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2021-11-13

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Tesla: $1 Trillion Of Speculation

2021-09-14

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4 Investing Strategies to Navigate the Stock Market in 2021

2021-09-22

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Why Morgan Stanley is starting to see ‘fire and ice’ and a bear-market drop as ‘more likely’ for stock-market investors

2021-09-20

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Toplines Before US Market Open on Monday

2021-09-23

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Wall St ends higher as Fed signals bond-buying taper soon

2021-09-22

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EV Stocks slipped in premarket trading

2021-09-22

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EV maker Lucid shares jumped 4% in morning trading

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Tesla needs 155 Hertz-sized orders to justify the revenue expectations in its stock price. Put another way, the $1.2 trillion valuation implies Tesla owns 60%+ of the entire global p","content":"<p>Tesla’s (TSLA) market cap surpassed the trillion-dollar mark, driven by a post-earnings rally that got a boost from the announcement of a 100,000-vehicle order from Hertz (HTZ), which might&nbsp;not even happen.</p>\n<p>Even if it does come to pass, the Hertz order is a drop in the bucket of growth expectations baked into Tesla’s valuation. Tesla needs 155 Hertz-sized orders to justify the revenue expectations in its stock price. Put another way, the $1.2 trillion valuation implies Tesla owns 60%+ of the entire global passenger EV market and becomes more profitable than Apple (AAPL) by 2030.</p>\n<p>This report provides objective perspective on how outrageously high the valuation of Tesla stock is and the clear impracticality of the company meeting the expectations baked into its valuation.</p>\n<p><b>Tesla’s Valuation vs. Competitors Makes No Sense</b></p>\n<p>Tesla’s market cap is now greater than the next 10 largest (ranked by market cap) auto manufacturers combined.</p>\n<p><b>Figure 1:&nbsp;Tesla’s Market Cap Vs. Competitors</b></p>\n<p><img src=\"https://static.tigerbbs.com/fb58977e39c2d0ce868e80de26d098d9\" tg-width=\"925\" tg-height=\"393\" referrerpolicy=\"no-referrer\"></p>\n<p>This valuation comes despite Tesla selling less than 1/50th&nbsp;of the vehicles than the combined total sold by the next 10 largest automakers over the trailing twelve months ended the first half of 2021. See Figure 2.</p>\n<p>I cannot conceive of a straight-faced argument for the disconnect between Tesla’s valuation and its vehicle sales compared to its competitors.</p>\n<p><b>Figure 2:&nbsp;Tesla’s Car Sales Vs. Competitors</b></p>\n<p><img src=\"https://static.tigerbbs.com/7fe8de12677dc13fe01f38fbafdcab27\" tg-width=\"946\" tg-height=\"397\" referrerpolicy=\"no-referrer\">* Stellantis sales estimated as Fiat Chrysler and PSA Group’s 2H20 sales and Stellantis’ 1H21 sales. Stellantis was formed as a merger between the two in January 2021.</p>\n<p><b>Is the Hertz Deal Really Worth $100 Billion+ in Market Cap?</b></p>\n<p>Even if Hertz eventually agrees to buy 100,000 Tesla Model 3s, I do not think it is worth the $100 billion in market cap, or $1 million per vehicle, that we saw investors give Tesla’s market cap after the Hertz deal made headlines. Even Elon Musk questioned the surge in share price, noting that the price movement was “strange” given that Tesla is “very much a production ramp problem, not a demand problem.”</p>\n<p>This $100 billion market cap jump makes even less sense in the context of Tesla’s&nbsp;sky-high valuation&nbsp;before the announcement. Clearly, the feasibility of Tesla meeting the sales expectations embedded in its market cap plays no role in its valuation. For those that do care about&nbsp;expectations investing, I did the math and Tesla needs to successfully deliver on 155 Hertz-sized deals to meet the sales implied by a $1.2 trillion market cap.</p>\n<p><b>Will the Hertz Deal Result in Any Profits – If It Goes Through?</b></p>\n<p>After Elon Musk&nbsp;tweeted&nbsp;on November 1, 2021 that “no contract has been signed yet”, the Hertz deal reminds me of another&nbsp;famous tweet: \"am considering taking Tesla private at $420. Funding secured.”</p>\n<p>Even if the deal does go through, the pricing terms are very unclear. Elon insists that no cars will be sold at a discount. Meanwhile, Hertz CEO Mark Fields has made it clear that he is playing the field and working on getting cars from all EV manufacturers on his lot.</p>\n<p>Either Tesla is selling cars at a (large or small) discount, the deal terms are wrong, or the deal does not get done. If the deal gets done, I do not expect it to be profitable. Rental car companies are accustomed to getting discounts for bulk orders, and I see no reason for Hertz to expect to pay list prices on a deal for so many cars.</p>\n<p>At the end of the day, I’m not sure pricing matters because I don't think the Hertz deal gets done. This affair is more about headlines and fueling speculation than doing any real business.</p>\n<p><b>Tesla’s Global Market Share Getting Smaller</b></p>\n<p>Tesla’s first-mover is already eroding, and its market share continues to decline. In the first half of 2021, Tesla sold 14.6% of the EVs&nbsp;sold worldwide&nbsp;compared to 18.8% over the same period in 2020.</p>\n<p>Rising volumes, and falling market share are to be expected in a nascent industry. The problem is that Tesla’s isn’t priced for declining market share. It is priced for massive market share gains, unheard of gains in nearly any industry across the globe, especially in an industry as large and competitive as passenger vehicles.</p>\n<p><b>Reverse DCF Math: Valuation Implies Tesla Will Own 60%+ of the Global Passenger EV Market</b></p>\n<p>At its current average selling price (ASP) of ~$51k, Tesla’s stock price of ~1,200/share implies the firm will sell 16 million vehicles in 2030 (versus ~800k TTM), or 60% of the&nbsp;projected base case global EV passenger vehicle market&nbsp;in 2030. For reference, Adam Jonas, a Morgan Stanley analyst with a price target of $1,600/share, projects Tesla will sell&nbsp;8.1 million vehicles&nbsp;in 2030.</p>\n<p>I think it is unlikely that Tesla will sell such a high volume of vehicles at a $51k ASP, yet the implied vehicle sales based on lower ASPs look even more impractical.</p>\n<p>As detailed in the next section, this analysis assumes Tesla achieves profit margins twice as high as Toyota (TM) and quadruples its current auto manufacturing efficiency. In other words, I aim to provide inarguably best-case scenarios for assessing the expectations reflected in Tesla’s stock price.</p>\n<p>Per Figure 3, Tesla’s current valuation implies that, in 2030, it will sell the following number of vehicles based on these ASP benchmarks:</p>\n<ul>\n <li>16 million vehicles – current ASP of $51k</li>\n <li>21 million vehicles – ASP of $38k (average new car price in the U.S. in 2020)</li>\n <li>46 million vehicles – ASP of $17k (equal to General Motors over the TTM)</li>\n</ul>\n<p>If Tesla achieves those EV sales, the implied market share for the company would be the following (assuming global passenger EV sales reach 25.8 million in 2030, the&nbsp;base case projection from the IEA):</p>\n<ul>\n <li>60% for 16 million vehicles</li>\n <li>80% for 21 million vehicles</li>\n <li>179% for 46 million vehicles</li>\n</ul>\n<p>If I assume the&nbsp;IEA’s best case&nbsp;for global passenger EV sales in 2030, 46.8 million vehicles, the above vehicle sales represent:</p>\n<ul>\n <li>33% for 16 million vehicles</li>\n <li>44% for 21 million vehicles</li>\n <li>98% for 46 million vehicles</li>\n</ul>\n<p><b>Figure 3:&nbsp;Tesla’s Implied Vehicle Sales in 2030 to Justify Current Valuation</b></p>\n<p><img src=\"https://static.tigerbbs.com/9c6d6230910209d16f55e6e527130d43\" tg-width=\"960\" tg-height=\"376\" referrerpolicy=\"no-referrer\"><b>The Math Shows that Tesla Must be More Profitable Than Apple</b></p>\n<p>Here are the assumptions I use in my&nbsp;reverse discounted cash flow (DCF) model&nbsp;to calculate the implied production levels above.</p>\n<p>To justify its current price of ~$1,200/share, Tesla must:</p>\n<ul>\n <li>immediately achieve a 17.2% NOPAT margin (double Toyota’s margin, which is the highest of the large-scale automakers I cover), compared to Tesla’s TTM margin of 7.7%) and</li>\n <li>grow revenue by 38% compounded annually for the next decade.</li>\n</ul>\n<p>In this&nbsp;scenario, Tesla generates&nbsp;<b>$783 billion</b>&nbsp;in revenue in 2030, which is 102% of the combined revenues of Toyota, General Motors, Ford (F), Honda Motor Corp (HMC), and Stellantis (STLA) over the TTM.</p>\n<p>This scenario also implies Tesla generates $135 billion in net operating profit after-tax (NOPAT) in 2030, or 45% higher than Apple’s (AAPL) TTM NOPAT, which, at $93 billion, is the highest of all&nbsp;companies my firm covers.</p>\n<p><b>TSLA Has 60%+ Downside If Morgan Stanley Is Right About Sales</b></p>\n<p>If I assume Tesla reaches Morgan Stanley’s estimate of selling 8.1 million cars in 2030 (which implies a 31% share of the global passenger EV market in 2030), at an ASP of $38k, the stock is worth just $483/share. Details:</p>\n<ul>\n <li>NOPAT margin improves to 17.2% and</li>\n <li>revenue grows 27% compounded annually over the next decade, then</li>\n</ul>\n<p>the stock is worth just $483/share today – 60% downside to the current price.&nbsp;See the math behind this reverse DCF scenario. In this scenario, Tesla grows NOPAT to $60 billion, or nearly 17x its TTM NOPAT, and just 3% below Alphabet’s (GOOGL) TTM NOPAT.</p>\n<p><b>TSLA Has 88%+ Downside Even with 28% Market Share and Realistic Margins</b></p>\n<p>If I estimate more reasonable (but still very optimistic) margins and market share achievements for Tesla, the stock is worth just $148/share. Here’s the math:</p>\n<ul>\n <li>NOPAT margin improves to 8.5% (equal to General Motors’ TTM margin, compared to Tesla’s TTM margin of 7.7%) and</li>\n <li>revenue grows by consensus estimates from 2021-2023 and</li>\n <li>revenue grows 18% a year from 2024-2030, then</li>\n</ul>\n<p>the stock is worth just $148/share today – an 88% downside to the current price.</p>\n<p>In this&nbsp;scenario, Tesla sells 7.2 million cars (at an ASP of 38k) and owns 28% of the global passenger EV market in 2030. If Tesla fails to meet these expectations, then the stock is worth less than $148/share.</p>\n<p>Also, for this scenario, I assume a much more realistic NOPAT margin, 8.5%, for Tesla. Given the expansion required of the business, struggles to be profitable to date, and formidable competition, I think Tesla will be lucky to achieve and sustain a margin as high as 8.5% from 2021-2030.</p>\n<p>Figure 4 compares the firm’s historical NOPAT to the NOPAT implied by its current stock price, the 8.1 million vehicle sales scenario, and the 7.2 million vehicle sales scenario to illustrate just how high the expectations baked into Tesla’s stock price remain. For additional context, I show Toyota’s, General Motors’, and Apple’s TTM NOPAT.</p>\n<p><b>Figure 4: Tesla’s Historical and Implied NOPAT: DCF Valuation Scenarios</b></p>\n<p><img src=\"https://static.tigerbbs.com/25d334530f3477d58879490d628fa8ef\" tg-width=\"936\" tg-height=\"463\" referrerpolicy=\"no-referrer\"></p>\n<p>Each of the above scenarios assumes Tesla’s&nbsp;invested capital&nbsp;grows 14% compounded annually through 2030. For reference, Tesla’s invested capital grew 53% compounded annually from 2010-2020 and 29% compounded annually from 2015-2020. Invested capital at the end of 3Q21 grew 21% YoY. Tesla’s property, plant, and equipment has grown even faster, at 58% compounded annually, since 2010.</p>\n<p>A 14% CAGR represents 1/4th&nbsp;the CAGR of Tesla’s property, plant, and equipment since 2010 and assumes the company can build future plants and produce cars 4x more efficiently than it has so far.</p>\n<p>In other words, I aim to provide inarguably best-case scenarios for assessing the expectations for future market share and profits reflected in Tesla’s stock market valuation.</p>\n<p><b>Why Tesla’s $1 Trillion Valuation Is Ridiculous</b></p>\n<p>Now that I’ve shown how high the expectations baked into Tesla’s valuation are, I’ll present some of the many challenges Tesla faces to meet those expectations.</p>\n<p><b>Tesla Remains “Just” a Car Company, Despite Bulls’ Arguments Otherwise.</b>One of the most common arguments bulls make to justify Tesla’s valuation is that the company is more than just a car company. Instead, the argument goes: Tesla is a software, tech, insurance, energy, transportation, “insert any other blank” company. However, the financials bear out a different picture and show the other businesses are more hype than substance. At this point, Tesla is a only car company and generates the entirety of its profits from vehicles.</p>\n<p>Per Figure 5, Tesla generated 88% of revenue from Automotive Sales in 3Q21, which is up from 87% in 3Q20, and above the quarterly average of 86% since 3Q19. For reference, automotive sales made up 87% and 93% of General Motors’ and Ford’s 3Q21 revenue respectively.</p>\n<p><b>Figure 5:&nbsp;Tesla’s Revenue Breakdown: 3Q19 – 3Q21</b></p>\n<p><img src=\"https://static.tigerbbs.com/4b77f52dfd7a9cb05f19a91ac8811919\" tg-width=\"960\" tg-height=\"419\" referrerpolicy=\"no-referrer\">Tesla’s two other segments, Energy generation and storage and Services and other, which make up 12% of revenue in 3Q21, are unprofitable. Over the TTM, Tesla generated $10.8 billion in gross profit. $11.2 billion came from its Automotive segment while Energy generation and storage and Services and other racked up gross losses of $113 million and $263 million. Despite many claims and promises to the contrary over the years, Tesla doesn’t generate gross profit doing anything but selling cars.</p>\n<p><b>Insurance Business Is Not Material.</b>&nbsp;Tesla bulls will also point to Tesla’s insurance business as another way to drive profit growth. I’ve&nbsp;previously covered&nbsp;how Tesla insurance does not have the competitive advantages that bulls ascribe to it and has a long way to go before it can get meaningfully off the ground.</p>\n<p>Even if Tesla’s insurance business gets off the ground, I would not expect it to make much money. For example, from 2004-2006, General Motors generated about $70 per car sold in GAAP net income from its insurance business. If I assume Tesla can generate the same level of business, Tesla insurance would result in just $57 million in GAAP net income based on TTM vehicles sold.</p>\n<p>Bulls will counter that Tesla will be so much better at insurance than GM and that GM is not a good comp. There is no way to know for sure. Nevertheless, I concede that anything is possible, but the likelihood of Tesla’s insurance business being material profit producer is extremely low.</p>\n<p>Regardless of how successful Tesla insurance is, the potential profits from it are nowhere near enough to help to justify the expectations baked into Tesla’s stock price.</p>\n<p><b>Production Capacity Growth Will Require Billions of $.</b>Current and expected production capacities of all known Tesla factories equals ~2.7 million vehicles, or 12.9 million short of the 2030 production implied by its stock price. See Figure 6.</p>\n<p>In other words, despite the new factories coming online, Tesla must spend billions and build many new manufacturing plants before it can approach the capacity needed to sell the number of cars implied by its valuation.</p>\n<p>Given the&nbsp;many issues&nbsp;in ramping production in the past, investors should not assume Tesla can increase its production by 5x without any problems.</p>\n<p><b>Figure 6:&nbsp;Tesla’s Pending Production Shortfall</b></p>\n<p><img src=\"https://static.tigerbbs.com/7d0c946fecb2fd037adac367c7c5b7c2\" tg-width=\"960\" tg-height=\"285\" referrerpolicy=\"no-referrer\">*Projection based on&nbsp;InsideEVs estimate&nbsp;of 600,000 vehicles per year</p>\n<p>**Optimistic assumption based on Texas being Tesla’s biggest factory and&nbsp;possibly the largest factory&nbsp;in the United States</p>\n<p><b>Incumbents Must Fail for Tesla to Meet Growth Expectations.</b>For many years now, incumbent automakers have spent billions of dollars building out their EV offerings. Automakers other than Tesla already account for 85% of&nbsp;global EV sales&nbsp;through the first half of 2021.</p>\n<p>The global EV market is simply not big enough for Tesla to achieve the sales expectations in its valuation unless nearly all of the incumbents reverse course and completely fail to sell EVs.</p>\n<p>Here are the projections from the large incumbent automakers that have provided specific goals for future EV production.</p>\n<ul>\n <li>Volkswagen Group projects that&nbsp;50% of its global sales&nbsp;will be fully electric by 2030</li>\n <li>Stellantis projects&nbsp;70%&nbsp;and&nbsp;40%&nbsp;of its European and North American sales, respectively, will be fully electric by 2030</li>\n <li>Ford&nbsp;projects&nbsp;that 40% of its sales will be fully electric by 2030.</li>\n <li>Toyota&nbsp;projects&nbsp;that it will sell 2 million EVs by 2030</li>\n <li>Honda&nbsp;plans&nbsp;to sell only EVs in China by 2030</li>\n <li>BMW&nbsp;expects&nbsp;at least half its sales to be zero-emission vehicles by 2030</li>\n <li>Daimler, manufacturer of Mercedes Benz,&nbsp;expects&nbsp;half its sales to be “EV and hybrid by 2025”</li>\n <li>General Motors is&nbsp;targeting&nbsp;EV sales of “more than 1 million” by 2025</li>\n <li>Volvo&nbsp;plans&nbsp;to sell only fully electric vehicles by 2030</li>\n <li>Nissan&nbsp;projects&nbsp;40% of U.S. sales to be EVs by 2030</li>\n</ul>\n<p>Based on these projections, I estimate how many EVs each company aims to produce[1]&nbsp;by 2030 and the market share implied by that production as a percentage of&nbsp;base-case global passenger EV sales in 2030.</p>\n<ul>\n <li>Volkswagen Group: 5.5 million, 21% market share</li>\n <li>Stellantis: 3.6 million[2], 14% market share</li>\n <li>Ford: 2.2 million, 9% market share</li>\n <li>Toyota: 2 million, 8% market share</li>\n <li>Honda (in China): 1.5 million, 6% market share</li>\n <li>BMW: 1.3 million, 5% market share</li>\n <li>Mercedes Benz: 1.2+ million, 5% market share</li>\n <li>General Motors: 1+ million, 4% market share</li>\n <li>Volvo: 700,000, 3% market share</li>\n <li>Nissan (in U.S.): 500,000, 2% market share</li>\n <li><b>Total = 19+ million vehicles and 75% market share</b></li>\n</ul>\n<p>These estimates do not include other incumbents and new entrants (e.g. Jaguar Land Rover, NIO Inc. [NIO], Rivian [RIVN], Ludic [LCID] and more) or other Chinese EV makers because I could not find specific projections for EV production. Nevertheless, I am confident that their combined market share will be more than zero.</p>\n<p>The point is that the rest of the world is not planning to stand by, give up existing market share, and let Tesla own majority of the EV market. Many very experienced and successful automakers are spending many multiples of what Tesla is spending to compete in the EV market.</p>\n<p>The bottom line is that it is hard to make a straight-faced argument that Tesla can achieve the sales implied by its valuation in a competitive market.</p>\n<p><b>Incumbents Can Afford to Spend More than Tesla.</b>Incumbents already have infrastructure to produce and sell vehicles at scale, and they are spending billions of dollars to compete in the EV market. Ford, Volkswagen, General Motors, and Stellantis alone are planning to spend at least $280 billion through 2025 and produce over 12 million EVs by 2030.</p>\n<p>Given the huge investments from multiple competitors, I expect the EV market will be extremely competitive, as manufacturers fight for profits and market share. The “winner take all” outcome implied by Tesla’s valuation is extremely unlikely. Perhaps, Bernstein analyst Toni Sacconaghi&nbsp;said it best, “the automotive industry is an increasingly global and hypercompetitive industry and I believe that surplus profits and technology innovation will likely be competed away over time, as has been the case historically.\" In such a market, Tesla cannot achieve the market share implied by its valuation.</p>\n<p>Unlike Tesla, the incumbents generate plenty of free cash flow (FCF) to fund their EV investments and don’t have to dilute existing shareholders to expand EV capacity as Tesla does. For instance, over the last five years, General Motors, Stellantis, and Ford generated a cumulative $12.4 billion, $7.1, and $6.1 billion in free cash flow while Tesla burned -$19.5 billion.</p>\n<p><b>FSD Continues to Overpromise And Underdeliver.</b>Full-self driving (FSD) has been consistently plagued by issues that, unfortunately, have deadly consequences. Industry research provider Guidehouse Insights ranks Tesla last in its&nbsp;2021 ranking&nbsp;of Automated Driver Systems (ADS), and states flatly, “Tesla needs a thorough rethink of its approach to developing ADS. It has overpromised with its marketing for nearly 5 years and severely underdelivered.”</p>\n<p>Per Figure 7, Tesla lags the competition by quite a large margin, as it’s the only company that falls into the \"Followers\" category.</p>\n<p>The most recent problems with Tesla’s FSD version 10.3 forced the company to&nbsp;roll back the update&nbsp;as users reported false crash warnings and other problems with autosteer and cruise control. These issues resulted in Tesla recalling nearly 12,000 vehicles because “a communication error may cause a false forward-collision warning or unexpected activation of the emergency brakes,”&nbsp;according&nbsp;to the National Highway Traffic Safety Administration (NHTSA).</p>\n<p>While the roll out of an updated 10.3.1 has restarted, Tesla’s haphazard approach to deploying FSD remains unsettling and led Guidehouse Insights to&nbsp;note, “Tesla’s approach to testing its system is fundamentally at odds with virtually every other company in this industry.”</p>\n<p><b>Figure 7:&nbsp;Tesla Ranks Last Amongst Automated Driver Systems</b></p>\n<p><img src=\"https://static.tigerbbs.com/6ddd92d3ed67347fa0741599f91ce31d\" tg-width=\"919\" tg-height=\"739\" width=\"100%\" height=\"auto\"></p>\n<p>Alphabet’s Waymo&nbsp;routinely&nbsp;ranks as the best automated driving system. Importantly, many of the firms ranked ahead of Tesla are focused solely on building automated driving systems and are not distracted by scaling up automobile production, delivery logistics, and the general day-to-day operations of producing cars. Even so, other direct competitors such as GM Super Cruise also get&nbsp;better scores&nbsp;from&nbsp;third-party organizations.</p>\n<p><b>Increased Regulatory Risk.</b>While Tesla has mysteriously avoided regulatory crackdown on its sales of FSD and practice of beta testing software on live drivers and roads, renewed requests from the NHTSA/National Transportation Safety Board (NTSB) signal that Tesla might be held accountable for practices that many find highly misleading and dangerous to citizens.</p>\n<p>Missy Cummings, recently&nbsp;appointed&nbsp;as senior advisor for safety at the NHTSA, has expressed concerns about Tesla’s FSD in the past, tweeting as far back as 2019 that Tesla’s “autopilot easily cause mode confusion, is unreliable and unsafe” and that “NHTSA should require Tesla turn it off.”</p>\n<p>More recently, Tesla requested “confidential business information treatment” on its responses to a litany of information requests the NHTSA made as part of its investigation into FSD. If approved, the public would likely never see Tesla’s responses to key questions pertaining to Tesla not issuing a recall for Autopilot after multiple accidents involving parked emergency vehicles, the selection criteria for Tesla’s FSD beta testing program, and the non-disclosure agreements Tesla was making drivers sign before they could use the beta system.</p>\n<p>The NHTSA is not alone in criticizing Tesla and its FSD rollout. On October 26, 2021, the head of the U.S. NTSB, Jennifer Homendy, said that Tesla has not yet officially responded to the NTSB regarding its safety recommendations while calling the use of full self-driving ”misleading.” She stated, “my biggest concern is that Tesla is rolling out full self-driving technology in beta on city streets with untrained drivers and they have not addressed our recommendations that we’ve issued as a result of numerous investigations of Tesla crashes.”</p>\n<p><b>Battery Technologies Are Nothing Special.</b>Tesla announced it will be switching to a lithium iron phosphate (LFP) battery in all standard range cars. These batteries are already being used in vehicles built in the Shanghai factory, and this switch is expected to bring down costs. The timing of this change comes as other battery producers, in partnership with incumbent auto manufacturers, are ramping up production, which should drive down battery costs for all EV makers. In other words, the competitive advantages of a cheaper battery may be short-lived, as incumbents build economies of scale in their own supply chain in the coming years.</p>\n<p>Additionally, while the much heralded 4680 cylindrical battery, produced by Panasonic for Tesla, and&nbsp;nearly ready for production, should bring a higher energy density in a more efficient package, competitors’ offerings all aim to provide the same.</p>\n<p>General Motor’s Ultium platform will enable up to 400-450 miles of range, and the firm is building a new battery research facility aimed at building batteries capable of 600 miles on a single charge. General Motors recently announced a joint venture with LG Chem to build a second U.S. battery cell plant, which is&nbsp;expected&nbsp;to have an annual capacity of 35 gigawatt hours, or slightly above the 30 gigawatt hour capacity of its first Lordstown battery plant. Morgan Stanley analyst Adam Jonas&nbsp;noted&nbsp;that the “formation of Ultium/Ultium Cells LLC will prove to be a critical point of strategic differentiation that will ultimately drive value creation for [GM] shareholders.”</p>\n<p>Ford’s Mustang Mach-E became the&nbsp;first electric SUV&nbsp;not made by Tesla to reach an EPA-rated range of up to 300 miles, and the company recently entered a partnership with SK Innovation to build three U.S.-based battery plants to power 1 million EVs annually.</p>\n<p>On its own, LG Chem plans to expand its existing U.S. facilities and build two more plants that will produce both pouch cells used by General Motors, Ford, Jaguar, Audi, Porsche, and more, as well as the cylindrical cells used by Tesla.</p>\n<p>Ultimately, the race for the “perfect” battery is less important than the race to procure battery supplies to build the number of EVs each manufacturer aims to produce in the coming years. The incumbents have proven they can maintain and win a race to procure supplies, and they’ve only been doing it for multiple decades now.</p>\n<p><b>Not All Supply Issues Can Be Coded Away.</b>To its credit, Tesla managed the global chip shortage relatively well by re-writing software to allow the use of alternative chips. However, not all supply issues can be solved via software, as evidenced by the growing wait times for Tesla’s vehicles. As Electrek&nbsp;notes, Tesla recently updated its delivery timelines for new orders, and depending upon specs, some vehicles won’t be delivered until September 2022 if ordered today. New orders for the Model 3 Standard Range Plus, which is Tesla’s cheapest vehicle, are currently on pace to be delivered in May 2022, or seven months from now.</p>\n<p>While certainly not unique to Tesla, extended delivery/wait times give consumers ample time to comparison shop and possibly switch orders to a competitor’s EV that would be available sooner.</p>\n<p>Delivery delays aren’t exclusive to in-production vehicles, but Tesla’s future vehicles as well. The much-hyped Cybertruck has recently been delayed again, this time until at least 2023 (compared to an original late 2021 release), which ultimately gives competitors more time to establish a presence in the EV truck market. I recently outlined the many competitors in the EV truck market in my&nbsp;report on Rivian.</p>\n<p><b>Putting It All Together: Tesla Provides Poor Risk/Reward</b></p>\n<p>Given the challenges ahead for Tesla, coupled with a valuation that implies it will take 60%+ of the global EV market share, I think it is clear: Tesla’s stock offers poor risk/reward.</p>\n<p>Tesla has proven risky to short, but investors need not buy shares today at such an elevated price.</p>\n<p>If you’re buying Tesla at its current valuation, you’re not only betting that it will be the only winner of the electrification of the global automotive fleet, but that it will somehow be twice as profitable as Toyota and achieve at least 60% market share. With anything less than total market domination, TSLA presents large downside risk.</p>","source":"fors","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: $1 Trillion Of Speculation</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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: $1 Trillion Of Speculation\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-12 22:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.forbes.com/sites/greatspeculations/2021/11/09/tesla-1-trillion-of-speculation/?sh=34ca1f2f77eb><strong>Forbes</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tesla’s (TSLA) market cap surpassed the trillion-dollar mark, driven by a post-earnings rally that got a boost from the announcement of a 100,000-vehicle order from Hertz (HTZ), which might not even ...</p>\n\n<a href=\"https://www.forbes.com/sites/greatspeculations/2021/11/09/tesla-1-trillion-of-speculation/?sh=34ca1f2f77eb\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.forbes.com/sites/greatspeculations/2021/11/09/tesla-1-trillion-of-speculation/?sh=34ca1f2f77eb","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163118124","content_text":"Tesla’s (TSLA) market cap surpassed the trillion-dollar mark, driven by a post-earnings rally that got a boost from the announcement of a 100,000-vehicle order from Hertz (HTZ), which might not even happen.\nEven if it does come to pass, the Hertz order is a drop in the bucket of growth expectations baked into Tesla’s valuation. Tesla needs 155 Hertz-sized orders to justify the revenue expectations in its stock price. Put another way, the $1.2 trillion valuation implies Tesla owns 60%+ of the entire global passenger EV market and becomes more profitable than Apple (AAPL) by 2030.\nThis report provides objective perspective on how outrageously high the valuation of Tesla stock is and the clear impracticality of the company meeting the expectations baked into its valuation.\nTesla’s Valuation vs. Competitors Makes No Sense\nTesla’s market cap is now greater than the next 10 largest (ranked by market cap) auto manufacturers combined.\nFigure 1: Tesla’s Market Cap Vs. Competitors\n\nThis valuation comes despite Tesla selling less than 1/50th of the vehicles than the combined total sold by the next 10 largest automakers over the trailing twelve months ended the first half of 2021. See Figure 2.\nI cannot conceive of a straight-faced argument for the disconnect between Tesla’s valuation and its vehicle sales compared to its competitors.\nFigure 2: Tesla’s Car Sales Vs. Competitors\n* Stellantis sales estimated as Fiat Chrysler and PSA Group’s 2H20 sales and Stellantis’ 1H21 sales. Stellantis was formed as a merger between the two in January 2021.\nIs the Hertz Deal Really Worth $100 Billion+ in Market Cap?\nEven if Hertz eventually agrees to buy 100,000 Tesla Model 3s, I do not think it is worth the $100 billion in market cap, or $1 million per vehicle, that we saw investors give Tesla’s market cap after the Hertz deal made headlines. Even Elon Musk questioned the surge in share price, noting that the price movement was “strange” given that Tesla is “very much a production ramp problem, not a demand problem.”\nThis $100 billion market cap jump makes even less sense in the context of Tesla’s sky-high valuation before the announcement. Clearly, the feasibility of Tesla meeting the sales expectations embedded in its market cap plays no role in its valuation. For those that do care about expectations investing, I did the math and Tesla needs to successfully deliver on 155 Hertz-sized deals to meet the sales implied by a $1.2 trillion market cap.\nWill the Hertz Deal Result in Any Profits – If It Goes Through?\nAfter Elon Musk tweeted on November 1, 2021 that “no contract has been signed yet”, the Hertz deal reminds me of another famous tweet: \"am considering taking Tesla private at $420. Funding secured.”\nEven if the deal does go through, the pricing terms are very unclear. Elon insists that no cars will be sold at a discount. Meanwhile, Hertz CEO Mark Fields has made it clear that he is playing the field and working on getting cars from all EV manufacturers on his lot.\nEither Tesla is selling cars at a (large or small) discount, the deal terms are wrong, or the deal does not get done. If the deal gets done, I do not expect it to be profitable. Rental car companies are accustomed to getting discounts for bulk orders, and I see no reason for Hertz to expect to pay list prices on a deal for so many cars.\nAt the end of the day, I’m not sure pricing matters because I don't think the Hertz deal gets done. This affair is more about headlines and fueling speculation than doing any real business.\nTesla’s Global Market Share Getting Smaller\nTesla’s first-mover is already eroding, and its market share continues to decline. In the first half of 2021, Tesla sold 14.6% of the EVs sold worldwide compared to 18.8% over the same period in 2020.\nRising volumes, and falling market share are to be expected in a nascent industry. The problem is that Tesla’s isn’t priced for declining market share. It is priced for massive market share gains, unheard of gains in nearly any industry across the globe, especially in an industry as large and competitive as passenger vehicles.\nReverse DCF Math: Valuation Implies Tesla Will Own 60%+ of the Global Passenger EV Market\nAt its current average selling price (ASP) of ~$51k, Tesla’s stock price of ~1,200/share implies the firm will sell 16 million vehicles in 2030 (versus ~800k TTM), or 60% of the projected base case global EV passenger vehicle market in 2030. For reference, Adam Jonas, a Morgan Stanley analyst with a price target of $1,600/share, projects Tesla will sell 8.1 million vehicles in 2030.\nI think it is unlikely that Tesla will sell such a high volume of vehicles at a $51k ASP, yet the implied vehicle sales based on lower ASPs look even more impractical.\nAs detailed in the next section, this analysis assumes Tesla achieves profit margins twice as high as Toyota (TM) and quadruples its current auto manufacturing efficiency. In other words, I aim to provide inarguably best-case scenarios for assessing the expectations reflected in Tesla’s stock price.\nPer Figure 3, Tesla’s current valuation implies that, in 2030, it will sell the following number of vehicles based on these ASP benchmarks:\n\n16 million vehicles – current ASP of $51k\n21 million vehicles – ASP of $38k (average new car price in the U.S. in 2020)\n46 million vehicles – ASP of $17k (equal to General Motors over the TTM)\n\nIf Tesla achieves those EV sales, the implied market share for the company would be the following (assuming global passenger EV sales reach 25.8 million in 2030, the base case projection from the IEA):\n\n60% for 16 million vehicles\n80% for 21 million vehicles\n179% for 46 million vehicles\n\nIf I assume the IEA’s best case for global passenger EV sales in 2030, 46.8 million vehicles, the above vehicle sales represent:\n\n33% for 16 million vehicles\n44% for 21 million vehicles\n98% for 46 million vehicles\n\nFigure 3: Tesla’s Implied Vehicle Sales in 2030 to Justify Current Valuation\nThe Math Shows that Tesla Must be More Profitable Than Apple\nHere are the assumptions I use in my reverse discounted cash flow (DCF) model to calculate the implied production levels above.\nTo justify its current price of ~$1,200/share, Tesla must:\n\nimmediately achieve a 17.2% NOPAT margin (double Toyota’s margin, which is the highest of the large-scale automakers I cover), compared to Tesla’s TTM margin of 7.7%) and\ngrow revenue by 38% compounded annually for the next decade.\n\nIn this scenario, Tesla generates $783 billion in revenue in 2030, which is 102% of the combined revenues of Toyota, General Motors, Ford (F), Honda Motor Corp (HMC), and Stellantis (STLA) over the TTM.\nThis scenario also implies Tesla generates $135 billion in net operating profit after-tax (NOPAT) in 2030, or 45% higher than Apple’s (AAPL) TTM NOPAT, which, at $93 billion, is the highest of all companies my firm covers.\nTSLA Has 60%+ Downside If Morgan Stanley Is Right About Sales\nIf I assume Tesla reaches Morgan Stanley’s estimate of selling 8.1 million cars in 2030 (which implies a 31% share of the global passenger EV market in 2030), at an ASP of $38k, the stock is worth just $483/share. Details:\n\nNOPAT margin improves to 17.2% and\nrevenue grows 27% compounded annually over the next decade, then\n\nthe stock is worth just $483/share today – 60% downside to the current price. See the math behind this reverse DCF scenario. In this scenario, Tesla grows NOPAT to $60 billion, or nearly 17x its TTM NOPAT, and just 3% below Alphabet’s (GOOGL) TTM NOPAT.\nTSLA Has 88%+ Downside Even with 28% Market Share and Realistic Margins\nIf I estimate more reasonable (but still very optimistic) margins and market share achievements for Tesla, the stock is worth just $148/share. Here’s the math:\n\nNOPAT margin improves to 8.5% (equal to General Motors’ TTM margin, compared to Tesla’s TTM margin of 7.7%) and\nrevenue grows by consensus estimates from 2021-2023 and\nrevenue grows 18% a year from 2024-2030, then\n\nthe stock is worth just $148/share today – an 88% downside to the current price.\nIn this scenario, Tesla sells 7.2 million cars (at an ASP of 38k) and owns 28% of the global passenger EV market in 2030. If Tesla fails to meet these expectations, then the stock is worth less than $148/share.\nAlso, for this scenario, I assume a much more realistic NOPAT margin, 8.5%, for Tesla. Given the expansion required of the business, struggles to be profitable to date, and formidable competition, I think Tesla will be lucky to achieve and sustain a margin as high as 8.5% from 2021-2030.\nFigure 4 compares the firm’s historical NOPAT to the NOPAT implied by its current stock price, the 8.1 million vehicle sales scenario, and the 7.2 million vehicle sales scenario to illustrate just how high the expectations baked into Tesla’s stock price remain. For additional context, I show Toyota’s, General Motors’, and Apple’s TTM NOPAT.\nFigure 4: Tesla’s Historical and Implied NOPAT: DCF Valuation Scenarios\n\nEach of the above scenarios assumes Tesla’s invested capital grows 14% compounded annually through 2030. For reference, Tesla’s invested capital grew 53% compounded annually from 2010-2020 and 29% compounded annually from 2015-2020. Invested capital at the end of 3Q21 grew 21% YoY. Tesla’s property, plant, and equipment has grown even faster, at 58% compounded annually, since 2010.\nA 14% CAGR represents 1/4th the CAGR of Tesla’s property, plant, and equipment since 2010 and assumes the company can build future plants and produce cars 4x more efficiently than it has so far.\nIn other words, I aim to provide inarguably best-case scenarios for assessing the expectations for future market share and profits reflected in Tesla’s stock market valuation.\nWhy Tesla’s $1 Trillion Valuation Is Ridiculous\nNow that I’ve shown how high the expectations baked into Tesla’s valuation are, I’ll present some of the many challenges Tesla faces to meet those expectations.\nTesla Remains “Just” a Car Company, Despite Bulls’ Arguments Otherwise.One of the most common arguments bulls make to justify Tesla’s valuation is that the company is more than just a car company. Instead, the argument goes: Tesla is a software, tech, insurance, energy, transportation, “insert any other blank” company. However, the financials bear out a different picture and show the other businesses are more hype than substance. At this point, Tesla is a only car company and generates the entirety of its profits from vehicles.\nPer Figure 5, Tesla generated 88% of revenue from Automotive Sales in 3Q21, which is up from 87% in 3Q20, and above the quarterly average of 86% since 3Q19. For reference, automotive sales made up 87% and 93% of General Motors’ and Ford’s 3Q21 revenue respectively.\nFigure 5: Tesla’s Revenue Breakdown: 3Q19 – 3Q21\nTesla’s two other segments, Energy generation and storage and Services and other, which make up 12% of revenue in 3Q21, are unprofitable. Over the TTM, Tesla generated $10.8 billion in gross profit. $11.2 billion came from its Automotive segment while Energy generation and storage and Services and other racked up gross losses of $113 million and $263 million. Despite many claims and promises to the contrary over the years, Tesla doesn’t generate gross profit doing anything but selling cars.\nInsurance Business Is Not Material. Tesla bulls will also point to Tesla’s insurance business as another way to drive profit growth. I’ve previously covered how Tesla insurance does not have the competitive advantages that bulls ascribe to it and has a long way to go before it can get meaningfully off the ground.\nEven if Tesla’s insurance business gets off the ground, I would not expect it to make much money. For example, from 2004-2006, General Motors generated about $70 per car sold in GAAP net income from its insurance business. If I assume Tesla can generate the same level of business, Tesla insurance would result in just $57 million in GAAP net income based on TTM vehicles sold.\nBulls will counter that Tesla will be so much better at insurance than GM and that GM is not a good comp. There is no way to know for sure. Nevertheless, I concede that anything is possible, but the likelihood of Tesla’s insurance business being material profit producer is extremely low.\nRegardless of how successful Tesla insurance is, the potential profits from it are nowhere near enough to help to justify the expectations baked into Tesla’s stock price.\nProduction Capacity Growth Will Require Billions of $.Current and expected production capacities of all known Tesla factories equals ~2.7 million vehicles, or 12.9 million short of the 2030 production implied by its stock price. See Figure 6.\nIn other words, despite the new factories coming online, Tesla must spend billions and build many new manufacturing plants before it can approach the capacity needed to sell the number of cars implied by its valuation.\nGiven the many issues in ramping production in the past, investors should not assume Tesla can increase its production by 5x without any problems.\nFigure 6: Tesla’s Pending Production Shortfall\n*Projection based on InsideEVs estimate of 600,000 vehicles per year\n**Optimistic assumption based on Texas being Tesla’s biggest factory and possibly the largest factory in the United States\nIncumbents Must Fail for Tesla to Meet Growth Expectations.For many years now, incumbent automakers have spent billions of dollars building out their EV offerings. Automakers other than Tesla already account for 85% of global EV sales through the first half of 2021.\nThe global EV market is simply not big enough for Tesla to achieve the sales expectations in its valuation unless nearly all of the incumbents reverse course and completely fail to sell EVs.\nHere are the projections from the large incumbent automakers that have provided specific goals for future EV production.\n\nVolkswagen Group projects that 50% of its global sales will be fully electric by 2030\nStellantis projects 70% and 40% of its European and North American sales, respectively, will be fully electric by 2030\nFord projects that 40% of its sales will be fully electric by 2030.\nToyota projects that it will sell 2 million EVs by 2030\nHonda plans to sell only EVs in China by 2030\nBMW expects at least half its sales to be zero-emission vehicles by 2030\nDaimler, manufacturer of Mercedes Benz, expects half its sales to be “EV and hybrid by 2025”\nGeneral Motors is targeting EV sales of “more than 1 million” by 2025\nVolvo plans to sell only fully electric vehicles by 2030\nNissan projects 40% of U.S. sales to be EVs by 2030\n\nBased on these projections, I estimate how many EVs each company aims to produce[1] by 2030 and the market share implied by that production as a percentage of base-case global passenger EV sales in 2030.\n\nVolkswagen Group: 5.5 million, 21% market share\nStellantis: 3.6 million[2], 14% market share\nFord: 2.2 million, 9% market share\nToyota: 2 million, 8% market share\nHonda (in China): 1.5 million, 6% market share\nBMW: 1.3 million, 5% market share\nMercedes Benz: 1.2+ million, 5% market share\nGeneral Motors: 1+ million, 4% market share\nVolvo: 700,000, 3% market share\nNissan (in U.S.): 500,000, 2% market share\nTotal = 19+ million vehicles and 75% market share\n\nThese estimates do not include other incumbents and new entrants (e.g. Jaguar Land Rover, NIO Inc. [NIO], Rivian [RIVN], Ludic [LCID] and more) or other Chinese EV makers because I could not find specific projections for EV production. Nevertheless, I am confident that their combined market share will be more than zero.\nThe point is that the rest of the world is not planning to stand by, give up existing market share, and let Tesla own majority of the EV market. Many very experienced and successful automakers are spending many multiples of what Tesla is spending to compete in the EV market.\nThe bottom line is that it is hard to make a straight-faced argument that Tesla can achieve the sales implied by its valuation in a competitive market.\nIncumbents Can Afford to Spend More than Tesla.Incumbents already have infrastructure to produce and sell vehicles at scale, and they are spending billions of dollars to compete in the EV market. Ford, Volkswagen, General Motors, and Stellantis alone are planning to spend at least $280 billion through 2025 and produce over 12 million EVs by 2030.\nGiven the huge investments from multiple competitors, I expect the EV market will be extremely competitive, as manufacturers fight for profits and market share. The “winner take all” outcome implied by Tesla’s valuation is extremely unlikely. Perhaps, Bernstein analyst Toni Sacconaghi said it best, “the automotive industry is an increasingly global and hypercompetitive industry and I believe that surplus profits and technology innovation will likely be competed away over time, as has been the case historically.\" In such a market, Tesla cannot achieve the market share implied by its valuation.\nUnlike Tesla, the incumbents generate plenty of free cash flow (FCF) to fund their EV investments and don’t have to dilute existing shareholders to expand EV capacity as Tesla does. For instance, over the last five years, General Motors, Stellantis, and Ford generated a cumulative $12.4 billion, $7.1, and $6.1 billion in free cash flow while Tesla burned -$19.5 billion.\nFSD Continues to Overpromise And Underdeliver.Full-self driving (FSD) has been consistently plagued by issues that, unfortunately, have deadly consequences. Industry research provider Guidehouse Insights ranks Tesla last in its 2021 ranking of Automated Driver Systems (ADS), and states flatly, “Tesla needs a thorough rethink of its approach to developing ADS. It has overpromised with its marketing for nearly 5 years and severely underdelivered.”\nPer Figure 7, Tesla lags the competition by quite a large margin, as it’s the only company that falls into the \"Followers\" category.\nThe most recent problems with Tesla’s FSD version 10.3 forced the company to roll back the update as users reported false crash warnings and other problems with autosteer and cruise control. These issues resulted in Tesla recalling nearly 12,000 vehicles because “a communication error may cause a false forward-collision warning or unexpected activation of the emergency brakes,” according to the National Highway Traffic Safety Administration (NHTSA).\nWhile the roll out of an updated 10.3.1 has restarted, Tesla’s haphazard approach to deploying FSD remains unsettling and led Guidehouse Insights to note, “Tesla’s approach to testing its system is fundamentally at odds with virtually every other company in this industry.”\nFigure 7: Tesla Ranks Last Amongst Automated Driver Systems\n\nAlphabet’s Waymo routinely ranks as the best automated driving system. Importantly, many of the firms ranked ahead of Tesla are focused solely on building automated driving systems and are not distracted by scaling up automobile production, delivery logistics, and the general day-to-day operations of producing cars. Even so, other direct competitors such as GM Super Cruise also get better scores from third-party organizations.\nIncreased Regulatory Risk.While Tesla has mysteriously avoided regulatory crackdown on its sales of FSD and practice of beta testing software on live drivers and roads, renewed requests from the NHTSA/National Transportation Safety Board (NTSB) signal that Tesla might be held accountable for practices that many find highly misleading and dangerous to citizens.\nMissy Cummings, recently appointed as senior advisor for safety at the NHTSA, has expressed concerns about Tesla’s FSD in the past, tweeting as far back as 2019 that Tesla’s “autopilot easily cause mode confusion, is unreliable and unsafe” and that “NHTSA should require Tesla turn it off.”\nMore recently, Tesla requested “confidential business information treatment” on its responses to a litany of information requests the NHTSA made as part of its investigation into FSD. If approved, the public would likely never see Tesla’s responses to key questions pertaining to Tesla not issuing a recall for Autopilot after multiple accidents involving parked emergency vehicles, the selection criteria for Tesla’s FSD beta testing program, and the non-disclosure agreements Tesla was making drivers sign before they could use the beta system.\nThe NHTSA is not alone in criticizing Tesla and its FSD rollout. On October 26, 2021, the head of the U.S. NTSB, Jennifer Homendy, said that Tesla has not yet officially responded to the NTSB regarding its safety recommendations while calling the use of full self-driving ”misleading.” She stated, “my biggest concern is that Tesla is rolling out full self-driving technology in beta on city streets with untrained drivers and they have not addressed our recommendations that we’ve issued as a result of numerous investigations of Tesla crashes.”\nBattery Technologies Are Nothing Special.Tesla announced it will be switching to a lithium iron phosphate (LFP) battery in all standard range cars. These batteries are already being used in vehicles built in the Shanghai factory, and this switch is expected to bring down costs. The timing of this change comes as other battery producers, in partnership with incumbent auto manufacturers, are ramping up production, which should drive down battery costs for all EV makers. In other words, the competitive advantages of a cheaper battery may be short-lived, as incumbents build economies of scale in their own supply chain in the coming years.\nAdditionally, while the much heralded 4680 cylindrical battery, produced by Panasonic for Tesla, and nearly ready for production, should bring a higher energy density in a more efficient package, competitors’ offerings all aim to provide the same.\nGeneral Motor’s Ultium platform will enable up to 400-450 miles of range, and the firm is building a new battery research facility aimed at building batteries capable of 600 miles on a single charge. General Motors recently announced a joint venture with LG Chem to build a second U.S. battery cell plant, which is expected to have an annual capacity of 35 gigawatt hours, or slightly above the 30 gigawatt hour capacity of its first Lordstown battery plant. Morgan Stanley analyst Adam Jonas noted that the “formation of Ultium/Ultium Cells LLC will prove to be a critical point of strategic differentiation that will ultimately drive value creation for [GM] shareholders.”\nFord’s Mustang Mach-E became the first electric SUV not made by Tesla to reach an EPA-rated range of up to 300 miles, and the company recently entered a partnership with SK Innovation to build three U.S.-based battery plants to power 1 million EVs annually.\nOn its own, LG Chem plans to expand its existing U.S. facilities and build two more plants that will produce both pouch cells used by General Motors, Ford, Jaguar, Audi, Porsche, and more, as well as the cylindrical cells used by Tesla.\nUltimately, the race for the “perfect” battery is less important than the race to procure battery supplies to build the number of EVs each manufacturer aims to produce in the coming years. The incumbents have proven they can maintain and win a race to procure supplies, and they’ve only been doing it for multiple decades now.\nNot All Supply Issues Can Be Coded Away.To its credit, Tesla managed the global chip shortage relatively well by re-writing software to allow the use of alternative chips. However, not all supply issues can be solved via software, as evidenced by the growing wait times for Tesla’s vehicles. As Electrek notes, Tesla recently updated its delivery timelines for new orders, and depending upon specs, some vehicles won’t be delivered until September 2022 if ordered today. New orders for the Model 3 Standard Range Plus, which is Tesla’s cheapest vehicle, are currently on pace to be delivered in May 2022, or seven months from now.\nWhile certainly not unique to Tesla, extended delivery/wait times give consumers ample time to comparison shop and possibly switch orders to a competitor’s EV that would be available sooner.\nDelivery delays aren’t exclusive to in-production vehicles, but Tesla’s future vehicles as well. The much-hyped Cybertruck has recently been delayed again, this time until at least 2023 (compared to an original late 2021 release), which ultimately gives competitors more time to establish a presence in the EV truck market. I recently outlined the many competitors in the EV truck market in my report on Rivian.\nPutting It All Together: Tesla Provides Poor Risk/Reward\nGiven the challenges ahead for Tesla, coupled with a valuation that implies it will take 60%+ of the global EV market share, I think it is clear: Tesla’s stock offers poor risk/reward.\nTesla has proven risky to short, but investors need not buy shares today at such an elevated price.\nIf you’re buying Tesla at its current valuation, you’re not only betting that it will be the only winner of the electrification of the global automotive fleet, but that it will somehow be twice as profitable as Toyota and achieve at least 60% market share. With anything less than total market domination, TSLA presents large downside risk.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":879,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":863609406,"gmtCreate":1632380507105,"gmtModify":1632800782474,"author":{"id":"4088404355164750","authorId":"4088404355164750","name":"BKBK","avatar":"https://static.tigerbbs.com/33c865cf4c0d1fa66cb7e4603c62979e","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088404355164750","authorIdStr":"4088404355164750"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/863609406","repostId":"2169650271","repostType":4,"repost":{"id":"2169650271","kind":"news","pubTimestamp":1632343898,"share":"https://ttm.financial/m/news/2169650271?lang=&edition=full","pubTime":"2021-09-23 04:51","market":"us","language":"en","title":"Wall St ends higher as Fed signals bond-buying taper soon","url":"https://stock-news.laohu8.com/highlight/detail?id=2169650271","media":"Reuters","summary":"NEW YORK, Sept 22 (Reuters) - The three major U.S. stock indexes rose 1% on Wednesday as investors m","content":"<p>NEW YORK, Sept 22 (Reuters) - The three major U.S. stock indexes rose 1% on Wednesday as investors mostly took in stride the latest signals from the Federal Reserve, including clearing the way for the central bank to reduce its monthly bond purchases soon.</p>\n<p>The S&amp;P 500 registered its biggest daily percentage gain since July 23.</p>\n<p>While trading was choppy following the Fed's latest policy statement and comments by Fed Chair Jerome Powell, stocks finished close to where they were before the central bank news.</p>\n<p>In its statement, the central bank also suggested interest rate increases may follow more quickly than expected and said overall indicators in the economy \"have continued to strengthen.\"</p>\n<p>Bank shares rose following the Fed news, with the S&amp;P banks index ending up 2.1% on the day, and S&amp;P 500 financials up 1.6% and among the biggest gainers among sectors.</p>\n<p>Some strategists viewed the Fed's comments as mixed.</p>\n<p>\"So they said we're going to probably start to taper, but they haven't said when and haven't said how much, so we're kind of back where we were a day ago,\" said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago.</p>\n<p>\"Those remain open questions,\" he said. \"Also, financial conditions remain very easy, and that's part of the reason why markets aren't going crazy at this point.\"</p>\n<p>The Dow Jones Industrial Average rose 338.48 points, or 1%, to 34,258.32, the S&amp;P 500 gained 41.45 points, or 0.95%, to 4,395.64 and the Nasdaq Composite added 150.45 points, or 1.02%, to 14,896.85.</p>\n<p>Apple and other big technology-related names gave the S&amp;P 500 its biggest boost.</p>\n<p>On the downside, FedEx Corp tumbled 9.1% after posting a lower quarterly profit and as the delivery firm cut its full-year earnings forecast.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 3.88-to-1 ratio; on Nasdaq, a 2.38-to-1 ratio favored advancers.</p>\n<p>The S&amp;P 500 posted nine new 52-week highs and eight new lows; the Nasdaq Composite recorded 52 new highs and 66 new lows.</p>\n<p>Volume on U.S. exchanges was 9.91 billion shares, compared with the 9.99 billion average for the full session over the last 20 trading days.</p>","source":"yahoofinance","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>Wall St ends higher as Fed signals bond-buying taper soon</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nWall St ends higher as Fed signals bond-buying taper soon\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-23 04:51 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/us-stocks-wall-st-ends-205138667.html><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK, Sept 22 (Reuters) - The three major U.S. stock indexes rose 1% on Wednesday as investors mostly took in stride the latest signals from the Federal Reserve, including clearing the way for the...</p>\n\n<a href=\"https://finance.yahoo.com/news/us-stocks-wall-st-ends-205138667.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index","OEF":"标普100指数ETF-iShares","OEX":"标普100","COMP":"Compass, Inc.",".IXIC":"NASDAQ Composite","FDX":"联邦快递","SDS":"两倍做空标普500ETF","IVV":"标普500指数ETF","UPRO":"三倍做多标普500ETF","SH":"标普500反向ETF","SSO":"两倍做多标普500ETF"},"source_url":"https://finance.yahoo.com/news/us-stocks-wall-st-ends-205138667.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2169650271","content_text":"NEW YORK, Sept 22 (Reuters) - The three major U.S. stock indexes rose 1% on Wednesday as investors mostly took in stride the latest signals from the Federal Reserve, including clearing the way for the central bank to reduce its monthly bond purchases soon.\nThe S&P 500 registered its biggest daily percentage gain since July 23.\nWhile trading was choppy following the Fed's latest policy statement and comments by Fed Chair Jerome Powell, stocks finished close to where they were before the central bank news.\nIn its statement, the central bank also suggested interest rate increases may follow more quickly than expected and said overall indicators in the economy \"have continued to strengthen.\"\nBank shares rose following the Fed news, with the S&P banks index ending up 2.1% on the day, and S&P 500 financials up 1.6% and among the biggest gainers among sectors.\nSome strategists viewed the Fed's comments as mixed.\n\"So they said we're going to probably start to taper, but they haven't said when and haven't said how much, so we're kind of back where we were a day ago,\" said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago.\n\"Those remain open questions,\" he said. \"Also, financial conditions remain very easy, and that's part of the reason why markets aren't going crazy at this point.\"\nThe Dow Jones Industrial Average rose 338.48 points, or 1%, to 34,258.32, the S&P 500 gained 41.45 points, or 0.95%, to 4,395.64 and the Nasdaq Composite added 150.45 points, or 1.02%, to 14,896.85.\nApple and other big technology-related names gave the S&P 500 its biggest boost.\nOn the downside, FedEx Corp tumbled 9.1% after posting a lower quarterly profit and as the delivery firm cut its full-year earnings forecast.\nAdvancing issues outnumbered declining ones on the NYSE by a 3.88-to-1 ratio; on Nasdaq, a 2.38-to-1 ratio favored advancers.\nThe S&P 500 posted nine new 52-week highs and eight new lows; the Nasdaq Composite recorded 52 new highs and 66 new lows.\nVolume on U.S. exchanges was 9.91 billion shares, compared with the 9.99 billion average for the full session over the last 20 trading days.","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,".DJI":0.9,".IXIC":0.9,".SPX":0.9,"COMP":0.9,"FDX":0.9,"ESmain":0.9,"IVV":0.9,"OEF":0.9,"OEX":0.9,"SDS":0.9,"SH":0.9,"SSO":0.9,"UPRO":0.9}},"isVote":1,"tweetType":1,"viewCount":1809,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":869789638,"gmtCreate":1632321924124,"gmtModify":1632801231749,"author":{"id":"4088404355164750","authorId":"4088404355164750","name":"BKBK","avatar":"https://static.tigerbbs.com/33c865cf4c0d1fa66cb7e4603c62979e","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088404355164750","authorIdStr":"4088404355164750"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/869789638","repostId":"1178217262","repostType":4,"repost":{"id":"1178217262","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":1631780500,"share":"https://ttm.financial/m/news/1178217262?lang=&edition=full","pubTime":"2021-09-16 16:21","market":"us","language":"en","title":"EV Stocks slipped in premarket trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1178217262","media":"Tiger Newspress","summary":"EV Stocks slipped in premarket trading.Tesla,Nio,Xpeng Motors and Li Auto fell between 0.5% and 2.8%","content":"<p>EV Stocks slipped in premarket trading.Tesla,Nio,Xpeng Motors and Li Auto&nbsp;fell&nbsp;between 0.5% and 2.8%&nbsp;while&nbsp;Lucid&nbsp;rose&nbsp;nearly&nbsp;2%&nbsp;as&nbsp;BofA called Lucid&nbsp;the 'Tesla/Ferrari of New EV Automakers'.</p>\n<p><img src=\"https://static.tigerbbs.com/294b5ec452d391346819925d05588591\" tg-width=\"405\" tg-height=\"301\" referrerpolicy=\"no-referrer\"></p>\n<p>Cathie Wood’s exchange-traded funds sold more Tesla Inc. shares, taking the total value of the electric vehicle maker’s stock they’ve offloaded this month to about $266 million.</p>\n<p>XPeng&nbsp;launched its third production model, the P5 sedan. A lidar-equipped EV that starts at less than 160,00 Chinese renminbi, or less than $25,000.There are lower-priced EVs on the market, but not with lidar-enabled, advanced driver assistance systems and not with range of the P5.The stock isn’t reacting too positively to the announcement.</p>\n<p>Bank of America predicts 50% gain in Lucid, compares EV maker to Tesla and Ferrari.</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>EV Stocks slipped in premarket trading</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nEV Stocks slipped in premarket trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">2021-09-16 16:21</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>EV Stocks slipped in premarket trading.Tesla,Nio,Xpeng Motors and Li Auto&nbsp;fell&nbsp;between 0.5% and 2.8%&nbsp;while&nbsp;Lucid&nbsp;rose&nbsp;nearly&nbsp;2%&nbsp;as&nbsp;BofA called Lucid&nbsp;the 'Tesla/Ferrari of New EV Automakers'.</p>\n<p><img src=\"https://static.tigerbbs.com/294b5ec452d391346819925d05588591\" tg-width=\"405\" tg-height=\"301\" referrerpolicy=\"no-referrer\"></p>\n<p>Cathie Wood’s exchange-traded funds sold more Tesla Inc. shares, taking the total value of the electric vehicle maker’s stock they’ve offloaded this month to about $266 million.</p>\n<p>XPeng&nbsp;launched its third production model, the P5 sedan. A lidar-equipped EV that starts at less than 160,00 Chinese renminbi, or less than $25,000.There are lower-priced EVs on the market, but not with lidar-enabled, advanced driver assistance systems and not with range of the P5.The stock isn’t reacting too positively to the announcement.</p>\n<p>Bank of America predicts 50% gain in Lucid, compares EV maker to Tesla and Ferrari.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏汽车","LI":"理想汽车","LCID":"Lucid Group Inc","NIO":"蔚来","TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178217262","content_text":"EV Stocks slipped in premarket trading.Tesla,Nio,Xpeng Motors and Li Auto fell between 0.5% and 2.8% while Lucid rose nearly 2% as BofA called Lucid the 'Tesla/Ferrari of New EV Automakers'.\n\nCathie Wood’s exchange-traded funds sold more Tesla Inc. shares, taking the total value of the electric vehicle maker’s stock they’ve offloaded this month to about $266 million.\nXPeng launched its third production model, the P5 sedan. A lidar-equipped EV that starts at less than 160,00 Chinese renminbi, or less than $25,000.There are lower-priced EVs on the market, but not with lidar-enabled, advanced driver assistance systems and not with range of the P5.The stock isn’t reacting too positively to the announcement.\nBank of America predicts 50% gain in Lucid, compares EV maker to Tesla and Ferrari.","news_type":1,"symbols_score_info":{"LCID":0.9,"LI":0.9,"NIO":0.9,"TSLA":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1586,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":869789945,"gmtCreate":1632321904087,"gmtModify":1632801232139,"author":{"id":"4088404355164750","authorId":"4088404355164750","name":"BKBK","avatar":"https://static.tigerbbs.com/33c865cf4c0d1fa66cb7e4603c62979e","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088404355164750","authorIdStr":"4088404355164750"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/869789945","repostId":"1138448757","repostType":4,"repost":{"id":"1138448757","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":1631800047,"share":"https://ttm.financial/m/news/1138448757?lang=&edition=full","pubTime":"2021-09-16 21:47","market":"us","language":"en","title":"EV maker Lucid shares jumped 4% in morning trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1138448757","media":"Tiger Newspress","summary":"EV maker Lucid shares jumped 4% in morning trading as its luxury sedan got 520-mile driving range ra","content":"<p>EV maker Lucid shares jumped 4% in morning trading&nbsp;as&nbsp;its luxury sedan got 520-mile driving range rating.In addition,Bank of America predicts 50% gain in Lucid, compares EV maker to Tesla and Ferrari.</p>\n<p><img src=\"https://static.tigerbbs.com/8a80aaa3b21846d26be18701216b5131\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<p>Lucid Group Inc's&nbsp;Air Dream Edition Range luxury sedan has received U.S. government certification for a range of 520 miles, the electric vehicle maker said on Thursday.</p>\n<p>The sedan was the longest-range EV rated by the U.S. Environmental Protection Agency (EPA), the company said. Rival Tesla's Model S Long Range has an EPA estimated range of 405 miles.</p>\n<p>EV manufacturers are pushing to extend the driving range of their vehicles in a bid to better compete with gasoline-fueled ones. However, as consumers rapidly transition to EVs, charging infrastructure still remains a concern.</p>\n<p>The Biden administration's infrastructure bill includes $7.5 billion for electric vehicle charging stations.</p>\n<p>Lucid made its debut on the Nasdaq in July after completing its merger with a blank-check company backed by Wall Street dealmaker Michael Klein in a deal that valued the combined company at $24 billion.</p>\n<p>The EV maker in August said it would begin deliveries of fully reserved 'Air Dream Edition Range' cars later this year.</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>EV maker Lucid shares jumped 4% in morning trading</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nEV maker Lucid shares jumped 4% in morning trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">2021-09-16 21:47</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>EV maker Lucid shares jumped 4% in morning trading&nbsp;as&nbsp;its luxury sedan got 520-mile driving range rating.In addition,Bank of America predicts 50% gain in Lucid, compares EV maker to Tesla and Ferrari.</p>\n<p><img src=\"https://static.tigerbbs.com/8a80aaa3b21846d26be18701216b5131\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<p>Lucid Group Inc's&nbsp;Air Dream Edition Range luxury sedan has received U.S. government certification for a range of 520 miles, the electric vehicle maker said on Thursday.</p>\n<p>The sedan was the longest-range EV rated by the U.S. Environmental Protection Agency (EPA), the company said. Rival Tesla's Model S Long Range has an EPA estimated range of 405 miles.</p>\n<p>EV manufacturers are pushing to extend the driving range of their vehicles in a bid to better compete with gasoline-fueled ones. However, as consumers rapidly transition to EVs, charging infrastructure still remains a concern.</p>\n<p>The Biden administration's infrastructure bill includes $7.5 billion for electric vehicle charging stations.</p>\n<p>Lucid made its debut on the Nasdaq in July after completing its merger with a blank-check company backed by Wall Street dealmaker Michael Klein in a deal that valued the combined company at $24 billion.</p>\n<p>The EV maker in August said it would begin deliveries of fully reserved 'Air Dream Edition Range' cars later this year.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LCID":"Lucid Group Inc"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138448757","content_text":"EV maker Lucid shares jumped 4% in morning trading as its luxury sedan got 520-mile driving range rating.In addition,Bank of America predicts 50% gain in Lucid, compares EV maker to Tesla and Ferrari.\n\nLucid Group Inc's Air Dream Edition Range luxury sedan has received U.S. government certification for a range of 520 miles, the electric vehicle maker said on Thursday.\nThe sedan was the longest-range EV rated by the U.S. Environmental Protection Agency (EPA), the company said. Rival Tesla's Model S Long Range has an EPA estimated range of 405 miles.\nEV manufacturers are pushing to extend the driving range of their vehicles in a bid to better compete with gasoline-fueled ones. However, as consumers rapidly transition to EVs, charging infrastructure still remains a concern.\nThe Biden administration's infrastructure bill includes $7.5 billion for electric vehicle charging stations.\nLucid made its debut on the Nasdaq in July after completing its merger with a blank-check company backed by Wall Street dealmaker Michael Klein in a deal that valued the combined company at $24 billion.\nThe EV maker in August said it would begin deliveries of fully reserved 'Air Dream Edition Range' cars later this year.","news_type":1,"symbols_score_info":{"LCID":0.9}},"isVote":1,"tweetType":1,"viewCount":1953,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":869714928,"gmtCreate":1632321753264,"gmtModify":1632801233863,"author":{"id":"4088404355164750","authorId":"4088404355164750","name":"BKBK","avatar":"https://static.tigerbbs.com/33c865cf4c0d1fa66cb7e4603c62979e","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088404355164750","authorIdStr":"4088404355164750"},"themes":[],"htmlText":"Read","listText":"Read","text":"Read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/869714928","repostId":"1118101852","repostType":4,"repost":{"id":"1118101852","kind":"news","pubTimestamp":1632302285,"share":"https://ttm.financial/m/news/1118101852?lang=&edition=full","pubTime":"2021-09-22 17:18","market":"us","language":"en","title":"Why Morgan Stanley is starting to see ‘fire and ice’ and a bear-market drop as ‘more likely’ for stock-market investors","url":"https://stock-news.laohu8.com/highlight/detail?id=1118101852","media":"MarketWatch","summary":"Morgan Stanley’s Michael Wilson sees the bull market ending in fire, though it could end in ice.\nInv","content":"<p>Morgan Stanley’s Michael Wilson sees the bull market ending in fire, though it could end in ice.</p>\n<p>Invoking the imagery from the Robert Frost poem “Fire &amp; Ice,” the Morgan Stanley strategist said that he sees earnings revisions from American corporations “and higher frequency macro data” pointing to a decelerating economy, “amid demand pull forward, supply chain issues and margin pressure,” which he forecasts could lead to a 20% drop, a near-term outcome that he describes as “ice” for investors, in a research note dated Sept. 20.</p>\n<p>Wilson wrote that he is starting to see a 20% fall as a “more likely” outcome for equity markets. However, during an interview on CNBC on Tuesday, the strategist maintained that 10% is still his “base case” scenario and held his forecast for the S&amp;P 500 index to end the year around 4,000.</p>\n<p>A fall of at least 20% from a recent peak is a widely accepted definition of a bear market, while a drop of 10% defines a correction.</p>\n<p>His “fire” scenario, which he speculates would lead to a 10% slide for the market, would be precipitated by the Federal Reserve initiating its efforts to “remove monetary accommodation in response to an overheating economy.”</p>\n<p>The Fed will conclude its September meeting on Wednesday, and release an updated policy statement and a new set of projections for interest rates, including 2024 for the first time.</p>\n<p>The equity market already has been under selling pressure for several sessions before Monday’s slump which was partially attributed to concerns about possible global systemic risk resulting from a potential debt default by one of China’s biggest property developers: Evergrande 3333, -0.44%.</p>\n<p>On Monday, the S&amp;P 500 SPX, -0.08% and the Nasdaq Composite COMP, +0.22% notched the worst daily declines since May 12 and the Dow Jones Industrial Average DJIA, -0.15% registered the sharpest one-day fall since July 19.</p>\n<p>The S&amp;P 500 hasn’t seen a 5% pullback from its peak in about 220 sessions, the longest run since 2016, when the market went 404 sessions without falling by at least 5% peak to trough, according to Dow Jones Market Data.</p>\n<p>Monday’s fall has the index about 4% from its Sept. 2 record close, while the Dow is off 4.65% from its Aug. 16 record and the Nasdaq Composite is down 4.3% from its Sept. 7 recent peak.</p>\n<p>Wilson said that the break of the S&amp;P 500 below its 50-day moving average, which occurred on Friday and then deepened on Monday, represents a change of trend for investors.</p>\n<p>“Well, I think the trend broke, so we did eventually” take out “the 50-day moving average…and it broke violently yesterday … and I think you gotta pay attention to that, Wilson said in his CNBC interview.</p>\n<p>“I respect the market and I would suggest other people respect the market… and what that’s saying is that that trend was challenged,” Wilson said.</p>\n<p>“I’m comfortable with our call,” he said, pooh-poohing criticism that investors have consistently bought the dip in this euphoric, pandemic-recovery cycle.</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>Why Morgan Stanley is starting to see ‘fire and ice’ and a bear-market drop as ‘more likely’ for stock-market investors</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Morgan Stanley is starting to see ‘fire and ice’ and a bear-market drop as ‘more likely’ for stock-market investors\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-22 17:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/why-morgan-stanleys-is-starting-to-see-fire-and-ice-and-a-bear-market-drop-as-more-likely-for-stock-market-investors-11632249935?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Morgan Stanley’s Michael Wilson sees the bull market ending in fire, though it could end in ice.\nInvoking the imagery from the Robert Frost poem “Fire & Ice,” the Morgan Stanley strategist said that ...</p>\n\n<a href=\"https://www.marketwatch.com/story/why-morgan-stanleys-is-starting-to-see-fire-and-ice-and-a-bear-market-drop-as-more-likely-for-stock-market-investors-11632249935?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/why-morgan-stanleys-is-starting-to-see-fire-and-ice-and-a-bear-market-drop-as-more-likely-for-stock-market-investors-11632249935?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118101852","content_text":"Morgan Stanley’s Michael Wilson sees the bull market ending in fire, though it could end in ice.\nInvoking the imagery from the Robert Frost poem “Fire & Ice,” the Morgan Stanley strategist said that he sees earnings revisions from American corporations “and higher frequency macro data” pointing to a decelerating economy, “amid demand pull forward, supply chain issues and margin pressure,” which he forecasts could lead to a 20% drop, a near-term outcome that he describes as “ice” for investors, in a research note dated Sept. 20.\nWilson wrote that he is starting to see a 20% fall as a “more likely” outcome for equity markets. However, during an interview on CNBC on Tuesday, the strategist maintained that 10% is still his “base case” scenario and held his forecast for the S&P 500 index to end the year around 4,000.\nA fall of at least 20% from a recent peak is a widely accepted definition of a bear market, while a drop of 10% defines a correction.\nHis “fire” scenario, which he speculates would lead to a 10% slide for the market, would be precipitated by the Federal Reserve initiating its efforts to “remove monetary accommodation in response to an overheating economy.”\nThe Fed will conclude its September meeting on Wednesday, and release an updated policy statement and a new set of projections for interest rates, including 2024 for the first time.\nThe equity market already has been under selling pressure for several sessions before Monday’s slump which was partially attributed to concerns about possible global systemic risk resulting from a potential debt default by one of China’s biggest property developers: Evergrande 3333, -0.44%.\nOn Monday, the S&P 500 SPX, -0.08% and the Nasdaq Composite COMP, +0.22% notched the worst daily declines since May 12 and the Dow Jones Industrial Average DJIA, -0.15% registered the sharpest one-day fall since July 19.\nThe S&P 500 hasn’t seen a 5% pullback from its peak in about 220 sessions, the longest run since 2016, when the market went 404 sessions without falling by at least 5% peak to trough, according to Dow Jones Market Data.\nMonday’s fall has the index about 4% from its Sept. 2 record close, while the Dow is off 4.65% from its Aug. 16 record and the Nasdaq Composite is down 4.3% from its Sept. 7 recent peak.\nWilson said that the break of the S&P 500 below its 50-day moving average, which occurred on Friday and then deepened on Monday, represents a change of trend for investors.\n“Well, I think the trend broke, so we did eventually” take out “the 50-day moving average…and it broke violently yesterday … and I think you gotta pay attention to that, Wilson said in his CNBC interview.\n“I respect the market and I would suggest other people respect the market… and what that’s saying is that that trend was challenged,” Wilson said.\n“I’m comfortable with our call,” he said, pooh-poohing criticism that investors have consistently bought the dip in this euphoric, pandemic-recovery cycle.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":1859,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860104675,"gmtCreate":1632143439997,"gmtModify":1632802572461,"author":{"id":"4088404355164750","authorId":"4088404355164750","name":"BKBK","avatar":"https://static.tigerbbs.com/33c865cf4c0d1fa66cb7e4603c62979e","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088404355164750","authorIdStr":"4088404355164750"},"themes":[],"htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/860104675","repostId":"1130418583","repostType":4,"repost":{"id":"1130418583","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":1632138209,"share":"https://ttm.financial/m/news/1130418583?lang=&edition=full","pubTime":"2021-09-20 19:43","market":"us","language":"en","title":"Toplines Before US Market Open on Monday","url":"https://stock-news.laohu8.com/highlight/detail?id=1130418583","media":"Tiger Newspress","summary":"(Sept 20) U.S. stock futures sold off Monday morning, tracking declines in overseas equities as inve","content":"<p>(Sept 20)&nbsp;U.S. stock futures sold off Monday morning, tracking declines in overseas equities as investors nervously eyed the potential ripple effects of the default of a major Chinese real estate company and ongoing debates over the debt limit in Washington.</p>\n<p>At 07:47 a.m. ET,&nbsp;Dow futures sank by more than 600 points, or 1.79%, in early trading. S&amp;P 500 futures also dropped by more than 1%, adding to losses from last week. The CBOE Volatility Index, or Vix (^VIX), jumped by more than 30% as a confluence of concerns roiled markets.</p>\n<p><img src=\"https://static.tigerbbs.com/b8c25019026526b24ae7ba8fd17ac289\" tg-width=\"1242\" tg-height=\"503\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Stocks making the biggest moves premarket</b></p>\n<p>1)&nbsp;China Evergrande Group—&nbsp;Chinese property giant&nbsp;Evergrande tumbled more than 10% on Hong Kong Stock Exchange, spooking Asian markets.&nbsp;The company has been scrambling to pay its suppliers, and warned investors twice in as many weeks that it could default on its debts. Last week Evergrande said its property sales will likely continue to drop significantly in September after declining for months.</p>\n<p><b>2)&nbsp;<a href=\"https://laohu8.com/S/PFE\">Pfizer</a></b> — The pharmaceutical giantsaid Mondaythat trials showed its Covid vaccine was safe and effective when used in children ages 5 to 11. Pfizer and partner BioNTech said they would submit the results for approval “as soon as possible.” Shares of Pfizer were down about 1% in premarket trading.</p>\n<p><b>3)&nbsp;<a href=\"https://laohu8.com/S/LPI\">Laredo</a> ,<a href=\"https://laohu8.com/S/OXY\">Occidental</a></b> — Oil and energy stocks dipped in premarket trading on Monday. The SPDR S&amp;P Oil &amp; Gas Exploration ETF is down more than 3% in early trading, on pace for its 3rd straight negative session. Laredo Petroleum is down more than 8%, Callon Petroleum is down roughly 6%, and Occidental Petroleum is down nearly 5%. The losses came as crude oil fell on fears of a global economic slowdown tied to the China property market.</p>\n<p><b>4)&nbsp;<a href=\"https://laohu8.com/S/CL\">Colgate-Palmolive</a></b> — The consumer staples stock wasupgradedto buy from hold by Deutsche Bank on Sunday. The investment firm said that Colgate’s difficulties with inflation and in some international markets was already priced in to its stock.</p>\n<p>5)&nbsp;JPMorgan,&nbsp;Bank of America— Bank stocks slid in unison amid a decline in bond yields on slowdown fears. Investors flocked to Treasurys for safety as the stock market is set for its biggest sell-off in months. Big bank stocks took a hit as the falling rates may crimp profits. Bank of America and JPMorgan Chase were each down more than 2% in premarket trading. Citizens Financial Group dropped 3%, while Citigroup declined 2.5%.</p>\n<p><b>6)&nbsp;<a href=\"https://laohu8.com/S/AZNCF\">AstraZeneca Plc</a></b> — The United Kingdom-based pharmaceutical company announced on Monday that its breast cancer drug Enhertu showed positive results in a phase-three trial. Shares of the company were up more than 1% in premarket trading.</p>\n<p><b>7)&nbsp;<a href=\"https://laohu8.com/S/ARKK\">ARK Innovation ETF</a> </b>— Cathie Wood’s ARK Innovation ETF is down 2.75% in the premarket, on pace to snap a 3-day winning streak. Compugen, DraftKings, Coinbase and Square are so of the ETF’s biggest losers this morning.</p>\n<p>Some investors believe this is just normal market action that can occur in September.</p>\n<p>“The reasons for drop this morning are the same as last week: China concerns (Evergrande, regulation, COVID), Fed tapering and possible tax hikes, but nothing new occurred this weekend to justify this mornings’ declines,” Tom Essaye, founder of Sevens Report, said in a note.</p>\n<p>Other risky assets declined on Monday.Bitcoinlost 8% tobelow $44,000.</p>\n<p>Most commodities were in the red.Goldwas among the few assets in the green, adding 0.5% to $1,760.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Toplines Before US Market Open on Monday</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nToplines Before US Market Open on Monday\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">2021-09-20 19:43</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(Sept 20)&nbsp;U.S. stock futures sold off Monday morning, tracking declines in overseas equities as investors nervously eyed the potential ripple effects of the default of a major Chinese real estate company and ongoing debates over the debt limit in Washington.</p>\n<p>At 07:47 a.m. ET,&nbsp;Dow futures sank by more than 600 points, or 1.79%, in early trading. S&amp;P 500 futures also dropped by more than 1%, adding to losses from last week. The CBOE Volatility Index, or Vix (^VIX), jumped by more than 30% as a confluence of concerns roiled markets.</p>\n<p><img src=\"https://static.tigerbbs.com/b8c25019026526b24ae7ba8fd17ac289\" tg-width=\"1242\" tg-height=\"503\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Stocks making the biggest moves premarket</b></p>\n<p>1)&nbsp;China Evergrande Group—&nbsp;Chinese property giant&nbsp;Evergrande tumbled more than 10% on Hong Kong Stock Exchange, spooking Asian markets.&nbsp;The company has been scrambling to pay its suppliers, and warned investors twice in as many weeks that it could default on its debts. Last week Evergrande said its property sales will likely continue to drop significantly in September after declining for months.</p>\n<p><b>2)&nbsp;<a href=\"https://laohu8.com/S/PFE\">Pfizer</a></b> — The pharmaceutical giantsaid Mondaythat trials showed its Covid vaccine was safe and effective when used in children ages 5 to 11. Pfizer and partner BioNTech said they would submit the results for approval “as soon as possible.” Shares of Pfizer were down about 1% in premarket trading.</p>\n<p><b>3)&nbsp;<a href=\"https://laohu8.com/S/LPI\">Laredo</a> ,<a href=\"https://laohu8.com/S/OXY\">Occidental</a></b> — Oil and energy stocks dipped in premarket trading on Monday. The SPDR S&amp;P Oil &amp; Gas Exploration ETF is down more than 3% in early trading, on pace for its 3rd straight negative session. Laredo Petroleum is down more than 8%, Callon Petroleum is down roughly 6%, and Occidental Petroleum is down nearly 5%. The losses came as crude oil fell on fears of a global economic slowdown tied to the China property market.</p>\n<p><b>4)&nbsp;<a href=\"https://laohu8.com/S/CL\">Colgate-Palmolive</a></b> — The consumer staples stock wasupgradedto buy from hold by Deutsche Bank on Sunday. The investment firm said that Colgate’s difficulties with inflation and in some international markets was already priced in to its stock.</p>\n<p>5)&nbsp;JPMorgan,&nbsp;Bank of America— Bank stocks slid in unison amid a decline in bond yields on slowdown fears. Investors flocked to Treasurys for safety as the stock market is set for its biggest sell-off in months. Big bank stocks took a hit as the falling rates may crimp profits. Bank of America and JPMorgan Chase were each down more than 2% in premarket trading. Citizens Financial Group dropped 3%, while Citigroup declined 2.5%.</p>\n<p><b>6)&nbsp;<a href=\"https://laohu8.com/S/AZNCF\">AstraZeneca Plc</a></b> — The United Kingdom-based pharmaceutical company announced on Monday that its breast cancer drug Enhertu showed positive results in a phase-three trial. Shares of the company were up more than 1% in premarket trading.</p>\n<p><b>7)&nbsp;<a href=\"https://laohu8.com/S/ARKK\">ARK Innovation ETF</a> </b>— Cathie Wood’s ARK Innovation ETF is down 2.75% in the premarket, on pace to snap a 3-day winning streak. Compugen, DraftKings, Coinbase and Square are so of the ETF’s biggest losers this morning.</p>\n<p>Some investors believe this is just normal market action that can occur in September.</p>\n<p>“The reasons for drop this morning are the same as last week: China concerns (Evergrande, regulation, COVID), Fed tapering and possible tax hikes, but nothing new occurred this weekend to justify this mornings’ declines,” Tom Essaye, founder of Sevens Report, said in a note.</p>\n<p>Other risky assets declined on Monday.Bitcoinlost 8% tobelow $44,000.</p>\n<p>Most commodities were in the red.Goldwas among the few assets in the green, adding 0.5% to $1,760.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130418583","content_text":"(Sept 20) U.S. stock futures sold off Monday morning, tracking declines in overseas equities as investors nervously eyed the potential ripple effects of the default of a major Chinese real estate company and ongoing debates over the debt limit in Washington.\nAt 07:47 a.m. ET, Dow futures sank by more than 600 points, or 1.79%, in early trading. S&P 500 futures also dropped by more than 1%, adding to losses from last week. The CBOE Volatility Index, or Vix (^VIX), jumped by more than 30% as a confluence of concerns roiled markets.\n\nStocks making the biggest moves premarket\n1) China Evergrande Group— Chinese property giant Evergrande tumbled more than 10% on Hong Kong Stock Exchange, spooking Asian markets. The company has been scrambling to pay its suppliers, and warned investors twice in as many weeks that it could default on its debts. Last week Evergrande said its property sales will likely continue to drop significantly in September after declining for months.\n2) Pfizer — The pharmaceutical giantsaid Mondaythat trials showed its Covid vaccine was safe and effective when used in children ages 5 to 11. Pfizer and partner BioNTech said they would submit the results for approval “as soon as possible.” Shares of Pfizer were down about 1% in premarket trading.\n3) Laredo ,Occidental — Oil and energy stocks dipped in premarket trading on Monday. The SPDR S&P Oil & Gas Exploration ETF is down more than 3% in early trading, on pace for its 3rd straight negative session. Laredo Petroleum is down more than 8%, Callon Petroleum is down roughly 6%, and Occidental Petroleum is down nearly 5%. The losses came as crude oil fell on fears of a global economic slowdown tied to the China property market.\n4) Colgate-Palmolive — The consumer staples stock wasupgradedto buy from hold by Deutsche Bank on Sunday. The investment firm said that Colgate’s difficulties with inflation and in some international markets was already priced in to its stock.\n5) JPMorgan, Bank of America— Bank stocks slid in unison amid a decline in bond yields on slowdown fears. Investors flocked to Treasurys for safety as the stock market is set for its biggest sell-off in months. Big bank stocks took a hit as the falling rates may crimp profits. Bank of America and JPMorgan Chase were each down more than 2% in premarket trading. Citizens Financial Group dropped 3%, while Citigroup declined 2.5%.\n6) AstraZeneca Plc — The United Kingdom-based pharmaceutical company announced on Monday that its breast cancer drug Enhertu showed positive results in a phase-three trial. Shares of the company were up more than 1% in premarket trading.\n7) ARK Innovation ETF — Cathie Wood’s ARK Innovation ETF is down 2.75% in the premarket, on pace to snap a 3-day winning streak. Compugen, DraftKings, Coinbase and Square are so of the ETF’s biggest losers this morning.\nSome investors believe this is just normal market action that can occur in September.\n“The reasons for drop this morning are the same as last week: China concerns (Evergrande, regulation, COVID), Fed tapering and possible tax hikes, but nothing new occurred this weekend to justify this mornings’ declines,” Tom Essaye, founder of Sevens Report, said in a note.\nOther risky assets declined on Monday.Bitcoinlost 8% tobelow $44,000.\nMost commodities were in the red.Goldwas among the few assets in the green, adding 0.5% to $1,760.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":1008,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886173374,"gmtCreate":1631577758398,"gmtModify":1632807529885,"author":{"id":"4088404355164750","authorId":"4088404355164750","name":"BKBK","avatar":"https://static.tigerbbs.com/33c865cf4c0d1fa66cb7e4603c62979e","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088404355164750","authorIdStr":"4088404355164750"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/886173374","repostId":"2166303725","repostType":4,"repost":{"id":"2166303725","kind":"highlight","pubTimestamp":1631525820,"share":"https://ttm.financial/m/news/2166303725?lang=&edition=full","pubTime":"2021-09-13 17:37","market":"us","language":"en","title":"4 Investing Strategies to Navigate the Stock Market in 2021","url":"https://stock-news.laohu8.com/highlight/detail?id=2166303725","media":"Motley Fool","summary":"There are ways to stay invested for the long term even if you're nervous about what the market will do in the near future.","content":"<p>If you're nervous about the current state of the stock market, you're not alone. After a sustained and rapid rise in stock prices, valuations look as though they may be a bit stretched. Valuations like these have often come before a market crash&nbsp;, which has a lot of investors worried. The big challenge, however, is that while it's easy to predict <i>that </i>a crash will happen, knowing <i>when</i> that crash will take place is a whole different story.</p>\n<p>The best any of us can really do is manage our portfolio around the reality that the market doesn't always go up and that sometimes, it falls fast. You can't successfully invest if you're paralyzed by fear, but you can get yourself better prepared while continuing to put money toward your longer-term future. With that in mind, here are four investing strategies to help you navigate the stock market in 2021.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/569ddedc612d2945c75d861d66230669\" tg-width=\"700\" tg-height=\"343\" referrerpolicy=\"no-referrer\"><span>Image source: Getty Images.</span></p>\n<h2>No. 1: Estimate the value of what you own</h2>\n<p>A technique like the discounted cash flow model can help you get a handle on what your stocks are really worth. That model simplifies things to focus on a company's ability to generate cash over time. Based on a reasonable estimate of the cash it will generate and the rate of return you need to take on the risk of investing in its stock, it will help you understand what a fair value is for its shares.</p>\n<p>It's not perfect, as the numbers it generates are based on assumptions about the future. What it can do, though, is help you find a reasonable estimate of that value and recognize the key drivers behind it. That gives you something to compare against the company's actual progress over time and help inform your decisions on what to do with your investment capital.</p>\n<h2>No. 2: Keep an eye on your companies' balance sheets</h2>\n<p>In good times, it's easy to overlook a balance sheet. When times get tough, though, a solid balance sheet can be the difference maker when it comes to a company's ability to stay afloat. This is because its balance sheet represents the company's assets and liabilities -- and most importantly, its ability to access cash if the lending market gets spooked.</p>\n<p>Key measures to look for are the business' current ratio and its debt-to-equity ratio. Its current ratio measures its short-term assets (think cash and things that are usually easily converted into cash) compared to its short-term liabilities like its debt coming due within a year. The higher that number, the less likely the business will be to face a near-term cash crunch.</p>\n<p>A company's debt-to-equity ratio looks at the totality of what it owns compared to what it owes. In this case, the lower the number (as long as it's zero or above), the stronger the balance sheet is. This number can help investors determine how much longer-term flexibility a company has if the debt market were to remain unfavorable for a long time. In addition, the healthier this ratio, the more likely that the company will be able to get new financing even in a fairly tight lending environment.</p>\n<h2>No. 3: Collect your dividends as cash</h2>\n<p>One of the best parts of owning dividend-paying stocks is that their dividends generally get paid based on the health of the underlying company, not the current whims of the stock market. That means that if you own solid, dividend-paying companies, you're likely to get <i>some </i>cash headed your way, even if you don't sell any of your holdings.</p>\n<p>If you let those dividends pile up as cash instead of automatically reinvesting them, then when the market starts offering up bargains (as it often does during crashes), you'll have money available. That can be very useful in keeping you from having to sell one pick to buy another, especially if everything is falling during a generally down market.</p>\n<p>In the event the market <i>doesn't </i>crash, well, those dividends are still as good as any other cash you have access to. You can always include them in an upcoming investment round. After all, by taking them as cash, they stay in your control, instead of being automatically recycled back into the company that's paying them.</p>\n<h2>No. 4: Keep money you'll need in the near term out of stocks</h2>\n<p>Money you know you'll need to spend from your accounts in the next five or so years does not belong in stocks. Neither does cash you should have socked away to handle an emergency that may happen at any time. If you've been a bit lax about following those guidelines, the market being near an all-time high can be a great time to liquidate elevated stocks to buy more conservative assets.</p>\n<p>Being forced to sell stocks when they're down in order to cover your costs is a great way to run out of money. That's why it's <i>always </i>important to have something socked away in cash, investment grade bonds, or other conservative assets like CDs or Treasuries.</p>\n<p>In addition to being able to keep you from having to sell stocks when they're cheap, having some sort of cash buffer can help you psychologically when the market is down. Individuals need long-term investment strategies in order to be successful in stocks over time. It's a lot easier to focus on the long term if you <i>know </i>you don't need the money you have in stocks in the near term. That can be helpful when, not if, the market moves against you.</p>\n<h2>Strategies to help you stay invested, whatever the market does</h2>\n<p>These four investing strategies are designed to help you stay invested, even if the market isn't cooperating. The reality is that if fear spooks you out of the market after a crash and you miss a few of its best days in a rebound, chances are that you'll be worse off than had you stayed invested throughout the mess.</p>\n<p>By helping you get grounded in valuation and balance sheets, you can get more confident in your investments. By managing your dividends well, you can have more control over some of your money, even if the market isn't cooperating. And by keeping your stocks focused on the long term, you can better stomach short-term tough times that the market will throw your way.</p>\n<p>If there's a catch to these strategies, it's this: They tend to work better if you implement them <i>before </i>the market crashes than if you wait until a crash to make them a reality. That makes now a great time to consider putting them in place. So get started now, and be better prepared for any volatility that may come our way.</p>","source":"fool_stock","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>4 Investing Strategies to Navigate the Stock Market in 2021</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n4 Investing Strategies to Navigate the Stock Market in 2021\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-13 17:37 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/09/12/investing-strategies-navigate-stock-market-2021/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>If you're nervous about the current state of the stock market, you're not alone. After a sustained and rapid rise in stock prices, valuations look as though they may be a bit stretched. Valuations ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/09/12/investing-strategies-navigate-stock-market-2021/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.fool.com/investing/2021/09/12/investing-strategies-navigate-stock-market-2021/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2166303725","content_text":"If you're nervous about the current state of the stock market, you're not alone. After a sustained and rapid rise in stock prices, valuations look as though they may be a bit stretched. Valuations like these have often come before a market crash , which has a lot of investors worried. The big challenge, however, is that while it's easy to predict that a crash will happen, knowing when that crash will take place is a whole different story.\nThe best any of us can really do is manage our portfolio around the reality that the market doesn't always go up and that sometimes, it falls fast. You can't successfully invest if you're paralyzed by fear, but you can get yourself better prepared while continuing to put money toward your longer-term future. With that in mind, here are four investing strategies to help you navigate the stock market in 2021.\nImage source: Getty Images.\nNo. 1: Estimate the value of what you own\nA technique like the discounted cash flow model can help you get a handle on what your stocks are really worth. That model simplifies things to focus on a company's ability to generate cash over time. Based on a reasonable estimate of the cash it will generate and the rate of return you need to take on the risk of investing in its stock, it will help you understand what a fair value is for its shares.\nIt's not perfect, as the numbers it generates are based on assumptions about the future. What it can do, though, is help you find a reasonable estimate of that value and recognize the key drivers behind it. That gives you something to compare against the company's actual progress over time and help inform your decisions on what to do with your investment capital.\nNo. 2: Keep an eye on your companies' balance sheets\nIn good times, it's easy to overlook a balance sheet. When times get tough, though, a solid balance sheet can be the difference maker when it comes to a company's ability to stay afloat. This is because its balance sheet represents the company's assets and liabilities -- and most importantly, its ability to access cash if the lending market gets spooked.\nKey measures to look for are the business' current ratio and its debt-to-equity ratio. Its current ratio measures its short-term assets (think cash and things that are usually easily converted into cash) compared to its short-term liabilities like its debt coming due within a year. The higher that number, the less likely the business will be to face a near-term cash crunch.\nA company's debt-to-equity ratio looks at the totality of what it owns compared to what it owes. In this case, the lower the number (as long as it's zero or above), the stronger the balance sheet is. This number can help investors determine how much longer-term flexibility a company has if the debt market were to remain unfavorable for a long time. In addition, the healthier this ratio, the more likely that the company will be able to get new financing even in a fairly tight lending environment.\nNo. 3: Collect your dividends as cash\nOne of the best parts of owning dividend-paying stocks is that their dividends generally get paid based on the health of the underlying company, not the current whims of the stock market. That means that if you own solid, dividend-paying companies, you're likely to get some cash headed your way, even if you don't sell any of your holdings.\nIf you let those dividends pile up as cash instead of automatically reinvesting them, then when the market starts offering up bargains (as it often does during crashes), you'll have money available. That can be very useful in keeping you from having to sell one pick to buy another, especially if everything is falling during a generally down market.\nIn the event the market doesn't crash, well, those dividends are still as good as any other cash you have access to. You can always include them in an upcoming investment round. After all, by taking them as cash, they stay in your control, instead of being automatically recycled back into the company that's paying them.\nNo. 4: Keep money you'll need in the near term out of stocks\nMoney you know you'll need to spend from your accounts in the next five or so years does not belong in stocks. Neither does cash you should have socked away to handle an emergency that may happen at any time. If you've been a bit lax about following those guidelines, the market being near an all-time high can be a great time to liquidate elevated stocks to buy more conservative assets.\nBeing forced to sell stocks when they're down in order to cover your costs is a great way to run out of money. That's why it's always important to have something socked away in cash, investment grade bonds, or other conservative assets like CDs or Treasuries.\nIn addition to being able to keep you from having to sell stocks when they're cheap, having some sort of cash buffer can help you psychologically when the market is down. Individuals need long-term investment strategies in order to be successful in stocks over time. It's a lot easier to focus on the long term if you know you don't need the money you have in stocks in the near term. That can be helpful when, not if, the market moves against you.\nStrategies to help you stay invested, whatever the market does\nThese four investing strategies are designed to help you stay invested, even if the market isn't cooperating. The reality is that if fear spooks you out of the market after a crash and you miss a few of its best days in a rebound, chances are that you'll be worse off than had you stayed invested throughout the mess.\nBy helping you get grounded in valuation and balance sheets, you can get more confident in your investments. By managing your dividends well, you can have more control over some of your money, even if the market isn't cooperating. And by keeping your stocks focused on the long term, you can better stomach short-term tough times that the market will throw your way.\nIf there's a catch to these strategies, it's this: They tend to work better if you implement them before the market crashes than if you wait until a crash to make them a reality. That makes now a great time to consider putting them in place. So get started now, and be better prepared for any volatility that may come our way.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1852,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":879578899,"gmtCreate":1636758138101,"gmtModify":1636758138101,"author":{"id":"4088404355164750","authorId":"4088404355164750","name":"BKBK","avatar":"https://static.tigerbbs.com/33c865cf4c0d1fa66cb7e4603c62979e","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088404355164750","idStr":"4088404355164750"},"themes":[],"htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/879578899","repostId":"1163118124","repostType":4,"repost":{"id":"1163118124","kind":"news","pubTimestamp":1636726239,"share":"https://ttm.financial/m/news/1163118124?lang=&edition=full","pubTime":"2021-11-12 22:10","market":"us","language":"en","title":"Tesla: $1 Trillion Of Speculation","url":"https://stock-news.laohu8.com/highlight/detail?id=1163118124","media":"Forbes","summary":"Tesla’s  market cap surpassed the trillion-dollar mark, driven by a post-earnings rally that got a boost from the announcement of a 100,000-vehicle order from Hertz , which might not even happen.Even if it does come to pass, the Hertz order is a drop in the bucket of growth expectations baked into Tesla’s valuation. Tesla needs 155 Hertz-sized orders to justify the revenue expectations in its stock price. Put another way, the $1.2 trillion valuation implies Tesla owns 60%+ of the entire global p","content":"<p>Tesla’s (TSLA) market cap surpassed the trillion-dollar mark, driven by a post-earnings rally that got a boost from the announcement of a 100,000-vehicle order from Hertz (HTZ), which might&nbsp;not even happen.</p>\n<p>Even if it does come to pass, the Hertz order is a drop in the bucket of growth expectations baked into Tesla’s valuation. Tesla needs 155 Hertz-sized orders to justify the revenue expectations in its stock price. Put another way, the $1.2 trillion valuation implies Tesla owns 60%+ of the entire global passenger EV market and becomes more profitable than Apple (AAPL) by 2030.</p>\n<p>This report provides objective perspective on how outrageously high the valuation of Tesla stock is and the clear impracticality of the company meeting the expectations baked into its valuation.</p>\n<p><b>Tesla’s Valuation vs. Competitors Makes No Sense</b></p>\n<p>Tesla’s market cap is now greater than the next 10 largest (ranked by market cap) auto manufacturers combined.</p>\n<p><b>Figure 1:&nbsp;Tesla’s Market Cap Vs. Competitors</b></p>\n<p><img src=\"https://static.tigerbbs.com/fb58977e39c2d0ce868e80de26d098d9\" tg-width=\"925\" tg-height=\"393\" referrerpolicy=\"no-referrer\"></p>\n<p>This valuation comes despite Tesla selling less than 1/50th&nbsp;of the vehicles than the combined total sold by the next 10 largest automakers over the trailing twelve months ended the first half of 2021. See Figure 2.</p>\n<p>I cannot conceive of a straight-faced argument for the disconnect between Tesla’s valuation and its vehicle sales compared to its competitors.</p>\n<p><b>Figure 2:&nbsp;Tesla’s Car Sales Vs. Competitors</b></p>\n<p><img src=\"https://static.tigerbbs.com/7fe8de12677dc13fe01f38fbafdcab27\" tg-width=\"946\" tg-height=\"397\" referrerpolicy=\"no-referrer\">* Stellantis sales estimated as Fiat Chrysler and PSA Group’s 2H20 sales and Stellantis’ 1H21 sales. Stellantis was formed as a merger between the two in January 2021.</p>\n<p><b>Is the Hertz Deal Really Worth $100 Billion+ in Market Cap?</b></p>\n<p>Even if Hertz eventually agrees to buy 100,000 Tesla Model 3s, I do not think it is worth the $100 billion in market cap, or $1 million per vehicle, that we saw investors give Tesla’s market cap after the Hertz deal made headlines. Even Elon Musk questioned the surge in share price, noting that the price movement was “strange” given that Tesla is “very much a production ramp problem, not a demand problem.”</p>\n<p>This $100 billion market cap jump makes even less sense in the context of Tesla’s&nbsp;sky-high valuation&nbsp;before the announcement. Clearly, the feasibility of Tesla meeting the sales expectations embedded in its market cap plays no role in its valuation. For those that do care about&nbsp;expectations investing, I did the math and Tesla needs to successfully deliver on 155 Hertz-sized deals to meet the sales implied by a $1.2 trillion market cap.</p>\n<p><b>Will the Hertz Deal Result in Any Profits – If It Goes Through?</b></p>\n<p>After Elon Musk&nbsp;tweeted&nbsp;on November 1, 2021 that “no contract has been signed yet”, the Hertz deal reminds me of another&nbsp;famous tweet: \"am considering taking Tesla private at $420. Funding secured.”</p>\n<p>Even if the deal does go through, the pricing terms are very unclear. Elon insists that no cars will be sold at a discount. Meanwhile, Hertz CEO Mark Fields has made it clear that he is playing the field and working on getting cars from all EV manufacturers on his lot.</p>\n<p>Either Tesla is selling cars at a (large or small) discount, the deal terms are wrong, or the deal does not get done. If the deal gets done, I do not expect it to be profitable. Rental car companies are accustomed to getting discounts for bulk orders, and I see no reason for Hertz to expect to pay list prices on a deal for so many cars.</p>\n<p>At the end of the day, I’m not sure pricing matters because I don't think the Hertz deal gets done. This affair is more about headlines and fueling speculation than doing any real business.</p>\n<p><b>Tesla’s Global Market Share Getting Smaller</b></p>\n<p>Tesla’s first-mover is already eroding, and its market share continues to decline. In the first half of 2021, Tesla sold 14.6% of the EVs&nbsp;sold worldwide&nbsp;compared to 18.8% over the same period in 2020.</p>\n<p>Rising volumes, and falling market share are to be expected in a nascent industry. The problem is that Tesla’s isn’t priced for declining market share. It is priced for massive market share gains, unheard of gains in nearly any industry across the globe, especially in an industry as large and competitive as passenger vehicles.</p>\n<p><b>Reverse DCF Math: Valuation Implies Tesla Will Own 60%+ of the Global Passenger EV Market</b></p>\n<p>At its current average selling price (ASP) of ~$51k, Tesla’s stock price of ~1,200/share implies the firm will sell 16 million vehicles in 2030 (versus ~800k TTM), or 60% of the&nbsp;projected base case global EV passenger vehicle market&nbsp;in 2030. For reference, Adam Jonas, a Morgan Stanley analyst with a price target of $1,600/share, projects Tesla will sell&nbsp;8.1 million vehicles&nbsp;in 2030.</p>\n<p>I think it is unlikely that Tesla will sell such a high volume of vehicles at a $51k ASP, yet the implied vehicle sales based on lower ASPs look even more impractical.</p>\n<p>As detailed in the next section, this analysis assumes Tesla achieves profit margins twice as high as Toyota (TM) and quadruples its current auto manufacturing efficiency. In other words, I aim to provide inarguably best-case scenarios for assessing the expectations reflected in Tesla’s stock price.</p>\n<p>Per Figure 3, Tesla’s current valuation implies that, in 2030, it will sell the following number of vehicles based on these ASP benchmarks:</p>\n<ul>\n <li>16 million vehicles – current ASP of $51k</li>\n <li>21 million vehicles – ASP of $38k (average new car price in the U.S. in 2020)</li>\n <li>46 million vehicles – ASP of $17k (equal to General Motors over the TTM)</li>\n</ul>\n<p>If Tesla achieves those EV sales, the implied market share for the company would be the following (assuming global passenger EV sales reach 25.8 million in 2030, the&nbsp;base case projection from the IEA):</p>\n<ul>\n <li>60% for 16 million vehicles</li>\n <li>80% for 21 million vehicles</li>\n <li>179% for 46 million vehicles</li>\n</ul>\n<p>If I assume the&nbsp;IEA’s best case&nbsp;for global passenger EV sales in 2030, 46.8 million vehicles, the above vehicle sales represent:</p>\n<ul>\n <li>33% for 16 million vehicles</li>\n <li>44% for 21 million vehicles</li>\n <li>98% for 46 million vehicles</li>\n</ul>\n<p><b>Figure 3:&nbsp;Tesla’s Implied Vehicle Sales in 2030 to Justify Current Valuation</b></p>\n<p><img src=\"https://static.tigerbbs.com/9c6d6230910209d16f55e6e527130d43\" tg-width=\"960\" tg-height=\"376\" referrerpolicy=\"no-referrer\"><b>The Math Shows that Tesla Must be More Profitable Than Apple</b></p>\n<p>Here are the assumptions I use in my&nbsp;reverse discounted cash flow (DCF) model&nbsp;to calculate the implied production levels above.</p>\n<p>To justify its current price of ~$1,200/share, Tesla must:</p>\n<ul>\n <li>immediately achieve a 17.2% NOPAT margin (double Toyota’s margin, which is the highest of the large-scale automakers I cover), compared to Tesla’s TTM margin of 7.7%) and</li>\n <li>grow revenue by 38% compounded annually for the next decade.</li>\n</ul>\n<p>In this&nbsp;scenario, Tesla generates&nbsp;<b>$783 billion</b>&nbsp;in revenue in 2030, which is 102% of the combined revenues of Toyota, General Motors, Ford (F), Honda Motor Corp (HMC), and Stellantis (STLA) over the TTM.</p>\n<p>This scenario also implies Tesla generates $135 billion in net operating profit after-tax (NOPAT) in 2030, or 45% higher than Apple’s (AAPL) TTM NOPAT, which, at $93 billion, is the highest of all&nbsp;companies my firm covers.</p>\n<p><b>TSLA Has 60%+ Downside If Morgan Stanley Is Right About Sales</b></p>\n<p>If I assume Tesla reaches Morgan Stanley’s estimate of selling 8.1 million cars in 2030 (which implies a 31% share of the global passenger EV market in 2030), at an ASP of $38k, the stock is worth just $483/share. Details:</p>\n<ul>\n <li>NOPAT margin improves to 17.2% and</li>\n <li>revenue grows 27% compounded annually over the next decade, then</li>\n</ul>\n<p>the stock is worth just $483/share today – 60% downside to the current price.&nbsp;See the math behind this reverse DCF scenario. In this scenario, Tesla grows NOPAT to $60 billion, or nearly 17x its TTM NOPAT, and just 3% below Alphabet’s (GOOGL) TTM NOPAT.</p>\n<p><b>TSLA Has 88%+ Downside Even with 28% Market Share and Realistic Margins</b></p>\n<p>If I estimate more reasonable (but still very optimistic) margins and market share achievements for Tesla, the stock is worth just $148/share. Here’s the math:</p>\n<ul>\n <li>NOPAT margin improves to 8.5% (equal to General Motors’ TTM margin, compared to Tesla’s TTM margin of 7.7%) and</li>\n <li>revenue grows by consensus estimates from 2021-2023 and</li>\n <li>revenue grows 18% a year from 2024-2030, then</li>\n</ul>\n<p>the stock is worth just $148/share today – an 88% downside to the current price.</p>\n<p>In this&nbsp;scenario, Tesla sells 7.2 million cars (at an ASP of 38k) and owns 28% of the global passenger EV market in 2030. If Tesla fails to meet these expectations, then the stock is worth less than $148/share.</p>\n<p>Also, for this scenario, I assume a much more realistic NOPAT margin, 8.5%, for Tesla. Given the expansion required of the business, struggles to be profitable to date, and formidable competition, I think Tesla will be lucky to achieve and sustain a margin as high as 8.5% from 2021-2030.</p>\n<p>Figure 4 compares the firm’s historical NOPAT to the NOPAT implied by its current stock price, the 8.1 million vehicle sales scenario, and the 7.2 million vehicle sales scenario to illustrate just how high the expectations baked into Tesla’s stock price remain. For additional context, I show Toyota’s, General Motors’, and Apple’s TTM NOPAT.</p>\n<p><b>Figure 4: Tesla’s Historical and Implied NOPAT: DCF Valuation Scenarios</b></p>\n<p><img src=\"https://static.tigerbbs.com/25d334530f3477d58879490d628fa8ef\" tg-width=\"936\" tg-height=\"463\" referrerpolicy=\"no-referrer\"></p>\n<p>Each of the above scenarios assumes Tesla’s&nbsp;invested capital&nbsp;grows 14% compounded annually through 2030. For reference, Tesla’s invested capital grew 53% compounded annually from 2010-2020 and 29% compounded annually from 2015-2020. Invested capital at the end of 3Q21 grew 21% YoY. Tesla’s property, plant, and equipment has grown even faster, at 58% compounded annually, since 2010.</p>\n<p>A 14% CAGR represents 1/4th&nbsp;the CAGR of Tesla’s property, plant, and equipment since 2010 and assumes the company can build future plants and produce cars 4x more efficiently than it has so far.</p>\n<p>In other words, I aim to provide inarguably best-case scenarios for assessing the expectations for future market share and profits reflected in Tesla’s stock market valuation.</p>\n<p><b>Why Tesla’s $1 Trillion Valuation Is Ridiculous</b></p>\n<p>Now that I’ve shown how high the expectations baked into Tesla’s valuation are, I’ll present some of the many challenges Tesla faces to meet those expectations.</p>\n<p><b>Tesla Remains “Just” a Car Company, Despite Bulls’ Arguments Otherwise.</b>One of the most common arguments bulls make to justify Tesla’s valuation is that the company is more than just a car company. Instead, the argument goes: Tesla is a software, tech, insurance, energy, transportation, “insert any other blank” company. However, the financials bear out a different picture and show the other businesses are more hype than substance. At this point, Tesla is a only car company and generates the entirety of its profits from vehicles.</p>\n<p>Per Figure 5, Tesla generated 88% of revenue from Automotive Sales in 3Q21, which is up from 87% in 3Q20, and above the quarterly average of 86% since 3Q19. For reference, automotive sales made up 87% and 93% of General Motors’ and Ford’s 3Q21 revenue respectively.</p>\n<p><b>Figure 5:&nbsp;Tesla’s Revenue Breakdown: 3Q19 – 3Q21</b></p>\n<p><img src=\"https://static.tigerbbs.com/4b77f52dfd7a9cb05f19a91ac8811919\" tg-width=\"960\" tg-height=\"419\" referrerpolicy=\"no-referrer\">Tesla’s two other segments, Energy generation and storage and Services and other, which make up 12% of revenue in 3Q21, are unprofitable. Over the TTM, Tesla generated $10.8 billion in gross profit. $11.2 billion came from its Automotive segment while Energy generation and storage and Services and other racked up gross losses of $113 million and $263 million. Despite many claims and promises to the contrary over the years, Tesla doesn’t generate gross profit doing anything but selling cars.</p>\n<p><b>Insurance Business Is Not Material.</b>&nbsp;Tesla bulls will also point to Tesla’s insurance business as another way to drive profit growth. I’ve&nbsp;previously covered&nbsp;how Tesla insurance does not have the competitive advantages that bulls ascribe to it and has a long way to go before it can get meaningfully off the ground.</p>\n<p>Even if Tesla’s insurance business gets off the ground, I would not expect it to make much money. For example, from 2004-2006, General Motors generated about $70 per car sold in GAAP net income from its insurance business. If I assume Tesla can generate the same level of business, Tesla insurance would result in just $57 million in GAAP net income based on TTM vehicles sold.</p>\n<p>Bulls will counter that Tesla will be so much better at insurance than GM and that GM is not a good comp. There is no way to know for sure. Nevertheless, I concede that anything is possible, but the likelihood of Tesla’s insurance business being material profit producer is extremely low.</p>\n<p>Regardless of how successful Tesla insurance is, the potential profits from it are nowhere near enough to help to justify the expectations baked into Tesla’s stock price.</p>\n<p><b>Production Capacity Growth Will Require Billions of $.</b>Current and expected production capacities of all known Tesla factories equals ~2.7 million vehicles, or 12.9 million short of the 2030 production implied by its stock price. See Figure 6.</p>\n<p>In other words, despite the new factories coming online, Tesla must spend billions and build many new manufacturing plants before it can approach the capacity needed to sell the number of cars implied by its valuation.</p>\n<p>Given the&nbsp;many issues&nbsp;in ramping production in the past, investors should not assume Tesla can increase its production by 5x without any problems.</p>\n<p><b>Figure 6:&nbsp;Tesla’s Pending Production Shortfall</b></p>\n<p><img src=\"https://static.tigerbbs.com/7d0c946fecb2fd037adac367c7c5b7c2\" tg-width=\"960\" tg-height=\"285\" referrerpolicy=\"no-referrer\">*Projection based on&nbsp;InsideEVs estimate&nbsp;of 600,000 vehicles per year</p>\n<p>**Optimistic assumption based on Texas being Tesla’s biggest factory and&nbsp;possibly the largest factory&nbsp;in the United States</p>\n<p><b>Incumbents Must Fail for Tesla to Meet Growth Expectations.</b>For many years now, incumbent automakers have spent billions of dollars building out their EV offerings. Automakers other than Tesla already account for 85% of&nbsp;global EV sales&nbsp;through the first half of 2021.</p>\n<p>The global EV market is simply not big enough for Tesla to achieve the sales expectations in its valuation unless nearly all of the incumbents reverse course and completely fail to sell EVs.</p>\n<p>Here are the projections from the large incumbent automakers that have provided specific goals for future EV production.</p>\n<ul>\n <li>Volkswagen Group projects that&nbsp;50% of its global sales&nbsp;will be fully electric by 2030</li>\n <li>Stellantis projects&nbsp;70%&nbsp;and&nbsp;40%&nbsp;of its European and North American sales, respectively, will be fully electric by 2030</li>\n <li>Ford&nbsp;projects&nbsp;that 40% of its sales will be fully electric by 2030.</li>\n <li>Toyota&nbsp;projects&nbsp;that it will sell 2 million EVs by 2030</li>\n <li>Honda&nbsp;plans&nbsp;to sell only EVs in China by 2030</li>\n <li>BMW&nbsp;expects&nbsp;at least half its sales to be zero-emission vehicles by 2030</li>\n <li>Daimler, manufacturer of Mercedes Benz,&nbsp;expects&nbsp;half its sales to be “EV and hybrid by 2025”</li>\n <li>General Motors is&nbsp;targeting&nbsp;EV sales of “more than 1 million” by 2025</li>\n <li>Volvo&nbsp;plans&nbsp;to sell only fully electric vehicles by 2030</li>\n <li>Nissan&nbsp;projects&nbsp;40% of U.S. sales to be EVs by 2030</li>\n</ul>\n<p>Based on these projections, I estimate how many EVs each company aims to produce[1]&nbsp;by 2030 and the market share implied by that production as a percentage of&nbsp;base-case global passenger EV sales in 2030.</p>\n<ul>\n <li>Volkswagen Group: 5.5 million, 21% market share</li>\n <li>Stellantis: 3.6 million[2], 14% market share</li>\n <li>Ford: 2.2 million, 9% market share</li>\n <li>Toyota: 2 million, 8% market share</li>\n <li>Honda (in China): 1.5 million, 6% market share</li>\n <li>BMW: 1.3 million, 5% market share</li>\n <li>Mercedes Benz: 1.2+ million, 5% market share</li>\n <li>General Motors: 1+ million, 4% market share</li>\n <li>Volvo: 700,000, 3% market share</li>\n <li>Nissan (in U.S.): 500,000, 2% market share</li>\n <li><b>Total = 19+ million vehicles and 75% market share</b></li>\n</ul>\n<p>These estimates do not include other incumbents and new entrants (e.g. Jaguar Land Rover, NIO Inc. [NIO], Rivian [RIVN], Ludic [LCID] and more) or other Chinese EV makers because I could not find specific projections for EV production. Nevertheless, I am confident that their combined market share will be more than zero.</p>\n<p>The point is that the rest of the world is not planning to stand by, give up existing market share, and let Tesla own majority of the EV market. Many very experienced and successful automakers are spending many multiples of what Tesla is spending to compete in the EV market.</p>\n<p>The bottom line is that it is hard to make a straight-faced argument that Tesla can achieve the sales implied by its valuation in a competitive market.</p>\n<p><b>Incumbents Can Afford to Spend More than Tesla.</b>Incumbents already have infrastructure to produce and sell vehicles at scale, and they are spending billions of dollars to compete in the EV market. Ford, Volkswagen, General Motors, and Stellantis alone are planning to spend at least $280 billion through 2025 and produce over 12 million EVs by 2030.</p>\n<p>Given the huge investments from multiple competitors, I expect the EV market will be extremely competitive, as manufacturers fight for profits and market share. The “winner take all” outcome implied by Tesla’s valuation is extremely unlikely. Perhaps, Bernstein analyst Toni Sacconaghi&nbsp;said it best, “the automotive industry is an increasingly global and hypercompetitive industry and I believe that surplus profits and technology innovation will likely be competed away over time, as has been the case historically.\" In such a market, Tesla cannot achieve the market share implied by its valuation.</p>\n<p>Unlike Tesla, the incumbents generate plenty of free cash flow (FCF) to fund their EV investments and don’t have to dilute existing shareholders to expand EV capacity as Tesla does. For instance, over the last five years, General Motors, Stellantis, and Ford generated a cumulative $12.4 billion, $7.1, and $6.1 billion in free cash flow while Tesla burned -$19.5 billion.</p>\n<p><b>FSD Continues to Overpromise And Underdeliver.</b>Full-self driving (FSD) has been consistently plagued by issues that, unfortunately, have deadly consequences. Industry research provider Guidehouse Insights ranks Tesla last in its&nbsp;2021 ranking&nbsp;of Automated Driver Systems (ADS), and states flatly, “Tesla needs a thorough rethink of its approach to developing ADS. It has overpromised with its marketing for nearly 5 years and severely underdelivered.”</p>\n<p>Per Figure 7, Tesla lags the competition by quite a large margin, as it’s the only company that falls into the \"Followers\" category.</p>\n<p>The most recent problems with Tesla’s FSD version 10.3 forced the company to&nbsp;roll back the update&nbsp;as users reported false crash warnings and other problems with autosteer and cruise control. These issues resulted in Tesla recalling nearly 12,000 vehicles because “a communication error may cause a false forward-collision warning or unexpected activation of the emergency brakes,”&nbsp;according&nbsp;to the National Highway Traffic Safety Administration (NHTSA).</p>\n<p>While the roll out of an updated 10.3.1 has restarted, Tesla’s haphazard approach to deploying FSD remains unsettling and led Guidehouse Insights to&nbsp;note, “Tesla’s approach to testing its system is fundamentally at odds with virtually every other company in this industry.”</p>\n<p><b>Figure 7:&nbsp;Tesla Ranks Last Amongst Automated Driver Systems</b></p>\n<p><img src=\"https://static.tigerbbs.com/6ddd92d3ed67347fa0741599f91ce31d\" tg-width=\"919\" tg-height=\"739\" width=\"100%\" height=\"auto\"></p>\n<p>Alphabet’s Waymo&nbsp;routinely&nbsp;ranks as the best automated driving system. Importantly, many of the firms ranked ahead of Tesla are focused solely on building automated driving systems and are not distracted by scaling up automobile production, delivery logistics, and the general day-to-day operations of producing cars. Even so, other direct competitors such as GM Super Cruise also get&nbsp;better scores&nbsp;from&nbsp;third-party organizations.</p>\n<p><b>Increased Regulatory Risk.</b>While Tesla has mysteriously avoided regulatory crackdown on its sales of FSD and practice of beta testing software on live drivers and roads, renewed requests from the NHTSA/National Transportation Safety Board (NTSB) signal that Tesla might be held accountable for practices that many find highly misleading and dangerous to citizens.</p>\n<p>Missy Cummings, recently&nbsp;appointed&nbsp;as senior advisor for safety at the NHTSA, has expressed concerns about Tesla’s FSD in the past, tweeting as far back as 2019 that Tesla’s “autopilot easily cause mode confusion, is unreliable and unsafe” and that “NHTSA should require Tesla turn it off.”</p>\n<p>More recently, Tesla requested “confidential business information treatment” on its responses to a litany of information requests the NHTSA made as part of its investigation into FSD. If approved, the public would likely never see Tesla’s responses to key questions pertaining to Tesla not issuing a recall for Autopilot after multiple accidents involving parked emergency vehicles, the selection criteria for Tesla’s FSD beta testing program, and the non-disclosure agreements Tesla was making drivers sign before they could use the beta system.</p>\n<p>The NHTSA is not alone in criticizing Tesla and its FSD rollout. On October 26, 2021, the head of the U.S. NTSB, Jennifer Homendy, said that Tesla has not yet officially responded to the NTSB regarding its safety recommendations while calling the use of full self-driving ”misleading.” She stated, “my biggest concern is that Tesla is rolling out full self-driving technology in beta on city streets with untrained drivers and they have not addressed our recommendations that we’ve issued as a result of numerous investigations of Tesla crashes.”</p>\n<p><b>Battery Technologies Are Nothing Special.</b>Tesla announced it will be switching to a lithium iron phosphate (LFP) battery in all standard range cars. These batteries are already being used in vehicles built in the Shanghai factory, and this switch is expected to bring down costs. The timing of this change comes as other battery producers, in partnership with incumbent auto manufacturers, are ramping up production, which should drive down battery costs for all EV makers. In other words, the competitive advantages of a cheaper battery may be short-lived, as incumbents build economies of scale in their own supply chain in the coming years.</p>\n<p>Additionally, while the much heralded 4680 cylindrical battery, produced by Panasonic for Tesla, and&nbsp;nearly ready for production, should bring a higher energy density in a more efficient package, competitors’ offerings all aim to provide the same.</p>\n<p>General Motor’s Ultium platform will enable up to 400-450 miles of range, and the firm is building a new battery research facility aimed at building batteries capable of 600 miles on a single charge. General Motors recently announced a joint venture with LG Chem to build a second U.S. battery cell plant, which is&nbsp;expected&nbsp;to have an annual capacity of 35 gigawatt hours, or slightly above the 30 gigawatt hour capacity of its first Lordstown battery plant. Morgan Stanley analyst Adam Jonas&nbsp;noted&nbsp;that the “formation of Ultium/Ultium Cells LLC will prove to be a critical point of strategic differentiation that will ultimately drive value creation for [GM] shareholders.”</p>\n<p>Ford’s Mustang Mach-E became the&nbsp;first electric SUV&nbsp;not made by Tesla to reach an EPA-rated range of up to 300 miles, and the company recently entered a partnership with SK Innovation to build three U.S.-based battery plants to power 1 million EVs annually.</p>\n<p>On its own, LG Chem plans to expand its existing U.S. facilities and build two more plants that will produce both pouch cells used by General Motors, Ford, Jaguar, Audi, Porsche, and more, as well as the cylindrical cells used by Tesla.</p>\n<p>Ultimately, the race for the “perfect” battery is less important than the race to procure battery supplies to build the number of EVs each manufacturer aims to produce in the coming years. The incumbents have proven they can maintain and win a race to procure supplies, and they’ve only been doing it for multiple decades now.</p>\n<p><b>Not All Supply Issues Can Be Coded Away.</b>To its credit, Tesla managed the global chip shortage relatively well by re-writing software to allow the use of alternative chips. However, not all supply issues can be solved via software, as evidenced by the growing wait times for Tesla’s vehicles. As Electrek&nbsp;notes, Tesla recently updated its delivery timelines for new orders, and depending upon specs, some vehicles won’t be delivered until September 2022 if ordered today. New orders for the Model 3 Standard Range Plus, which is Tesla’s cheapest vehicle, are currently on pace to be delivered in May 2022, or seven months from now.</p>\n<p>While certainly not unique to Tesla, extended delivery/wait times give consumers ample time to comparison shop and possibly switch orders to a competitor’s EV that would be available sooner.</p>\n<p>Delivery delays aren’t exclusive to in-production vehicles, but Tesla’s future vehicles as well. The much-hyped Cybertruck has recently been delayed again, this time until at least 2023 (compared to an original late 2021 release), which ultimately gives competitors more time to establish a presence in the EV truck market. I recently outlined the many competitors in the EV truck market in my&nbsp;report on Rivian.</p>\n<p><b>Putting It All Together: Tesla Provides Poor Risk/Reward</b></p>\n<p>Given the challenges ahead for Tesla, coupled with a valuation that implies it will take 60%+ of the global EV market share, I think it is clear: Tesla’s stock offers poor risk/reward.</p>\n<p>Tesla has proven risky to short, but investors need not buy shares today at such an elevated price.</p>\n<p>If you’re buying Tesla at its current valuation, you’re not only betting that it will be the only winner of the electrification of the global automotive fleet, but that it will somehow be twice as profitable as Toyota and achieve at least 60% market share. With anything less than total market domination, TSLA presents large downside risk.</p>","source":"fors","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: $1 Trillion Of Speculation</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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: $1 Trillion Of Speculation\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-12 22:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.forbes.com/sites/greatspeculations/2021/11/09/tesla-1-trillion-of-speculation/?sh=34ca1f2f77eb><strong>Forbes</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tesla’s (TSLA) market cap surpassed the trillion-dollar mark, driven by a post-earnings rally that got a boost from the announcement of a 100,000-vehicle order from Hertz (HTZ), which might not even ...</p>\n\n<a href=\"https://www.forbes.com/sites/greatspeculations/2021/11/09/tesla-1-trillion-of-speculation/?sh=34ca1f2f77eb\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.forbes.com/sites/greatspeculations/2021/11/09/tesla-1-trillion-of-speculation/?sh=34ca1f2f77eb","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163118124","content_text":"Tesla’s (TSLA) market cap surpassed the trillion-dollar mark, driven by a post-earnings rally that got a boost from the announcement of a 100,000-vehicle order from Hertz (HTZ), which might not even happen.\nEven if it does come to pass, the Hertz order is a drop in the bucket of growth expectations baked into Tesla’s valuation. Tesla needs 155 Hertz-sized orders to justify the revenue expectations in its stock price. Put another way, the $1.2 trillion valuation implies Tesla owns 60%+ of the entire global passenger EV market and becomes more profitable than Apple (AAPL) by 2030.\nThis report provides objective perspective on how outrageously high the valuation of Tesla stock is and the clear impracticality of the company meeting the expectations baked into its valuation.\nTesla’s Valuation vs. Competitors Makes No Sense\nTesla’s market cap is now greater than the next 10 largest (ranked by market cap) auto manufacturers combined.\nFigure 1: Tesla’s Market Cap Vs. Competitors\n\nThis valuation comes despite Tesla selling less than 1/50th of the vehicles than the combined total sold by the next 10 largest automakers over the trailing twelve months ended the first half of 2021. See Figure 2.\nI cannot conceive of a straight-faced argument for the disconnect between Tesla’s valuation and its vehicle sales compared to its competitors.\nFigure 2: Tesla’s Car Sales Vs. Competitors\n* Stellantis sales estimated as Fiat Chrysler and PSA Group’s 2H20 sales and Stellantis’ 1H21 sales. Stellantis was formed as a merger between the two in January 2021.\nIs the Hertz Deal Really Worth $100 Billion+ in Market Cap?\nEven if Hertz eventually agrees to buy 100,000 Tesla Model 3s, I do not think it is worth the $100 billion in market cap, or $1 million per vehicle, that we saw investors give Tesla’s market cap after the Hertz deal made headlines. Even Elon Musk questioned the surge in share price, noting that the price movement was “strange” given that Tesla is “very much a production ramp problem, not a demand problem.”\nThis $100 billion market cap jump makes even less sense in the context of Tesla’s sky-high valuation before the announcement. Clearly, the feasibility of Tesla meeting the sales expectations embedded in its market cap plays no role in its valuation. For those that do care about expectations investing, I did the math and Tesla needs to successfully deliver on 155 Hertz-sized deals to meet the sales implied by a $1.2 trillion market cap.\nWill the Hertz Deal Result in Any Profits – If It Goes Through?\nAfter Elon Musk tweeted on November 1, 2021 that “no contract has been signed yet”, the Hertz deal reminds me of another famous tweet: \"am considering taking Tesla private at $420. Funding secured.”\nEven if the deal does go through, the pricing terms are very unclear. Elon insists that no cars will be sold at a discount. Meanwhile, Hertz CEO Mark Fields has made it clear that he is playing the field and working on getting cars from all EV manufacturers on his lot.\nEither Tesla is selling cars at a (large or small) discount, the deal terms are wrong, or the deal does not get done. If the deal gets done, I do not expect it to be profitable. Rental car companies are accustomed to getting discounts for bulk orders, and I see no reason for Hertz to expect to pay list prices on a deal for so many cars.\nAt the end of the day, I’m not sure pricing matters because I don't think the Hertz deal gets done. This affair is more about headlines and fueling speculation than doing any real business.\nTesla’s Global Market Share Getting Smaller\nTesla’s first-mover is already eroding, and its market share continues to decline. In the first half of 2021, Tesla sold 14.6% of the EVs sold worldwide compared to 18.8% over the same period in 2020.\nRising volumes, and falling market share are to be expected in a nascent industry. The problem is that Tesla’s isn’t priced for declining market share. It is priced for massive market share gains, unheard of gains in nearly any industry across the globe, especially in an industry as large and competitive as passenger vehicles.\nReverse DCF Math: Valuation Implies Tesla Will Own 60%+ of the Global Passenger EV Market\nAt its current average selling price (ASP) of ~$51k, Tesla’s stock price of ~1,200/share implies the firm will sell 16 million vehicles in 2030 (versus ~800k TTM), or 60% of the projected base case global EV passenger vehicle market in 2030. For reference, Adam Jonas, a Morgan Stanley analyst with a price target of $1,600/share, projects Tesla will sell 8.1 million vehicles in 2030.\nI think it is unlikely that Tesla will sell such a high volume of vehicles at a $51k ASP, yet the implied vehicle sales based on lower ASPs look even more impractical.\nAs detailed in the next section, this analysis assumes Tesla achieves profit margins twice as high as Toyota (TM) and quadruples its current auto manufacturing efficiency. In other words, I aim to provide inarguably best-case scenarios for assessing the expectations reflected in Tesla’s stock price.\nPer Figure 3, Tesla’s current valuation implies that, in 2030, it will sell the following number of vehicles based on these ASP benchmarks:\n\n16 million vehicles – current ASP of $51k\n21 million vehicles – ASP of $38k (average new car price in the U.S. in 2020)\n46 million vehicles – ASP of $17k (equal to General Motors over the TTM)\n\nIf Tesla achieves those EV sales, the implied market share for the company would be the following (assuming global passenger EV sales reach 25.8 million in 2030, the base case projection from the IEA):\n\n60% for 16 million vehicles\n80% for 21 million vehicles\n179% for 46 million vehicles\n\nIf I assume the IEA’s best case for global passenger EV sales in 2030, 46.8 million vehicles, the above vehicle sales represent:\n\n33% for 16 million vehicles\n44% for 21 million vehicles\n98% for 46 million vehicles\n\nFigure 3: Tesla’s Implied Vehicle Sales in 2030 to Justify Current Valuation\nThe Math Shows that Tesla Must be More Profitable Than Apple\nHere are the assumptions I use in my reverse discounted cash flow (DCF) model to calculate the implied production levels above.\nTo justify its current price of ~$1,200/share, Tesla must:\n\nimmediately achieve a 17.2% NOPAT margin (double Toyota’s margin, which is the highest of the large-scale automakers I cover), compared to Tesla’s TTM margin of 7.7%) and\ngrow revenue by 38% compounded annually for the next decade.\n\nIn this scenario, Tesla generates $783 billion in revenue in 2030, which is 102% of the combined revenues of Toyota, General Motors, Ford (F), Honda Motor Corp (HMC), and Stellantis (STLA) over the TTM.\nThis scenario also implies Tesla generates $135 billion in net operating profit after-tax (NOPAT) in 2030, or 45% higher than Apple’s (AAPL) TTM NOPAT, which, at $93 billion, is the highest of all companies my firm covers.\nTSLA Has 60%+ Downside If Morgan Stanley Is Right About Sales\nIf I assume Tesla reaches Morgan Stanley’s estimate of selling 8.1 million cars in 2030 (which implies a 31% share of the global passenger EV market in 2030), at an ASP of $38k, the stock is worth just $483/share. Details:\n\nNOPAT margin improves to 17.2% and\nrevenue grows 27% compounded annually over the next decade, then\n\nthe stock is worth just $483/share today – 60% downside to the current price. See the math behind this reverse DCF scenario. In this scenario, Tesla grows NOPAT to $60 billion, or nearly 17x its TTM NOPAT, and just 3% below Alphabet’s (GOOGL) TTM NOPAT.\nTSLA Has 88%+ Downside Even with 28% Market Share and Realistic Margins\nIf I estimate more reasonable (but still very optimistic) margins and market share achievements for Tesla, the stock is worth just $148/share. Here’s the math:\n\nNOPAT margin improves to 8.5% (equal to General Motors’ TTM margin, compared to Tesla’s TTM margin of 7.7%) and\nrevenue grows by consensus estimates from 2021-2023 and\nrevenue grows 18% a year from 2024-2030, then\n\nthe stock is worth just $148/share today – an 88% downside to the current price.\nIn this scenario, Tesla sells 7.2 million cars (at an ASP of 38k) and owns 28% of the global passenger EV market in 2030. If Tesla fails to meet these expectations, then the stock is worth less than $148/share.\nAlso, for this scenario, I assume a much more realistic NOPAT margin, 8.5%, for Tesla. Given the expansion required of the business, struggles to be profitable to date, and formidable competition, I think Tesla will be lucky to achieve and sustain a margin as high as 8.5% from 2021-2030.\nFigure 4 compares the firm’s historical NOPAT to the NOPAT implied by its current stock price, the 8.1 million vehicle sales scenario, and the 7.2 million vehicle sales scenario to illustrate just how high the expectations baked into Tesla’s stock price remain. For additional context, I show Toyota’s, General Motors’, and Apple’s TTM NOPAT.\nFigure 4: Tesla’s Historical and Implied NOPAT: DCF Valuation Scenarios\n\nEach of the above scenarios assumes Tesla’s invested capital grows 14% compounded annually through 2030. For reference, Tesla’s invested capital grew 53% compounded annually from 2010-2020 and 29% compounded annually from 2015-2020. Invested capital at the end of 3Q21 grew 21% YoY. Tesla’s property, plant, and equipment has grown even faster, at 58% compounded annually, since 2010.\nA 14% CAGR represents 1/4th the CAGR of Tesla’s property, plant, and equipment since 2010 and assumes the company can build future plants and produce cars 4x more efficiently than it has so far.\nIn other words, I aim to provide inarguably best-case scenarios for assessing the expectations for future market share and profits reflected in Tesla’s stock market valuation.\nWhy Tesla’s $1 Trillion Valuation Is Ridiculous\nNow that I’ve shown how high the expectations baked into Tesla’s valuation are, I’ll present some of the many challenges Tesla faces to meet those expectations.\nTesla Remains “Just” a Car Company, Despite Bulls’ Arguments Otherwise.One of the most common arguments bulls make to justify Tesla’s valuation is that the company is more than just a car company. Instead, the argument goes: Tesla is a software, tech, insurance, energy, transportation, “insert any other blank” company. However, the financials bear out a different picture and show the other businesses are more hype than substance. At this point, Tesla is a only car company and generates the entirety of its profits from vehicles.\nPer Figure 5, Tesla generated 88% of revenue from Automotive Sales in 3Q21, which is up from 87% in 3Q20, and above the quarterly average of 86% since 3Q19. For reference, automotive sales made up 87% and 93% of General Motors’ and Ford’s 3Q21 revenue respectively.\nFigure 5: Tesla’s Revenue Breakdown: 3Q19 – 3Q21\nTesla’s two other segments, Energy generation and storage and Services and other, which make up 12% of revenue in 3Q21, are unprofitable. Over the TTM, Tesla generated $10.8 billion in gross profit. $11.2 billion came from its Automotive segment while Energy generation and storage and Services and other racked up gross losses of $113 million and $263 million. Despite many claims and promises to the contrary over the years, Tesla doesn’t generate gross profit doing anything but selling cars.\nInsurance Business Is Not Material. Tesla bulls will also point to Tesla’s insurance business as another way to drive profit growth. I’ve previously covered how Tesla insurance does not have the competitive advantages that bulls ascribe to it and has a long way to go before it can get meaningfully off the ground.\nEven if Tesla’s insurance business gets off the ground, I would not expect it to make much money. For example, from 2004-2006, General Motors generated about $70 per car sold in GAAP net income from its insurance business. If I assume Tesla can generate the same level of business, Tesla insurance would result in just $57 million in GAAP net income based on TTM vehicles sold.\nBulls will counter that Tesla will be so much better at insurance than GM and that GM is not a good comp. There is no way to know for sure. Nevertheless, I concede that anything is possible, but the likelihood of Tesla’s insurance business being material profit producer is extremely low.\nRegardless of how successful Tesla insurance is, the potential profits from it are nowhere near enough to help to justify the expectations baked into Tesla’s stock price.\nProduction Capacity Growth Will Require Billions of $.Current and expected production capacities of all known Tesla factories equals ~2.7 million vehicles, or 12.9 million short of the 2030 production implied by its stock price. See Figure 6.\nIn other words, despite the new factories coming online, Tesla must spend billions and build many new manufacturing plants before it can approach the capacity needed to sell the number of cars implied by its valuation.\nGiven the many issues in ramping production in the past, investors should not assume Tesla can increase its production by 5x without any problems.\nFigure 6: Tesla’s Pending Production Shortfall\n*Projection based on InsideEVs estimate of 600,000 vehicles per year\n**Optimistic assumption based on Texas being Tesla’s biggest factory and possibly the largest factory in the United States\nIncumbents Must Fail for Tesla to Meet Growth Expectations.For many years now, incumbent automakers have spent billions of dollars building out their EV offerings. Automakers other than Tesla already account for 85% of global EV sales through the first half of 2021.\nThe global EV market is simply not big enough for Tesla to achieve the sales expectations in its valuation unless nearly all of the incumbents reverse course and completely fail to sell EVs.\nHere are the projections from the large incumbent automakers that have provided specific goals for future EV production.\n\nVolkswagen Group projects that 50% of its global sales will be fully electric by 2030\nStellantis projects 70% and 40% of its European and North American sales, respectively, will be fully electric by 2030\nFord projects that 40% of its sales will be fully electric by 2030.\nToyota projects that it will sell 2 million EVs by 2030\nHonda plans to sell only EVs in China by 2030\nBMW expects at least half its sales to be zero-emission vehicles by 2030\nDaimler, manufacturer of Mercedes Benz, expects half its sales to be “EV and hybrid by 2025”\nGeneral Motors is targeting EV sales of “more than 1 million” by 2025\nVolvo plans to sell only fully electric vehicles by 2030\nNissan projects 40% of U.S. sales to be EVs by 2030\n\nBased on these projections, I estimate how many EVs each company aims to produce[1] by 2030 and the market share implied by that production as a percentage of base-case global passenger EV sales in 2030.\n\nVolkswagen Group: 5.5 million, 21% market share\nStellantis: 3.6 million[2], 14% market share\nFord: 2.2 million, 9% market share\nToyota: 2 million, 8% market share\nHonda (in China): 1.5 million, 6% market share\nBMW: 1.3 million, 5% market share\nMercedes Benz: 1.2+ million, 5% market share\nGeneral Motors: 1+ million, 4% market share\nVolvo: 700,000, 3% market share\nNissan (in U.S.): 500,000, 2% market share\nTotal = 19+ million vehicles and 75% market share\n\nThese estimates do not include other incumbents and new entrants (e.g. Jaguar Land Rover, NIO Inc. [NIO], Rivian [RIVN], Ludic [LCID] and more) or other Chinese EV makers because I could not find specific projections for EV production. Nevertheless, I am confident that their combined market share will be more than zero.\nThe point is that the rest of the world is not planning to stand by, give up existing market share, and let Tesla own majority of the EV market. Many very experienced and successful automakers are spending many multiples of what Tesla is spending to compete in the EV market.\nThe bottom line is that it is hard to make a straight-faced argument that Tesla can achieve the sales implied by its valuation in a competitive market.\nIncumbents Can Afford to Spend More than Tesla.Incumbents already have infrastructure to produce and sell vehicles at scale, and they are spending billions of dollars to compete in the EV market. Ford, Volkswagen, General Motors, and Stellantis alone are planning to spend at least $280 billion through 2025 and produce over 12 million EVs by 2030.\nGiven the huge investments from multiple competitors, I expect the EV market will be extremely competitive, as manufacturers fight for profits and market share. The “winner take all” outcome implied by Tesla’s valuation is extremely unlikely. Perhaps, Bernstein analyst Toni Sacconaghi said it best, “the automotive industry is an increasingly global and hypercompetitive industry and I believe that surplus profits and technology innovation will likely be competed away over time, as has been the case historically.\" In such a market, Tesla cannot achieve the market share implied by its valuation.\nUnlike Tesla, the incumbents generate plenty of free cash flow (FCF) to fund their EV investments and don’t have to dilute existing shareholders to expand EV capacity as Tesla does. For instance, over the last five years, General Motors, Stellantis, and Ford generated a cumulative $12.4 billion, $7.1, and $6.1 billion in free cash flow while Tesla burned -$19.5 billion.\nFSD Continues to Overpromise And Underdeliver.Full-self driving (FSD) has been consistently plagued by issues that, unfortunately, have deadly consequences. Industry research provider Guidehouse Insights ranks Tesla last in its 2021 ranking of Automated Driver Systems (ADS), and states flatly, “Tesla needs a thorough rethink of its approach to developing ADS. It has overpromised with its marketing for nearly 5 years and severely underdelivered.”\nPer Figure 7, Tesla lags the competition by quite a large margin, as it’s the only company that falls into the \"Followers\" category.\nThe most recent problems with Tesla’s FSD version 10.3 forced the company to roll back the update as users reported false crash warnings and other problems with autosteer and cruise control. These issues resulted in Tesla recalling nearly 12,000 vehicles because “a communication error may cause a false forward-collision warning or unexpected activation of the emergency brakes,” according to the National Highway Traffic Safety Administration (NHTSA).\nWhile the roll out of an updated 10.3.1 has restarted, Tesla’s haphazard approach to deploying FSD remains unsettling and led Guidehouse Insights to note, “Tesla’s approach to testing its system is fundamentally at odds with virtually every other company in this industry.”\nFigure 7: Tesla Ranks Last Amongst Automated Driver Systems\n\nAlphabet’s Waymo routinely ranks as the best automated driving system. Importantly, many of the firms ranked ahead of Tesla are focused solely on building automated driving systems and are not distracted by scaling up automobile production, delivery logistics, and the general day-to-day operations of producing cars. Even so, other direct competitors such as GM Super Cruise also get better scores from third-party organizations.\nIncreased Regulatory Risk.While Tesla has mysteriously avoided regulatory crackdown on its sales of FSD and practice of beta testing software on live drivers and roads, renewed requests from the NHTSA/National Transportation Safety Board (NTSB) signal that Tesla might be held accountable for practices that many find highly misleading and dangerous to citizens.\nMissy Cummings, recently appointed as senior advisor for safety at the NHTSA, has expressed concerns about Tesla’s FSD in the past, tweeting as far back as 2019 that Tesla’s “autopilot easily cause mode confusion, is unreliable and unsafe” and that “NHTSA should require Tesla turn it off.”\nMore recently, Tesla requested “confidential business information treatment” on its responses to a litany of information requests the NHTSA made as part of its investigation into FSD. If approved, the public would likely never see Tesla’s responses to key questions pertaining to Tesla not issuing a recall for Autopilot after multiple accidents involving parked emergency vehicles, the selection criteria for Tesla’s FSD beta testing program, and the non-disclosure agreements Tesla was making drivers sign before they could use the beta system.\nThe NHTSA is not alone in criticizing Tesla and its FSD rollout. On October 26, 2021, the head of the U.S. NTSB, Jennifer Homendy, said that Tesla has not yet officially responded to the NTSB regarding its safety recommendations while calling the use of full self-driving ”misleading.” She stated, “my biggest concern is that Tesla is rolling out full self-driving technology in beta on city streets with untrained drivers and they have not addressed our recommendations that we’ve issued as a result of numerous investigations of Tesla crashes.”\nBattery Technologies Are Nothing Special.Tesla announced it will be switching to a lithium iron phosphate (LFP) battery in all standard range cars. These batteries are already being used in vehicles built in the Shanghai factory, and this switch is expected to bring down costs. The timing of this change comes as other battery producers, in partnership with incumbent auto manufacturers, are ramping up production, which should drive down battery costs for all EV makers. In other words, the competitive advantages of a cheaper battery may be short-lived, as incumbents build economies of scale in their own supply chain in the coming years.\nAdditionally, while the much heralded 4680 cylindrical battery, produced by Panasonic for Tesla, and nearly ready for production, should bring a higher energy density in a more efficient package, competitors’ offerings all aim to provide the same.\nGeneral Motor’s Ultium platform will enable up to 400-450 miles of range, and the firm is building a new battery research facility aimed at building batteries capable of 600 miles on a single charge. General Motors recently announced a joint venture with LG Chem to build a second U.S. battery cell plant, which is expected to have an annual capacity of 35 gigawatt hours, or slightly above the 30 gigawatt hour capacity of its first Lordstown battery plant. Morgan Stanley analyst Adam Jonas noted that the “formation of Ultium/Ultium Cells LLC will prove to be a critical point of strategic differentiation that will ultimately drive value creation for [GM] shareholders.”\nFord’s Mustang Mach-E became the first electric SUV not made by Tesla to reach an EPA-rated range of up to 300 miles, and the company recently entered a partnership with SK Innovation to build three U.S.-based battery plants to power 1 million EVs annually.\nOn its own, LG Chem plans to expand its existing U.S. facilities and build two more plants that will produce both pouch cells used by General Motors, Ford, Jaguar, Audi, Porsche, and more, as well as the cylindrical cells used by Tesla.\nUltimately, the race for the “perfect” battery is less important than the race to procure battery supplies to build the number of EVs each manufacturer aims to produce in the coming years. The incumbents have proven they can maintain and win a race to procure supplies, and they’ve only been doing it for multiple decades now.\nNot All Supply Issues Can Be Coded Away.To its credit, Tesla managed the global chip shortage relatively well by re-writing software to allow the use of alternative chips. However, not all supply issues can be solved via software, as evidenced by the growing wait times for Tesla’s vehicles. As Electrek notes, Tesla recently updated its delivery timelines for new orders, and depending upon specs, some vehicles won’t be delivered until September 2022 if ordered today. New orders for the Model 3 Standard Range Plus, which is Tesla’s cheapest vehicle, are currently on pace to be delivered in May 2022, or seven months from now.\nWhile certainly not unique to Tesla, extended delivery/wait times give consumers ample time to comparison shop and possibly switch orders to a competitor’s EV that would be available sooner.\nDelivery delays aren’t exclusive to in-production vehicles, but Tesla’s future vehicles as well. The much-hyped Cybertruck has recently been delayed again, this time until at least 2023 (compared to an original late 2021 release), which ultimately gives competitors more time to establish a presence in the EV truck market. I recently outlined the many competitors in the EV truck market in my report on Rivian.\nPutting It All Together: Tesla Provides Poor Risk/Reward\nGiven the challenges ahead for Tesla, coupled with a valuation that implies it will take 60%+ of the global EV market share, I think it is clear: Tesla’s stock offers poor risk/reward.\nTesla has proven risky to short, but investors need not buy shares today at such an elevated price.\nIf you’re buying Tesla at its current valuation, you’re not only betting that it will be the only winner of the electrification of the global automotive fleet, but that it will somehow be twice as profitable as Toyota and achieve at least 60% market share. With anything less than total market domination, TSLA presents large downside risk.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":879,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":886173374,"gmtCreate":1631577758398,"gmtModify":1632807529885,"author":{"id":"4088404355164750","authorId":"4088404355164750","name":"BKBK","avatar":"https://static.tigerbbs.com/33c865cf4c0d1fa66cb7e4603c62979e","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088404355164750","idStr":"4088404355164750"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/886173374","repostId":"2166303725","repostType":4,"repost":{"id":"2166303725","kind":"highlight","pubTimestamp":1631525820,"share":"https://ttm.financial/m/news/2166303725?lang=&edition=full","pubTime":"2021-09-13 17:37","market":"us","language":"en","title":"4 Investing Strategies to Navigate the Stock Market in 2021","url":"https://stock-news.laohu8.com/highlight/detail?id=2166303725","media":"Motley Fool","summary":"There are ways to stay invested for the long term even if you're nervous about what the market will do in the near future.","content":"<p>If you're nervous about the current state of the stock market, you're not alone. After a sustained and rapid rise in stock prices, valuations look as though they may be a bit stretched. Valuations like these have often come before a market crash&nbsp;, which has a lot of investors worried. The big challenge, however, is that while it's easy to predict <i>that </i>a crash will happen, knowing <i>when</i> that crash will take place is a whole different story.</p>\n<p>The best any of us can really do is manage our portfolio around the reality that the market doesn't always go up and that sometimes, it falls fast. You can't successfully invest if you're paralyzed by fear, but you can get yourself better prepared while continuing to put money toward your longer-term future. With that in mind, here are four investing strategies to help you navigate the stock market in 2021.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/569ddedc612d2945c75d861d66230669\" tg-width=\"700\" tg-height=\"343\" referrerpolicy=\"no-referrer\"><span>Image source: Getty Images.</span></p>\n<h2>No. 1: Estimate the value of what you own</h2>\n<p>A technique like the discounted cash flow model can help you get a handle on what your stocks are really worth. That model simplifies things to focus on a company's ability to generate cash over time. Based on a reasonable estimate of the cash it will generate and the rate of return you need to take on the risk of investing in its stock, it will help you understand what a fair value is for its shares.</p>\n<p>It's not perfect, as the numbers it generates are based on assumptions about the future. What it can do, though, is help you find a reasonable estimate of that value and recognize the key drivers behind it. That gives you something to compare against the company's actual progress over time and help inform your decisions on what to do with your investment capital.</p>\n<h2>No. 2: Keep an eye on your companies' balance sheets</h2>\n<p>In good times, it's easy to overlook a balance sheet. When times get tough, though, a solid balance sheet can be the difference maker when it comes to a company's ability to stay afloat. This is because its balance sheet represents the company's assets and liabilities -- and most importantly, its ability to access cash if the lending market gets spooked.</p>\n<p>Key measures to look for are the business' current ratio and its debt-to-equity ratio. Its current ratio measures its short-term assets (think cash and things that are usually easily converted into cash) compared to its short-term liabilities like its debt coming due within a year. The higher that number, the less likely the business will be to face a near-term cash crunch.</p>\n<p>A company's debt-to-equity ratio looks at the totality of what it owns compared to what it owes. In this case, the lower the number (as long as it's zero or above), the stronger the balance sheet is. This number can help investors determine how much longer-term flexibility a company has if the debt market were to remain unfavorable for a long time. In addition, the healthier this ratio, the more likely that the company will be able to get new financing even in a fairly tight lending environment.</p>\n<h2>No. 3: Collect your dividends as cash</h2>\n<p>One of the best parts of owning dividend-paying stocks is that their dividends generally get paid based on the health of the underlying company, not the current whims of the stock market. That means that if you own solid, dividend-paying companies, you're likely to get <i>some </i>cash headed your way, even if you don't sell any of your holdings.</p>\n<p>If you let those dividends pile up as cash instead of automatically reinvesting them, then when the market starts offering up bargains (as it often does during crashes), you'll have money available. That can be very useful in keeping you from having to sell one pick to buy another, especially if everything is falling during a generally down market.</p>\n<p>In the event the market <i>doesn't </i>crash, well, those dividends are still as good as any other cash you have access to. You can always include them in an upcoming investment round. After all, by taking them as cash, they stay in your control, instead of being automatically recycled back into the company that's paying them.</p>\n<h2>No. 4: Keep money you'll need in the near term out of stocks</h2>\n<p>Money you know you'll need to spend from your accounts in the next five or so years does not belong in stocks. Neither does cash you should have socked away to handle an emergency that may happen at any time. If you've been a bit lax about following those guidelines, the market being near an all-time high can be a great time to liquidate elevated stocks to buy more conservative assets.</p>\n<p>Being forced to sell stocks when they're down in order to cover your costs is a great way to run out of money. That's why it's <i>always </i>important to have something socked away in cash, investment grade bonds, or other conservative assets like CDs or Treasuries.</p>\n<p>In addition to being able to keep you from having to sell stocks when they're cheap, having some sort of cash buffer can help you psychologically when the market is down. Individuals need long-term investment strategies in order to be successful in stocks over time. It's a lot easier to focus on the long term if you <i>know </i>you don't need the money you have in stocks in the near term. That can be helpful when, not if, the market moves against you.</p>\n<h2>Strategies to help you stay invested, whatever the market does</h2>\n<p>These four investing strategies are designed to help you stay invested, even if the market isn't cooperating. The reality is that if fear spooks you out of the market after a crash and you miss a few of its best days in a rebound, chances are that you'll be worse off than had you stayed invested throughout the mess.</p>\n<p>By helping you get grounded in valuation and balance sheets, you can get more confident in your investments. By managing your dividends well, you can have more control over some of your money, even if the market isn't cooperating. And by keeping your stocks focused on the long term, you can better stomach short-term tough times that the market will throw your way.</p>\n<p>If there's a catch to these strategies, it's this: They tend to work better if you implement them <i>before </i>the market crashes than if you wait until a crash to make them a reality. That makes now a great time to consider putting them in place. So get started now, and be better prepared for any volatility that may come our way.</p>","source":"fool_stock","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>4 Investing Strategies to Navigate the Stock Market in 2021</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n4 Investing Strategies to Navigate the Stock Market in 2021\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-13 17:37 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/09/12/investing-strategies-navigate-stock-market-2021/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>If you're nervous about the current state of the stock market, you're not alone. After a sustained and rapid rise in stock prices, valuations look as though they may be a bit stretched. Valuations ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/09/12/investing-strategies-navigate-stock-market-2021/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.fool.com/investing/2021/09/12/investing-strategies-navigate-stock-market-2021/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2166303725","content_text":"If you're nervous about the current state of the stock market, you're not alone. After a sustained and rapid rise in stock prices, valuations look as though they may be a bit stretched. Valuations like these have often come before a market crash , which has a lot of investors worried. The big challenge, however, is that while it's easy to predict that a crash will happen, knowing when that crash will take place is a whole different story.\nThe best any of us can really do is manage our portfolio around the reality that the market doesn't always go up and that sometimes, it falls fast. You can't successfully invest if you're paralyzed by fear, but you can get yourself better prepared while continuing to put money toward your longer-term future. With that in mind, here are four investing strategies to help you navigate the stock market in 2021.\nImage source: Getty Images.\nNo. 1: Estimate the value of what you own\nA technique like the discounted cash flow model can help you get a handle on what your stocks are really worth. That model simplifies things to focus on a company's ability to generate cash over time. Based on a reasonable estimate of the cash it will generate and the rate of return you need to take on the risk of investing in its stock, it will help you understand what a fair value is for its shares.\nIt's not perfect, as the numbers it generates are based on assumptions about the future. What it can do, though, is help you find a reasonable estimate of that value and recognize the key drivers behind it. That gives you something to compare against the company's actual progress over time and help inform your decisions on what to do with your investment capital.\nNo. 2: Keep an eye on your companies' balance sheets\nIn good times, it's easy to overlook a balance sheet. When times get tough, though, a solid balance sheet can be the difference maker when it comes to a company's ability to stay afloat. This is because its balance sheet represents the company's assets and liabilities -- and most importantly, its ability to access cash if the lending market gets spooked.\nKey measures to look for are the business' current ratio and its debt-to-equity ratio. Its current ratio measures its short-term assets (think cash and things that are usually easily converted into cash) compared to its short-term liabilities like its debt coming due within a year. The higher that number, the less likely the business will be to face a near-term cash crunch.\nA company's debt-to-equity ratio looks at the totality of what it owns compared to what it owes. In this case, the lower the number (as long as it's zero or above), the stronger the balance sheet is. This number can help investors determine how much longer-term flexibility a company has if the debt market were to remain unfavorable for a long time. In addition, the healthier this ratio, the more likely that the company will be able to get new financing even in a fairly tight lending environment.\nNo. 3: Collect your dividends as cash\nOne of the best parts of owning dividend-paying stocks is that their dividends generally get paid based on the health of the underlying company, not the current whims of the stock market. That means that if you own solid, dividend-paying companies, you're likely to get some cash headed your way, even if you don't sell any of your holdings.\nIf you let those dividends pile up as cash instead of automatically reinvesting them, then when the market starts offering up bargains (as it often does during crashes), you'll have money available. That can be very useful in keeping you from having to sell one pick to buy another, especially if everything is falling during a generally down market.\nIn the event the market doesn't crash, well, those dividends are still as good as any other cash you have access to. You can always include them in an upcoming investment round. After all, by taking them as cash, they stay in your control, instead of being automatically recycled back into the company that's paying them.\nNo. 4: Keep money you'll need in the near term out of stocks\nMoney you know you'll need to spend from your accounts in the next five or so years does not belong in stocks. Neither does cash you should have socked away to handle an emergency that may happen at any time. If you've been a bit lax about following those guidelines, the market being near an all-time high can be a great time to liquidate elevated stocks to buy more conservative assets.\nBeing forced to sell stocks when they're down in order to cover your costs is a great way to run out of money. That's why it's always important to have something socked away in cash, investment grade bonds, or other conservative assets like CDs or Treasuries.\nIn addition to being able to keep you from having to sell stocks when they're cheap, having some sort of cash buffer can help you psychologically when the market is down. Individuals need long-term investment strategies in order to be successful in stocks over time. It's a lot easier to focus on the long term if you know you don't need the money you have in stocks in the near term. That can be helpful when, not if, the market moves against you.\nStrategies to help you stay invested, whatever the market does\nThese four investing strategies are designed to help you stay invested, even if the market isn't cooperating. The reality is that if fear spooks you out of the market after a crash and you miss a few of its best days in a rebound, chances are that you'll be worse off than had you stayed invested throughout the mess.\nBy helping you get grounded in valuation and balance sheets, you can get more confident in your investments. By managing your dividends well, you can have more control over some of your money, even if the market isn't cooperating. And by keeping your stocks focused on the long term, you can better stomach short-term tough times that the market will throw your way.\nIf there's a catch to these strategies, it's this: They tend to work better if you implement them before the market crashes than if you wait until a crash to make them a reality. That makes now a great time to consider putting them in place. So get started now, and be better prepared for any volatility that may come our way.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1852,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":869714928,"gmtCreate":1632321753264,"gmtModify":1632801233863,"author":{"id":"4088404355164750","authorId":"4088404355164750","name":"BKBK","avatar":"https://static.tigerbbs.com/33c865cf4c0d1fa66cb7e4603c62979e","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088404355164750","idStr":"4088404355164750"},"themes":[],"htmlText":"Read","listText":"Read","text":"Read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/869714928","repostId":"1118101852","repostType":4,"repost":{"id":"1118101852","kind":"news","pubTimestamp":1632302285,"share":"https://ttm.financial/m/news/1118101852?lang=&edition=full","pubTime":"2021-09-22 17:18","market":"us","language":"en","title":"Why Morgan Stanley is starting to see ‘fire and ice’ and a bear-market drop as ‘more likely’ for stock-market investors","url":"https://stock-news.laohu8.com/highlight/detail?id=1118101852","media":"MarketWatch","summary":"Morgan Stanley’s Michael Wilson sees the bull market ending in fire, though it could end in ice.\nInv","content":"<p>Morgan Stanley’s Michael Wilson sees the bull market ending in fire, though it could end in ice.</p>\n<p>Invoking the imagery from the Robert Frost poem “Fire &amp; Ice,” the Morgan Stanley strategist said that he sees earnings revisions from American corporations “and higher frequency macro data” pointing to a decelerating economy, “amid demand pull forward, supply chain issues and margin pressure,” which he forecasts could lead to a 20% drop, a near-term outcome that he describes as “ice” for investors, in a research note dated Sept. 20.</p>\n<p>Wilson wrote that he is starting to see a 20% fall as a “more likely” outcome for equity markets. However, during an interview on CNBC on Tuesday, the strategist maintained that 10% is still his “base case” scenario and held his forecast for the S&amp;P 500 index to end the year around 4,000.</p>\n<p>A fall of at least 20% from a recent peak is a widely accepted definition of a bear market, while a drop of 10% defines a correction.</p>\n<p>His “fire” scenario, which he speculates would lead to a 10% slide for the market, would be precipitated by the Federal Reserve initiating its efforts to “remove monetary accommodation in response to an overheating economy.”</p>\n<p>The Fed will conclude its September meeting on Wednesday, and release an updated policy statement and a new set of projections for interest rates, including 2024 for the first time.</p>\n<p>The equity market already has been under selling pressure for several sessions before Monday’s slump which was partially attributed to concerns about possible global systemic risk resulting from a potential debt default by one of China’s biggest property developers: Evergrande 3333, -0.44%.</p>\n<p>On Monday, the S&amp;P 500 SPX, -0.08% and the Nasdaq Composite COMP, +0.22% notched the worst daily declines since May 12 and the Dow Jones Industrial Average DJIA, -0.15% registered the sharpest one-day fall since July 19.</p>\n<p>The S&amp;P 500 hasn’t seen a 5% pullback from its peak in about 220 sessions, the longest run since 2016, when the market went 404 sessions without falling by at least 5% peak to trough, according to Dow Jones Market Data.</p>\n<p>Monday’s fall has the index about 4% from its Sept. 2 record close, while the Dow is off 4.65% from its Aug. 16 record and the Nasdaq Composite is down 4.3% from its Sept. 7 recent peak.</p>\n<p>Wilson said that the break of the S&amp;P 500 below its 50-day moving average, which occurred on Friday and then deepened on Monday, represents a change of trend for investors.</p>\n<p>“Well, I think the trend broke, so we did eventually” take out “the 50-day moving average…and it broke violently yesterday … and I think you gotta pay attention to that, Wilson said in his CNBC interview.</p>\n<p>“I respect the market and I would suggest other people respect the market… and what that’s saying is that that trend was challenged,” Wilson said.</p>\n<p>“I’m comfortable with our call,” he said, pooh-poohing criticism that investors have consistently bought the dip in this euphoric, pandemic-recovery cycle.</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>Why Morgan Stanley is starting to see ‘fire and ice’ and a bear-market drop as ‘more likely’ for stock-market investors</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Morgan Stanley is starting to see ‘fire and ice’ and a bear-market drop as ‘more likely’ for stock-market investors\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-22 17:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/why-morgan-stanleys-is-starting-to-see-fire-and-ice-and-a-bear-market-drop-as-more-likely-for-stock-market-investors-11632249935?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Morgan Stanley’s Michael Wilson sees the bull market ending in fire, though it could end in ice.\nInvoking the imagery from the Robert Frost poem “Fire & Ice,” the Morgan Stanley strategist said that ...</p>\n\n<a href=\"https://www.marketwatch.com/story/why-morgan-stanleys-is-starting-to-see-fire-and-ice-and-a-bear-market-drop-as-more-likely-for-stock-market-investors-11632249935?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/why-morgan-stanleys-is-starting-to-see-fire-and-ice-and-a-bear-market-drop-as-more-likely-for-stock-market-investors-11632249935?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118101852","content_text":"Morgan Stanley’s Michael Wilson sees the bull market ending in fire, though it could end in ice.\nInvoking the imagery from the Robert Frost poem “Fire & Ice,” the Morgan Stanley strategist said that he sees earnings revisions from American corporations “and higher frequency macro data” pointing to a decelerating economy, “amid demand pull forward, supply chain issues and margin pressure,” which he forecasts could lead to a 20% drop, a near-term outcome that he describes as “ice” for investors, in a research note dated Sept. 20.\nWilson wrote that he is starting to see a 20% fall as a “more likely” outcome for equity markets. However, during an interview on CNBC on Tuesday, the strategist maintained that 10% is still his “base case” scenario and held his forecast for the S&P 500 index to end the year around 4,000.\nA fall of at least 20% from a recent peak is a widely accepted definition of a bear market, while a drop of 10% defines a correction.\nHis “fire” scenario, which he speculates would lead to a 10% slide for the market, would be precipitated by the Federal Reserve initiating its efforts to “remove monetary accommodation in response to an overheating economy.”\nThe Fed will conclude its September meeting on Wednesday, and release an updated policy statement and a new set of projections for interest rates, including 2024 for the first time.\nThe equity market already has been under selling pressure for several sessions before Monday’s slump which was partially attributed to concerns about possible global systemic risk resulting from a potential debt default by one of China’s biggest property developers: Evergrande 3333, -0.44%.\nOn Monday, the S&P 500 SPX, -0.08% and the Nasdaq Composite COMP, +0.22% notched the worst daily declines since May 12 and the Dow Jones Industrial Average DJIA, -0.15% registered the sharpest one-day fall since July 19.\nThe S&P 500 hasn’t seen a 5% pullback from its peak in about 220 sessions, the longest run since 2016, when the market went 404 sessions without falling by at least 5% peak to trough, according to Dow Jones Market Data.\nMonday’s fall has the index about 4% from its Sept. 2 record close, while the Dow is off 4.65% from its Aug. 16 record and the Nasdaq Composite is down 4.3% from its Sept. 7 recent peak.\nWilson said that the break of the S&P 500 below its 50-day moving average, which occurred on Friday and then deepened on Monday, represents a change of trend for investors.\n“Well, I think the trend broke, so we did eventually” take out “the 50-day moving average…and it broke violently yesterday … and I think you gotta pay attention to that, Wilson said in his CNBC interview.\n“I respect the market and I would suggest other people respect the market… and what that’s saying is that that trend was challenged,” Wilson said.\n“I’m comfortable with our call,” he said, pooh-poohing criticism that investors have consistently bought the dip in this euphoric, pandemic-recovery cycle.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":1859,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860104675,"gmtCreate":1632143439997,"gmtModify":1632802572461,"author":{"id":"4088404355164750","authorId":"4088404355164750","name":"BKBK","avatar":"https://static.tigerbbs.com/33c865cf4c0d1fa66cb7e4603c62979e","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088404355164750","idStr":"4088404355164750"},"themes":[],"htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/860104675","repostId":"1130418583","repostType":4,"repost":{"id":"1130418583","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":1632138209,"share":"https://ttm.financial/m/news/1130418583?lang=&edition=full","pubTime":"2021-09-20 19:43","market":"us","language":"en","title":"Toplines Before US Market Open on Monday","url":"https://stock-news.laohu8.com/highlight/detail?id=1130418583","media":"Tiger Newspress","summary":"(Sept 20) U.S. stock futures sold off Monday morning, tracking declines in overseas equities as inve","content":"<p>(Sept 20)&nbsp;U.S. stock futures sold off Monday morning, tracking declines in overseas equities as investors nervously eyed the potential ripple effects of the default of a major Chinese real estate company and ongoing debates over the debt limit in Washington.</p>\n<p>At 07:47 a.m. ET,&nbsp;Dow futures sank by more than 600 points, or 1.79%, in early trading. S&amp;P 500 futures also dropped by more than 1%, adding to losses from last week. The CBOE Volatility Index, or Vix (^VIX), jumped by more than 30% as a confluence of concerns roiled markets.</p>\n<p><img src=\"https://static.tigerbbs.com/b8c25019026526b24ae7ba8fd17ac289\" tg-width=\"1242\" tg-height=\"503\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Stocks making the biggest moves premarket</b></p>\n<p>1)&nbsp;China Evergrande Group—&nbsp;Chinese property giant&nbsp;Evergrande tumbled more than 10% on Hong Kong Stock Exchange, spooking Asian markets.&nbsp;The company has been scrambling to pay its suppliers, and warned investors twice in as many weeks that it could default on its debts. Last week Evergrande said its property sales will likely continue to drop significantly in September after declining for months.</p>\n<p><b>2)&nbsp;<a href=\"https://laohu8.com/S/PFE\">Pfizer</a></b> — The pharmaceutical giantsaid Mondaythat trials showed its Covid vaccine was safe and effective when used in children ages 5 to 11. Pfizer and partner BioNTech said they would submit the results for approval “as soon as possible.” Shares of Pfizer were down about 1% in premarket trading.</p>\n<p><b>3)&nbsp;<a href=\"https://laohu8.com/S/LPI\">Laredo</a> ,<a href=\"https://laohu8.com/S/OXY\">Occidental</a></b> — Oil and energy stocks dipped in premarket trading on Monday. The SPDR S&amp;P Oil &amp; Gas Exploration ETF is down more than 3% in early trading, on pace for its 3rd straight negative session. Laredo Petroleum is down more than 8%, Callon Petroleum is down roughly 6%, and Occidental Petroleum is down nearly 5%. The losses came as crude oil fell on fears of a global economic slowdown tied to the China property market.</p>\n<p><b>4)&nbsp;<a href=\"https://laohu8.com/S/CL\">Colgate-Palmolive</a></b> — The consumer staples stock wasupgradedto buy from hold by Deutsche Bank on Sunday. The investment firm said that Colgate’s difficulties with inflation and in some international markets was already priced in to its stock.</p>\n<p>5)&nbsp;JPMorgan,&nbsp;Bank of America— Bank stocks slid in unison amid a decline in bond yields on slowdown fears. Investors flocked to Treasurys for safety as the stock market is set for its biggest sell-off in months. Big bank stocks took a hit as the falling rates may crimp profits. Bank of America and JPMorgan Chase were each down more than 2% in premarket trading. Citizens Financial Group dropped 3%, while Citigroup declined 2.5%.</p>\n<p><b>6)&nbsp;<a href=\"https://laohu8.com/S/AZNCF\">AstraZeneca Plc</a></b> — The United Kingdom-based pharmaceutical company announced on Monday that its breast cancer drug Enhertu showed positive results in a phase-three trial. Shares of the company were up more than 1% in premarket trading.</p>\n<p><b>7)&nbsp;<a href=\"https://laohu8.com/S/ARKK\">ARK Innovation ETF</a> </b>— Cathie Wood’s ARK Innovation ETF is down 2.75% in the premarket, on pace to snap a 3-day winning streak. Compugen, DraftKings, Coinbase and Square are so of the ETF’s biggest losers this morning.</p>\n<p>Some investors believe this is just normal market action that can occur in September.</p>\n<p>“The reasons for drop this morning are the same as last week: China concerns (Evergrande, regulation, COVID), Fed tapering and possible tax hikes, but nothing new occurred this weekend to justify this mornings’ declines,” Tom Essaye, founder of Sevens Report, said in a note.</p>\n<p>Other risky assets declined on Monday.Bitcoinlost 8% tobelow $44,000.</p>\n<p>Most commodities were in the red.Goldwas among the few assets in the green, adding 0.5% to $1,760.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Toplines Before US Market Open on Monday</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nToplines Before US Market Open on Monday\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">2021-09-20 19:43</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(Sept 20)&nbsp;U.S. stock futures sold off Monday morning, tracking declines in overseas equities as investors nervously eyed the potential ripple effects of the default of a major Chinese real estate company and ongoing debates over the debt limit in Washington.</p>\n<p>At 07:47 a.m. ET,&nbsp;Dow futures sank by more than 600 points, or 1.79%, in early trading. S&amp;P 500 futures also dropped by more than 1%, adding to losses from last week. The CBOE Volatility Index, or Vix (^VIX), jumped by more than 30% as a confluence of concerns roiled markets.</p>\n<p><img src=\"https://static.tigerbbs.com/b8c25019026526b24ae7ba8fd17ac289\" tg-width=\"1242\" tg-height=\"503\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Stocks making the biggest moves premarket</b></p>\n<p>1)&nbsp;China Evergrande Group—&nbsp;Chinese property giant&nbsp;Evergrande tumbled more than 10% on Hong Kong Stock Exchange, spooking Asian markets.&nbsp;The company has been scrambling to pay its suppliers, and warned investors twice in as many weeks that it could default on its debts. Last week Evergrande said its property sales will likely continue to drop significantly in September after declining for months.</p>\n<p><b>2)&nbsp;<a href=\"https://laohu8.com/S/PFE\">Pfizer</a></b> — The pharmaceutical giantsaid Mondaythat trials showed its Covid vaccine was safe and effective when used in children ages 5 to 11. Pfizer and partner BioNTech said they would submit the results for approval “as soon as possible.” Shares of Pfizer were down about 1% in premarket trading.</p>\n<p><b>3)&nbsp;<a href=\"https://laohu8.com/S/LPI\">Laredo</a> ,<a href=\"https://laohu8.com/S/OXY\">Occidental</a></b> — Oil and energy stocks dipped in premarket trading on Monday. The SPDR S&amp;P Oil &amp; Gas Exploration ETF is down more than 3% in early trading, on pace for its 3rd straight negative session. Laredo Petroleum is down more than 8%, Callon Petroleum is down roughly 6%, and Occidental Petroleum is down nearly 5%. The losses came as crude oil fell on fears of a global economic slowdown tied to the China property market.</p>\n<p><b>4)&nbsp;<a href=\"https://laohu8.com/S/CL\">Colgate-Palmolive</a></b> — The consumer staples stock wasupgradedto buy from hold by Deutsche Bank on Sunday. The investment firm said that Colgate’s difficulties with inflation and in some international markets was already priced in to its stock.</p>\n<p>5)&nbsp;JPMorgan,&nbsp;Bank of America— Bank stocks slid in unison amid a decline in bond yields on slowdown fears. Investors flocked to Treasurys for safety as the stock market is set for its biggest sell-off in months. Big bank stocks took a hit as the falling rates may crimp profits. Bank of America and JPMorgan Chase were each down more than 2% in premarket trading. Citizens Financial Group dropped 3%, while Citigroup declined 2.5%.</p>\n<p><b>6)&nbsp;<a href=\"https://laohu8.com/S/AZNCF\">AstraZeneca Plc</a></b> — The United Kingdom-based pharmaceutical company announced on Monday that its breast cancer drug Enhertu showed positive results in a phase-three trial. Shares of the company were up more than 1% in premarket trading.</p>\n<p><b>7)&nbsp;<a href=\"https://laohu8.com/S/ARKK\">ARK Innovation ETF</a> </b>— Cathie Wood’s ARK Innovation ETF is down 2.75% in the premarket, on pace to snap a 3-day winning streak. Compugen, DraftKings, Coinbase and Square are so of the ETF’s biggest losers this morning.</p>\n<p>Some investors believe this is just normal market action that can occur in September.</p>\n<p>“The reasons for drop this morning are the same as last week: China concerns (Evergrande, regulation, COVID), Fed tapering and possible tax hikes, but nothing new occurred this weekend to justify this mornings’ declines,” Tom Essaye, founder of Sevens Report, said in a note.</p>\n<p>Other risky assets declined on Monday.Bitcoinlost 8% tobelow $44,000.</p>\n<p>Most commodities were in the red.Goldwas among the few assets in the green, adding 0.5% to $1,760.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130418583","content_text":"(Sept 20) U.S. stock futures sold off Monday morning, tracking declines in overseas equities as investors nervously eyed the potential ripple effects of the default of a major Chinese real estate company and ongoing debates over the debt limit in Washington.\nAt 07:47 a.m. ET, Dow futures sank by more than 600 points, or 1.79%, in early trading. S&P 500 futures also dropped by more than 1%, adding to losses from last week. The CBOE Volatility Index, or Vix (^VIX), jumped by more than 30% as a confluence of concerns roiled markets.\n\nStocks making the biggest moves premarket\n1) China Evergrande Group— Chinese property giant Evergrande tumbled more than 10% on Hong Kong Stock Exchange, spooking Asian markets. The company has been scrambling to pay its suppliers, and warned investors twice in as many weeks that it could default on its debts. Last week Evergrande said its property sales will likely continue to drop significantly in September after declining for months.\n2) Pfizer — The pharmaceutical giantsaid Mondaythat trials showed its Covid vaccine was safe and effective when used in children ages 5 to 11. Pfizer and partner BioNTech said they would submit the results for approval “as soon as possible.” Shares of Pfizer were down about 1% in premarket trading.\n3) Laredo ,Occidental — Oil and energy stocks dipped in premarket trading on Monday. The SPDR S&P Oil & Gas Exploration ETF is down more than 3% in early trading, on pace for its 3rd straight negative session. Laredo Petroleum is down more than 8%, Callon Petroleum is down roughly 6%, and Occidental Petroleum is down nearly 5%. The losses came as crude oil fell on fears of a global economic slowdown tied to the China property market.\n4) Colgate-Palmolive — The consumer staples stock wasupgradedto buy from hold by Deutsche Bank on Sunday. The investment firm said that Colgate’s difficulties with inflation and in some international markets was already priced in to its stock.\n5) JPMorgan, Bank of America— Bank stocks slid in unison amid a decline in bond yields on slowdown fears. Investors flocked to Treasurys for safety as the stock market is set for its biggest sell-off in months. Big bank stocks took a hit as the falling rates may crimp profits. Bank of America and JPMorgan Chase were each down more than 2% in premarket trading. Citizens Financial Group dropped 3%, while Citigroup declined 2.5%.\n6) AstraZeneca Plc — The United Kingdom-based pharmaceutical company announced on Monday that its breast cancer drug Enhertu showed positive results in a phase-three trial. Shares of the company were up more than 1% in premarket trading.\n7) ARK Innovation ETF — Cathie Wood’s ARK Innovation ETF is down 2.75% in the premarket, on pace to snap a 3-day winning streak. Compugen, DraftKings, Coinbase and Square are so of the ETF’s biggest losers this morning.\nSome investors believe this is just normal market action that can occur in September.\n“The reasons for drop this morning are the same as last week: China concerns (Evergrande, regulation, COVID), Fed tapering and possible tax hikes, but nothing new occurred this weekend to justify this mornings’ declines,” Tom Essaye, founder of Sevens Report, said in a note.\nOther risky assets declined on Monday.Bitcoinlost 8% tobelow $44,000.\nMost commodities were in the red.Goldwas among the few assets in the green, adding 0.5% to $1,760.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":1008,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":863609406,"gmtCreate":1632380507105,"gmtModify":1632800782474,"author":{"id":"4088404355164750","authorId":"4088404355164750","name":"BKBK","avatar":"https://static.tigerbbs.com/33c865cf4c0d1fa66cb7e4603c62979e","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088404355164750","idStr":"4088404355164750"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/863609406","repostId":"2169650271","repostType":4,"repost":{"id":"2169650271","kind":"news","pubTimestamp":1632343898,"share":"https://ttm.financial/m/news/2169650271?lang=&edition=full","pubTime":"2021-09-23 04:51","market":"us","language":"en","title":"Wall St ends higher as Fed signals bond-buying taper soon","url":"https://stock-news.laohu8.com/highlight/detail?id=2169650271","media":"Reuters","summary":"NEW YORK, Sept 22 (Reuters) - The three major U.S. stock indexes rose 1% on Wednesday as investors m","content":"<p>NEW YORK, Sept 22 (Reuters) - The three major U.S. stock indexes rose 1% on Wednesday as investors mostly took in stride the latest signals from the Federal Reserve, including clearing the way for the central bank to reduce its monthly bond purchases soon.</p>\n<p>The S&amp;P 500 registered its biggest daily percentage gain since July 23.</p>\n<p>While trading was choppy following the Fed's latest policy statement and comments by Fed Chair Jerome Powell, stocks finished close to where they were before the central bank news.</p>\n<p>In its statement, the central bank also suggested interest rate increases may follow more quickly than expected and said overall indicators in the economy \"have continued to strengthen.\"</p>\n<p>Bank shares rose following the Fed news, with the S&amp;P banks index ending up 2.1% on the day, and S&amp;P 500 financials up 1.6% and among the biggest gainers among sectors.</p>\n<p>Some strategists viewed the Fed's comments as mixed.</p>\n<p>\"So they said we're going to probably start to taper, but they haven't said when and haven't said how much, so we're kind of back where we were a day ago,\" said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago.</p>\n<p>\"Those remain open questions,\" he said. \"Also, financial conditions remain very easy, and that's part of the reason why markets aren't going crazy at this point.\"</p>\n<p>The Dow Jones Industrial Average rose 338.48 points, or 1%, to 34,258.32, the S&amp;P 500 gained 41.45 points, or 0.95%, to 4,395.64 and the Nasdaq Composite added 150.45 points, or 1.02%, to 14,896.85.</p>\n<p>Apple and other big technology-related names gave the S&amp;P 500 its biggest boost.</p>\n<p>On the downside, FedEx Corp tumbled 9.1% after posting a lower quarterly profit and as the delivery firm cut its full-year earnings forecast.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 3.88-to-1 ratio; on Nasdaq, a 2.38-to-1 ratio favored advancers.</p>\n<p>The S&amp;P 500 posted nine new 52-week highs and eight new lows; the Nasdaq Composite recorded 52 new highs and 66 new lows.</p>\n<p>Volume on U.S. exchanges was 9.91 billion shares, compared with the 9.99 billion average for the full session over the last 20 trading days.</p>","source":"yahoofinance","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>Wall St ends higher as Fed signals bond-buying taper soon</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nWall St ends higher as Fed signals bond-buying taper soon\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-23 04:51 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/us-stocks-wall-st-ends-205138667.html><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK, Sept 22 (Reuters) - The three major U.S. stock indexes rose 1% on Wednesday as investors mostly took in stride the latest signals from the Federal Reserve, including clearing the way for the...</p>\n\n<a href=\"https://finance.yahoo.com/news/us-stocks-wall-st-ends-205138667.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index","OEF":"标普100指数ETF-iShares","OEX":"标普100","COMP":"Compass, Inc.",".IXIC":"NASDAQ Composite","FDX":"联邦快递","SDS":"两倍做空标普500ETF","IVV":"标普500指数ETF","UPRO":"三倍做多标普500ETF","SH":"标普500反向ETF","SSO":"两倍做多标普500ETF"},"source_url":"https://finance.yahoo.com/news/us-stocks-wall-st-ends-205138667.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2169650271","content_text":"NEW YORK, Sept 22 (Reuters) - The three major U.S. stock indexes rose 1% on Wednesday as investors mostly took in stride the latest signals from the Federal Reserve, including clearing the way for the central bank to reduce its monthly bond purchases soon.\nThe S&P 500 registered its biggest daily percentage gain since July 23.\nWhile trading was choppy following the Fed's latest policy statement and comments by Fed Chair Jerome Powell, stocks finished close to where they were before the central bank news.\nIn its statement, the central bank also suggested interest rate increases may follow more quickly than expected and said overall indicators in the economy \"have continued to strengthen.\"\nBank shares rose following the Fed news, with the S&P banks index ending up 2.1% on the day, and S&P 500 financials up 1.6% and among the biggest gainers among sectors.\nSome strategists viewed the Fed's comments as mixed.\n\"So they said we're going to probably start to taper, but they haven't said when and haven't said how much, so we're kind of back where we were a day ago,\" said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago.\n\"Those remain open questions,\" he said. \"Also, financial conditions remain very easy, and that's part of the reason why markets aren't going crazy at this point.\"\nThe Dow Jones Industrial Average rose 338.48 points, or 1%, to 34,258.32, the S&P 500 gained 41.45 points, or 0.95%, to 4,395.64 and the Nasdaq Composite added 150.45 points, or 1.02%, to 14,896.85.\nApple and other big technology-related names gave the S&P 500 its biggest boost.\nOn the downside, FedEx Corp tumbled 9.1% after posting a lower quarterly profit and as the delivery firm cut its full-year earnings forecast.\nAdvancing issues outnumbered declining ones on the NYSE by a 3.88-to-1 ratio; on Nasdaq, a 2.38-to-1 ratio favored advancers.\nThe S&P 500 posted nine new 52-week highs and eight new lows; the Nasdaq Composite recorded 52 new highs and 66 new lows.\nVolume on U.S. exchanges was 9.91 billion shares, compared with the 9.99 billion average for the full session over the last 20 trading days.","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,".DJI":0.9,".IXIC":0.9,".SPX":0.9,"COMP":0.9,"FDX":0.9,"ESmain":0.9,"IVV":0.9,"OEF":0.9,"OEX":0.9,"SDS":0.9,"SH":0.9,"SSO":0.9,"UPRO":0.9}},"isVote":1,"tweetType":1,"viewCount":1809,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":869789638,"gmtCreate":1632321924124,"gmtModify":1632801231749,"author":{"id":"4088404355164750","authorId":"4088404355164750","name":"BKBK","avatar":"https://static.tigerbbs.com/33c865cf4c0d1fa66cb7e4603c62979e","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088404355164750","idStr":"4088404355164750"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/869789638","repostId":"1178217262","repostType":4,"repost":{"id":"1178217262","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":1631780500,"share":"https://ttm.financial/m/news/1178217262?lang=&edition=full","pubTime":"2021-09-16 16:21","market":"us","language":"en","title":"EV Stocks slipped in premarket trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1178217262","media":"Tiger Newspress","summary":"EV Stocks slipped in premarket trading.Tesla,Nio,Xpeng Motors and Li Auto fell between 0.5% and 2.8%","content":"<p>EV Stocks slipped in premarket trading.Tesla,Nio,Xpeng Motors and Li Auto&nbsp;fell&nbsp;between 0.5% and 2.8%&nbsp;while&nbsp;Lucid&nbsp;rose&nbsp;nearly&nbsp;2%&nbsp;as&nbsp;BofA called Lucid&nbsp;the 'Tesla/Ferrari of New EV Automakers'.</p>\n<p><img src=\"https://static.tigerbbs.com/294b5ec452d391346819925d05588591\" tg-width=\"405\" tg-height=\"301\" referrerpolicy=\"no-referrer\"></p>\n<p>Cathie Wood’s exchange-traded funds sold more Tesla Inc. shares, taking the total value of the electric vehicle maker’s stock they’ve offloaded this month to about $266 million.</p>\n<p>XPeng&nbsp;launched its third production model, the P5 sedan. A lidar-equipped EV that starts at less than 160,00 Chinese renminbi, or less than $25,000.There are lower-priced EVs on the market, but not with lidar-enabled, advanced driver assistance systems and not with range of the P5.The stock isn’t reacting too positively to the announcement.</p>\n<p>Bank of America predicts 50% gain in Lucid, compares EV maker to Tesla and Ferrari.</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>EV Stocks slipped in premarket trading</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nEV Stocks slipped in premarket trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">2021-09-16 16:21</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>EV Stocks slipped in premarket trading.Tesla,Nio,Xpeng Motors and Li Auto&nbsp;fell&nbsp;between 0.5% and 2.8%&nbsp;while&nbsp;Lucid&nbsp;rose&nbsp;nearly&nbsp;2%&nbsp;as&nbsp;BofA called Lucid&nbsp;the 'Tesla/Ferrari of New EV Automakers'.</p>\n<p><img src=\"https://static.tigerbbs.com/294b5ec452d391346819925d05588591\" tg-width=\"405\" tg-height=\"301\" referrerpolicy=\"no-referrer\"></p>\n<p>Cathie Wood’s exchange-traded funds sold more Tesla Inc. shares, taking the total value of the electric vehicle maker’s stock they’ve offloaded this month to about $266 million.</p>\n<p>XPeng&nbsp;launched its third production model, the P5 sedan. A lidar-equipped EV that starts at less than 160,00 Chinese renminbi, or less than $25,000.There are lower-priced EVs on the market, but not with lidar-enabled, advanced driver assistance systems and not with range of the P5.The stock isn’t reacting too positively to the announcement.</p>\n<p>Bank of America predicts 50% gain in Lucid, compares EV maker to Tesla and Ferrari.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏汽车","LI":"理想汽车","LCID":"Lucid Group Inc","NIO":"蔚来","TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178217262","content_text":"EV Stocks slipped in premarket trading.Tesla,Nio,Xpeng Motors and Li Auto fell between 0.5% and 2.8% while Lucid rose nearly 2% as BofA called Lucid the 'Tesla/Ferrari of New EV Automakers'.\n\nCathie Wood’s exchange-traded funds sold more Tesla Inc. shares, taking the total value of the electric vehicle maker’s stock they’ve offloaded this month to about $266 million.\nXPeng launched its third production model, the P5 sedan. A lidar-equipped EV that starts at less than 160,00 Chinese renminbi, or less than $25,000.There are lower-priced EVs on the market, but not with lidar-enabled, advanced driver assistance systems and not with range of the P5.The stock isn’t reacting too positively to the announcement.\nBank of America predicts 50% gain in Lucid, compares EV maker to Tesla and Ferrari.","news_type":1,"symbols_score_info":{"LCID":0.9,"LI":0.9,"NIO":0.9,"TSLA":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1586,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":869789945,"gmtCreate":1632321904087,"gmtModify":1632801232139,"author":{"id":"4088404355164750","authorId":"4088404355164750","name":"BKBK","avatar":"https://static.tigerbbs.com/33c865cf4c0d1fa66cb7e4603c62979e","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088404355164750","idStr":"4088404355164750"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/869789945","repostId":"1138448757","repostType":4,"repost":{"id":"1138448757","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":1631800047,"share":"https://ttm.financial/m/news/1138448757?lang=&edition=full","pubTime":"2021-09-16 21:47","market":"us","language":"en","title":"EV maker Lucid shares jumped 4% in morning trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1138448757","media":"Tiger Newspress","summary":"EV maker Lucid shares jumped 4% in morning trading as its luxury sedan got 520-mile driving range ra","content":"<p>EV maker Lucid shares jumped 4% in morning trading&nbsp;as&nbsp;its luxury sedan got 520-mile driving range rating.In addition,Bank of America predicts 50% gain in Lucid, compares EV maker to Tesla and Ferrari.</p>\n<p><img src=\"https://static.tigerbbs.com/8a80aaa3b21846d26be18701216b5131\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<p>Lucid Group Inc's&nbsp;Air Dream Edition Range luxury sedan has received U.S. government certification for a range of 520 miles, the electric vehicle maker said on Thursday.</p>\n<p>The sedan was the longest-range EV rated by the U.S. Environmental Protection Agency (EPA), the company said. Rival Tesla's Model S Long Range has an EPA estimated range of 405 miles.</p>\n<p>EV manufacturers are pushing to extend the driving range of their vehicles in a bid to better compete with gasoline-fueled ones. However, as consumers rapidly transition to EVs, charging infrastructure still remains a concern.</p>\n<p>The Biden administration's infrastructure bill includes $7.5 billion for electric vehicle charging stations.</p>\n<p>Lucid made its debut on the Nasdaq in July after completing its merger with a blank-check company backed by Wall Street dealmaker Michael Klein in a deal that valued the combined company at $24 billion.</p>\n<p>The EV maker in August said it would begin deliveries of fully reserved 'Air Dream Edition Range' cars later this year.</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>EV maker Lucid shares jumped 4% in morning trading</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nEV maker Lucid shares jumped 4% in morning trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">2021-09-16 21:47</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>EV maker Lucid shares jumped 4% in morning trading&nbsp;as&nbsp;its luxury sedan got 520-mile driving range rating.In addition,Bank of America predicts 50% gain in Lucid, compares EV maker to Tesla and Ferrari.</p>\n<p><img src=\"https://static.tigerbbs.com/8a80aaa3b21846d26be18701216b5131\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<p>Lucid Group Inc's&nbsp;Air Dream Edition Range luxury sedan has received U.S. government certification for a range of 520 miles, the electric vehicle maker said on Thursday.</p>\n<p>The sedan was the longest-range EV rated by the U.S. Environmental Protection Agency (EPA), the company said. Rival Tesla's Model S Long Range has an EPA estimated range of 405 miles.</p>\n<p>EV manufacturers are pushing to extend the driving range of their vehicles in a bid to better compete with gasoline-fueled ones. However, as consumers rapidly transition to EVs, charging infrastructure still remains a concern.</p>\n<p>The Biden administration's infrastructure bill includes $7.5 billion for electric vehicle charging stations.</p>\n<p>Lucid made its debut on the Nasdaq in July after completing its merger with a blank-check company backed by Wall Street dealmaker Michael Klein in a deal that valued the combined company at $24 billion.</p>\n<p>The EV maker in August said it would begin deliveries of fully reserved 'Air Dream Edition Range' cars later this year.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LCID":"Lucid Group Inc"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138448757","content_text":"EV maker Lucid shares jumped 4% in morning trading as its luxury sedan got 520-mile driving range rating.In addition,Bank of America predicts 50% gain in Lucid, compares EV maker to Tesla and Ferrari.\n\nLucid Group Inc's Air Dream Edition Range luxury sedan has received U.S. government certification for a range of 520 miles, the electric vehicle maker said on Thursday.\nThe sedan was the longest-range EV rated by the U.S. Environmental Protection Agency (EPA), the company said. Rival Tesla's Model S Long Range has an EPA estimated range of 405 miles.\nEV manufacturers are pushing to extend the driving range of their vehicles in a bid to better compete with gasoline-fueled ones. However, as consumers rapidly transition to EVs, charging infrastructure still remains a concern.\nThe Biden administration's infrastructure bill includes $7.5 billion for electric vehicle charging stations.\nLucid made its debut on the Nasdaq in July after completing its merger with a blank-check company backed by Wall Street dealmaker Michael Klein in a deal that valued the combined company at $24 billion.\nThe EV maker in August said it would begin deliveries of fully reserved 'Air Dream Edition Range' cars later this year.","news_type":1,"symbols_score_info":{"LCID":0.9}},"isVote":1,"tweetType":1,"viewCount":1953,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}