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2021-09-14

Latest

FuelCell shares Popped 30% in morning trading<blockquote>FuelCell 股价早盘交易中上涨 30%</blockquote>

2021-09-13

Latest

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2021-09-09

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2021-09-08

Latest

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2021-09-07

Latest

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2021-09-06

Latest

This Could Be Novavax's Ace in the Hole<blockquote>这可能是 Novavax 的王牌</blockquote>

2021-09-05

Latest

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2021-09-02

Yeah

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2021-09-01

Yes

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2021-08-31

Latest

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2021-08-31

Shoppee

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2021-08-31

Shoppee

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2021-08-31

Shoppee

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2021-08-31

Shoppee

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2021-08-30

Latest

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2021-08-28

Latest

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2021-08-28

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Apple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote>

2021-08-27

Waiting

Apple Has 2 Secret Weapons. No, They're Not New iPhones.<blockquote>苹果有两件秘密武器。不，它们不是新的iPhone。</blockquote>

2021-08-26

Latest

Microsoft Wins Blockchain Patent For Implementing Cross Chain Token Service<blockquote>微软赢得实施跨链令牌服务的区块链专利</blockquote>

2021-08-25

Good

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The net loss narrowed to $12.8 million, or 4 cents a share, from $16.1 million, or 7 cents a share, in the same period a year ago. That beat the FactSet consensus for per-share losses of 5 cents, to snap a seven-quarter streak of wider-than-expected losses. Revenue rose 43.2% to $26.8 million from $18.7 million, above the FactSet consensus of $21.1 million, boosted by a $7.2 million increase in service agreements and license revenue. Gross margin improved to positive 4.1% from negative 16.7%. The stock has tumbled 49.7% year to date through Monday, while the S&amp;P 500 has gained 19.0%.</p><p><blockquote>FuelCell 报告第三财季净亏损罕见地小于预期，这得益于毛利率上升和收入增长高于预期。净亏损从去年同期的 1,610 万美元（每股 7 美分）收窄至 1,280 万美元（每股 4 美分）。这超过了 FactSet 每股亏损 5 美分的共识，snap连续七个季度亏损超出预期。收入从 1870 万美元增长 43.2%，达到 2680 万美元，高于 FactSet 共识的 2110 万美元，这得益于服务协议和许可收入增加 720 万美元。毛利率从负16.7%提高到正4.1%。截至周一，该股今年迄今已下跌 49.7%，而标普500则上涨 19.0%。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>FuelCell shares Popped 30% in morning trading<blockquote>FuelCell 股价早盘交易中上涨 30%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFuelCell shares Popped 30% in morning trading<blockquote>FuelCell 股价早盘交易中上涨 30%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-14 22:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>FuelCell shares Popped 30%&nbsp;in morning trading&nbsp;on&nbsp;topping results forecasts.</p><p><blockquote>由于业绩超出预期，FuelCell 股价在早盘交易中上涨 30%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d07b75f01716e7feb7fed0f8f5a9c300\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> FuelCell&nbsp;reported a rare narrower-than-expected fiscal third-quarter net loss, helped by higher gross margin, and revenue that rose above forecasts. The net loss narrowed to $12.8 million, or 4 cents a share, from $16.1 million, or 7 cents a share, in the same period a year ago. That beat the FactSet consensus for per-share losses of 5 cents, to snap a seven-quarter streak of wider-than-expected losses. Revenue rose 43.2% to $26.8 million from $18.7 million, above the FactSet consensus of $21.1 million, boosted by a $7.2 million increase in service agreements and license revenue. Gross margin improved to positive 4.1% from negative 16.7%. The stock has tumbled 49.7% year to date through Monday, while the S&amp;P 500 has gained 19.0%.</p><p><blockquote>FuelCell 报告第三财季净亏损罕见地小于预期，这得益于毛利率上升和收入增长高于预期。净亏损从去年同期的 1,610 万美元（每股 7 美分）收窄至 1,280 万美元（每股 4 美分）。这超过了 FactSet 每股亏损 5 美分的共识，snap连续七个季度亏损超出预期。收入从 1870 万美元增长 43.2%，达到 2680 万美元，高于 FactSet 共识的 2110 万美元，这得益于服务协议和许可收入增加 720 万美元。毛利率从负16.7%提高到正4.1%。截至周一，该股今年迄今已下跌 49.7%，而标普500则上涨 19.0%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FCEL":"燃料电池能源"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185574136","content_text":"FuelCell shares Popped 30% in morning trading on topping results forecasts.\n\nFuelCell reported a rare narrower-than-expected fiscal third-quarter net loss, helped by higher gross margin, and revenue that rose above forecasts. The net loss narrowed to $12.8 million, or 4 cents a share, from $16.1 million, or 7 cents a share, in the same period a year ago. That beat the FactSet consensus for per-share losses of 5 cents, to snap a seven-quarter streak of wider-than-expected losses. Revenue rose 43.2% to $26.8 million from $18.7 million, above the FactSet consensus of $21.1 million, boosted by a $7.2 million increase in service agreements and license revenue. Gross margin improved to positive 4.1% from negative 16.7%. The stock has tumbled 49.7% year to date through Monday, while the S&P 500 has gained 19.0%.","news_type":1,"symbols_score_info":{"FCEL":0.9}},"isVote":1,"tweetType":1,"viewCount":2997,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":888750587,"gmtCreate":1631532248849,"gmtModify":1631890297413,"author":{"id":"4088416347172780","authorId":"4088416347172780","name":"miyakos","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088416347172780","idStr":"4088416347172780"},"themes":[],"title":"","htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/888750587","repostId":"1133730816","repostType":4,"isVote":1,"tweetType":1,"viewCount":2940,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883019705,"gmtCreate":1631188037807,"gmtModify":1631890297422,"author":{"id":"4088416347172780","authorId":"4088416347172780","name":"miyakos","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088416347172780","idStr":"4088416347172780"},"themes":[],"title":"","htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/883019705","repostId":"2166312201","repostType":4,"isVote":1,"tweetType":1,"viewCount":3150,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":889316628,"gmtCreate":1631109353464,"gmtModify":1631890297432,"author":{"id":"4088416347172780","authorId":"4088416347172780","name":"miyakos","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088416347172780","idStr":"4088416347172780"},"themes":[],"title":"","htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/889316628","repostId":"1131499618","repostType":4,"isVote":1,"tweetType":1,"viewCount":3107,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880987948,"gmtCreate":1631009921884,"gmtModify":1631890297446,"author":{"id":"4088416347172780","authorId":"4088416347172780","name":"miyakos","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088416347172780","idStr":"4088416347172780"},"themes":[],"title":"","htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/880987948","repostId":"2165330144","repostType":4,"isVote":1,"tweetType":1,"viewCount":2728,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817838648,"gmtCreate":1630929051884,"gmtModify":1631890297459,"author":{"id":"4088416347172780","authorId":"4088416347172780","name":"miyakos","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088416347172780","idStr":"4088416347172780"},"themes":[],"title":"","htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/817838648","repostId":"1121589231","repostType":4,"repost":{"id":"1121589231","kind":"news","pubTimestamp":1630927585,"share":"https://www.laohunote.com/m/news/1121589231?lang=zh_CN&edition=full","pubTime":"2021-09-06 19:26","market":"us","language":"en","title":"This Could Be Novavax's Ace in the Hole<blockquote>这可能是 Novavax 的王牌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1121589231","media":"Motley Fool","summary":"Hint: It's not the company's COVID-19 vaccine.\n\nKey Points\n\nNovavax put its flu vaccine program on t","content":"<p>  <b>Hint: It's not the company's COVID-19 vaccine.</b>  <b>Key Points</b></p><p><blockquote><b>提示：这不是该公司的新冠肺炎疫苗。</b><b>要点</b></blockquote></p><p> <ul>  <li>Novavax put its flu vaccine program on the back burner after shifting to focus on COVID-19 in 2020.</li>  <li>The company has already reported positive results from a late-stage study of its experimental NanoFlu flu vaccine.</li>  <li>Novavax is moving forward with testing a COVID-19/flu combo that could potentially set the company apart from other vaccine makers.</li> </ul> <b><a href=\"https://laohu8.com/S/NVAX\">Novavax</a> </b>has its skeptics. Some point to the company's history of failure. Its respiratory syncytial virus (RSV) vaccine candidate ResVax experienced two clinical setbacks, and it haspushed back its anticipated timelinefor filing for Emergency Use Authorizations (EUAs) of its COVID-19 vaccine candidate NVX-CoV2373 three times.</p><p><blockquote><ul><li>Novavax 在 2020 年将重点放在 COVID-19 上后，将其流感疫苗项目放在了次要位置。</li><li>该公司已经报告了其实验性 NanoFlu 流感疫苗后期研究的积极结果。</li><li>Novavax正在推进测试新冠肺炎/流感组合，这可能会使该公司从其他疫苗制造商中脱颖而出。</li></ul><b><a href=\"https://laohu8.com/S/NVAX\">诺瓦瓦克斯</a></b>有它的怀疑者。一些人指出了该公司的失败历史。其呼吸道合胞病毒 (RSV) 候选疫苗 ResVax 经历了两次临床挫折，并且三次推迟了申请 COVID-19 候选疫苗 NVX-CoV2373 紧急使用授权 (EUA) 的预期时间表。</blockquote></p><p> However, the future for this biotech stock could be brighter than many critics think. Novavax should file for EUA in the U.K. for NVX-CoV2373 within weeks, followed quickly by filings in the European Union and other countries.</p><p><blockquote>然而，这只生物科技股的未来可能比许多批评者想象的要光明。Novavax 应在几周内就 NVX-CoV2373 在英国申请 EUA，随后很快就会在欧盟和其他国家提交申请。</blockquote></p><p> Its COVID-19 vaccine, while somewhat late to the party, could still be a commercial success for Novavax. But there's also another candidate in the company's pipeline that just might be its ace in the hole.</p><p><blockquote>它的 COVID-19 疫苗虽然姗姗来迟，但对于 Novavax 来说仍然可能是商业上的成功。但该公司的管道中还有另一个候选人可能是它的王牌。</blockquote></p><p> <b>A hot candidate on the back burner</b></p><p><blockquote><b>退后的热门候选人</b></blockquote></p><p> With all of the hubbub over NVX-CoV2373, it's easy to forget that it wasn't all that long ago that investors were excited about another experimental vaccine developed by Novavax. The company had high hopes for flu vaccine candidate NanoFlu after reporting encouraging results in early 2018 from a phase 1/2 study.</p><p><blockquote>随着 NVX-CoV2373 的喧嚣，人们很容易忘记，就在不久前，投资者还对 Novavax 开发的另一种实验性疫苗感到兴奋。该公司在 2018 年初报告了 1/2 期研究的令人鼓舞的结果后，对候选流感疫苗 NanoFlu 寄予厚望。</blockquote></p><p> Novavax advanced NanoFlu into phase 2 testing in older adults in September 2018. It reported more good news from that clinical trial in January 2019.</p><p><blockquote>Novavax于2018年9月将NanoFlu推进到老年人的2期试验。它报道了2019年1月临床试验的更多好消息。</blockquote></p><p> That set the stage for NanoFlu's phase 3 study -- a head-to-head comparison with<b>Sanofi</b>'s&nbsp;approved flu vaccine FluZone Quadrivalent. The study began in October 2019. The following March, Novavax announced positive results, with NanoFlu clearly beating FluZone in the study's primary and secondary endpoints.</p><p><blockquote>这为 NanoFlu 的 3 期研究奠定了基础——与<b>赛诺菲</b>批准的流感疫苗FluZone四价。这项研究始于2019年10月。次年 3 月，Novavax 宣布了积极的结果，NanoFlu 在研究的主要和次要终点上明显击败了 FluZone。</blockquote></p><p> The company seemed to be set to move quickly to file for approval of NanoFlu. However, its flu vaccine program was pushed to the back burner with Novavax moving forward with its COVID-19 vaccine development.</p><p><blockquote>该公司似乎将迅速申请 NanoFlu 的批准。然而，随着 Novavax 推进 COVID-19 疫苗开发，其流感疫苗项目被推到了次要位置。</blockquote></p><p> <b>A compelling combo</b></p><p><blockquote><b>引人注目的组合</b></blockquote></p><p> It made sense that Novavax chose to focus on its COVID-19 program. The opportunity was too great to ignore, and Novavax's resources could only be spread out so far. And with the U.S. government throwing $1.6 billion the company's way to develop NVX-CoV2373, a shift in priorities was a no-brainer.</p><p><blockquote>Novavax 选择专注于其 COVID-19 项目是有道理的。这个机会太大了，不容忽视，Novavax的资源只能分散到这里。随着美国政府向该公司投入 16 亿美元开发 NVX-CoV2373，优先事项的转变是显而易见的。</blockquote></p><p> However, Novavax certainly hasn't forgotten about NanoFlu. The company thinks that a combination COVID-19/flu vaccine featuring NVX-CoV2373 and NanoFlu could be a winner.</p><p><blockquote>然而，Novavax当然没有忘记NanoFlu。该公司认为，采用 NVX-CoV2373 和 NanoFlu 的 COVID-19/流感疫苗联合疫苗可能是赢家。</blockquote></p><p> Novavax has already announced promising preclinical data evaluating a NanoFlu/NVX-CoV2373 combination vaccine. It plans to initiate a phase 1 study in Australia later this year to evaluate the experimental combo.</p><p><blockquote>Novavax已经宣布了评估NanoFlu/NVX-CoV2373联合疫苗的有希望的临床前数据。它计划今年晚些时候在澳大利亚启动第一阶段研究，以评估实验组合。</blockquote></p><p> NanoFlu truly could be the key to Novavax setting itself apart from other COVID-19 vaccine makers.<b>Pfizer</b>&nbsp;and<b>BioNTech</b>&nbsp;are working on a flu vaccine candidate, but it hasn't advanced into clinical testing yet.<b>Moderna</b>only recently began early-stage clinical studies of its experimental flu vaccine.</p><p><blockquote>NanoFlu 确实可能是 Novavax 从其他 COVID-19 疫苗制造商中脱颖而出的关键。<b>辉瑞</b>和<b>生物技术</b>正在研究一种候选流感疫苗，但它还没有进入临床试验。<b>现代</b>直到最近，其实验性流感疫苗的早期临床研究才开始。</blockquote></p><p> Meanwhile, Novavax has already demonstrated NanoFlu's safety and efficacy. It's also already moving ahead with clinical testing of a COVID-19/flu combo vaccine, something that rivals haven't done yet. Should annual boosters for COVID-19 be needed in the future, a combo COVID-19/flu vaccine could provide a compelling value proposition. Novavax appears to be the leader on this front.</p><p><blockquote>与此同时，Novavax已经证明了NanoFlu的安全性和有效性。它还已经在推进新冠肺炎/流感联合疫苗的临床试验，这是竞争对手尚未做到的。如果未来需要新冠肺炎的年度加强剂，新冠肺炎/流感疫苗联合疫苗可以提供一个令人信服的价值主张。Novavax 似乎是这方面的领导者。</blockquote></p><p> <b>A good bet?</b></p><p><blockquote><b>一个好的赌注？</b></blockquote></p><p> I understand why some might be skeptical about Novavax considering the company's past track record. However, the company is in a better position than ever to succeed. Novavax has already reported positive results for NVX-CoV2373 from late-stage studies in the U.K. and the U.S. The primary hurdle now is to complete the regulatory filings for the vaccine.</p><p><blockquote>考虑到 Novavax 过去的业绩记录，我理解为什么有些人可能会对该公司持怀疑态度。然而，该公司比以往任何时候都更有能力取得成功。Novavax 已经报告了英国和美国后期研究中 NVX-CoV2373 的积极结果。现在的主要障碍是完成疫苗的监管备案。</blockquote></p><p> Assuming Novavax wins EUAs, it should be set to make a boatload of money. The company recently signed a deal with the European Union to supply 100 million doses initially and up to 100 million additional doses of NVX-CoV2373. Novavax could soon have ample financial resources to fund its COVID-19/flu combo vaccine program.</p><p><blockquote>假设 Novavax 赢得 EUAs，它应该会赚很多钱。该公司最近与欧盟签署了一项协议，最初供应 1 亿剂 NVX-CoV2373，并额外供应最多 1 亿剂。Novavax可能很快就会有充足的财政资源来资助其新冠肺炎/流感联合疫苗项目。</blockquote></p><p> It's not surprising at all to me that analysts are bullish about thevaccine stock. With the attractive prospects for NVX-CoV2373 and NanoFlu as its ace in the hole, Novavax appears to be a pretty good bet.</p><p><blockquote>分析师看好疫苗股对我来说一点也不奇怪。由于 NVX-CoV2373 和 NanoFlu 作为其王牌的诱人前景，Novavax 似乎是一个相当不错的选择。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>This Could Be Novavax's Ace in the Hole<blockquote>这可能是 Novavax 的王牌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThis Could Be Novavax's Ace in the Hole<blockquote>这可能是 Novavax 的王牌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-09-06 19:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Hint: It's not the company's COVID-19 vaccine.</b>  <b>Key Points</b></p><p><blockquote><b>提示：这不是该公司的新冠肺炎疫苗。</b><b>要点</b></blockquote></p><p> <ul>  <li>Novavax put its flu vaccine program on the back burner after shifting to focus on COVID-19 in 2020.</li>  <li>The company has already reported positive results from a late-stage study of its experimental NanoFlu flu vaccine.</li>  <li>Novavax is moving forward with testing a COVID-19/flu combo that could potentially set the company apart from other vaccine makers.</li> </ul> <b><a href=\"https://laohu8.com/S/NVAX\">Novavax</a> </b>has its skeptics. Some point to the company's history of failure. Its respiratory syncytial virus (RSV) vaccine candidate ResVax experienced two clinical setbacks, and it haspushed back its anticipated timelinefor filing for Emergency Use Authorizations (EUAs) of its COVID-19 vaccine candidate NVX-CoV2373 three times.</p><p><blockquote><ul><li>Novavax 在 2020 年将重点放在 COVID-19 上后，将其流感疫苗项目放在了次要位置。</li><li>该公司已经报告了其实验性 NanoFlu 流感疫苗后期研究的积极结果。</li><li>Novavax正在推进测试新冠肺炎/流感组合，这可能会使该公司从其他疫苗制造商中脱颖而出。</li></ul><b><a href=\"https://laohu8.com/S/NVAX\">诺瓦瓦克斯</a></b>有它的怀疑者。一些人指出了该公司的失败历史。其呼吸道合胞病毒 (RSV) 候选疫苗 ResVax 经历了两次临床挫折，并且三次推迟了申请 COVID-19 候选疫苗 NVX-CoV2373 紧急使用授权 (EUA) 的预期时间表。</blockquote></p><p> However, the future for this biotech stock could be brighter than many critics think. Novavax should file for EUA in the U.K. for NVX-CoV2373 within weeks, followed quickly by filings in the European Union and other countries.</p><p><blockquote>然而，这只生物科技股的未来可能比许多批评者想象的要光明。Novavax 应在几周内就 NVX-CoV2373 在英国申请 EUA，随后很快就会在欧盟和其他国家提交申请。</blockquote></p><p> Its COVID-19 vaccine, while somewhat late to the party, could still be a commercial success for Novavax. But there's also another candidate in the company's pipeline that just might be its ace in the hole.</p><p><blockquote>它的 COVID-19 疫苗虽然姗姗来迟，但对于 Novavax 来说仍然可能是商业上的成功。但该公司的管道中还有另一个候选人可能是它的王牌。</blockquote></p><p> <b>A hot candidate on the back burner</b></p><p><blockquote><b>退后的热门候选人</b></blockquote></p><p> With all of the hubbub over NVX-CoV2373, it's easy to forget that it wasn't all that long ago that investors were excited about another experimental vaccine developed by Novavax. The company had high hopes for flu vaccine candidate NanoFlu after reporting encouraging results in early 2018 from a phase 1/2 study.</p><p><blockquote>随着 NVX-CoV2373 的喧嚣，人们很容易忘记，就在不久前，投资者还对 Novavax 开发的另一种实验性疫苗感到兴奋。该公司在 2018 年初报告了 1/2 期研究的令人鼓舞的结果后，对候选流感疫苗 NanoFlu 寄予厚望。</blockquote></p><p> Novavax advanced NanoFlu into phase 2 testing in older adults in September 2018. It reported more good news from that clinical trial in January 2019.</p><p><blockquote>Novavax于2018年9月将NanoFlu推进到老年人的2期试验。它报道了2019年1月临床试验的更多好消息。</blockquote></p><p> That set the stage for NanoFlu's phase 3 study -- a head-to-head comparison with<b>Sanofi</b>'s&nbsp;approved flu vaccine FluZone Quadrivalent. The study began in October 2019. The following March, Novavax announced positive results, with NanoFlu clearly beating FluZone in the study's primary and secondary endpoints.</p><p><blockquote>这为 NanoFlu 的 3 期研究奠定了基础——与<b>赛诺菲</b>批准的流感疫苗FluZone四价。这项研究始于2019年10月。次年 3 月，Novavax 宣布了积极的结果，NanoFlu 在研究的主要和次要终点上明显击败了 FluZone。</blockquote></p><p> The company seemed to be set to move quickly to file for approval of NanoFlu. However, its flu vaccine program was pushed to the back burner with Novavax moving forward with its COVID-19 vaccine development.</p><p><blockquote>该公司似乎将迅速申请 NanoFlu 的批准。然而，随着 Novavax 推进 COVID-19 疫苗开发，其流感疫苗项目被推到了次要位置。</blockquote></p><p> <b>A compelling combo</b></p><p><blockquote><b>引人注目的组合</b></blockquote></p><p> It made sense that Novavax chose to focus on its COVID-19 program. The opportunity was too great to ignore, and Novavax's resources could only be spread out so far. And with the U.S. government throwing $1.6 billion the company's way to develop NVX-CoV2373, a shift in priorities was a no-brainer.</p><p><blockquote>Novavax 选择专注于其 COVID-19 项目是有道理的。这个机会太大了，不容忽视，Novavax的资源只能分散到这里。随着美国政府向该公司投入 16 亿美元开发 NVX-CoV2373，优先事项的转变是显而易见的。</blockquote></p><p> However, Novavax certainly hasn't forgotten about NanoFlu. The company thinks that a combination COVID-19/flu vaccine featuring NVX-CoV2373 and NanoFlu could be a winner.</p><p><blockquote>然而，Novavax当然没有忘记NanoFlu。该公司认为，采用 NVX-CoV2373 和 NanoFlu 的 COVID-19/流感疫苗联合疫苗可能是赢家。</blockquote></p><p> Novavax has already announced promising preclinical data evaluating a NanoFlu/NVX-CoV2373 combination vaccine. It plans to initiate a phase 1 study in Australia later this year to evaluate the experimental combo.</p><p><blockquote>Novavax已经宣布了评估NanoFlu/NVX-CoV2373联合疫苗的有希望的临床前数据。它计划今年晚些时候在澳大利亚启动第一阶段研究，以评估实验组合。</blockquote></p><p> NanoFlu truly could be the key to Novavax setting itself apart from other COVID-19 vaccine makers.<b>Pfizer</b>&nbsp;and<b>BioNTech</b>&nbsp;are working on a flu vaccine candidate, but it hasn't advanced into clinical testing yet.<b>Moderna</b>only recently began early-stage clinical studies of its experimental flu vaccine.</p><p><blockquote>NanoFlu 确实可能是 Novavax 从其他 COVID-19 疫苗制造商中脱颖而出的关键。<b>辉瑞</b>和<b>生物技术</b>正在研究一种候选流感疫苗，但它还没有进入临床试验。<b>现代</b>直到最近，其实验性流感疫苗的早期临床研究才开始。</blockquote></p><p> Meanwhile, Novavax has already demonstrated NanoFlu's safety and efficacy. It's also already moving ahead with clinical testing of a COVID-19/flu combo vaccine, something that rivals haven't done yet. Should annual boosters for COVID-19 be needed in the future, a combo COVID-19/flu vaccine could provide a compelling value proposition. Novavax appears to be the leader on this front.</p><p><blockquote>与此同时，Novavax已经证明了NanoFlu的安全性和有效性。它还已经在推进新冠肺炎/流感联合疫苗的临床试验，这是竞争对手尚未做到的。如果未来需要新冠肺炎的年度加强剂，新冠肺炎/流感疫苗联合疫苗可以提供一个令人信服的价值主张。Novavax 似乎是这方面的领导者。</blockquote></p><p> <b>A good bet?</b></p><p><blockquote><b>一个好的赌注？</b></blockquote></p><p> I understand why some might be skeptical about Novavax considering the company's past track record. However, the company is in a better position than ever to succeed. Novavax has already reported positive results for NVX-CoV2373 from late-stage studies in the U.K. and the U.S. The primary hurdle now is to complete the regulatory filings for the vaccine.</p><p><blockquote>考虑到 Novavax 过去的业绩记录，我理解为什么有些人可能会对该公司持怀疑态度。然而，该公司比以往任何时候都更有能力取得成功。Novavax 已经报告了英国和美国后期研究中 NVX-CoV2373 的积极结果。现在的主要障碍是完成疫苗的监管备案。</blockquote></p><p> Assuming Novavax wins EUAs, it should be set to make a boatload of money. The company recently signed a deal with the European Union to supply 100 million doses initially and up to 100 million additional doses of NVX-CoV2373. Novavax could soon have ample financial resources to fund its COVID-19/flu combo vaccine program.</p><p><blockquote>假设 Novavax 赢得 EUAs，它应该会赚很多钱。该公司最近与欧盟签署了一项协议，最初供应 1 亿剂 NVX-CoV2373，并额外供应最多 1 亿剂。Novavax可能很快就会有充足的财政资源来资助其新冠肺炎/流感联合疫苗项目。</blockquote></p><p> It's not surprising at all to me that analysts are bullish about thevaccine stock. With the attractive prospects for NVX-CoV2373 and NanoFlu as its ace in the hole, Novavax appears to be a pretty good bet.</p><p><blockquote>分析师看好疫苗股对我来说一点也不奇怪。由于 NVX-CoV2373 和 NanoFlu 作为其王牌的诱人前景，Novavax 似乎是一个相当不错的选择。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/09/06/this-could-be-novavaxs-ace-in-the-hole/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVAX":"诺瓦瓦克斯医药"},"source_url":"https://www.fool.com/investing/2021/09/06/this-could-be-novavaxs-ace-in-the-hole/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121589231","content_text":"Hint: It's not the company's COVID-19 vaccine.\n\nKey Points\n\nNovavax put its flu vaccine program on the back burner after shifting to focus on COVID-19 in 2020.\nThe company has already reported positive results from a late-stage study of its experimental NanoFlu flu vaccine.\nNovavax is moving forward with testing a COVID-19/flu combo that could potentially set the company apart from other vaccine makers.\n\nNovavax has its skeptics. Some point to the company's history of failure. Its respiratory syncytial virus (RSV) vaccine candidate ResVax experienced two clinical setbacks, and it haspushed back its anticipated timelinefor filing for Emergency Use Authorizations (EUAs) of its COVID-19 vaccine candidate NVX-CoV2373 three times.\nHowever, the future for this biotech stock could be brighter than many critics think. Novavax should file for EUA in the U.K. for NVX-CoV2373 within weeks, followed quickly by filings in the European Union and other countries.\nIts COVID-19 vaccine, while somewhat late to the party, could still be a commercial success for Novavax. But there's also another candidate in the company's pipeline that just might be its ace in the hole.\nA hot candidate on the back burner\nWith all of the hubbub over NVX-CoV2373, it's easy to forget that it wasn't all that long ago that investors were excited about another experimental vaccine developed by Novavax. The company had high hopes for flu vaccine candidate NanoFlu after reporting encouraging results in early 2018 from a phase 1/2 study.\nNovavax advanced NanoFlu into phase 2 testing in older adults in September 2018. It reported more good news from that clinical trial in January 2019.\nThat set the stage for NanoFlu's phase 3 study -- a head-to-head comparison withSanofi's approved flu vaccine FluZone Quadrivalent. The study began in October 2019. The following March, Novavax announced positive results, with NanoFlu clearly beating FluZone in the study's primary and secondary endpoints.\nThe company seemed to be set to move quickly to file for approval of NanoFlu. However, its flu vaccine program was pushed to the back burner with Novavax moving forward with its COVID-19 vaccine development.\nA compelling combo\nIt made sense that Novavax chose to focus on its COVID-19 program. The opportunity was too great to ignore, and Novavax's resources could only be spread out so far. And with the U.S. government throwing $1.6 billion the company's way to develop NVX-CoV2373, a shift in priorities was a no-brainer.\nHowever, Novavax certainly hasn't forgotten about NanoFlu. The company thinks that a combination COVID-19/flu vaccine featuring NVX-CoV2373 and NanoFlu could be a winner.\nNovavax has already announced promising preclinical data evaluating a NanoFlu/NVX-CoV2373 combination vaccine. It plans to initiate a phase 1 study in Australia later this year to evaluate the experimental combo.\nNanoFlu truly could be the key to Novavax setting itself apart from other COVID-19 vaccine makers.Pfizer andBioNTech are working on a flu vaccine candidate, but it hasn't advanced into clinical testing yet.Modernaonly recently began early-stage clinical studies of its experimental flu vaccine.\nMeanwhile, Novavax has already demonstrated NanoFlu's safety and efficacy. It's also already moving ahead with clinical testing of a COVID-19/flu combo vaccine, something that rivals haven't done yet. Should annual boosters for COVID-19 be needed in the future, a combo COVID-19/flu vaccine could provide a compelling value proposition. Novavax appears to be the leader on this front.\nA good bet?\nI understand why some might be skeptical about Novavax considering the company's past track record. However, the company is in a better position than ever to succeed. Novavax has already reported positive results for NVX-CoV2373 from late-stage studies in the U.K. and the U.S. The primary hurdle now is to complete the regulatory filings for the vaccine.\nAssuming Novavax wins EUAs, it should be set to make a boatload of money. The company recently signed a deal with the European Union to supply 100 million doses initially and up to 100 million additional doses of NVX-CoV2373. Novavax could soon have ample financial resources to fund its COVID-19/flu combo vaccine program.\nIt's not surprising at all to me that analysts are bullish about thevaccine stock. With the attractive prospects for NVX-CoV2373 and NanoFlu as its ace in the hole, Novavax appears to be a pretty good 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08:38","market":"us","language":"en","title":"Apple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162964424","media":"TheStreet","summary":"Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.IPhone users thinking of upgrading their devices this year  should expect to reach deeper into their pockets. DigiTimes has reported that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.Bad news for consumers could be great news for Apple stock investors. If the price increase is con","content":"<p>Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.</p><p><blockquote>由于某些零部件价格上涨，苹果的 iPhone 13 可能会让消费者花费更多。这对用户来说是个坏消息，但对苹果股票投资者来说可能是个好消息。</blockquote></p><p> IPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has&nbsp;reported&nbsp;that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.</p><p><blockquote>考虑今年升级设备的IPhone用户（或那些希望转向基于iOS的产品的用户）应该期待他们的口袋更深。据 DigiTimes 报道，由于零部件通胀，苹果的 iPhone 13 可能会在下个月以更高的价格上市。</blockquote></p><p> Bad news for consumers could be great news for Apple stock&nbsp;investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.</p><p><blockquote>对消费者来说是坏消息，对苹果股票投资者来说可能是好消息。如果价格上涨得到证实，这将提供证据表明，在人们担心生产者和消费者价格上涨的时期，AAPL 可能是一个很好的通胀工具。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6f4ac9ebc1b90072340731dc5c1e613\" tg-width=\"1240\" tg-height=\"698\" referrerpolicy=\"no-referrer\"><span>Figure 1: Apple's iPhone 12 Pro.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果的iPhone 12 Pro。</span></p></blockquote></p><p> <b>What happened?</b></p><p><blockquote><b>发生什么事了？</b></blockquote></p><p> The iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.</p><p><blockquote>iPhone已经被认为是一款昂贵的科技产品，在美国，满载的高端12 Pro Max型号的价格可能高达1400美元（见下图）。由于今年的零部件短缺，芯片制造商台积电可能会将其对苹果的零部件价格提高 3% 至 5%，这可能会导致尚未发布的 iPhone 13 的价格也出现类似的上涨。</blockquote></p><p> It is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.</p><p><blockquote>世界上最大、最成功的消费品公司之一不太可能在不确定这样做不会对新iPhone的需求产生实质性影响的情况下试图提高价格。苹果可能有能力提高价格，因为该公司了解其奢侈品牌的价值和吸引力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0140b9b68bb9eb5dd7e88aaff384785d\" tg-width=\"707\" tg-height=\"370\" referrerpolicy=\"no-referrer\"><span>Figure 2: iPhone 12 Pro on Apple's store.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果商店上的iPhone 12 Pro。</span></p></blockquote></p><p> <b>A quote from Jim Cramer</b></p><p><blockquote><b>吉姆·克莱默的一句话</b></blockquote></p><p> One of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.</p><p><blockquote>在可预见的未来，股市面临的最令人担忧的阻力之一是通货膨胀可能侵蚀企业利润率并导致 2021-2022 年利率上升。但如果生产者和消费者价格飙升，并非所有股票都会受到同等影响。</blockquote></p><p> Generally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that&nbsp;Mad Money’s Jim Cramer has made recently. Here is his quote:</p><p><blockquote>一般来说，拥有强大定价权、能够将较高生产成本转嫁给消费者的公司可能会跑赢大盘。这是 Mad Money 的吉姆-克莱默（Jim Cramer）最近提出的观点。以下是他的名言：</blockquote></p><p>   “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”  <b>The impact to the P&amp;L</b></p><p><blockquote>“当你试图思考这个市场上什么在起作用时......我想让你问问自己，如果公司实施涨价，你会对涨价麻木不仁吗？[有哪些]公司可以在不激怒你的情况下提高价格？去买他们的股票吧。”<b>对损益的影响</b></blockquote></p><p> Are higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.</p><p><blockquote>价格上涨对公司的财务业绩是好事还是坏事？答案是微妙的，取决于几个因素。</blockquote></p><p> Holding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.</p><p><blockquote>在其他条件不变的情况下，更高的价格也意味着更高的收入（想想销售公式：价格乘以数量）。如果价格上涨与产品或运营成本的增加脱钩，那么价格上涨也有助于提高利润率，从而提高利润。</blockquote></p><p> However, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.</p><p><blockquote>然而，“保持其他一切不变”并不是世界的真正运作方式。价格的变化往往会对几个关键变量产生影响，其中最重要的是需求。如果价格上涨对销量没有太大影响或根本没有影响，这对收入和最有可能的盈利来说都是个好消息。</blockquote></p><p> The other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.</p><p><blockquote>另一件要考虑的事情是价格上涨是完全还是仅部分抵消了更高的成本。假设后者，收入仍然可以受益，而不会对利润率和利润产生相应的积极影响。由于移动部件众多，因此很难确定价格更高的 iPhone 未来会对苹果的财务报表产生怎样的影响。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-08-28 08:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.</p><p><blockquote>由于某些零部件价格上涨，苹果的 iPhone 13 可能会让消费者花费更多。这对用户来说是个坏消息，但对苹果股票投资者来说可能是个好消息。</blockquote></p><p> IPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has&nbsp;reported&nbsp;that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.</p><p><blockquote>考虑今年升级设备的IPhone用户（或那些希望转向基于iOS的产品的用户）应该期待他们的口袋更深。据 DigiTimes 报道，由于零部件通胀，苹果的 iPhone 13 可能会在下个月以更高的价格上市。</blockquote></p><p> Bad news for consumers could be great news for Apple stock&nbsp;investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.</p><p><blockquote>对消费者来说是坏消息，对苹果股票投资者来说可能是好消息。如果价格上涨得到证实，这将提供证据表明，在人们担心生产者和消费者价格上涨的时期，AAPL 可能是一个很好的通胀工具。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6f4ac9ebc1b90072340731dc5c1e613\" tg-width=\"1240\" tg-height=\"698\" referrerpolicy=\"no-referrer\"><span>Figure 1: Apple's iPhone 12 Pro.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果的iPhone 12 Pro。</span></p></blockquote></p><p> <b>What happened?</b></p><p><blockquote><b>发生什么事了？</b></blockquote></p><p> The iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.</p><p><blockquote>iPhone已经被认为是一款昂贵的科技产品，在美国，满载的高端12 Pro Max型号的价格可能高达1400美元（见下图）。由于今年的零部件短缺，芯片制造商台积电可能会将其对苹果的零部件价格提高 3% 至 5%，这可能会导致尚未发布的 iPhone 13 的价格也出现类似的上涨。</blockquote></p><p> It is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.</p><p><blockquote>世界上最大、最成功的消费品公司之一不太可能在不确定这样做不会对新iPhone的需求产生实质性影响的情况下试图提高价格。苹果可能有能力提高价格，因为该公司了解其奢侈品牌的价值和吸引力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0140b9b68bb9eb5dd7e88aaff384785d\" tg-width=\"707\" tg-height=\"370\" referrerpolicy=\"no-referrer\"><span>Figure 2: iPhone 12 Pro on Apple's store.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果商店上的iPhone 12 Pro。</span></p></blockquote></p><p> <b>A quote from Jim Cramer</b></p><p><blockquote><b>吉姆·克莱默的一句话</b></blockquote></p><p> One of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.</p><p><blockquote>在可预见的未来，股市面临的最令人担忧的阻力之一是通货膨胀可能侵蚀企业利润率并导致 2021-2022 年利率上升。但如果生产者和消费者价格飙升，并非所有股票都会受到同等影响。</blockquote></p><p> Generally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that&nbsp;Mad Money’s Jim Cramer has made recently. Here is his quote:</p><p><blockquote>一般来说，拥有强大定价权、能够将较高生产成本转嫁给消费者的公司可能会跑赢大盘。这是 Mad Money 的吉姆-克莱默（Jim Cramer）最近提出的观点。以下是他的名言：</blockquote></p><p>   “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”  <b>The impact to the P&amp;L</b></p><p><blockquote>“当你试图思考这个市场上什么在起作用时......我想让你问问自己，如果公司实施涨价，你会对涨价麻木不仁吗？[有哪些]公司可以在不激怒你的情况下提高价格？去买他们的股票吧。”<b>对损益的影响</b></blockquote></p><p> Are higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.</p><p><blockquote>价格上涨对公司的财务业绩是好事还是坏事？答案是微妙的，取决于几个因素。</blockquote></p><p> Holding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.</p><p><blockquote>在其他条件不变的情况下，更高的价格也意味着更高的收入（想想销售公式：价格乘以数量）。如果价格上涨与产品或运营成本的增加脱钩，那么价格上涨也有助于提高利润率，从而提高利润。</blockquote></p><p> However, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.</p><p><blockquote>然而，“保持其他一切不变”并不是世界的真正运作方式。价格的变化往往会对几个关键变量产生影响，其中最重要的是需求。如果价格上涨对销量没有太大影响或根本没有影响，这对收入和最有可能的盈利来说都是个好消息。</blockquote></p><p> The other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.</p><p><blockquote>另一件要考虑的事情是价格上涨是完全还是仅部分抵消了更高的成本。假设后者，收入仍然可以受益，而不会对利润率和利润产生相应的积极影响。由于移动部件众多，因此很难确定价格更高的 iPhone 未来会对苹果的财务报表产生怎样的影响。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/iphone/apple-stock-how-it-could-be-a-great-inflation-play\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/iphone/apple-stock-how-it-could-be-a-great-inflation-play","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162964424","content_text":"Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.\nIPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has reported that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.\nBad news for consumers could be great news for Apple stock investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.\nFigure 1: Apple's iPhone 12 Pro.\nWhat happened?\nThe iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.\nIt is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.\nFigure 2: iPhone 12 Pro on Apple's store.\nA quote from Jim Cramer\nOne of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.\nGenerally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that Mad Money’s Jim Cramer has made recently. Here is his quote:\n\n “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”\n\nThe impact to the P&L\nAre higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.\nHolding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.\nHowever, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.\nThe other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":847,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":819090752,"gmtCreate":1630020934376,"gmtModify":1704954602559,"author":{"id":"4088416347172780","authorId":"4088416347172780","name":"miyakos","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088416347172780","idStr":"4088416347172780"},"themes":[],"title":"","htmlText":"Waiting&nbsp;","listText":"Waiting&nbsp;","text":"Waiting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/819090752","repostId":"1125030506","repostType":4,"repost":{"id":"1125030506","kind":"news","pubTimestamp":1629961067,"share":"https://www.laohunote.com/m/news/1125030506?lang=zh_CN&edition=full","pubTime":"2021-08-26 14:57","market":"us","language":"en","title":"Apple Has 2 Secret Weapons. No, They're Not New iPhones.<blockquote>苹果有两件秘密武器。不，它们不是新的iPhone。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1125030506","media":"Barrons","summary":"For Apple investors, the focus over the next few weeks is going to be the next generation iPhone, li","content":"<p>For Apple investors, the focus over the next few weeks is going to be the next generation iPhone, likely to be introduced sometime next month. But the company has other levers to drive growth, and not all of them involve hardware.</p><p><blockquote>对于苹果投资者来说，未来几周的焦点将是下一代iPhone，可能会在下个月的某个时候推出。但该公司还有其他杠杆来推动增长，但并非所有杠杆都涉及硬件。</blockquote></p><p> In particular,Apple(ticker: AAPL) has a substantial and growing opportunity in advertising and search revenue. A pair of research notes from the Street on Wednesday highlight how both areas should provide a material boost to top-line growth in the months and years ahead — while also noting a few associated risks.</p><p><blockquote>特别是，苹果（股票代码：AAPL）在广告和搜索收入方面拥有巨大且不断增长的机会。华尔街周三发布的两份研究报告强调了这两个领域应如何在未来几个月和几年内为营收增长提供实质性推动，同时也指出了一些相关风险。</blockquote></p><p> In a new report, Evercore ISI analyst Amit Daryanani dove into Apple’s growing opportunity in advertising, and he likes what he found. Daryanani thinks Apple’s ad business can grow to $20 billion in the September 2025 fiscal year, from an estimated $2 billion in fiscal 2020, most of that from App Store ads.</p><p><blockquote>在一份新报告中，Evercore ISI 分析师 Amit Daryanani 深入探讨了苹果在广告领域不断增长的机遇，他对自己的发现非常满意。Daryanani 认为，苹果的广告业务在 2025 年 9 月财年可能会增长到 200 亿美元，而 2020 财年的估计为 20 亿美元，其中大部分来自 App Store 广告。</blockquote></p><p> He notes that the projected growth would be similar to that of&nbsp;Amazon’s(AMZN) ad business, which has expanded to about $20 billion from about $3 billion over a four-year span. Daryanani asserts that ads could account for as much as 9% of Apple’s earnings per share in fiscal 2025 if the business hits his target.</p><p><blockquote>他指出，预计的增长将与亚马逊（AMZN）的广告业务类似，后者在四年内从约 30 亿美元扩展到约 200 亿美元。达里亚纳尼断言，如果业务达到他的目标，广告在 2025 财年可能占苹果每股收益的 9%。</blockquote></p><p> “Apple’s advertising business remains an underappreciated lever for upside as we go forward and provides them with a unique way to ensure consumer privacy is upheld, but also further enhance the monetization mechanisms,” Daryanani writes in a research note.</p><p><blockquote>“Daryanani 在一份研究报告中写道：”随着我们的发展，苹果的广告业务仍然是一个被低估的上升杠杆，它为他们提供了一种独特的方式，以确保消费者隐私得到维护，同时也进一步增强了货币化机制。</blockquote></p><p> Under Apple’s “App Tracking Transparency” program, apps must ask for permission before tracking user activity across other companies’ apps and websites. The program has been positioned as a privacy measure, but has the secondary effect of shifting more ad dollars to Apple’s own advertising platform.</p><p><blockquote>根据苹果的 “应用追踪透明度 ”计划，应用在追踪其他公司应用和网站上的用户活动之前必须征得许可。该计划被定位为一项隐私措施，但其副作用是将更多的广告资金转移到苹果自己的广告平台上。</blockquote></p><p> Daryanani sees the biggest opportunity in shifting the App Store ad platform to content discovery, not just content delivery — ads offer a way for app developers to attract customers, in the same way that Amazon ads help sellers cut through the clutter to lure shoppers. And he sees additional advertising opportunities in Apple Maps and Apple TV+, among other places.</p><p><blockquote>Daryanani认为，将App Store广告平台转向内容发现，而不仅仅是内容交付，是最大的机会——广告为应用开发者提供了一种吸引客户的方式，就像亚马逊广告帮助卖家穿过杂乱吸引购物者一样。他在苹果地图和苹果电视+等地方看到了更多的广告机会。</blockquote></p><p> “Advertising is a great growth opportunity for Apple and their tremendous installed base gives them a competitive advantage that they have not effectively exploited in the past,” he adds. “Recent actions indicate this is set to change as Apple looks to capture its fair share of a $1 trillion market.”</p><p><blockquote>“他补充说：”广告对苹果来说是一个巨大的增长机会，他们庞大的安装基础为他们提供了过去没有有效利用的竞争优势。“最近的行动表明，随着苹果希望在 1 万亿美元的市场中抢占公平份额，这种情况将会改变。”</blockquote></p><p> Daryanani is not the only analyst that sees potential expansion in the Apple ad business. Earlier this month,Bernstein analyst Toni Sacconaghi wrote a long research note on the same topic; his conclusion was that ads could be a $7 billion to $10 billion business for Apple in fiscal 2023 or 2024. He noted that growth drivers for the Apple ad business include the June addition of search ads in China, higher ad loads, and the introduction of banner ads to the App Store in May. Sacconaghi also pointed out that Apple generates very modest revenue today — likely under $500 million a year — from ads in the Apple News and Stocks apps. Daryanani echoed all of those points in his report.</p><p><blockquote>Daryanani并不是唯一一个看到苹果广告业务潜在扩张的分析师。本月早些时候，伯恩斯坦分析师托尼·萨科纳吉就同一主题写了一份长篇研究报告；他的结论是，在 2023 财年或 2024 财年，广告可能成为苹果 70 亿至 100 亿美元的业务。他指出，苹果广告业务的增长动力包括 6 月份在中国大陆增加的搜索广告、更高的广告负载以及 5 月份在 App Store 引入横幅广告。萨科纳吉还指出，苹果目前从苹果新闻和股票应用程序中的广告中获得的收入非常有限，每年可能不到 5 亿美元。Daryanani在他的报告中呼应了所有这些观点。</blockquote></p><p> Meanwhile, in a new note on Wednesday, Sacconaghi turns his attention to Apple’s search relationship with Google, a unit of&nbsp;Alphabet(GOOGL). Google pays Apple a substantial annual fee to be the default search engine on the iPhone — a relationship that has drawn the attention of the Justice Department, which last year filed suit against Google for monopolizing its control of the search market,specifically citing the Apple deal in the complaint.</p><p><blockquote>与此同时，在周三的一份新说明中，萨科纳吉将注意力转向了苹果与Alphabet（GOOGL）旗下谷歌的搜索关系。谷歌每年向苹果支付一大笔费用，让其成为 iPhone 上的默认搜索引擎——这种关系引起了司法部的注意，司法部去年对谷歌提起诉讼，指控其垄断了搜索市场的控制权，并在诉状中特别提到了苹果的交易。</blockquote></p><p> Neither Apple nor Google has been transparent about the terms of their relationship. Sacconaghi this morning writes that he now thinks Google’s payments to Apple in fiscal 2020 were $10 billion, higher than his previous estimate of $8 billion. And he thinks the payment could jump to $15 billion in fiscal 2021, driving up Apple’s services revenue, and contributing an estimated 9% of Apple’s overall gross profits. He estimates that 39% of Google’s traffic acquisition costs this year will go to Apple, up from an estimated 13% in 2013.</p><p><blockquote>苹果和谷歌都没有透露他们的关系条款。萨科纳吉今天上午写道，他现在认为谷歌在 2020 财年向苹果支付的款项为 100 亿美元，高于他之前估计的 80 亿美元。他认为，这笔款项在 2021 财年可能会跃升至 150 亿美元，从而推高苹果的服务收入，并贡献苹果整体毛利润的约 9%。他估计，谷歌今年39%的流量获取成本将用于苹果，高于2013年的13%。</blockquote></p><p> Search is really the largest advertising pool for Apple. Sacconaghi estimates that Apple’s overall revenue from advertising in fiscal 2020 was $12.4 billion – and that $10 billion of that came from the company’s search relationship with Google.</p><p><blockquote>搜索确实是苹果最大的广告池。萨科纳吉估计，苹果 2020 财年的广告总收入为 124 亿美元，其中 100 亿美元来自该公司与谷歌的搜索关系。</blockquote></p><p> Sacconaghi sees some risk in Apple’s growing connection with Google. For one thing, there is regulatory focus on the situation – although he thinks any conclusion of the Justice Department lawsuit is “years away,” he sees a potential 4% to 5% risk to Apple’s profits from an adverse ruling. He also thinks there is some risk that Google could choose to stop paying Apple, or look to renegotiate the terms of its deal and pay less.</p><p><blockquote>萨科纳吉认为苹果与谷歌日益密切的联系存在一些风险。首先，监管机构正在关注这一情况--尽管他认为司法部的诉讼 “还需要数年时间”才能得出结论，但他认为不利裁决可能会给苹果的利润带来 4% 到 5% 的潜在风险。他还认为，谷歌可能会选择停止向苹果付款，或者寻求重新谈判交易条款并减少付款，这存在一定的风险。</blockquote></p><p></p><p> Sacconaghi says Google pays up for the deal in part to ensure&nbsp;Microsoft(MSFT) — the only real rival for Google in search — does not outbid it. But he also says that with payments to Apple likely to approach $20 billion in fiscal 2022, “it is not implausible that Google could revisit its strategy.”</p><p><blockquote>萨科纳吉表示，谷歌支付这笔交易的部分原因是为了确保谷歌在搜索领域唯一真正的竞争对手微软（MSFT）的出价不会超过谷歌。但他也表示，2022 财年向苹果支付的款项可能接近 200 亿美元，“谷歌重新审视其战略并非不可能”。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Has 2 Secret Weapons. No, They're Not New iPhones.<blockquote>苹果有两件秘密武器。不，它们不是新的iPhone。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Has 2 Secret Weapons. No, They're Not New iPhones.<blockquote>苹果有两件秘密武器。不，它们不是新的iPhone。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-26 14:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p>For Apple investors, the focus over the next few weeks is going to be the next generation iPhone, likely to be introduced sometime next month. But the company has other levers to drive growth, and not all of them involve hardware.</p><p><blockquote>对于苹果投资者来说，未来几周的焦点将是下一代iPhone，可能会在下个月的某个时候推出。但该公司还有其他杠杆来推动增长，但并非所有杠杆都涉及硬件。</blockquote></p><p> In particular,Apple(ticker: AAPL) has a substantial and growing opportunity in advertising and search revenue. A pair of research notes from the Street on Wednesday highlight how both areas should provide a material boost to top-line growth in the months and years ahead — while also noting a few associated risks.</p><p><blockquote>特别是，苹果（股票代码：AAPL）在广告和搜索收入方面拥有巨大且不断增长的机会。华尔街周三发布的两份研究报告强调了这两个领域应如何在未来几个月和几年内为营收增长提供实质性推动，同时也指出了一些相关风险。</blockquote></p><p> In a new report, Evercore ISI analyst Amit Daryanani dove into Apple’s growing opportunity in advertising, and he likes what he found. Daryanani thinks Apple’s ad business can grow to $20 billion in the September 2025 fiscal year, from an estimated $2 billion in fiscal 2020, most of that from App Store ads.</p><p><blockquote>在一份新报告中，Evercore ISI 分析师 Amit Daryanani 深入探讨了苹果在广告领域不断增长的机遇，他对自己的发现非常满意。Daryanani 认为，苹果的广告业务在 2025 年 9 月财年可能会增长到 200 亿美元，而 2020 财年的估计为 20 亿美元，其中大部分来自 App Store 广告。</blockquote></p><p> He notes that the projected growth would be similar to that of&nbsp;Amazon’s(AMZN) ad business, which has expanded to about $20 billion from about $3 billion over a four-year span. Daryanani asserts that ads could account for as much as 9% of Apple’s earnings per share in fiscal 2025 if the business hits his target.</p><p><blockquote>他指出，预计的增长将与亚马逊（AMZN）的广告业务类似，后者在四年内从约 30 亿美元扩展到约 200 亿美元。达里亚纳尼断言，如果业务达到他的目标，广告在 2025 财年可能占苹果每股收益的 9%。</blockquote></p><p> “Apple’s advertising business remains an underappreciated lever for upside as we go forward and provides them with a unique way to ensure consumer privacy is upheld, but also further enhance the monetization mechanisms,” Daryanani writes in a research note.</p><p><blockquote>“Daryanani 在一份研究报告中写道：”随着我们的发展，苹果的广告业务仍然是一个被低估的上升杠杆，它为他们提供了一种独特的方式，以确保消费者隐私得到维护，同时也进一步增强了货币化机制。</blockquote></p><p> Under Apple’s “App Tracking Transparency” program, apps must ask for permission before tracking user activity across other companies’ apps and websites. The program has been positioned as a privacy measure, but has the secondary effect of shifting more ad dollars to Apple’s own advertising platform.</p><p><blockquote>根据苹果的 “应用追踪透明度 ”计划，应用在追踪其他公司应用和网站上的用户活动之前必须征得许可。该计划被定位为一项隐私措施，但其副作用是将更多的广告资金转移到苹果自己的广告平台上。</blockquote></p><p> Daryanani sees the biggest opportunity in shifting the App Store ad platform to content discovery, not just content delivery — ads offer a way for app developers to attract customers, in the same way that Amazon ads help sellers cut through the clutter to lure shoppers. And he sees additional advertising opportunities in Apple Maps and Apple TV+, among other places.</p><p><blockquote>Daryanani认为，将App Store广告平台转向内容发现，而不仅仅是内容交付，是最大的机会——广告为应用开发者提供了一种吸引客户的方式，就像亚马逊广告帮助卖家穿过杂乱吸引购物者一样。他在苹果地图和苹果电视+等地方看到了更多的广告机会。</blockquote></p><p> “Advertising is a great growth opportunity for Apple and their tremendous installed base gives them a competitive advantage that they have not effectively exploited in the past,” he adds. “Recent actions indicate this is set to change as Apple looks to capture its fair share of a $1 trillion market.”</p><p><blockquote>“他补充说：”广告对苹果来说是一个巨大的增长机会，他们庞大的安装基础为他们提供了过去没有有效利用的竞争优势。“最近的行动表明，随着苹果希望在 1 万亿美元的市场中抢占公平份额，这种情况将会改变。”</blockquote></p><p> Daryanani is not the only analyst that sees potential expansion in the Apple ad business. Earlier this month,Bernstein analyst Toni Sacconaghi wrote a long research note on the same topic; his conclusion was that ads could be a $7 billion to $10 billion business for Apple in fiscal 2023 or 2024. He noted that growth drivers for the Apple ad business include the June addition of search ads in China, higher ad loads, and the introduction of banner ads to the App Store in May. Sacconaghi also pointed out that Apple generates very modest revenue today — likely under $500 million a year — from ads in the Apple News and Stocks apps. Daryanani echoed all of those points in his report.</p><p><blockquote>Daryanani并不是唯一一个看到苹果广告业务潜在扩张的分析师。本月早些时候，伯恩斯坦分析师托尼·萨科纳吉就同一主题写了一份长篇研究报告；他的结论是，在 2023 财年或 2024 财年，广告可能成为苹果 70 亿至 100 亿美元的业务。他指出，苹果广告业务的增长动力包括 6 月份在中国大陆增加的搜索广告、更高的广告负载以及 5 月份在 App Store 引入横幅广告。萨科纳吉还指出，苹果目前从苹果新闻和股票应用程序中的广告中获得的收入非常有限，每年可能不到 5 亿美元。Daryanani在他的报告中呼应了所有这些观点。</blockquote></p><p> Meanwhile, in a new note on Wednesday, Sacconaghi turns his attention to Apple’s search relationship with Google, a unit of&nbsp;Alphabet(GOOGL). Google pays Apple a substantial annual fee to be the default search engine on the iPhone — a relationship that has drawn the attention of the Justice Department, which last year filed suit against Google for monopolizing its control of the search market,specifically citing the Apple deal in the complaint.</p><p><blockquote>与此同时，在周三的一份新说明中，萨科纳吉将注意力转向了苹果与Alphabet（GOOGL）旗下谷歌的搜索关系。谷歌每年向苹果支付一大笔费用，让其成为 iPhone 上的默认搜索引擎——这种关系引起了司法部的注意，司法部去年对谷歌提起诉讼，指控其垄断了搜索市场的控制权，并在诉状中特别提到了苹果的交易。</blockquote></p><p> Neither Apple nor Google has been transparent about the terms of their relationship. Sacconaghi this morning writes that he now thinks Google’s payments to Apple in fiscal 2020 were $10 billion, higher than his previous estimate of $8 billion. And he thinks the payment could jump to $15 billion in fiscal 2021, driving up Apple’s services revenue, and contributing an estimated 9% of Apple’s overall gross profits. He estimates that 39% of Google’s traffic acquisition costs this year will go to Apple, up from an estimated 13% in 2013.</p><p><blockquote>苹果和谷歌都没有透露他们的关系条款。萨科纳吉今天上午写道，他现在认为谷歌在 2020 财年向苹果支付的款项为 100 亿美元，高于他之前估计的 80 亿美元。他认为，这笔款项在 2021 财年可能会跃升至 150 亿美元，从而推高苹果的服务收入，并贡献苹果整体毛利润的约 9%。他估计，谷歌今年39%的流量获取成本将用于苹果，高于2013年的13%。</blockquote></p><p> Search is really the largest advertising pool for Apple. Sacconaghi estimates that Apple’s overall revenue from advertising in fiscal 2020 was $12.4 billion – and that $10 billion of that came from the company’s search relationship with Google.</p><p><blockquote>搜索确实是苹果最大的广告池。萨科纳吉估计，苹果 2020 财年的广告总收入为 124 亿美元，其中 100 亿美元来自该公司与谷歌的搜索关系。</blockquote></p><p> Sacconaghi sees some risk in Apple’s growing connection with Google. For one thing, there is regulatory focus on the situation – although he thinks any conclusion of the Justice Department lawsuit is “years away,” he sees a potential 4% to 5% risk to Apple’s profits from an adverse ruling. He also thinks there is some risk that Google could choose to stop paying Apple, or look to renegotiate the terms of its deal and pay less.</p><p><blockquote>萨科纳吉认为苹果与谷歌日益密切的联系存在一些风险。首先，监管机构正在关注这一情况--尽管他认为司法部的诉讼 “还需要数年时间”才能得出结论，但他认为不利裁决可能会给苹果的利润带来 4% 到 5% 的潜在风险。他还认为，谷歌可能会选择停止向苹果付款，或者寻求重新谈判交易条款并减少付款，这存在一定的风险。</blockquote></p><p></p><p> Sacconaghi says Google pays up for the deal in part to ensure&nbsp;Microsoft(MSFT) — the only real rival for Google in search — does not outbid it. But he also says that with payments to Apple likely to approach $20 billion in fiscal 2022, “it is not implausible that Google could revisit its strategy.”</p><p><blockquote>萨科纳吉表示，谷歌支付这笔交易的部分原因是为了确保谷歌在搜索领域唯一真正的竞争对手微软（MSFT）的出价不会超过谷歌。但他也表示，2022 财年向苹果支付的款项可能接近 200 亿美元，“谷歌重新审视其战略并非不可能”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/apples-secret-weapons-advertising-search-51629906248?mod=hp_LEADSUPP_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apples-secret-weapons-advertising-search-51629906248?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125030506","content_text":"For Apple investors, the focus over the next few weeks is going to be the next generation iPhone, likely to be introduced sometime next month. But the company has other levers to drive growth, and not all of them involve hardware.\nIn particular,Apple(ticker: AAPL) has a substantial and growing opportunity in advertising and search revenue. A pair of research notes from the Street on Wednesday highlight how both areas should provide a material boost to top-line growth in the months and years ahead — while also noting a few associated risks.\nIn a new report, Evercore ISI analyst Amit Daryanani dove into Apple’s growing opportunity in advertising, and he likes what he found. Daryanani thinks Apple’s ad business can grow to $20 billion in the September 2025 fiscal year, from an estimated $2 billion in fiscal 2020, most of that from App Store ads.\nHe notes that the projected growth would be similar to that of Amazon’s(AMZN) ad business, which has expanded to about $20 billion from about $3 billion over a four-year span. Daryanani asserts that ads could account for as much as 9% of Apple’s earnings per share in fiscal 2025 if the business hits his target.\n“Apple’s advertising business remains an underappreciated lever for upside as we go forward and provides them with a unique way to ensure consumer privacy is upheld, but also further enhance the monetization mechanisms,” Daryanani writes in a research note.\nUnder Apple’s “App Tracking Transparency” program, apps must ask for permission before tracking user activity across other companies’ apps and websites. The program has been positioned as a privacy measure, but has the secondary effect of shifting more ad dollars to Apple’s own advertising platform.\nDaryanani sees the biggest opportunity in shifting the App Store ad platform to content discovery, not just content delivery — ads offer a way for app developers to attract customers, in the same way that Amazon ads help sellers cut through the clutter to lure shoppers. And he sees additional advertising opportunities in Apple Maps and Apple TV+, among other places.\n“Advertising is a great growth opportunity for Apple and their tremendous installed base gives them a competitive advantage that they have not effectively exploited in the past,” he adds. “Recent actions indicate this is set to change as Apple looks to capture its fair share of a $1 trillion market.”\nDaryanani is not the only analyst that sees potential expansion in the Apple ad business. Earlier this month,Bernstein analyst Toni Sacconaghi wrote a long research note on the same topic; his conclusion was that ads could be a $7 billion to $10 billion business for Apple in fiscal 2023 or 2024. He noted that growth drivers for the Apple ad business include the June addition of search ads in China, higher ad loads, and the introduction of banner ads to the App Store in May. Sacconaghi also pointed out that Apple generates very modest revenue today — likely under $500 million a year — from ads in the Apple News and Stocks apps. Daryanani echoed all of those points in his report.\nMeanwhile, in a new note on Wednesday, Sacconaghi turns his attention to Apple’s search relationship with Google, a unit of Alphabet(GOOGL). Google pays Apple a substantial annual fee to be the default search engine on the iPhone — a relationship that has drawn the attention of the Justice Department, which last year filed suit against Google for monopolizing its control of the search market,specifically citing the Apple deal in the complaint.\nNeither Apple nor Google has been transparent about the terms of their relationship. Sacconaghi this morning writes that he now thinks Google’s payments to Apple in fiscal 2020 were $10 billion, higher than his previous estimate of $8 billion. And he thinks the payment could jump to $15 billion in fiscal 2021, driving up Apple’s services revenue, and contributing an estimated 9% of Apple’s overall gross profits. He estimates that 39% of Google’s traffic acquisition costs this year will go to Apple, up from an estimated 13% in 2013.\nSearch is really the largest advertising pool for Apple. Sacconaghi estimates that Apple’s overall revenue from advertising in fiscal 2020 was $12.4 billion – and that $10 billion of that came from the company’s search relationship with Google.\nSacconaghi sees some risk in Apple’s growing connection with Google. For one thing, there is regulatory focus on the situation – although he thinks any conclusion of the Justice Department lawsuit is “years away,” he sees a potential 4% to 5% risk to Apple’s profits from an adverse ruling. He also thinks there is some risk that Google could choose to stop paying Apple, or look to renegotiate the terms of its deal and pay less.\nSacconaghi says Google pays up for the deal in part to ensure Microsoft(MSFT) — the only real rival for Google in search — does not outbid it. But he also says that with payments to Apple likely to approach $20 billion in fiscal 2022, “it is not implausible that Google could revisit its strategy.”","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1047,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810551640,"gmtCreate":1629987859580,"gmtModify":1704954256888,"author":{"id":"4088416347172780","authorId":"4088416347172780","name":"miyakos","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088416347172780","idStr":"4088416347172780"},"themes":[],"title":"","htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/810551640","repostId":"1143651570","repostType":4,"repost":{"id":"1143651570","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1629987360,"share":"https://www.laohunote.com/m/news/1143651570?lang=zh_CN&edition=full","pubTime":"2021-08-26 22:16","market":"us","language":"en","title":"Microsoft Wins Blockchain Patent For Implementing Cross Chain Token Service<blockquote>微软赢得实施跨链令牌服务的区块链专利</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143651570","media":"Benzinga Earnings","summary":"What Happened: Multinational tech giant Microsoft Corporation has been awarded a patent for implemen","content":"<p><b>What Happened:</b>&nbsp;Multinational tech giant&nbsp;<b><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a> Corporation</b>&nbsp;has been awarded a patent for implementing a “ledger-independent token service.”</p><p><blockquote><b>发生了什么：</b>跨国科技巨头<b><a href=\"https://laohu8.com/S/MSFT\">微软</a>公司</b>因实现 “分类账独立令牌服务 ”而获得专利。</blockquote></p><p> According to the&nbsp;grant issued&nbsp;by the United States Patent and Trademark Office (USPTO), the patent will allow Microsoft to build&nbsp;a system that facilitates the creation and management of tokens across multiple blockchain networks.</p><p><blockquote>根据美国专利商标局（USPTO）颁发的授权，该专利将允许微软建立一个系统，促进跨多个区块链网络创建和管理令牌。</blockquote></p><p> The computer system can also provide token templates to the user. Each of these will correspond to a type of physical or digital asset and define a set of one or more attributes and control functions.</p><p><blockquote>计算机系统还可以向用户提供令牌模板。其中的每一个将对应于一种物理或数字资产类型，并定义一组一个或多个属性和控制功能。</blockquote></p><p> <b>Why It Matters:</b>&nbsp;Essentially, the ledger independent token service will act as the common interface for transacting with all tokens&nbsp;across all distributed ledger networks and platforms&nbsp;created through the service.</p><p><blockquote><b>为什么重要：</b>本质上，分类账独立令牌服务将充当通过该服务创建的所有分布式分类账网络和平台上的所有令牌进行交易的公共接口。</blockquote></p><p> It will also serve as a mechanism for standardizing the tokenization of physical and digital assets.</p><p><blockquote>它还将作为物理和数字资产令牌化标准化的机制。</blockquote></p><p> “With the foregoing features, the ledger-independent token service can empower individuals and organizations to build applications and business logic involving tokens more easily and efficiently than before,” stated the filing.</p><p><blockquote>“文件称：”有了上述功能，独立于账本的令牌服务可以使个人和组织比以前更轻松、更高效地构建涉及令牌的应用程序和业务逻辑。</blockquote></p><p> Blockchain interoperability is the need of the hour in the crypto space and a number of crypto projects are actively involved in building solutions on this front.</p><p><blockquote>区块链互操作性是加密领域的当务之急，许多加密项目积极参与在这方面构建解决方案。</blockquote></p><p> <b>What Else:</b>&nbsp;Decentralized oracle network&nbsp;<b>Chainlink</b>&nbsp;(CRYPTO: LINK) recently&nbsp;announced&nbsp;a Cross-Chain Interoperability Protocol (CCIP).</p><p><blockquote><b>还有什么：</b>去中心化oracle网络<b>链节</b>（CRYPTO:LINK）最近宣布了一项跨链互操作性协议（CCIP）。</blockquote></p><p> Chainlink Founder Sergey Nazarovdescribedthe protocol as one that solves the security issues of existing bridges through the proper use of cryptographic primitives.</p><p><blockquote>Chainlink 创始人谢尔盖·纳扎罗夫 (Sergey Nazarov) 将该协议描述为通过正确使用加密原语解决现有桥梁安全问题的协议。</blockquote></p><p> CCIP will also introduce a token bridge that will allow users to move their tokens across any blockchain network in a secure, scalable, and cost-efficient manner.</p><p><blockquote>CCIP还将推出令牌桥，允许用户以安全、可扩展和经济高效的方式在任何区块链网络上移动他们的令牌。</blockquote></p><p> <b>Price Action:</b>&nbsp;Microsoft shares closed 0.20% lower on Wednesday at a price of $302.01.</p><p><blockquote><b>价格行为：</b>微软股价周三收盘下跌 0.20%，至 302.01 美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Microsoft Wins Blockchain Patent For Implementing Cross Chain Token Service<blockquote>微软赢得实施跨链令牌服务的区块链专利</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMicrosoft Wins Blockchain Patent For Implementing Cross Chain Token Service<blockquote>微软赢得实施跨链令牌服务的区块链专利</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-08-26 22:16</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>What Happened:</b>&nbsp;Multinational tech giant&nbsp;<b><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a> Corporation</b>&nbsp;has been awarded a patent for implementing a “ledger-independent token service.”</p><p><blockquote><b>发生了什么：</b>跨国科技巨头<b><a href=\"https://laohu8.com/S/MSFT\">微软</a>公司</b>因实现 “分类账独立令牌服务 ”而获得专利。</blockquote></p><p> According to the&nbsp;grant issued&nbsp;by the United States Patent and Trademark Office (USPTO), the patent will allow Microsoft to build&nbsp;a system that facilitates the creation and management of tokens across multiple blockchain networks.</p><p><blockquote>根据美国专利商标局（USPTO）颁发的授权，该专利将允许微软建立一个系统，促进跨多个区块链网络创建和管理令牌。</blockquote></p><p> The computer system can also provide token templates to the user. Each of these will correspond to a type of physical or digital asset and define a set of one or more attributes and control functions.</p><p><blockquote>计算机系统还可以向用户提供令牌模板。其中的每一个将对应于一种物理或数字资产类型，并定义一组一个或多个属性和控制功能。</blockquote></p><p> <b>Why It Matters:</b>&nbsp;Essentially, the ledger independent token service will act as the common interface for transacting with all tokens&nbsp;across all distributed ledger networks and platforms&nbsp;created through the service.</p><p><blockquote><b>为什么重要：</b>本质上，分类账独立令牌服务将充当通过该服务创建的所有分布式分类账网络和平台上的所有令牌进行交易的公共接口。</blockquote></p><p> It will also serve as a mechanism for standardizing the tokenization of physical and digital assets.</p><p><blockquote>它还将作为物理和数字资产令牌化标准化的机制。</blockquote></p><p> “With the foregoing features, the ledger-independent token service can empower individuals and organizations to build applications and business logic involving tokens more easily and efficiently than before,” stated the filing.</p><p><blockquote>“文件称：”有了上述功能，独立于账本的令牌服务可以使个人和组织比以前更轻松、更高效地构建涉及令牌的应用程序和业务逻辑。</blockquote></p><p> Blockchain interoperability is the need of the hour in the crypto space and a number of crypto projects are actively involved in building solutions on this front.</p><p><blockquote>区块链互操作性是加密领域的当务之急，许多加密项目积极参与在这方面构建解决方案。</blockquote></p><p> <b>What Else:</b>&nbsp;Decentralized oracle network&nbsp;<b>Chainlink</b>&nbsp;(CRYPTO: LINK) recently&nbsp;announced&nbsp;a Cross-Chain Interoperability Protocol (CCIP).</p><p><blockquote><b>还有什么：</b>去中心化oracle网络<b>链节</b>（CRYPTO:LINK）最近宣布了一项跨链互操作性协议（CCIP）。</blockquote></p><p> Chainlink Founder Sergey Nazarovdescribedthe protocol as one that solves the security issues of existing bridges through the proper use of cryptographic primitives.</p><p><blockquote>Chainlink 创始人谢尔盖·纳扎罗夫 (Sergey Nazarov) 将该协议描述为通过正确使用加密原语解决现有桥梁安全问题的协议。</blockquote></p><p> CCIP will also introduce a token bridge that will allow users to move their tokens across any blockchain network in a secure, scalable, and cost-efficient manner.</p><p><blockquote>CCIP还将推出令牌桥，允许用户以安全、可扩展和经济高效的方式在任何区块链网络上移动他们的令牌。</blockquote></p><p> <b>Price Action:</b>&nbsp;Microsoft shares closed 0.20% lower on Wednesday at a price of $302.01.</p><p><blockquote><b>价格行为：</b>微软股价周三收盘下跌 0.20%，至 302.01 美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143651570","content_text":"What Happened: Multinational tech giant Microsoft Corporation has been awarded a patent for implementing a “ledger-independent token service.”\nAccording to the grant issued by the United States Patent and Trademark Office (USPTO), the patent will allow Microsoft to build a system that facilitates the creation and management of tokens across multiple blockchain networks.\nThe computer system can also provide token templates to the user. Each of these will correspond to a type of physical or digital asset and define a set of one or more attributes and control functions.\nWhy It Matters: Essentially, the ledger independent token service will act as the common interface for transacting with all tokens across all distributed ledger networks and platforms created through the service.\nIt will also serve as a mechanism for standardizing the tokenization of physical and digital assets.\n“With the foregoing features, the ledger-independent token service can empower individuals and organizations to build applications and business logic involving tokens more easily and efficiently than before,” stated the filing.\nBlockchain interoperability is the need of the hour in the crypto space and a number of crypto projects are actively involved in building solutions on this front.\nWhat Else: Decentralized oracle network Chainlink (CRYPTO: LINK) recently announced a Cross-Chain Interoperability Protocol (CCIP).\nChainlink Founder Sergey Nazarovdescribedthe protocol as one that solves the security issues of existing bridges through the proper use of cryptographic primitives.\nCCIP will also introduce a token bridge that will allow users to move their tokens across any blockchain network in a secure, scalable, and cost-efficient manner.\nPrice Action: Microsoft shares closed 0.20% lower on Wednesday at a price of $302.01.","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":808,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837652112,"gmtCreate":1629886344436,"gmtModify":1633681718589,"author":{"id":"4088416347172780","authorId":"4088416347172780","name":"miyakos","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088416347172780","idStr":"4088416347172780"},"themes":[],"title":"","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/837652112","repostId":"2162087564","repostType":4,"isVote":1,"tweetType":1,"viewCount":882,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":889316628,"gmtCreate":1631109353464,"gmtModify":1631890297432,"author":{"id":"4088416347172780","authorId":"4088416347172780","name":"miyakos","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088416347172780","authorIdStr":"4088416347172780"},"themes":[],"title":"","htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/889316628","repostId":"1131499618","repostType":4,"isVote":1,"tweetType":1,"viewCount":3107,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174731842,"gmtCreate":1627137484586,"gmtModify":1633767705636,"author":{"id":"4088416347172780","authorId":"4088416347172780","name":"miyakos","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088416347172780","authorIdStr":"4088416347172780"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/174731842","repostId":"1109439356","repostType":4,"isVote":1,"tweetType":1,"viewCount":786,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814533960,"gmtCreate":1630840174950,"gmtModify":1631890297470,"author":{"id":"4088416347172780","authorId":"4088416347172780","name":"miyakos","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088416347172780","authorIdStr":"4088416347172780"},"themes":[],"title":"","htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/814533960","repostId":"2164803577","repostType":4,"isVote":1,"tweetType":1,"viewCount":3425,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838919239,"gmtCreate":1629364245621,"gmtModify":1633685395503,"author":{"id":"4088416347172780","authorId":"4088416347172780","name":"miyakos","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088416347172780","authorIdStr":"4088416347172780"},"themes":[],"title":"","htmlText":"Latest&nbsp;","listText":"Latest&nbsp;","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/838919239","repostId":"2160949768","repostType":4,"isVote":1,"tweetType":1,"viewCount":584,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891188346,"gmtCreate":1628348826685,"gmtModify":1633751518029,"author":{"id":"4088416347172780","authorId":"4088416347172780","name":"miyakos","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088416347172780","authorIdStr":"4088416347172780"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/891188346","repostId":"1187701368","repostType":4,"isVote":1,"tweetType":1,"viewCount":786,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177885017,"gmtCreate":1627195754939,"gmtModify":1633767227494,"author":{"id":"4088416347172780","authorId":"4088416347172780","name":"miyakos","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088416347172780","authorIdStr":"4088416347172780"},"themes":[],"title":"","htmlText":"Yeah","listText":"Yeah","text":"Yeah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/177885017","repostId":"1176552691","repostType":4,"repost":{"id":"1176552691","kind":"news","pubTimestamp":1627183789,"share":"https://www.laohunote.com/m/news/1176552691?lang=zh_CN&edition=full","pubTime":"2021-07-25 11:29","market":"us","language":"en","title":"Is IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM 股票被低估还是被高估？需要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1176552691","media":"seekingalpha","summary":"Summary\n\nIBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>IBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.</li>  <li>Prior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.</li>  <li>More transparency is needed regarding the Kyndryl spinoff.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c798e0536c6804d44b195f6f349fab5\" tg-width=\"1536\" tg-height=\"1044\" width=\"100%\" height=\"auto\"><span>Ethan Miller/Getty Images News</span></p><p><blockquote><ul><li>IBM 第二季度盈利超出分析师预期，云收入和营业利润率均有所提高。</li><li>在第一季度之前，IBM 连续四个季度收入下降，过去 34 个季度中有 30 个季度收入下降。</li><li>Kyndryl分拆需要更多的透明度。</li></ul><p class=\"t-img-caption\"><span>伊桑·米勒/盖蒂图片社新闻</span></p></blockquote></p><p> International Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.</p><p><blockquote>国际商用机器公司（IBM）是一家处于转型期的公司。对投资者来说不幸的是，这种转变已经持续了十年的大部分时间。这些扭亏为盈的努力包括对云计算和人工智能的投资以及传统业务的剥离。虽然现在有绿芽的迹象，但播种的种子是否落在岩石地上还有待观察。</blockquote></p><p> Although the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.</p><p><blockquote>尽管该公司在混合云产品方面的业务快速增长，并且在量子计算方面是一个潜在的增长引擎，但它面临着前者行业的激烈竞争和后者行业的不确定前景。公司的大多数其他业务都处于低迷状态，因此 IBM 的增长前景不明朗。</blockquote></p><p> What is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.</p><p><blockquote>可以肯定的是，截至今天，IBM 拥有合理且不断减少的债务负担和强劲的自由现金流。</blockquote></p><p> Management is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.</p><p><blockquote>管理层正试图通过专注于公司的云产品来解决增长问题，同时剥离托管基础设施业务。该公司将被命名为 Kyndryl。然而，新实体将承担的债务以及它将承担的当前股息部分尚未披露。</blockquote></p><p> <b>Recent Quarterly Results</b></p><p><blockquote><b>最近季度业绩</b></blockquote></p><p> IBM&nbsp;reported&nbsp;Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.</p><p><blockquote>IBM 上周一公布了第二季度业绩。该公司非 GAAP 每股收益为 2.33 美元，超出预期 0.04 美元。</blockquote></p><p> Revenue of $18.7 billion was flat when adjusted for currency and divestitures.</p><p><blockquote>经货币和资产剥离调整后，收入为 187 亿美元，持平。</blockquote></p><p> The negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.</p><p><blockquote>该报告的负面影响是系统收入下降了 7%。然而，这主要是由于正常的 IBM Z 大型机周期，同比下降 13%。</blockquote></p><p> The global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.</p><p><blockquote>全球融资部门占总收入的个位数比例较低，下降了 9%。全球技术服务约占总收入的三分之一，并将大部分分拆为 Kyndryl，但增长持平。</blockquote></p><p> The positive side of the report had Cloud &amp; Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.</p><p><blockquote>该报告的积极方面是云和认知软件云收入增长了29%，全球商业服务云收入增长了35%。过去 12 个月，云总收入为 270 亿美元，增长了 15%，而本季度云收入增长了 13%，达到 70 亿美元。</blockquote></p><p> Net cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.</p><p><blockquote>过去 12 个月，经营活动产生的净现金达到 177 亿美元，调整后自由现金流总计 110 亿美元。</blockquote></p><p> Since year-end 2020, the company has reduced debt by $6.4 billion.</p><p><blockquote>自2020年底以来，该公司已减少债务64亿美元。</blockquote></p><p> Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021.</p><p><blockquote>2021年调整后自由现金流110亿至120亿美元的管理指南。</blockquote></p><p> <b>Where IBM Stands Tall</b></p><p><blockquote><b>IBM的立足点</b></blockquote></p><p> IBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.</p><p><blockquote>许多人认为IBM充其量是一家三流IT公司，最坏的情况是一只濒临灭绝的恐龙。</blockquote></p><p> It is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.</p><p><blockquote>很明显，该公司的收入多年来一直在下降；然而，要准确评估该股，投资者必须了解 IBM 的传统业务有很多优势。</blockquote></p><p> For example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.</p><p><blockquote>例如，IBM 是世界上最大的 IT 服务公司，也是大型机的主要供应商。在财富50强公司中，有47家是IBM的客户。</blockquote></p><p> Half of the world’s wireless connections are handled by the firm.</p><p><blockquote>世界上一半的无线连接都由该公司处理。</blockquote></p><p> IBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.</p><p><blockquote>IBM 的大型机系统处理了全球近 90% 的信用卡交易，全球 97% 的最大银行依赖 IBM 的产品和服务。因此，每年使用IBM系统处理290亿笔ATM交易。</blockquote></p><p> Eight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.</p><p><blockquote>十分之八的全球零售商依赖IBM的产品和服务，而旅游业80%的预订都是通过IBM系统进行的。这导致使用该公司的 IT 服务处理了 40 亿个航班预订。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ace4f1436fd2697c5ad266b5017e1dd\" tg-width=\"960\" tg-height=\"721\" width=\"100%\" height=\"auto\"><span>Source: Forbes</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：福布斯</span></p></blockquote></p><p> It is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.</p><p><blockquote>很明显，IBM拥有庞大的客户群，提供了大规模的经常性收入。在许多情况下，转向竞争对手的产品意味着冒着敏感信息传输的风险，这是许多人不愿意采取的举措。</blockquote></p><p> However, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.</p><p><blockquote>然而，随着向云服务和开源软件的过渡，企业越来越多地采用混合匹配的IT基础架构。反过来，这又侵蚀了 IBM 在客户转换成本方面的竞争优势。</blockquote></p><p> <b>The Sources Of Potential Growth</b></p><p><blockquote><b>潜在增长的来源</b></blockquote></p><p></p><p> Investors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh&nbsp;provided insight&nbsp;into how hybrid cloud drives revenue in some of IBM’s other divisions.</p><p><blockquote>投资者普遍意识到 IBM 通过其混合云产品推动增长的努力。不过，在摩根大通最近举行的投资者大会上，首席财务官吉姆-卡瓦诺（Jim Kavanaugh）在接受提问时，就混合云如何推动 IBM 其他一些部门的收入提出了见解。</blockquote></p><p>   For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall.  Of course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.</p><p><blockquote>我们每在混合云平台上投入1美元（在业务中），就会看到3到5美元的软件拖累和6到8美元的服务拖累。当然，卡瓦诺使用的是 drag 指的是与采用 IBM 混合云相关的软件和服务收入的增加。如果卡瓦诺的说法准确，这意味着在公司混合云平台上花费的每一美元都能从公司的软件和服务产品中获得 9 到 13 美元的额外收入。</blockquote></p><p> Because hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.</p><p><blockquote>因为混合云混合使用内部私有云和公共云服务，所以它为客户提供了一定程度的数据隐私。医疗保健和金融服务领域的客户尤其关注这一点。因此，我认为IBM在与其他混合云提供商的竞争中可能具有优势，因为它在这些行业中拥有广泛的关系。</blockquote></p><p> I reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm&nbsp;forecasts&nbsp;a CAGR of 18.73% from 2021 through 2026.</p><p><blockquote>我回顾了关于混合云市场预计增长率的各种预测。最新的研究也属于其他预测的范围，是由魔多情报公司进行的。该公司预测 2021 年至 2026 年的复合年增长率为 18.73%。</blockquote></p><p> Investors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.</p><p><blockquote>投资者应该意识到，该领域的主要运营商是思科 (CSCO)、惠普 (HPE)、亚马逊 (AMZN)、思杰系统 (CTXS) 和 IBM。</blockquote></p><p> The following chart provides a record of the firm’s total cloud growth over the last six quarters.</p><p><blockquote>下图记录了该公司过去六个季度的总云增长情况。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5fc85156e70f6caf8ae809f76126a723\" tg-width=\"576\" tg-height=\"336\" width=\"100%\" height=\"auto\"><span>Source: Company reports / Chart by Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司报告/作者图表</span></p></blockquote></p><p> Aside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.</p><p><blockquote>除了云，还有另一个潜在增长来源，尽管它不太可能很快实现。</blockquote></p><p> Early in 2019, IBM&nbsp;introduced&nbsp;the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.</p><p><blockquote>2019年初，IBM推出了Q System One。IBM Q systems是世界上第一台为科学和商业用途设计的量子计算机。</blockquote></p><p> Pardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence&nbsp;forecasts&nbsp;a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.</p><p><blockquote>请原谅这个双关语，但量子计算机代表了技术的巨大飞跃。Prescient And Strategic Intelligence预测，到2030年，该行业的CAGR将达到56%，量子计算机市场份额将达到近650亿美元。</blockquote></p><p> For additional insights regarding quantum computing and IBM’s position within that industry, I point you to&nbsp;my article, “IBM: Why My Eye Is Fixed On Big Blue.”</p><p><blockquote>有关量子计算和 IBM 在该行业中的地位的更多见解，我向您推荐我的文章《IBM：为什么我的眼睛盯着蓝色巨人》。</blockquote></p><p> <b>Understanding Kyndryl</b></p><p><blockquote><b>了解Kyndryl</b></blockquote></p><p> Once&nbsp;Kyndryl&nbsp;is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.</p><p><blockquote>Kyndryl一旦推出，将在115个国家拥有9万多名员工和4600多名客户。随着600亿美元的服务积压，新实体的预计收入将达到190亿美元。该公司的规模是其最接近的竞争对手的两倍，将成为全球最大的托管基础设施服务提供商。</blockquote></p><p> The split will&nbsp;transform&nbsp;IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.</p><p><blockquote>此次拆分将使 IBM 从一家一半收入来自服务的公司转变为一家软件和解决方案业务一半以上收入的公司。</blockquote></p><p> Global Business Services, which currently constitutes 22% of the company’s revenue, will&nbsp;account&nbsp;for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.</p><p><blockquote>全球商业服务目前占该公司收入的 22%，将占销售额的 40% 以上。值得注意的是，该部门上一季度的收入同比增长了 12%。</blockquote></p><p> IBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.</p><p><blockquote>IBM 将保留 Red Hat 及其解决方案提供商业务、系统业务、关键任务公共云服务，以及专注于大数据、人工智能和安全的软件产品组合。</blockquote></p><p> Initially, the two companies will each be the largest customer of the other.</p><p><blockquote>最初，两家公司将各自成为对方最大的客户。</blockquote></p><p> What remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.</p><p><blockquote>关于分拆，仍有待了解的是每家公司将承担多少债务，以及公司将支付的股息份额。克里希纳表示，两家公司将共同努力维持目前的支付水平。</blockquote></p><p> <b>Has IBM Turned The Corner?</b></p><p><blockquote><b>IBM已经转危为安了吗？</b></blockquote></p><p> Anyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.</p><p><blockquote>任何关注IBM的人都知道，该公司经历了长期的糟糕业绩。下图记录了该公司过去十四个季度的季度自由现金流。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60cc8b82052f97dd449205999ee30711\" tg-width=\"577\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Data from ycharts / chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：ycharts 数据 / 作者提供的图表</span></p></blockquote></p><p> While this is not proof positive that the company is back on track, the recent trend is at least encouraging.</p><p><blockquote>虽然这并不能证明该公司重回正轨，但最近的趋势至少令人鼓舞。</blockquote></p><p> In 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.</p><p><blockquote>2020年，IBM产生了108亿美元的自由现金流。2021年调整后自由现金流110亿至120亿美元的管理指南。这不包括与 Kyndryl 分拆相关的 30 亿美元结构性影响。</blockquote></p><p> The CEO&nbsp;recently stated&nbsp;he expects IBM to generate $12 billion to $13 billion in FCF in 2022.</p><p><blockquote>这位首席执行官最近表示，他预计 IBM 到 2022 年将产生 120 亿至 130 亿美元的自由现金流。</blockquote></p><p> <b>Debt And Dividend</b></p><p><blockquote><b>债务和股息</b></blockquote></p><p></p><p> While investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.</p><p><blockquote>虽然投资者可以理所当然地抱怨多年来的各种管理层变动，但该公司在进行多项收购的同时保持了合理的债务状况。</blockquote></p><p> The company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.</p><p><blockquote>自 2019 年中期达到峰值以来，该公司已将债务减少了约 180 亿美元。IBM 维持投资级信用评级，下图记录了该公司近期偿还债务的进展情况。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b73e613157c486a5f5e8306546121971\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Source: IBM Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：IBM演示文稿</span></p></blockquote></p><p> IBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.</p><p><blockquote>IBM的收益率为4.64%，派息率略低于61%，5年股息增长率为4.26%。如前所述，Kyndryl 分拆后，两家公司将合作提供相当于当前股息的派息。</blockquote></p><p> <b>Is IBM Stock Overvalued?</b></p><p><blockquote><b>IBM 股票被高估了吗？</b></blockquote></p><p> IBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.</p><p><blockquote>IBM 股价交易价格为 141.13 美元。8 位分析师的 12 个月平均目标价为 153.50 美元。自上次收益报告以来，3 位分析师对该股的目标价为 151.33 美元。</blockquote></p><p> IBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.</p><p><blockquote>IBM的市盈率为24.05倍，远期市盈率为17.67倍。相比之下，其五年平均水平分别为 16.42 倍和 13.25 倍。这两个指标都远低于行业平均水平，行业平均水平都在三十分左右。</blockquote></p><p> The 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.</p><p><blockquote>Seeking Alpha Premium 提供的 3 至 5 年期 PEG 为 1.16 倍。嘉信理财计算的PEG为1.49倍，雅虎没有提供PEG比率。</blockquote></p><p> I believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.</p><p><blockquote>我相信该股目前的市盈率反映了投资者对分拆完成后 IBM 增长的预期。挂钩比率显示该股票估值合理。</blockquote></p><p> <b>Is IBM Stock A Good Long-Term Investment?</b></p><p><blockquote><b>IBM 股票是一项好的长期投资吗？</b></blockquote></p><p> IBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.</p><p><blockquote>IBM在全球许多最大的公司中拥有根深蒂固但不断发展的地位。不幸的是，被视为公司主要增长途径的云计算也可能导致公司一些传统业务的缓慢恶化。</blockquote></p><p> That the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.</p><p><blockquote>云业务的快速增长是显而易见的： IBM 现在拥有 3200 多家客户使用公司的混合云平台。这几乎是红帽收购前数字的四倍。</blockquote></p><p> If management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.</p><p><blockquote>如果管理层的说法准确，混合云平台将为软件和服务部门的收入带来强劲增长。再加上 Kyndryl 发展缓慢的托管基础设施服务业务的分拆，我们有理由相信 IBM 将实现更快的增长。</blockquote></p><p> IBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.</p><p><blockquote>IBM 拥有稳健的资产负债表、强劲的收益率，当使用 PEG 比率作为股票估值的基础时，股票交易价格略有折扣。</blockquote></p><p> All considered, I rate IBM as a BUY.</p><p><blockquote>综合考虑，我将 IBM 评级为买入。</blockquote></p><p> I think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.</p><p><blockquote>我认为中短期内最糟糕的情况是公司增长缓慢，而投资者却获得了相当丰厚的股息。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM 股票被低估还是被高估？需要考虑什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM 股票被低估还是被高估？需要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-25 11:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>IBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.</li>  <li>Prior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.</li>  <li>More transparency is needed regarding the Kyndryl spinoff.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c798e0536c6804d44b195f6f349fab5\" tg-width=\"1536\" tg-height=\"1044\" width=\"100%\" height=\"auto\"><span>Ethan Miller/Getty Images News</span></p><p><blockquote><ul><li>IBM 第二季度盈利超出分析师预期，云收入和营业利润率均有所提高。</li><li>在第一季度之前，IBM 连续四个季度收入下降，过去 34 个季度中有 30 个季度收入下降。</li><li>Kyndryl分拆需要更多的透明度。</li></ul><p class=\"t-img-caption\"><span>伊桑·米勒/盖蒂图片社新闻</span></p></blockquote></p><p> International Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.</p><p><blockquote>国际商用机器公司（IBM）是一家处于转型期的公司。对投资者来说不幸的是，这种转变已经持续了十年的大部分时间。这些扭亏为盈的努力包括对云计算和人工智能的投资以及传统业务的剥离。虽然现在有绿芽的迹象，但播种的种子是否落在岩石地上还有待观察。</blockquote></p><p> Although the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.</p><p><blockquote>尽管该公司在混合云产品方面的业务快速增长，并且在量子计算方面是一个潜在的增长引擎，但它面临着前者行业的激烈竞争和后者行业的不确定前景。公司的大多数其他业务都处于低迷状态，因此 IBM 的增长前景不明朗。</blockquote></p><p> What is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.</p><p><blockquote>可以肯定的是，截至今天，IBM 拥有合理且不断减少的债务负担和强劲的自由现金流。</blockquote></p><p> Management is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.</p><p><blockquote>管理层正试图通过专注于公司的云产品来解决增长问题，同时剥离托管基础设施业务。该公司将被命名为 Kyndryl。然而，新实体将承担的债务以及它将承担的当前股息部分尚未披露。</blockquote></p><p> <b>Recent Quarterly Results</b></p><p><blockquote><b>最近季度业绩</b></blockquote></p><p> IBM&nbsp;reported&nbsp;Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.</p><p><blockquote>IBM 上周一公布了第二季度业绩。该公司非 GAAP 每股收益为 2.33 美元，超出预期 0.04 美元。</blockquote></p><p> Revenue of $18.7 billion was flat when adjusted for currency and divestitures.</p><p><blockquote>经货币和资产剥离调整后，收入为 187 亿美元，持平。</blockquote></p><p> The negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.</p><p><blockquote>该报告的负面影响是系统收入下降了 7%。然而，这主要是由于正常的 IBM Z 大型机周期，同比下降 13%。</blockquote></p><p> The global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.</p><p><blockquote>全球融资部门占总收入的个位数比例较低，下降了 9%。全球技术服务约占总收入的三分之一，并将大部分分拆为 Kyndryl，但增长持平。</blockquote></p><p> The positive side of the report had Cloud &amp; Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.</p><p><blockquote>该报告的积极方面是云和认知软件云收入增长了29%，全球商业服务云收入增长了35%。过去 12 个月，云总收入为 270 亿美元，增长了 15%，而本季度云收入增长了 13%，达到 70 亿美元。</blockquote></p><p> Net cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.</p><p><blockquote>过去 12 个月，经营活动产生的净现金达到 177 亿美元，调整后自由现金流总计 110 亿美元。</blockquote></p><p> Since year-end 2020, the company has reduced debt by $6.4 billion.</p><p><blockquote>自2020年底以来，该公司已减少债务64亿美元。</blockquote></p><p> Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021.</p><p><blockquote>2021年调整后自由现金流110亿至120亿美元的管理指南。</blockquote></p><p> <b>Where IBM Stands Tall</b></p><p><blockquote><b>IBM的立足点</b></blockquote></p><p> IBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.</p><p><blockquote>许多人认为IBM充其量是一家三流IT公司，最坏的情况是一只濒临灭绝的恐龙。</blockquote></p><p> It is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.</p><p><blockquote>很明显，该公司的收入多年来一直在下降；然而，要准确评估该股，投资者必须了解 IBM 的传统业务有很多优势。</blockquote></p><p> For example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.</p><p><blockquote>例如，IBM 是世界上最大的 IT 服务公司，也是大型机的主要供应商。在财富50强公司中，有47家是IBM的客户。</blockquote></p><p> Half of the world’s wireless connections are handled by the firm.</p><p><blockquote>世界上一半的无线连接都由该公司处理。</blockquote></p><p> IBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.</p><p><blockquote>IBM 的大型机系统处理了全球近 90% 的信用卡交易，全球 97% 的最大银行依赖 IBM 的产品和服务。因此，每年使用IBM系统处理290亿笔ATM交易。</blockquote></p><p> Eight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.</p><p><blockquote>十分之八的全球零售商依赖IBM的产品和服务，而旅游业80%的预订都是通过IBM系统进行的。这导致使用该公司的 IT 服务处理了 40 亿个航班预订。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ace4f1436fd2697c5ad266b5017e1dd\" tg-width=\"960\" tg-height=\"721\" width=\"100%\" height=\"auto\"><span>Source: Forbes</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：福布斯</span></p></blockquote></p><p> It is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.</p><p><blockquote>很明显，IBM拥有庞大的客户群，提供了大规模的经常性收入。在许多情况下，转向竞争对手的产品意味着冒着敏感信息传输的风险，这是许多人不愿意采取的举措。</blockquote></p><p> However, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.</p><p><blockquote>然而，随着向云服务和开源软件的过渡，企业越来越多地采用混合匹配的IT基础架构。反过来，这又侵蚀了 IBM 在客户转换成本方面的竞争优势。</blockquote></p><p> <b>The Sources Of Potential Growth</b></p><p><blockquote><b>潜在增长的来源</b></blockquote></p><p></p><p> Investors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh&nbsp;provided insight&nbsp;into how hybrid cloud drives revenue in some of IBM’s other divisions.</p><p><blockquote>投资者普遍意识到 IBM 通过其混合云产品推动增长的努力。不过，在摩根大通最近举行的投资者大会上，首席财务官吉姆-卡瓦诺（Jim Kavanaugh）在接受提问时，就混合云如何推动 IBM 其他一些部门的收入提出了见解。</blockquote></p><p>   For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall.  Of course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.</p><p><blockquote>我们每在混合云平台上投入1美元（在业务中），就会看到3到5美元的软件拖累和6到8美元的服务拖累。当然，卡瓦诺使用的是 drag 指的是与采用 IBM 混合云相关的软件和服务收入的增加。如果卡瓦诺的说法准确，这意味着在公司混合云平台上花费的每一美元都能从公司的软件和服务产品中获得 9 到 13 美元的额外收入。</blockquote></p><p> Because hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.</p><p><blockquote>因为混合云混合使用内部私有云和公共云服务，所以它为客户提供了一定程度的数据隐私。医疗保健和金融服务领域的客户尤其关注这一点。因此，我认为IBM在与其他混合云提供商的竞争中可能具有优势，因为它在这些行业中拥有广泛的关系。</blockquote></p><p> I reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm&nbsp;forecasts&nbsp;a CAGR of 18.73% from 2021 through 2026.</p><p><blockquote>我回顾了关于混合云市场预计增长率的各种预测。最新的研究也属于其他预测的范围，是由魔多情报公司进行的。该公司预测 2021 年至 2026 年的复合年增长率为 18.73%。</blockquote></p><p> Investors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.</p><p><blockquote>投资者应该意识到，该领域的主要运营商是思科 (CSCO)、惠普 (HPE)、亚马逊 (AMZN)、思杰系统 (CTXS) 和 IBM。</blockquote></p><p> The following chart provides a record of the firm’s total cloud growth over the last six quarters.</p><p><blockquote>下图记录了该公司过去六个季度的总云增长情况。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5fc85156e70f6caf8ae809f76126a723\" tg-width=\"576\" tg-height=\"336\" width=\"100%\" height=\"auto\"><span>Source: Company reports / Chart by Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司报告/作者图表</span></p></blockquote></p><p> Aside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.</p><p><blockquote>除了云，还有另一个潜在增长来源，尽管它不太可能很快实现。</blockquote></p><p> Early in 2019, IBM&nbsp;introduced&nbsp;the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.</p><p><blockquote>2019年初，IBM推出了Q System One。IBM Q systems是世界上第一台为科学和商业用途设计的量子计算机。</blockquote></p><p> Pardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence&nbsp;forecasts&nbsp;a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.</p><p><blockquote>请原谅这个双关语，但量子计算机代表了技术的巨大飞跃。Prescient And Strategic Intelligence预测，到2030年，该行业的CAGR将达到56%，量子计算机市场份额将达到近650亿美元。</blockquote></p><p> For additional insights regarding quantum computing and IBM’s position within that industry, I point you to&nbsp;my article, “IBM: Why My Eye Is Fixed On Big Blue.”</p><p><blockquote>有关量子计算和 IBM 在该行业中的地位的更多见解，我向您推荐我的文章《IBM：为什么我的眼睛盯着蓝色巨人》。</blockquote></p><p> <b>Understanding Kyndryl</b></p><p><blockquote><b>了解Kyndryl</b></blockquote></p><p> Once&nbsp;Kyndryl&nbsp;is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.</p><p><blockquote>Kyndryl一旦推出，将在115个国家拥有9万多名员工和4600多名客户。随着600亿美元的服务积压，新实体的预计收入将达到190亿美元。该公司的规模是其最接近的竞争对手的两倍，将成为全球最大的托管基础设施服务提供商。</blockquote></p><p> The split will&nbsp;transform&nbsp;IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.</p><p><blockquote>此次拆分将使 IBM 从一家一半收入来自服务的公司转变为一家软件和解决方案业务一半以上收入的公司。</blockquote></p><p> Global Business Services, which currently constitutes 22% of the company’s revenue, will&nbsp;account&nbsp;for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.</p><p><blockquote>全球商业服务目前占该公司收入的 22%，将占销售额的 40% 以上。值得注意的是，该部门上一季度的收入同比增长了 12%。</blockquote></p><p> IBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.</p><p><blockquote>IBM 将保留 Red Hat 及其解决方案提供商业务、系统业务、关键任务公共云服务，以及专注于大数据、人工智能和安全的软件产品组合。</blockquote></p><p> Initially, the two companies will each be the largest customer of the other.</p><p><blockquote>最初，两家公司将各自成为对方最大的客户。</blockquote></p><p> What remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.</p><p><blockquote>关于分拆，仍有待了解的是每家公司将承担多少债务，以及公司将支付的股息份额。克里希纳表示，两家公司将共同努力维持目前的支付水平。</blockquote></p><p> <b>Has IBM Turned The Corner?</b></p><p><blockquote><b>IBM已经转危为安了吗？</b></blockquote></p><p> Anyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.</p><p><blockquote>任何关注IBM的人都知道，该公司经历了长期的糟糕业绩。下图记录了该公司过去十四个季度的季度自由现金流。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60cc8b82052f97dd449205999ee30711\" tg-width=\"577\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Data from ycharts / chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：ycharts 数据 / 作者提供的图表</span></p></blockquote></p><p> While this is not proof positive that the company is back on track, the recent trend is at least encouraging.</p><p><blockquote>虽然这并不能证明该公司重回正轨，但最近的趋势至少令人鼓舞。</blockquote></p><p> In 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.</p><p><blockquote>2020年，IBM产生了108亿美元的自由现金流。2021年调整后自由现金流110亿至120亿美元的管理指南。这不包括与 Kyndryl 分拆相关的 30 亿美元结构性影响。</blockquote></p><p> The CEO&nbsp;recently stated&nbsp;he expects IBM to generate $12 billion to $13 billion in FCF in 2022.</p><p><blockquote>这位首席执行官最近表示，他预计 IBM 到 2022 年将产生 120 亿至 130 亿美元的自由现金流。</blockquote></p><p> <b>Debt And Dividend</b></p><p><blockquote><b>债务和股息</b></blockquote></p><p></p><p> While investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.</p><p><blockquote>虽然投资者可以理所当然地抱怨多年来的各种管理层变动，但该公司在进行多项收购的同时保持了合理的债务状况。</blockquote></p><p> The company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.</p><p><blockquote>自 2019 年中期达到峰值以来，该公司已将债务减少了约 180 亿美元。IBM 维持投资级信用评级，下图记录了该公司近期偿还债务的进展情况。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b73e613157c486a5f5e8306546121971\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Source: IBM Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：IBM演示文稿</span></p></blockquote></p><p> IBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.</p><p><blockquote>IBM的收益率为4.64%，派息率略低于61%，5年股息增长率为4.26%。如前所述，Kyndryl 分拆后，两家公司将合作提供相当于当前股息的派息。</blockquote></p><p> <b>Is IBM Stock Overvalued?</b></p><p><blockquote><b>IBM 股票被高估了吗？</b></blockquote></p><p> IBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.</p><p><blockquote>IBM 股价交易价格为 141.13 美元。8 位分析师的 12 个月平均目标价为 153.50 美元。自上次收益报告以来，3 位分析师对该股的目标价为 151.33 美元。</blockquote></p><p> IBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.</p><p><blockquote>IBM的市盈率为24.05倍，远期市盈率为17.67倍。相比之下，其五年平均水平分别为 16.42 倍和 13.25 倍。这两个指标都远低于行业平均水平，行业平均水平都在三十分左右。</blockquote></p><p> The 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.</p><p><blockquote>Seeking Alpha Premium 提供的 3 至 5 年期 PEG 为 1.16 倍。嘉信理财计算的PEG为1.49倍，雅虎没有提供PEG比率。</blockquote></p><p> I believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.</p><p><blockquote>我相信该股目前的市盈率反映了投资者对分拆完成后 IBM 增长的预期。挂钩比率显示该股票估值合理。</blockquote></p><p> <b>Is IBM Stock A Good Long-Term Investment?</b></p><p><blockquote><b>IBM 股票是一项好的长期投资吗？</b></blockquote></p><p> IBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.</p><p><blockquote>IBM在全球许多最大的公司中拥有根深蒂固但不断发展的地位。不幸的是，被视为公司主要增长途径的云计算也可能导致公司一些传统业务的缓慢恶化。</blockquote></p><p> That the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.</p><p><blockquote>云业务的快速增长是显而易见的： IBM 现在拥有 3200 多家客户使用公司的混合云平台。这几乎是红帽收购前数字的四倍。</blockquote></p><p> If management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.</p><p><blockquote>如果管理层的说法准确，混合云平台将为软件和服务部门的收入带来强劲增长。再加上 Kyndryl 发展缓慢的托管基础设施服务业务的分拆，我们有理由相信 IBM 将实现更快的增长。</blockquote></p><p> IBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.</p><p><blockquote>IBM 拥有稳健的资产负债表、强劲的收益率，当使用 PEG 比率作为股票估值的基础时，股票交易价格略有折扣。</blockquote></p><p> All considered, I rate IBM as a BUY.</p><p><blockquote>综合考虑，我将 IBM 评级为买入。</blockquote></p><p> I think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.</p><p><blockquote>我认为中短期内最糟糕的情况是公司增长缓慢，而投资者却获得了相当丰厚的股息。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4440996-is-ibm-stock-undervalued-overvalued\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IBM":"IBM"},"source_url":"https://seekingalpha.com/article/4440996-is-ibm-stock-undervalued-overvalued","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176552691","content_text":"Summary\n\nIBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.\nPrior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.\nMore transparency is needed regarding the Kyndryl spinoff.\n\nEthan Miller/Getty Images News\nInternational Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.\nAlthough the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.\nWhat is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.\nManagement is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.\nRecent Quarterly Results\nIBM reported Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.\nRevenue of $18.7 billion was flat when adjusted for currency and divestitures.\nThe negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.\nThe global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.\nThe positive side of the report had Cloud & Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.\nNet cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.\nSince year-end 2020, the company has reduced debt by $6.4 billion.\nManagement guides for adjusted free cash flow of $11 billion to $12 billion in 2021.\nWhere IBM Stands Tall\nIBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.\nIt is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.\nFor example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.\nHalf of the world’s wireless connections are handled by the firm.\nIBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.\nEight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.\nSource: Forbes\nIt is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.\nHowever, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.\nThe Sources Of Potential Growth\nInvestors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh provided insight into how hybrid cloud drives revenue in some of IBM’s other divisions.\n\n For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall.\n\nOf course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.\nBecause hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.\nI reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm forecasts a CAGR of 18.73% from 2021 through 2026.\nInvestors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.\nThe following chart provides a record of the firm’s total cloud growth over the last six quarters.\nSource: Company reports / Chart by Author\nAside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.\nEarly in 2019, IBM introduced the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.\nPardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence forecasts a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.\nFor additional insights regarding quantum computing and IBM’s position within that industry, I point you to my article, “IBM: Why My Eye Is Fixed On Big Blue.”\nUnderstanding Kyndryl\nOnce Kyndryl is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.\nThe split will transform IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.\nGlobal Business Services, which currently constitutes 22% of the company’s revenue, will account for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.\nIBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.\nInitially, the two companies will each be the largest customer of the other.\nWhat remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.\nHas IBM Turned The Corner?\nAnyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.\nSource: Data from ycharts / chart by author\nWhile this is not proof positive that the company is back on track, the recent trend is at least encouraging.\nIn 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.\nThe CEO recently stated he expects IBM to generate $12 billion to $13 billion in FCF in 2022.\nDebt And Dividend\nWhile investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.\nThe company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.\nSource: IBM Presentation\nIBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.\nIs IBM Stock Overvalued?\nIBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.\nIBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.\nThe 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.\nI believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.\nIs IBM Stock A Good Long-Term Investment?\nIBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.\nThat the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.\nIf management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.\nIBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.\nAll considered, I rate IBM as a BUY.\nI think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.","news_type":1,"symbols_score_info":{"IBM":0.9}},"isVote":1,"tweetType":1,"viewCount":399,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174733838,"gmtCreate":1627137375725,"gmtModify":1633767706837,"author":{"id":"4088416347172780","authorId":"4088416347172780","name":"miyakos","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088416347172780","authorIdStr":"4088416347172780"},"themes":[],"title":"","htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/174733838","repostId":"2153388319","repostType":4,"repost":{"id":"2153388319","kind":"highlight","pubTimestamp":1627088419,"share":"https://www.laohunote.com/m/news/2153388319?lang=zh_CN&edition=full","pubTime":"2021-07-24 09:00","market":"us","language":"en","title":"Here are Wall Street's favorite big tech stocks as the Nasdaq closes in on another milestone<blockquote>随着纳斯达克接近另一个里程碑，以下是华尔街最喜欢的大型科技股</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2153388319","media":"MarketWatch","summary":"As the Nasdaq Composite Index nears 15,000, analysts see upside for Activision Blizzard, Netflix and","content":"<p>As the Nasdaq Composite Index nears 15,000, analysts see upside for Activision Blizzard, Netflix and Baidu, among others</p><p><blockquote>随着纳斯达克综合指数接近 15,000 点，分析师认为动视暴雪、Netflix 和百度等公司有上涨空间</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4c007522d36ee30fcaeab059a92a280e\" tg-width=\"700\" tg-height=\"485\" width=\"100%\" height=\"auto\"><span>Some 88% of analysts rate Activision Blizzard \"buy,\" and their consensus price target is 27% above the stock's closing price July 23. (Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>约 88% 的分析师对动视暴雪给予“买入”评级，他们的一致目标价比该股 7 月 23 日的收盘价高出 27%。（盖蒂图片社）</span></p></blockquote></p><p> All three of the major U.S. stock indexes hit records Friday, and the Nasdaq Composite Index might reach its next milestone -- 15,000 -- next week.</p><p><blockquote>美国三大股指周五均创下历史新高，纳斯达克综合指数下周可能达到下一个里程碑——15,000点。</blockquote></p><p> Below is a list of stocks whose gains have powered the Nasdaq Composite Index's gains this year, along with another list of analysts' favorite stocks among the Nasdaq-100 Index .</p><p><blockquote>以下是今年推动纳斯达克综合指数上涨的股票列表，以及纳斯达克 100 指数中分析师最喜欢的股票列表。</blockquote></p><p> Here's a summary of Friday's action:</p><p><blockquote>以下是周五行动的摘要：</blockquote></p><p> (Note: All price changes in this article exclude dividends.)</p><p><blockquote>（注：本文所有价格变动均不包括股息。）</blockquote></p><p> <b>Nasdaq-100 winners for 2021</b></p><p><blockquote><b>2021 年纳斯达克百强获奖者</b></blockquote></p><p> The Nasdaq-100 Index is made up of the 100 largest non-financial companies by market capitalization in the full Nasdaq Composite Index. It is reconstituted each year in December. Both indexes are weighted by market cap, and the Nasdaq-100's market cap of $17.21 trillion is about 73% of the full index. So most of the full Nasdaq's performance is represented by the Nasdaq-100, which is tracked by the Invesco QQQ Trust <a href=\"https://laohu8.com/S/QQQ\">$(QQQ)$</a>.</p><p><blockquote>纳斯达克100指数由纳斯达克综合指数中市值最大的100家非金融公司组成。它每年12月重组。两个指数均按市值加权，纳斯达克100指数17.21万亿美元的市值约为整个指数的73%。因此，整个纳斯达克的大部分表现是由纳斯达克 100 指数代表的，该指数由 Invesco QQQ Trust 跟踪<a href=\"https://laohu8.com/S/QQQ\">$(QQQ)$</a>.</blockquote></p><p> Here are the 10 stocks among the Nasdaq-100 that have risen the most during 2021 through July 23:</p><p><blockquote>以下是 2021 年至 7 月 23 日期间纳斯达克 100 指数中涨幅最大的 10 只股票：</blockquote></p><p> <table>  <tbody>   <tr>    <td>Company</td>    <td>Price change -- 2021</td>    <td>Price change -- July 23</td>    <td>52-week high</td>    <td>Date of 52-week high</td>    <td>Decline from 52-week high</td>   </tr>   <tr>    <td>Moderna Inc. MRNA</td>    <td>233.9%</td>    <td>7.8%</td>    <td>$349.45</td>    <td>07/23/2021</td>    <td>-0.2%</td>   </tr>   <tr>    <td>Applied Materials Inc. AMAT</td>    <td>60.4%</td>    <td>0.9%</td>    <td>$146.00</td>    <td>04/05/2021</td>    <td>-5.2%</td>   </tr>   <tr>    <td>Alphabet Inc. Class C GOOG</td>    <td>57.3%</td>    <td>3.4%</td>    <td>$2,776.17</td>    <td>07/23/2021</td>    <td>-0.7%</td>   </tr>   <tr>    <td>ASML Holding NV ADR ASML</td>    <td>53.4%</td>    <td>2.5%</td>    <td>$756.78</td>    <td>07/23/2021</td>    <td>-1.1%</td>   </tr>   <tr>    <td>Alphabet Inc. Class A GOOGL</td>    <td>51.8%</td>    <td>3.6%</td>    <td>$2,667.98</td>    <td>07/23/2021</td>    <td>-0.3%</td>   </tr>   <tr>    <td>Nvidia Corp.</td>    <td>49.8%</td>    <td>-0.2%</td>    <td>$208.75</td>    <td>07/07/2021</td>    <td>-6.3%</td>   </tr>   <tr>    <td>EBay Inc. EBAY</td>    <td>46.3%</td>    <td>2.1%</td>    <td>$73.77</td>    <td>07/23/2021</td>    <td>-0.3%</td>   </tr>   <tr>    <td>Intuit Inc. INTU</td>    <td>39.1%</td>    <td>1.4%</td>    <td>$532.33</td>    <td>07/23/2021</td>    <td>-0.7%</td>   </tr>   <tr>    <td>Idexx Laboratories Inc. IDXX</td>    <td>38.8%</td>    <td>1.6%</td>    <td>$696.35</td>    <td>07/23/2021</td>    <td>-0.4%</td>   </tr>   <tr>    <td>DocuSign Inc. DOCU</td>    <td>38.8%</td>    <td>0.2%</td>    <td>$310.51</td>    <td>07/22/2021</td>    <td>-0.6%</td>   </tr>   <tr>    <td>CDW Corp. CDW</td>    <td>37.3%</td>    <td>2.0%</td>    <td>$184.58</td>    <td>04/16/2021</td>    <td>-2.0%</td>   </tr>   <tr>    <td>Source: FactSet</td>    <td></td>    <td></td>    <td></td>    <td></td>    <td></td>   </tr>  </tbody> </table> Actually, there are 11 stocks on the list because the index includes Alphabet Inc.'s Class C <a href=\"https://laohu8.com/S/GOOGL\">$(GOOGL)$</a> and Class A (GOOGL) shares.</p><p><blockquote><table><tbody><tr><td>公司</td><td>价格变动——2021</td><td>价格变化 -- 7 月 23 日</td><td>52周高点</td><td>52周高点日期</td><td>从 52 周高点回落</td></tr><tr><td>现代公司MRNA</td><td>233.9%</td><td>7.8%</td><td>$349.45</td><td>07/23/2021</td><td>-0.2%</td></tr><tr><td>应用材料公司 AMAT</td><td>60.4%</td><td>0.9%</td><td>$146.00</td><td>04/05/2021</td><td>-5.2%</td></tr><tr><td>Alphabet公司 C 类谷歌</td><td>57.3%</td><td>3.4%</td><td>$2,776.17</td><td>07/23/2021</td><td>-0.7%</td></tr><tr><td>ASML 控股 NV ADR ASML</td><td>53.4%</td><td>2.5%</td><td>$756.78</td><td>07/23/2021</td><td>-1.1%</td></tr><tr><td>Alphabet公司 A 级GOOGL</td><td>51.8%</td><td>3.6%</td><td>$2,667.98</td><td>07/23/2021</td><td>-0.3%</td></tr><tr><td>英伟达公司</td><td>49.8%</td><td>-0.2%</td><td>$208.75</td><td>07/07/2021</td><td>-6.3%</td></tr><tr><td>EBay公司EBay</td><td>46.3%</td><td>2.1%</td><td>$73.77</td><td>07/23/2021</td><td>-0.3%</td></tr><tr><td>Intuit 公司 INTU</td><td>39.1%</td><td>1.4%</td><td>$532.33</td><td>07/23/2021</td><td>-0.7%</td></tr><tr><td>Idexx 实验室公司 IDXX</td><td>38.8%</td><td>1.6%</td><td>$696.35</td><td>07/23/2021</td><td>-0.4%</td></tr><tr><td>DocuSign 公司文件</td><td>38.8%</td><td>0.2%</td><td>$310.51</td><td>07/22/2021</td><td>-0.6%</td></tr><tr><td>CDW 公司 CDW</td><td>37.3%</td><td>2.0%</td><td>$184.58</td><td>04/16/2021</td><td>-2.0%</td></tr><tr><td>来源：FactSet</td><td></td><td></td><td></td><td></td><td></td></tr></tbody></table>事实上，名单上有11只股票，因为该指数包括Alphabet公司的C类股票<a href=\"https://laohu8.com/S/GOOGL\">$(GOOGL)$</a>和 A 类（GOOGL）股票。</blockquote></p><p> Seven of those stocks hit 52-week highs July 23.</p><p><blockquote>7 月 23 日，其中 7 只股票触及 52 周高点。</blockquote></p><p> <b>Wall Street's favorite stocks in the Nasdaq-100</b></p><p><blockquote><b>纳斯达克 100 指数中华尔街最受欢迎的股票</b></blockquote></p><p> Here are the 10 stocks in the Nasdaq-100 with \"buy\" or equivalent ratings among at least 75% of analysts polled by FactSet, with the most 12-month upside potential implied by consensus price targets:</p><p><blockquote>以下是 FactSet 调查的至少 75% 的分析师给予纳斯达克 100 指数中“买入”或同等评级的 10 只股票，共识价格目标意味着最大的 12 个月上涨潜力：</blockquote></p><p></p><p> <table>  <tbody>   <tr>    <td>Company</td>    <td>Share \"buy\" ratings</td>    <td>Closing price -- July 23</td>    <td>Consensus price target</td>    <td>Implied 12-month upside potential</td>    <td>Price change -- July 23</td>    <td>Price change -- 2021</td>   </tr>   <tr>    <td>Baidu Inc. ADR Class A BIDU</td>    <td>86%</td>    <td>$172.66</td>    <td>$311.92</td>    <td>81%</td>    <td>-3.3%</td>    <td>-20.2%</td>   </tr>   <tr>    <td>Micron Technology Inc. MU</td>    <td>88%</td>    <td>$75.94</td>    <td>$121.25</td>    <td>60%</td>    <td>0.5%</td>    <td>1.0%</td>   </tr>   <tr>    <td>JD.com Inc. ADR Class A JD</td>    <td>91%</td>    <td>$72.29</td>    <td>$98.15</td>    <td>36%</td>    <td>-4.8%</td>    <td>-17.8%</td>   </tr>   <tr>    <td>NetEase Inc. ADR</td>    <td>86%</td>    <td>$103.53</td>    <td>$134.54</td>    <td>30%</td>    <td>-8.0%</td>    <td>8.1%</td>   </tr>   <tr>    <td>Vertex Pharmaceuticals Inc. VRTX</td>    <td>78%</td>    <td>$200.50</td>    <td>$259.71</td>    <td>30%</td>    <td>2.3%</td>    <td>-15.2%</td>   </tr>   <tr>    <td>Microchip Technology Inc. MCHP</td>    <td>76%</td>    <td>$139.22</td>    <td>$177.14</td>    <td>27%</td>    <td>0.6%</td>    <td>0.8%</td>   </tr>   <tr>    <td>Activision Blizzard Inc. ATVI</td>    <td>88%</td>    <td>$91.50</td>    <td>$116.09</td>    <td>27%</td>    <td>1.1%</td>    <td>-1.5%</td>   </tr>   <tr>    <td>Fiserv Inc. FISV</td>    <td>85%</td>    <td>$111.79</td>    <td>$141.27</td>    <td>26%</td>    <td>1.6%</td>    <td>-1.8%</td>   </tr>   <tr>    <td><a href=\"https://laohu8.com/S/MELI\">MercadoLibre</a> Inc. MELI</td>    <td>78%</td>    <td>$1,613.81</td>    <td>$2,021.37</td>    <td>25%</td>    <td>1.4%</td>    <td>-3.7%</td>   </tr>   <tr>    <td>Netflix Inc. NFLX</td>    <td>78%</td>    <td>$515.41</td>    <td>$619.67</td>    <td>20%</td>    <td>0.7%</td>    <td>-4.7%</td>   </tr>   <tr>    <td>Source: FactSet</td>    <td></td>    <td></td>    <td></td>    <td></td>    <td></td>    <td></td>   </tr>  </tbody> </table> Chinese stocks listed in the U.S. took a beating Friday, and you can see from the three on this list (Baidu Inc. (K3SD.SG), JD.com Inc. <a href=\"https://laohu8.com/S/JD\">$(JD)$</a> and NetEase Inc. <a href=\"https://laohu8.com/S/NTES\">$(NTES)$</a>) that this hasn't been a good year for the group. Therese Poletti explained why.</p><p><blockquote><table><tbody><tr><td>公司</td><td>分享“买入”评级</td><td>收盘价——7 月 23 日</td><td>共识价格目标</td><td>隐含 12 个月上行潜力</td><td>价格变化 -- 7 月 23 日</td><td>价格变动——2021</td></tr><tr><td>百度公司 ADR A 类 BIDU</td><td>86%</td><td>$172.66</td><td>$311.92</td><td>81%</td><td>-3.3%</td><td>-20.2%</td></tr><tr><td>美光科技公司 MU</td><td>88%</td><td>$75.94</td><td>$121.25</td><td>60%</td><td>0.5%</td><td>1.0%</td></tr><tr><td>京东公司 ADR A 类 JD</td><td>91%</td><td>$72.29</td><td>$98.15</td><td>36%</td><td>-4.8%</td><td>-17.8%</td></tr><tr><td>网易公司 ADR</td><td>86%</td><td>$103.53</td><td>$134.54</td><td>30%</td><td>-8.0%</td><td>8.1%</td></tr><tr><td>顶点制药公司 VRTX</td><td>78%</td><td>$200.50</td><td>$259.71</td><td>30%</td><td>2.3%</td><td>-15.2%</td></tr><tr><td>微芯片技术公司 MCHP</td><td>76%</td><td>$139.22</td><td>$177.14</td><td>27%</td><td>0.6%</td><td>0.8%</td></tr><tr><td>动视暴雪公司 ATVI</td><td>88%</td><td>$91.50</td><td>$116.09</td><td>27%</td><td>1.1%</td><td>-1.5%</td></tr><tr><td>Fiserv 公司 FISV</td><td>85%</td><td>$111.79</td><td>$141.27</td><td>26%</td><td>1.6%</td><td>-1.8%</td></tr><tr><td><a href=\"https://laohu8.com/S/MELI\">自由市场</a>梅利公司</td><td>78%</td><td>$1,613.81</td><td>$2,021.37</td><td>25%</td><td>1.4%</td><td>-3.7%</td></tr><tr><td>奈飞公司 NFLX</td><td>78%</td><td>$515.41</td><td>$619.67</td><td>20%</td><td>0.7%</td><td>-4.7%</td></tr><tr><td>来源：FactSet</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></tbody></table>在美国上市的中国股票周五遭受重创，你可以从这份名单上的三只股票（百度公司（K3SD.SG）、京东公司。<a href=\"https://laohu8.com/S/JD\">$(京东)$</a>和网易公司。<a href=\"https://laohu8.com/S/NTES\">$(NTES)$</a>）对本集团来说，今年并不是好年景。特蕾莎·波莱蒂解释了原因。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here are Wall Street's favorite big tech stocks as the Nasdaq closes in on another milestone<blockquote>随着纳斯达克接近另一个里程碑，以下是华尔街最喜欢的大型科技股</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere are Wall Street's favorite big tech stocks as the Nasdaq closes in on another milestone<blockquote>随着纳斯达克接近另一个里程碑，以下是华尔街最喜欢的大型科技股</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-24 09:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As the Nasdaq Composite Index nears 15,000, analysts see upside for Activision Blizzard, Netflix and Baidu, among others</p><p><blockquote>随着纳斯达克综合指数接近 15,000 点，分析师认为动视暴雪、Netflix 和百度等公司有上涨空间</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4c007522d36ee30fcaeab059a92a280e\" tg-width=\"700\" tg-height=\"485\" width=\"100%\" height=\"auto\"><span>Some 88% of analysts rate Activision Blizzard \"buy,\" and their consensus price target is 27% above the stock's closing price July 23. (Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>约 88% 的分析师对动视暴雪给予“买入”评级，他们的一致目标价比该股 7 月 23 日的收盘价高出 27%。（盖蒂图片社）</span></p></blockquote></p><p> All three of the major U.S. stock indexes hit records Friday, and the Nasdaq Composite Index might reach its next milestone -- 15,000 -- next week.</p><p><blockquote>美国三大股指周五均创下历史新高，纳斯达克综合指数下周可能达到下一个里程碑——15,000点。</blockquote></p><p> Below is a list of stocks whose gains have powered the Nasdaq Composite Index's gains this year, along with another list of analysts' favorite stocks among the Nasdaq-100 Index .</p><p><blockquote>以下是今年推动纳斯达克综合指数上涨的股票列表，以及纳斯达克 100 指数中分析师最喜欢的股票列表。</blockquote></p><p> Here's a summary of Friday's action:</p><p><blockquote>以下是周五行动的摘要：</blockquote></p><p> (Note: All price changes in this article exclude dividends.)</p><p><blockquote>（注：本文所有价格变动均不包括股息。）</blockquote></p><p> <b>Nasdaq-100 winners for 2021</b></p><p><blockquote><b>2021 年纳斯达克百强获奖者</b></blockquote></p><p> The Nasdaq-100 Index is made up of the 100 largest non-financial companies by market capitalization in the full Nasdaq Composite Index. It is reconstituted each year in December. Both indexes are weighted by market cap, and the Nasdaq-100's market cap of $17.21 trillion is about 73% of the full index. So most of the full Nasdaq's performance is represented by the Nasdaq-100, which is tracked by the Invesco QQQ Trust <a href=\"https://laohu8.com/S/QQQ\">$(QQQ)$</a>.</p><p><blockquote>纳斯达克100指数由纳斯达克综合指数中市值最大的100家非金融公司组成。它每年12月重组。两个指数均按市值加权，纳斯达克100指数17.21万亿美元的市值约为整个指数的73%。因此，整个纳斯达克的大部分表现是由纳斯达克 100 指数代表的，该指数由 Invesco QQQ Trust 跟踪<a href=\"https://laohu8.com/S/QQQ\">$(QQQ)$</a>.</blockquote></p><p> Here are the 10 stocks among the Nasdaq-100 that have risen the most during 2021 through July 23:</p><p><blockquote>以下是 2021 年至 7 月 23 日期间纳斯达克 100 指数中涨幅最大的 10 只股票：</blockquote></p><p> <table>  <tbody>   <tr>    <td>Company</td>    <td>Price change -- 2021</td>    <td>Price change -- July 23</td>    <td>52-week high</td>    <td>Date of 52-week high</td>    <td>Decline from 52-week high</td>   </tr>   <tr>    <td>Moderna Inc. MRNA</td>    <td>233.9%</td>    <td>7.8%</td>    <td>$349.45</td>    <td>07/23/2021</td>    <td>-0.2%</td>   </tr>   <tr>    <td>Applied Materials Inc. AMAT</td>    <td>60.4%</td>    <td>0.9%</td>    <td>$146.00</td>    <td>04/05/2021</td>    <td>-5.2%</td>   </tr>   <tr>    <td>Alphabet Inc. Class C GOOG</td>    <td>57.3%</td>    <td>3.4%</td>    <td>$2,776.17</td>    <td>07/23/2021</td>    <td>-0.7%</td>   </tr>   <tr>    <td>ASML Holding NV ADR ASML</td>    <td>53.4%</td>    <td>2.5%</td>    <td>$756.78</td>    <td>07/23/2021</td>    <td>-1.1%</td>   </tr>   <tr>    <td>Alphabet Inc. Class A GOOGL</td>    <td>51.8%</td>    <td>3.6%</td>    <td>$2,667.98</td>    <td>07/23/2021</td>    <td>-0.3%</td>   </tr>   <tr>    <td>Nvidia Corp.</td>    <td>49.8%</td>    <td>-0.2%</td>    <td>$208.75</td>    <td>07/07/2021</td>    <td>-6.3%</td>   </tr>   <tr>    <td>EBay Inc. EBAY</td>    <td>46.3%</td>    <td>2.1%</td>    <td>$73.77</td>    <td>07/23/2021</td>    <td>-0.3%</td>   </tr>   <tr>    <td>Intuit Inc. INTU</td>    <td>39.1%</td>    <td>1.4%</td>    <td>$532.33</td>    <td>07/23/2021</td>    <td>-0.7%</td>   </tr>   <tr>    <td>Idexx Laboratories Inc. IDXX</td>    <td>38.8%</td>    <td>1.6%</td>    <td>$696.35</td>    <td>07/23/2021</td>    <td>-0.4%</td>   </tr>   <tr>    <td>DocuSign Inc. DOCU</td>    <td>38.8%</td>    <td>0.2%</td>    <td>$310.51</td>    <td>07/22/2021</td>    <td>-0.6%</td>   </tr>   <tr>    <td>CDW Corp. CDW</td>    <td>37.3%</td>    <td>2.0%</td>    <td>$184.58</td>    <td>04/16/2021</td>    <td>-2.0%</td>   </tr>   <tr>    <td>Source: FactSet</td>    <td></td>    <td></td>    <td></td>    <td></td>    <td></td>   </tr>  </tbody> </table> Actually, there are 11 stocks on the list because the index includes Alphabet Inc.'s Class C <a href=\"https://laohu8.com/S/GOOGL\">$(GOOGL)$</a> and Class A (GOOGL) shares.</p><p><blockquote><table><tbody><tr><td>公司</td><td>价格变动——2021</td><td>价格变化 -- 7 月 23 日</td><td>52周高点</td><td>52周高点日期</td><td>从 52 周高点回落</td></tr><tr><td>现代公司MRNA</td><td>233.9%</td><td>7.8%</td><td>$349.45</td><td>07/23/2021</td><td>-0.2%</td></tr><tr><td>应用材料公司 AMAT</td><td>60.4%</td><td>0.9%</td><td>$146.00</td><td>04/05/2021</td><td>-5.2%</td></tr><tr><td>Alphabet公司 C 类谷歌</td><td>57.3%</td><td>3.4%</td><td>$2,776.17</td><td>07/23/2021</td><td>-0.7%</td></tr><tr><td>ASML 控股 NV ADR ASML</td><td>53.4%</td><td>2.5%</td><td>$756.78</td><td>07/23/2021</td><td>-1.1%</td></tr><tr><td>Alphabet公司 A 级GOOGL</td><td>51.8%</td><td>3.6%</td><td>$2,667.98</td><td>07/23/2021</td><td>-0.3%</td></tr><tr><td>英伟达公司</td><td>49.8%</td><td>-0.2%</td><td>$208.75</td><td>07/07/2021</td><td>-6.3%</td></tr><tr><td>EBay公司EBay</td><td>46.3%</td><td>2.1%</td><td>$73.77</td><td>07/23/2021</td><td>-0.3%</td></tr><tr><td>Intuit 公司 INTU</td><td>39.1%</td><td>1.4%</td><td>$532.33</td><td>07/23/2021</td><td>-0.7%</td></tr><tr><td>Idexx 实验室公司 IDXX</td><td>38.8%</td><td>1.6%</td><td>$696.35</td><td>07/23/2021</td><td>-0.4%</td></tr><tr><td>DocuSign 公司文件</td><td>38.8%</td><td>0.2%</td><td>$310.51</td><td>07/22/2021</td><td>-0.6%</td></tr><tr><td>CDW 公司 CDW</td><td>37.3%</td><td>2.0%</td><td>$184.58</td><td>04/16/2021</td><td>-2.0%</td></tr><tr><td>来源：FactSet</td><td></td><td></td><td></td><td></td><td></td></tr></tbody></table>事实上，名单上有11只股票，因为该指数包括Alphabet公司的C类股票<a href=\"https://laohu8.com/S/GOOGL\">$(GOOGL)$</a>和 A 类（GOOGL）股票。</blockquote></p><p> Seven of those stocks hit 52-week highs July 23.</p><p><blockquote>7 月 23 日，其中 7 只股票触及 52 周高点。</blockquote></p><p> <b>Wall Street's favorite stocks in the Nasdaq-100</b></p><p><blockquote><b>纳斯达克 100 指数中华尔街最受欢迎的股票</b></blockquote></p><p> Here are the 10 stocks in the Nasdaq-100 with \"buy\" or equivalent ratings among at least 75% of analysts polled by FactSet, with the most 12-month upside potential implied by consensus price targets:</p><p><blockquote>以下是 FactSet 调查的至少 75% 的分析师给予纳斯达克 100 指数中“买入”或同等评级的 10 只股票，共识价格目标意味着最大的 12 个月上涨潜力：</blockquote></p><p></p><p> <table>  <tbody>   <tr>    <td>Company</td>    <td>Share \"buy\" ratings</td>    <td>Closing price -- July 23</td>    <td>Consensus price target</td>    <td>Implied 12-month upside potential</td>    <td>Price change -- July 23</td>    <td>Price change -- 2021</td>   </tr>   <tr>    <td>Baidu Inc. ADR Class A BIDU</td>    <td>86%</td>    <td>$172.66</td>    <td>$311.92</td>    <td>81%</td>    <td>-3.3%</td>    <td>-20.2%</td>   </tr>   <tr>    <td>Micron Technology Inc. MU</td>    <td>88%</td>    <td>$75.94</td>    <td>$121.25</td>    <td>60%</td>    <td>0.5%</td>    <td>1.0%</td>   </tr>   <tr>    <td>JD.com Inc. ADR Class A JD</td>    <td>91%</td>    <td>$72.29</td>    <td>$98.15</td>    <td>36%</td>    <td>-4.8%</td>    <td>-17.8%</td>   </tr>   <tr>    <td>NetEase Inc. ADR</td>    <td>86%</td>    <td>$103.53</td>    <td>$134.54</td>    <td>30%</td>    <td>-8.0%</td>    <td>8.1%</td>   </tr>   <tr>    <td>Vertex Pharmaceuticals Inc. VRTX</td>    <td>78%</td>    <td>$200.50</td>    <td>$259.71</td>    <td>30%</td>    <td>2.3%</td>    <td>-15.2%</td>   </tr>   <tr>    <td>Microchip Technology Inc. MCHP</td>    <td>76%</td>    <td>$139.22</td>    <td>$177.14</td>    <td>27%</td>    <td>0.6%</td>    <td>0.8%</td>   </tr>   <tr>    <td>Activision Blizzard Inc. ATVI</td>    <td>88%</td>    <td>$91.50</td>    <td>$116.09</td>    <td>27%</td>    <td>1.1%</td>    <td>-1.5%</td>   </tr>   <tr>    <td>Fiserv Inc. FISV</td>    <td>85%</td>    <td>$111.79</td>    <td>$141.27</td>    <td>26%</td>    <td>1.6%</td>    <td>-1.8%</td>   </tr>   <tr>    <td><a href=\"https://laohu8.com/S/MELI\">MercadoLibre</a> Inc. MELI</td>    <td>78%</td>    <td>$1,613.81</td>    <td>$2,021.37</td>    <td>25%</td>    <td>1.4%</td>    <td>-3.7%</td>   </tr>   <tr>    <td>Netflix Inc. NFLX</td>    <td>78%</td>    <td>$515.41</td>    <td>$619.67</td>    <td>20%</td>    <td>0.7%</td>    <td>-4.7%</td>   </tr>   <tr>    <td>Source: FactSet</td>    <td></td>    <td></td>    <td></td>    <td></td>    <td></td>    <td></td>   </tr>  </tbody> </table> Chinese stocks listed in the U.S. took a beating Friday, and you can see from the three on this list (Baidu Inc. (K3SD.SG), JD.com Inc. <a href=\"https://laohu8.com/S/JD\">$(JD)$</a> and NetEase Inc. <a href=\"https://laohu8.com/S/NTES\">$(NTES)$</a>) that this hasn't been a good year for the group. Therese Poletti explained why.</p><p><blockquote><table><tbody><tr><td>公司</td><td>分享“买入”评级</td><td>收盘价——7 月 23 日</td><td>共识价格目标</td><td>隐含 12 个月上行潜力</td><td>价格变化 -- 7 月 23 日</td><td>价格变动——2021</td></tr><tr><td>百度公司 ADR A 类 BIDU</td><td>86%</td><td>$172.66</td><td>$311.92</td><td>81%</td><td>-3.3%</td><td>-20.2%</td></tr><tr><td>美光科技公司 MU</td><td>88%</td><td>$75.94</td><td>$121.25</td><td>60%</td><td>0.5%</td><td>1.0%</td></tr><tr><td>京东公司 ADR A 类 JD</td><td>91%</td><td>$72.29</td><td>$98.15</td><td>36%</td><td>-4.8%</td><td>-17.8%</td></tr><tr><td>网易公司 ADR</td><td>86%</td><td>$103.53</td><td>$134.54</td><td>30%</td><td>-8.0%</td><td>8.1%</td></tr><tr><td>顶点制药公司 VRTX</td><td>78%</td><td>$200.50</td><td>$259.71</td><td>30%</td><td>2.3%</td><td>-15.2%</td></tr><tr><td>微芯片技术公司 MCHP</td><td>76%</td><td>$139.22</td><td>$177.14</td><td>27%</td><td>0.6%</td><td>0.8%</td></tr><tr><td>动视暴雪公司 ATVI</td><td>88%</td><td>$91.50</td><td>$116.09</td><td>27%</td><td>1.1%</td><td>-1.5%</td></tr><tr><td>Fiserv 公司 FISV</td><td>85%</td><td>$111.79</td><td>$141.27</td><td>26%</td><td>1.6%</td><td>-1.8%</td></tr><tr><td><a href=\"https://laohu8.com/S/MELI\">自由市场</a>梅利公司</td><td>78%</td><td>$1,613.81</td><td>$2,021.37</td><td>25%</td><td>1.4%</td><td>-3.7%</td></tr><tr><td>奈飞公司 NFLX</td><td>78%</td><td>$515.41</td><td>$619.67</td><td>20%</td><td>0.7%</td><td>-4.7%</td></tr><tr><td>来源：FactSet</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></tbody></table>在美国上市的中国股票周五遭受重创，你可以从这份名单上的三只股票（百度公司（K3SD.SG）、京东公司。<a href=\"https://laohu8.com/S/JD\">$(京东)$</a>和网易公司。<a href=\"https://laohu8.com/S/NTES\">$(NTES)$</a>）对本集团来说，今年并不是好年景。特蕾莎·波莱蒂解释了原因。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/here-are-wall-streets-favorite-big-tech-stocks-as-the-nasdaq-closes-in-on-another-milestone-11627074982?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","BIDU":"百度","QQQ":"纳指100ETF","PSQ":"做空纳斯达克100指数ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","MU":"美光科技","TQQQ":"纳指三倍做多ETF","NFLX":"奈飞","QLD":"2倍做多纳斯达克100指数ETF-ProShares","JD":"京东","NDAQ":"纳斯达克OMX交易所","SQQQ":"纳指三倍做空ETF"},"source_url":"https://www.marketwatch.com/story/here-are-wall-streets-favorite-big-tech-stocks-as-the-nasdaq-closes-in-on-another-milestone-11627074982?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2153388319","content_text":"As the Nasdaq Composite Index nears 15,000, analysts see upside for Activision Blizzard, Netflix and Baidu, among others\nSome 88% of analysts rate Activision Blizzard \"buy,\" and their consensus price target is 27% above the stock's closing price July 23. (Getty Images)\nAll three of the major U.S. stock indexes hit records Friday, and the Nasdaq Composite Index might reach its next milestone -- 15,000 -- next week.\nBelow is a list of stocks whose gains have powered the Nasdaq Composite Index's gains this year, along with another list of analysts' favorite stocks among the Nasdaq-100 Index .\nHere's a summary of Friday's action:\n(Note: All price changes in this article exclude dividends.)\nNasdaq-100 winners for 2021\nThe Nasdaq-100 Index is made up of the 100 largest non-financial companies by market capitalization in the full Nasdaq Composite Index. It is reconstituted each year in December. Both indexes are weighted by market cap, and the Nasdaq-100's market cap of $17.21 trillion is about 73% of the full index. So most of the full Nasdaq's performance is represented by the Nasdaq-100, which is tracked by the Invesco QQQ Trust $(QQQ)$.\nHere are the 10 stocks among the Nasdaq-100 that have risen the most during 2021 through July 23:\n\n\n\nCompany\nPrice change -- 2021\nPrice change -- July 23\n52-week high\nDate of 52-week high\nDecline from 52-week high\n\n\nModerna Inc. MRNA\n233.9%\n7.8%\n$349.45\n07/23/2021\n-0.2%\n\n\nApplied Materials Inc. AMAT\n60.4%\n0.9%\n$146.00\n04/05/2021\n-5.2%\n\n\nAlphabet Inc. Class C GOOG\n57.3%\n3.4%\n$2,776.17\n07/23/2021\n-0.7%\n\n\nASML Holding NV ADR ASML\n53.4%\n2.5%\n$756.78\n07/23/2021\n-1.1%\n\n\nAlphabet Inc. Class A GOOGL\n51.8%\n3.6%\n$2,667.98\n07/23/2021\n-0.3%\n\n\nNvidia Corp.\n49.8%\n-0.2%\n$208.75\n07/07/2021\n-6.3%\n\n\nEBay Inc. EBAY\n46.3%\n2.1%\n$73.77\n07/23/2021\n-0.3%\n\n\nIntuit Inc. INTU\n39.1%\n1.4%\n$532.33\n07/23/2021\n-0.7%\n\n\nIdexx Laboratories Inc. IDXX\n38.8%\n1.6%\n$696.35\n07/23/2021\n-0.4%\n\n\nDocuSign Inc. DOCU\n38.8%\n0.2%\n$310.51\n07/22/2021\n-0.6%\n\n\nCDW Corp. CDW\n37.3%\n2.0%\n$184.58\n04/16/2021\n-2.0%\n\n\nSource: FactSet\n\n\n\n\n\n\n\n\nActually, there are 11 stocks on the list because the index includes Alphabet Inc.'s Class C $(GOOGL)$ and Class A (GOOGL) shares.\nSeven of those stocks hit 52-week highs July 23.\nWall Street's favorite stocks in the Nasdaq-100\nHere are the 10 stocks in the Nasdaq-100 with \"buy\" or equivalent ratings among at least 75% of analysts polled by FactSet, with the most 12-month upside potential implied by consensus price targets:\n\n\n\nCompany\nShare \"buy\" ratings\nClosing price -- July 23\nConsensus price target\nImplied 12-month upside potential\nPrice change -- July 23\nPrice change -- 2021\n\n\nBaidu Inc. ADR Class A BIDU\n86%\n$172.66\n$311.92\n81%\n-3.3%\n-20.2%\n\n\nMicron Technology Inc. MU\n88%\n$75.94\n$121.25\n60%\n0.5%\n1.0%\n\n\nJD.com Inc. ADR Class A JD\n91%\n$72.29\n$98.15\n36%\n-4.8%\n-17.8%\n\n\nNetEase Inc. ADR\n86%\n$103.53\n$134.54\n30%\n-8.0%\n8.1%\n\n\nVertex Pharmaceuticals Inc. VRTX\n78%\n$200.50\n$259.71\n30%\n2.3%\n-15.2%\n\n\nMicrochip Technology Inc. MCHP\n76%\n$139.22\n$177.14\n27%\n0.6%\n0.8%\n\n\nActivision Blizzard Inc. ATVI\n88%\n$91.50\n$116.09\n27%\n1.1%\n-1.5%\n\n\nFiserv Inc. FISV\n85%\n$111.79\n$141.27\n26%\n1.6%\n-1.8%\n\n\nMercadoLibre Inc. MELI\n78%\n$1,613.81\n$2,021.37\n25%\n1.4%\n-3.7%\n\n\nNetflix Inc. NFLX\n78%\n$515.41\n$619.67\n20%\n0.7%\n-4.7%\n\n\nSource: FactSet\n\n\n\n\n\n\n\n\n\nChinese stocks listed in the U.S. took a beating Friday, and you can see from the three on this list (Baidu Inc. (K3SD.SG), JD.com Inc. $(JD)$ and NetEase Inc. $(NTES)$) that this hasn't been a good year for the group. Therese Poletti explained why.","news_type":1,"symbols_score_info":{"SQQQ":0.9,"BIDU":0.9,".IXIC":0.9,"QQQ":0.9,"MU":0.9,"NDAQ":0.9,"NFLX":0.9,"NQmain":0.9,"QLD":0.9,"TQQQ":0.9,"JD":0.9,"PSQ":0.9,"QID":0.9,"MNQmain":0.9}},"isVote":1,"tweetType":1,"viewCount":905,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147205247,"gmtCreate":1626358188889,"gmtModify":1633927533298,"author":{"id":"4088416347172780","authorId":"4088416347172780","name":"miyakos","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088416347172780","authorIdStr":"4088416347172780"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/147205247","repostId":"2151529000","repostType":4,"isVote":1,"tweetType":1,"viewCount":852,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157903524,"gmtCreate":1625558625568,"gmtModify":1633939670649,"author":{"id":"4088416347172780","authorId":"4088416347172780","name":"miyakos","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088416347172780","authorIdStr":"4088416347172780"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/157903524","repostId":"2149033827","repostType":4,"isVote":1,"tweetType":1,"viewCount":1188,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890120166,"gmtCreate":1628087538155,"gmtModify":1633753707036,"author":{"id":"4088416347172780","authorId":"4088416347172780","name":"miyakos","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088416347172780","authorIdStr":"4088416347172780"},"themes":[],"title":"","htmlText":"Too soon to say","listText":"Too soon to say","text":"Too soon to say","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/890120166","repostId":"2156106357","repostType":4,"isVote":1,"tweetType":1,"viewCount":638,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}