiting the next catalyst to get behind the stock once again and push it to new all-time highs.</p><p><blockquote>苹果股票（<b>苹果</b>自 7 月初以来，该公司一直在运转，股价约为 142 至 147 美元。在上月底公布了杀手级的第三财季后，投资者似乎正在等待下一个催化剂，再次支持该股并将其推向历史新高。</blockquote></p><p> The catalyst may be only about six to eight weeks away. This is when the iPhone 13, Apple’s second generation of 5G-capable mobile devices, is expected to be unveiled. At least one main feature may help to make this one yet another successful smartphone launch for the Cupertino company.</p><p><blockquote>催化剂可能只有大约六到八周的时间。届时，苹果第二代支持 5G 的移动设备 iPhone 13 预计将亮相。至少有一个主要功能可能有助于使这家库比蒂诺公司的又一次成功的智能手机发布。</blockquote></p><p> Not all about 5G</p><p><blockquote>不全是关于5G</blockquote></p><p> Even though one of the iPhone 12’s most talked-about feature is the ability to exchange data at 5G speeds, some believe that this is not the main appeal of the device to most consumers. 5G networks are still far from being fully developed, particularly outside China, and owning a 5G device today may not mean much to most users across most global markets.</p><p><blockquote>尽管 iPhone 12 最受关注的功能之一是能够以 5G 速度交换数据，但一些人认为这并不是该设备对大多数消费者的主要吸引力。5G网络还远未完全发展，特别是在中国以外，如今拥有5G设备对大多数全球市场的大多数用户来说可能意义不大。</blockquote></p><p> The same could also be said of the iPhone 13. To win the hearts and minds of Apple enthusiasts and encourage them to buy the new product, the company will probably need to offer other substantial feature upgrades. One of the most likely ones is a set of new applications for the cameras.</p><p><blockquote>iPhone 13也是如此。为了赢得苹果爱好者的心并鼓励他们购买新产品，该公司可能需要提供其他实质性的功能升级。最有可能的一个是一套新的相机应用程序。</blockquote></p><p> Bloomberg has justreportedthat Apple will introduce three new camera features on the iPhone 13:</p><p><blockquote>彭博社刚刚报道称，苹果将在 iPhone 13 上推出三项新相机功能：</blockquote></p><p> <ol>  <li>Portrait mode for videos, which allows for depth effects by blurring the background;</li>  <li>ProRes, a higher-quality video format that gives pro users more options in post-production;</li>  <li>New filters to enhance the look and colors of photos.</li> </ol> Will it be enough?</p><p><blockquote><ol><li>视频的人像模式，通过模糊背景来实现深度效果；</li><li>ProRes，一种更高质量的视频格式，在后期制作中为专业用户提供了更多选择；</li><li>增强照片外观和颜色的新滤镜。</li></ol>够了吗？</blockquote></p><p> The questions that Apple stock investors might be asking themselves is: will camera updates be enough to increase iPhone sales in the coming fiscal year? The answer is subject to personal opinions. I believe that these three new features alone will not do the trick.</p><p><blockquote>苹果股票投资者可能会问自己的问题是：相机更新是否足以在即将到来的财年增加 iPhone 的销量？答案取决于个人意见。我相信仅靠这三个新功能是不够的。</blockquote></p><p> However, the iPhone is proving to be more about the full package of benefits that it offers to its users than about one “killer” feature – be it camera, 5G connectivity, screen size, or other. I believe that the iPhone 13 has a good chance of doing well in fiscal 2022. However, other factors will likely play an important role, including the faster A15 processor and the continuous software updates to iOS.</p><p><blockquote>然而，事实证明，iPhone 更多的是它为用户提供的全套优势，而不是一项 “杀手级 ”功能--无论是摄像头、5G 连接、屏幕尺寸还是其他功能。我相信iPhone 13很有可能在2022财年表现出色。然而，其他因素可能会发挥重要作用，包括更快的A15处理器和iOS的持续软件更新。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/iphone/here-comes-the-iphone-13-one-reason-why-it-may-be-a-success\">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/iphone/here-comes-the-iphone-13-one-reason-why-it-may-be-a-success","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186134691","content_text":"Apple stock(AAPL)  has been spinning its wheels and trading at a share price of around $142 to $147 since early July. Afterdelivering a killer fiscal third quarterlate last month, investors seem to be awaiting the next catalyst to get behind the stock once again and push it to new all-time highs.\nThe catalyst may be only about six to eight weeks away. This is when the iPhone 13, Apple’s second generation of 5G-capable mobile devices, is expected to be unveiled. At least one main feature may help to make this one yet another successful smartphone launch for the Cupertino company.\nNot all about 5G\nEven though one of the iPhone 12’s most talked-about feature is the ability to exchange data at 5G speeds, some believe that this is not the main appeal of the device to most consumers. 5G networks are still far from being fully developed, particularly outside China, and owning a 5G device today may not mean much to most users across most global markets.\nThe same could also be said of the iPhone 13. To win the hearts and minds of Apple enthusiasts and encourage them to buy the new product, the company will probably need to offer other substantial feature upgrades. One of the most likely ones is a set of new applications for the cameras.\nBloomberg has justreportedthat Apple will introduce three new camera features on the iPhone 13:\n\nPortrait mode for videos, which allows for depth effects by blurring the background;\nProRes, a higher-quality video format that gives pro users more options in post-production;\nNew filters to enhance the look and colors of photos.\n\nWill it be enough?\nThe questions that Apple stock investors might be asking themselves is: will camera updates be enough to increase iPhone sales in the coming fiscal year? The answer is subject to personal opinions. I believe that these three new features alone will not do the trick.\nHowever, the iPhone is proving to be more about the full package of benefits that it offers to its users than about one “killer” feature – be it camera, 5G connectivity, screen size, or other. I believe that the iPhone 13 has a good chance of doing well in fiscal 2022. However, other factors will likely play an important role, including the faster A15 processor and the continuous software updates to iOS.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3735,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895017224,"gmtCreate":1628694122968,"gmtModify":1631885721646,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"like &nbsp;comment","listText":"like &nbsp;comment","text":"like comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/895017224","repostId":"1141858457","repostType":4,"isVote":1,"tweetType":1,"viewCount":3715,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896595693,"gmtCreate":1628591191612,"gmtModify":1631885721660,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"like &amp; comment&nbsp;","listText":"like &amp; comment&nbsp;","text":"like & comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/896595693","repostId":"1135437633","repostType":4,"isVote":1,"tweetType":1,"viewCount":4784,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898487516,"gmtCreate":1628517714235,"gmtModify":1631885721671,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"like &amp; comment&nbsp;","listText":"like &amp; comment&nbsp;","text":"like & comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/898487516","repostId":"2158446563","repostType":4,"isVote":1,"tweetType":1,"viewCount":2595,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898485832,"gmtCreate":1628517632426,"gmtModify":1631885721683,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"like","listText":"like","text":"like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/898485832","repostId":"1132727199","repostType":4,"repost":{"id":"1132727199","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":1628517118,"share":"https://www.laohunote.com/m/news/1132727199?lang=zh_CN&edition=full","pubTime":"2021-08-09 21:51","market":"us","language":"en","title":"Tesla stock was up 2% in early trading following an upgrade to ‘buy’ from Jefferies with a target of $850 from the previous $700.<blockquote>特斯拉股价在早盘交易中上涨 2%，此前杰富瑞将其评级上调至 “买入 ”，目标价从之前的 700 美元上调至 850 美元。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132727199","media":"Tiger Newspress","summary":"Tesla&nbsp;stock was up 2% in early&nbsp;trading following an upgrade to ‘buy’ from Jefferies with a target of $850 from the previous $700.\n\n\n\n\n\nThe stock was earlier rated ‘neutral’ at the brokerage. The new target price is 21.6% higher from the stock’s Friday close of $699.10.","content":"<p>Tesla&nbsp;stock was up 2% in early&nbsp;trading following an upgrade to ‘buy’ from Jefferies with a target of $850 from the previous $700.</p><p><blockquote>特斯拉股价在早盘交易中上涨 2%，此前杰富瑞将其评级上调至 “买入 ”，目标价从之前的 700 美元上调至 850 美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bf0e45da8943229703cc302cf4771aef\" tg-width=\"1273\" tg-height=\"631\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The stock was earlier rated ‘neutral’ at the brokerage. The new target price is 21.6% higher from the stock’s Friday close of $699.10.</p><p><blockquote>该券商此前对该股的评级为 “中性 ”。新的目标价比该股周五收盘价 699.10 美元高出 21.6%。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla stock was up 2% in early trading following an upgrade to ‘buy’ from Jefferies with a target of $850 from the previous $700.<blockquote>特斯拉股价在早盘交易中上涨 2%，此前杰富瑞将其评级上调至 “买入 ”，目标价从之前的 700 美元上调至 850 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\">\nTesla stock was up 2% in early trading following an upgrade to ‘buy’ from Jefferies with a target of $850 from the previous $700.<blockquote>特斯拉股价在早盘交易中上涨 2%，此前杰富瑞将其评级上调至 “买入 ”，目标价从之前的 700 美元上调至 850 美元。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-09 21:51</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tesla&nbsp;stock was up 2% in early&nbsp;trading following an upgrade to ‘buy’ from Jefferies with a target of $850 from the previous $700.</p><p><blockquote>特斯拉股价在早盘交易中上涨 2%，此前杰富瑞将其评级上调至 “买入 ”，目标价从之前的 700 美元上调至 850 美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bf0e45da8943229703cc302cf4771aef\" tg-width=\"1273\" tg-height=\"631\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The stock was earlier rated ‘neutral’ at the brokerage. The new target price is 21.6% higher from the stock’s Friday close of $699.10.</p><p><blockquote>该券商此前对该股的评级为 “中性 ”。新的目标价比该股周五收盘价 699.10 美元高出 21.6%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132727199","content_text":"Tesla stock was up 2% in early trading following an upgrade to ‘buy’ from Jefferies with a target of $850 from the previous $700.\n\nThe stock was earlier rated ‘neutral’ at the brokerage. The new target price is 21.6% higher from the stock’s Friday close of $699.10.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":3998,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891937487,"gmtCreate":1628316095349,"gmtModify":1631885721696,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"good reading&nbsp;","listText":"good reading&nbsp;","text":"good reading","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/891937487","repostId":"1143051031","repostType":4,"isVote":1,"tweetType":1,"viewCount":4683,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891934614,"gmtCreate":1628316025638,"gmtModify":1631885721706,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"like","listText":"like","text":"like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/891934614","repostId":"1119792130","repostType":4,"isVote":1,"tweetType":1,"viewCount":2986,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893058267,"gmtCreate":1628223432659,"gmtModify":1631890938620,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"can be a stock watchlist…&nbsp;keep eye on them!","listText":"can be a stock watchlist…&nbsp;keep eye on them!","text":"can be a stock watchlist… keep eye on them!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/893058267","repostId":"1155519509","repostType":4,"isVote":1,"tweetType":1,"viewCount":1211,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893053546,"gmtCreate":1628223328585,"gmtModify":1631890938630,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","text":"[Miser] [Miser] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/893053546","repostId":"1188253337","repostType":4,"repost":{"id":"1188253337","kind":"news","pubTimestamp":1628216944,"share":"https://www.laohunote.com/m/news/1188253337?lang=zh_CN&edition=full","pubTime":"2021-08-06 10:29","market":"us","language":"en","title":"The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，今年标普500可能再上涨 6%。为什么这么乐观。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188253337","media":"Barrons","summary":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been t","content":"<p>Goldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.</p><p><blockquote>高盛策略师上调了标普500的目标，称企业盈利过于强劲，不容忽视，债券收益率仍然顽固地处于低位。</blockquote></p><p> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.</p><p><blockquote>该投资银行现在表示，到年底，市场基准可能会达到 4700，高于之前的看涨期权 4300。这意味着该指数将比目前的水平上涨 6% 多一点。</blockquote></p><p> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.</p><p><blockquote>更加乐观的前景背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度创历史新高。高盛策略师目前预计标普500公司今年的每股总收益将为 207 美元，高于之前预测的 193 美元。2022 年，他们预计每股收益总额为 212 美元，高于 202 美元。</blockquote></p><p> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.</p><p><blockquote>预计同比增长率分别为 45% 和 2%，因为被压抑的需求将推动今年的利润超过 2019 年的水平，2022 年增长将放缓。策略师们将企业税率的提高纳入了他们的2022年利润预测，略有降低。</blockquote></p><p> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.</p><p><blockquote>另一个关键考虑因素是，由于债券收益率仍然很低，估值可能仍然相当高。高盛预计该指数中的股票平均交易价格为 2022 年预期每股收益的 22.1 倍，略高于目前的 21 倍。低债券收益率降低了投资固定收益证券的吸引力，并增加了未来利润的现值。</blockquote></p><p> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.</p><p><blockquote>“高盛首席美国股票策略师大卫-科斯汀（David Kostin）写道：”低于预期的利率支撑了22倍的稳定远期市盈率。</blockquote></p><p> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.</p><p><blockquote>策略师将年底前 10 年期国债收益率预测从 1.9% 下调至 1.6%。尽管通胀预期上升，一些市场参与者认为购买债务是一项不错的交易，但收益率目前仍为 1.2%。</blockquote></p><p> <b>I</b>nflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.</p><p><blockquote><b>我</b>根据圣路易斯联储的数据，长期通胀率预计将略高于 2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在此期间一些投资者大量买入债务，导致价格上涨，收益率下降。</blockquote></p><p> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.</p><p><blockquote>高盛2021年的标普500目标意味着股票的收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote></p><p> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.</p><p><blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——让股市保持青睐。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，今年标普500可能再上涨 6%。为什么这么乐观。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，今年标普500可能再上涨 6%。为什么这么乐观。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-06 10:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Goldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.</p><p><blockquote>高盛策略师上调了标普500的目标，称企业盈利过于强劲，不容忽视，债券收益率仍然顽固地处于低位。</blockquote></p><p> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.</p><p><blockquote>该投资银行现在表示，到年底，市场基准可能会达到 4700，高于之前的看涨期权 4300。这意味着该指数将比目前的水平上涨 6% 多一点。</blockquote></p><p> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.</p><p><blockquote>更加乐观的前景背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度创历史新高。高盛策略师目前预计标普500公司今年的每股总收益将为 207 美元，高于之前预测的 193 美元。2022 年，他们预计每股收益总额为 212 美元，高于 202 美元。</blockquote></p><p> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.</p><p><blockquote>预计同比增长率分别为 45% 和 2%，因为被压抑的需求将推动今年的利润超过 2019 年的水平，2022 年增长将放缓。策略师们将企业税率的提高纳入了他们的2022年利润预测，略有降低。</blockquote></p><p> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.</p><p><blockquote>另一个关键考虑因素是，由于债券收益率仍然很低，估值可能仍然相当高。高盛预计该指数中的股票平均交易价格为 2022 年预期每股收益的 22.1 倍，略高于目前的 21 倍。低债券收益率降低了投资固定收益证券的吸引力，并增加了未来利润的现值。</blockquote></p><p> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.</p><p><blockquote>“高盛首席美国股票策略师大卫-科斯汀（David Kostin）写道：”低于预期的利率支撑了22倍的稳定远期市盈率。</blockquote></p><p> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.</p><p><blockquote>策略师将年底前 10 年期国债收益率预测从 1.9% 下调至 1.6%。尽管通胀预期上升，一些市场参与者认为购买债务是一项不错的交易，但收益率目前仍为 1.2%。</blockquote></p><p> <b>I</b>nflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.</p><p><blockquote><b>我</b>根据圣路易斯联储的数据，长期通胀率预计将略高于 2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在此期间一些投资者大量买入债务，导致价格上涨，收益率下降。</blockquote></p><p> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.</p><p><blockquote>高盛2021年的标普500目标意味着股票的收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote></p><p> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.</p><p><blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——让股市保持青睐。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188253337","content_text":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.\nThe investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.\nOne of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.\nThe forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.\nThe other key consideration is that valuations could remain fairly high because bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.\n“Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.\nThe strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.\nInflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were piling into the debt, sending the price up and the yield down.\nGoldman’s 2021 target for the S&P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.\nThe current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":848,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899375443,"gmtCreate":1628165623382,"gmtModify":1631890938645,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"pls like","listText":"pls like","text":"pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899375443","repostId":"2157435796","repostType":4,"isVote":1,"tweetType":1,"viewCount":973,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890967518,"gmtCreate":1628077807434,"gmtModify":1631890938675,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"thanks for sharing&nbsp;","listText":"thanks for sharing&nbsp;","text":"thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890967518","repostId":"1154407249","repostType":4,"isVote":1,"tweetType":1,"viewCount":1351,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805495532,"gmtCreate":1627896855026,"gmtModify":1631890938692,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"let watch…&nbsp;","listText":"let watch…&nbsp;","text":"let watch…","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/805495532","repostId":"1184394577","repostType":4,"repost":{"id":"1184394577","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1627893144,"share":"https://www.laohunote.com/m/news/1184394577?lang=zh_CN&edition=full","pubTime":"2021-08-02 16:32","market":"us","language":"en","title":"Earnings Scheduled For August 2, 2021<blockquote>定于 2021 年 8 月 2 日公布的收益</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184394577","media":"Benzinga Earnings","summary":"Companies Reporting Before The Bell\n\nHSBC Holdings (NYSE:HSBC) is estimated to report earnings for i","content":"<p><b>Companies Reporting Before The Bell</b></p><p><blockquote><b>公司在钟声响起前报告</b></blockquote></p><p> <ul>  <li>HSBC Holdings (NYSE:HSBC) is estimated to report earnings for its second quarter.</li>  <li>Addex Therapeutics (NASDAQ:ADXN) is estimated to report earnings for its second quarter.</li>  <li><a href=\"https://laohu8.com/S/TGTX\">TG Therapeutics</a> (NASDAQ:TGTX) is expected to report earnings for its second quarter.</li>  <li><a href=\"https://laohu8.com/S/NERV\">Minerva Neurosciences</a> (NASDAQ:NERV) is likely to report quarterly loss at $0.17 per share on revenue of $570.00 thousand.</li>  <li>Alexander's (NYSE:ALX) is likely to report earnings for its second quarter.</li>  <li>Ferrari (NYSE:RACE) is projected to report quarterly earnings at $1.20 per share on revenue of $1.25 billion.</li>  <li><a href=\"https://laohu8.com/S/GPRE\">Green Plains</a> (NASDAQ:GPRE) is likely to report quarterly loss at $0.23 per share on revenue of $715.42 million.</li>  <li><a href=\"https://laohu8.com/S/CRNT\">Ceragon Networks</a> (NASDAQ:CRNT) is estimated to report quarterly loss at $0.04 per share on revenue of $65.13 million.</li>  <li><a href=\"https://laohu8.com/S/GPN\">Global Payments</a> (NYSE:GPN) is likely to report quarterly earnings at $1.89 per share on revenue of $1.85 billion.</li>  <li><a href=\"https://laohu8.com/S/TSEM\">Tower Semiconductor</a> (NASDAQ:TSEM) is expected to report quarterly earnings at $0.33 per share on revenue of $359.75 million.</li>  <li>DSP Group (NASDAQ:DSPG) is likely to report quarterly earnings at $0.08 per share on revenue of $35.00 million.</li>  <li><a href=\"https://laohu8.com/S/GNBC\">Green</a> Plains Partners (NASDAQ:GPP) is estimated to report earnings for its second quarter.</li>  <li><a href=\"https://laohu8.com/S/TKR\">Timken</a> (NYSE:TKR) is projected to report quarterly earnings at $1.45 per share on revenue of $1.05 billion.</li>  <li><a href=\"https://laohu8.com/S/STL\">Sterling</a> Bancorp (NASDAQ:SBT) is projected to report quarterly earnings at $0.06 per share on revenue of $23.17 million.</li>  <li>JELD-WEN Holding (NYSE:JELD) is estimated to report quarterly earnings at $0.61 per share on revenue of $1.16 billion.</li>  <li><a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> (NASDAQ:ON) is expected to report quarterly earnings at $0.49 per share on revenue of $1.62 billion.</li>  <li>KnowBe4 (NASDAQ:KNBE) is likely to report quarterly loss at $0.02 per share on revenue of $56.37 million.</li>  <li><a href=\"https://laohu8.com/S/RADA\">Rada Electronics</a> Industri (NASDAQ:RADA) is projected to report quarterly earnings at $0.09 per share on revenue of $27.98 million.</li>  <li>Hayward Holdings (NYSE:HAYW) is projected to report quarterly earnings at $0.28 per share on revenue of $339.28 million.</li>  <li>DBV Technologies (NASDAQ:DBVT) is projected to report quarterly loss at $0.57 per share on revenue of $3.18 million.</li>  <li>RumbleON (NASDAQ:RMBL) is likely to report quarterly earnings at $0.06 per share on revenue of $143.40 million.</li>  <li>CNA Financial (NYSE:CNA) is projected to report quarterly earnings at $1.11 per share on revenue of $2.06 billion.</li>  <li><a href=\"https://laohu8.com/S/ARCB\">ArcBest</a> (NASDAQ:ARCB) is expected to report quarterly earnings at $1.61 per share on revenue of $915.95 million.</li>  <li><a href=\"https://laohu8.com/S/L\">Loews</a> (NYSE:L) is likely to report earnings for its second quarter.</li>  <li><a href=\"https://laohu8.com/S/MTU\">Mitsubishi UFJ</a> Financial (NYSE:MUFG) is likely to report earnings for its first quarter.</li> </ul> <b>Companies Reporting After The Bell</b></p><p><blockquote><ul><li>汇丰控股（纽约证券交易所股票代码：HSBC）预计将公布第二季度收益。</li><li>Addex Therapeutics（纳斯达克股票代码：ADXN）预计将公布第二季度收益。</li><li><a href=\"https://laohu8.com/S/TGTX\">TG疗法</a>（纳斯达克股票代码：TGTX）预计将公布第二季度收益。</li><li><a href=\"https://laohu8.com/S/NERV\">密涅瓦神经科学</a>（纳斯达克股票代码：NERV）可能报告季度亏损为每股 0.17 美元，营收为 57 万美元。</li><li>Alexander's (NYSE:ALX) 可能会公布第二季度收益。</li><li>法拉利（纽约证券交易所股票代码：RACE）预计季度收益为每股 1.20 美元，营收为 12.5 亿美元。</li><li><a href=\"https://laohu8.com/S/GPRE\">绿色平原</a>（纳斯达克股票代码：GPRE）季度亏损可能为每股 0.23 美元，营收为 7.1542 亿美元。</li><li><a href=\"https://laohu8.com/S/CRNT\">塞拉贡网络</a>（纳斯达克股票代码：CRNT）预计季度亏损为每股 0.04 美元，营收为 6,513 万美元。</li><li><a href=\"https://laohu8.com/S/GPN\">全球支付</a>（纽约证券交易所股票代码：GPN）季度收益可能为每股 1.89 美元，营收为 18.5 亿美元。</li><li><a href=\"https://laohu8.com/S/TSEM\">塔式半导体</a>（纳斯达克股票代码：TSEM）预计季度收益为每股 0.33 美元，营收为 3.5975 亿美元。</li><li>DSP Group（纳斯达克股票代码：DSPG）可能公布季度收益为每股 0.08 美元，营收为 3500 万美元。</li><li><a href=\"https://laohu8.com/S/GNBC\">绿色</a>Plains Partners（纳斯达克股票代码：GPP）预计将公布第二季度收益。</li><li><a href=\"https://laohu8.com/S/TKR\">铁姆肯</a>（纽约证券交易所股票代码：TKR）预计季度收益为每股 1.45 美元，营收为 10.5 亿美元。</li><li><a href=\"https://laohu8.com/S/STL\">英镑</a>Bancorp（纳斯达克股票代码：SBT）预计季度收益为每股 0.06 美元，营收为 2317 万美元。</li><li>JELD-WEN Holding（纽约证券交易所股票代码：JELD）预计季度收益为每股 0.61 美元，营收为 11.6 亿美元。</li><li><a href=\"https://laohu8.com/S/ON\">半导体</a>（纳斯达克股票代码：ON）预计季度收益为每股 0.49 美元，营收为 16.2 亿美元。</li><li>KnowBe4（纳斯达克股票代码：KNBE）可能公布季度亏损为每股 0.02 美元，营收为 5637 万美元。</li><li><a href=\"https://laohu8.com/S/RADA\">雷达电子</a>Industri（纳斯达克股票代码：RADA）预计季度收益为每股 0.09 美元，营收为 2798 万美元。</li><li>Hayward Holdings（纽约证券交易所股票代码：HAYW）预计季度收益为每股 0.28 美元，营收为 3.3928 亿美元。</li><li>DBV Technologies（纳斯达克股票代码：DBVT）预计季度亏损为每股 0.57 美元，营收为 318 万美元。</li><li>RumbleON（纳斯达克股票代码：RMBL）可能公布季度收益为每股 0.06 美元，营收为 1.434 亿美元。</li><li>CNA Financial（纽约证券交易所股票代码：CNA）预计季度收益为每股 1.11 美元，营收为 20.6 亿美元。</li><li><a href=\"https://laohu8.com/S/ARCB\">弧线最佳</a>（纳斯达克股票代码：ARCB）预计季度收益为每股 1.61 美元，营收为 9.1595 亿美元。</li><li><a href=\"https://laohu8.com/S/L\">勒斯</a>（纽约证券交易所股票代码：L）可能会公布第二季度收益。</li><li><a href=\"https://laohu8.com/S/MTU\">三菱日联</a>金融公司（纽约证券交易所股票代码：MUFG）可能会公布第一季度收益。</li></ul><b>盘后报告的公司</b></blockquote></p><p></p><p> <ul>  <li><a href=\"https://laohu8.com/S/IPI\">Intrepid Potash</a> (NYSE:IPI) is projected to report earnings for its second quarter.</li>  <li>Ramaco Resources (NASDAQ:METC) is expected to report earnings for its second quarter.</li>  <li>MISTRAS Group (NYSE:MG) is estimated to report earnings for its second quarter.</li>  <li><a href=\"https://laohu8.com/S/RARE\">Ultragenyx Pharmaceutical</a> (NASDAQ:RARE) is estimated to report earnings for its second quarter.</li>  <li>NCS Multistage Holdings (NASDAQ:NCSM) is likely to report earnings for its second quarter.</li>  <li>Itau Unibanco Holding (NYSE:ITUB) is estimated to report earnings for its second quarter.</li>  <li><a href=\"https://laohu8.com/S/SPNE\">SeaSpine</a> Holdings (NASDAQ:SPNE) is projected to report earnings for its second quarter.</li>  <li><a href=\"https://laohu8.com/S/STRL\">Sterling Construction</a> Co (NASDAQ:STRL) is projected to report earnings for its second quarter.</li>  <li>Black <a href=\"https://laohu8.com/S/SGY\">Stone</a> <a href=\"https://laohu8.com/S/MTX\">Minerals</a> (NYSE:BSM) is expected to report earnings for its second quarter.</li>  <li>Ciner Resources (NYSE:CINR) is projected to report earnings for its second quarter.</li>  <li><a href=\"https://laohu8.com/S/SANM\">Sanmina</a> (NASDAQ:SANM) is likely to report earnings for its third quarter.</li>  <li>SBA <a href=\"https://laohu8.com/S/JCS\">Communications</a> (NASDAQ:SBAC) is projected to report quarterly earnings at $0.68 per share on revenue of $558.05 million.</li>  <li><a href=\"https://laohu8.com/S/ADUS\">Addus HomeCare</a> (NASDAQ:ADUS) is expected to report quarterly earnings at $0.89 per share on revenue of $216.83 million.</li>  <li><a href=\"https://laohu8.com/S/ANET\">Arista Networks</a> (NYSE:ANET) is likely to report quarterly earnings at $2.54 per share on revenue of $687.32 million.</li>  <li><a href=\"https://laohu8.com/S/UIS\">Unisys</a> (NYSE:UIS) is expected to report quarterly earnings at $0.33 per share on revenue of $485.57 million.</li>  <li><a href=\"https://laohu8.com/S/WMB\">Williams</a> Companies (NYSE:WMB) is projected to report quarterly earnings at $0.28 per share on revenue of $1.96 billion.</li>  <li><a href=\"https://laohu8.com/S/ACHC\">Acadia Healthcare</a> Co (NASDAQ:ACHC) is estimated to report quarterly earnings at $0.63 per share on revenue of $560.83 million.</li>  <li><a href=\"https://laohu8.com/S/TTWO\">Take-Two</a> Interactive (NASDAQ:TTWO) is projected to report quarterly earnings at $0.89 per share on revenue of $689.22 million.</li>  <li><a href=\"https://laohu8.com/S/AWR\">American States Water</a> (NYSE:AWR) is likely to report quarterly earnings at $0.69 per share on revenue of $121.54 million.</li>  <li><a href=\"https://laohu8.com/S/NSP\">Insperity</a> (NYSE:NSP) is likely to report quarterly earnings at $0.66 per share on revenue of $1.10 billion.</li>  <li><a href=\"https://laohu8.com/S/O\">Realty Income</a> (NYSE:O) is estimated to report quarterly earnings at $0.37 per share on revenue of $442.42 million.</li>  <li><a href=\"https://laohu8.com/S/BRX\">Brixmor Property</a> Group (NYSE:BRX) is expected to report quarterly earnings at $0.14 per share on revenue of $274.32 million.</li>  <li><a href=\"https://laohu8.com/S/CSWC\">Capital Southwest</a> (NASDAQ:CSWC) is likely to report quarterly earnings at $0.43 per share on revenue of $18.36 million.</li>  <li><a href=\"https://laohu8.com/S/BVN\">Buenaventura Mining</a> Co (NYSE:BVN) is expected to report quarterly earnings at $0.27 per share on revenue of $286.47 million.</li>  <li><a href=\"https://laohu8.com/S/AGII\">Argo</a> Gr Intl Hldgs (NYSE:ARGO) is likely to report quarterly earnings at $0.93 per share on revenue of $461.60 million.</li>  <li><a href=\"https://laohu8.com/S/RIG\">Transocean</a> (NYSE:RIG) is estimated to report quarterly loss at $0.16 per share on revenue of $675.89 million.</li>  <li><a href=\"https://laohu8.com/S/AWK\">American Water</a> Works Co (NYSE:AWK) is projected to report quarterly earnings at $1.09 per share on revenue of $1.01 billion.</li>  <li>Clarus (NASDAQ:CLAR) is estimated to report quarterly earnings at $0.18 per share on revenue of $66.51 million.</li>  <li><a href=\"https://laohu8.com/S/TTI\">Tetra</a> Technologies (NYSE:TTI) is projected to report quarterly earnings at $0.01 per share on revenue of $106.95 million.</li>  <li><a href=\"https://laohu8.com/S/RMBS\">Rambus</a> (NASDAQ:RMBS) is estimated to report quarterly earnings at $0.31 per share on revenue of $106.90 million.</li>  <li><a href=\"https://laohu8.com/S/SEDG\">SolarEdge</a> Technologies (NASDAQ:SEDG) is projected to report quarterly earnings at $1.12 per share on revenue of $454.69 million.</li>  <li><a href=\"https://laohu8.com/S/AMRC\">Ameresco</a> (NYSE:AMRC) is expected to report quarterly earnings at $0.26 per share on revenue of $259.86 million.</li>  <li>BWX Technologies (NYSE:BWXT) is likely to report quarterly earnings at $0.72 per share on revenue of $522.68 million.</li>  <li><a href=\"https:/</p><p><blockquote><ul><li><a href=\"https://laohu8.com/S/IPI\">无畏钾肥</a>（纽约证券交易所股票代码：IPI）预计将公布第二季度收益。</li><li>Ramaco Resources（纳斯达克股票代码：METC）预计将公布第二季度收益。</li><li>MISTRAS Group（纽约证券交易所股票代码：MG）预计将公布第二季度收益。</li><li><a href=\"https://laohu8.com/S/RARE\">Ultragenyx制药</a>（纳斯达克股票代码：RARE）预计将公布第二季度收益。</li><li>NCS Multistage Holdings（纳斯达克股票代码：NCSM）可能会公布第二季度收益。</li><li>Itau Unibanco Holding（纽约证券交易所股票代码：ITUB）预计将公布第二季度收益。</li><li><a href=\"https://laohu8.com/S/SPNE\">海棘</a>Holdings（纳斯达克股票代码：SPNE）预计将公布第二季度收益。</li><li><a href=\"https://laohu8.com/S/STRL\">斯特林建筑</a>Co（纳斯达克股票代码：STRL）预计将公布第二季度收益。</li><li>黑色<a href=\"https://laohu8.com/S/SGY\">石头</a><a href=\"https://laohu8.com/S/MTX\">矿物</a>（纽约证券交易所股票代码：BSM）预计将公布第二季度收益。</li><li>Ciner Resources（纽约证券交易所股票代码：CINR）预计将公布第二季度收益。</li><li><a href=\"https://laohu8.com/S/SANM\">三米纳</a>（纳斯达克股票代码：SANM）可能会公布第三季度收益。</li><li>小企业管理局<a href=\"https://laohu8.com/S/JCS\">通讯</a>（纳斯达克股票代码：SBAC）预计季度收益为每股 0.68 美元，营收为 5.5805 亿美元。</li><li><a href=\"https://laohu8.com/S/ADUS\">Addus家庭护理</a>（纳斯达克股票代码：ADUS）预计季度收益为每股 0.89 美元，营收为 2.1683 亿美元。</li><li><a href=\"https://laohu8.com/S/ANET\">阿里斯塔网络</a>（纽约证券交易所股票代码：ANET）可能公布季度收益为每股 2.54 美元，营收为 6.8732 亿美元。</li><li><a href=\"https://laohu8.com/S/UIS\">优尼西斯</a>（纽约证券交易所股票代码：UIS）预计季度收益为每股 0.33 美元，营收为 4.8557 亿美元。</li><li><a href=\"https://laohu8.com/S/WMB\">威廉姆斯</a>Companies（纽约证券交易所股票代码：WMB）预计季度收益为每股 0.28 美元，营收为 19.6 亿美元。</li><li><a href=\"https://laohu8.com/S/ACHC\">阿卡迪亚医疗保健</a>Co（纳斯达克股票代码：ACHC）预计季度收益为每股 0.63 美元，营收为 5.6083 亿美元。</li><li><a href=\"https://laohu8.com/S/TTWO\">第二次拍摄</a>Interactive（纳斯达克股票代码：TTWO）预计季度收益为每股 0.89 美元，营收为 6.8922 亿美元。</li><li><a href=\"https://laohu8.com/S/AWR\">美国各州水</a>（纽约证券交易所股票代码：AWR）可能公布季度收益为每股 0.69 美元，营收为 1.154 亿美元。</li><li><a href=\"https://laohu8.com/S/NSP\">无能</a>（纽约证券交易所股票代码：NSP）可能公布季度收益为每股 0.66 美元，营收为 11 亿美元。</li><li><a href=\"https://laohu8.com/S/O\">物业收入</a>（纽约证券交易所股票代码：O）预计季度收益为每股 0.37 美元，营收为 4.4242 亿美元。</li><li><a href=\"https://laohu8.com/S/BRX\">布里克斯莫尔地产</a>集团（纽约证券交易所股票代码：BRX）预计季度收益为每股 0.14 美元，营收为 2.7432 亿美元。</li><li><a href=\"https://laohu8.com/S/CSWC\">首都西南</a>（纳斯达克股票代码：CSWC）可能公布季度收益为每股 0.43 美元，营收为 1836 万美元。</li><li><a href=\"https://laohu8.com/S/BVN\">布埃纳文图拉矿业</a>Co（纽约证券交易所股票代码：BVN）预计季度收益为每股 0.27 美元，营收为 2.8647 亿美元。</li><li><a href=\"https://laohu8.com/S/AGII\">阿尔戈</a>Gr Intl Hldgs（纽约证券交易所股票代码：ARGO）可能公布季度收益为每股 0.93 美元，营收为 4.616 亿美元。</li><li><a href=\"https://laohu8.com/S/RIG\">跨洋</a>（纽约证券交易所股票代码：RIG）预计季度亏损为每股 0.16 美元，营收为 6.7589 亿美元。</li><li><a href=\"https://laohu8.com/S/AWK\">美国水</a>Works Co（纽约证券交易所股票代码：AWK）预计季度收益为每股 1.09 美元，营收为 10.1 亿美元。</li><li>Clarus（纳斯达克股票代码：CLAR）预计季度收益为每股 0.18 美元，营收为 6,651 万美元。</li><li><a href=\"https://laohu8.com/S/TTI\">四</a>Technologies（纽约证券交易所股票代码：TTI）预计季度收益为每股 0.01 美元，营收为 1.0695 亿美元。</li><li><a href=\"https://laohu8.com/S/RMBS\">分支</a>（纳斯达克股票代码：RMBS）预计季度收益为每股 0.31 美元，营收为 1.069 亿美元。</li><li><a href=\"https://laohu8.com/S/SEDG\">太阳能边缘</a>Technologies（纳斯达克股票代码：SEDG）预计季度收益为每股 1.12 美元，营收为 4.5469 亿美元。</li><li><a href=\"https://laohu8.com/S/AMRC\">美洲</a>（纽约证券交易所股票代码：AMRC）预计季度收益为每股 0.26 美元，营收为 2.5986 亿美元。</li><li>BWX Technologies（纽约证券交易所股票代码：BWXT）可能公布季度收益为每股 0.72 美元，营收为 5.2268 亿美元。</li><li>&lt;a href=\"https:/</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>Earnings Scheduled For August 2, 2021<blockquote>定于 2021 年 8 月 2 日公布的收益</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\">\nEarnings Scheduled For August 2, 2021<blockquote>定于 2021 年 8 月 2 日公布的收益</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 Earnings </p>\n<p class=\"h-time smaller\">2021-08-02 16:32</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Companies Reporting Before The Bell</b></p><p><blockquote><b>公司在钟声响起前报告</b></blockquote></p><p> <ul>  <li>HSBC Holdings (NYSE:HSBC) is estimated to report earnings for its second quarter.</li>  <li>Addex Therapeutics (NASDAQ:ADXN) is estimated to report earnings for its second quarter.</li>  <li><a href=\"https://laohu8.com/S/TGTX\">TG Therapeutics</a> (NASDAQ:TGTX) is expected to report earnings for its second quarter.</li>  <li><a href=\"https://laohu8.com/S/NERV\">Minerva Neurosciences</a> (NASDAQ:NERV) is likely to report quarterly loss at $0.17 per share on revenue of $570.00 thousand.</li>  <li>Alexander's (NYSE:ALX) is likely to report earnings for its second quarter.</li>  <li>Ferrari (NYSE:RACE) is projected to report quarterly earnings at $1.20 per share on revenue of $1.25 billion.</li>  <li><a href=\"https://laohu8.com/S/GPRE\">Green Plains</a> (NASDAQ:GPRE) is likely to report quarterly loss at $0.23 per share on revenue of $715.42 million.</li>  <li><a href=\"https://laohu8.com/S/CRNT\">Ceragon Networks</a> (NASDAQ:CRNT) is estimated to report quarterly loss at $0.04 per share on revenue of $65.13 million.</li>  <li><a href=\"https://laohu8.com/S/GPN\">Global Payments</a> (NYSE:GPN) is likely to report quarterly earnings at $1.89 per share on revenue of $1.85 billion.</li>  <li><a href=\"https://laohu8.com/S/TSEM\">Tower Semiconductor</a> (NASDAQ:TSEM) is expected to report quarterly earnings at $0.33 per share on revenue of $359.75 million.</li>  <li>DSP Group (NASDAQ:DSPG) is likely to report quarterly earnings at $0.08 per share on revenue of $35.00 million.</li>  <li><a href=\"https://laohu8.com/S/GNBC\">Green</a> Plains Partners (NASDAQ:GPP) is estimated to report earnings for its second quarter.</li>  <li><a href=\"https://laohu8.com/S/TKR\">Timken</a> (NYSE:TKR) is projected to report quarterly earnings at $1.45 per share on revenue of $1.05 billion.</li>  <li><a href=\"https://laohu8.com/S/STL\">Sterling</a> Bancorp (NASDAQ:SBT) is projected to report quarterly earnings at $0.06 per share on revenue of $23.17 million.</li>  <li>JELD-WEN Holding (NYSE:JELD) is estimated to report quarterly earnings at $0.61 per share on revenue of $1.16 billion.</li>  <li><a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> (NASDAQ:ON) is expected to report quarterly earnings at $0.49 per share on revenue of $1.62 billion.</li>  <li>KnowBe4 (NASDAQ:KNBE) is likely to report quarterly loss at $0.02 per share on revenue of $56.37 million.</li>  <li><a href=\"https://laohu8.com/S/RADA\">Rada Electronics</a> Industri (NASDAQ:RADA) is projected to report quarterly earnings at $0.09 per share on revenue of $27.98 million.</li>  <li>Hayward Holdings (NYSE:HAYW) is projected to report quarterly earnings at $0.28 per share on revenue of $339.28 million.</li>  <li>DBV Technologies (NASDAQ:DBVT) is projected to report quarterly loss at $0.57 per share on revenue of $3.18 million.</li>  <li>RumbleON (NASDAQ:RMBL) is likely to report quarterly earnings at $0.06 per share on revenue of $143.40 million.</li>  <li>CNA Financial (NYSE:CNA) is projected to report quarterly earnings at $1.11 per share on revenue of $2.06 billion.</li>  <li><a href=\"https://laohu8.com/S/ARCB\">ArcBest</a> (NASDAQ:ARCB) is expected to report quarterly earnings at $1.61 per share on revenue of $915.95 million.</li>  <li><a href=\"https://laohu8.com/S/L\">Loews</a> (NYSE:L) is likely to report earnings for its second quarter.</li>  <li><a href=\"https://laohu8.com/S/MTU\">Mitsubishi UFJ</a> Financial (NYSE:MUFG) is likely to report earnings for its first quarter.</li> </ul> <b>Companies Reporting After The Bell</b></p><p><blockquote><ul><li>汇丰控股（纽约证券交易所股票代码：HSBC）预计将公布第二季度收益。</li><li>Addex Therapeutics（纳斯达克股票代码：ADXN）预计将公布第二季度收益。</li><li><a href=\"https://laohu8.com/S/TGTX\">TG疗法</a>（纳斯达克股票代码：TGTX）预计将公布第二季度收益。</li><li><a href=\"https://laohu8.com/S/NERV\">密涅瓦神经科学</a>（纳斯达克股票代码：NERV）可能报告季度亏损为每股 0.17 美元，营收为 57 万美元。</li><li>Alexander's (NYSE:ALX) 可能会公布第二季度收益。</li><li>法拉利（纽约证券交易所股票代码：RACE）预计季度收益为每股 1.20 美元，营收为 12.5 亿美元。</li><li><a href=\"https://laohu8.com/S/GPRE\">绿色平原</a>（纳斯达克股票代码：GPRE）季度亏损可能为每股 0.23 美元，营收为 7.1542 亿美元。</li><li><a href=\"https://laohu8.com/S/CRNT\">塞拉贡网络</a>（纳斯达克股票代码：CRNT）预计季度亏损为每股 0.04 美元，营收为 6,513 万美元。</li><li><a href=\"https://laohu8.com/S/GPN\">全球支付</a>（纽约证券交易所股票代码：GPN）季度收益可能为每股 1.89 美元，营收为 18.5 亿美元。</li><li><a href=\"https://laohu8.com/S/TSEM\">塔式半导体</a>（纳斯达克股票代码：TSEM）预计季度收益为每股 0.33 美元，营收为 3.5975 亿美元。</li><li>DSP Group（纳斯达克股票代码：DSPG）可能公布季度收益为每股 0.08 美元，营收为 3500 万美元。</li><li><a href=\"https://laohu8.com/S/GNBC\">绿色</a>Plains Partners（纳斯达克股票代码：GPP）预计将公布第二季度收益。</li><li><a href=\"https://laohu8.com/S/TKR\">铁姆肯</a>（纽约证券交易所股票代码：TKR）预计季度收益为每股 1.45 美元，营收为 10.5 亿美元。</li><li><a href=\"https://laohu8.com/S/STL\">英镑</a>Bancorp（纳斯达克股票代码：SBT）预计季度收益为每股 0.06 美元，营收为 2317 万美元。</li><li>JELD-WEN Holding（纽约证券交易所股票代码：JELD）预计季度收益为每股 0.61 美元，营收为 11.6 亿美元。</li><li><a href=\"https://laohu8.com/S/ON\">半导体</a>（纳斯达克股票代码：ON）预计季度收益为每股 0.49 美元，营收为 16.2 亿美元。</li><li>KnowBe4（纳斯达克股票代码：KNBE）可能公布季度亏损为每股 0.02 美元，营收为 5637 万美元。</li><li><a href=\"https://laohu8.com/S/RADA\">雷达电子</a>Industri（纳斯达克股票代码：RADA）预计季度收益为每股 0.09 美元，营收为 2798 万美元。</li><li>Hayward Holdings（纽约证券交易所股票代码：HAYW）预计季度收益为每股 0.28 美元，营收为 3.3928 亿美元。</li><li>DBV Technologies（纳斯达克股票代码：DBVT）预计季度亏损为每股 0.57 美元，营收为 318 万美元。</li><li>RumbleON（纳斯达克股票代码：RMBL）可能公布季度收益为每股 0.06 美元，营收为 1.434 亿美元。</li><li>CNA Financial（纽约证券交易所股票代码：CNA）预计季度收益为每股 1.11 美元，营收为 20.6 亿美元。</li><li><a href=\"https://laohu8.com/S/ARCB\">弧线最佳</a>（纳斯达克股票代码：ARCB）预计季度收益为每股 1.61 美元，营收为 9.1595 亿美元。</li><li><a href=\"https://laohu8.com/S/L\">勒斯</a>（纽约证券交易所股票代码：L）可能会公布第二季度收益。</li><li><a href=\"https://laohu8.com/S/MTU\">三菱日联</a>金融公司（纽约证券交易所股票代码：MUFG）可能会公布第一季度收益。</li></ul><b>盘后报告的公司</b></blockquote></p><p></p><p> <ul>  <li><a href=\"https://laohu8.com/S/IPI\">Intrepid Potash</a> (NYSE:IPI) is projected to report earnings for its second quarter.</li>  <li>Ramaco Resources (NASDAQ:METC) is expected to report earnings for its second quarter.</li>  <li>MISTRAS Group (NYSE:MG) is estimated to report earnings for its second quarter.</li>  <li><a href=\"https://laohu8.com/S/RARE\">Ultragenyx Pharmaceutical</a> (NASDAQ:RARE) is estimated to report earnings for its second quarter.</li>  <li>NCS Multistage Holdings (NASDAQ:NCSM) is likely to report earnings for its second quarter.</li>  <li>Itau Unibanco Holding (NYSE:ITUB) is estimated to report earnings for its second quarter.</li>  <li><a href=\"https://laohu8.com/S/SPNE\">SeaSpine</a> Holdings (NASDAQ:SPNE) is projected to report earnings for its second quarter.</li>  <li><a href=\"https://laohu8.com/S/STRL\">Sterling Construction</a> Co (NASDAQ:STRL) is projected to report earnings for its second quarter.</li>  <li>Black <a href=\"https://laohu8.com/S/SGY\">Stone</a> <a href=\"https://laohu8.com/S/MTX\">Minerals</a> (NYSE:BSM) is expected to report earnings for its second quarter.</li>  <li>Ciner Resources (NYSE:CINR) is projected to report earnings for its second quarter.</li>  <li><a href=\"https://laohu8.com/S/SANM\">Sanmina</a> (NASDAQ:SANM) is likely to report earnings for its third quarter.</li>  <li>SBA <a href=\"https://laohu8.com/S/JCS\">Communications</a> (NASDAQ:SBAC) is projected to report quarterly earnings at $0.68 per share on revenue of $558.05 million.</li>  <li><a href=\"https://laohu8.com/S/ADUS\">Addus HomeCare</a> (NASDAQ:ADUS) is expected to report quarterly earnings at $0.89 per share on revenue of $216.83 million.</li>  <li><a href=\"https://laohu8.com/S/ANET\">Arista Networks</a> (NYSE:ANET) is likely to report quarterly earnings at $2.54 per share on revenue of $687.32 million.</li>  <li><a href=\"https://laohu8.com/S/UIS\">Unisys</a> (NYSE:UIS) is expected to report quarterly earnings at $0.33 per share on revenue of $485.57 million.</li>  <li><a href=\"https://laohu8.com/S/WMB\">Williams</a> Companies (NYSE:WMB) is projected to report quarterly earnings at $0.28 per share on revenue of $1.96 billion.</li>  <li><a href=\"https://laohu8.com/S/ACHC\">Acadia Healthcare</a> Co (NASDAQ:ACHC) is estimated to report quarterly earnings at $0.63 per share on revenue of $560.83 million.</li>  <li><a href=\"https://laohu8.com/S/TTWO\">Take-Two</a> Interactive (NASDAQ:TTWO) is projected to report quarterly earnings at $0.89 per share on revenue of $689.22 million.</li>  <li><a href=\"https://laohu8.com/S/AWR\">American States Water</a> (NYSE:AWR) is likely to report quarterly earnings at $0.69 per share on revenue of $121.54 million.</li>  <li><a href=\"https://laohu8.com/S/NSP\">Insperity</a> (NYSE:NSP) is likely to report quarterly earnings at $0.66 per share on revenue of $1.10 billion.</li>  <li><a href=\"https://laohu8.com/S/O\">Realty Income</a> (NYSE:O) is estimated to report quarterly earnings at $0.37 per share on revenue of $442.42 million.</li>  <li><a href=\"https://laohu8.com/S/BRX\">Brixmor Property</a> Group (NYSE:BRX) is expected to report quarterly earnings at $0.14 per share on revenue of $274.32 million.</li>  <li><a href=\"https://laohu8.com/S/CSWC\">Capital Southwest</a> (NASDAQ:CSWC) is likely to report quarterly earnings at $0.43 per share on revenue of $18.36 million.</li>  <li><a href=\"https://laohu8.com/S/BVN\">Buenaventura Mining</a> Co (NYSE:BVN) is expected to report quarterly earnings at $0.27 per share on revenue of $286.47 million.</li>  <li><a href=\"https://laohu8.com/S/AGII\">Argo</a> Gr Intl Hldgs (NYSE:ARGO) is likely to report quarterly earnings at $0.93 per share on revenue of $461.60 million.</li>  <li><a href=\"https://laohu8.com/S/RIG\">Transocean</a> (NYSE:RIG) is estimated to report quarterly loss at $0.16 per share on revenue of $675.89 million.</li>  <li><a href=\"https://laohu8.com/S/AWK\">American Water</a> Works Co (NYSE:AWK) is projected to report quarterly earnings at $1.09 per share on revenue of $1.01 billion.</li>  <li>Clarus (NASDAQ:CLAR) is estimated to report quarterly earnings at $0.18 per share on revenue of $66.51 million.</li>  <li><a href=\"https://laohu8.com/S/TTI\">Tetra</a> Technologies (NYSE:TTI) is projected to report quarterly earnings at $0.01 per share on revenue of $106.95 million.</li>  <li><a href=\"https://laohu8.com/S/RMBS\">Rambus</a> (NASDAQ:RMBS) is estimated to report quarterly earnings at $0.31 per share on revenue of $106.90 million.</li>  <li><a href=\"https://laohu8.com/S/SEDG\">SolarEdge</a> Technologies (NASDAQ:SEDG) is projected to report quarterly earnings at $1.12 per share on revenue of $454.69 million.</li>  <li><a href=\"https://laohu8.com/S/AMRC\">Ameresco</a> (NYSE:AMRC) is expected to report quarterly earnings at $0.26 per share on revenue of $259.86 million.</li>  <li>BWX Technologies (NYSE:BWXT) is likely to report quarterly earnings at $0.72 per share on revenue of $522.68 million.</li>  <li><a href=\"https:/</p><p><blockquote><ul><li><a href=\"https://laohu8.com/S/IPI\">无畏钾肥</a>（纽约证券交易所股票代码：IPI）预计将公布第二季度收益。</li><li>Ramaco Resources（纳斯达克股票代码：METC）预计将公布第二季度收益。</li><li>MISTRAS Group（纽约证券交易所股票代码：MG）预计将公布第二季度收益。</li><li><a href=\"https://laohu8.com/S/RARE\">Ultragenyx制药</a>（纳斯达克股票代码：RARE）预计将公布第二季度收益。</li><li>NCS Multistage Holdings（纳斯达克股票代码：NCSM）可能会公布第二季度收益。</li><li>Itau Unibanco Holding（纽约证券交易所股票代码：ITUB）预计将公布第二季度收益。</li><li><a href=\"https://laohu8.com/S/SPNE\">海棘</a>Holdings（纳斯达克股票代码：SPNE）预计将公布第二季度收益。</li><li><a href=\"https://laohu8.com/S/STRL\">斯特林建筑</a>Co（纳斯达克股票代码：STRL）预计将公布第二季度收益。</li><li>黑色<a href=\"https://laohu8.com/S/SGY\">石头</a><a href=\"https://laohu8.com/S/MTX\">矿物</a>（纽约证券交易所股票代码：BSM）预计将公布第二季度收益。</li><li>Ciner Resources（纽约证券交易所股票代码：CINR）预计将公布第二季度收益。</li><li><a href=\"https://laohu8.com/S/SANM\">三米纳</a>（纳斯达克股票代码：SANM）可能会公布第三季度收益。</li><li>小企业管理局<a href=\"https://laohu8.com/S/JCS\">通讯</a>（纳斯达克股票代码：SBAC）预计季度收益为每股 0.68 美元，营收为 5.5805 亿美元。</li><li><a href=\"https://laohu8.com/S/ADUS\">Addus家庭护理</a>（纳斯达克股票代码：ADUS）预计季度收益为每股 0.89 美元，营收为 2.1683 亿美元。</li><li><a href=\"https://laohu8.com/S/ANET\">阿里斯塔网络</a>（纽约证券交易所股票代码：ANET）可能公布季度收益为每股 2.54 美元，营收为 6.8732 亿美元。</li><li><a href=\"https://laohu8.com/S/UIS\">优尼西斯</a>（纽约证券交易所股票代码：UIS）预计季度收益为每股 0.33 美元，营收为 4.8557 亿美元。</li><li><a href=\"https://laohu8.com/S/WMB\">威廉姆斯</a>Companies（纽约证券交易所股票代码：WMB）预计季度收益为每股 0.28 美元，营收为 19.6 亿美元。</li><li><a href=\"https://laohu8.com/S/ACHC\">阿卡迪亚医疗保健</a>Co（纳斯达克股票代码：ACHC）预计季度收益为每股 0.63 美元，营收为 5.6083 亿美元。</li><li><a href=\"https://laohu8.com/S/TTWO\">第二次拍摄</a>Interactive（纳斯达克股票代码：TTWO）预计季度收益为每股 0.89 美元，营收为 6.8922 亿美元。</li><li><a href=\"https://laohu8.com/S/AWR\">美国各州水</a>（纽约证券交易所股票代码：AWR）可能公布季度收益为每股 0.69 美元，营收为 1.154 亿美元。</li><li><a href=\"https://laohu8.com/S/NSP\">无能</a>（纽约证券交易所股票代码：NSP）可能公布季度收益为每股 0.66 美元，营收为 11 亿美元。</li><li><a href=\"https://laohu8.com/S/O\">物业收入</a>（纽约证券交易所股票代码：O）预计季度收益为每股 0.37 美元，营收为 4.4242 亿美元。</li><li><a href=\"https://laohu8.com/S/BRX\">布里克斯莫尔地产</a>集团（纽约证券交易所股票代码：BRX）预计季度收益为每股 0.14 美元，营收为 2.7432 亿美元。</li><li><a href=\"https://laohu8.com/S/CSWC\">首都西南</a>（纳斯达克股票代码：CSWC）可能公布季度收益为每股 0.43 美元，营收为 1836 万美元。</li><li><a href=\"https://laohu8.com/S/BVN\">布埃纳文图拉矿业</a>Co（纽约证券交易所股票代码：BVN）预计季度收益为每股 0.27 美元，营收为 2.8647 亿美元。</li><li><a href=\"https://laohu8.com/S/AGII\">阿尔戈</a>Gr Intl Hldgs（纽约证券交易所股票代码：ARGO）可能公布季度收益为每股 0.93 美元，营收为 4.616 亿美元。</li><li><a href=\"https://laohu8.com/S/RIG\">跨洋</a>（纽约证券交易所股票代码：RIG）预计季度亏损为每股 0.16 美元，营收为 6.7589 亿美元。</li><li><a href=\"https://laohu8.com/S/AWK\">美国水</a>Works Co（纽约证券交易所股票代码：AWK）预计季度收益为每股 1.09 美元，营收为 10.1 亿美元。</li><li>Clarus（纳斯达克股票代码：CLAR）预计季度收益为每股 0.18 美元，营收为 6,651 万美元。</li><li><a href=\"https://laohu8.com/S/TTI\">四</a>Technologies（纽约证券交易所股票代码：TTI）预计季度收益为每股 0.01 美元，营收为 1.0695 亿美元。</li><li><a href=\"https://laohu8.com/S/RMBS\">分支</a>（纳斯达克股票代码：RMBS）预计季度收益为每股 0.31 美元，营收为 1.069 亿美元。</li><li><a href=\"https://laohu8.com/S/SEDG\">太阳能边缘</a>Technologies（纳斯达克股票代码：SEDG）预计季度收益为每股 1.12 美元，营收为 4.5469 亿美元。</li><li><a href=\"https://laohu8.com/S/AMRC\">美洲</a>（纽约证券交易所股票代码：AMRC）预计季度收益为每股 0.26 美元，营收为 2.5986 亿美元。</li><li>BWX Technologies（纽约证券交易所股票代码：BWXT）可能公布季度收益为每股 0.72 美元，营收为 5.2268 亿美元。</li><li>&lt;a href=\"https:/</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184394577","content_text":"Companies Reporting Before The Bell\n\nHSBC Holdings (NYSE:HSBC) is estimated to report earnings for its second quarter.\nAddex Therapeutics (NASDAQ:ADXN) is estimated to report earnings for its second quarter.\nTG Therapeutics (NASDAQ:TGTX) is expected to report earnings for its second quarter.\nMinerva Neurosciences (NASDAQ:NERV) is likely to report quarterly loss at $0.17 per share on revenue of $570.00 thousand.\nAlexander's (NYSE:ALX) is likely to report earnings for its second quarter.\nFerrari (NYSE:RACE) is projected to report quarterly earnings at $1.20 per share on revenue of $1.25 billion.\nGreen Plains (NASDAQ:GPRE) is likely to report quarterly loss at $0.23 per share on revenue of $715.42 million.\nCeragon Networks (NASDAQ:CRNT) is estimated to report quarterly loss at $0.04 per share on revenue of $65.13 million.\nGlobal Payments (NYSE:GPN) is likely to report quarterly earnings at $1.89 per share on revenue of $1.85 billion.\nTower Semiconductor (NASDAQ:TSEM) is expected to report quarterly earnings at $0.33 per share on revenue of $359.75 million.\nDSP Group (NASDAQ:DSPG) is likely to report quarterly earnings at $0.08 per share on revenue of $35.00 million.\nGreen Plains Partners (NASDAQ:GPP) is estimated to report earnings for its second quarter.\nTimken (NYSE:TKR) is projected to report quarterly earnings at $1.45 per share on revenue of $1.05 billion.\nSterling Bancorp (NASDAQ:SBT) is projected to report quarterly earnings at $0.06 per share on revenue of $23.17 million.\nJELD-WEN Holding (NYSE:JELD) is estimated to report quarterly earnings at $0.61 per share on revenue of $1.16 billion.\nON Semiconductor (NASDAQ:ON) is expected to report quarterly earnings at $0.49 per share on revenue of $1.62 billion.\nKnowBe4 (NASDAQ:KNBE) is likely to report quarterly loss at $0.02 per share on revenue of $56.37 million.\nRada Electronics Industri (NASDAQ:RADA) is projected to report quarterly earnings at $0.09 per share on revenue of $27.98 million.\nHayward Holdings (NYSE:HAYW) is projected to report quarterly earnings at $0.28 per share on revenue of $339.28 million.\nDBV Technologies (NASDAQ:DBVT) is projected to report quarterly loss at $0.57 per share on revenue of $3.18 million.\nRumbleON (NASDAQ:RMBL) is likely to report quarterly earnings at $0.06 per share on revenue of $143.40 million.\nCNA Financial (NYSE:CNA) is projected to report quarterly earnings at $1.11 per share on revenue of $2.06 billion.\nArcBest (NASDAQ:ARCB) is expected to report quarterly earnings at $1.61 per share on revenue of $915.95 million.\nLoews (NYSE:L) is likely to report earnings for its second quarter.\nMitsubishi UFJ Financial (NYSE:MUFG) is likely to report earnings for its first quarter.\n\nCompanies Reporting After The Bell\n\nIntrepid Potash (NYSE:IPI) is projected to report earnings for its second quarter.\nRamaco Resources (NASDAQ:METC) is expected to report earnings for its second quarter.\nMISTRAS Group (NYSE:MG) is estimated to report earnings for its second quarter.\nUltragenyx Pharmaceutical (NASDAQ:RARE) is estimated to report earnings for its second quarter.\nNCS Multistage Holdings (NASDAQ:NCSM) is likely to report earnings for its second quarter.\nItau Unibanco Holding (NYSE:ITUB) is estimated to report earnings for its second quarter.\nSeaSpine Holdings (NASDAQ:SPNE) is projected to report earnings for its second quarter.\nSterling Construction Co (NASDAQ:STRL) is projected to report earnings for its second quarter.\nBlack Stone Minerals (NYSE:BSM) is expected to report earnings for its second quarter.\nCiner Resources (NYSE:CINR) is projected to report earnings for its second quarter.\nSanmina (NASDAQ:SANM) is likely to report earnings for its third quarter.\nSBA Communications (NASDAQ:SBAC) is projected to report quarterly earnings at $0.68 per share on revenue of $558.05 million.\nAddus HomeCare (NASDAQ:ADUS) is expected to report quarterly earnings at $0.89 per share on revenue of $216.83 million.\nArista Networks (NYSE:ANET) is likely to report quarterly earnings at $2.54 per share on revenue of $687.32 million.\nUnisys (NYSE:UIS) is expected to report quarterly earnings at $0.33 per share on revenue of $485.57 million.\nWilliams Companies (NYSE:WMB) is projected to report quarterly earnings at $0.28 per share on revenue of $1.96 billion.\nAcadia Healthcare Co (NASDAQ:ACHC) is estimated to report quarterly earnings at $0.63 per share on revenue of $560.83 million.\nTake-Two Interactive (NASDAQ:TTWO) is projected to report quarterly earnings at $0.89 per share on revenue of $689.22 million.\nAmerican States Water (NYSE:AWR) is likely to report quarterly earnings at $0.69 per share on revenue of $121.54 million.\nInsperity (NYSE:NSP) is likely to report quarterly earnings at $0.66 per share on revenue of $1.10 billion.\nRealty Income (NYSE:O) is estimated to report quarterly earnings at $0.37 per share on revenue of $442.42 million.\nBrixmor Property Group (NYSE:BRX) is expected to report quarterly earnings at $0.14 per share on revenue of $274.32 million.\nCapital Southwest (NASDAQ:CSWC) is likely to report quarterly earnings at $0.43 per share on revenue of $18.36 million.\nBuenaventura Mining Co (NYSE:BVN) is expected to report quarterly earnings at $0.27 per share on revenue of $286.47 million.\nArgo Gr Intl Hldgs (NYSE:ARGO) is likely to report quarterly earnings at $0.93 per share on revenue of $461.60 million.\nTransocean (NYSE:RIG) is estimated to report quarterly loss at $0.16 per share on revenue of $675.89 million.\nAmerican Water Works Co (NYSE:AWK) is projected to report quarterly earnings at $1.09 per share on revenue of $1.01 billion.\nClarus (NASDAQ:CLAR) is estimated to report quarterly earnings at $0.18 per share on revenue of $66.51 million.\nTetra Technologies (NYSE:TTI) is projected to report quarterly earnings at $0.01 per share on revenue of $106.95 million.\nRambus (NASDAQ:RMBS) is estimated to report quarterly earnings at $0.31 per share on revenue of $106.90 million.\nSolarEdge Technologies (NASDAQ:SEDG) is projected to report quarterly earnings at $1.12 per share on revenue of $454.69 million.\nAmeresco (NYSE:AMRC) is expected to report quarterly earnings at $0.26 per share on revenue of $259.86 million.\nBWX Technologies (NYSE:BWXT) is likely to report quarterly earnings at $0.72 per share on revenue of $522.68 million.\nSimon Property Group (NYSE:SPG) is estimated to report quarterly earnings at $1.00 per share on revenue of $1.14 billion.\nUltra Clean Holdings (NASDAQ:UCTT) is expected to report quarterly earnings at $0.96 per share on revenue of $505.44 million.\nWoodward (NASDAQ:WWD) is likely to report quarterly earnings at $0.97 per share on revenue of $617.09 million.\nVornado Realty (NYSE:VNO) is expected to report quarterly earnings at $0.10 per share on revenue of $378.90 million.\nPioneer Natural Resources (NYSE:PXD) is estimated to report quarterly earnings at $2.61 per share on revenue of $2.15 billion.\nHorace Mann Educators (NYSE:HMN) is estimated to report quarterly earnings at $1.01 per share on revenue of $336.10 million.\nTrex Co (NYSE:TREX) is estimated to report quarterly earnings at $0.53 per share on revenue of $302.23 million.\nGaia (NASDAQ:GAIA) is projected to report quarterly earnings at $0.02 per share on revenue of $19.30 million.\nFreshpet (NASDAQ:FRPT) is expected to report quarterly loss at $0.04 per share on revenue of $106.08 million.\nMedallion Financial (NASDAQ:MFIN) is projected to report quarterly earnings at $0.29 per share on revenue of $30.91 million.\nOtter Tail (NASDAQ:OTTR) is projected to report quarterly earnings at $0.54 per share on revenue of $224.12 million.\nIntevac (NASDAQ:IVAC) is projected to report quarterly loss at $0.26 per share on revenue of $12.75 million.\nDiamondback Energy (NASDAQ:FANG) is estimated to report quarterly earnings at $2.12 per share on revenue of $1.32 billion.\nONE Gas (NYSE:OGS) is projected to report quarterly earnings at $0.51 per share on revenue of $279.07 million.\nHarmonic (NASDAQ:HLIT) is projected to report earnings for its second quarter.\nGladstone Investment (NASDAQ:GAIN) is projected to report quarterly earnings at $0.19 per share on revenue of $15.15 million.\nStellus Cap Investment (NYSE:SCM) is projected to report quarterly earnings at $0.28 per share on revenue of $15.04 million.\nCenterspace (NYSE:CSR) is expected to report quarterly earnings at $0.03 per share on revenue of $46.73 million.\nDouglas Dynamics (NYSE:PLOW) is projected to report quarterly earnings at $0.63 per share on revenue of $141.53 million.\nCVR Partners (NYSE:UAN) is estimated to report earnings for its second quarter.\nViper Energy Partners (NASDAQ:VNOM) is likely to report quarterly earnings at $0.09 per share on revenue of $85.21 million.\nSI-BONE (NASDAQ:SIBN) is expected to report quarterly loss at $0.39 per share on revenue of $21.96 million.\nVaronis Systems (NASDAQ:VRNS) is likely to report quarterly loss at $0.03 per share on revenue of $83.68 million.\nTactile Systems Tech (NASDAQ:TCMD) is projected to report quarterly earnings at $0.01 per share on revenue of $49.92 million.\nEllington Residential (NYSE:EARN) is estimated to report quarterly earnings at $0.32 per share on revenue of $5.33 million.\nEverQuote (NASDAQ:EVER) is projected to report quarterly loss at $0.10 per share on revenue of $102.29 million.\nDZS (NASDAQ:DZSI) is likely to report quarterly loss at $0.03 per share on revenue of $78.59 million.\nZoomInfo Technologies (NASDAQ:ZI) is expected to report quarterly earnings at $0.12 per share on revenue of $162.34 million.\nUnivar Solns (NYSE:UNVR) is estimated to report quarterly earnings at $0.47 per share on revenue of $2.25 billion.\nUniversal Technical (NYSE:UTI) is likely to report quarterly earnings at $0.03 per share on revenue of $81.60 million.\nTravelCenters Of America (NASDAQ:TA) is projected to report quarterly earnings at $0.26 per share on revenue of $1.75 billion.\nValaris (NYSE:VAL) is expected to report quarterly loss at $0.99 per share on revenue of $285.00 million.\nViemed Healthcare (NASDAQ:VMD) is likely to report quarterly earnings at $0.03 per share on revenue of $27.16 million.\nReynolds Consumer (NASDAQ:REYN) is likely to report quarterly earnings at $0.38 per share on revenue of $891.42 million.\nOmega Healthcare (NYSE:OHI) is estimated to report quarterly earnings at $0.41 per share on revenue of $272.63 million.\nMagnolia Oil & Gas (NYSE:MGY) is projected to report quarterly earnings at $0.36 per share on revenue of $223.94 million.\nKite Realty Gr Trust (NYSE:KRG) is estimated to report quarterly loss at $0.03 per share on revenue of $66.61 million.\nMosaic (NYSE:MOS) is expected to report quarterly earnings at $0.95 per share on revenue of $2.82 billion.\nKennametal (NYSE:KMT) is projected to report quarterly earnings at $0.40 per share on revenue of $514.21 million.\nLeggett & Platt (NYSE:LEG) is projected to report quarterly earnings at $0.54 per share on revenue of $1.23 billion.\nCVR Energy (NYSE:CVI) is expected to report quarterly loss at $0.33 per share on revenue of $1.41 billion.\nEastman Chemical (NYSE:EMN) is estimated to report quarterly earnings at $2.30 per share on revenue of $2.40 billion.\nColumbia Sportswear (NASDAQ:COLM) is estimated to report quarterly loss at $0.08 per share on revenue of $497.57 million.\nBoise Cascade (NYSE:BCC) is projected to report quarterly earnings at $4.34 per share on revenue of $1.99 billion.\nBruker (NASDAQ:BRKR) is estimated to report quarterly earnings at $0.38 per share on revenue of $538.29 million.\nContinental Resources (NYSE:CLR) is projected to report quarterly earnings at $0.47 per share on revenue of $1.08 billion.\nNXP Semiconductors (NASDAQ:NXPI) is expected to report quarterly earnings at $2.31 per share on revenue of $2.58 billion.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":795,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806380578,"gmtCreate":1627632555994,"gmtModify":1631890938705,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/806380578","repostId":"1162879180","repostType":4,"repost":{"id":"1162879180","kind":"news","pubTimestamp":1627626953,"share":"https://www.laohunote.com/m/news/1162879180?lang=zh_CN&edition=full","pubTime":"2021-07-30 14:35","market":"us","language":"en","title":"Hotels’ Earnings Show Things Are Getting Better<blockquote>酒店盈利显示情况正在好转</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162879180","media":"Barrons","summary":"Second-quarter earnings results for Hilton Worldwide Holdings and Wyndham Hotels & Resorts are the l","content":"<p>Second-quarter earnings results for Hilton Worldwide Holdings and Wyndham Hotels &amp; Resorts are the latest example of a marked improvement for the lodging industry, although the crucial business travel segment continues to lag.</p><p><blockquote>希尔顿全球控股公司和温德姆酒店及度假村第二季度盈利业绩是住宿业显着改善的最新例子，尽管关键的商务旅行部门继续落后。</blockquote></p><p> Both stocks took off on Thursday morning. “We continued to make significant progress toward recovery,” Hilton CEO Christopher Nassetta told analysts.</p><p><blockquote>周四上午，两只股票均上涨。“希尔顿首席执行官克里斯托弗-纳塞塔（Christopher Nassetta）对分析师说：”我们在复苏方面继续取得重大进展。</blockquote></p><p> Wyndham Hotels (ticker: WH) on Wednesday reported second-quarter adjusted diluted earnings of 95 cents a share, up from 10 cents in the corresponding period last year. Net revenues were $406 million, compared with$258 million a year earlier, during the heart of the pandemic.</p><p><blockquote>温德姆酒店集团（股票代码：WH）周三公布第二季度调整后每股摊薄收益为 95 美分，高于去年同期的 10 美分。在疫情最严重的时候，净收入为 4.06 亿美元，而去年同期为 2.58 亿美元。</blockquote></p><p> The company, based in Parsippany, N.J., franchises its brands across about 9,000 hotels globally. It is known for economy and midscale offerings such as Super 8, Ramada, and Days Inn.</p><p><blockquote>该公司总部位于新泽西州帕西帕尼，在全球约9000家酒店特许经营其品牌。它以经济型和中型酒店而闻名，如速8、华美达和戴斯酒店。</blockquote></p><p> Global revenue per available room, a key metric known as RevPar, increased by 110% in the quarter year over year but was down 17% from the same period in 2019. RevPar at the company’s economy brands in the U.S. exceeded second-quarter 2019 levels.</p><p><blockquote>每间可用客房的全球收入（RevPar 的关键指标）在本季度同比增长 110%，但比 2019 年同期下降 17%。该公司经济型品牌在美国的 RevPar 超过了 2019 年第二季度的水平。</blockquote></p><p> Unlike Hilton Worldwide Holdings (HLT) and Marriott International (MAR), which in normal times have a big business and group travel component, Wyndham relies more heavily on domestic leisure travelers . That is a relatively good place to be during the pandemic.</p><p><blockquote>与希尔顿全球控股公司 (HLT) 和万豪国际集团 (MAR) 在正常情况下拥有大量商务和团体旅行业务不同，温德姆酒店更多地依赖国内休闲旅客。在疫情期间，这是一个相对较好的地方。</blockquote></p><p> The stock had returned about 20% this year through Wednesday’s close, a little better than the S&amp;P 500’s 18% result. The stock was at $75.35 near midday, up 6.5%.</p><p><blockquote>截至周三收盘，该股今年的回报率约为 20%，略高于标普500 18% 的业绩。临近中午，该股报75.35美元，上涨6.5%。</blockquote></p><p> “Wyndham’s recovery continues to unfold at a faster-than-expected rate,” Baird analyst Michael Bellisario said in a research note Thursday. He noted that second-quarter earnings before interest, taxes, depreciation and amortization, or Ebitda, came in at $168 million, up from $66 million a year earlier, and the dividend is rising 50% to 16 cents a share.</p><p><blockquote>“贝尔德分析师迈克尔-贝利萨里奥（Michael Bellisario）在周四的一份研究报告中说：”温德姆的复苏速度继续快于预期。他指出，第二季度息税折旧摊销前利润（Ebitda）为 1.68 亿美元，高于去年同期的 6600 万美元，股息上涨 50%，达到每股 16 美分。</blockquote></p><p> Hilton Worldwide Holdings, meanwhile, reported adjusted diluted earnings per share of 56 cents, compared with a loss of 61 cents a year earlier, on revenues of $1.3 billion. That was below the FactSet consensus estimate of about $1.4 billion, but it was more than double the $564 million during last year’s second quarter.</p><p><blockquote>与此同时，希尔顿全球控股公司公布调整后稀释每股收益为 56 美分，而去年同期亏损 61 美分，营收为 13 亿美元。这低于 FactSet 一致估计的约 14 亿美元，但比去年第二季度的 5.64 亿美元高出一倍多。</blockquote></p><p> “The miss was primarily from other revenues and not the fundamental base fees that are more integral to” Hilton, Truist Securities analyst Patrick Scholes wrote in a note.</p><p><blockquote>“Truist Securities 分析师帕特里克-斯科尔斯（Patrick Scholes）在一份报告中写道：”损失主要来自其他收入，而不是对希尔顿更为重要的基本费用。</blockquote></p><p> Hilton, based in McLean, Va., operates an asset light model. It owns relatively few hotel properties, relying instead on management and franchising fees.</p><p><blockquote>总部位于弗吉尼亚州麦克莱恩的希尔顿酒店采用轻资产模式。它拥有的酒店物业相对较少，而是依赖管理费和特许经营费。</blockquote></p><p> Hilton depends heavily on group and business travel customers, segments that have been hard hit by the pandemic.</p><p><blockquote>希尔顿严重依赖团体和商务旅行客户，这些细分市场受到了疫情的沉重打击。</blockquote></p><p> “While the pace of recovery varies by region, particularly with the uncertainty surrounding coronavirus variants, we expect continued strength in leisure demand and further upticks in business travel to drive continued resurgence in the back half of the year,” the company said in its earnings release.</p><p><blockquote>“该公司在财报发布中表示：”虽然各地区的复苏速度各不相同，尤其是冠状病毒变种的不确定性，但我们预计休闲需求的持续强劲和商务旅行的进一步增长将推动下半年的持续复苏。</blockquote></p><p> For Hilton and many other lodging companies, how quickly non-leisure business improves is crucial in determining how soon things get back to normal levels.</p><p><blockquote>对于希尔顿和许多其他住宿公司来说，非休闲业务改善的速度对于决定事情多久恢复正常水平至关重要。</blockquote></p><p> Speaking to analyst Thursday morning, Nassetta said the company’s greatest strength has been leisure travel but that it has seen a “significant pickup in business travel” and “significant pickup, while further to go, in the group side.” Group includes events such as conventions, trade shows, and weddings.</p><p><blockquote>纳塞塔周四上午在接受分析师采访时表示，该公司最大的优势一直是休闲旅游，但 “商务旅行方面有了显著增长”，“在团体方面也有了显著增长”。团体包括会议、贸易展览和婚礼等活动。</blockquote></p><p> “And we continue to see that, notwithstanding the Delta variant and all of the things going on,” he said.</p><p><blockquote>“他说：”尽管有德尔塔变异毒株和所有正在发生的事情，但我们仍在继续看到这一点。</blockquote></p><p> Nassetta said that as of Wednesday, systemwide occupancy in the U.S. was 74% over the previous seven days. That includes urban markets, which have generally lagged during the recovery.</p><p><blockquote>纳塞塔表示，截至周三，美国全系统入住率在前七天为 74%。这包括城市市场，这些市场在复苏期间普遍滞后。</blockquote></p><p> “If we’re running at 74%, that’s not leisure,” he said. “While we have a lot of leisure-oriented hotels, we have a lot of business-oriented hotels, and so midweek occupancy at that level is definitely reflective of business travel.”</p><p><blockquote>“他说：”如果我们的跑步率达到 74%，那就不是休闲。“虽然我们有很多以休闲为导向的酒店，但我们也有很多以商务为导向的酒店，因此周中这一水平的入住率肯定反映了商务旅行的情况”。</blockquote></p><p> The stock has returned about 16% this year through Wednesday. It was at $ 135.08 near midday, for a gain of 5.6%.</p><p><blockquote>截至周三，该股今年的回报率约为 16%。临近中午时分，股价为135.08美元，涨幅为5.6%。</blockquote></p><p> Systemwide comparable RevPar jumped by more than 200% year over year in the quarter on a currency-neutral basis, which uses exchange rates at the end of a specified period.</p><p><blockquote>在货币中性的基础上，本季度全系统可比 RevPar 同比增长超过 200%，该基础使用指定期末的汇率。</blockquote></p><p> Second-quarter adjusted Ebitda was $400 million, well ahead of the FactSet consensus estimate of $333 million.</p><p><blockquote>第二季度调整后 Ebitda 为 4 亿美元，远高于 FactSet 一致预期的 3.33 亿美元。</blockquote></p><p> As of June 30, Hilton’s cash and cash equivalents totaled about $1.1 billion against $8.6 billion of consolidated long-term debt. During the second quarter, Hilton repaid the outstanding balance of nearly $1.2 billion on its revolving credit facility.</p><p><blockquote>截至 6 月 30 日，希尔顿的现金和现金等价物总额约为 11 亿美元，而合并长期债务为 86 亿美元。第二季度，希尔顿偿还了其循环信贷额度近 12 亿美元的未偿余额。</blockquote></p><p> Asked about when the company would resume capital returns, notably dividends and share buybacks, Nassetta said he was confident that will occur in the first half of next year.</p><p><blockquote>当被问及公司何时恢复资本回报，特别是股息和股票回购时，纳塞塔表示，他有信心这将在明年上半年发生。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hotels’ Earnings Show Things Are Getting Better<blockquote>酒店盈利显示情况正在好转</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\">\nHotels’ Earnings Show Things Are Getting Better<blockquote>酒店盈利显示情况正在好转</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-30 14:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Second-quarter earnings results for Hilton Worldwide Holdings and Wyndham Hotels &amp; Resorts are the latest example of a marked improvement for the lodging industry, although the crucial business travel segment continues to lag.</p><p><blockquote>希尔顿全球控股公司和温德姆酒店及度假村第二季度盈利业绩是住宿业显着改善的最新例子，尽管关键的商务旅行部门继续落后。</blockquote></p><p> Both stocks took off on Thursday morning. “We continued to make significant progress toward recovery,” Hilton CEO Christopher Nassetta told analysts.</p><p><blockquote>周四上午，两只股票均上涨。“希尔顿首席执行官克里斯托弗-纳塞塔（Christopher Nassetta）对分析师说：”我们在复苏方面继续取得重大进展。</blockquote></p><p> Wyndham Hotels (ticker: WH) on Wednesday reported second-quarter adjusted diluted earnings of 95 cents a share, up from 10 cents in the corresponding period last year. Net revenues were $406 million, compared with$258 million a year earlier, during the heart of the pandemic.</p><p><blockquote>温德姆酒店集团（股票代码：WH）周三公布第二季度调整后每股摊薄收益为 95 美分，高于去年同期的 10 美分。在疫情最严重的时候，净收入为 4.06 亿美元，而去年同期为 2.58 亿美元。</blockquote></p><p> The company, based in Parsippany, N.J., franchises its brands across about 9,000 hotels globally. It is known for economy and midscale offerings such as Super 8, Ramada, and Days Inn.</p><p><blockquote>该公司总部位于新泽西州帕西帕尼，在全球约9000家酒店特许经营其品牌。它以经济型和中型酒店而闻名，如速8、华美达和戴斯酒店。</blockquote></p><p> Global revenue per available room, a key metric known as RevPar, increased by 110% in the quarter year over year but was down 17% from the same period in 2019. RevPar at the company’s economy brands in the U.S. exceeded second-quarter 2019 levels.</p><p><blockquote>每间可用客房的全球收入（RevPar 的关键指标）在本季度同比增长 110%，但比 2019 年同期下降 17%。该公司经济型品牌在美国的 RevPar 超过了 2019 年第二季度的水平。</blockquote></p><p> Unlike Hilton Worldwide Holdings (HLT) and Marriott International (MAR), which in normal times have a big business and group travel component, Wyndham relies more heavily on domestic leisure travelers . That is a relatively good place to be during the pandemic.</p><p><blockquote>与希尔顿全球控股公司 (HLT) 和万豪国际集团 (MAR) 在正常情况下拥有大量商务和团体旅行业务不同，温德姆酒店更多地依赖国内休闲旅客。在疫情期间，这是一个相对较好的地方。</blockquote></p><p> The stock had returned about 20% this year through Wednesday’s close, a little better than the S&amp;P 500’s 18% result. The stock was at $75.35 near midday, up 6.5%.</p><p><blockquote>截至周三收盘，该股今年的回报率约为 20%，略高于标普500 18% 的业绩。临近中午，该股报75.35美元，上涨6.5%。</blockquote></p><p> “Wyndham’s recovery continues to unfold at a faster-than-expected rate,” Baird analyst Michael Bellisario said in a research note Thursday. He noted that second-quarter earnings before interest, taxes, depreciation and amortization, or Ebitda, came in at $168 million, up from $66 million a year earlier, and the dividend is rising 50% to 16 cents a share.</p><p><blockquote>“贝尔德分析师迈克尔-贝利萨里奥（Michael Bellisario）在周四的一份研究报告中说：”温德姆的复苏速度继续快于预期。他指出，第二季度息税折旧摊销前利润（Ebitda）为 1.68 亿美元，高于去年同期的 6600 万美元，股息上涨 50%，达到每股 16 美分。</blockquote></p><p> Hilton Worldwide Holdings, meanwhile, reported adjusted diluted earnings per share of 56 cents, compared with a loss of 61 cents a year earlier, on revenues of $1.3 billion. That was below the FactSet consensus estimate of about $1.4 billion, but it was more than double the $564 million during last year’s second quarter.</p><p><blockquote>与此同时，希尔顿全球控股公司公布调整后稀释每股收益为 56 美分，而去年同期亏损 61 美分，营收为 13 亿美元。这低于 FactSet 一致估计的约 14 亿美元，但比去年第二季度的 5.64 亿美元高出一倍多。</blockquote></p><p> “The miss was primarily from other revenues and not the fundamental base fees that are more integral to” Hilton, Truist Securities analyst Patrick Scholes wrote in a note.</p><p><blockquote>“Truist Securities 分析师帕特里克-斯科尔斯（Patrick Scholes）在一份报告中写道：”损失主要来自其他收入，而不是对希尔顿更为重要的基本费用。</blockquote></p><p> Hilton, based in McLean, Va., operates an asset light model. It owns relatively few hotel properties, relying instead on management and franchising fees.</p><p><blockquote>总部位于弗吉尼亚州麦克莱恩的希尔顿酒店采用轻资产模式。它拥有的酒店物业相对较少，而是依赖管理费和特许经营费。</blockquote></p><p> Hilton depends heavily on group and business travel customers, segments that have been hard hit by the pandemic.</p><p><blockquote>希尔顿严重依赖团体和商务旅行客户，这些细分市场受到了疫情的沉重打击。</blockquote></p><p> “While the pace of recovery varies by region, particularly with the uncertainty surrounding coronavirus variants, we expect continued strength in leisure demand and further upticks in business travel to drive continued resurgence in the back half of the year,” the company said in its earnings release.</p><p><blockquote>“该公司在财报发布中表示：”虽然各地区的复苏速度各不相同，尤其是冠状病毒变种的不确定性，但我们预计休闲需求的持续强劲和商务旅行的进一步增长将推动下半年的持续复苏。</blockquote></p><p> For Hilton and many other lodging companies, how quickly non-leisure business improves is crucial in determining how soon things get back to normal levels.</p><p><blockquote>对于希尔顿和许多其他住宿公司来说，非休闲业务改善的速度对于决定事情多久恢复正常水平至关重要。</blockquote></p><p> Speaking to analyst Thursday morning, Nassetta said the company’s greatest strength has been leisure travel but that it has seen a “significant pickup in business travel” and “significant pickup, while further to go, in the group side.” Group includes events such as conventions, trade shows, and weddings.</p><p><blockquote>纳塞塔周四上午在接受分析师采访时表示，该公司最大的优势一直是休闲旅游，但 “商务旅行方面有了显著增长”，“在团体方面也有了显著增长”。团体包括会议、贸易展览和婚礼等活动。</blockquote></p><p> “And we continue to see that, notwithstanding the Delta variant and all of the things going on,” he said.</p><p><blockquote>“他说：”尽管有德尔塔变异毒株和所有正在发生的事情，但我们仍在继续看到这一点。</blockquote></p><p> Nassetta said that as of Wednesday, systemwide occupancy in the U.S. was 74% over the previous seven days. That includes urban markets, which have generally lagged during the recovery.</p><p><blockquote>纳塞塔表示，截至周三，美国全系统入住率在前七天为 74%。这包括城市市场，这些市场在复苏期间普遍滞后。</blockquote></p><p> “If we’re running at 74%, that’s not leisure,” he said. “While we have a lot of leisure-oriented hotels, we have a lot of business-oriented hotels, and so midweek occupancy at that level is definitely reflective of business travel.”</p><p><blockquote>“他说：”如果我们的跑步率达到 74%，那就不是休闲。“虽然我们有很多以休闲为导向的酒店，但我们也有很多以商务为导向的酒店，因此周中这一水平的入住率肯定反映了商务旅行的情况”。</blockquote></p><p> The stock has returned about 16% this year through Wednesday. It was at $ 135.08 near midday, for a gain of 5.6%.</p><p><blockquote>截至周三，该股今年的回报率约为 16%。临近中午时分，股价为135.08美元，涨幅为5.6%。</blockquote></p><p> Systemwide comparable RevPar jumped by more than 200% year over year in the quarter on a currency-neutral basis, which uses exchange rates at the end of a specified period.</p><p><blockquote>在货币中性的基础上，本季度全系统可比 RevPar 同比增长超过 200%，该基础使用指定期末的汇率。</blockquote></p><p> Second-quarter adjusted Ebitda was $400 million, well ahead of the FactSet consensus estimate of $333 million.</p><p><blockquote>第二季度调整后 Ebitda 为 4 亿美元，远高于 FactSet 一致预期的 3.33 亿美元。</blockquote></p><p> As of June 30, Hilton’s cash and cash equivalents totaled about $1.1 billion against $8.6 billion of consolidated long-term debt. During the second quarter, Hilton repaid the outstanding balance of nearly $1.2 billion on its revolving credit facility.</p><p><blockquote>截至 6 月 30 日，希尔顿的现金和现金等价物总额约为 11 亿美元，而合并长期债务为 86 亿美元。第二季度，希尔顿偿还了其循环信贷额度近 12 亿美元的未偿余额。</blockquote></p><p> Asked about when the company would resume capital returns, notably dividends and share buybacks, Nassetta said he was confident that will occur in the first half of next year.</p><p><blockquote>当被问及公司何时恢复资本回报，特别是股息和股票回购时，纳塞塔表示，他有信心这将在明年上半年发生。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/hotels-earnings-wyndham-hilton-51627576134?mod=hp_DAY_4\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HLT":"希尔顿酒店"},"source_url":"https://www.barrons.com/articles/hotels-earnings-wyndham-hilton-51627576134?mod=hp_DAY_4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162879180","content_text":"Second-quarter earnings results for Hilton Worldwide Holdings and Wyndham Hotels & Resorts are the latest example of a marked improvement for the lodging industry, although the crucial business travel segment continues to lag.\nBoth stocks took off on Thursday morning. “We continued to make significant progress toward recovery,” Hilton CEO Christopher Nassetta told analysts.\nWyndham Hotels (ticker: WH) on Wednesday reported second-quarter adjusted diluted earnings of 95 cents a share, up from 10 cents in the corresponding period last year. Net revenues were $406 million, compared with$258 million a year earlier, during the heart of the pandemic.\nThe company, based in Parsippany, N.J., franchises its brands across about 9,000 hotels globally. It is known for economy and midscale offerings such as Super 8, Ramada, and Days Inn.\nGlobal revenue per available room, a key metric known as RevPar, increased by 110% in the quarter year over year but was down 17% from the same period in 2019. RevPar at the company’s economy brands in the U.S. exceeded second-quarter 2019 levels.\nUnlike Hilton Worldwide Holdings (HLT) and Marriott International (MAR), which in normal times have a big business and group travel component, Wyndham relies more heavily on domestic leisure travelers . That is a relatively good place to be during the pandemic.\nThe stock had returned about 20% this year through Wednesday’s close, a little better than the S&P 500’s 18% result. The stock was at $75.35 near midday, up 6.5%.\n“Wyndham’s recovery continues to unfold at a faster-than-expected rate,” Baird analyst Michael Bellisario said in a research note Thursday. He noted that second-quarter earnings before interest, taxes, depreciation and amortization, or Ebitda, came in at $168 million, up from $66 million a year earlier, and the dividend is rising 50% to 16 cents a share.\nHilton Worldwide Holdings, meanwhile, reported adjusted diluted earnings per share of 56 cents, compared with a loss of 61 cents a year earlier, on revenues of $1.3 billion. That was below the FactSet consensus estimate of about $1.4 billion, but it was more than double the $564 million during last year’s second quarter.\n“The miss was primarily from other revenues and not the fundamental base fees that are more integral to” Hilton, Truist Securities analyst Patrick Scholes wrote in a note.\nHilton, based in McLean, Va., operates an asset light model. It owns relatively few hotel properties, relying instead on management and franchising fees.\nHilton depends heavily on group and business travel customers, segments that have been hard hit by the pandemic.\n“While the pace of recovery varies by region, particularly with the uncertainty surrounding coronavirus variants, we expect continued strength in leisure demand and further upticks in business travel to drive continued resurgence in the back half of the year,” the company said in its earnings release.\nFor Hilton and many other lodging companies, how quickly non-leisure business improves is crucial in determining how soon things get back to normal levels.\nSpeaking to analyst Thursday morning, Nassetta said the company’s greatest strength has been leisure travel but that it has seen a “significant pickup in business travel” and “significant pickup, while further to go, in the group side.” Group includes events such as conventions, trade shows, and weddings.\n“And we continue to see that, notwithstanding the Delta variant and all of the things going on,” he said.\nNassetta said that as of Wednesday, systemwide occupancy in the U.S. was 74% over the previous seven days. That includes urban markets, which have generally lagged during the recovery.\n“If we’re running at 74%, that’s not leisure,” he said. “While we have a lot of leisure-oriented hotels, we have a lot of business-oriented hotels, and so midweek occupancy at that level is definitely reflective of business travel.”\nThe stock has returned about 16% this year through Wednesday. It was at $ 135.08 near midday, for a gain of 5.6%.\nSystemwide comparable RevPar jumped by more than 200% year over year in the quarter on a currency-neutral basis, which uses exchange rates at the end of a specified period.\nSecond-quarter adjusted Ebitda was $400 million, well ahead of the FactSet consensus estimate of $333 million.\nAs of June 30, Hilton’s cash and cash equivalents totaled about $1.1 billion against $8.6 billion of consolidated long-term debt. During the second quarter, Hilton repaid the outstanding balance of nearly $1.2 billion on its revolving credit facility.\nAsked about when the company would resume capital returns, notably dividends and share buybacks, Nassetta said he was confident that will occur in the first half of next year.","news_type":1,"symbols_score_info":{"HLT":0.9}},"isVote":1,"tweetType":1,"viewCount":948,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806312527,"gmtCreate":1627632386769,"gmtModify":1631890938719,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"good read&nbsp;","listText":"good read&nbsp;","text":"good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/806312527","repostId":"1178125211","repostType":4,"repost":{"id":"1178125211","kind":"news","pubTimestamp":1627631198,"share":"https://www.laohunote.com/m/news/1178125211?lang=zh_CN&edition=full","pubTime":"2021-07-30 15:46","market":"us","language":"en","title":"The 2 High-Growth Stocks Everyone Will Be Talking About Friday<blockquote>周五大家都会谈论的两只高增长股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178125211","media":"Motley Fool","summary":"The stock market did well on Thursday, but some choppy waters could lie ahead.","content":"<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Stock markets moved higher on Thursday as investors were generally positive about future economic prospects.</li>  <li>Earnings season continued, bringing more results to investors' attention.</li>  <li>Two stocks in particular have the potential to move markets on Friday.</li> </ul> </p><p><blockquote><ul><li>由于投资者对未来经济前景普遍持乐观态度，周四股市走高。</li><li>财报季继续进行，为投资者带来了更多业绩。</li><li>有两只股票尤其有可能在周五改变市场。</li></ul></blockquote></p><p> The stock market moved higher on Thursday, with investors seeing the bright side of earnings season. Gains were sharpest for the&nbsp;<b>Dow Jones Industrial Average</b>(DJINDICES:^DJI), but the&nbsp;<b>S&amp;P 500</b>(SNPINDEX:^GSPC)was only a little bit behind while the&nbsp;<b>Nasdaq Composite</b>(NASDAQINDEX:^IXIC)came up with the smallest gains.</p><p><blockquote>周四股市走高，投资者看到了财报季的光明面。涨幅最大的是<b>道琼斯工业指数</b>（DJINDICES:^DJI），但是<b>标普500</b>（SNPINDEX:^GSPC）只落后了一点点，而<b>纳斯达克复合材料</b>（纳斯达克指数：^IXIC）涨幅最小。</blockquote></p><p> <table>  <thead>   <tr>    <th><b>Index</b></p><p><blockquote><table><thead><tr><th><b>指数</b></th></tr></thead></table></blockquote></p><p></th>    <th><b>Percentage Change</b></p><p><blockquote><th><b>百分比变化</b></th></blockquote></p><p></th>    <th><b>Point Change</b></p><p><blockquote><th><b>点变化</b></th></blockquote></p><p></th>   </tr>  </thead>  <tbody>   <tr>    <td>Dow</p><p><blockquote><tbody><tr><td>陶氏</td></tr></tbody></blockquote></p><p></td>    <td>+0.44%</p><p><blockquote><td>+0.44%</td></blockquote></p><p></td>    <td>+154</p><p><blockquote><td>+154</td></blockquote></p><p></td>   </tr>   <tr>    <td>S&amp;P 500</p><p><blockquote><tr><td>标普500</td></tr></blockquote></p><p></td>    <td>+0.42%</p><p><blockquote><td>+0.42%</td></blockquote></p><p></td>    <td>+19</p><p><blockquote><td>+19</td></blockquote></p><p></td>   </tr>   <tr>    <td>Nasdaq Composite</p><p><blockquote><tr><td>纳斯达克复合材料</td></tr></blockquote></p><p></td>    <td>+0.11%</p><p><blockquote><td>+0.11%</td></blockquote></p><p></td>    <td>+16</p><p><blockquote><td>+16</td></blockquote></p><p></td>   </tr>  </tbody> </table> DATA SOURCE: YAHOO! FINANCE.</p><p><blockquote>数据来源：雅虎!金融。</blockquote></p><p> Earnings reports kept pouring in, giving investors different views of how various businesses are doing. A couple of high-profile growth stocks reported their results today, and their share prices fell sharply inafter-hours trading. Below, we'll take a closer look at what sent shares of e-commerce pioneer&nbsp;<b>Amazon.com</b>(NASDAQ:AMZN)and social media disruptor&nbsp;<b>Pinterest</b>(NYSE:PINS)sharply lower late Thursday.</p><p><blockquote>收益报告不断涌入，让投资者对各种企业的表现有了不同的看法。几只备受瞩目的成长股今天公布了业绩，它们的股价在盘后交易中大幅下跌。下面，我们将仔细看看电子商务先锋的股票是什么<b>亚马逊</b>（纳斯达克股票代码：AMZN）和社交媒体颠覆者<b>Pinterest</b>（纽约证券交易所股票代码：PINS）周四晚间大幅下跌。</blockquote></p><p> Shares of Amazon.com were down about 1% in the regular session. However, the stock fell more than 5% after hours following its release of second-quarter financial results.</p><p><blockquote>亚马逊股价在常规交易时段下跌约 1%。然而，在发布第二季度财务业绩后，该股盘后下跌超过 5%。</blockquote></p><p> At first glance, Amazon's numbers seemed quite healthy. Net sales jumped 27% during the quarter to $113.1 billion. Net income soared by roughly 50% year over year to $7.8 billion, working out to $15.12 per share. The company reported 250 million items purchased during the latest Prime Day event, easily eclipsing results from previous years.</p><p><blockquote>乍一看，亚马逊的数据似乎相当健康。本季度净销售额增长 27%，达到 1,131 亿美元。净利润同比飙升约 50%，达到 78 亿美元，达到每股 15.12 美元。该公司报告称，在最近的 Prime Day 活动期间购买了 2.5 亿件商品，轻松超过了前几年的业绩。</blockquote></p><p> IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p> Yet investors didn't seem satisfied by the extent of Amazon's gains, and they absolutely didn't like the guidance the company gave for the third quarter. Amazon projected revenue of $106 billion to $112 billion for the third quarter, which would represent a sequential decline and a year-over-year gain of just 10% to 16%.</p><p><blockquote>然而，投资者似乎对亚马逊的涨幅并不满意，他们绝对不喜欢该公司给出的第三季度指引。亚马逊预计第三季度营收为1060亿至1120亿美元，环比下降，同比仅增长10%至16%。</blockquote></p><p> Some have feared that&nbsp;Amazon would suffer when the economy reopened, and that seems to be consistent with what the company itself is projecting. That said, Amazon has defied naysayers before, so it's too early to count on the e-commerce giant just yet.</p><p><blockquote>一些人担心，当经济重新开放时，亚马逊会遭受损失，这似乎与该公司自己的预测一致。也就是说，亚马逊以前曾无视反对者，因此现在指望这家电子商务巨头还为时过早。</blockquote></p><p> Meanwhile, shares of Pinterest took a double-hit on Thursday. After falling 6% in the regular session, the social media company's stock saw an even bigger 16% drop after hours.</p><p><blockquote>与此同时，Pinterest股价周四遭受双重打击。这家社交媒体公司的股价在常规交易时段下跌 6% 后，盘后跌幅更大，达到 16%。</blockquote></p><p> Again, Pinterest's numbers generally looked stellar on their face. Revenue soared 125% year over year to&nbsp; $613 million. The company reversed a year-ago loss with adjusted net income of $170 million, working out to $0.25 per share. Although user growth slowed to just 9%, average revenue per user was sharply higher, doubling both in the U.S. and internationally.</p><p><blockquote>同样，Pinterest的数字在他们的脸上看起来通常很棒。收入同比飙升 125%，达到 6.13 亿美元。该公司扭转了一年前的亏损，调整后净利润为 1.7 亿美元，每股收益为 0.25 美元。尽管用户增长率放缓至仅 9%，但每个用户的平均收入大幅上升，在美国和国际上都翻了一番。</blockquote></p><p> Yet Pinterest also cited an uncertain future in its guidance. The social media company believes revenue growth will slow to about 40% in the third quarter, and it said that reduced user growth has continued in July. U.S. monthly active user counts actually<i>fell</i>in the second quarter, and those declines accelerated in July.</p><p><blockquote>然而，Pinterest在其指导中也提到了不确定的未来。这家社交媒体公司认为第三季度收入增长将放缓至40%左右，并表示7月份用户增长放缓的情况仍在继续。美国每月活跃用户数实际<i>坠落</i>第二季度，这些下降在 7 月份加速。</blockquote></p><p> Investors had high expectations for Pinterestcoming into the quarterly report, so it's not terribly surprising to see the stock pull back after releasing results that weren't able to get over a high bar. What's important going forward is that Pinterest continue to attract new users and then monetize them more effectively to keep revenue and profits moving higher.</p><p><blockquote>投资者对 Pinterest 进入季度报告抱有很高的期望，因此看到该股在发布未能突破高位的业绩后回落也就不足为奇了。未来重要的是，Pinterest继续吸引新用户，然后更有效地将他们货币化，以保持收入和利润走高。</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>The 2 High-Growth Stocks Everyone Will Be Talking About Friday<blockquote>周五大家都会谈论的两只高增长股票</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\">\nThe 2 High-Growth Stocks Everyone Will Be Talking About Friday<blockquote>周五大家都会谈论的两只高增长股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-07-30 15:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Stock markets moved higher on Thursday as investors were generally positive about future economic prospects.</li>  <li>Earnings season continued, bringing more results to investors' attention.</li>  <li>Two stocks in particular have the potential to move markets on Friday.</li> </ul> </p><p><blockquote><ul><li>由于投资者对未来经济前景普遍持乐观态度，周四股市走高。</li><li>财报季继续进行，为投资者带来了更多业绩。</li><li>有两只股票尤其有可能在周五改变市场。</li></ul></blockquote></p><p> The stock market moved higher on Thursday, with investors seeing the bright side of earnings season. Gains were sharpest for the&nbsp;<b>Dow Jones Industrial Average</b>(DJINDICES:^DJI), but the&nbsp;<b>S&amp;P 500</b>(SNPINDEX:^GSPC)was only a little bit behind while the&nbsp;<b>Nasdaq Composite</b>(NASDAQINDEX:^IXIC)came up with the smallest gains.</p><p><blockquote>周四股市走高，投资者看到了财报季的光明面。涨幅最大的是<b>道琼斯工业指数</b>（DJINDICES:^DJI），但是<b>标普500</b>（SNPINDEX:^GSPC）只落后了一点点，而<b>纳斯达克复合材料</b>（纳斯达克指数：^IXIC）涨幅最小。</blockquote></p><p> <table>  <thead>   <tr>    <th><b>Index</b></p><p><blockquote><table><thead><tr><th><b>指数</b></th></tr></thead></table></blockquote></p><p></th>    <th><b>Percentage Change</b></p><p><blockquote><th><b>百分比变化</b></th></blockquote></p><p></th>    <th><b>Point Change</b></p><p><blockquote><th><b>点变化</b></th></blockquote></p><p></th>   </tr>  </thead>  <tbody>   <tr>    <td>Dow</p><p><blockquote><tbody><tr><td>陶氏</td></tr></tbody></blockquote></p><p></td>    <td>+0.44%</p><p><blockquote><td>+0.44%</td></blockquote></p><p></td>    <td>+154</p><p><blockquote><td>+154</td></blockquote></p><p></td>   </tr>   <tr>    <td>S&amp;P 500</p><p><blockquote><tr><td>标普500</td></tr></blockquote></p><p></td>    <td>+0.42%</p><p><blockquote><td>+0.42%</td></blockquote></p><p></td>    <td>+19</p><p><blockquote><td>+19</td></blockquote></p><p></td>   </tr>   <tr>    <td>Nasdaq Composite</p><p><blockquote><tr><td>纳斯达克复合材料</td></tr></blockquote></p><p></td>    <td>+0.11%</p><p><blockquote><td>+0.11%</td></blockquote></p><p></td>    <td>+16</p><p><blockquote><td>+16</td></blockquote></p><p></td>   </tr>  </tbody> </table> DATA SOURCE: YAHOO! FINANCE.</p><p><blockquote>数据来源：雅虎!金融。</blockquote></p><p> Earnings reports kept pouring in, giving investors different views of how various businesses are doing. A couple of high-profile growth stocks reported their results today, and their share prices fell sharply inafter-hours trading. Below, we'll take a closer look at what sent shares of e-commerce pioneer&nbsp;<b>Amazon.com</b>(NASDAQ:AMZN)and social media disruptor&nbsp;<b>Pinterest</b>(NYSE:PINS)sharply lower late Thursday.</p><p><blockquote>收益报告不断涌入，让投资者对各种企业的表现有了不同的看法。几只备受瞩目的成长股今天公布了业绩，它们的股价在盘后交易中大幅下跌。下面，我们将仔细看看电子商务先锋的股票是什么<b>亚马逊</b>（纳斯达克股票代码：AMZN）和社交媒体颠覆者<b>Pinterest</b>（纽约证券交易所股票代码：PINS）周四晚间大幅下跌。</blockquote></p><p> Shares of Amazon.com were down about 1% in the regular session. However, the stock fell more than 5% after hours following its release of second-quarter financial results.</p><p><blockquote>亚马逊股价在常规交易时段下跌约 1%。然而，在发布第二季度财务业绩后，该股盘后下跌超过 5%。</blockquote></p><p> At first glance, Amazon's numbers seemed quite healthy. Net sales jumped 27% during the quarter to $113.1 billion. Net income soared by roughly 50% year over year to $7.8 billion, working out to $15.12 per share. The company reported 250 million items purchased during the latest Prime Day event, easily eclipsing results from previous years.</p><p><blockquote>乍一看，亚马逊的数据似乎相当健康。本季度净销售额增长 27%，达到 1,131 亿美元。净利润同比飙升约 50%，达到 78 亿美元，达到每股 15.12 美元。该公司报告称，在最近的 Prime Day 活动期间购买了 2.5 亿件商品，轻松超过了前几年的业绩。</blockquote></p><p> IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p> Yet investors didn't seem satisfied by the extent of Amazon's gains, and they absolutely didn't like the guidance the company gave for the third quarter. Amazon projected revenue of $106 billion to $112 billion for the third quarter, which would represent a sequential decline and a year-over-year gain of just 10% to 16%.</p><p><blockquote>然而，投资者似乎对亚马逊的涨幅并不满意，他们绝对不喜欢该公司给出的第三季度指引。亚马逊预计第三季度营收为1060亿至1120亿美元，环比下降，同比仅增长10%至16%。</blockquote></p><p> Some have feared that&nbsp;Amazon would suffer when the economy reopened, and that seems to be consistent with what the company itself is projecting. That said, Amazon has defied naysayers before, so it's too early to count on the e-commerce giant just yet.</p><p><blockquote>一些人担心，当经济重新开放时，亚马逊会遭受损失，这似乎与该公司自己的预测一致。也就是说，亚马逊以前曾无视反对者，因此现在指望这家电子商务巨头还为时过早。</blockquote></p><p> Meanwhile, shares of Pinterest took a double-hit on Thursday. After falling 6% in the regular session, the social media company's stock saw an even bigger 16% drop after hours.</p><p><blockquote>与此同时，Pinterest股价周四遭受双重打击。这家社交媒体公司的股价在常规交易时段下跌 6% 后，盘后跌幅更大，达到 16%。</blockquote></p><p> Again, Pinterest's numbers generally looked stellar on their face. Revenue soared 125% year over year to&nbsp; $613 million. The company reversed a year-ago loss with adjusted net income of $170 million, working out to $0.25 per share. Although user growth slowed to just 9%, average revenue per user was sharply higher, doubling both in the U.S. and internationally.</p><p><blockquote>同样，Pinterest的数字在他们的脸上看起来通常很棒。收入同比飙升 125%，达到 6.13 亿美元。该公司扭转了一年前的亏损，调整后净利润为 1.7 亿美元，每股收益为 0.25 美元。尽管用户增长率放缓至仅 9%，但每个用户的平均收入大幅上升，在美国和国际上都翻了一番。</blockquote></p><p> Yet Pinterest also cited an uncertain future in its guidance. The social media company believes revenue growth will slow to about 40% in the third quarter, and it said that reduced user growth has continued in July. U.S. monthly active user counts actually<i>fell</i>in the second quarter, and those declines accelerated in July.</p><p><blockquote>然而，Pinterest在其指导中也提到了不确定的未来。这家社交媒体公司认为第三季度收入增长将放缓至40%左右，并表示7月份用户增长放缓的情况仍在继续。美国每月活跃用户数实际<i>坠落</i>第二季度，这些下降在 7 月份加速。</blockquote></p><p> Investors had high expectations for Pinterestcoming into the quarterly report, so it's not terribly surprising to see the stock pull back after releasing results that weren't able to get over a high bar. What's important going forward is that Pinterest continue to attract new users and then monetize them more effectively to keep revenue and profits moving higher.</p><p><blockquote>投资者对 Pinterest 进入季度报告抱有很高的期望，因此看到该股在发布未能突破高位的业绩后回落也就不足为奇了。未来重要的是，Pinterest继续吸引新用户，然后更有效地将他们货币化，以保持收入和利润走高。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/07/29/the-2-high-growth-stocks-everyone-will-be-talking/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊","PINS":"Pinterest, Inc."},"source_url":"https://www.fool.com/investing/2021/07/29/the-2-high-growth-stocks-everyone-will-be-talking/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178125211","content_text":"Key Points\n\nStock markets moved higher on Thursday as investors were generally positive about future economic prospects.\nEarnings season continued, bringing more results to investors' attention.\nTwo stocks in particular have the potential to move markets on Friday.\n\n\nThe stock market moved higher on Thursday, with investors seeing the bright side of earnings season. Gains were sharpest for the Dow Jones Industrial Average(DJINDICES:^DJI), but the S&P 500(SNPINDEX:^GSPC)was only a little bit behind while the Nasdaq Composite(NASDAQINDEX:^IXIC)came up with the smallest gains.\n\n\n\nIndex\nPercentage Change\nPoint Change\n\n\n\n\nDow\n+0.44%\n+154\n\n\nS&P 500\n+0.42%\n+19\n\n\nNasdaq Composite\n+0.11%\n+16\n\n\n\nDATA SOURCE: YAHOO! FINANCE.\nEarnings reports kept pouring in, giving investors different views of how various businesses are doing. A couple of high-profile growth stocks reported their results today, and their share prices fell sharply inafter-hours trading. Below, we'll take a closer look at what sent shares of e-commerce pioneer Amazon.com(NASDAQ:AMZN)and social media disruptor Pinterest(NYSE:PINS)sharply lower late Thursday.\nShares of Amazon.com were down about 1% in the regular session. However, the stock fell more than 5% after hours following its release of second-quarter financial results.\nAt first glance, Amazon's numbers seemed quite healthy. Net sales jumped 27% during the quarter to $113.1 billion. Net income soared by roughly 50% year over year to $7.8 billion, working out to $15.12 per share. The company reported 250 million items purchased during the latest Prime Day event, easily eclipsing results from previous years.\nIMAGE SOURCE: GETTY IMAGES.\nYet investors didn't seem satisfied by the extent of Amazon's gains, and they absolutely didn't like the guidance the company gave for the third quarter. Amazon projected revenue of $106 billion to $112 billion for the third quarter, which would represent a sequential decline and a year-over-year gain of just 10% to 16%.\nSome have feared that Amazon would suffer when the economy reopened, and that seems to be consistent with what the company itself is projecting. That said, Amazon has defied naysayers before, so it's too early to count on the e-commerce giant just yet.\nMeanwhile, shares of Pinterest took a double-hit on Thursday. After falling 6% in the regular session, the social media company's stock saw an even bigger 16% drop after hours.\nAgain, Pinterest's numbers generally looked stellar on their face. Revenue soared 125% year over year to  $613 million. The company reversed a year-ago loss with adjusted net income of $170 million, working out to $0.25 per share. Although user growth slowed to just 9%, average revenue per user was sharply higher, doubling both in the U.S. and internationally.\nYet Pinterest also cited an uncertain future in its guidance. The social media company believes revenue growth will slow to about 40% in the third quarter, and it said that reduced user growth has continued in July. U.S. monthly active user counts actuallyfellin the second quarter, and those declines accelerated in July.\nInvestors had high expectations for Pinterestcoming into the quarterly report, so it's not terribly surprising to see the stock pull back after releasing results that weren't able to get over a high bar. What's important going forward is that Pinterest continue to attract new users and then monetize them more effectively to keep revenue and profits moving higher.","news_type":1,"symbols_score_info":{"AMZN":0.9,"PINS":0.9}},"isVote":1,"tweetType":1,"viewCount":959,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803775746,"gmtCreate":1627469067485,"gmtModify":1631890938733,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"cont watching….","listText":"cont watching….","text":"cont watching….","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/803775746","repostId":"1103651114","repostType":4,"isVote":1,"tweetType":1,"viewCount":872,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803775220,"gmtCreate":1627469022960,"gmtModify":1631890938749,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"good to follow [Happy]&nbsp;","listText":"good to follow [Happy]&nbsp;","text":"good to follow [Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/803775220","repostId":"1181811581","repostType":4,"isVote":1,"tweetType":1,"viewCount":885,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803775170,"gmtCreate":1627468991590,"gmtModify":1631890938762,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"Good article&nbsp;","listText":"Good article&nbsp;","text":"Good article","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/803775170","repostId":"2154405999","repostType":4,"isVote":1,"tweetType":1,"viewCount":715,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":897403361,"gmtCreate":1628952395653,"gmtModify":1631885721620,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"like &amp; comment pls [Smile]&nbsp;","listText":"like &amp; comment pls [Smile]&nbsp;","text":"like & comment pls [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/897403361","repostId":"2159321505","repostType":4,"repost":{"id":"2159321505","kind":"highlight","pubTimestamp":1628911811,"share":"https://www.laohunote.com/m/news/2159321505?lang=zh_CN&edition=full","pubTime":"2021-08-14 11:30","market":"us","language":"en","title":"Tesla seeks to reduce board members’ terms, make other changes in October shareholder meeting<blockquote>特斯拉寻求缩短董事会成员任期，并在 10 月股东大会上做出其他改变</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2159321505","media":"MarketWatch","summary":"Board members would serve for two years rather than three\nTesla CEO Elon Musk in Germany last year. ","content":"<p>Board members would serve for two years rather than three</p><p><blockquote>董事会成员任期两年，而不是三年</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/abc701f141f0c0044cabe912e510fe2e\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>Tesla CEO Elon Musk in Germany last year. MAJA HITIJ/GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>特斯拉首席执行官埃隆·马斯克去年在德国。MAJA HITIJ/盖蒂图片社</span></p></blockquote></p><p> Tesla Inc. set its shareholder meeting for Oct. 7 at the Fremont, Calif., factory, with a call for reducing its directors’ terms among the proposals the electric-car maker will bring to the table, the company said in filing late Friday.</p><p><blockquote>特斯拉公司在周五晚些时候提交的文件中表示，该公司将于 10 月 7 日在加利福尼亚州弗里蒙特工厂召开股东大会，在这家电动汽车制造商将提出的提案中，看涨期权是减少董事任期。</blockquote></p><p> One of the proposals calls for each director’s term to be reduced from three years to two years. Tesla’s&nbsp;board currently has nine members who are divided into three classes in staggered three-year terms.</p><p><blockquote>其中一项提案是将每位董事的任期从三年缩短至两年。特斯拉董事会目前有九名成员，分为三个班级，交错任期三年。</blockquote></p><p> If the proposal is approved, however, the board will be divided into two classes with staggered two-year terms, with directors distributed as equally between the classes as possible, Tesla said in the&nbsp;filing.</p><p><blockquote>然而，特斯拉在文件中表示，如果该提案获得批准，董事会将分为两个阶层，任期交错为两年，董事在两个阶层之间尽可能平均分配。</blockquote></p><p> The board would be reduced to eight members, since Antonio Gracias, a venture capitalist who has served on the Tesla board since 2007, said in 2019 he’d not be seeking reelection when his term ends this year.</p><p><blockquote>自 2007 年以来一直在特斯拉董事会任职的风险投资家 Antonio Gracias 在 2019 年表示，他将在今年任期结束时不再寻求连任，因此董事会成员将减少到八人。</blockquote></p><p> Tesla’s board nominated current board members James Murdoch, the youngest son of News Corp&nbsp;founder Rupert Murdoch, and Kimbal Musk, Chief Executive Elon Musk’s brother, for re-election as class II directors, with terms expiring in 2024. If the term reduction is approved, then their terms would end in 2023, the company said.</p><p><blockquote>特斯拉董事会提名新闻集团创始人默多克的小儿子詹姆斯-默多克（James Murdoch）和首席执行官马斯克（Elon Musk）的弟弟金巴尔-马斯克（Kimbal Musk）连任二级董事，任期将于 2024 年届满。该公司表示，如果缩短任期获得批准，那么他们的任期将于 2023 年结束。</blockquote></p><p> Tesla’s curtailing board member terms was a response to a shareholder proposal calling to elect each board member for one year.</p><p><blockquote>特斯拉缩短董事会成员任期是对股东提案的回应，该提案要求选举每位董事会成员一年。</blockquote></p><p> The two-year term, however, “strikes a suitable balance to the long-term interests of and nearer-term accountability to our stockholders at this time,” Tesla said.</p><p><blockquote>特斯拉说，不过，两年的任期 “在公司的长期利益和此时对股东的短期责任之间取得了适当的平衡”。</blockquote></p><p> Tesla shares were flat in after-hours trading after ending the regular trading day down 0.7%. The stock has gained 1.6% this year, compared with gains of around 19% for the S&amp;P 500 index.</p><p><blockquote>特斯拉股价在常规交易日结束时下跌 0.7%，在盘后交易中持平。该股今年上涨了 1.6%，而标普500指数的涨幅约为 19%。</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>Tesla seeks to reduce board members’ terms, make other changes in October shareholder meeting<blockquote>特斯拉寻求缩短董事会成员任期，并在 10 月股东大会上做出其他改变</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla seeks to reduce board members’ terms, make other changes in October shareholder meeting<blockquote>特斯拉寻求缩短董事会成员任期，并在 10 月股东大会上做出其他改变</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-14 11:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Board members would serve for two years rather than three</p><p><blockquote>董事会成员任期两年，而不是三年</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/abc701f141f0c0044cabe912e510fe2e\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>Tesla CEO Elon Musk in Germany last year. MAJA HITIJ/GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>特斯拉首席执行官埃隆·马斯克去年在德国。MAJA HITIJ/盖蒂图片社</span></p></blockquote></p><p> Tesla Inc. set its shareholder meeting for Oct. 7 at the Fremont, Calif., factory, with a call for reducing its directors’ terms among the proposals the electric-car maker will bring to the table, the company said in filing late Friday.</p><p><blockquote>特斯拉公司在周五晚些时候提交的文件中表示，该公司将于 10 月 7 日在加利福尼亚州弗里蒙特工厂召开股东大会，在这家电动汽车制造商将提出的提案中，看涨期权是减少董事任期。</blockquote></p><p> One of the proposals calls for each director’s term to be reduced from three years to two years. Tesla’s&nbsp;board currently has nine members who are divided into three classes in staggered three-year terms.</p><p><blockquote>其中一项提案是将每位董事的任期从三年缩短至两年。特斯拉董事会目前有九名成员，分为三个班级，交错任期三年。</blockquote></p><p> If the proposal is approved, however, the board will be divided into two classes with staggered two-year terms, with directors distributed as equally between the classes as possible, Tesla said in the&nbsp;filing.</p><p><blockquote>然而，特斯拉在文件中表示，如果该提案获得批准，董事会将分为两个阶层，任期交错为两年，董事在两个阶层之间尽可能平均分配。</blockquote></p><p> The board would be reduced to eight members, since Antonio Gracias, a venture capitalist who has served on the Tesla board since 2007, said in 2019 he’d not be seeking reelection when his term ends this year.</p><p><blockquote>自 2007 年以来一直在特斯拉董事会任职的风险投资家 Antonio Gracias 在 2019 年表示，他将在今年任期结束时不再寻求连任，因此董事会成员将减少到八人。</blockquote></p><p> Tesla’s board nominated current board members James Murdoch, the youngest son of News Corp&nbsp;founder Rupert Murdoch, and Kimbal Musk, Chief Executive Elon Musk’s brother, for re-election as class II directors, with terms expiring in 2024. If the term reduction is approved, then their terms would end in 2023, the company said.</p><p><blockquote>特斯拉董事会提名新闻集团创始人默多克的小儿子詹姆斯-默多克（James Murdoch）和首席执行官马斯克（Elon Musk）的弟弟金巴尔-马斯克（Kimbal Musk）连任二级董事，任期将于 2024 年届满。该公司表示，如果缩短任期获得批准，那么他们的任期将于 2023 年结束。</blockquote></p><p> Tesla’s curtailing board member terms was a response to a shareholder proposal calling to elect each board member for one year.</p><p><blockquote>特斯拉缩短董事会成员任期是对股东提案的回应，该提案要求选举每位董事会成员一年。</blockquote></p><p> The two-year term, however, “strikes a suitable balance to the long-term interests of and nearer-term accountability to our stockholders at this time,” Tesla said.</p><p><blockquote>特斯拉说，不过，两年的任期 “在公司的长期利益和此时对股东的短期责任之间取得了适当的平衡”。</blockquote></p><p> Tesla shares were flat in after-hours trading after ending the regular trading day down 0.7%. The stock has gained 1.6% this year, compared with gains of around 19% for the S&amp;P 500 index.</p><p><blockquote>特斯拉股价在常规交易日结束时下跌 0.7%，在盘后交易中持平。该股今年上涨了 1.6%，而标普500指数的涨幅约为 19%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/tesla-seeks-to-reduce-board-terms-in-october-shareholder-meeting-11628888340?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":{"TSLA":"特斯拉"},"source_url":"https://www.marketwatch.com/story/tesla-seeks-to-reduce-board-terms-in-october-shareholder-meeting-11628888340?mod=newsviewer_click","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2159321505","content_text":"Board members would serve for two years rather than three\nTesla CEO Elon Musk in Germany last year. MAJA HITIJ/GETTY IMAGES\nTesla Inc. set its shareholder meeting for Oct. 7 at the Fremont, Calif., factory, with a call for reducing its directors’ terms among the proposals the electric-car maker will bring to the table, the company said in filing late Friday.\nOne of the proposals calls for each director’s term to be reduced from three years to two years. Tesla’s board currently has nine members who are divided into three classes in staggered three-year terms.\nIf the proposal is approved, however, the board will be divided into two classes with staggered two-year terms, with directors distributed as equally between the classes as possible, Tesla said in the filing.\nThe board would be reduced to eight members, since Antonio Gracias, a venture capitalist who has served on the Tesla board since 2007, said in 2019 he’d not be seeking reelection when his term ends this year.\nTesla’s board nominated current board members James Murdoch, the youngest son of News Corp founder Rupert Murdoch, and Kimbal Musk, Chief Executive Elon Musk’s brother, for re-election as class II directors, with terms expiring in 2024. If the term reduction is approved, then their terms would end in 2023, the company said.\nTesla’s curtailing board member terms was a response to a shareholder proposal calling to elect each board member for one year.\nThe two-year term, however, “strikes a suitable balance to the long-term interests of and nearer-term accountability to our stockholders at this time,” Tesla said.\nTesla shares were flat in after-hours trading after ending the regular trading day down 0.7%. The stock has gained 1.6% this year, compared with gains of around 19% for the S&P 500 index.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2993,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891937487,"gmtCreate":1628316095349,"gmtModify":1631885721696,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"good reading&nbsp;","listText":"good reading&nbsp;","text":"good reading","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/891937487","repostId":"1143051031","repostType":4,"isVote":1,"tweetType":1,"viewCount":4683,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896595693,"gmtCreate":1628591191612,"gmtModify":1631885721660,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"like &amp; comment&nbsp;","listText":"like &amp; comment&nbsp;","text":"like & comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/896595693","repostId":"1135437633","repostType":4,"isVote":1,"tweetType":1,"viewCount":4784,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800122276,"gmtCreate":1627287347795,"gmtModify":1631893128652,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"[Cool]&nbsp;","listText":"[Cool]&nbsp;","text":"[Cool]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/800122276","repostId":"1100772026","repostType":4,"isVote":1,"tweetType":1,"viewCount":558,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897403613,"gmtCreate":1628952433932,"gmtModify":1631885721606,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"good reading&nbsp;","listText":"good reading&nbsp;","text":"good reading","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/897403613","repostId":"1149823415","repostType":4,"repost":{"id":"1149823415","kind":"news","pubTimestamp":1628909753,"share":"https://www.laohunote.com/m/news/1149823415?lang=zh_CN&edition=full","pubTime":"2021-08-14 10:55","market":"us","language":"en","title":"Where Will Virgin Galactic Stock Be In 10 Years?<blockquote>10年后维珍银河股票会在哪里？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149823415","media":"seekingalpha","summary":"Summary\n\nVirgin Galactic fell more than 30% post-earnings as the market was disappointed with the \"d","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Virgin Galactic fell more than 30% post-earnings as the market was disappointed with the \"delay\" affecting the launch of its private commercial revenue service.</li>  <li>However, we think the company's \"delay\" is necessary for it to rectify its supply constraints and meet the huge demand that the company is experiencing.</li>  <li>We would also discuss in detail the company's long-term opportunities and threats, and what investors need to monitor moving forward.</li>  <li>Lastly, we present our valuation arguments for long-term investors who are considering adding exposure to Virgin Galactic.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/00922c9874a28954c08c613b8dbf378b\" tg-width=\"768\" tg-height=\"493\" width=\"100%\" height=\"auto\"><span>Nastco/iStock via Getty Images</span></p><p><blockquote><ul><li>维珍银河财报公布后下跌超过 30%，原因是市场对影响其私人商业收入服务推出的“延迟”感到失望。</li><li>然而，我们认为该公司的“延迟”对于其纠正供应限制并满足该公司正在经历的巨大需求是必要的。</li><li>我们还将详细讨论公司的长期机遇和威胁，以及投资者未来需要监控的内容。</li><li>最后，我们为考虑增加维珍银河敞口的长期投资者提出了我们的估值论点。</li></ul><p class=\"t-img-caption\"><span>Nastco/iStock 来自 Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Back in May, when we published our previous article (link to article appendedhere) on Virgin Galactic (SPCE), we clearly highlighted that we think the Street's consensus has been too optimistic about Virgin Galactic's revenue estimates as we thought the projections overstated the market opportunity for suborbital space tourism over the next 10 years to a large extent, based on our research that consulted multiple sources, and we submitted a revised projection.</p><p><blockquote>早在 5 月份，当我们发表上一篇关于维珍银河 (SPCE) 的文章（链接到此处的文章）时，我们明确强调，我们认为华尔街的共识对维珍银河的收入预测过于乐观，因为我们认为这些预测在很大程度上夸大了未来 10 年亚轨道太空旅游的市场机会，基于我们咨询了多个来源的研究，我们提交了修订后的预测。</blockquote></p><p> Since then, the Street has revised its near-term projections downwards as the company recently indicated that they are expecting to commence commercial service only from&nbsp;late Q3'CY22.</p><p><blockquote>此后，华尔街下调了近期预测，因为该公司最近表示，他们预计要到 2022 年第三季度末才开始商业服务。</blockquote></p><p> This article will discuss the circumstances leading to Virgin Galactic's \"delayed\" launch, the long-term opportunities, and the competitive threat facing Virgin's leadership quest in suborbital space tourism.</p><p><blockquote>本文将讨论导致维珍银河“推迟”发射的情况、长期机遇以及维珍在亚轨道太空旅游领域寻求领导地位所面临的竞争威胁。</blockquote></p><p> Lastly, we would present our valuation argument for long-term investors considering adding exposure to the stock right now.</p><p><blockquote>最后，我们将为现在考虑增加股票敞口的长期投资者提出我们的估值论点。</blockquote></p><p> <b>Revisions to Virgin Galactic's Mean Consensus Estimates</b></p><p><blockquote><b>维珍银河平均共识估计的修订</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e15e65a740bf4a03405cd6f31e82bfc\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>May's consensus revenue estimates &amp; Aug's consensus revenue estimates. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>5 月份的共识收入预期和 8 月份的共识收入预期。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/149d99203d29b3a3e785096ccc509c57\" tg-width=\"600\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Scale of revised estimates (Between May and Aug estimates). Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>修订估计数的规模（5月至8月估计数之间）。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Investors should be able to glean clearly that near-term consensus estimates were revised downwards from May's projections that affected CY21 to CY25. However, we think what's important for investors to note is that the Street revised its estimates meaningfully upwards from CY26 to reflect the strong demand that SPCE highlighted during its recent earnings call, which we think demonstrates the company's confidence in a strong revenue runway for the long term, which we would discuss in detail in the subsequent sections.</p><p><blockquote>投资者应该能够清楚地了解到，近期共识预测较 5 月份影响 21 财年至 25 财年的预测有所下调。然而，我们认为投资者需要注意的重要一点是，华尔街从 CY26 大幅上调了其预期，以反映 SPCE 在最近的财报看涨期权上强调的强劲需求，我们认为这表明了该公司对长期强劲收入的信心，我们将在后续章节中详细讨论这一点。</blockquote></p><p> <b>Private Commercial Full Revenue Service is Expected from Q3'CY22</b></p><p><blockquote><b>预计从 2022 年第三季度开始提供私人商业全额收入服务</b></blockquote></p><p> SPCE has since lost about 33% of its value since its earnings release on Aug 5, which we think is largely attributed to the near term headwinds resulting from its \"delay\" on commercial service launch as a result of proposed critical enhancements to VSS Unity and the mothership VMS Eve to increase their turnaround time between flights and maintenance significantly.</p><p><blockquote>自 8 月 5 日发布财报以来，SPCE 的价值已下跌约 33%，我们认为这在很大程度上是由于 VSS Unity 和母舰 VMS Eve 提出的关键增强措施导致其商业服务推出“延迟”，从而导致近期不利因素显着增加了飞行和维护之间的周转时间。</blockquote></p><p> As a result of the enhancements that would take place after the completion of Unity 23 revenue-generating flight with the Italian Air Force, the company expects to commence its private commercial full revenue service only from late Q3'CY22, which we think may have taken investors aback as while the market expected full commercial service to begin in 2022, they did not expect it to be as late as Q3.</p><p><blockquote>由于与意大利空军完成 Unity 23 创收飞行后将进行增强，该公司预计仅从 2022 年第三季度末开始其私人商业全额收入服务，我们认为这可能会让投资者感到惊讶，因为虽然市场预计全面商业服务将于 2022 年开始，但他们没想到会迟到第三季度。</blockquote></p><p> However, we think the market has once again chosen to focus on the uncertainty resulting from the near-term revenue service delay and ignore the importance of the enhancements that are expected to improve VMS Eve's turnaround time so significantly that Virgin Galactic emphasized:</p><p><blockquote>然而，我们认为市场再次选择关注近期收入服务延迟带来的不确定性，而忽视了预计将显着缩短 VMS Eve 周转时间的增强功能的重要性，以至于维珍银河强调：</blockquote></p><p>   These enhancements  <i>could potentially allow Eve to fly 100 flights between major maintenance inspections</i>. This is up from the current interval of 10 flights between major inspections today. This will be an incredibly important success factor during the early commercial service period while we are in process of manufacturing additional motherships.  In addition, the company also highlighted that with the enhancements, the company is also \"targeting a reduced turnaround flight between Unity flights of 4 to 5 weeks, and that's down from what has at best, been 7 to 8 weeks for VSS Unity.\"</p><p><blockquote>这些增强<i>可能允许夏娃在重大维护检查之间飞行 100 次航班</i>这比今天主要检查之间10次飞行的间隔有所增加。在我们制造更多母舰的过程中，这将是早期商业服务时期极其重要的成功因素。此外，该公司还强调，通过这些增强功能，该公司还“目标是将 Unity 航班之间的周转航班缩短至 4 至 5 周，这低于 VSS Unity 最多 7 至 8 周的时间。”</blockquote></p><p></p><p> The Street and the market were certainly disappointed with the announcement, as analysts cut near-term forecasts and downgraded ratings, and Morgan Stanley also emphasized: \"During this heavy maintenance period, Virgin Galactic will not be able to conduct any space flights until summer of 2022.\"</p><p><blockquote>华尔街和市场当然对这一声明感到失望，因为分析师下调了近期预测并下调了评级，摩根士丹利也强调：“在这个繁重的维护期间，维珍银河将无法进行任何太空飞行，直到2022年夏天。”</blockquote></p><p> Sure, no flights. We are certainly not concerned, as the company reiterated the significance of these enhancements:</p><p><blockquote>当然，没有航班。我们当然不担心，因为该公司重申了这些增强功能的重要性：</blockquote></p><p>   These are reasonably robust modifications to Eve. But the reason we are taking the additional scope and the additional time for this enhancement period of Eve is because the flight rate that we will derive from Eve following this enhancement period is we plan to build that to effect. It's almost 10x greater between major inspections and what we've been doing now. That will give us an ability to fly Eve much more frequently, and  <i>that's really important to our initial group of future astronauts as well as the people that we're going to be signing up starting today</i>.\"  If investors could clearly glean the language used by the company in the above sentence, the company is clearly doing it because they are expecting such a robust demand for its space flight services that we think may have exceeded what the company had initially planned for. So while the recent launch event with Sir Richard Branson was largely seen as a major PR coup, it certainly allowed the company to measure the response from interested customers, and the company has clearly indicated that they see such robust demand that they needed to open up a priority list as soon as possible as CEO Michael Colglazier articulated:</p><p><blockquote>这些都是对Eve的相当稳健的修改。但是我们为Eve的这个增强期采取额外的范围和额外的时间的原因是因为我们将在这个增强期之后从Eve得出的飞行率是我们计划建立的。大检查和我们现在所做的差不多是10倍。这将使我们有能力更频繁地驾驶夏娃<i>这对我们未来的第一批宇航员以及我们从今天开始报名的人来说非常重要</i>.”如果投资者能够清楚地理解该公司在上述句子中使用的语言，那么该公司显然正在这样做，因为他们预计对其太空飞行服务的需求如此强劲，我们认为这可能已经超过了该公司最初的计划。因此，虽然最近与理查德·布兰森爵士举行的发布会在很大程度上被视为一次重大的公关政变，但它无疑让公司能够衡量感兴趣的客户的反应，而且该公司已经明确表示，他们看到了如此强劲的需求，以至于他们需要尽快打开优先列表正如首席执行官 Michael Colglazier 所说：</blockquote></p><p>   Leveraging the substantial demand we have seen to our website, I am pleased to announce that we will soon open a priority list for future space travelers who wish to be next in line. We will reach out first to this list with any available inventory following the conclusion of our spacefarer conversion process. Registration for this list will soon be made available on our website...We have an enormous amount of confidence in the total addressable market that's been kind of shown from the response to [Sir Richard Branson's] Unity 22. So we won't be absorbing all of it, but we do think we can make a major step forward here.  We are not sure what the market and other investors think. Still, the company needs to find a way to cope with the demand from what's obviously a heavily supply-constrained situation. The next best thing they would do in the near term is to make the necessary modifications to VMS Eve and VSS Unity to ensure these highly valued potential customers don't go knocking on the door of Jeff Bezos's Blue Origin (BORGN).</p><p><blockquote>利用我们对我们网站的巨大需求，我很高兴地宣布，我们将很快为希望成为下一个太空旅行者开放一个优先名单。在我们的宇航员转换过程结束后，我们将首先联系这份清单，提供任何可用的库存。该名单的注册将很快在我们的网站上提供……我们对整个潜在市场充满信心，这一点从对[理查德·布兰森爵士]Unity 22的反应中可以看出。因此，我们不会吸收所有这些，但我们确实认为我们可以在这里向前迈出一大步。我们不确定市场和其他投资者的想法。尽管如此，该公司仍需要找到一种方法来应对明显严重供应紧张的需求。他们在短期内要做的下一个最好的事情是对VMS Eve和VSS Unity进行必要的修改，以确保这些高价值的潜在客户不会去敲杰夫·贝佐斯的蓝色起源（BORGN）的门。</blockquote></p><p> <b>Are There Really So Many Customers Who Couldn't Wait to Get On Board VSS Unity?</b></p><p><blockquote><b>真的有那么多客户迫不及待地想加入VSS Unity吗？</b></blockquote></p><p> Yes, it's pretty incredible to think that the company is expecting so many customers who couldn't wait to get on board. Lisa Rich, the Managing Partner at the venture capital firm Hemisphere Ventures, articulated: \"...I've met so many Virgin [Galactic] ticket&nbsp;holders over the years. And by the way, every one of them has told me that the $250,000 they've spent waiting has paid for itself 10 times over because of the experiences that they have shared over the years.\"</p><p><blockquote>是的，想到该公司期待着这么多迫不及待地想加入的客户，真是令人难以置信。风险投资公司 Hemisphere Ventures 的执行合伙人丽莎·里奇 (Lisa Rich) 表示：“……这些年来，我见过很多维珍 [银河] 机票持有者。顺便说一句，他们每个人都告诉我，他们花了 25 万美元等待已经收回了 10 倍，因为他们多年来分享的经验。”</blockquote></p><p> Investors should clearly understand that the community of 600 future astronauts that have committed to Virgin Galactic's flight services formed a tight-knit group over the years as the company emphasized: \"I think one thing that probably [is] not well known outside of the existing future astronaut is one of the secret weapons of Virgin Galactic is our astronaut office. This is a group of people who have brought together these 600 people into a true community.\"</p><p><blockquote>投资者应该清楚地了解，致力于维珍银河飞行服务的 600 名未来宇航员社区多年来形成了一个紧密团结的团体，正如该公司所强调的那样：“我认为，除了现有的未来宇航员之外，有一件事可能不太为人所知，那就是维珍银河的秘密武器之一就是我们的宇航员办公室。这是一群人将这 600 人聚集在一起，形成了一个真正的社区。”</blockquote></p><p> The company emphasized that these customers really value the journey towards realizing the flight experience as these customers consider it a \"life-transitional journey.\" They see so much value in what Virgin Galactic is doing that the company emphasized that their customers consider joining the community that the company brought together is \"[a] top, top of mind [priority] and very powerful.\"</p><p><blockquote>该公司强调，这些客户非常重视实现飞行体验的旅程，因为这些客户认为这是一次“人生转型之旅”。他们认为维珍银河所做的事情非常有价值，以至于该公司强调，他们的客户认为加入该公司汇集的社区是“最重要的[优先事项]，并且非常强大。”</blockquote></p><p> Importantly, the company also highlighted that they have opened up ticket sales to their 1000-strong \"Spacefarer\" community who has signed up through the company's \"One Small Step\" program, with a price starting from $450K per seat, that's way higher than the $200K to $250K per seat that the initial 600 future astronauts signed up for.</p><p><blockquote>重要的是，该公司还强调，他们已经向通过该公司的“一小步”计划注册的1000名“宇航员”社区开放了门票销售，价格从每个座位45万美元起，远高于最初600名未来宇航员注册的每个座位20万至25万美元。</blockquote></p><p></p><p> Virgin Galactic believes that these future astronauts are going to be the \"sales ambassadors\" for the company because of the experience of the strong and tight-knit astronaut community that the company has painstakingly built up: \"...And so I think you can think about lifetime value in several ways. One of them is as people move through being a future astronaut graduate into the astronaut community, I think they're going to come back, and I think it will just be very natural in how people will share the experience<b><i>.</i></b>And I think them sharing the experience will not only let people say how wonderful it was, but it will also bring normalcy to the concept of human spaceflight. So this group of people as we bring them in, the lifetime value is all-around demand and continuing to increase the total addressable market as they go out there and share what they've done.\"</p><p><blockquote>维珍银河认为，这些未来的宇航员将成为公司的“销售大使”，因为他们拥有公司精心打造的强大而紧密团结的宇航员社区的经验：“……所以我认为你可以从几个方面来思考终身价值。其中之一是，当人们从未来的宇航员毕业生进入宇航员社区时，我认为他们会回来，我认为人们分享这种经历是非常自然的。<b><i>.</i></b>我认为他们分享这段经历不仅会让人们说那是多么美妙，还会给人类太空飞行的概念带来常态。因此，当我们把这群人带进来时，他们的终身价值是全面的需求，并随着他们走出去分享他们所做的事情，继续增加整个潜在市场。”</blockquote></p><p> <b>Strong Demand Justifies Rapid Scaling Up To Achieve Strong Operating Leverage</b></p><p><blockquote><b>强劲的需求证明快速扩大规模以实现强大的运营杠杆是合理的</b></blockquote></p><p> Astute investors would clearly have recognized that if the company relied on just the fleet of VSS Unity or VSS Imagine to dominate the market for suborbital space tourism, it would have been largely insufficient.</p><p><blockquote>精明的投资者会清楚地认识到，如果该公司仅仅依靠 VSS Unity 或 VSS Imagine 的机队来主导亚轨道太空旅游市场，那么这在很大程度上是不够的。</blockquote></p><p> Based on the company's guidance and the Street's estimates, working through the company's initial community of 600 future astronauts would take a few years at least without the modifications to VMS Eve.</p><p><blockquote>根据该公司的指导和华尔街的估计，在不对 VMS Eve 进行修改的情况下，该公司最初由 600 名未来宇航员组成的社区至少需要几年时间。</blockquote></p><p> The initial cadence (before modifications) for 2022 is a maximum of 10 revenue flights comprising 60 passengers in total. Moving on to 2023, the company could also only fly a maximum of 24 to 36 flights annually, which would allow them to fly a maximum of 144 to 216 astronauts. Thus, it may be at least another 2 years until 2025 before Virgin Galactic could start to work through the order book from the 1000 Spacefarer community, and we think by then, at least some of them would have gone over to Blue Origin. Therefore, the initial cadence really doesn't work, especially with the company preparing to draw up its priority list soon for the interest generated from the Unity 22 PR campaign, and they need to work through the 1,600 future astronauts fast, which in the near term would be solved by Eve's modifications since it allows SPCE to fly 10x more in between major inspections.</p><p><blockquote>2022年的初始节奏（修改前）是最多10个收入航班，总共包括60名乘客。展望 2023 年，该公司每年最多只能飞行 24 至 36 次航班，这将允许他们最多搭载 144 至 216 名宇航员。因此，到2025年，维珍银河可能至少还需要两年时间才能开始处理1000名宇航员社区的订单，我们认为到那时，至少他们中的一些人会去蓝色起源。因此，最初的节奏确实不起作用，特别是该公司准备很快为 Unity 22 公关活动产生的兴趣制定优先列表，他们需要快速处理 1,600 名未来宇航员，这将在不久的将来通过 Eve 的修改来解决，因为它允许 SPCE 在重大检查之间的飞行次数增加 10 倍。</blockquote></p><p> However, the company still thinks that would still be insufficient to cater to the level of demand that they have been experiencing. As a result, they announced that they would be building their next-gen Delta class vehicles \"that are capable of turning on a 1-week interval.\" This class of ships is expected to form the majority of the company's future capacity over time.</p><p><blockquote>然而，该公司仍然认为这仍然不足以满足他们所经历的需求水平。因此，他们宣布将制造下一代 Delta 级车辆，“能够每隔 1 周启动一次”。随着时间的推移，此类船舶预计将构成该公司未来运力的大部分。</blockquote></p><p> Part of the reason that the company needed to raise the&nbsp;$500M equity&nbsp;offering recently is that they are ready to start developing and build the Delta class vehicles that would be highly instrumental towards meeting their long term capacity and cadence, that VSS Unity and VSS Imagine would never be able to meet sufficiently.</p><p><blockquote>该公司最近需要筹集 5 亿美元股权发行的部分原因是，他们已准备好开始开发和制造 Delta 级车辆，这将极大地有助于满足其长期容量和节奏，VSS Unity 和 VSS Imagine 永远无法满足。</blockquote></p><p> Crucially, the company highlighted that by ramping production and capacity through the Delta class, they would be able to achieve significant operating leverage as Virgin Galactic emphasized: \"...And that's why we're so focused on getting the Delta class with next generation of mothership. That's where we really get efficiency. That's where we get scale. That's where you'll really see the flow-through come because we'll have a fixed cost basis that is easy for us to communicate and easy for us to contribute the trade for efficiency down the road.\"</p><p><blockquote>至关重要的是，该公司强调，通过 Delta 级提升产量和运力，他们将能够实现显著的运营杠杆，正如维珍银河所强调的那样：“.....这就是为什么我们如此专注于获得下一代母舰的 Delta 级。这才是我们真正获得效率的地方。这才是我们获得规模的地方。这才是你真正看到流量的地方，因为我们将有一个固定的成本基础，这对我们来说很容易沟通，也很容易为未来的效率做出贡献。”</blockquote></p><p> <b>Competing Against Blue Origin</b></p><p><blockquote><b>与蓝色起源竞争</b></blockquote></p><p> We think operating leverage will be the name of the game here, and Virgin Galactic clearly recognizes that it would be vital for the company to operate at a sufficient scale justified by its demand drivers to compete strongly against Blue Origin.</p><p><blockquote>我们认为运营杠杆将是这里的游戏名称，维珍银河清楚地认识到，对于该公司来说，以其需求驱动因素所证明的足够规模运营对于与蓝色起源进行强有力的竞争至关重要。</blockquote></p><p> While we don't think Blue Origin's main game is in suborbital space tourism, as Jeff Bezos also highlighted previously that: \"The architecture&nbsp;and the technology we have chosen is complete overkill for a suborbital tourism mission.”</p><p><blockquote>虽然我们不认为蓝色起源的主要游戏是亚轨道太空旅游，但正如杰夫·贝索斯之前强调的那样：“我们选择的架构和技术对于亚轨道旅游任务来说完全是矫枉过正。”</blockquote></p><p> We think Blue Origin's main market certainly goes beyond suborbital space tourism that Morgan Stanley highlighted that \"Mr. Bezos’ company is seeking business in a space market that will triple in size to more than $1 trillion in annual sales by 2040, assuming rapid technological developments enable routine moon landings, asteroid mining and space tourism.\"</p><p><blockquote>我们认为，蓝色起源的主要市场肯定超出了摩根士丹利强调的亚轨道太空旅游，“贝佐斯先生的公司正在太空市场寻求业务，到 2040 年，该市场的规模将扩大两倍，年销售额将超过 1 万亿美元，前提是技术的快速发展能够实现常规登月、小行星采矿和太空旅游”。</blockquote></p><p> Therefore, while Blue Origin focuses on building up its Space colonies' vision over the long term, we think they would most certainly be able to ramp their production quickly and gain significant operating leverage. The key is how those advantages translate to its suborbital space tourism segment in the near term would be key to determine Virgin Galactic's leadership.</p><p><blockquote>因此，虽然蓝色起源专注于建立其太空殖民地的长期愿景，但我们认为他们肯定能够快速提高产量并获得显着的运营杠杆。关键是这些优势如何在短期内转化为其亚轨道太空旅游领域，这将是决定维珍银河领先地位的关键。</blockquote></p><p></p><p> One thing is for sure. Both companies expect the price for the suborbital space tourism tickets to come down substantially over time as production scales up and technologies improve. Thus, the key for Virgin Galactic's leadership and survival in this market is to gain operating leverage as quickly as possible to build up those advantages while Blue Origin has its plate full with its various projects across the entire spectrum.</p><p><blockquote>有一点是肯定的。两家公司预计，随着生产规模的扩大和技术的进步，亚轨道太空旅游门票的价格将随着时间的推移大幅下降。因此，维珍银河在这个市场上的领导地位和生存的关键是尽快获得运营杠杆以建立这些优势，而蓝色起源则忙于整个领域的各种项目。</blockquote></p><p> Virgin Galactic wants to make suborbital space tourism much more accessible, and the key to achieving that is to drive prices down through operating leverage achieved by ramping up production. As a result, we think the company's Delta class plans are highly pivotal to Virgin Galactic's leadership against Blue Origin and highly encourage investors to keep their eyes closely focused on these plans.</p><p><blockquote>维珍银河希望让亚轨道太空旅游更容易获得，而实现这一目标的关键是通过提高产量实现的运营杠杆来降低价格。因此，我们认为该公司的 Delta class 计划对于维珍银河对抗蓝色起源的领导地位至关重要，并强烈鼓励投资者密切关注这些计划。</blockquote></p><p> <b>Free Cash Flow Forecast &amp; Valuations</b></p><p><blockquote><b>自由现金流预测和估值</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/48be5e8da375fdc72591e31b96a223f4\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>EBITDA margin forecast &amp; CapEx margin forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EBITDA 利润率预测和资本支出利润率预测。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/57509b52b1c0ac46a44e7a0dd619bd97\" tg-width=\"640\" tg-height=\"361\" width=\"100%\" height=\"auto\"><span>EV / Fwd EBITDA trend. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV / Fwd EBITDA 趋势。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Despite the delay in launching full revenue service to Q3'22, the Street's estimates expect the company to be FCF profitable from the end of FY24. We think that's important as it demonstrates the long-term cash flow potential for the company's business in this market, where only BORGN and SPCE are the clear leaders right now.</p><p><blockquote>尽管推迟到 2022 年第三季度推出全面收入服务，但华尔街预计该公司将从 2024 财年末开始实现自由现金流盈利。我们认为这很重要，因为它展示了该公司业务在这个市场的长期现金流潜力，目前只有 BORGN 和 SPCE 是该市场的明显领导者。</blockquote></p><p> However, the valuations still look expensive at 18.5x by the end of 2030, 36% above its aerospace and defense peers comp set mean of 13.61x.</p><p><blockquote>然而，到 2030 年底，估值看起来仍然很昂贵，为 18.5 倍，比航空航天和国防同行的平均薪酬 13.61 倍高出 36%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1084f3186f9732fad8d28b824c65de2a\" tg-width=\"640\" tg-height=\"472\" width=\"100%\" height=\"auto\"><span>Street's mean price target. Source: TIKR</span></p><p><blockquote><p class=\"t-img-caption\"><span>Street 的平均价格目标。资料来源：TIKR</span></p></blockquote></p><p> The Street is also not too optimistic, as the mean target price of $35.55 is a mere 13.5% above the last closing price, as analysts focused on SPCE's near term \"headwind\" of moving its revenue service to Q3'CY22, which we think is highly important to its long term competitive advantage.</p><p><blockquote>华尔街也不太乐观，因为平均目标价 35.55 美元仅比最后收盘价高出 13.5%，因为分析师关注的是 SPCE 将其收入服务转移到 2022 年第三季度的近期“逆风”，我们认为这对其长期竞争优势非常重要。</blockquote></p><p> While we are really excited about the company's long-term prospects, as well as its ambition to bring suborbital space tourism to the world, we are not so sure about Virgin Galactic's expensively-looking valuation.</p><p><blockquote>虽然我们对该公司的长期前景以及将亚轨道太空旅游带给世界的雄心感到非常兴奋，但我们对维珍银河看起来昂贵的估值不太确定。</blockquote></p><p> <b>SPCE Stock Price Action and Trend Analysis</b></p><p><blockquote><b>SPCE 股票价格走势和趋势分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f872b3e8670eac6d5ca4d8afce15200\" tg-width=\"640\" tg-height=\"390\" width=\"100%\" height=\"auto\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：TradingView</span></p></blockquote></p><p> While we don't think SPCE would be a suitable stock for long-term investors given its expensive valuation, we think position traders may still find an opportunity lurking around the horizon with this stock.</p><p><blockquote>虽然鉴于其昂贵的估值，我们认为 SPCE 不是一只适合长期投资者的股票，但我们认为头寸交易者仍然可能会发现这只股票潜伏的机会。</blockquote></p><p> SPCE is strongly supported along its 50-week moving average dynamic support level that has held strongly since 2020, including the recent false break to the downside (bear trap) it saw in May. Therefore, position traders keen to trade this stock may find an opportunity once the price action resolves itself in the next couple of weeks, we hope.</p><p><blockquote>SPCE 受到 50 周移动平均线动态支撑位的强力支撑，该支撑位自 2020 年以来一直保持强劲，包括最近 5 月份出现的下行（熊市陷阱）的假突破。因此，我们希望，一旦价格走势在未来几周内自行解决，热衷于交易该股票的头寸交易者可能会找到机会。</blockquote></p><p> In summary, we assign a neutral rating to SPCE for long-term investors.</p><p><blockquote>总之，对于长期投资者，我们给予 SPCE 中性评级。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Where Will Virgin Galactic Stock Be In 10 Years?<blockquote>10年后维珍银河股票会在哪里？</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\">\nWhere Will Virgin Galactic Stock Be In 10 Years?<blockquote>10年后维珍银河股票会在哪里？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-14 10:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Virgin Galactic fell more than 30% post-earnings as the market was disappointed with the \"delay\" affecting the launch of its private commercial revenue service.</li>  <li>However, we think the company's \"delay\" is necessary for it to rectify its supply constraints and meet the huge demand that the company is experiencing.</li>  <li>We would also discuss in detail the company's long-term opportunities and threats, and what investors need to monitor moving forward.</li>  <li>Lastly, we present our valuation arguments for long-term investors who are considering adding exposure to Virgin Galactic.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/00922c9874a28954c08c613b8dbf378b\" tg-width=\"768\" tg-height=\"493\" width=\"100%\" height=\"auto\"><span>Nastco/iStock via Getty Images</span></p><p><blockquote><ul><li>维珍银河财报公布后下跌超过 30%，原因是市场对影响其私人商业收入服务推出的“延迟”感到失望。</li><li>然而，我们认为该公司的“延迟”对于其纠正供应限制并满足该公司正在经历的巨大需求是必要的。</li><li>我们还将详细讨论公司的长期机遇和威胁，以及投资者未来需要监控的内容。</li><li>最后，我们为考虑增加维珍银河敞口的长期投资者提出了我们的估值论点。</li></ul><p class=\"t-img-caption\"><span>Nastco/iStock 来自 Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Back in May, when we published our previous article (link to article appendedhere) on Virgin Galactic (SPCE), we clearly highlighted that we think the Street's consensus has been too optimistic about Virgin Galactic's revenue estimates as we thought the projections overstated the market opportunity for suborbital space tourism over the next 10 years to a large extent, based on our research that consulted multiple sources, and we submitted a revised projection.</p><p><blockquote>早在 5 月份，当我们发表上一篇关于维珍银河 (SPCE) 的文章（链接到此处的文章）时，我们明确强调，我们认为华尔街的共识对维珍银河的收入预测过于乐观，因为我们认为这些预测在很大程度上夸大了未来 10 年亚轨道太空旅游的市场机会，基于我们咨询了多个来源的研究，我们提交了修订后的预测。</blockquote></p><p> Since then, the Street has revised its near-term projections downwards as the company recently indicated that they are expecting to commence commercial service only from&nbsp;late Q3'CY22.</p><p><blockquote>此后，华尔街下调了近期预测，因为该公司最近表示，他们预计要到 2022 年第三季度末才开始商业服务。</blockquote></p><p> This article will discuss the circumstances leading to Virgin Galactic's \"delayed\" launch, the long-term opportunities, and the competitive threat facing Virgin's leadership quest in suborbital space tourism.</p><p><blockquote>本文将讨论导致维珍银河“推迟”发射的情况、长期机遇以及维珍在亚轨道太空旅游领域寻求领导地位所面临的竞争威胁。</blockquote></p><p> Lastly, we would present our valuation argument for long-term investors considering adding exposure to the stock right now.</p><p><blockquote>最后，我们将为现在考虑增加股票敞口的长期投资者提出我们的估值论点。</blockquote></p><p> <b>Revisions to Virgin Galactic's Mean Consensus Estimates</b></p><p><blockquote><b>维珍银河平均共识估计的修订</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e15e65a740bf4a03405cd6f31e82bfc\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>May's consensus revenue estimates &amp; Aug's consensus revenue estimates. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>5 月份的共识收入预期和 8 月份的共识收入预期。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/149d99203d29b3a3e785096ccc509c57\" tg-width=\"600\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Scale of revised estimates (Between May and Aug estimates). Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>修订估计数的规模（5月至8月估计数之间）。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Investors should be able to glean clearly that near-term consensus estimates were revised downwards from May's projections that affected CY21 to CY25. However, we think what's important for investors to note is that the Street revised its estimates meaningfully upwards from CY26 to reflect the strong demand that SPCE highlighted during its recent earnings call, which we think demonstrates the company's confidence in a strong revenue runway for the long term, which we would discuss in detail in the subsequent sections.</p><p><blockquote>投资者应该能够清楚地了解到，近期共识预测较 5 月份影响 21 财年至 25 财年的预测有所下调。然而，我们认为投资者需要注意的重要一点是，华尔街从 CY26 大幅上调了其预期，以反映 SPCE 在最近的财报看涨期权上强调的强劲需求，我们认为这表明了该公司对长期强劲收入的信心，我们将在后续章节中详细讨论这一点。</blockquote></p><p> <b>Private Commercial Full Revenue Service is Expected from Q3'CY22</b></p><p><blockquote><b>预计从 2022 年第三季度开始提供私人商业全额收入服务</b></blockquote></p><p> SPCE has since lost about 33% of its value since its earnings release on Aug 5, which we think is largely attributed to the near term headwinds resulting from its \"delay\" on commercial service launch as a result of proposed critical enhancements to VSS Unity and the mothership VMS Eve to increase their turnaround time between flights and maintenance significantly.</p><p><blockquote>自 8 月 5 日发布财报以来，SPCE 的价值已下跌约 33%，我们认为这在很大程度上是由于 VSS Unity 和母舰 VMS Eve 提出的关键增强措施导致其商业服务推出“延迟”，从而导致近期不利因素显着增加了飞行和维护之间的周转时间。</blockquote></p><p> As a result of the enhancements that would take place after the completion of Unity 23 revenue-generating flight with the Italian Air Force, the company expects to commence its private commercial full revenue service only from late Q3'CY22, which we think may have taken investors aback as while the market expected full commercial service to begin in 2022, they did not expect it to be as late as Q3.</p><p><blockquote>由于与意大利空军完成 Unity 23 创收飞行后将进行增强，该公司预计仅从 2022 年第三季度末开始其私人商业全额收入服务，我们认为这可能会让投资者感到惊讶，因为虽然市场预计全面商业服务将于 2022 年开始，但他们没想到会迟到第三季度。</blockquote></p><p> However, we think the market has once again chosen to focus on the uncertainty resulting from the near-term revenue service delay and ignore the importance of the enhancements that are expected to improve VMS Eve's turnaround time so significantly that Virgin Galactic emphasized:</p><p><blockquote>然而，我们认为市场再次选择关注近期收入服务延迟带来的不确定性，而忽视了预计将显着缩短 VMS Eve 周转时间的增强功能的重要性，以至于维珍银河强调：</blockquote></p><p>   These enhancements  <i>could potentially allow Eve to fly 100 flights between major maintenance inspections</i>. This is up from the current interval of 10 flights between major inspections today. This will be an incredibly important success factor during the early commercial service period while we are in process of manufacturing additional motherships.  In addition, the company also highlighted that with the enhancements, the company is also \"targeting a reduced turnaround flight between Unity flights of 4 to 5 weeks, and that's down from what has at best, been 7 to 8 weeks for VSS Unity.\"</p><p><blockquote>这些增强<i>可能允许夏娃在重大维护检查之间飞行 100 次航班</i>这比今天主要检查之间10次飞行的间隔有所增加。在我们制造更多母舰的过程中，这将是早期商业服务时期极其重要的成功因素。此外，该公司还强调，通过这些增强功能，该公司还“目标是将 Unity 航班之间的周转航班缩短至 4 至 5 周，这低于 VSS Unity 最多 7 至 8 周的时间。”</blockquote></p><p></p><p> The Street and the market were certainly disappointed with the announcement, as analysts cut near-term forecasts and downgraded ratings, and Morgan Stanley also emphasized: \"During this heavy maintenance period, Virgin Galactic will not be able to conduct any space flights until summer of 2022.\"</p><p><blockquote>华尔街和市场当然对这一声明感到失望，因为分析师下调了近期预测并下调了评级，摩根士丹利也强调：“在这个繁重的维护期间，维珍银河将无法进行任何太空飞行，直到2022年夏天。”</blockquote></p><p> Sure, no flights. We are certainly not concerned, as the company reiterated the significance of these enhancements:</p><p><blockquote>当然，没有航班。我们当然不担心，因为该公司重申了这些增强功能的重要性：</blockquote></p><p>   These are reasonably robust modifications to Eve. But the reason we are taking the additional scope and the additional time for this enhancement period of Eve is because the flight rate that we will derive from Eve following this enhancement period is we plan to build that to effect. It's almost 10x greater between major inspections and what we've been doing now. That will give us an ability to fly Eve much more frequently, and  <i>that's really important to our initial group of future astronauts as well as the people that we're going to be signing up starting today</i>.\"  If investors could clearly glean the language used by the company in the above sentence, the company is clearly doing it because they are expecting such a robust demand for its space flight services that we think may have exceeded what the company had initially planned for. So while the recent launch event with Sir Richard Branson was largely seen as a major PR coup, it certainly allowed the company to measure the response from interested customers, and the company has clearly indicated that they see such robust demand that they needed to open up a priority list as soon as possible as CEO Michael Colglazier articulated:</p><p><blockquote>这些都是对Eve的相当稳健的修改。但是我们为Eve的这个增强期采取额外的范围和额外的时间的原因是因为我们将在这个增强期之后从Eve得出的飞行率是我们计划建立的。大检查和我们现在所做的差不多是10倍。这将使我们有能力更频繁地驾驶夏娃<i>这对我们未来的第一批宇航员以及我们从今天开始报名的人来说非常重要</i>.”如果投资者能够清楚地理解该公司在上述句子中使用的语言，那么该公司显然正在这样做，因为他们预计对其太空飞行服务的需求如此强劲，我们认为这可能已经超过了该公司最初的计划。因此，虽然最近与理查德·布兰森爵士举行的发布会在很大程度上被视为一次重大的公关政变，但它无疑让公司能够衡量感兴趣的客户的反应，而且该公司已经明确表示，他们看到了如此强劲的需求，以至于他们需要尽快打开优先列表正如首席执行官 Michael Colglazier 所说：</blockquote></p><p>   Leveraging the substantial demand we have seen to our website, I am pleased to announce that we will soon open a priority list for future space travelers who wish to be next in line. We will reach out first to this list with any available inventory following the conclusion of our spacefarer conversion process. Registration for this list will soon be made available on our website...We have an enormous amount of confidence in the total addressable market that's been kind of shown from the response to [Sir Richard Branson's] Unity 22. So we won't be absorbing all of it, but we do think we can make a major step forward here.  We are not sure what the market and other investors think. Still, the company needs to find a way to cope with the demand from what's obviously a heavily supply-constrained situation. The next best thing they would do in the near term is to make the necessary modifications to VMS Eve and VSS Unity to ensure these highly valued potential customers don't go knocking on the door of Jeff Bezos's Blue Origin (BORGN).</p><p><blockquote>利用我们对我们网站的巨大需求，我很高兴地宣布，我们将很快为希望成为下一个太空旅行者开放一个优先名单。在我们的宇航员转换过程结束后，我们将首先联系这份清单，提供任何可用的库存。该名单的注册将很快在我们的网站上提供……我们对整个潜在市场充满信心，这一点从对[理查德·布兰森爵士]Unity 22的反应中可以看出。因此，我们不会吸收所有这些，但我们确实认为我们可以在这里向前迈出一大步。我们不确定市场和其他投资者的想法。尽管如此，该公司仍需要找到一种方法来应对明显严重供应紧张的需求。他们在短期内要做的下一个最好的事情是对VMS Eve和VSS Unity进行必要的修改，以确保这些高价值的潜在客户不会去敲杰夫·贝佐斯的蓝色起源（BORGN）的门。</blockquote></p><p> <b>Are There Really So Many Customers Who Couldn't Wait to Get On Board VSS Unity?</b></p><p><blockquote><b>真的有那么多客户迫不及待地想加入VSS Unity吗？</b></blockquote></p><p> Yes, it's pretty incredible to think that the company is expecting so many customers who couldn't wait to get on board. Lisa Rich, the Managing Partner at the venture capital firm Hemisphere Ventures, articulated: \"...I've met so many Virgin [Galactic] ticket&nbsp;holders over the years. And by the way, every one of them has told me that the $250,000 they've spent waiting has paid for itself 10 times over because of the experiences that they have shared over the years.\"</p><p><blockquote>是的，想到该公司期待着这么多迫不及待地想加入的客户，真是令人难以置信。风险投资公司 Hemisphere Ventures 的执行合伙人丽莎·里奇 (Lisa Rich) 表示：“……这些年来，我见过很多维珍 [银河] 机票持有者。顺便说一句，他们每个人都告诉我，他们花了 25 万美元等待已经收回了 10 倍，因为他们多年来分享的经验。”</blockquote></p><p> Investors should clearly understand that the community of 600 future astronauts that have committed to Virgin Galactic's flight services formed a tight-knit group over the years as the company emphasized: \"I think one thing that probably [is] not well known outside of the existing future astronaut is one of the secret weapons of Virgin Galactic is our astronaut office. This is a group of people who have brought together these 600 people into a true community.\"</p><p><blockquote>投资者应该清楚地了解，致力于维珍银河飞行服务的 600 名未来宇航员社区多年来形成了一个紧密团结的团体，正如该公司所强调的那样：“我认为，除了现有的未来宇航员之外，有一件事可能不太为人所知，那就是维珍银河的秘密武器之一就是我们的宇航员办公室。这是一群人将这 600 人聚集在一起，形成了一个真正的社区。”</blockquote></p><p> The company emphasized that these customers really value the journey towards realizing the flight experience as these customers consider it a \"life-transitional journey.\" They see so much value in what Virgin Galactic is doing that the company emphasized that their customers consider joining the community that the company brought together is \"[a] top, top of mind [priority] and very powerful.\"</p><p><blockquote>该公司强调，这些客户非常重视实现飞行体验的旅程，因为这些客户认为这是一次“人生转型之旅”。他们认为维珍银河所做的事情非常有价值，以至于该公司强调，他们的客户认为加入该公司汇集的社区是“最重要的[优先事项]，并且非常强大。”</blockquote></p><p> Importantly, the company also highlighted that they have opened up ticket sales to their 1000-strong \"Spacefarer\" community who has signed up through the company's \"One Small Step\" program, with a price starting from $450K per seat, that's way higher than the $200K to $250K per seat that the initial 600 future astronauts signed up for.</p><p><blockquote>重要的是，该公司还强调，他们已经向通过该公司的“一小步”计划注册的1000名“宇航员”社区开放了门票销售，价格从每个座位45万美元起，远高于最初600名未来宇航员注册的每个座位20万至25万美元。</blockquote></p><p></p><p> Virgin Galactic believes that these future astronauts are going to be the \"sales ambassadors\" for the company because of the experience of the strong and tight-knit astronaut community that the company has painstakingly built up: \"...And so I think you can think about lifetime value in several ways. One of them is as people move through being a future astronaut graduate into the astronaut community, I think they're going to come back, and I think it will just be very natural in how people will share the experience<b><i>.</i></b>And I think them sharing the experience will not only let people say how wonderful it was, but it will also bring normalcy to the concept of human spaceflight. So this group of people as we bring them in, the lifetime value is all-around demand and continuing to increase the total addressable market as they go out there and share what they've done.\"</p><p><blockquote>维珍银河认为，这些未来的宇航员将成为公司的“销售大使”，因为他们拥有公司精心打造的强大而紧密团结的宇航员社区的经验：“……所以我认为你可以从几个方面来思考终身价值。其中之一是，当人们从未来的宇航员毕业生进入宇航员社区时，我认为他们会回来，我认为人们分享这种经历是非常自然的。<b><i>.</i></b>我认为他们分享这段经历不仅会让人们说那是多么美妙，还会给人类太空飞行的概念带来常态。因此，当我们把这群人带进来时，他们的终身价值是全面的需求，并随着他们走出去分享他们所做的事情，继续增加整个潜在市场。”</blockquote></p><p> <b>Strong Demand Justifies Rapid Scaling Up To Achieve Strong Operating Leverage</b></p><p><blockquote><b>强劲的需求证明快速扩大规模以实现强大的运营杠杆是合理的</b></blockquote></p><p> Astute investors would clearly have recognized that if the company relied on just the fleet of VSS Unity or VSS Imagine to dominate the market for suborbital space tourism, it would have been largely insufficient.</p><p><blockquote>精明的投资者会清楚地认识到，如果该公司仅仅依靠 VSS Unity 或 VSS Imagine 的机队来主导亚轨道太空旅游市场，那么这在很大程度上是不够的。</blockquote></p><p> Based on the company's guidance and the Street's estimates, working through the company's initial community of 600 future astronauts would take a few years at least without the modifications to VMS Eve.</p><p><blockquote>根据该公司的指导和华尔街的估计，在不对 VMS Eve 进行修改的情况下，该公司最初由 600 名未来宇航员组成的社区至少需要几年时间。</blockquote></p><p> The initial cadence (before modifications) for 2022 is a maximum of 10 revenue flights comprising 60 passengers in total. Moving on to 2023, the company could also only fly a maximum of 24 to 36 flights annually, which would allow them to fly a maximum of 144 to 216 astronauts. Thus, it may be at least another 2 years until 2025 before Virgin Galactic could start to work through the order book from the 1000 Spacefarer community, and we think by then, at least some of them would have gone over to Blue Origin. Therefore, the initial cadence really doesn't work, especially with the company preparing to draw up its priority list soon for the interest generated from the Unity 22 PR campaign, and they need to work through the 1,600 future astronauts fast, which in the near term would be solved by Eve's modifications since it allows SPCE to fly 10x more in between major inspections.</p><p><blockquote>2022年的初始节奏（修改前）是最多10个收入航班，总共包括60名乘客。展望 2023 年，该公司每年最多只能飞行 24 至 36 次航班，这将允许他们最多搭载 144 至 216 名宇航员。因此，到2025年，维珍银河可能至少还需要两年时间才能开始处理1000名宇航员社区的订单，我们认为到那时，至少他们中的一些人会去蓝色起源。因此，最初的节奏确实不起作用，特别是该公司准备很快为 Unity 22 公关活动产生的兴趣制定优先列表，他们需要快速处理 1,600 名未来宇航员，这将在不久的将来通过 Eve 的修改来解决，因为它允许 SPCE 在重大检查之间的飞行次数增加 10 倍。</blockquote></p><p> However, the company still thinks that would still be insufficient to cater to the level of demand that they have been experiencing. As a result, they announced that they would be building their next-gen Delta class vehicles \"that are capable of turning on a 1-week interval.\" This class of ships is expected to form the majority of the company's future capacity over time.</p><p><blockquote>然而，该公司仍然认为这仍然不足以满足他们所经历的需求水平。因此，他们宣布将制造下一代 Delta 级车辆，“能够每隔 1 周启动一次”。随着时间的推移，此类船舶预计将构成该公司未来运力的大部分。</blockquote></p><p> Part of the reason that the company needed to raise the&nbsp;$500M equity&nbsp;offering recently is that they are ready to start developing and build the Delta class vehicles that would be highly instrumental towards meeting their long term capacity and cadence, that VSS Unity and VSS Imagine would never be able to meet sufficiently.</p><p><blockquote>该公司最近需要筹集 5 亿美元股权发行的部分原因是，他们已准备好开始开发和制造 Delta 级车辆，这将极大地有助于满足其长期容量和节奏，VSS Unity 和 VSS Imagine 永远无法满足。</blockquote></p><p> Crucially, the company highlighted that by ramping production and capacity through the Delta class, they would be able to achieve significant operating leverage as Virgin Galactic emphasized: \"...And that's why we're so focused on getting the Delta class with next generation of mothership. That's where we really get efficiency. That's where we get scale. That's where you'll really see the flow-through come because we'll have a fixed cost basis that is easy for us to communicate and easy for us to contribute the trade for efficiency down the road.\"</p><p><blockquote>至关重要的是，该公司强调，通过 Delta 级提升产量和运力，他们将能够实现显著的运营杠杆，正如维珍银河所强调的那样：“.....这就是为什么我们如此专注于获得下一代母舰的 Delta 级。这才是我们真正获得效率的地方。这才是我们获得规模的地方。这才是你真正看到流量的地方，因为我们将有一个固定的成本基础，这对我们来说很容易沟通，也很容易为未来的效率做出贡献。”</blockquote></p><p> <b>Competing Against Blue Origin</b></p><p><blockquote><b>与蓝色起源竞争</b></blockquote></p><p> We think operating leverage will be the name of the game here, and Virgin Galactic clearly recognizes that it would be vital for the company to operate at a sufficient scale justified by its demand drivers to compete strongly against Blue Origin.</p><p><blockquote>我们认为运营杠杆将是这里的游戏名称，维珍银河清楚地认识到，对于该公司来说，以其需求驱动因素所证明的足够规模运营对于与蓝色起源进行强有力的竞争至关重要。</blockquote></p><p> While we don't think Blue Origin's main game is in suborbital space tourism, as Jeff Bezos also highlighted previously that: \"The architecture&nbsp;and the technology we have chosen is complete overkill for a suborbital tourism mission.”</p><p><blockquote>虽然我们不认为蓝色起源的主要游戏是亚轨道太空旅游，但正如杰夫·贝索斯之前强调的那样：“我们选择的架构和技术对于亚轨道旅游任务来说完全是矫枉过正。”</blockquote></p><p> We think Blue Origin's main market certainly goes beyond suborbital space tourism that Morgan Stanley highlighted that \"Mr. Bezos’ company is seeking business in a space market that will triple in size to more than $1 trillion in annual sales by 2040, assuming rapid technological developments enable routine moon landings, asteroid mining and space tourism.\"</p><p><blockquote>我们认为，蓝色起源的主要市场肯定超出了摩根士丹利强调的亚轨道太空旅游，“贝佐斯先生的公司正在太空市场寻求业务，到 2040 年，该市场的规模将扩大两倍，年销售额将超过 1 万亿美元，前提是技术的快速发展能够实现常规登月、小行星采矿和太空旅游”。</blockquote></p><p> Therefore, while Blue Origin focuses on building up its Space colonies' vision over the long term, we think they would most certainly be able to ramp their production quickly and gain significant operating leverage. The key is how those advantages translate to its suborbital space tourism segment in the near term would be key to determine Virgin Galactic's leadership.</p><p><blockquote>因此，虽然蓝色起源专注于建立其太空殖民地的长期愿景，但我们认为他们肯定能够快速提高产量并获得显着的运营杠杆。关键是这些优势如何在短期内转化为其亚轨道太空旅游领域，这将是决定维珍银河领先地位的关键。</blockquote></p><p></p><p> One thing is for sure. Both companies expect the price for the suborbital space tourism tickets to come down substantially over time as production scales up and technologies improve. Thus, the key for Virgin Galactic's leadership and survival in this market is to gain operating leverage as quickly as possible to build up those advantages while Blue Origin has its plate full with its various projects across the entire spectrum.</p><p><blockquote>有一点是肯定的。两家公司预计，随着生产规模的扩大和技术的进步，亚轨道太空旅游门票的价格将随着时间的推移大幅下降。因此，维珍银河在这个市场上的领导地位和生存的关键是尽快获得运营杠杆以建立这些优势，而蓝色起源则忙于整个领域的各种项目。</blockquote></p><p> Virgin Galactic wants to make suborbital space tourism much more accessible, and the key to achieving that is to drive prices down through operating leverage achieved by ramping up production. As a result, we think the company's Delta class plans are highly pivotal to Virgin Galactic's leadership against Blue Origin and highly encourage investors to keep their eyes closely focused on these plans.</p><p><blockquote>维珍银河希望让亚轨道太空旅游更容易获得，而实现这一目标的关键是通过提高产量实现的运营杠杆来降低价格。因此，我们认为该公司的 Delta class 计划对于维珍银河对抗蓝色起源的领导地位至关重要，并强烈鼓励投资者密切关注这些计划。</blockquote></p><p> <b>Free Cash Flow Forecast &amp; Valuations</b></p><p><blockquote><b>自由现金流预测和估值</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/48be5e8da375fdc72591e31b96a223f4\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>EBITDA margin forecast &amp; CapEx margin forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EBITDA 利润率预测和资本支出利润率预测。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/57509b52b1c0ac46a44e7a0dd619bd97\" tg-width=\"640\" tg-height=\"361\" width=\"100%\" height=\"auto\"><span>EV / Fwd EBITDA trend. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV / Fwd EBITDA 趋势。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Despite the delay in launching full revenue service to Q3'22, the Street's estimates expect the company to be FCF profitable from the end of FY24. We think that's important as it demonstrates the long-term cash flow potential for the company's business in this market, where only BORGN and SPCE are the clear leaders right now.</p><p><blockquote>尽管推迟到 2022 年第三季度推出全面收入服务，但华尔街预计该公司将从 2024 财年末开始实现自由现金流盈利。我们认为这很重要，因为它展示了该公司业务在这个市场的长期现金流潜力，目前只有 BORGN 和 SPCE 是该市场的明显领导者。</blockquote></p><p> However, the valuations still look expensive at 18.5x by the end of 2030, 36% above its aerospace and defense peers comp set mean of 13.61x.</p><p><blockquote>然而，到 2030 年底，估值看起来仍然很昂贵，为 18.5 倍，比航空航天和国防同行的平均薪酬 13.61 倍高出 36%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1084f3186f9732fad8d28b824c65de2a\" tg-width=\"640\" tg-height=\"472\" width=\"100%\" height=\"auto\"><span>Street's mean price target. Source: TIKR</span></p><p><blockquote><p class=\"t-img-caption\"><span>Street 的平均价格目标。资料来源：TIKR</span></p></blockquote></p><p> The Street is also not too optimistic, as the mean target price of $35.55 is a mere 13.5% above the last closing price, as analysts focused on SPCE's near term \"headwind\" of moving its revenue service to Q3'CY22, which we think is highly important to its long term competitive advantage.</p><p><blockquote>华尔街也不太乐观，因为平均目标价 35.55 美元仅比最后收盘价高出 13.5%，因为分析师关注的是 SPCE 将其收入服务转移到 2022 年第三季度的近期“逆风”，我们认为这对其长期竞争优势非常重要。</blockquote></p><p> While we are really excited about the company's long-term prospects, as well as its ambition to bring suborbital space tourism to the world, we are not so sure about Virgin Galactic's expensively-looking valuation.</p><p><blockquote>虽然我们对该公司的长期前景以及将亚轨道太空旅游带给世界的雄心感到非常兴奋，但我们对维珍银河看起来昂贵的估值不太确定。</blockquote></p><p> <b>SPCE Stock Price Action and Trend Analysis</b></p><p><blockquote><b>SPCE 股票价格走势和趋势分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f872b3e8670eac6d5ca4d8afce15200\" tg-width=\"640\" tg-height=\"390\" width=\"100%\" height=\"auto\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：TradingView</span></p></blockquote></p><p> While we don't think SPCE would be a suitable stock for long-term investors given its expensive valuation, we think position traders may still find an opportunity lurking around the horizon with this stock.</p><p><blockquote>虽然鉴于其昂贵的估值，我们认为 SPCE 不是一只适合长期投资者的股票，但我们认为头寸交易者仍然可能会发现这只股票潜伏的机会。</blockquote></p><p> SPCE is strongly supported along its 50-week moving average dynamic support level that has held strongly since 2020, including the recent false break to the downside (bear trap) it saw in May. Therefore, position traders keen to trade this stock may find an opportunity once the price action resolves itself in the next couple of weeks, we hope.</p><p><blockquote>SPCE 受到 50 周移动平均线动态支撑位的强力支撑，该支撑位自 2020 年以来一直保持强劲，包括最近 5 月份出现的下行（熊市陷阱）的假突破。因此，我们希望，一旦价格走势在未来几周内自行解决，热衷于交易该股票的头寸交易者可能会找到机会。</blockquote></p><p> In summary, we assign a neutral rating to SPCE for long-term investors.</p><p><blockquote>总之，对于长期投资者，我们给予 SPCE 中性评级。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4449270-virgin-galactic-stock-10-years\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPCE":"维珍银河"},"source_url":"https://seekingalpha.com/article/4449270-virgin-galactic-stock-10-years","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149823415","content_text":"Summary\n\nVirgin Galactic fell more than 30% post-earnings as the market was disappointed with the \"delay\" affecting the launch of its private commercial revenue service.\nHowever, we think the company's \"delay\" is necessary for it to rectify its supply constraints and meet the huge demand that the company is experiencing.\nWe would also discuss in detail the company's long-term opportunities and threats, and what investors need to monitor moving forward.\nLastly, we present our valuation arguments for long-term investors who are considering adding exposure to Virgin Galactic.\n\nNastco/iStock via Getty Images\nInvestment Thesis\nBack in May, when we published our previous article (link to article appendedhere) on Virgin Galactic (SPCE), we clearly highlighted that we think the Street's consensus has been too optimistic about Virgin Galactic's revenue estimates as we thought the projections overstated the market opportunity for suborbital space tourism over the next 10 years to a large extent, based on our research that consulted multiple sources, and we submitted a revised projection.\nSince then, the Street has revised its near-term projections downwards as the company recently indicated that they are expecting to commence commercial service only from late Q3'CY22.\nThis article will discuss the circumstances leading to Virgin Galactic's \"delayed\" launch, the long-term opportunities, and the competitive threat facing Virgin's leadership quest in suborbital space tourism.\nLastly, we would present our valuation argument for long-term investors considering adding exposure to the stock right now.\nRevisions to Virgin Galactic's Mean Consensus Estimates\nMay's consensus revenue estimates & Aug's consensus revenue estimates. Data source: S&P Capital IQ\nScale of revised estimates (Between May and Aug estimates). Data source: S&P Capital IQ\nInvestors should be able to glean clearly that near-term consensus estimates were revised downwards from May's projections that affected CY21 to CY25. However, we think what's important for investors to note is that the Street revised its estimates meaningfully upwards from CY26 to reflect the strong demand that SPCE highlighted during its recent earnings call, which we think demonstrates the company's confidence in a strong revenue runway for the long term, which we would discuss in detail in the subsequent sections.\nPrivate Commercial Full Revenue Service is Expected from Q3'CY22\nSPCE has since lost about 33% of its value since its earnings release on Aug 5, which we think is largely attributed to the near term headwinds resulting from its \"delay\" on commercial service launch as a result of proposed critical enhancements to VSS Unity and the mothership VMS Eve to increase their turnaround time between flights and maintenance significantly.\nAs a result of the enhancements that would take place after the completion of Unity 23 revenue-generating flight with the Italian Air Force, the company expects to commence its private commercial full revenue service only from late Q3'CY22, which we think may have taken investors aback as while the market expected full commercial service to begin in 2022, they did not expect it to be as late as Q3.\nHowever, we think the market has once again chosen to focus on the uncertainty resulting from the near-term revenue service delay and ignore the importance of the enhancements that are expected to improve VMS Eve's turnaround time so significantly that Virgin Galactic emphasized:\n\n These enhancements\n could potentially allow Eve to fly 100 flights between major maintenance inspections. This is up from the current interval of 10 flights between major inspections today. This will be an incredibly important success factor during the early commercial service period while we are in process of manufacturing additional motherships.\n\nIn addition, the company also highlighted that with the enhancements, the company is also \"targeting a reduced turnaround flight between Unity flights of 4 to 5 weeks, and that's down from what has at best, been 7 to 8 weeks for VSS Unity.\"\nThe Street and the market were certainly disappointed with the announcement, as analysts cut near-term forecasts and downgraded ratings, and Morgan Stanley also emphasized: \"During this heavy maintenance period, Virgin Galactic will not be able to conduct any space flights until summer of 2022.\"\nSure, no flights. We are certainly not concerned, as the company reiterated the significance of these enhancements:\n\n These are reasonably robust modifications to Eve. But the reason we are taking the additional scope and the additional time for this enhancement period of Eve is because the flight rate that we will derive from Eve following this enhancement period is we plan to build that to effect. It's almost 10x greater between major inspections and what we've been doing now. That will give us an ability to fly Eve much more frequently, and\n that's really important to our initial group of future astronauts as well as the people that we're going to be signing up starting today.\"\n\nIf investors could clearly glean the language used by the company in the above sentence, the company is clearly doing it because they are expecting such a robust demand for its space flight services that we think may have exceeded what the company had initially planned for. So while the recent launch event with Sir Richard Branson was largely seen as a major PR coup, it certainly allowed the company to measure the response from interested customers, and the company has clearly indicated that they see such robust demand that they needed to open up a priority list as soon as possible as CEO Michael Colglazier articulated:\n\n Leveraging the substantial demand we have seen to our website, I am pleased to announce that we will soon open a priority list for future space travelers who wish to be next in line. We will reach out first to this list with any available inventory following the conclusion of our spacefarer conversion process. Registration for this list will soon be made available on our website...We have an enormous amount of confidence in the total addressable market that's been kind of shown from the response to [Sir Richard Branson's] Unity 22. So we won't be absorbing all of it, but we do think we can make a major step forward here.\n\nWe are not sure what the market and other investors think. Still, the company needs to find a way to cope with the demand from what's obviously a heavily supply-constrained situation. The next best thing they would do in the near term is to make the necessary modifications to VMS Eve and VSS Unity to ensure these highly valued potential customers don't go knocking on the door of Jeff Bezos's Blue Origin (BORGN).\nAre There Really So Many Customers Who Couldn't Wait to Get On Board VSS Unity?\nYes, it's pretty incredible to think that the company is expecting so many customers who couldn't wait to get on board. Lisa Rich, the Managing Partner at the venture capital firm Hemisphere Ventures, articulated: \"...I've met so many Virgin [Galactic] ticket holders over the years. And by the way, every one of them has told me that the $250,000 they've spent waiting has paid for itself 10 times over because of the experiences that they have shared over the years.\"\nInvestors should clearly understand that the community of 600 future astronauts that have committed to Virgin Galactic's flight services formed a tight-knit group over the years as the company emphasized: \"I think one thing that probably [is] not well known outside of the existing future astronaut is one of the secret weapons of Virgin Galactic is our astronaut office. This is a group of people who have brought together these 600 people into a true community.\"\nThe company emphasized that these customers really value the journey towards realizing the flight experience as these customers consider it a \"life-transitional journey.\" They see so much value in what Virgin Galactic is doing that the company emphasized that their customers consider joining the community that the company brought together is \"[a] top, top of mind [priority] and very powerful.\"\nImportantly, the company also highlighted that they have opened up ticket sales to their 1000-strong \"Spacefarer\" community who has signed up through the company's \"One Small Step\" program, with a price starting from $450K per seat, that's way higher than the $200K to $250K per seat that the initial 600 future astronauts signed up for.\nVirgin Galactic believes that these future astronauts are going to be the \"sales ambassadors\" for the company because of the experience of the strong and tight-knit astronaut community that the company has painstakingly built up: \"...And so I think you can think about lifetime value in several ways. One of them is as people move through being a future astronaut graduate into the astronaut community, I think they're going to come back, and I think it will just be very natural in how people will share the experience.And I think them sharing the experience will not only let people say how wonderful it was, but it will also bring normalcy to the concept of human spaceflight. So this group of people as we bring them in, the lifetime value is all-around demand and continuing to increase the total addressable market as they go out there and share what they've done.\"\nStrong Demand Justifies Rapid Scaling Up To Achieve Strong Operating Leverage\nAstute investors would clearly have recognized that if the company relied on just the fleet of VSS Unity or VSS Imagine to dominate the market for suborbital space tourism, it would have been largely insufficient.\nBased on the company's guidance and the Street's estimates, working through the company's initial community of 600 future astronauts would take a few years at least without the modifications to VMS Eve.\nThe initial cadence (before modifications) for 2022 is a maximum of 10 revenue flights comprising 60 passengers in total. Moving on to 2023, the company could also only fly a maximum of 24 to 36 flights annually, which would allow them to fly a maximum of 144 to 216 astronauts. Thus, it may be at least another 2 years until 2025 before Virgin Galactic could start to work through the order book from the 1000 Spacefarer community, and we think by then, at least some of them would have gone over to Blue Origin. Therefore, the initial cadence really doesn't work, especially with the company preparing to draw up its priority list soon for the interest generated from the Unity 22 PR campaign, and they need to work through the 1,600 future astronauts fast, which in the near term would be solved by Eve's modifications since it allows SPCE to fly 10x more in between major inspections.\nHowever, the company still thinks that would still be insufficient to cater to the level of demand that they have been experiencing. As a result, they announced that they would be building their next-gen Delta class vehicles \"that are capable of turning on a 1-week interval.\" This class of ships is expected to form the majority of the company's future capacity over time.\nPart of the reason that the company needed to raise the $500M equity offering recently is that they are ready to start developing and build the Delta class vehicles that would be highly instrumental towards meeting their long term capacity and cadence, that VSS Unity and VSS Imagine would never be able to meet sufficiently.\nCrucially, the company highlighted that by ramping production and capacity through the Delta class, they would be able to achieve significant operating leverage as Virgin Galactic emphasized: \"...And that's why we're so focused on getting the Delta class with next generation of mothership. That's where we really get efficiency. That's where we get scale. That's where you'll really see the flow-through come because we'll have a fixed cost basis that is easy for us to communicate and easy for us to contribute the trade for efficiency down the road.\"\nCompeting Against Blue Origin\nWe think operating leverage will be the name of the game here, and Virgin Galactic clearly recognizes that it would be vital for the company to operate at a sufficient scale justified by its demand drivers to compete strongly against Blue Origin.\nWhile we don't think Blue Origin's main game is in suborbital space tourism, as Jeff Bezos also highlighted previously that: \"The architecture and the technology we have chosen is complete overkill for a suborbital tourism mission.”\nWe think Blue Origin's main market certainly goes beyond suborbital space tourism that Morgan Stanley highlighted that \"Mr. Bezos’ company is seeking business in a space market that will triple in size to more than $1 trillion in annual sales by 2040, assuming rapid technological developments enable routine moon landings, asteroid mining and space tourism.\"\nTherefore, while Blue Origin focuses on building up its Space colonies' vision over the long term, we think they would most certainly be able to ramp their production quickly and gain significant operating leverage. The key is how those advantages translate to its suborbital space tourism segment in the near term would be key to determine Virgin Galactic's leadership.\nOne thing is for sure. Both companies expect the price for the suborbital space tourism tickets to come down substantially over time as production scales up and technologies improve. Thus, the key for Virgin Galactic's leadership and survival in this market is to gain operating leverage as quickly as possible to build up those advantages while Blue Origin has its plate full with its various projects across the entire spectrum.\nVirgin Galactic wants to make suborbital space tourism much more accessible, and the key to achieving that is to drive prices down through operating leverage achieved by ramping up production. As a result, we think the company's Delta class plans are highly pivotal to Virgin Galactic's leadership against Blue Origin and highly encourage investors to keep their eyes closely focused on these plans.\nFree Cash Flow Forecast & Valuations\nEBITDA margin forecast & CapEx margin forecast. Data source: S&P Capital IQ\nEV / Fwd EBITDA trend. Data Source: S&P Capital IQ\nDespite the delay in launching full revenue service to Q3'22, the Street's estimates expect the company to be FCF profitable from the end of FY24. We think that's important as it demonstrates the long-term cash flow potential for the company's business in this market, where only BORGN and SPCE are the clear leaders right now.\nHowever, the valuations still look expensive at 18.5x by the end of 2030, 36% above its aerospace and defense peers comp set mean of 13.61x.\nStreet's mean price target. Source: TIKR\nThe Street is also not too optimistic, as the mean target price of $35.55 is a mere 13.5% above the last closing price, as analysts focused on SPCE's near term \"headwind\" of moving its revenue service to Q3'CY22, which we think is highly important to its long term competitive advantage.\nWhile we are really excited about the company's long-term prospects, as well as its ambition to bring suborbital space tourism to the world, we are not so sure about Virgin Galactic's expensively-looking valuation.\nSPCE Stock Price Action and Trend Analysis\nSource: TradingView\nWhile we don't think SPCE would be a suitable stock for long-term investors given its expensive valuation, we think position traders may still find an opportunity lurking around the horizon with this stock.\nSPCE is strongly supported along its 50-week moving average dynamic support level that has held strongly since 2020, including the recent false break to the downside (bear trap) it saw in May. Therefore, position traders keen to trade this stock may find an opportunity once the price action resolves itself in the next couple of weeks, we hope.\nIn summary, we assign a neutral rating to SPCE for long-term investors.","news_type":1,"symbols_score_info":{"SPCE":0.9}},"isVote":1,"tweetType":1,"viewCount":4307,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895017224,"gmtCreate":1628694122968,"gmtModify":1631885721646,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"like &nbsp;comment","listText":"like &nbsp;comment","text":"like comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/895017224","repostId":"1141858457","repostType":4,"repost":{"id":"1141858457","kind":"news","pubTimestamp":1628693066,"share":"https://www.laohunote.com/m/news/1141858457?lang=zh_CN&edition=full","pubTime":"2021-08-11 22:44","market":"us","language":"en","title":"Disney Cancels Planned Scarlett Johansson Feature 'Tower Of Terror' In Wake Of Salary Dispute Lawsuit: Report<blockquote>薪资纠纷诉讼后，迪士尼取消了计划中的斯嘉丽·约翰逊电影《恐怖塔》：报告</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141858457","media":"Benzinga","summary":"The feud between Walt Disney Co and “Black Widow” star Scarlett Johansson has taken a new twist with","content":"<p><div> The feud between Walt Disney Co and “Black Widow” star Scarlett Johansson has taken a new twist with the studio reportedly canceling planned projects it previously announced with the two-time Oscar-...</p><p><blockquote><div>华特-迪士尼公司（Walt Disney Co.）与《黑寡妇》（Black Widow）主演斯嘉丽-约翰逊（Scarlett Johansson）之间的恩怨有了新的转折，据报道，迪士尼公司取消了之前宣布的与两届奥斯卡奖得主斯嘉丽-约翰逊（Scarlett Johansson）合作的计划项目。</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/08/22445294/disney-cancels-planned-scarlett-johansson-feature-tower-of-terror-in-wake-of-salary-dispute-lawsuit\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/08/22445294/disney-cancels-planned-scarlett-johansson-feature-tower-of-terror-in-wake-of-salary-dispute-lawsuit\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","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>Disney Cancels Planned Scarlett Johansson Feature 'Tower Of Terror' In Wake Of Salary Dispute Lawsuit: Report<blockquote>薪资纠纷诉讼后，迪士尼取消了计划中的斯嘉丽·约翰逊电影《恐怖塔》：报告</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; 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}\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\">\nDisney Cancels Planned Scarlett Johansson Feature 'Tower Of Terror' In Wake Of Salary Dispute Lawsuit: Report<blockquote>薪资纠纷诉讼后，迪士尼取消了计划中的斯嘉丽·约翰逊电影《恐怖塔》：报告</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-08-11 22:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> The feud between Walt Disney Co and “Black Widow” star Scarlett Johansson has taken a new twist with the studio reportedly canceling planned projects it previously announced with the two-time Oscar-...</p><p><blockquote><div>华特-迪士尼公司（Walt Disney Co.）与《黑寡妇》（Black Widow）主演斯嘉丽-约翰逊（Scarlett Johansson）之间的恩怨有了新的转折，据报道，迪士尼公司取消了之前宣布的与两届奥斯卡奖得主斯嘉丽-约翰逊（Scarlett Johansson）合作的计划项目。</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/08/22445294/disney-cancels-planned-scarlett-johansson-feature-tower-of-terror-in-wake-of-salary-dispute-lawsuit\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/08/22445294/disney-cancels-planned-scarlett-johansson-feature-tower-of-terror-in-wake-of-salary-dispute-lawsuit\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/news/21/08/22445294/disney-cancels-planned-scarlett-johansson-feature-tower-of-terror-in-wake-of-salary-dispute-lawsuit\">Benzinga</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":{"DIS":"迪士尼"},"source_url":"https://www.benzinga.com/news/21/08/22445294/disney-cancels-planned-scarlett-johansson-feature-tower-of-terror-in-wake-of-salary-dispute-lawsuit","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141858457","content_text":"The feud between Walt Disney Co and “Black Widow” star Scarlett Johansson has taken a new twist with the studio reportedly canceling planned projects it previously announced with the two-time Oscar-nominated actress.\nWhat Happened:According to a report on the entertainment siteGiantFreakinRobot.combased on information from “one of our trusted and proven inside sources,” Disney has dropped the “Tower of Terror” project that Johansson was scheduled to star in and produce through her These Pictures company.\n“Tower of Terror” is based on the popular Disney theme park ride.Colliderfirst reported the project had the greenlight in June, with “Toy Story 4” director Josh Cooley at work on a screenplay. The ride inspired a 1997 made-for-television Disney film with Steve Guttenbergand the studio has trying to develop a theatrical feature since 2015.\nWhat Else Happened:Besides giving “Tower of Terror” the kibosh, the studio is also closing the door on any potential future projects with Johansson, whosued Disneyover breach of contract in connection with having her “Black Widow” salary linked to the film’s theatrical release. The studio gave the film a simultaneous theatrical and streaming release, which Johansson said violated her contract and ensured she would be receiving less money for her performance.\nJohansson’s only other 2021 film role will be a voice performance in the animated film “Sing 2” from Comcast Corporation’s Universal Pictures, which is scheduled for a December release. She is in pre-production as star and producer on the science-fiction drama “Bride,” which will be released by A24 and Apple Inc. .\nIn early 2020, Johansson and Chris Evans were cited in multiple entertainment media sources as being in talks to star in a remake of the musical “Little Shop of Horrors” for the AT&T subsidiary Warner Bros. However, Evans told an interviewer in March the project has been put on indefinite hold because the projected film budget became too large.","news_type":1,"symbols_score_info":{"DIS":0.9}},"isVote":1,"tweetType":1,"viewCount":3715,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803775220,"gmtCreate":1627469022960,"gmtModify":1631890938749,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"good to follow [Happy]&nbsp;","listText":"good to follow [Happy]&nbsp;","text":"good to follow [Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/803775220","repostId":"1181811581","repostType":4,"isVote":1,"tweetType":1,"viewCount":885,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148900415,"gmtCreate":1625908168237,"gmtModify":1633936165604,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"watchlist！","listText":"watchlist！","text":"watchlist！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/148900415","repostId":"2150370120","repostType":4,"isVote":1,"tweetType":1,"viewCount":384,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175797471,"gmtCreate":1627048718593,"gmtModify":1631893128663,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"watchlist updated [Happy]&nbsp;","listText":"watchlist updated [Happy]&nbsp;","text":"watchlist updated [Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/175797471","repostId":"2153983997","repostType":4,"isVote":1,"tweetType":1,"viewCount":577,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176159390,"gmtCreate":1626873550910,"gmtModify":1631893128689,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087899430188250","idStr":"4087899430188250"},"themes":[],"title":"","htmlText":"let keep watch… [Miser]&nbsp;","listText":"let keep watch… [Miser]&nbsp;","text":"let keep watch… [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/176159390","repostId":"1172321314","repostType":4,"isVote":1,"tweetType":1,"viewCount":429,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}