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Peithebest

Peithebest

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2021-12-05

[Thinking]

抱歉，原内容已删除

2021-12-01

[Eye]

Apple shares rose nearly 2% to a new high<blockquote>苹果股价上涨近2%创新高</blockquote>

2021-12-01

[Bless]

抱歉，原内容已删除

2021-11-26

[Facepalm]

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2021-11-23

[Miser]

Tesla shares gained in premarket trading as the company had a backlog of over 1.2 million Cybertruck reservations worth over $80 billion<blockquote>特斯拉股价在盘前交易中上涨，因为该公司积压了超过 120 万辆 Cybertruck 预订，价值超过 800 亿美元</blockquote>

2021-11-22

[Grin]

抱歉，原内容已删除

2021-11-19

[Miser]

抱歉，原内容已删除

2021-11-19

[Happy]

10 Biggest Price Target Changes For Friday<blockquote>周五 10 大价格目标变化</blockquote>

2021-11-15

[OMG]

抱歉，原内容已删除

2021-11-14

[Thinking]

If inflation is more than transitory, consumer prices and stocks could both keep climbing<blockquote>如果通货膨胀不仅仅是暂时的，消费者价格和股票都可能继续攀升</blockquote>

2021-11-14

[Eye]

Shoppers Are Heading to Malls Again. These Stocks Are Good Bets.<blockquote>购物者再次前往购物中心。这些股票是不错的选择。</blockquote>

2021-11-13

[Miser]

抱歉，原内容已删除

2021-11-11

[Miser]

抱歉，原内容已删除

2021-11-10

[Facepalm]

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2021-11-08

[Miser]

抱歉，原内容已删除

2021-11-05

[Surprised]

Tesla Stock Is Overvalued by $1 Trillion, Analyst Says. We Looked at the Math.<blockquote>分析师表示，特斯拉股票被高估了 1 万亿美元。我们看了数学。</blockquote>

2021-11-03

[Miser]

抱歉，原内容已删除

2021-10-30

[Miser]

抱歉，原内容已删除

2021-10-29

[Facepalm]

Amazon badly misses on earnings and revenue, gives disappointing guidance<blockquote>亚马逊的盈利和收入严重低迷，给出的指引令人失望</blockquote>

2021-10-24

[Cool]

抱歉，原内容已删除

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distress.</p><p><blockquote><b>李约瑟</b>分析师 Laura Martin 表示，投资者转向苹果是因为其惊人的现金流能够经受住风暴，不会破产，也不会陷入财务困境。</blockquote></p><p> Martin said there are indications that Apple’s current products, especially its iPhone Pro models, are selling well, potentially leading to a big December quarter for the company.</p><p><blockquote>Martin 说，有迹象表明，苹果目前的产品，尤其是 iPhone Pro 机型，销量很好，这可能会给该公司带来一个大的 12 月份季度。</blockquote></p><p> Tablets, especially the high-end iPhones, all of which say they’re going to have high margins and high revenue for the fourth quarter of this year, Martin added.</p><p><blockquote>马丁补充说，平板电脑，尤其是高端 iPhone，都表示今年第四季度将实现高利润率和高收入。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/edc1b3fcbf75cefc8acb5fa15512530b\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" 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style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-01 23:00</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Apple shares rose nearly 2% to a new high&nbsp;in morning trading.</p><p><blockquote>苹果股价在早盘交易中上涨近2%，创下新高。</blockquote></p><p> <b>Needham</b>&nbsp;analyst Laura Martin said investors turned to Apple due to its prodigious cash flow capable of weathering the storm, not going bankrupt, not having financial distress.</p><p><blockquote><b>李约瑟</b>分析师 Laura Martin 表示，投资者转向苹果是因为其惊人的现金流能够经受住风暴，不会破产，也不会陷入财务困境。</blockquote></p><p> Martin said there are indications that Apple’s current products, especially its iPhone Pro models, are selling well, potentially leading to a big December quarter for the company.</p><p><blockquote>Martin 说，有迹象表明，苹果目前的产品，尤其是 iPhone Pro 机型，销量很好，这可能会给该公司带来一个大的 12 月份季度。</blockquote></p><p> Tablets, especially the high-end iPhones, all of which say they’re going to have high margins and high revenue for the fourth quarter of this year, Martin added.</p><p><blockquote>马丁补充说，平板电脑，尤其是高端 iPhone，都表示今年第四季度将实现高利润率和高收入。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/edc1b3fcbf75cefc8acb5fa15512530b\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143092770","content_text":"Apple shares rose nearly 2% to a new high in morning trading.\nNeedham analyst Laura Martin said investors turned to Apple due to its prodigious cash flow capable of weathering the storm, not going bankrupt, not having financial distress.\nMartin said there are indications that Apple’s current products, especially its iPhone Pro models, are selling well, potentially leading to a big December quarter for the company.\nTablets, especially the high-end iPhones, all of which say they’re going to have high margins and high revenue for the fourth quarter of this year, Martin added.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3650,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":603138956,"gmtCreate":1638372119497,"gmtModify":1638372210370,"author":{"id":"4094449094178220","authorId":"4094449094178220","name":"Peithebest","avatar":"https://static.tigerbbs.com/cccac1948bda49bf1970a525922fbe42","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4094449094178220","authorIdStr":"4094449094178220"},"themes":[],"title":"","htmlText":"[Bless]&nbsp;","listText":"[Bless]&nbsp;","text":"[Bless]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/603138956","repostId":"1116584621","repostType":4,"isVote":1,"tweetType":1,"viewCount":4321,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877883489,"gmtCreate":1637912682535,"gmtModify":1637912682535,"author":{"id":"4094449094178220","authorId":"4094449094178220","name":"Peithebest","avatar":"https://static.tigerbbs.com/cccac1948bda49bf1970a525922fbe42","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4094449094178220","authorIdStr":"4094449094178220"},"themes":[],"title":"","htmlText":"[Facepalm]&nbsp;","listText":"[Facepalm]&nbsp;","text":"[Facepalm]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/877883489","repostId":"1153168046","repostType":4,"isVote":1,"tweetType":1,"viewCount":2600,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":875526929,"gmtCreate":1637671798504,"gmtModify":1637671798645,"author":{"id":"4094449094178220","authorId":"4094449094178220","name":"Peithebest","avatar":"https://static.tigerbbs.com/cccac1948bda49bf1970a525922fbe42","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4094449094178220","authorIdStr":"4094449094178220"},"themes":[],"title":"","htmlText":"[Miser]&nbsp;","listText":"[Miser]&nbsp;","text":"[Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/875526929","repostId":"1165466420","repostType":4,"repost":{"id":"1165466420","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1637668030,"share":"https://www.laohunote.com/m/news/1165466420?lang=zh_CN&edition=full","pubTime":"2021-11-23 19:47","market":"us","language":"en","title":"Tesla shares gained in premarket trading as the company had a backlog of over 1.2 million Cybertruck reservations worth over $80 billion<blockquote>特斯拉股价在盘前交易中上涨，因为该公司积压了超过 120 万辆 Cybertruck 预订，价值超过 800 亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1165466420","media":"Tiger Newspress","summary":"Tesla shares gained in premarket trading as the company had a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.Based on the latest tally, Tesla has a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.But there’s still no production in sight.Tesla unveiled the Cybertruck almost two years ago to the day.The electric pickup truck was supposed to be in production already, but the automaker delayed the program as it focused on growing Model Y product","content":"<p>Tesla&nbsp;shares&nbsp;gained&nbsp;in&nbsp;premarket&nbsp;trading&nbsp;as&nbsp;the&nbsp;company&nbsp;had a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.&nbsp;</p><p><blockquote>特斯拉股价在盘前交易中上涨，因为该公司积压了超过 120 万辆 Cybertruck 预订，价值超过 800 亿美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1e7342df0ead872b935b3a529400724e\" tg-width=\"879\" tg-height=\"642\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Based on the latest tally, Tesla has a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.</p><p><blockquote>根据最新统计，特斯拉积压了超过 120 万辆 Cybertruck 预订，价值超过 800 亿美元。</blockquote></p><p> But there’s still no production in sight.</p><p><blockquote>但目前还看不到生产的迹象。</blockquote></p><p> Tesla unveiled the Cybertruck almost two years ago to the day.</p><p><blockquote>特斯拉在大约两年前的今天推出了 Cybertruck。</blockquote></p><p> The electric pickup truck was supposed to be in production already, but the automaker delayed the program as it focused on growing Model Y production.</p><p><blockquote>这款电动皮卡车本应已经投入生产，但该汽车制造商推迟了该计划，因为它专注于增加 Model Y 的产量。</blockquote></p><p> Tesla’s best estimate now puts the start of Cybertruck production in late 2022.</p><p><blockquote>特斯拉目前的最佳估计是，Cybertruck 的生产将于 2022 年底开始。</blockquote></p><p> In the meantime, Tesla is still taking reservations for the electric pickup truck.</p><p><blockquote>与此同时，特斯拉仍在接受电动皮卡车的预订。</blockquote></p><p> The Cybertruck reservation program has been quite successful.</p><p><blockquote>Cybertruck预订计划非常成功。</blockquote></p><p> CEO Elon Musk announced that&nbsp;Tesla received over 250,000 reservations for the Cybertruck&nbsp;within a week of unveiling the vehicle.</p><p><blockquote>首席执行官 Elon Musk 宣布，特斯拉在推出 Cybertruck 一周内收到了超过 25 万份预订。</blockquote></p><p> Generally, Tesla receives a lot of reservations early after an unveiling, and then it tapers off — but that wasn’t the case with the Cybertruck.</p><p><blockquote>一般来说，特斯拉在亮相后不久就会收到很多预订，然后就会逐渐减少--但 Cybertruck 的情况并非如此。</blockquote></p><p> Even throughout the pandemic, sources told us that some&nbsp;Tesla stores were getting hundreds of Cybertruck reservations per week, and&nbsp;Cybertruck pre-orders even helped boost sales.</p><p><blockquote>即使在整个疫情，消息人士告诉我们，一些特斯拉商店每周都会收到数百份 Cybertruck 预订，Cybertruck 预购甚至有助于促进销售。</blockquote></p><p> The number was last updated in June 2020, and at that point,&nbsp;the number had risen to over 650,000 Cybertruck reservations.</p><p><blockquote>该数字最后一次更新是在 2020 年 6 月，当时该数字已上升到超过 65 万个 Cybertruck 预订量。</blockquote></p><p> A crowdsourced Cybertruck reservation tally&nbsp;by the Cybertruck forum with over 28,000 entries put&nbsp;reservations at over 1 million&nbsp;back in May 2021.</p><p><blockquote>Cybertruck 论坛众包的 Cybertruck 预订统计显示，2021 年 5 月，预订量超过 28,000 个条目，预订量超过 100 万次。</blockquote></p><p> Now the tally estimates that Tesla has over 1,270,000 reservations for the electric pickup truck.</p><p><blockquote>现在，统计估计特斯拉的电动皮卡车预订量超过 1,270,000 辆。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla shares gained in premarket trading as the company had a backlog of over 1.2 million Cybertruck reservations worth over $80 billion<blockquote>特斯拉股价在盘前交易中上涨，因为该公司积压了超过 120 万辆 Cybertruck 预订，价值超过 800 亿美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla shares gained in premarket trading as the company had a backlog of over 1.2 million Cybertruck reservations worth over $80 billion<blockquote>特斯拉股价在盘前交易中上涨，因为该公司积压了超过 120 万辆 Cybertruck 预订，价值超过 800 亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-11-23 19:47</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tesla&nbsp;shares&nbsp;gained&nbsp;in&nbsp;premarket&nbsp;trading&nbsp;as&nbsp;the&nbsp;company&nbsp;had a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.&nbsp;</p><p><blockquote>特斯拉股价在盘前交易中上涨，因为该公司积压了超过 120 万辆 Cybertruck 预订，价值超过 800 亿美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1e7342df0ead872b935b3a529400724e\" tg-width=\"879\" tg-height=\"642\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Based on the latest tally, Tesla has a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.</p><p><blockquote>根据最新统计，特斯拉积压了超过 120 万辆 Cybertruck 预订，价值超过 800 亿美元。</blockquote></p><p> But there’s still no production in sight.</p><p><blockquote>但目前还看不到生产的迹象。</blockquote></p><p> Tesla unveiled the Cybertruck almost two years ago to the day.</p><p><blockquote>特斯拉在大约两年前的今天推出了 Cybertruck。</blockquote></p><p> The electric pickup truck was supposed to be in production already, but the automaker delayed the program as it focused on growing Model Y production.</p><p><blockquote>这款电动皮卡车本应已经投入生产，但该汽车制造商推迟了该计划，因为它专注于增加 Model Y 的产量。</blockquote></p><p> Tesla’s best estimate now puts the start of Cybertruck production in late 2022.</p><p><blockquote>特斯拉目前的最佳估计是，Cybertruck 的生产将于 2022 年底开始。</blockquote></p><p> In the meantime, Tesla is still taking reservations for the electric pickup truck.</p><p><blockquote>与此同时，特斯拉仍在接受电动皮卡车的预订。</blockquote></p><p> The Cybertruck reservation program has been quite successful.</p><p><blockquote>Cybertruck预订计划非常成功。</blockquote></p><p> CEO Elon Musk announced that&nbsp;Tesla received over 250,000 reservations for the Cybertruck&nbsp;within a week of unveiling the vehicle.</p><p><blockquote>首席执行官 Elon Musk 宣布，特斯拉在推出 Cybertruck 一周内收到了超过 25 万份预订。</blockquote></p><p> Generally, Tesla receives a lot of reservations early after an unveiling, and then it tapers off — but that wasn’t the case with the Cybertruck.</p><p><blockquote>一般来说，特斯拉在亮相后不久就会收到很多预订，然后就会逐渐减少--但 Cybertruck 的情况并非如此。</blockquote></p><p> Even throughout the pandemic, sources told us that some&nbsp;Tesla stores were getting hundreds of Cybertruck reservations per week, and&nbsp;Cybertruck pre-orders even helped boost sales.</p><p><blockquote>即使在整个疫情，消息人士告诉我们，一些特斯拉商店每周都会收到数百份 Cybertruck 预订，Cybertruck 预购甚至有助于促进销售。</blockquote></p><p> The number was last updated in June 2020, and at that point,&nbsp;the number had risen to over 650,000 Cybertruck reservations.</p><p><blockquote>该数字最后一次更新是在 2020 年 6 月，当时该数字已上升到超过 65 万个 Cybertruck 预订量。</blockquote></p><p> A crowdsourced Cybertruck reservation tally&nbsp;by the Cybertruck forum with over 28,000 entries put&nbsp;reservations at over 1 million&nbsp;back in May 2021.</p><p><blockquote>Cybertruck 论坛众包的 Cybertruck 预订统计显示，2021 年 5 月，预订量超过 28,000 个条目，预订量超过 100 万次。</blockquote></p><p> Now the tally estimates that Tesla has over 1,270,000 reservations for the electric pickup truck.</p><p><blockquote>现在，统计估计特斯拉的电动皮卡车预订量超过 1,270,000 辆。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165466420","content_text":"Tesla shares gained in premarket trading as the company had a backlog of over 1.2 million Cybertruck reservations worth over $80 billion. \n\nBased on the latest tally, Tesla has a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.\nBut there’s still no production in sight.\nTesla unveiled the Cybertruck almost two years ago to the day.\nThe electric pickup truck was supposed to be in production already, but the automaker delayed the program as it focused on growing Model Y production.\nTesla’s best estimate now puts the start of Cybertruck production in late 2022.\nIn the meantime, Tesla is still taking reservations for the electric pickup truck.\nThe Cybertruck reservation program has been quite successful.\nCEO Elon Musk announced that Tesla received over 250,000 reservations for the Cybertruck within a week of unveiling the vehicle.\nGenerally, Tesla receives a lot of reservations early after an unveiling, and then it tapers off — but that wasn’t the case with the Cybertruck.\nEven throughout the pandemic, sources told us that some Tesla stores were getting hundreds of Cybertruck reservations per week, and Cybertruck pre-orders even helped boost sales.\nThe number was last updated in June 2020, and at that point, the number had risen to over 650,000 Cybertruck reservations.\nA crowdsourced Cybertruck reservation tally by the Cybertruck forum with over 28,000 entries put reservations at over 1 million back in May 2021.\nNow the tally estimates that Tesla has over 1,270,000 reservations for the electric pickup truck.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":3698,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":875068535,"gmtCreate":1637589353716,"gmtModify":1637589353716,"author":{"id":"4094449094178220","authorId":"4094449094178220","name":"Peithebest","avatar":"https://static.tigerbbs.com/cccac1948bda49bf1970a525922fbe42","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4094449094178220","authorIdStr":"4094449094178220"},"themes":[],"title":"","htmlText":"[Grin]&nbsp;","listText":"[Grin]&nbsp;","text":"[Grin]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/875068535","repostId":"1133441168","repostType":2,"isVote":1,"tweetType":1,"viewCount":2696,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":876559583,"gmtCreate":1637333780876,"gmtModify":1637333780960,"author":{"id":"4094449094178220","authorId":"4094449094178220","name":"Peithebest","avatar":"https://static.tigerbbs.com/cccac1948bda49bf1970a525922fbe42","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4094449094178220","authorIdStr":"4094449094178220"},"themes":[],"title":"","htmlText":"[Miser]&nbsp;","listText":"[Miser]&nbsp;","text":"[Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/876559583","repostId":"2184458408","repostType":2,"isVote":1,"tweetType":1,"viewCount":2822,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":876525379,"gmtCreate":1637333491995,"gmtModify":1637333492084,"author":{"id":"4094449094178220","authorId":"4094449094178220","name":"Peithebest","avatar":"https://static.tigerbbs.com/cccac1948bda49bf1970a525922fbe42","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4094449094178220","authorIdStr":"4094449094178220"},"themes":[],"title":"","htmlText":"[Happy]&nbsp;","listText":"[Happy]&nbsp;","text":"[Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/876525379","repostId":"1111586448","repostType":4,"repost":{"id":"1111586448","kind":"news","pubTimestamp":1637329309,"share":"https://www.laohunote.com/m/news/1111586448?lang=zh_CN&edition=full","pubTime":"2021-11-19 21:41","market":"us","language":"en","title":"10 Biggest Price Target Changes For Friday<blockquote>周五 10 大价格目标变化</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1111586448","media":"Benzinga","summary":"Wedbush raised Tesla, Inc.(NASDAQ:TSLA) price target from $1,100 to $1,400. Tesla shares rose 0.4% t","content":"<p><div> Wedbush raised Tesla, Inc.(NASDAQ:TSLA) price target from $1,100 to $1,400. Tesla shares rose 0.4% to $1,100.50 in pre-market trading. Credit Suisse lifted Macy's, Inc.(NYSE:M) price target from $19 ...</p><p><blockquote><div>韦德布什将特斯拉公司（纳斯达克股票代码：TSLA）的目标价从 1,100 美元上调至 1,400 美元。特斯拉股价在盘前交易中上涨 0.4%，至 1,100.50 美元。瑞士信贷将梅西百货（纽约证券交易所股票代码：M）的目标价从 19 美元上调……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/analyst-ratings/price-target/21/11/24191516/10-biggest-price-target-changes-for-friday\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/analyst-ratings/price-target/21/11/24191516/10-biggest-price-target-changes-for-friday\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>10 Biggest Price Target Changes For Friday<blockquote>周五 10 大价格目标变化</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n10 Biggest Price Target Changes For Friday<blockquote>周五 10 大价格目标变化</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-11-19 21:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Wedbush raised Tesla, Inc.(NASDAQ:TSLA) price target from $1,100 to $1,400. Tesla shares rose 0.4% to $1,100.50 in pre-market trading. Credit Suisse lifted Macy's, Inc.(NYSE:M) price target from $19 ...</p><p><blockquote><div>韦德布什将特斯拉公司（纳斯达克股票代码：TSLA）的目标价从 1,100 美元上调至 1,400 美元。特斯拉股价在盘前交易中上涨 0.4%，至 1,100.50 美元。瑞士信贷将梅西百货（纽约证券交易所股票代码：M）的目标价从 19 美元上调……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/analyst-ratings/price-target/21/11/24191516/10-biggest-price-target-changes-for-friday\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/analyst-ratings/price-target/21/11/24191516/10-biggest-price-target-changes-for-friday\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/analyst-ratings/price-target/21/11/24191516/10-biggest-price-target-changes-for-friday\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WMT":"沃尔玛","WDAY":"Workday","M":"梅西百货","JD":"京东","AMAT":"应用材料","GLOB":"Globant","TSLA":"特斯拉","PANW":"Palo Alto Networks","WSM":"Williams-Sonoma Inc","ADI":"亚德诺"},"source_url":"https://www.benzinga.com/analyst-ratings/price-target/21/11/24191516/10-biggest-price-target-changes-for-friday","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111586448","content_text":"Wedbush raised Tesla, Inc.(NASDAQ:TSLA) price target from $1,100 to $1,400. Tesla shares rose 0.4% to $1,100.50 in pre-market trading.\nCredit Suisse lifted Macy's, Inc.(NYSE:M) price target from $19 to $32. Macy's shares fell 2.2% to $36.54 in pre-market trading.\nJMP Securities boosted Palo Alto Networks, Inc.(NYSE:PANW) price target from $550 to $585. Palo Alto shares gained 3.8% to $539.89 in pre-market trading.\nBarclays lifted the price target for Workday, Inc.(NASDAQ:WDAY) from $340 to $345. Workday shares dipped 7.8% to $275.79 in pre-market trading.\nWedbush boosted the price target on Globant S.A.(NYSE:GLOB) from $300 to $330. Globant shares rose 2.7% to $319.00 in pre-market trading.\nOppenheimer raised the price target on Analog Devices, Inc.(NASDAQ:ADI) from $200 to $210. Analog Devices shares rose 0.5% to $189.00 in pre-market trading.\nMizuho lifted the price target for JD.com, Inc.(NASDAQ:JD) from $95 to $100. JD.com shares rose 1.4% to $89.29 in pre-market trading.\nNeedham boosted Applied Materials, Inc.(NASDAQ:AMAT) price target from $153 to $166. Applied Materials shares fell 6.6% to $148.35 in pre-market trading.\nTelsey Advisory Group boosted the price target on Williams-Sonoma, Inc.(NYSE:WSM) from $220 to $250. Williams-Sonoma shares fell 7.5% to $202.99 in pre-market trading.\nMKM Partners raised Walmart Inc.(NYSE:WMT) price target from $156 to $166. Walmart shares rose 0.3% to $143.65 in pre-market trading.","news_type":1,"symbols_score_info":{"WMT":0.9,"AMAT":0.9,"JD":0.9,"WDAY":0.9,"WSM":0.9,"GLOB":0.9,"PANW":0.9,"ADI":0.9,"TSLA":0.9,"M":0.9}},"isVote":1,"tweetType":1,"viewCount":2903,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873446528,"gmtCreate":1636981628692,"gmtModify":1636981628838,"author":{"id":"4094449094178220","authorId":"4094449094178220","name":"Peithebest","avatar":"https://static.tigerbbs.com/cccac1948bda49bf1970a525922fbe42","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4094449094178220","authorIdStr":"4094449094178220"},"themes":[],"title":"","htmlText":"[OMG]&nbsp;","listText":"[OMG]&nbsp;","text":"[OMG]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/873446528","repostId":"1172705595","repostType":4,"isVote":1,"tweetType":1,"viewCount":3384,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873196519,"gmtCreate":1636873408696,"gmtModify":1636873408696,"author":{"id":"4094449094178220","authorId":"4094449094178220","name":"Peithebest","avatar":"https://static.tigerbbs.com/cccac1948bda49bf1970a525922fbe42","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4094449094178220","authorIdStr":"4094449094178220"},"themes":[],"title":"","htmlText":"[Thinking]&nbsp;","listText":"[Thinking]&nbsp;","text":"[Thinking]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/873196519","repostId":"2183043548","repostType":4,"repost":{"id":"2183043548","kind":"highlight","pubTimestamp":1636852012,"share":"https://www.laohunote.com/m/news/2183043548?lang=zh_CN&edition=full","pubTime":"2021-11-14 09:06","market":"us","language":"en","title":"If inflation is more than transitory, consumer prices and stocks could both keep climbing<blockquote>如果通货膨胀不仅仅是暂时的，消费者价格和股票都可能继续攀升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2183043548","media":"MarketWatch","summary":"The stock market is a good inflation hedge\nAgence France-Presse/Getty Images\n\nConventional wisdom sa","content":"<p>The stock market is a good inflation hedge</p><p><blockquote>股票市场是很好的通货膨胀对冲工具</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd7f220695081ff57f1ed561e56d2713\" tg-width=\"700\" tg-height=\"390\" width=\"100%\" height=\"auto\"><span>Agence France-Presse/Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>法新社/盖蒂图片社</span></p></blockquote></p><p> Conventional wisdom says that inflation is bad for the stock market. Yet the U.S. stock market this year has remained strong in the face of unexpectedly high inflation.</p><p><blockquote>传统观点认为通货膨胀对股市不利。然而，面对出乎意料的高通胀，美国股市今年仍然保持强劲。</blockquote></p><p> Since mid-May, when it was first reported that the CPI’s 12-month rate of change had spiked, the S&amp;P 500&nbsp;has gained more than 15% and the tech-heavy Nasdaq 100 index&nbsp;is up almost 23%.</p><p><blockquote>自 5 月中旬首次有报道称 CPI 12 个月变化率飙升以来，标普500上涨了 15% 以上，以科技股为主的纳斯达克 100 指数上涨了近 23%。</blockquote></p><p> Does that mean the stock market is living on borrowed time, and will soon succumb to the gravitational pull exerted by higher inflation? Or is the conventional wisdom on this subject just wrong?</p><p><blockquote>这是否意味着股市正在靠借来的时间生活，并将很快屈服于更高通胀施加的引力？或者关于这个问题的传统观点是错误的？</blockquote></p><p> Now is a good time to investigate these questions, since the U.S. government reported this week that the CPI over the latest 12 months has risen at its fastest rate in over 30 years.</p><p><blockquote>现在是调查这些问题的好时机，因为美国政府本周报告称，过去12个月的CPI以30多年来最快的速度上涨。</blockquote></p><p> My analysis of the historical record reveals that the relationship between equities and inflation is far more complex than it initially appears. That’s because there are both plusses and minuses to inflation’s impact, and it’s difficult to predict the net impact of inflation’s various consequences.</p><p><blockquote>我对历史记录的分析表明，股票和通货膨胀之间的关系比最初看起来要复杂得多。这是因为通货膨胀的影响有利有弊，而且很难预测通货膨胀各种后果的净影响。</blockquote></p><p> Consider first inflation’s impact on earnings: Because companies often are able to charge higher prices when inflation heats up — they have “pricing power,” in other words — their earnings do not suffer as much as you might think. In fact, according to data back to 1871 provided by Yale University’s Robert Shiller, the S&amp;P 500’s nominal earnings per share have grown faster, on average, when inflation has been higher.</p><p><blockquote>首先考虑通货膨胀对盈利的影响： 因为当通货膨胀升温时，公司往往能够收取更高的价格--换句话说，他们拥有 “定价权”--所以他们的盈利并没有你想象的那么大。事实上，根据耶鲁大学的 Robert Shiller 提供的 1871 年数据，当通货膨胀率较高时，标普500的名义每股收益平均增长速度更快。</blockquote></p><p> This tendency is why the stock market is a good inflation hedge. Yet investors all too often overlook this valuable tendency, since they focus on nominal earnings growth rates rather than real growth rates. They extrapolate the slower nominal earnings growth rate of a low-inflation period even when inflation heats up. Economists often refer to this mistake as “money illusion” or “inflation illusion.”</p><p><blockquote>这种趋势就是为什么股票市场是一个很好的通胀对冲工具。然而，投资者常常忽视这一有价值的趋势，因为他们关注的是名义盈利增长率，而不是实际增长率。即使通胀升温，他们也推断出低通胀时期较慢的名义收益增长率。经济学家通常将这种错误称为“货币错觉”或“通货膨胀错觉”。</blockquote></p><p> Corporate earnings’ ability to hedge inflation is the good news. The bad news is that inflation causes P/E ratios to decline, since inflation reduces the discounted value of future years’ earnings.</p><p><blockquote>企业盈利对冲通胀的能力是个好消息。坏消息是，通货膨胀会导致市盈率下降，因为通货膨胀会降低未来几年收益的贴现价值。</blockquote></p><p> These two distinct impacts are summarized in the chart below. To construct the chart, I segregated the period since 1871 into two subsets according to the CPI’s trailing 2-year rate of change. Notice that the EPS growth rate has tended to be higher when inflation is higher, but the P/E ratio has tended to be lower.</p><p><blockquote>下图总结了这两种不同的影响。为了绘制这张图表，我根据消费者物价指数过去两年的变化率，将 1871 年以来的时期分为两个子集。请注意，当通货膨胀较高时，每股收益增长率往往较高，但市盈率往往较低。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/370baeb3b581e82486aa533711b4363e\" tg-width=\"700\" tg-height=\"482\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <b>What to watch for — and watch out for</b></p><p><blockquote><b>需要注意什么——以及需要注意什么</b></blockquote></p><p> How do these countervailing factors interact in practice? The answer depends on whether you focus on the near-term or the long-term. Over the near-term — up to a year, or so — inflation historically has been a net negative for stocks. That’s because inflation’s negative impact on the P/E ratio is immediate, while its positive impact on earnings doesn’t kick in for a couple of years. Once your time horizon extends two or three years, these effects on average cancel each other out.</p><p><blockquote>这些抵消因素在实践中如何相互作用？答案取决于你关注的是近期还是长期。在短期内——长达一年左右——历史上，股市的通胀一直是净负的。这是因为通货膨胀对市盈率的负面影响是立竿见影的，而对盈利的积极影响要几年后才会显现。一旦你的时间范围延长两三年，这些影响平均来说会相互抵消。</blockquote></p><p> The investment implication: If inflation proves to be more than transitory and the stock market declines significantly, you might want to treat the selloff as a buying opportunity.</p><p><blockquote>投资含义：如果通货膨胀被证明不仅仅是暂时的，并且股市大幅下跌，您可能需要将抛售视为买入机会。</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>If inflation is more than transitory, consumer prices and stocks could both keep climbing<blockquote>如果通货膨胀不仅仅是暂时的，消费者价格和股票都可能继续攀升</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\">\nIf inflation is more than transitory, consumer prices and stocks could both keep climbing<blockquote>如果通货膨胀不仅仅是暂时的，消费者价格和股票都可能继续攀升</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-11-14 09:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The stock market is a good inflation hedge</p><p><blockquote>股票市场是很好的通货膨胀对冲工具</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd7f220695081ff57f1ed561e56d2713\" tg-width=\"700\" tg-height=\"390\" width=\"100%\" height=\"auto\"><span>Agence France-Presse/Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>法新社/盖蒂图片社</span></p></blockquote></p><p> Conventional wisdom says that inflation is bad for the stock market. Yet the U.S. stock market this year has remained strong in the face of unexpectedly high inflation.</p><p><blockquote>传统观点认为通货膨胀对股市不利。然而，面对出乎意料的高通胀，美国股市今年仍然保持强劲。</blockquote></p><p> Since mid-May, when it was first reported that the CPI’s 12-month rate of change had spiked, the S&amp;P 500&nbsp;has gained more than 15% and the tech-heavy Nasdaq 100 index&nbsp;is up almost 23%.</p><p><blockquote>自 5 月中旬首次有报道称 CPI 12 个月变化率飙升以来，标普500上涨了 15% 以上，以科技股为主的纳斯达克 100 指数上涨了近 23%。</blockquote></p><p> Does that mean the stock market is living on borrowed time, and will soon succumb to the gravitational pull exerted by higher inflation? Or is the conventional wisdom on this subject just wrong?</p><p><blockquote>这是否意味着股市正在靠借来的时间生活，并将很快屈服于更高通胀施加的引力？或者关于这个问题的传统观点是错误的？</blockquote></p><p> Now is a good time to investigate these questions, since the U.S. government reported this week that the CPI over the latest 12 months has risen at its fastest rate in over 30 years.</p><p><blockquote>现在是调查这些问题的好时机，因为美国政府本周报告称，过去12个月的CPI以30多年来最快的速度上涨。</blockquote></p><p> My analysis of the historical record reveals that the relationship between equities and inflation is far more complex than it initially appears. That’s because there are both plusses and minuses to inflation’s impact, and it’s difficult to predict the net impact of inflation’s various consequences.</p><p><blockquote>我对历史记录的分析表明，股票和通货膨胀之间的关系比最初看起来要复杂得多。这是因为通货膨胀的影响有利有弊，而且很难预测通货膨胀各种后果的净影响。</blockquote></p><p> Consider first inflation’s impact on earnings: Because companies often are able to charge higher prices when inflation heats up — they have “pricing power,” in other words — their earnings do not suffer as much as you might think. In fact, according to data back to 1871 provided by Yale University’s Robert Shiller, the S&amp;P 500’s nominal earnings per share have grown faster, on average, when inflation has been higher.</p><p><blockquote>首先考虑通货膨胀对盈利的影响： 因为当通货膨胀升温时，公司往往能够收取更高的价格--换句话说，他们拥有 “定价权”--所以他们的盈利并没有你想象的那么大。事实上，根据耶鲁大学的 Robert Shiller 提供的 1871 年数据，当通货膨胀率较高时，标普500的名义每股收益平均增长速度更快。</blockquote></p><p> This tendency is why the stock market is a good inflation hedge. Yet investors all too often overlook this valuable tendency, since they focus on nominal earnings growth rates rather than real growth rates. They extrapolate the slower nominal earnings growth rate of a low-inflation period even when inflation heats up. Economists often refer to this mistake as “money illusion” or “inflation illusion.”</p><p><blockquote>这种趋势就是为什么股票市场是一个很好的通胀对冲工具。然而，投资者常常忽视这一有价值的趋势，因为他们关注的是名义盈利增长率，而不是实际增长率。即使通胀升温，他们也推断出低通胀时期较慢的名义收益增长率。经济学家通常将这种错误称为“货币错觉”或“通货膨胀错觉”。</blockquote></p><p> Corporate earnings’ ability to hedge inflation is the good news. The bad news is that inflation causes P/E ratios to decline, since inflation reduces the discounted value of future years’ earnings.</p><p><blockquote>企业盈利对冲通胀的能力是个好消息。坏消息是，通货膨胀会导致市盈率下降，因为通货膨胀会降低未来几年收益的贴现价值。</blockquote></p><p> These two distinct impacts are summarized in the chart below. To construct the chart, I segregated the period since 1871 into two subsets according to the CPI’s trailing 2-year rate of change. Notice that the EPS growth rate has tended to be higher when inflation is higher, but the P/E ratio has tended to be lower.</p><p><blockquote>下图总结了这两种不同的影响。为了绘制这张图表，我根据消费者物价指数过去两年的变化率，将 1871 年以来的时期分为两个子集。请注意，当通货膨胀较高时，每股收益增长率往往较高，但市盈率往往较低。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/370baeb3b581e82486aa533711b4363e\" tg-width=\"700\" tg-height=\"482\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <b>What to watch for — and watch out for</b></p><p><blockquote><b>需要注意什么——以及需要注意什么</b></blockquote></p><p> How do these countervailing factors interact in practice? The answer depends on whether you focus on the near-term or the long-term. Over the near-term — up to a year, or so — inflation historically has been a net negative for stocks. That’s because inflation’s negative impact on the P/E ratio is immediate, while its positive impact on earnings doesn’t kick in for a couple of years. Once your time horizon extends two or three years, these effects on average cancel each other out.</p><p><blockquote>这些抵消因素在实践中如何相互作用？答案取决于你关注的是近期还是长期。在短期内——长达一年左右——历史上，股市的通胀一直是净负的。这是因为通货膨胀对市盈率的负面影响是立竿见影的，而对盈利的积极影响要几年后才会显现。一旦你的时间范围延长两三年，这些影响平均来说会相互抵消。</blockquote></p><p> The investment implication: If inflation proves to be more than transitory and the stock market declines significantly, you might want to treat the selloff as a buying opportunity.</p><p><blockquote>投资含义：如果通货膨胀被证明不仅仅是暂时的，并且股市大幅下跌，您可能需要将抛售视为买入机会。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/inflation-is-boosting-prices-and-stocks-heres-why-that-isnt-a-surprise-11636672378?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":{"NDX":"纳斯达克100指数",".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/inflation-is-boosting-prices-and-stocks-heres-why-that-isnt-a-surprise-11636672378?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2183043548","content_text":"The stock market is a good inflation hedge\nAgence France-Presse/Getty Images\n\nConventional wisdom says that inflation is bad for the stock market. Yet the U.S. stock market this year has remained strong in the face of unexpectedly high inflation.\nSince mid-May, when it was first reported that the CPI’s 12-month rate of change had spiked, the S&P 500 has gained more than 15% and the tech-heavy Nasdaq 100 index is up almost 23%.\nDoes that mean the stock market is living on borrowed time, and will soon succumb to the gravitational pull exerted by higher inflation? Or is the conventional wisdom on this subject just wrong?\nNow is a good time to investigate these questions, since the U.S. government reported this week that the CPI over the latest 12 months has risen at its fastest rate in over 30 years.\nMy analysis of the historical record reveals that the relationship between equities and inflation is far more complex than it initially appears. That’s because there are both plusses and minuses to inflation’s impact, and it’s difficult to predict the net impact of inflation’s various consequences.\nConsider first inflation’s impact on earnings: Because companies often are able to charge higher prices when inflation heats up — they have “pricing power,” in other words — their earnings do not suffer as much as you might think. In fact, according to data back to 1871 provided by Yale University’s Robert Shiller, the S&P 500’s nominal earnings per share have grown faster, on average, when inflation has been higher.\nThis tendency is why the stock market is a good inflation hedge. Yet investors all too often overlook this valuable tendency, since they focus on nominal earnings growth rates rather than real growth rates. They extrapolate the slower nominal earnings growth rate of a low-inflation period even when inflation heats up. Economists often refer to this mistake as “money illusion” or “inflation illusion.”\nCorporate earnings’ ability to hedge inflation is the good news. The bad news is that inflation causes P/E ratios to decline, since inflation reduces the discounted value of future years’ earnings.\nThese two distinct impacts are summarized in the chart below. To construct the chart, I segregated the period since 1871 into two subsets according to the CPI’s trailing 2-year rate of change. Notice that the EPS growth rate has tended to be higher when inflation is higher, but the P/E ratio has tended to be lower.\n\nWhat to watch for — and watch out for\n\nHow do these countervailing factors interact in practice? The answer depends on whether you focus on the near-term or the long-term. Over the near-term — up to a year, or so — inflation historically has been a net negative for stocks. That’s because inflation’s negative impact on the P/E ratio is immediate, while its positive impact on earnings doesn’t kick in for a couple of years. Once your time horizon extends two or three years, these effects on average cancel each other out.\nThe investment implication: If inflation proves to be more than transitory and the stock market declines significantly, you might want to treat the selloff as a buying opportunity.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,"NDX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3846,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873196214,"gmtCreate":1636873338107,"gmtModify":1636873338107,"author":{"id":"4094449094178220","authorId":"4094449094178220","name":"Peithebest","avatar":"https://static.tigerbbs.com/cccac1948bda49bf1970a525922fbe42","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4094449094178220","authorIdStr":"4094449094178220"},"themes":[],"title":"","htmlText":"[Eye]&nbsp;","listText":"[Eye]&nbsp;","text":"[Eye]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/873196214","repostId":"1159096163","repostType":4,"repost":{"id":"1159096163","kind":"news","pubTimestamp":1636851053,"share":"https://www.laohunote.com/m/news/1159096163?lang=zh_CN&edition=full","pubTime":"2021-11-14 08:50","market":"us","language":"en","title":"Shoppers Are Heading to Malls Again. These Stocks Are Good Bets.<blockquote>购物者再次前往购物中心。这些股票是不错的选择。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159096163","media":"Barrons","summary":"By the time the pandemic hit the U.S. economy, the outlook for Abercrombie & Fitch seemed dire.\nOnce","content":"<p>By the time the pandemic hit the U.S. economy, the outlook for&nbsp;Abercrombie &amp; Fitch&nbsp;seemed dire.</p><p><blockquote>当疫情袭击美国经济时，Abercrombie &amp; Fitch 的前景似乎很糟糕。</blockquote></p><p> Once a mall staple that captured the hearts and wallets of teenagers with stark, sexy advertising and dark, perfume-drenched stores, Abercrombie’s (ticker: ANF) stock price hit fresh lows in 2017. Shoppers’ distaste for the brand and a steady decrease in mall traffic clouded its future. Then, in March of 2020, the coronavirus began closing malls and stores across the country.</p><p><blockquote>Abercrombie's（股票代码：ANF）曾经是商场的主打产品，凭借鲜明、性感的广告和黑暗、充满香水的商店俘获了青少年的心和钱包，但其股价在 2017 年创下新低。购物者对该品牌的厌恶和商场客流量的持续下降给该品牌的未来蒙上了阴影。然后，在2020年3月，冠状病毒开始关闭全国各地的购物中心和商店。</blockquote></p><p> The retail apocalypse, it seemed, was about to claim another victim.</p><p><blockquote>零售业的末日似乎又要夺走另一个受害者了。</blockquote></p><p> But something surprising happened on the way to the funeral: Abercrombie enjoyed one of its best years since its 2000s heyday. Under CEO Fran Horowitz, the company rebranded, putting out a more inclusive message and pivoting its focus toward young professionals while fine-tuning its Hollister brand for teenagers.</p><p><blockquote>但是在去葬礼的路上发生了一件令人惊讶的事情：阿伯克龙比享受了自2000年代全盛时期以来最好的一年。在首席执行官弗兰·霍洛维茨 (Fran Horowitz) 的领导下，该公司进行了品牌重塑，发布了更具包容性的信息，并将重点转向年轻专业人士，同时针对青少年微调其 Hollister 品牌。</blockquote></p><p> Revenue increased 24% year over year in the company’s fiscal second quarter ended July 31, and 3% from prepandemic levels. Its stock is up 120% this year as shoppers flush with cash flock back to stores.</p><p><blockquote>在截至 7 月 31 日的第二财季中，该公司的收入同比增长了 24%，比大流行前的水平增长了 3%。随着购物者将现金涌回商店，其股价今年上涨了 120%。</blockquote></p><p> “Perception of a brand is a hard thing to turn, and it takes time in order to build back trust with your consumer,” Horowitz says in an interview with <i>Barron’s</i>. “So, here we are happy to say in 2021 that we are seeing, obviously, the wonderful effects of all of that hard work.”</p><p><blockquote>“霍洛维茨在接受采访时说：”品牌认知是一件很难扭转的事情，重建消费者的信任需要时间。<i>巴伦</i>. “因此，在 2021 年，我们很高兴地说，我们显然看到了所有这些辛勤工作的奇妙成果”。</blockquote></p><p> Abercrombie isn’t the only retail brand that is coming into a new period of growth. Over the past year, many of America’s retailers have not only clawed their way out of the abyss, but have harnessed macroeconomic changes ushered in by the pandemic to propel themselves into an unexpected renaissance.</p><p><blockquote>Abercrombie 并不是唯一一个进入新增长期的零售品牌。在过去的一年里，许多美国零售商不仅从深渊中挣脱出来，还利用大流行病带来的宏观经济变化，推动自己进入了意想不到的复兴。</blockquote></p><p> Brands that successfully merged their bricks-and-mortar operations with digital strategies are seeing sales soar and stock prices rise, lifted by a strong market and consumers champing at the bit to spend their pandemic savings. The stock prices of many major mall-based retailers have soared, including&nbsp;Macy’s&nbsp;(M),Nordstrom&nbsp;(JWN), Famous Footwear parent Caleres&nbsp;(CAL), and&nbsp;Signet Jewelers (SIG), which all gained at least 100% in the past 12 months.</p><p><blockquote>成功将实体业务与数字战略相结合的品牌，销售额飙升，股价上涨，这得益于强劲的市场和消费者争先恐后地花掉大流行储蓄。许多大型商场零售商的股价都飙升，包括梅西百货（M）、诺德斯特龙（JWN）、著名鞋类母公司 Caleres（加州）和 Signet Jewelers（SIG），这些公司在过去 12 个月中都上涨了至少 100%。</blockquote></p><p> These companies are now poised to reap the benefits of a potentially record-setting holiday season. Consumers could spend $851 billion, a 9.5% increase from last year’s record $777 billion and more than twice the 4.4% average increase over the past five years, according to the National Retail Federation.</p><p><blockquote>这些公司现在准备从可能创纪录的假期中获益。根据全国零售联合会（National Retail Federation）的数据，消费者可支出 8510 亿美元，比去年创纪录的 7770 亿美元增长了 9.5%，是过去五年平均增长率 4.4% 的两倍多。</blockquote></p><p> No one knows whether the party will last or whether these stores are simply capturing sales that would have happened in the future. Before retail sales normalize, companies need to navigate a host of supply-chain and inflationary pressures that could put a damper on holiday sales.</p><p><blockquote>没有人知道这场派对是否会持续下去，或者这些商店是否只是在捕捉未来可能发生的销售。在零售销售恢复正常之前，企业需要应对一系列供应链和通胀压力，这些压力可能会抑制假日销售。</blockquote></p><p> But the unexpected revival has reaffirmed the faith of many brands in the power of the physical stores. While still heavily investing in online operations, they are continuing to bet big on a bricks-and-mortar future. And as investments in physical stores continue, the demise of the bricks-and-mortar retailer that many once expected no longer seems so certain.</p><p><blockquote>但意想不到的复兴，再次印证了不少品牌对实体店力量的信心。虽然他们仍在大力投资在线业务，但他们仍在继续大力押注实体未来。随着对实体店的投资继续，许多人曾经预期的实体零售商的消亡似乎不再那么确定。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/57cd1db2ff23484eff85f5e6ad64d7c8\" tg-width=\"700\" tg-height=\"467\" referrerpolicy=\"no-referrer\"><span>Wealthy households plan to spend an average $2,624 this holiday season, 15% more than last year.</span></p><p><blockquote><p class=\"t-img-caption\"><span>富裕家庭计划在这个假期平均花费2624美元，比去年增加15%。</span></p></blockquote></p><p> The pandemic wasn’t exactly ideal for retailers, but it offered some unique opportunities. The problems were obvious. People were afraid to shop in person. Shoppers—even baby boomers—flocked online in unexpected numbers. Retail behemoths such as&nbsp;Amazon.com&nbsp;(AMZN) and&nbsp;Walmart (WMT) saw their best year ever.</p><p><blockquote>大流行病对零售商来说并不理想，但它提供了一些独特的机会。问题显而易见。人们害怕亲自购物。购物者——甚至婴儿潮一代——以意想不到的数量涌入网上。亚马逊 (AMZN) 和沃尔玛 (WMT) 等零售巨头经历了有史以来最好的一年。</blockquote></p><p> “The investor sentiment—especially from short term, hedge fund type investors—had just turned very negative on the group,” Columbia Threadneedle Investments retail analyst Mari Shor says. “I just think that investors weren’t really giving the companies, or the consumers, the benefit of the doubt.”</p><p><blockquote>“Columbia Threadneedle Investments 零售分析师 Mari Shor 说：”投资者的情绪--尤其是短期对冲基金类型的投资者--对该集团的情绪刚刚变得非常负面。“我只是认为，投资者并没有真正给公司或消费者带来怀疑的好处”。</blockquote></p><p> Shor says the doubt among investors was rooted in the notion that traditional retailers, both prepandemic and postpandemic, wouldn’t make it out alive.</p><p><blockquote>肖尔说，投资者的疑虑源于这样一种观念，即传统零售商，无论是大流行前还是大流行后，都无法生存下来。</blockquote></p><p> But the pandemic gave retailers the rare chance to close poorly performing locations and focus on great ones. Many retailers also focused on getting better online, and shifted their sales strategies to target consumers wherever and whenever they wanted to shop—whether online, mobile, or in-store.</p><p><blockquote>但疫情给了零售商一个难得的机会来关闭表现不佳的门店，并专注于优秀的门店。许多零售商还专注于在网上变得更好，并将销售策略转变为随时随地瞄准消费者，无论是在线、移动还是店内。</blockquote></p><p> In one example of a company looking to fuel growth while connecting digital and in-store operations, the parent company of Saks Fifth Avenue spun out its e-commerce arm, which is now expected to go public with a target valuation of $6 billion.</p><p><blockquote>Saks Fifth Avenue 的母公司希望在连接数字和店内运营的同时推动增长的一个例子是，Saks Fifth Avenue 的母公司剥离了其电子商务部门，该部门目前预计将上市，目标估值为 60 亿美元。</blockquote></p><p> Such approaches proved critical. Online and other non-store sales are expected to increase between 11% and 15% this holiday season, potentially reaching a high of $226 billion, according to National Retail Federation estimates.</p><p><blockquote>事实证明，这种方法至关重要。根据全国零售联合会的估计，这个假日季在线和其他非实体店销售额预计将增长11%至15%，可能达到2260亿美元的高位。</blockquote></p><p></p><p> “We’d like to think that the pandemic not only accelerated the adoption of e-commerce around the world but also expanded the market,” says Pedro Palandrani, a research analyst at Global X who covers e-commerce.</p><p><blockquote>“Global X 负责电子商务的研究分析师佩德罗-帕兰德拉尼（Pedro Palandrani）说：”我们认为，大流行病不仅加速了电子商务在全球的普及，还扩大了市场。</blockquote></p><p> Abercrombie invested hundreds of millions of dollars in its digital strategy, emphasizing smooth transitions from digital to in-store experiences with initiatives such as improving the company’s website and instituting in-store returns and pickups for online purchases. The arrival of the pandemic prompted Abercrombie to close 130 stores worldwide and 50% of the brand’s flagships, bringing total store closures in the past 10 years to about 500, while strategically opening a few key new stores, Horowitz says.</p><p><blockquote>Abercrombie 在其数字战略上投入了数亿美元，强调从数字体验到店内体验的平稳过渡，并采取了改进公司网站、实行店内退货和网上购物提货等举措。霍洛维茨说，大流行病的到来促使 Abercrombie 关闭了全球 130 家门店和 50% 的品牌旗舰店，使过去 10 年关闭的门店总数达到约 500 家，同时战略性地开设了几家重要的新店。</blockquote></p><p> “Stores matter, but they have to be the right size, the right location, and the right economics,” she says. “You put that together with the digital and it equals magic.”</p><p><blockquote>“她说：”商店固然重要，但必须有合适的规模、合适的位置和合适的经济性。“如果你把它和数字技术结合在一起，那就等于神奇了”。</blockquote></p><p> Not only are physical stores cost-effective ways to draw in-person shoppers, but they also can serve as crucial distribution centers for online pickups and returns, as well as local shipping, says B. Riley Securities analyst Susan Anderson. In recent years, even online retailers such as Warby Parker (WRBY) have expanded their physical presence to accommodate shopper preferences. “The consumer wants to shop when and where they want to,” Anderson says.</p><p><blockquote>B. Riley Securities 分析师苏珊·安德森 (Susan Anderson) 表示，实体店不仅是吸引亲自购物者的经济高效方式，而且还可以作为在线取货和退货以及本地运输的重要配送中心。近年来，甚至像Warby Parker（WRBY）这样的在线零售商也扩大了他们的实体存在，以适应购物者的偏好。“安德森说：”消费者希望随时随地购物。</blockquote></p><p> That behavior can evolve in unexpected ways. Malls and physical stores are growing in popularity among digitally savvy teenagers and young adults.</p><p><blockquote>这种行为会以意想不到的方式演变。购物中心和实体店在精通数字的青少年和年轻人中越来越受欢迎。</blockquote></p><p> According to a survey of 1,000 shoppers earlier this year commissioned by BHDP, a design firm that counts retail among its specialties, 55% of 14-to-17 year olds say they are now shopping at indoor malls, and 90% plan to head to a mall in the next year. The 18-to-24-year-old shoppers surveyed are also back at the mall, trying on products, using in-store promotions, and making returns. Such shifts have led retailers to ditch old views and assumptions about specific demographics, says Rod Sides, vice chairman of U.S. retail and distribution at Deloitte.</p><p><blockquote>根据BHDP今年早些时候委托一家以零售为专长的设计公司对1000名购物者进行的调查，55%的14至17岁青少年表示他们现在在室内购物中心购物，90%的人计划明年去购物中心。接受调查的18至24岁的购物者也回到了商场，试穿产品，使用店内促销，并进行退货。德勤美国零售和分销副主席罗德·赛德斯 (Rod Sides) 表示，这种转变导致零售商放弃了对特定人口统计的旧观点和假设。</blockquote></p><p> The shifts in strategy during the pandemic put many retailers in a better position for the reopening of malls and downtowns this year—and shoppers were eager to open their wallets.</p><p><blockquote>疫情期间战略的转变使许多零售商在今年重新开放购物中心和市中心时处于更有利的地位，购物者渴望打开他们的钱包。</blockquote></p><p> During the pandemic, some consumers became unexpectedly flush. They got stimulus payments, saved up from a decline in travel expenses, and saw the markets soar. Today, consumer savings at all income levels are at or near a record. Wealthy households are planning to spend 15% more than last year this holiday season, averaging $2,624 per household and driving much of the season’s growth, an annual Deloitte study found.</p><p><blockquote>在疫情期间，一些消费者意外地变得兴奋起来。他们获得了刺激付款，从旅行费用的下降中节省下来，并看到市场飙升。如今，所有收入水平的消费者储蓄都处于或接近创纪录水平。德勤（Deloitte）的一项年度研究发现，富裕家庭计划在这个假日季比去年多花费 15%，平均每户花费 2624 美元，这在很大程度上推动了假日季的增长。</blockquote></p><p> “You got a lot of cash and there’s a fair amount of pent-up demand,” says Mark Zandi, chief economist at Moody’s Analytics.</p><p><blockquote>“穆迪分析公司（Moody's Analytics）首席经济学家马克-赞迪（Mark Zandi）说：”你有很多现金，而且有相当数量的需求被压抑。</blockquote></p><p> Retail and food-services sales increased to an estimated $625 billion in September, up 0.7% from October and 13.9% year over year, according to the U.S. Census Bureau. Sales in retail alone rose 0.8% from August. “We were expecting that you’d see some pullback in September, and we didn’t,” says Citigroup economist Veronica Clark.</p><p><blockquote>根据美国人口普查局的数据，9 月份零售和食品服务销售额估计增至 6250 亿美元，比 10 月份增长 0.7%，同比增长 13.9%。仅零售额就比 8 月份增长了 0.8%。“花旗集团经济学家维罗妮卡-克拉克（Veronica Clark）说：”我们原本预计9月份会出现一些回调，但我们没有。</blockquote></p><p> Retailers are much healthier than they were a decade ago heading into the holiday season, Matthew Shay, president and CEO of the National Retail Federation, said in a media briefing in October. A yearly&nbsp;Mastercard&nbsp;spending index forecasts U.S. retail sales to increase 7.4% this season, with significant gains in apparel, department stores, jewelry, and luxury items.</p><p><blockquote>全国零售联合会总裁兼首席执行官马修·谢伊 (Matthew Shay) 在 10 月份的媒体吹风会上表示，零售商在进入假日季时比十年前健康得多。万事达卡年度支出指数预测本季美国零售额将增长 7.4%，其中服装、百货商店、珠宝和奢侈品行业将出现显着增长。</blockquote></p><p> Luxury retailer&nbsp;Burberry Group&nbsp;(BRBY.UK), known for its tartan fabric and scarves, said this past week that comparable sales for its first half of fiscal 2022 rose 37%, and that full-price sales are growing at a double-digit rate. And&nbsp;Tapestry&nbsp;(TPR), the parent company of Coach, posted better-than-expected fiscal first-quarter earnings, raising its outlook for 2022 sales and profits.</p><p><blockquote>以格子呢面料和围巾闻名的奢侈品零售商 Burberry Group (BRBY.UK) 上周表示，2022 财年上半年的可比销售额增长了 37%，全价销售额正以两位数的速度增长。Coach 母公司 Tapestry (TPR) 公布的第一财季收益好于预期，上调了 2022 年销售额和利润预期。</blockquote></p><p> Some analysts are bullish on the retail sector, with Cowen saying that “many of the luxury brands have successfully been able to take price increases and will likely benefit from the historically strong consumer balance sheets in the U.S. and internationally.” Wolfe Research favors Nordstrom and Tapestry, among others, with analysts writing in a note that “nearly all the major drivers of U.S. consumer spending favor the high end.”</p><p><blockquote>一些分析师看好零售业，考恩说：“许多奢侈品牌已经成功地承受了价格上涨，并可能受益于美国和国际上历史上强劲的消费者资产负债表”。Wolfe Research 看好 Nordstrom 和 Tapestry 等公司，分析师在一份报告中写道，“几乎所有美国消费者支出的主要驱动因素都青睐高端市场”。</blockquote></p><p> Meanwhile, more Americans started coming out to the mall. Placer.ai mall-traffic statistics show that foot traffic for indoor malls was up 3% in October compared with 2019 levels, and traffic for outdoor malls was up 5%—one of the reasons mall stores are seeing their stocks soar. Simon Property Group (SPG), which owns the malls themselves, saw its stock gain about 90% in 2021.</p><p><blockquote>与此同时，越来越多的美国人开始来到购物中心。Placer.ai 商场交通统计数据显示，10 月份室内商场的客流量比 2019 年增长了 3%，室外商场的客流量增长了 5%，这也是商场商店库存飙升的原因之一。拥有这些购物中心的西蒙地产集团（SPG）的股价在2021年上涨了约90%。</blockquote></p><p></p><p> “With the combination of more individuals becoming fully vaccinated, paired with many shopping early for the coming holiday season due to supply-chain concerns, we have seen a steady rise in foot traffic since July,” says Lindsay Petak, senior marketing manager for Tysons Corner Center in the Washington region. The mall is owned by Macerich (MAC), which also has seen its share price nearly double this year.</p><p><blockquote>“华盛顿地区泰森斯角中心（Tysons Corner Center）高级营销经理林赛-佩塔克（Lindsay Petak）说：”随着越来越多的人全面接种疫苗，再加上由于供应链问题，许多人在即将到来的假期提前购物，自 7 月以来，我们看到客流量稳步上升。该购物中心由 Macerich (MAC) 所有，该公司的股价今年也几乎翻了一番。</blockquote></p><p> All of this added to a stock run-up for the ages for beaten-down retailers. Over the past year, the&nbsp;SPDR S&amp;P Retail&nbsp;exchanged-trade fund (XRT) was up 85%, while the S&amp;P 500 rose 33%. The&nbsp;Invesco S&amp;P 500 Equal Weight Consumer Discretionary&nbsp;ETF (RCD) has outperformed the S&amp;P 500 by five percentage points this year, a sign that investors remain bullish on retail sales.</p><p><blockquote>所有这些都加剧了遭受重创的零售商多年来的库存上涨。过去一年，SPDR S&amp;P零售交易所交易基金（XRT）上涨了85%，而标普500上涨了33%。景顺标普500等权重非必需消费品 ETF (RCD) 今年的表现优于标普500 5 个百分点，这表明投资者仍然看好零售销售。</blockquote></p><p> “We’ve seen department stores and apparel and discretionary retailers really bounce back as soon as the economy reopened,” the NRF’s Shay says. “Department stores are always a popular destination for the holiday season, based on the consumer survey work we do....They continue to be at the top of the list of the places people shop this year.”</p><p><blockquote>“NRF 的 Shay 说：”我们已经看到，一旦经济重新开放，百货商店、服装和非必需品零售商就会真正反弹。“根据我们所做的消费者调查工作，百货商店一直是节日期间的热门目的地......今年，百货商店仍然是人们购物的首选场所”。</blockquote></p><p> All that said, analysts and investors alike remain confident of the role physical stores play, which might look different from their online counterparts, but they’re here to stay.</p><p><blockquote>尽管如此，分析师和投资者仍然对实体店所扮演的角色充满信心，实体店可能看起来与网上商店有所不同，但它们会一直存在下去。</blockquote></p><p> The verdict on whether the retail renaissance is sustainable in the long term isn’t in yet. Retailers are operating in a macroeconomic environment far from the norm, making any guesses even more speculative.</p><p><blockquote>零售业复兴是否具有长期可持续性尚未定论。零售商在远离常态的宏观经济环境中运营，这使得任何猜测都更加具有投机性。</blockquote></p><p> “I don’t think we have normal insight yet because there are just too many complexities throughout the business right now,” says Jefferies analyst Janine Stichter.</p><p><blockquote>“杰富瑞（Jefferies）分析师珍妮-斯蒂奇特（Janine Stichter）说：”我认为我们还没有正常的洞察力，因为现在整个行业有太多的复杂性。</blockquote></p><p> Companies are struggling to manage ongoing supply-chain concerns, inflationary pressures, and a persistent labor shortage, which are likely to bite into earnings despite all signs pointing to a strong holiday quarter. “The supply-chain issues, they’re real,” Horowitz says.</p><p><blockquote>企业正在努力应对持续的供应链担忧、通胀压力和持续的劳动力短缺，尽管所有迹象都表明假日季度将表现强劲，但这些问题可能会影响盈利。“霍洛维茨说：”供应链问题是真实存在的。</blockquote></p><p> Abercrombie is assuming a modest impact on sales due to supply-chain constraints, with even bigger impacts coming from freight inflation, the company said in its second-quarter earnings call.</p><p><blockquote>Abercrombie 在第二季度财报看涨期权中表示，由于供应链限制，预计对销售的影响不大，运费通胀的影响更大。</blockquote></p><p> To ease supply-chain pressures, retailers are encouraging consumers to start their shopping early—a trend that could skew end-of-year sales data, Citigroup’s Clark says. If shoppers pull their gift-buying forward, there could be a decline in November and December compared with previous years. “It’s not necessarily that spending is much weaker; it’s just that the distribution over months is different,” she says.</p><p><blockquote>花旗集团的克拉克说，为了缓解供应链压力，零售商鼓励消费者提前开始购物--这一趋势可能会扭曲年终销售数据。如果购物者提前购买礼物，与往年相比，11月和12月可能会有所下降。“她说：”支出并不一定会减弱很多，只是几个月的分布情况有所不同。</blockquote></p><p> On the flip side, low inventories will give retailers higher pricing power that can help offset supply-chain disruptions, Stichter says. While beneficial to retailers, this could drive prices up even more, says Sasha Tomic, an economist at Boston College.</p><p><blockquote>Stichter 表示，另一方面，低库存将赋予零售商更高的定价权，有助于抵消供应链中断。波士顿学院经济学家萨沙·托米奇表示，虽然这对零售商有利，但可能会进一步推高价格。</blockquote></p><p> Whatever the risks, strong performance won’t last forever, says Matthew Forester, chief investment officer at BNY Mellon’s Lockwood Advisors. “The U.S. economy, overall, is clearly slowing down,” he says. “And we’re going to slow down into the next year. Plus, as we get back to trend growth, that’s just what’s likely to happen.”</p><p><blockquote>纽约梅隆银行洛克伍德顾问公司首席投资官马修-福雷斯特（Matthew Forester）说，无论风险如何，强劲的业绩都不会永远持续下去。“他说：”总体而言，美国经济显然正在放缓。“明年我们将放缓。此外，随着我们恢复趋势增长，这也是很可能发生的事情。”</blockquote></p><p> The economy will eventually exit its euphoria as stimulus continues to dwindle, he says. And while the comedown might not be “terrible,” he says, it will still be a decline from where consumer spending is now.</p><p><blockquote>他说，随着刺激措施的继续减少，经济最终将退出欣喜若狂。他说，虽然下降可能并不 “可怕”，但与现在的消费者支出水平相比，仍将有所下降。</blockquote></p><p> Abercrombie, though, is powering through the headwinds with the help of its bricks-and-mortar stores. The company is planning to position more inventory in stores, and is routing e-commerce orders to stores as well as partnering with Uber, Shipt, and Postmates to offer same-day delivery.</p><p><blockquote>然而，阿伯克龙比正在其实体店的帮助下度过逆风。该公司正计划在商店放置更多库存，并将电子商务订单路由到商店，并与 Uber、Shipt 和 Postmates 合作提供当天送达服务。</blockquote></p><p> Other retailers have taken supply-chain solutions in their own hands. Specialty-apparel company American Eagle Outfitters (AEO) recently announced it was acquiring Quiet Logistics, an operator of automated distribution centers near city centers, just weeks after it bought AirTerra, which focuses on middle-mile logistics—the delivery of products from a warehouse to a retail store.</p><p><blockquote>其他零售商已经将供应链解决方案掌握在自己手中。特种服装公司 American Eagle Outfitters (AEO) 最近宣布收购 Quiet Logistics，这是一家在市中心附近运营自动化配送中心的运营商，就在几周前，AirTerra 专注于中英里物流（将产品从仓库运送到零售店）。</blockquote></p><p> “We’re going to just continue at it,” Horowitz says.</p><p><blockquote>“霍洛维茨说：”我们将继续努力。</blockquote></p><p> As retailers forge ahead, doomsayers might have to hold off on heralding a retail apocalypse. For now, the sentiment is clear: Consumers are rediscovering the joys of bricks-and-mortar shopping. The mall has become cool again.</p><p><blockquote>随着零售商继续前进，末日预言者可能不得不推迟预言零售世界末日。目前，人们的情绪很明确：消费者正在重新发现实体购物的乐趣。商场又凉了。</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>Shoppers Are Heading to Malls Again. These Stocks Are Good Bets.<blockquote>购物者再次前往购物中心。这些股票是不错的选择。</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\">\nShoppers Are Heading to Malls Again. These Stocks Are Good Bets.<blockquote>购物者再次前往购物中心。这些股票是不错的选择。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-11-14 08:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p>By the time the pandemic hit the U.S. economy, the outlook for&nbsp;Abercrombie &amp; Fitch&nbsp;seemed dire.</p><p><blockquote>当疫情袭击美国经济时，Abercrombie &amp; Fitch 的前景似乎很糟糕。</blockquote></p><p> Once a mall staple that captured the hearts and wallets of teenagers with stark, sexy advertising and dark, perfume-drenched stores, Abercrombie’s (ticker: ANF) stock price hit fresh lows in 2017. Shoppers’ distaste for the brand and a steady decrease in mall traffic clouded its future. Then, in March of 2020, the coronavirus began closing malls and stores across the country.</p><p><blockquote>Abercrombie's（股票代码：ANF）曾经是商场的主打产品，凭借鲜明、性感的广告和黑暗、充满香水的商店俘获了青少年的心和钱包，但其股价在 2017 年创下新低。购物者对该品牌的厌恶和商场客流量的持续下降给该品牌的未来蒙上了阴影。然后，在2020年3月，冠状病毒开始关闭全国各地的购物中心和商店。</blockquote></p><p> The retail apocalypse, it seemed, was about to claim another victim.</p><p><blockquote>零售业的末日似乎又要夺走另一个受害者了。</blockquote></p><p> But something surprising happened on the way to the funeral: Abercrombie enjoyed one of its best years since its 2000s heyday. Under CEO Fran Horowitz, the company rebranded, putting out a more inclusive message and pivoting its focus toward young professionals while fine-tuning its Hollister brand for teenagers.</p><p><blockquote>但是在去葬礼的路上发生了一件令人惊讶的事情：阿伯克龙比享受了自2000年代全盛时期以来最好的一年。在首席执行官弗兰·霍洛维茨 (Fran Horowitz) 的领导下，该公司进行了品牌重塑，发布了更具包容性的信息，并将重点转向年轻专业人士，同时针对青少年微调其 Hollister 品牌。</blockquote></p><p> Revenue increased 24% year over year in the company’s fiscal second quarter ended July 31, and 3% from prepandemic levels. Its stock is up 120% this year as shoppers flush with cash flock back to stores.</p><p><blockquote>在截至 7 月 31 日的第二财季中，该公司的收入同比增长了 24%，比大流行前的水平增长了 3%。随着购物者将现金涌回商店，其股价今年上涨了 120%。</blockquote></p><p> “Perception of a brand is a hard thing to turn, and it takes time in order to build back trust with your consumer,” Horowitz says in an interview with <i>Barron’s</i>. “So, here we are happy to say in 2021 that we are seeing, obviously, the wonderful effects of all of that hard work.”</p><p><blockquote>“霍洛维茨在接受采访时说：”品牌认知是一件很难扭转的事情，重建消费者的信任需要时间。<i>巴伦</i>. “因此，在 2021 年，我们很高兴地说，我们显然看到了所有这些辛勤工作的奇妙成果”。</blockquote></p><p> Abercrombie isn’t the only retail brand that is coming into a new period of growth. Over the past year, many of America’s retailers have not only clawed their way out of the abyss, but have harnessed macroeconomic changes ushered in by the pandemic to propel themselves into an unexpected renaissance.</p><p><blockquote>Abercrombie 并不是唯一一个进入新增长期的零售品牌。在过去的一年里，许多美国零售商不仅从深渊中挣脱出来，还利用大流行病带来的宏观经济变化，推动自己进入了意想不到的复兴。</blockquote></p><p> Brands that successfully merged their bricks-and-mortar operations with digital strategies are seeing sales soar and stock prices rise, lifted by a strong market and consumers champing at the bit to spend their pandemic savings. The stock prices of many major mall-based retailers have soared, including&nbsp;Macy’s&nbsp;(M),Nordstrom&nbsp;(JWN), Famous Footwear parent Caleres&nbsp;(CAL), and&nbsp;Signet Jewelers (SIG), which all gained at least 100% in the past 12 months.</p><p><blockquote>成功将实体业务与数字战略相结合的品牌，销售额飙升，股价上涨，这得益于强劲的市场和消费者争先恐后地花掉大流行储蓄。许多大型商场零售商的股价都飙升，包括梅西百货（M）、诺德斯特龙（JWN）、著名鞋类母公司 Caleres（加州）和 Signet Jewelers（SIG），这些公司在过去 12 个月中都上涨了至少 100%。</blockquote></p><p> These companies are now poised to reap the benefits of a potentially record-setting holiday season. Consumers could spend $851 billion, a 9.5% increase from last year’s record $777 billion and more than twice the 4.4% average increase over the past five years, according to the National Retail Federation.</p><p><blockquote>这些公司现在准备从可能创纪录的假期中获益。根据全国零售联合会（National Retail Federation）的数据，消费者可支出 8510 亿美元，比去年创纪录的 7770 亿美元增长了 9.5%，是过去五年平均增长率 4.4% 的两倍多。</blockquote></p><p> No one knows whether the party will last or whether these stores are simply capturing sales that would have happened in the future. Before retail sales normalize, companies need to navigate a host of supply-chain and inflationary pressures that could put a damper on holiday sales.</p><p><blockquote>没有人知道这场派对是否会持续下去，或者这些商店是否只是在捕捉未来可能发生的销售。在零售销售恢复正常之前，企业需要应对一系列供应链和通胀压力，这些压力可能会抑制假日销售。</blockquote></p><p> But the unexpected revival has reaffirmed the faith of many brands in the power of the physical stores. While still heavily investing in online operations, they are continuing to bet big on a bricks-and-mortar future. And as investments in physical stores continue, the demise of the bricks-and-mortar retailer that many once expected no longer seems so certain.</p><p><blockquote>但意想不到的复兴，再次印证了不少品牌对实体店力量的信心。虽然他们仍在大力投资在线业务，但他们仍在继续大力押注实体未来。随着对实体店的投资继续，许多人曾经预期的实体零售商的消亡似乎不再那么确定。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/57cd1db2ff23484eff85f5e6ad64d7c8\" tg-width=\"700\" tg-height=\"467\" referrerpolicy=\"no-referrer\"><span>Wealthy households plan to spend an average $2,624 this holiday season, 15% more than last year.</span></p><p><blockquote><p class=\"t-img-caption\"><span>富裕家庭计划在这个假期平均花费2624美元，比去年增加15%。</span></p></blockquote></p><p> The pandemic wasn’t exactly ideal for retailers, but it offered some unique opportunities. The problems were obvious. People were afraid to shop in person. Shoppers—even baby boomers—flocked online in unexpected numbers. Retail behemoths such as&nbsp;Amazon.com&nbsp;(AMZN) and&nbsp;Walmart (WMT) saw their best year ever.</p><p><blockquote>大流行病对零售商来说并不理想，但它提供了一些独特的机会。问题显而易见。人们害怕亲自购物。购物者——甚至婴儿潮一代——以意想不到的数量涌入网上。亚马逊 (AMZN) 和沃尔玛 (WMT) 等零售巨头经历了有史以来最好的一年。</blockquote></p><p> “The investor sentiment—especially from short term, hedge fund type investors—had just turned very negative on the group,” Columbia Threadneedle Investments retail analyst Mari Shor says. “I just think that investors weren’t really giving the companies, or the consumers, the benefit of the doubt.”</p><p><blockquote>“Columbia Threadneedle Investments 零售分析师 Mari Shor 说：”投资者的情绪--尤其是短期对冲基金类型的投资者--对该集团的情绪刚刚变得非常负面。“我只是认为，投资者并没有真正给公司或消费者带来怀疑的好处”。</blockquote></p><p> Shor says the doubt among investors was rooted in the notion that traditional retailers, both prepandemic and postpandemic, wouldn’t make it out alive.</p><p><blockquote>肖尔说，投资者的疑虑源于这样一种观念，即传统零售商，无论是大流行前还是大流行后，都无法生存下来。</blockquote></p><p> But the pandemic gave retailers the rare chance to close poorly performing locations and focus on great ones. Many retailers also focused on getting better online, and shifted their sales strategies to target consumers wherever and whenever they wanted to shop—whether online, mobile, or in-store.</p><p><blockquote>但疫情给了零售商一个难得的机会来关闭表现不佳的门店，并专注于优秀的门店。许多零售商还专注于在网上变得更好，并将销售策略转变为随时随地瞄准消费者，无论是在线、移动还是店内。</blockquote></p><p> In one example of a company looking to fuel growth while connecting digital and in-store operations, the parent company of Saks Fifth Avenue spun out its e-commerce arm, which is now expected to go public with a target valuation of $6 billion.</p><p><blockquote>Saks Fifth Avenue 的母公司希望在连接数字和店内运营的同时推动增长的一个例子是，Saks Fifth Avenue 的母公司剥离了其电子商务部门，该部门目前预计将上市，目标估值为 60 亿美元。</blockquote></p><p> Such approaches proved critical. Online and other non-store sales are expected to increase between 11% and 15% this holiday season, potentially reaching a high of $226 billion, according to National Retail Federation estimates.</p><p><blockquote>事实证明，这种方法至关重要。根据全国零售联合会的估计，这个假日季在线和其他非实体店销售额预计将增长11%至15%，可能达到2260亿美元的高位。</blockquote></p><p></p><p> “We’d like to think that the pandemic not only accelerated the adoption of e-commerce around the world but also expanded the market,” says Pedro Palandrani, a research analyst at Global X who covers e-commerce.</p><p><blockquote>“Global X 负责电子商务的研究分析师佩德罗-帕兰德拉尼（Pedro Palandrani）说：”我们认为，大流行病不仅加速了电子商务在全球的普及，还扩大了市场。</blockquote></p><p> Abercrombie invested hundreds of millions of dollars in its digital strategy, emphasizing smooth transitions from digital to in-store experiences with initiatives such as improving the company’s website and instituting in-store returns and pickups for online purchases. The arrival of the pandemic prompted Abercrombie to close 130 stores worldwide and 50% of the brand’s flagships, bringing total store closures in the past 10 years to about 500, while strategically opening a few key new stores, Horowitz says.</p><p><blockquote>Abercrombie 在其数字战略上投入了数亿美元，强调从数字体验到店内体验的平稳过渡，并采取了改进公司网站、实行店内退货和网上购物提货等举措。霍洛维茨说，大流行病的到来促使 Abercrombie 关闭了全球 130 家门店和 50% 的品牌旗舰店，使过去 10 年关闭的门店总数达到约 500 家，同时战略性地开设了几家重要的新店。</blockquote></p><p> “Stores matter, but they have to be the right size, the right location, and the right economics,” she says. “You put that together with the digital and it equals magic.”</p><p><blockquote>“她说：”商店固然重要，但必须有合适的规模、合适的位置和合适的经济性。“如果你把它和数字技术结合在一起，那就等于神奇了”。</blockquote></p><p> Not only are physical stores cost-effective ways to draw in-person shoppers, but they also can serve as crucial distribution centers for online pickups and returns, as well as local shipping, says B. Riley Securities analyst Susan Anderson. In recent years, even online retailers such as Warby Parker (WRBY) have expanded their physical presence to accommodate shopper preferences. “The consumer wants to shop when and where they want to,” Anderson says.</p><p><blockquote>B. Riley Securities 分析师苏珊·安德森 (Susan Anderson) 表示，实体店不仅是吸引亲自购物者的经济高效方式，而且还可以作为在线取货和退货以及本地运输的重要配送中心。近年来，甚至像Warby Parker（WRBY）这样的在线零售商也扩大了他们的实体存在，以适应购物者的偏好。“安德森说：”消费者希望随时随地购物。</blockquote></p><p> That behavior can evolve in unexpected ways. Malls and physical stores are growing in popularity among digitally savvy teenagers and young adults.</p><p><blockquote>这种行为会以意想不到的方式演变。购物中心和实体店在精通数字的青少年和年轻人中越来越受欢迎。</blockquote></p><p> According to a survey of 1,000 shoppers earlier this year commissioned by BHDP, a design firm that counts retail among its specialties, 55% of 14-to-17 year olds say they are now shopping at indoor malls, and 90% plan to head to a mall in the next year. The 18-to-24-year-old shoppers surveyed are also back at the mall, trying on products, using in-store promotions, and making returns. Such shifts have led retailers to ditch old views and assumptions about specific demographics, says Rod Sides, vice chairman of U.S. retail and distribution at Deloitte.</p><p><blockquote>根据BHDP今年早些时候委托一家以零售为专长的设计公司对1000名购物者进行的调查，55%的14至17岁青少年表示他们现在在室内购物中心购物，90%的人计划明年去购物中心。接受调查的18至24岁的购物者也回到了商场，试穿产品，使用店内促销，并进行退货。德勤美国零售和分销副主席罗德·赛德斯 (Rod Sides) 表示，这种转变导致零售商放弃了对特定人口统计的旧观点和假设。</blockquote></p><p> The shifts in strategy during the pandemic put many retailers in a better position for the reopening of malls and downtowns this year—and shoppers were eager to open their wallets.</p><p><blockquote>疫情期间战略的转变使许多零售商在今年重新开放购物中心和市中心时处于更有利的地位，购物者渴望打开他们的钱包。</blockquote></p><p> During the pandemic, some consumers became unexpectedly flush. They got stimulus payments, saved up from a decline in travel expenses, and saw the markets soar. Today, consumer savings at all income levels are at or near a record. Wealthy households are planning to spend 15% more than last year this holiday season, averaging $2,624 per household and driving much of the season’s growth, an annual Deloitte study found.</p><p><blockquote>在疫情期间，一些消费者意外地变得兴奋起来。他们获得了刺激付款，从旅行费用的下降中节省下来，并看到市场飙升。如今，所有收入水平的消费者储蓄都处于或接近创纪录水平。德勤（Deloitte）的一项年度研究发现，富裕家庭计划在这个假日季比去年多花费 15%，平均每户花费 2624 美元，这在很大程度上推动了假日季的增长。</blockquote></p><p> “You got a lot of cash and there’s a fair amount of pent-up demand,” says Mark Zandi, chief economist at Moody’s Analytics.</p><p><blockquote>“穆迪分析公司（Moody's Analytics）首席经济学家马克-赞迪（Mark Zandi）说：”你有很多现金，而且有相当数量的需求被压抑。</blockquote></p><p> Retail and food-services sales increased to an estimated $625 billion in September, up 0.7% from October and 13.9% year over year, according to the U.S. Census Bureau. Sales in retail alone rose 0.8% from August. “We were expecting that you’d see some pullback in September, and we didn’t,” says Citigroup economist Veronica Clark.</p><p><blockquote>根据美国人口普查局的数据，9 月份零售和食品服务销售额估计增至 6250 亿美元，比 10 月份增长 0.7%，同比增长 13.9%。仅零售额就比 8 月份增长了 0.8%。“花旗集团经济学家维罗妮卡-克拉克（Veronica Clark）说：”我们原本预计9月份会出现一些回调，但我们没有。</blockquote></p><p> Retailers are much healthier than they were a decade ago heading into the holiday season, Matthew Shay, president and CEO of the National Retail Federation, said in a media briefing in October. A yearly&nbsp;Mastercard&nbsp;spending index forecasts U.S. retail sales to increase 7.4% this season, with significant gains in apparel, department stores, jewelry, and luxury items.</p><p><blockquote>全国零售联合会总裁兼首席执行官马修·谢伊 (Matthew Shay) 在 10 月份的媒体吹风会上表示，零售商在进入假日季时比十年前健康得多。万事达卡年度支出指数预测本季美国零售额将增长 7.4%，其中服装、百货商店、珠宝和奢侈品行业将出现显着增长。</blockquote></p><p> Luxury retailer&nbsp;Burberry Group&nbsp;(BRBY.UK), known for its tartan fabric and scarves, said this past week that comparable sales for its first half of fiscal 2022 rose 37%, and that full-price sales are growing at a double-digit rate. And&nbsp;Tapestry&nbsp;(TPR), the parent company of Coach, posted better-than-expected fiscal first-quarter earnings, raising its outlook for 2022 sales and profits.</p><p><blockquote>以格子呢面料和围巾闻名的奢侈品零售商 Burberry Group (BRBY.UK) 上周表示，2022 财年上半年的可比销售额增长了 37%，全价销售额正以两位数的速度增长。Coach 母公司 Tapestry (TPR) 公布的第一财季收益好于预期，上调了 2022 年销售额和利润预期。</blockquote></p><p> Some analysts are bullish on the retail sector, with Cowen saying that “many of the luxury brands have successfully been able to take price increases and will likely benefit from the historically strong consumer balance sheets in the U.S. and internationally.” Wolfe Research favors Nordstrom and Tapestry, among others, with analysts writing in a note that “nearly all the major drivers of U.S. consumer spending favor the high end.”</p><p><blockquote>一些分析师看好零售业，考恩说：“许多奢侈品牌已经成功地承受了价格上涨，并可能受益于美国和国际上历史上强劲的消费者资产负债表”。Wolfe Research 看好 Nordstrom 和 Tapestry 等公司，分析师在一份报告中写道，“几乎所有美国消费者支出的主要驱动因素都青睐高端市场”。</blockquote></p><p> Meanwhile, more Americans started coming out to the mall. Placer.ai mall-traffic statistics show that foot traffic for indoor malls was up 3% in October compared with 2019 levels, and traffic for outdoor malls was up 5%—one of the reasons mall stores are seeing their stocks soar. Simon Property Group (SPG), which owns the malls themselves, saw its stock gain about 90% in 2021.</p><p><blockquote>与此同时，越来越多的美国人开始来到购物中心。Placer.ai 商场交通统计数据显示，10 月份室内商场的客流量比 2019 年增长了 3%，室外商场的客流量增长了 5%，这也是商场商店库存飙升的原因之一。拥有这些购物中心的西蒙地产集团（SPG）的股价在2021年上涨了约90%。</blockquote></p><p></p><p> “With the combination of more individuals becoming fully vaccinated, paired with many shopping early for the coming holiday season due to supply-chain concerns, we have seen a steady rise in foot traffic since July,” says Lindsay Petak, senior marketing manager for Tysons Corner Center in the Washington region. The mall is owned by Macerich (MAC), which also has seen its share price nearly double this year.</p><p><blockquote>“华盛顿地区泰森斯角中心（Tysons Corner Center）高级营销经理林赛-佩塔克（Lindsay Petak）说：”随着越来越多的人全面接种疫苗，再加上由于供应链问题，许多人在即将到来的假期提前购物，自 7 月以来，我们看到客流量稳步上升。该购物中心由 Macerich (MAC) 所有，该公司的股价今年也几乎翻了一番。</blockquote></p><p> All of this added to a stock run-up for the ages for beaten-down retailers. Over the past year, the&nbsp;SPDR S&amp;P Retail&nbsp;exchanged-trade fund (XRT) was up 85%, while the S&amp;P 500 rose 33%. The&nbsp;Invesco S&amp;P 500 Equal Weight Consumer Discretionary&nbsp;ETF (RCD) has outperformed the S&amp;P 500 by five percentage points this year, a sign that investors remain bullish on retail sales.</p><p><blockquote>所有这些都加剧了遭受重创的零售商多年来的库存上涨。过去一年，SPDR S&amp;P零售交易所交易基金（XRT）上涨了85%，而标普500上涨了33%。景顺标普500等权重非必需消费品 ETF (RCD) 今年的表现优于标普500 5 个百分点，这表明投资者仍然看好零售销售。</blockquote></p><p> “We’ve seen department stores and apparel and discretionary retailers really bounce back as soon as the economy reopened,” the NRF’s Shay says. “Department stores are always a popular destination for the holiday season, based on the consumer survey work we do....They continue to be at the top of the list of the places people shop this year.”</p><p><blockquote>“NRF 的 Shay 说：”我们已经看到，一旦经济重新开放，百货商店、服装和非必需品零售商就会真正反弹。“根据我们所做的消费者调查工作，百货商店一直是节日期间的热门目的地......今年，百货商店仍然是人们购物的首选场所”。</blockquote></p><p> All that said, analysts and investors alike remain confident of the role physical stores play, which might look different from their online counterparts, but they’re here to stay.</p><p><blockquote>尽管如此，分析师和投资者仍然对实体店所扮演的角色充满信心，实体店可能看起来与网上商店有所不同，但它们会一直存在下去。</blockquote></p><p> The verdict on whether the retail renaissance is sustainable in the long term isn’t in yet. Retailers are operating in a macroeconomic environment far from the norm, making any guesses even more speculative.</p><p><blockquote>零售业复兴是否具有长期可持续性尚未定论。零售商在远离常态的宏观经济环境中运营，这使得任何猜测都更加具有投机性。</blockquote></p><p> “I don’t think we have normal insight yet because there are just too many complexities throughout the business right now,” says Jefferies analyst Janine Stichter.</p><p><blockquote>“杰富瑞（Jefferies）分析师珍妮-斯蒂奇特（Janine Stichter）说：”我认为我们还没有正常的洞察力，因为现在整个行业有太多的复杂性。</blockquote></p><p> Companies are struggling to manage ongoing supply-chain concerns, inflationary pressures, and a persistent labor shortage, which are likely to bite into earnings despite all signs pointing to a strong holiday quarter. “The supply-chain issues, they’re real,” Horowitz says.</p><p><blockquote>企业正在努力应对持续的供应链担忧、通胀压力和持续的劳动力短缺，尽管所有迹象都表明假日季度将表现强劲，但这些问题可能会影响盈利。“霍洛维茨说：”供应链问题是真实存在的。</blockquote></p><p> Abercrombie is assuming a modest impact on sales due to supply-chain constraints, with even bigger impacts coming from freight inflation, the company said in its second-quarter earnings call.</p><p><blockquote>Abercrombie 在第二季度财报看涨期权中表示，由于供应链限制，预计对销售的影响不大，运费通胀的影响更大。</blockquote></p><p> To ease supply-chain pressures, retailers are encouraging consumers to start their shopping early—a trend that could skew end-of-year sales data, Citigroup’s Clark says. If shoppers pull their gift-buying forward, there could be a decline in November and December compared with previous years. “It’s not necessarily that spending is much weaker; it’s just that the distribution over months is different,” she says.</p><p><blockquote>花旗集团的克拉克说，为了缓解供应链压力，零售商鼓励消费者提前开始购物--这一趋势可能会扭曲年终销售数据。如果购物者提前购买礼物，与往年相比，11月和12月可能会有所下降。“她说：”支出并不一定会减弱很多，只是几个月的分布情况有所不同。</blockquote></p><p> On the flip side, low inventories will give retailers higher pricing power that can help offset supply-chain disruptions, Stichter says. While beneficial to retailers, this could drive prices up even more, says Sasha Tomic, an economist at Boston College.</p><p><blockquote>Stichter 表示，另一方面，低库存将赋予零售商更高的定价权，有助于抵消供应链中断。波士顿学院经济学家萨沙·托米奇表示，虽然这对零售商有利，但可能会进一步推高价格。</blockquote></p><p> Whatever the risks, strong performance won’t last forever, says Matthew Forester, chief investment officer at BNY Mellon’s Lockwood Advisors. “The U.S. economy, overall, is clearly slowing down,” he says. “And we’re going to slow down into the next year. Plus, as we get back to trend growth, that’s just what’s likely to happen.”</p><p><blockquote>纽约梅隆银行洛克伍德顾问公司首席投资官马修-福雷斯特（Matthew Forester）说，无论风险如何，强劲的业绩都不会永远持续下去。“他说：”总体而言，美国经济显然正在放缓。“明年我们将放缓。此外，随着我们恢复趋势增长，这也是很可能发生的事情。”</blockquote></p><p> The economy will eventually exit its euphoria as stimulus continues to dwindle, he says. And while the comedown might not be “terrible,” he says, it will still be a decline from where consumer spending is now.</p><p><blockquote>他说，随着刺激措施的继续减少，经济最终将退出欣喜若狂。他说，虽然下降可能并不 “可怕”，但与现在的消费者支出水平相比，仍将有所下降。</blockquote></p><p> Abercrombie, though, is powering through the headwinds with the help of its bricks-and-mortar stores. The company is planning to position more inventory in stores, and is routing e-commerce orders to stores as well as partnering with Uber, Shipt, and Postmates to offer same-day delivery.</p><p><blockquote>然而，阿伯克龙比正在其实体店的帮助下度过逆风。该公司正计划在商店放置更多库存，并将电子商务订单路由到商店，并与 Uber、Shipt 和 Postmates 合作提供当天送达服务。</blockquote></p><p> Other retailers have taken supply-chain solutions in their own hands. Specialty-apparel company American Eagle Outfitters (AEO) recently announced it was acquiring Quiet Logistics, an operator of automated distribution centers near city centers, just weeks after it bought AirTerra, which focuses on middle-mile logistics—the delivery of products from a warehouse to a retail store.</p><p><blockquote>其他零售商已经将供应链解决方案掌握在自己手中。特种服装公司 American Eagle Outfitters (AEO) 最近宣布收购 Quiet Logistics，这是一家在市中心附近运营自动化配送中心的运营商，就在几周前，AirTerra 专注于中英里物流（将产品从仓库运送到零售店）。</blockquote></p><p> “We’re going to just continue at it,” Horowitz says.</p><p><blockquote>“霍洛维茨说：”我们将继续努力。</blockquote></p><p> As retailers forge ahead, doomsayers might have to hold off on heralding a retail apocalypse. For now, the sentiment is clear: Consumers are rediscovering the joys of bricks-and-mortar shopping. The mall has become cool again.</p><p><blockquote>随着零售商继续前进，末日预言者可能不得不推迟预言零售世界末日。目前，人们的情绪很明确：消费者正在重新发现实体购物的乐趣。商场又凉了。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/macys-abercrombie-simon-property-retail-stocks-51636674171?mod=hp_HERO\">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":{"TPR":"Tapestry Inc.","ANF":"爱芬奇","BRBY.UK":"巴宝莉","BBRYF":"Burberry Group Plc","SIG":"西格内特珠宝","AMZN":"亚马逊","RCD":"READY CAPITAL CORPORATION 9.00% SENIOR NOTES DUE 2029","JWN":"诺德斯特龙","WMT":"沃尔玛","CAL":"Caleres鞋业","M":"梅西百货"},"source_url":"https://www.barrons.com/articles/macys-abercrombie-simon-property-retail-stocks-51636674171?mod=hp_HERO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159096163","content_text":"By the time the pandemic hit the U.S. economy, the outlook for Abercrombie & Fitch seemed dire.\nOnce a mall staple that captured the hearts and wallets of teenagers with stark, sexy advertising and dark, perfume-drenched stores, Abercrombie’s (ticker: ANF) stock price hit fresh lows in 2017. Shoppers’ distaste for the brand and a steady decrease in mall traffic clouded its future. Then, in March of 2020, the coronavirus began closing malls and stores across the country.\nThe retail apocalypse, it seemed, was about to claim another victim.\nBut something surprising happened on the way to the funeral: Abercrombie enjoyed one of its best years since its 2000s heyday. Under CEO Fran Horowitz, the company rebranded, putting out a more inclusive message and pivoting its focus toward young professionals while fine-tuning its Hollister brand for teenagers.\nRevenue increased 24% year over year in the company’s fiscal second quarter ended July 31, and 3% from prepandemic levels. Its stock is up 120% this year as shoppers flush with cash flock back to stores.\n“Perception of a brand is a hard thing to turn, and it takes time in order to build back trust with your consumer,” Horowitz says in an interview with Barron’s. “So, here we are happy to say in 2021 that we are seeing, obviously, the wonderful effects of all of that hard work.”\nAbercrombie isn’t the only retail brand that is coming into a new period of growth. Over the past year, many of America’s retailers have not only clawed their way out of the abyss, but have harnessed macroeconomic changes ushered in by the pandemic to propel themselves into an unexpected renaissance.\nBrands that successfully merged their bricks-and-mortar operations with digital strategies are seeing sales soar and stock prices rise, lifted by a strong market and consumers champing at the bit to spend their pandemic savings. The stock prices of many major mall-based retailers have soared, including Macy’s (M),Nordstrom (JWN), Famous Footwear parent Caleres (CAL), and Signet Jewelers (SIG), which all gained at least 100% in the past 12 months.\nThese companies are now poised to reap the benefits of a potentially record-setting holiday season. Consumers could spend $851 billion, a 9.5% increase from last year’s record $777 billion and more than twice the 4.4% average increase over the past five years, according to the National Retail Federation.\nNo one knows whether the party will last or whether these stores are simply capturing sales that would have happened in the future. Before retail sales normalize, companies need to navigate a host of supply-chain and inflationary pressures that could put a damper on holiday sales.\nBut the unexpected revival has reaffirmed the faith of many brands in the power of the physical stores. While still heavily investing in online operations, they are continuing to bet big on a bricks-and-mortar future. And as investments in physical stores continue, the demise of the bricks-and-mortar retailer that many once expected no longer seems so certain.\nWealthy households plan to spend an average $2,624 this holiday season, 15% more than last year.\nThe pandemic wasn’t exactly ideal for retailers, but it offered some unique opportunities. The problems were obvious. People were afraid to shop in person. Shoppers—even baby boomers—flocked online in unexpected numbers. Retail behemoths such as Amazon.com (AMZN) and Walmart (WMT) saw their best year ever.\n“The investor sentiment—especially from short term, hedge fund type investors—had just turned very negative on the group,” Columbia Threadneedle Investments retail analyst Mari Shor says. “I just think that investors weren’t really giving the companies, or the consumers, the benefit of the doubt.”\nShor says the doubt among investors was rooted in the notion that traditional retailers, both prepandemic and postpandemic, wouldn’t make it out alive.\nBut the pandemic gave retailers the rare chance to close poorly performing locations and focus on great ones. Many retailers also focused on getting better online, and shifted their sales strategies to target consumers wherever and whenever they wanted to shop—whether online, mobile, or in-store.\nIn one example of a company looking to fuel growth while connecting digital and in-store operations, the parent company of Saks Fifth Avenue spun out its e-commerce arm, which is now expected to go public with a target valuation of $6 billion.\nSuch approaches proved critical. Online and other non-store sales are expected to increase between 11% and 15% this holiday season, potentially reaching a high of $226 billion, according to National Retail Federation estimates.\n“We’d like to think that the pandemic not only accelerated the adoption of e-commerce around the world but also expanded the market,” says Pedro Palandrani, a research analyst at Global X who covers e-commerce.\nAbercrombie invested hundreds of millions of dollars in its digital strategy, emphasizing smooth transitions from digital to in-store experiences with initiatives such as improving the company’s website and instituting in-store returns and pickups for online purchases. The arrival of the pandemic prompted Abercrombie to close 130 stores worldwide and 50% of the brand’s flagships, bringing total store closures in the past 10 years to about 500, while strategically opening a few key new stores, Horowitz says.\n“Stores matter, but they have to be the right size, the right location, and the right economics,” she says. “You put that together with the digital and it equals magic.”\nNot only are physical stores cost-effective ways to draw in-person shoppers, but they also can serve as crucial distribution centers for online pickups and returns, as well as local shipping, says B. Riley Securities analyst Susan Anderson. In recent years, even online retailers such as Warby Parker (WRBY) have expanded their physical presence to accommodate shopper preferences. “The consumer wants to shop when and where they want to,” Anderson says.\nThat behavior can evolve in unexpected ways. Malls and physical stores are growing in popularity among digitally savvy teenagers and young adults.\nAccording to a survey of 1,000 shoppers earlier this year commissioned by BHDP, a design firm that counts retail among its specialties, 55% of 14-to-17 year olds say they are now shopping at indoor malls, and 90% plan to head to a mall in the next year. The 18-to-24-year-old shoppers surveyed are also back at the mall, trying on products, using in-store promotions, and making returns. Such shifts have led retailers to ditch old views and assumptions about specific demographics, says Rod Sides, vice chairman of U.S. retail and distribution at Deloitte.\nThe shifts in strategy during the pandemic put many retailers in a better position for the reopening of malls and downtowns this year—and shoppers were eager to open their wallets.\nDuring the pandemic, some consumers became unexpectedly flush. They got stimulus payments, saved up from a decline in travel expenses, and saw the markets soar. Today, consumer savings at all income levels are at or near a record. Wealthy households are planning to spend 15% more than last year this holiday season, averaging $2,624 per household and driving much of the season’s growth, an annual Deloitte study found.\n“You got a lot of cash and there’s a fair amount of pent-up demand,” says Mark Zandi, chief economist at Moody’s Analytics.\nRetail and food-services sales increased to an estimated $625 billion in September, up 0.7% from October and 13.9% year over year, according to the U.S. Census Bureau. Sales in retail alone rose 0.8% from August. “We were expecting that you’d see some pullback in September, and we didn’t,” says Citigroup economist Veronica Clark.\nRetailers are much healthier than they were a decade ago heading into the holiday season, Matthew Shay, president and CEO of the National Retail Federation, said in a media briefing in October. A yearly Mastercard spending index forecasts U.S. retail sales to increase 7.4% this season, with significant gains in apparel, department stores, jewelry, and luxury items.\nLuxury retailer Burberry Group (BRBY.UK), known for its tartan fabric and scarves, said this past week that comparable sales for its first half of fiscal 2022 rose 37%, and that full-price sales are growing at a double-digit rate. And Tapestry (TPR), the parent company of Coach, posted better-than-expected fiscal first-quarter earnings, raising its outlook for 2022 sales and profits.\nSome analysts are bullish on the retail sector, with Cowen saying that “many of the luxury brands have successfully been able to take price increases and will likely benefit from the historically strong consumer balance sheets in the U.S. and internationally.” Wolfe Research favors Nordstrom and Tapestry, among others, with analysts writing in a note that “nearly all the major drivers of U.S. consumer spending favor the high end.”\nMeanwhile, more Americans started coming out to the mall. Placer.ai mall-traffic statistics show that foot traffic for indoor malls was up 3% in October compared with 2019 levels, and traffic for outdoor malls was up 5%—one of the reasons mall stores are seeing their stocks soar. Simon Property Group (SPG), which owns the malls themselves, saw its stock gain about 90% in 2021.\n“With the combination of more individuals becoming fully vaccinated, paired with many shopping early for the coming holiday season due to supply-chain concerns, we have seen a steady rise in foot traffic since July,” says Lindsay Petak, senior marketing manager for Tysons Corner Center in the Washington region. The mall is owned by Macerich (MAC), which also has seen its share price nearly double this year.\nAll of this added to a stock run-up for the ages for beaten-down retailers. Over the past year, the SPDR S&P Retail exchanged-trade fund (XRT) was up 85%, while the S&P 500 rose 33%. The Invesco S&P 500 Equal Weight Consumer Discretionary ETF (RCD) has outperformed the S&P 500 by five percentage points this year, a sign that investors remain bullish on retail sales.\n“We’ve seen department stores and apparel and discretionary retailers really bounce back as soon as the economy reopened,” the NRF’s Shay says. “Department stores are always a popular destination for the holiday season, based on the consumer survey work we do....They continue to be at the top of the list of the places people shop this year.”\nAll that said, analysts and investors alike remain confident of the role physical stores play, which might look different from their online counterparts, but they’re here to stay.\nThe verdict on whether the retail renaissance is sustainable in the long term isn’t in yet. Retailers are operating in a macroeconomic environment far from the norm, making any guesses even more speculative.\n“I don’t think we have normal insight yet because there are just too many complexities throughout the business right now,” says Jefferies analyst Janine Stichter.\nCompanies are struggling to manage ongoing supply-chain concerns, inflationary pressures, and a persistent labor shortage, which are likely to bite into earnings despite all signs pointing to a strong holiday quarter. “The supply-chain issues, they’re real,” Horowitz says.\nAbercrombie is assuming a modest impact on sales due to supply-chain constraints, with even bigger impacts coming from freight inflation, the company said in its second-quarter earnings call.\nTo ease supply-chain pressures, retailers are encouraging consumers to start their shopping early—a trend that could skew end-of-year sales data, Citigroup’s Clark says. If shoppers pull their gift-buying forward, there could be a decline in November and December compared with previous years. “It’s not necessarily that spending is much weaker; it’s just that the distribution over months is different,” she says.\nOn the flip side, low inventories will give retailers higher pricing power that can help offset supply-chain disruptions, Stichter says. While beneficial to retailers, this could drive prices up even more, says Sasha Tomic, an economist at Boston College.\nWhatever the risks, strong performance won’t last forever, says Matthew Forester, chief investment officer at BNY Mellon’s Lockwood Advisors. “The U.S. economy, overall, is clearly slowing down,” he says. “And we’re going to slow down into the next year. Plus, as we get back to trend growth, that’s just what’s likely to happen.”\nThe economy will eventually exit its euphoria as stimulus continues to dwindle, he says. And while the comedown might not be “terrible,” he says, it will still be a decline from where consumer spending is now.\nAbercrombie, though, is powering through the headwinds with the help of its bricks-and-mortar stores. The company is planning to position more inventory in stores, and is routing e-commerce orders to stores as well as partnering with Uber, Shipt, and Postmates to offer same-day delivery.\nOther retailers have taken supply-chain solutions in their own hands. Specialty-apparel company American Eagle Outfitters (AEO) recently announced it was acquiring Quiet Logistics, an operator of automated distribution centers near city centers, just weeks after it bought AirTerra, which focuses on middle-mile logistics—the delivery of products from a warehouse to a retail store.\n“We’re going to just continue at it,” Horowitz says.\nAs retailers forge ahead, doomsayers might have to hold off on heralding a retail apocalypse. For now, the sentiment is clear: Consumers are rediscovering the joys of bricks-and-mortar shopping. 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We Looked at the Math.<blockquote>分析师表示，特斯拉股票被高估了 1 万亿美元。我们看了数学。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180620689","media":"Barrons","summary":"Tesla‘s market capitalization recently moved well past $1 trillion, but the independent investment-r","content":"<p>Tesla‘s market capitalization recently moved well past $1 trillion, but the independent investment-research firm New Constructs believes the company is overvalued by roughly $1 trillion of that. The firm’s CEO, David Trainer, says Tesla shares could fall as much as 88%, to roughly $150 a share.</p><p><blockquote>特斯拉的市值最近远远超过1万亿美元，但独立投资研究公司New Constructs认为，该公司被高估了约1万亿美元。该公司首席执行官大卫-特雷纳（David Trainer）表示，特斯拉的股价可能会下跌 88%，至每股约 150 美元。</blockquote></p><p> His argument, which isn’t the first extreme bear or bull case Tesla (ticker: TSLA) investors have had to weigh, is mainly based on math.</p><p><blockquote>他的论点主要基于数学，这并不是特斯拉（股票代码：TSLA）投资者第一次不得不权衡的极端熊市或牛市案例。</blockquote></p><p> Tesla stock, which has risen about 57% over the past month, was little changed in premarket trading Friday after gaining up 1.3% Thursday afternoon, while the&nbsp;S&amp;P 500&nbsp;advanced 0.4% and the&nbsp;Dow Jones Industrial Average&nbsp;finished off 0.1%. Strong third-quarter deliveries, earnings, and a sale of 100,000 vehicles to the rental-car company&nbsp;Hertz&nbsp;(HTZZ) have sent the stock through the roof.</p><p><blockquote>特斯拉股价在过去一个月上涨了约 57%，在周四下午上涨 1.3% 后，周五盘前交易中几乎没有变化，而标普500指数上涨 0.4%，道琼斯工业平均指数收盘下跌 0.1%。强劲的第三季度交付量、盈利以及向汽车租赁公司赫兹 (HTZZ) 出售 10 万辆汽车，使该股飙升。</blockquote></p><p> Today, Tesla is worth roughly $1.2 trillion–a figure Trainer says makes no sense. Tesla didn’t immediately respond to a request for comment.</p><p><blockquote>如今，特斯拉的身价约为 1.2 万亿美元——一位数字培训师表示，这个数字毫无意义。特斯拉没有立即回应置评请求。</blockquote></p><p> “The $1.2 trillion valuation implies Tesla owns 118% of the entire global passenger EV market and becomes more profitable than&nbsp;Apple&nbsp;[AAPL] by 2030,” wrote Trainer in a Thursday report. His work looked at what kind of sales and earnings the company would have to achieve to be worth that much.</p><p><blockquote>“Trainer 在周四的一份报告中写道：”1.2 万亿美元的估值意味着特斯拉拥有整个全球乘用车电动汽车市场 118% 的份额，到 2030 年，其盈利能力将超过苹果（AAPL）。他的工作着眼于公司必须实现什么样的销售额和收益才有价值。</blockquote></p><p> Trainer believes Tesla would have to sell almost 31 million vehicles in 2030 to justify the current valuation. That is more than he expects the entire industry to produce, based on figures from the International Energy Agency. The base case in the IEA’s 2021 outlook for electric vehicles projects annual global sales of about 28 million EVs at the end of the decade.</p><p><blockquote>Trainer 认为，特斯拉必须在 2030 年销售近 3100 万辆汽车才能证明当前估值的合理性。根据国际能源署的数据，这超出了他对整个行业产量的预期。国际能源署 2021 年电动汽车展望的基本假设预计，到本十年末，全球电动汽车年销量将达到约 2800 万辆。</blockquote></p><p> To be sure, that IEA report was published in April, before many auto makers committed to spending billions of dollars on vehicle electrification and battery-production capacity. It was in August that President Joe Biden announced his <a href=\"https://www.marketwatch.com/articles/tesla-musk-biden-ev-stock-51628202850\" target=\"_blank\">goal for EVs</a> to account for 50% of new-car sales by 2030. And the IEA report includes a best-case scenario with about 47 million EVs sold around the world annually by 2030.</p><p><blockquote>可以肯定的是，IEA 报告是在 4 月份发布的，当时许多汽车制造商承诺在汽车电气化和电池产能上花费数十亿美元。八月，乔·拜登总统宣布了他的<a href=\"https://www.marketwatch.com/articles/tesla-musk-biden-ev-stock-51628202850\" target=\"_blank\">电动汽车目标</a>到2030年，占新车销量的50%。IEA 报告包括一个最佳情况，到 2030 年，全球每年售出约 4700 万辆电动汽车。</blockquote></p><p> There are, of course, Tesla bulls, and most of them don’t believe Tesla is going to sell 31 million cars a year by 2030. Morgan Stanley’s Adam Jonas, who rates the stock at Buy and has a $1,200 price target for shares, predicts annual sales of about 8 million units by then.</p><p><blockquote>当然，也有特斯拉的看涨者，他们中的大多数人都不相信特斯拉到 2030 年每年能卖出 3100 万辆汽车。摩根士丹利的亚当-乔纳斯（Adam Jonas）将该股评级为买入，目标价为 1200 美元，他预测届时年销量约为 800 万股。</blockquote></p><p> Jonas believes Tesla will be more profitable than traditional auto makers. But Trainer assumes that Tesla will have operating profit margins in line with those of General Motors&nbsp;(GM). With 31 million vehicles sold, that might mean Tesla earns $131 billion in 2030 operating profit, higher than the $100 billion-plus Apple is pulling in now, he said.</p><p><blockquote>Jonas相信特斯拉将比传统汽车制造商更有利可图。但特雷纳认为，特斯拉的营业利润率将与通用汽车 (GM) 持平。他表示，随着汽车销量的 3100 万辆，这可能意味着特斯拉到 2030 年将获得 1310 亿美元的营业利润，高于苹果目前的 1000 多亿美元。</blockquote></p><p> But if Jonas’s call for Tesla to sell 8 million vehicles in 2030 is correct, Trainer said, that would yield earnings of about $30 billion annually, assuming Elon Musk’s company only matches GM’s net operating after-tax profit margin of 8.5%.</p><p><blockquote>但 Trainer 说，如果 Jonas 对特斯拉 2030 年销售 800 万辆汽车的看涨期权是正确的，那么假设埃隆-马斯克（Elon Musk）的公司仅与通用汽车 8.5% 的税后净营业利润率相当，那么每年将产生约 300 亿美元的收益。</blockquote></p><p> Recently, of course, some of Tesla’s profit margins have been industry-leading, which is no surprise given the popularity of the vehicles and the fact that the company doesn’t have the pension obligations its older rivals face. Third-quarter gross margins exceeded GM’s,Ford Motor‘s (F), and&nbsp;Volkswagen’s&nbsp;(VOW3. Germany), to name a few.</p><p><blockquote>当然，最近特斯拉的一些利润率一直处于行业领先地位，考虑到这些汽车的受欢迎程度，而且该公司没有老竞争对手所面临的养老金义务，这并不奇怪。第三季度的毛利率超过了通用汽车、福特汽车（F）和大众汽车（VOW3. 德国）等公司。</blockquote></p><p> Longer-term margins are hard to predict, though Trainer told <i>Barron’s</i> he thinks his assumption is fair. They depend on factors such as software sales—all auto makers are offering software-enabled features that can be sold on subscriptions—as well as battery costs.</p><p><blockquote>尽管培训师表示，长期利润率很难预测<i>巴伦</i>他认为他的假设是公平的。它们取决于软件销售（所有汽车制造商都提供可以通过订阅销售的软件功能）以及电池成本等因素。</blockquote></p><p> “Putting it all together: Tesla provides poor risk/reward,” Trainer wrote.</p><p><blockquote>“综合来看： 特斯拉提供的风险/回报很低，”Trainer 写道。</blockquote></p><p> His arguments are unlikely to sway the many bulls who follow the stock. There are 14 analysts, almost one-third of the 44 Bloomberg tracks, with target prices that value Tesla at $1 trillion or more.</p><p><blockquote>他的论点不太可能动摇许多关注该股的多头。有 14 位分析师，几乎占彭博 44 家分析师的三分之一，他们的目标价对特斯拉的估值为 1 万亿美元或更多。</blockquote></p><p> The bulls believe Tesla is the EV leader and will increase its sales and production volume at 50% a year on average for the foreseeable future. They also believe EVs will be more profitable than traditional vehicles and that Tesla will maintain its cost leadership. Many bulls also believe that Tesla’s power-storage business, plus a robotaxi operation it could launch if it succeeds in developing self-driving cars, will generate significant sales.</p><p><blockquote>看涨者认为特斯拉是电动汽车的领导者，在可预见的未来，其销量和产量将平均每年增长 50%。他们还相信电动汽车将比传统汽车更有利可图，并且特斯拉将保持其成本领先地位。许多看涨者还认为，特斯拉的储能业务，加上如果成功开发自动驾驶汽车，可能会推出的机器人出租车业务，将带来可观的销售额。</blockquote></p><p> Time will tell who is right. The bulls are feeling good these days given Tesla’s strong results. And the bears are staring agape at the stock’s valuation, which essentially matches all of the world’s traditional auto makers combined.</p><p><blockquote>时间会证明谁是对的。鉴于特斯拉的强劲成绩，公牛队最近感觉很好。空头们正目不转睛地盯着该股的估值，该股的估值基本上相当于全球所有传统汽车制造商的估值总和。</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>Tesla Stock Is Overvalued by $1 Trillion, Analyst Says. We Looked at the Math.<blockquote>分析师表示，特斯拉股票被高估了 1 万亿美元。我们看了数学。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Stock Is Overvalued by $1 Trillion, Analyst Says. We Looked at the Math.<blockquote>分析师表示，特斯拉股票被高估了 1 万亿美元。我们看了数学。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-11-05 19:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tesla‘s market capitalization recently moved well past $1 trillion, but the independent investment-research firm New Constructs believes the company is overvalued by roughly $1 trillion of that. The firm’s CEO, David Trainer, says Tesla shares could fall as much as 88%, to roughly $150 a share.</p><p><blockquote>特斯拉的市值最近远远超过1万亿美元，但独立投资研究公司New Constructs认为，该公司被高估了约1万亿美元。该公司首席执行官大卫-特雷纳（David Trainer）表示，特斯拉的股价可能会下跌 88%，至每股约 150 美元。</blockquote></p><p> His argument, which isn’t the first extreme bear or bull case Tesla (ticker: TSLA) investors have had to weigh, is mainly based on math.</p><p><blockquote>他的论点主要基于数学，这并不是特斯拉（股票代码：TSLA）投资者第一次不得不权衡的极端熊市或牛市案例。</blockquote></p><p> Tesla stock, which has risen about 57% over the past month, was little changed in premarket trading Friday after gaining up 1.3% Thursday afternoon, while the&nbsp;S&amp;P 500&nbsp;advanced 0.4% and the&nbsp;Dow Jones Industrial Average&nbsp;finished off 0.1%. Strong third-quarter deliveries, earnings, and a sale of 100,000 vehicles to the rental-car company&nbsp;Hertz&nbsp;(HTZZ) have sent the stock through the roof.</p><p><blockquote>特斯拉股价在过去一个月上涨了约 57%，在周四下午上涨 1.3% 后，周五盘前交易中几乎没有变化，而标普500指数上涨 0.4%，道琼斯工业平均指数收盘下跌 0.1%。强劲的第三季度交付量、盈利以及向汽车租赁公司赫兹 (HTZZ) 出售 10 万辆汽车，使该股飙升。</blockquote></p><p> Today, Tesla is worth roughly $1.2 trillion–a figure Trainer says makes no sense. Tesla didn’t immediately respond to a request for comment.</p><p><blockquote>如今，特斯拉的身价约为 1.2 万亿美元——一位数字培训师表示，这个数字毫无意义。特斯拉没有立即回应置评请求。</blockquote></p><p> “The $1.2 trillion valuation implies Tesla owns 118% of the entire global passenger EV market and becomes more profitable than&nbsp;Apple&nbsp;[AAPL] by 2030,” wrote Trainer in a Thursday report. His work looked at what kind of sales and earnings the company would have to achieve to be worth that much.</p><p><blockquote>“Trainer 在周四的一份报告中写道：”1.2 万亿美元的估值意味着特斯拉拥有整个全球乘用车电动汽车市场 118% 的份额，到 2030 年，其盈利能力将超过苹果（AAPL）。他的工作着眼于公司必须实现什么样的销售额和收益才有价值。</blockquote></p><p> Trainer believes Tesla would have to sell almost 31 million vehicles in 2030 to justify the current valuation. That is more than he expects the entire industry to produce, based on figures from the International Energy Agency. The base case in the IEA’s 2021 outlook for electric vehicles projects annual global sales of about 28 million EVs at the end of the decade.</p><p><blockquote>Trainer 认为，特斯拉必须在 2030 年销售近 3100 万辆汽车才能证明当前估值的合理性。根据国际能源署的数据，这超出了他对整个行业产量的预期。国际能源署 2021 年电动汽车展望的基本假设预计，到本十年末，全球电动汽车年销量将达到约 2800 万辆。</blockquote></p><p> To be sure, that IEA report was published in April, before many auto makers committed to spending billions of dollars on vehicle electrification and battery-production capacity. It was in August that President Joe Biden announced his <a href=\"https://www.marketwatch.com/articles/tesla-musk-biden-ev-stock-51628202850\" target=\"_blank\">goal for EVs</a> to account for 50% of new-car sales by 2030. And the IEA report includes a best-case scenario with about 47 million EVs sold around the world annually by 2030.</p><p><blockquote>可以肯定的是，IEA 报告是在 4 月份发布的，当时许多汽车制造商承诺在汽车电气化和电池产能上花费数十亿美元。八月，乔·拜登总统宣布了他的<a href=\"https://www.marketwatch.com/articles/tesla-musk-biden-ev-stock-51628202850\" target=\"_blank\">电动汽车目标</a>到2030年，占新车销量的50%。IEA 报告包括一个最佳情况，到 2030 年，全球每年售出约 4700 万辆电动汽车。</blockquote></p><p> There are, of course, Tesla bulls, and most of them don’t believe Tesla is going to sell 31 million cars a year by 2030. Morgan Stanley’s Adam Jonas, who rates the stock at Buy and has a $1,200 price target for shares, predicts annual sales of about 8 million units by then.</p><p><blockquote>当然，也有特斯拉的看涨者，他们中的大多数人都不相信特斯拉到 2030 年每年能卖出 3100 万辆汽车。摩根士丹利的亚当-乔纳斯（Adam Jonas）将该股评级为买入，目标价为 1200 美元，他预测届时年销量约为 800 万股。</blockquote></p><p> Jonas believes Tesla will be more profitable than traditional auto makers. But Trainer assumes that Tesla will have operating profit margins in line with those of General Motors&nbsp;(GM). With 31 million vehicles sold, that might mean Tesla earns $131 billion in 2030 operating profit, higher than the $100 billion-plus Apple is pulling in now, he said.</p><p><blockquote>Jonas相信特斯拉将比传统汽车制造商更有利可图。但特雷纳认为，特斯拉的营业利润率将与通用汽车 (GM) 持平。他表示，随着汽车销量的 3100 万辆，这可能意味着特斯拉到 2030 年将获得 1310 亿美元的营业利润，高于苹果目前的 1000 多亿美元。</blockquote></p><p> But if Jonas’s call for Tesla to sell 8 million vehicles in 2030 is correct, Trainer said, that would yield earnings of about $30 billion annually, assuming Elon Musk’s company only matches GM’s net operating after-tax profit margin of 8.5%.</p><p><blockquote>但 Trainer 说，如果 Jonas 对特斯拉 2030 年销售 800 万辆汽车的看涨期权是正确的，那么假设埃隆-马斯克（Elon Musk）的公司仅与通用汽车 8.5% 的税后净营业利润率相当，那么每年将产生约 300 亿美元的收益。</blockquote></p><p> Recently, of course, some of Tesla’s profit margins have been industry-leading, which is no surprise given the popularity of the vehicles and the fact that the company doesn’t have the pension obligations its older rivals face. Third-quarter gross margins exceeded GM’s,Ford Motor‘s (F), and&nbsp;Volkswagen’s&nbsp;(VOW3. Germany), to name a few.</p><p><blockquote>当然，最近特斯拉的一些利润率一直处于行业领先地位，考虑到这些汽车的受欢迎程度，而且该公司没有老竞争对手所面临的养老金义务，这并不奇怪。第三季度的毛利率超过了通用汽车、福特汽车（F）和大众汽车（VOW3. 德国）等公司。</blockquote></p><p> Longer-term margins are hard to predict, though Trainer told <i>Barron’s</i> he thinks his assumption is fair. They depend on factors such as software sales—all auto makers are offering software-enabled features that can be sold on subscriptions—as well as battery costs.</p><p><blockquote>尽管培训师表示，长期利润率很难预测<i>巴伦</i>他认为他的假设是公平的。它们取决于软件销售（所有汽车制造商都提供可以通过订阅销售的软件功能）以及电池成本等因素。</blockquote></p><p> “Putting it all together: Tesla provides poor risk/reward,” Trainer wrote.</p><p><blockquote>“综合来看： 特斯拉提供的风险/回报很低，”Trainer 写道。</blockquote></p><p> His arguments are unlikely to sway the many bulls who follow the stock. There are 14 analysts, almost one-third of the 44 Bloomberg tracks, with target prices that value Tesla at $1 trillion or more.</p><p><blockquote>他的论点不太可能动摇许多关注该股的多头。有 14 位分析师，几乎占彭博 44 家分析师的三分之一，他们的目标价对特斯拉的估值为 1 万亿美元或更多。</blockquote></p><p> The bulls believe Tesla is the EV leader and will increase its sales and production volume at 50% a year on average for the foreseeable future. They also believe EVs will be more profitable than traditional vehicles and that Tesla will maintain its cost leadership. Many bulls also believe that Tesla’s power-storage business, plus a robotaxi operation it could launch if it succeeds in developing self-driving cars, will generate significant sales.</p><p><blockquote>看涨者认为特斯拉是电动汽车的领导者，在可预见的未来，其销量和产量将平均每年增长 50%。他们还相信电动汽车将比传统汽车更有利可图，并且特斯拉将保持其成本领先地位。许多看涨者还认为，特斯拉的储能业务，加上如果成功开发自动驾驶汽车，可能会推出的机器人出租车业务，将带来可观的销售额。</blockquote></p><p> Time will tell who is right. The bulls are feeling good these days given Tesla’s strong results. And the bears are staring agape at the stock’s valuation, which essentially matches all of the world’s traditional auto makers combined.</p><p><blockquote>时间会证明谁是对的。鉴于特斯拉的强劲成绩，公牛队最近感觉很好。空头们正目不转睛地盯着该股的估值，该股的估值基本上相当于全球所有传统汽车制造商的估值总和。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-stock-overvalued-1-trillion-51636053056?mod=hp_LATEST\">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":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-stock-overvalued-1-trillion-51636053056?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180620689","content_text":"Tesla‘s market capitalization recently moved well past $1 trillion, but the independent investment-research firm New Constructs believes the company is overvalued by roughly $1 trillion of that. The firm’s CEO, David Trainer, says Tesla shares could fall as much as 88%, to roughly $150 a share.\nHis argument, which isn’t the first extreme bear or bull case Tesla (ticker: TSLA) investors have had to weigh, is mainly based on math.\nTesla stock, which has risen about 57% over the past month, was little changed in premarket trading Friday after gaining up 1.3% Thursday afternoon, while the S&P 500 advanced 0.4% and the Dow Jones Industrial Average finished off 0.1%. Strong third-quarter deliveries, earnings, and a sale of 100,000 vehicles to the rental-car company Hertz (HTZZ) have sent the stock through the roof.\nToday, Tesla is worth roughly $1.2 trillion–a figure Trainer says makes no sense. Tesla didn’t immediately respond to a request for comment.\n“The $1.2 trillion valuation implies Tesla owns 118% of the entire global passenger EV market and becomes more profitable than Apple [AAPL] by 2030,” wrote Trainer in a Thursday report. His work looked at what kind of sales and earnings the company would have to achieve to be worth that much.\nTrainer believes Tesla would have to sell almost 31 million vehicles in 2030 to justify the current valuation. That is more than he expects the entire industry to produce, based on figures from the International Energy Agency. The base case in the IEA’s 2021 outlook for electric vehicles projects annual global sales of about 28 million EVs at the end of the decade.\nTo be sure, that IEA report was published in April, before many auto makers committed to spending billions of dollars on vehicle electrification and battery-production capacity. It was in August that President Joe Biden announced his goal for EVs to account for 50% of new-car sales by 2030. And the IEA report includes a best-case scenario with about 47 million EVs sold around the world annually by 2030.\nThere are, of course, Tesla bulls, and most of them don’t believe Tesla is going to sell 31 million cars a year by 2030. Morgan Stanley’s Adam Jonas, who rates the stock at Buy and has a $1,200 price target for shares, predicts annual sales of about 8 million units by then.\nJonas believes Tesla will be more profitable than traditional auto makers. But Trainer assumes that Tesla will have operating profit margins in line with those of General Motors (GM). With 31 million vehicles sold, that might mean Tesla earns $131 billion in 2030 operating profit, higher than the $100 billion-plus Apple is pulling in now, he said.\nBut if Jonas’s call for Tesla to sell 8 million vehicles in 2030 is correct, Trainer said, that would yield earnings of about $30 billion annually, assuming Elon Musk’s company only matches GM’s net operating after-tax profit margin of 8.5%.\nRecently, of course, some of Tesla’s profit margins have been industry-leading, which is no surprise given the popularity of the vehicles and the fact that the company doesn’t have the pension obligations its older rivals face. Third-quarter gross margins exceeded GM’s,Ford Motor‘s (F), and Volkswagen’s (VOW3. Germany), to name a few.\nLonger-term margins are hard to predict, though Trainer told Barron’s he thinks his assumption is fair. They depend on factors such as software sales—all auto makers are offering software-enabled features that can be sold on subscriptions—as well as battery costs.\n“Putting it all together: Tesla provides poor risk/reward,” Trainer wrote.\nHis arguments are unlikely to sway the many bulls who follow the stock. There are 14 analysts, almost one-third of the 44 Bloomberg tracks, with target prices that value Tesla at $1 trillion or more.\nThe bulls believe Tesla is the EV leader and will increase its sales and production volume at 50% a year on average for the foreseeable future. They also believe EVs will be more profitable than traditional vehicles and that Tesla will maintain its cost leadership. Many bulls also believe that Tesla’s power-storage business, plus a robotaxi operation it could launch if it succeeds in developing self-driving cars, will generate significant sales.\nTime will tell who is right. The bulls are feeling good these days given Tesla’s strong results. And the bears are staring agape at the stock’s valuation, which essentially matches all of the world’s traditional auto makers combined.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":716,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":841197114,"gmtCreate":1635895029447,"gmtModify":1635895087673,"author":{"id":"4094449094178220","authorId":"4094449094178220","name":"Peithebest","avatar":"https://static.tigerbbs.com/cccac1948bda49bf1970a525922fbe42","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4094449094178220","authorIdStr":"4094449094178220"},"themes":[],"title":"","htmlText":"[Miser]&nbsp;","listText":"[Miser]&nbsp;","text":"[Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/841197114","repostId":"2180643782","repostType":4,"isVote":1,"tweetType":1,"viewCount":711,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":840023327,"gmtCreate":1635570227981,"gmtModify":1635570227981,"author":{"id":"4094449094178220","authorId":"4094449094178220","name":"Peithebest","avatar":"https://static.tigerbbs.com/cccac1948bda49bf1970a525922fbe42","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4094449094178220","authorIdStr":"4094449094178220"},"themes":[],"title":"","htmlText":"[Miser]&nbsp;","listText":"[Miser]&nbsp;","text":"[Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/840023327","repostId":"2179241322","repostType":4,"isVote":1,"tweetType":1,"viewCount":1199,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":854245059,"gmtCreate":1635465371734,"gmtModify":1635465371807,"author":{"id":"4094449094178220","authorId":"4094449094178220","name":"Peithebest","avatar":"https://static.tigerbbs.com/cccac1948bda49bf1970a525922fbe42","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4094449094178220","authorIdStr":"4094449094178220"},"themes":[],"title":"","htmlText":"[Facepalm]&nbsp;","listText":"[Facepalm]&nbsp;","text":"[Facepalm]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/854245059","repostId":"1197599551","repostType":4,"repost":{"id":"1197599551","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1635461289,"share":"https://www.laohunote.com/m/news/1197599551?lang=zh_CN&edition=full","pubTime":"2021-10-29 06:48","market":"us","language":"en","title":"Amazon badly misses on earnings and revenue, gives disappointing guidance<blockquote>亚马逊的盈利和收入严重低迷，给出的指引令人失望</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1197599551","media":"Tiger Newspress","summary":"Amazon shares dropped more than 4% in extended trading on Thursday after the company reported weaker","content":"<p>Amazon&nbsp;shares dropped more than 4% in extended trading on Thursday after the company&nbsp;reported&nbsp;weaker-than-expected results for the third quarter and delivered disappointing guidance for the critical holiday period.</p><p><blockquote>亚马逊股价在周四盘后交易中下跌超过 4%，此前该公司公布的第三季度业绩弱于预期，并为关键假期期间提供了令人失望的指引。</blockquote></p><p> <ul>  <li><b>Earnings:</b>$6.12 vs $8.92 per share expected, according to analysts surveyed by Refinitiv</li>  <li><b>Revenue:</b>$110.81 billion vs $111.6 billion expected, according to analysts surveyed by Refinitiv</li> </ul> <img src=\"https://static.tigerbbs.com/33b2c00e116cbf6cb68edeaf56f48177\" tg-width=\"847\" tg-height=\"621\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li><b>收益：</b>路孚特调查的分析师表示，预计每股股价为 6.12 美元，而预计为 8.92 美元</li><li><b>收入：</b>路孚特调查的分析师表示，1108.1 亿美元，而预期为 1116 亿美元</li></ul></blockquote></p><p> Amazon&nbsp;is reckoning with decelerating sales growth as consumers go back to physical stores and the company faces supply chain challenges. Revenue in the third quarter rose 15%, down from 37% growth in the same period a year ago.</p><p><blockquote>随着消费者重返实体店以及该公司面临供应链挑战，亚马逊正在考虑销售增长放缓。第三季度收入增长15%，低于去年同期37%的增长率。</blockquote></p><p> For the fourth quarter, Amazon forecast sales between $130 billion and $140 billion, representing growth between 4% and 12%. Analysts surveyed by FactSet were expecting revenue to rise 13.2% year-over-year to $142.1 billion.</p><p><blockquote>亚马逊预计第四季度销售额将在 1300 亿美元至 1400 亿美元之间，增长率在 4% 至 12% 之间。FactSet 调查的分析师预计收入将同比增长 13.2%，达到 1,421 亿美元。</blockquote></p><p> Amazon.com Inc&nbsp;on Thursday reported a slump in profit that it expects will continue through the holiday quarter, as higher wages and spending to attract workers diminish the company's windfall from online shopping.</p><p><blockquote>亚马逊周四报告称，由于工资上涨和吸引工人的支出减少了该公司网上购物带来的意外之财，预计利润下滑将持续到假日季度。</blockquote></p><p> After a year of blockbuster results, the world's largest online retailer is facing a tougher outlook. In a tight labor market, it has boosted average U.S. warehouse pay to $18 per hour and marketed ever bigger signing bonuses to attract blue-collar staff it needs to keep its high-turnover operation humming.</p><p><blockquote>在经历了一年的重磅业绩后，这家全球最大的在线零售商面临着更加严峻的前景。在劳动力市场紧张的情况下，该公司将美国仓库平均工资提高到每小时 18 美元，并推出了更高的签约奖金，以吸引维持高流动率运营所需的蓝领员工。</blockquote></p><p> The company meanwhile is contending with global supply chain disruptions. It has doubled its container processing ability, expanded its delivery service partner program and has ramped up its warehouse investments - all at a noteworthy cost.</p><p><blockquote>与此同时，该公司正在应对全球供应链中断。它将集装箱处理能力提高了一倍，扩大了交付服务合作伙伴计划，并增加了仓库投资——所有这些都付出了值得注意的代价。</blockquote></p><p> The company said it expects operating profit for the current quarter to be between $0 and $3.0 billion, short of $6.9 billion Amazon posted the year prior. In the just-ended third quarter, net income fell by about 50% to $3.16 billion, a first since the start of the coronavirus pandemic in the United States.</p><p><blockquote>该公司表示，预计本季度营业利润将在 0 至 30 亿美元之间，低于亚马逊上年公布的 69 亿美元。在刚刚结束的第三季度，净利润下降了约50%，至31.6亿美元，这是自美国冠状病毒大流行开始以来的首次。</blockquote></p><p> Andy Jassy, who took the helm of Amazon as CEO in July, said in a statement the company would incur several billion dollars of extra expenses in its consumer business to deal with higher shipping costs, increased wages and labor shortages.</p><p><blockquote>7 月份接任亚马逊首席执行官的安迪·贾西 (Andy Jassy) 在一份声明中表示，该公司将在消费者业务中产生数十亿美元的额外费用，以应对更高的运输成本、工资上涨和劳动力短缺。</blockquote></p><p> Amazon is \"doing whatever it takes to minimize the impact on customers and selling partners this holiday season,\" he said. \"It'll be expensive for us in the short term, but it's the right prioritization for our customers and partners.\"</p><p><blockquote>他说，亚马逊“正在尽一切努力尽量减少这个假期对客户和销售合作伙伴的影响”。“短期内这对我们来说会很昂贵，但对于我们的客户和合作伙伴来说，这是正确的优先事项。”</blockquote></p><p> The retailer has strived to prevent a repeat of the 2013 season when delays left some without presents on Christmas Day.</p><p><blockquote>该零售商一直在努力防止2013年的重演，当时延误导致一些人在圣诞节没有礼物。</blockquote></p><p> Retailers are facing supply constraints on everything from toys and Nike sneakers to laptops, making it difficult for them to stock their shelves.</p><p><blockquote>从玩具、耐克运动鞋到笔记本电脑，零售商都面临着供应限制，这使得他们很难在货架上进货。</blockquote></p><p> Supply chain woes are also costing Apple Inc&nbsp;- $6 billion in sales during the company's fiscal fourth quarter according to results released on Thursday. Apple Chief Executive Tim Cook said that the impact will be even worse during the holiday sales quarter.</p><p><blockquote>供应链困境也给苹果公司造成了损失——根据周四发布的业绩，该公司第四财季的销售额为 60 亿美元。苹果首席执行官蒂姆·库克表示，假日销售季度的影响将更加严重。</blockquote></p><p> Some analysts like Nicholas Hyett of Hargreaves Lansdown gave Amazon a pass, recognizing the company's track record of high spending to deliver for customers has paid off in the long run.</p><p><blockquote>哈格里夫斯·兰斯当 (Hargreaves Lansdown) 的尼古拉斯·海特 (Nicholas Hyett) 等一些分析师放弃了亚马逊，认识到该公司为客户送货的高额支出从长远来看已经得到了回报。</blockquote></p><p> \"Amazon has never been overly focused on the bottom line,\" Hyett said. \"That willingness to invest in what the group hopes will be long term success at the expense of short term profits is on display again in these results.\"</p><p><blockquote>“亚马逊从来没有过度关注利润，”海特说。“这些业绩再次表明，集团愿意以牺牲短期利润为代价来投资于长期成功。”</blockquote></p><p> <b>LABOR SHORTAGE</b></p><p><blockquote><b>劳动力短缺</b></blockquote></p><p> Guru Hariharan, a former Amazon manager who is now CEO of CommerceIQ, said out-of-stocks were at an all time high for the company.</p><p><blockquote>亚马逊前经理、现任 CommerceIQ 首席执行官古鲁·哈里哈兰 (Guru Hariharan) 表示，该公司的缺货情况处于历史最高水平。</blockquote></p><p> \"The online marketplace will need to continue to address fill rates to meet demand before the holiday shopping season,\" he said.</p><p><blockquote>“在线市场将需要继续解决填充率问题，以满足假日购物季之前的需求，”他说。</blockquote></p><p> Amazon CFO Brian Olsavsky said on a call with reporters that the labor shortage had been a challenge, leading to inconsistent staffing levels. Workers, not physical space, became its primary capacity constraint in the third quarter, he said.</p><p><blockquote>亚马逊首席财务官 Brian Olsavsky 在与记者举行的看涨期权上表示，劳动力短缺一直是一个挑战，导致人员配备水平不一致。他说，工人，而不是物理空间，成为第三季度的主要产能限制。</blockquote></p><p> And that has had a ripple effect.</p><p><blockquote>这产生了连锁反应。</blockquote></p><p> \"Inventory placement is frequently redirected to fulfillment centers that have labor to receive this product, which results in less optimal placement, which leads to longer and more expensive transportation routes,\" he said.</p><p><blockquote>“库存放置经常被重定向到有劳动力接收该产品的履行中心，这导致放置不太理想，从而导致运输路线更长、更昂贵，”他说。</blockquote></p><p> Amazon faced an extra $2 billion in costs from labor, inflation and operational disruptions, an amount that is supposed to rise to $4 billion in the current period, Olsavsky said.</p><p><blockquote>奥尔萨夫斯基表示，亚马逊面临着来自劳动力、通货膨胀和运营中断的额外 20 亿美元成本，预计本期这一数额将增至 40 亿美元。</blockquote></p><p> Staff are pushing for more, too. Around 2,000 workers in New York City petitioned this week for a vote on whether to make their warehouse the company's first unionized facility in the United States.</p><p><blockquote>员工们也在争取更多。纽约市约 2,000 名工人本周请愿，要求投票决定是否将他们的仓库作为该公司在美国的第一个工会工厂。</blockquote></p><p></p><p> To juice sales, the company began encouraging customers to shop holiday deals as early as Oct. 4 this year. Still, consumers have begun returning to pre-pandemic shopping levels, spending more on travel and services, Olsavsky said.</p><p><blockquote>为了促进果汁销售，该公司早在今年 10 月 4 日就开始鼓励顾客购买假日优惠。奥尔萨夫斯基说，尽管如此，消费者已经开始恢复到大流行前的购物水平，在旅行和服务上花费更多。</blockquote></p><p> The company forecast fourth-quarter sales to be between $130 billion and $140 billion. Analysts were expecting $142.05 billion, according to IBES data from Refinitiv. It missed expectations for third-quarter sales as well, witnessing its slowest growth since the COVID-19 outbreak.</p><p><blockquote>该公司预计第四季度销售额将在 1300 亿至 1400 亿美元之间。根据 Refinitiv 的 IBES 数据，分析师预计为 1,420.5 亿美元。该公司第三季度销售额也未达到预期，出现了自 COVID-19 爆发以来最慢的增长。</blockquote></p><p> Amazon's cloud computing division was a bright spot. Olsavsky said revenue growth re-accelerated for that business, and the company beat analysts' expectations with net sales of $16.1 billion in the quarter. Amazon Web Services has seen sales rise with demand for gaming and remote work during the pandemic.</p><p><blockquote>亚马逊的云计算部门是一个亮点。奥尔萨夫斯基表示，该业务的收入增长再次加速，该公司本季度净销售额达到 161 亿美元，超出了分析师的预期。疫情期间，随着游戏和远程工作的需求，亚马逊网络服务的销售额有所增长。</blockquote></p><p> Total net sales rose to $110.81 billion in the third quarter ended Sept. 30, from $96.15 billion, a year earlier.</p><p><blockquote>截至 9 月 30 日的第三季度，净销售总额从去年同期的 961.5 亿美元增至 1108.1 亿美元。</blockquote></p><p> Analysts had predicted $111.60 billion, according to IBES data from Refinitiv.</p><p><blockquote>根据 Refinitiv 的 IBES 数据，分析师此前预测为 1116.0 亿美元。</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>Amazon badly misses on earnings and revenue, gives disappointing guidance<blockquote>亚马逊的盈利和收入严重低迷，给出的指引令人失望</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\">\nAmazon badly misses on earnings and revenue, gives disappointing guidance<blockquote>亚马逊的盈利和收入严重低迷，给出的指引令人失望</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-10-29 06:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Amazon&nbsp;shares dropped more than 4% in extended trading on Thursday after the company&nbsp;reported&nbsp;weaker-than-expected results for the third quarter and delivered disappointing guidance for the critical holiday period.</p><p><blockquote>亚马逊股价在周四盘后交易中下跌超过 4%，此前该公司公布的第三季度业绩弱于预期，并为关键假期期间提供了令人失望的指引。</blockquote></p><p> <ul>  <li><b>Earnings:</b>$6.12 vs $8.92 per share expected, according to analysts surveyed by Refinitiv</li>  <li><b>Revenue:</b>$110.81 billion vs $111.6 billion expected, according to analysts surveyed by Refinitiv</li> </ul> <img src=\"https://static.tigerbbs.com/33b2c00e116cbf6cb68edeaf56f48177\" tg-width=\"847\" tg-height=\"621\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li><b>收益：</b>路孚特调查的分析师表示，预计每股股价为 6.12 美元，而预计为 8.92 美元</li><li><b>收入：</b>路孚特调查的分析师表示，1108.1 亿美元，而预期为 1116 亿美元</li></ul></blockquote></p><p> Amazon&nbsp;is reckoning with decelerating sales growth as consumers go back to physical stores and the company faces supply chain challenges. Revenue in the third quarter rose 15%, down from 37% growth in the same period a year ago.</p><p><blockquote>随着消费者重返实体店以及该公司面临供应链挑战，亚马逊正在考虑销售增长放缓。第三季度收入增长15%，低于去年同期37%的增长率。</blockquote></p><p> For the fourth quarter, Amazon forecast sales between $130 billion and $140 billion, representing growth between 4% and 12%. Analysts surveyed by FactSet were expecting revenue to rise 13.2% year-over-year to $142.1 billion.</p><p><blockquote>亚马逊预计第四季度销售额将在 1300 亿美元至 1400 亿美元之间，增长率在 4% 至 12% 之间。FactSet 调查的分析师预计收入将同比增长 13.2%，达到 1,421 亿美元。</blockquote></p><p> Amazon.com Inc&nbsp;on Thursday reported a slump in profit that it expects will continue through the holiday quarter, as higher wages and spending to attract workers diminish the company's windfall from online shopping.</p><p><blockquote>亚马逊周四报告称，由于工资上涨和吸引工人的支出减少了该公司网上购物带来的意外之财，预计利润下滑将持续到假日季度。</blockquote></p><p> After a year of blockbuster results, the world's largest online retailer is facing a tougher outlook. In a tight labor market, it has boosted average U.S. warehouse pay to $18 per hour and marketed ever bigger signing bonuses to attract blue-collar staff it needs to keep its high-turnover operation humming.</p><p><blockquote>在经历了一年的重磅业绩后，这家全球最大的在线零售商面临着更加严峻的前景。在劳动力市场紧张的情况下，该公司将美国仓库平均工资提高到每小时 18 美元，并推出了更高的签约奖金，以吸引维持高流动率运营所需的蓝领员工。</blockquote></p><p> The company meanwhile is contending with global supply chain disruptions. It has doubled its container processing ability, expanded its delivery service partner program and has ramped up its warehouse investments - all at a noteworthy cost.</p><p><blockquote>与此同时，该公司正在应对全球供应链中断。它将集装箱处理能力提高了一倍，扩大了交付服务合作伙伴计划，并增加了仓库投资——所有这些都付出了值得注意的代价。</blockquote></p><p> The company said it expects operating profit for the current quarter to be between $0 and $3.0 billion, short of $6.9 billion Amazon posted the year prior. In the just-ended third quarter, net income fell by about 50% to $3.16 billion, a first since the start of the coronavirus pandemic in the United States.</p><p><blockquote>该公司表示，预计本季度营业利润将在 0 至 30 亿美元之间，低于亚马逊上年公布的 69 亿美元。在刚刚结束的第三季度，净利润下降了约50%，至31.6亿美元，这是自美国冠状病毒大流行开始以来的首次。</blockquote></p><p> Andy Jassy, who took the helm of Amazon as CEO in July, said in a statement the company would incur several billion dollars of extra expenses in its consumer business to deal with higher shipping costs, increased wages and labor shortages.</p><p><blockquote>7 月份接任亚马逊首席执行官的安迪·贾西 (Andy Jassy) 在一份声明中表示，该公司将在消费者业务中产生数十亿美元的额外费用，以应对更高的运输成本、工资上涨和劳动力短缺。</blockquote></p><p> Amazon is \"doing whatever it takes to minimize the impact on customers and selling partners this holiday season,\" he said. \"It'll be expensive for us in the short term, but it's the right prioritization for our customers and partners.\"</p><p><blockquote>他说，亚马逊“正在尽一切努力尽量减少这个假期对客户和销售合作伙伴的影响”。“短期内这对我们来说会很昂贵，但对于我们的客户和合作伙伴来说，这是正确的优先事项。”</blockquote></p><p> The retailer has strived to prevent a repeat of the 2013 season when delays left some without presents on Christmas Day.</p><p><blockquote>该零售商一直在努力防止2013年的重演，当时延误导致一些人在圣诞节没有礼物。</blockquote></p><p> Retailers are facing supply constraints on everything from toys and Nike sneakers to laptops, making it difficult for them to stock their shelves.</p><p><blockquote>从玩具、耐克运动鞋到笔记本电脑，零售商都面临着供应限制，这使得他们很难在货架上进货。</blockquote></p><p> Supply chain woes are also costing Apple Inc&nbsp;- $6 billion in sales during the company's fiscal fourth quarter according to results released on Thursday. Apple Chief Executive Tim Cook said that the impact will be even worse during the holiday sales quarter.</p><p><blockquote>供应链困境也给苹果公司造成了损失——根据周四发布的业绩，该公司第四财季的销售额为 60 亿美元。苹果首席执行官蒂姆·库克表示，假日销售季度的影响将更加严重。</blockquote></p><p> Some analysts like Nicholas Hyett of Hargreaves Lansdown gave Amazon a pass, recognizing the company's track record of high spending to deliver for customers has paid off in the long run.</p><p><blockquote>哈格里夫斯·兰斯当 (Hargreaves Lansdown) 的尼古拉斯·海特 (Nicholas Hyett) 等一些分析师放弃了亚马逊，认识到该公司为客户送货的高额支出从长远来看已经得到了回报。</blockquote></p><p> \"Amazon has never been overly focused on the bottom line,\" Hyett said. \"That willingness to invest in what the group hopes will be long term success at the expense of short term profits is on display again in these results.\"</p><p><blockquote>“亚马逊从来没有过度关注利润，”海特说。“这些业绩再次表明，集团愿意以牺牲短期利润为代价来投资于长期成功。”</blockquote></p><p> <b>LABOR SHORTAGE</b></p><p><blockquote><b>劳动力短缺</b></blockquote></p><p> Guru Hariharan, a former Amazon manager who is now CEO of CommerceIQ, said out-of-stocks were at an all time high for the company.</p><p><blockquote>亚马逊前经理、现任 CommerceIQ 首席执行官古鲁·哈里哈兰 (Guru Hariharan) 表示，该公司的缺货情况处于历史最高水平。</blockquote></p><p> \"The online marketplace will need to continue to address fill rates to meet demand before the holiday shopping season,\" he said.</p><p><blockquote>“在线市场将需要继续解决填充率问题，以满足假日购物季之前的需求，”他说。</blockquote></p><p> Amazon CFO Brian Olsavsky said on a call with reporters that the labor shortage had been a challenge, leading to inconsistent staffing levels. Workers, not physical space, became its primary capacity constraint in the third quarter, he said.</p><p><blockquote>亚马逊首席财务官 Brian Olsavsky 在与记者举行的看涨期权上表示，劳动力短缺一直是一个挑战，导致人员配备水平不一致。他说，工人，而不是物理空间，成为第三季度的主要产能限制。</blockquote></p><p> And that has had a ripple effect.</p><p><blockquote>这产生了连锁反应。</blockquote></p><p> \"Inventory placement is frequently redirected to fulfillment centers that have labor to receive this product, which results in less optimal placement, which leads to longer and more expensive transportation routes,\" he said.</p><p><blockquote>“库存放置经常被重定向到有劳动力接收该产品的履行中心，这导致放置不太理想，从而导致运输路线更长、更昂贵，”他说。</blockquote></p><p> Amazon faced an extra $2 billion in costs from labor, inflation and operational disruptions, an amount that is supposed to rise to $4 billion in the current period, Olsavsky said.</p><p><blockquote>奥尔萨夫斯基表示，亚马逊面临着来自劳动力、通货膨胀和运营中断的额外 20 亿美元成本，预计本期这一数额将增至 40 亿美元。</blockquote></p><p> Staff are pushing for more, too. Around 2,000 workers in New York City petitioned this week for a vote on whether to make their warehouse the company's first unionized facility in the United States.</p><p><blockquote>员工们也在争取更多。纽约市约 2,000 名工人本周请愿，要求投票决定是否将他们的仓库作为该公司在美国的第一个工会工厂。</blockquote></p><p></p><p> To juice sales, the company began encouraging customers to shop holiday deals as early as Oct. 4 this year. Still, consumers have begun returning to pre-pandemic shopping levels, spending more on travel and services, Olsavsky said.</p><p><blockquote>为了促进果汁销售，该公司早在今年 10 月 4 日就开始鼓励顾客购买假日优惠。奥尔萨夫斯基说，尽管如此，消费者已经开始恢复到大流行前的购物水平，在旅行和服务上花费更多。</blockquote></p><p> The company forecast fourth-quarter sales to be between $130 billion and $140 billion. Analysts were expecting $142.05 billion, according to IBES data from Refinitiv. It missed expectations for third-quarter sales as well, witnessing its slowest growth since the COVID-19 outbreak.</p><p><blockquote>该公司预计第四季度销售额将在 1300 亿至 1400 亿美元之间。根据 Refinitiv 的 IBES 数据，分析师预计为 1,420.5 亿美元。该公司第三季度销售额也未达到预期，出现了自 COVID-19 爆发以来最慢的增长。</blockquote></p><p> Amazon's cloud computing division was a bright spot. Olsavsky said revenue growth re-accelerated for that business, and the company beat analysts' expectations with net sales of $16.1 billion in the quarter. Amazon Web Services has seen sales rise with demand for gaming and remote work during the pandemic.</p><p><blockquote>亚马逊的云计算部门是一个亮点。奥尔萨夫斯基表示，该业务的收入增长再次加速，该公司本季度净销售额达到 161 亿美元，超出了分析师的预期。疫情期间，随着游戏和远程工作的需求，亚马逊网络服务的销售额有所增长。</blockquote></p><p> Total net sales rose to $110.81 billion in the third quarter ended Sept. 30, from $96.15 billion, a year earlier.</p><p><blockquote>截至 9 月 30 日的第三季度，净销售总额从去年同期的 961.5 亿美元增至 1108.1 亿美元。</blockquote></p><p> Analysts had predicted $111.60 billion, according to IBES data from Refinitiv.</p><p><blockquote>根据 Refinitiv 的 IBES 数据，分析师此前预测为 1116.0 亿美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197599551","content_text":"Amazon shares dropped more than 4% in extended trading on Thursday after the company reported weaker-than-expected results for the third quarter and delivered disappointing guidance for the critical holiday period.\n\nEarnings:$6.12 vs $8.92 per share expected, according to analysts surveyed by Refinitiv\nRevenue:$110.81 billion vs $111.6 billion expected, according to analysts surveyed by Refinitiv\n\n\nAmazon is reckoning with decelerating sales growth as consumers go back to physical stores and the company faces supply chain challenges. Revenue in the third quarter rose 15%, down from 37% growth in the same period a year ago.\nFor the fourth quarter, Amazon forecast sales between $130 billion and $140 billion, representing growth between 4% and 12%. Analysts surveyed by FactSet were expecting revenue to rise 13.2% year-over-year to $142.1 billion.\nAmazon.com Inc on Thursday reported a slump in profit that it expects will continue through the holiday quarter, as higher wages and spending to attract workers diminish the company's windfall from online shopping.\nAfter a year of blockbuster results, the world's largest online retailer is facing a tougher outlook. In a tight labor market, it has boosted average U.S. warehouse pay to $18 per hour and marketed ever bigger signing bonuses to attract blue-collar staff it needs to keep its high-turnover operation humming.\nThe company meanwhile is contending with global supply chain disruptions. It has doubled its container processing ability, expanded its delivery service partner program and has ramped up its warehouse investments - all at a noteworthy cost.\nThe company said it expects operating profit for the current quarter to be between $0 and $3.0 billion, short of $6.9 billion Amazon posted the year prior. In the just-ended third quarter, net income fell by about 50% to $3.16 billion, a first since the start of the coronavirus pandemic in the United States.\nAndy Jassy, who took the helm of Amazon as CEO in July, said in a statement the company would incur several billion dollars of extra expenses in its consumer business to deal with higher shipping costs, increased wages and labor shortages.\nAmazon is \"doing whatever it takes to minimize the impact on customers and selling partners this holiday season,\" he said. \"It'll be expensive for us in the short term, but it's the right prioritization for our customers and partners.\"\nThe retailer has strived to prevent a repeat of the 2013 season when delays left some without presents on Christmas Day.\nRetailers are facing supply constraints on everything from toys and Nike sneakers to laptops, making it difficult for them to stock their shelves.\nSupply chain woes are also costing Apple Inc - $6 billion in sales during the company's fiscal fourth quarter according to results released on Thursday. Apple Chief Executive Tim Cook said that the impact will be even worse during the holiday sales quarter.\nSome analysts like Nicholas Hyett of Hargreaves Lansdown gave Amazon a pass, recognizing the company's track record of high spending to deliver for customers has paid off in the long run.\n\"Amazon has never been overly focused on the bottom line,\" Hyett said. \"That willingness to invest in what the group hopes will be long term success at the expense of short term profits is on display again in these results.\"\nLABOR SHORTAGE\nGuru Hariharan, a former Amazon manager who is now CEO of CommerceIQ, said out-of-stocks were at an all time high for the company.\n\"The online marketplace will need to continue to address fill rates to meet demand before the holiday shopping season,\" he said.\nAmazon CFO Brian Olsavsky said on a call with reporters that the labor shortage had been a challenge, leading to inconsistent staffing levels. Workers, not physical space, became its primary capacity constraint in the third quarter, he said.\nAnd that has had a ripple effect.\n\"Inventory placement is frequently redirected to fulfillment centers that have labor to receive this product, which results in less optimal placement, which leads to longer and more expensive transportation routes,\" he said.\nAmazon faced an extra $2 billion in costs from labor, inflation and operational disruptions, an amount that is supposed to rise to $4 billion in the current period, Olsavsky said.\nStaff are pushing for more, too. Around 2,000 workers in New York City petitioned this week for a vote on whether to make their warehouse the company's first unionized facility in the United States.\nTo juice sales, the company began encouraging customers to shop holiday deals as early as Oct. 4 this year. Still, consumers have begun returning to pre-pandemic shopping levels, spending more on travel and services, Olsavsky said.\nThe company forecast fourth-quarter sales to be between $130 billion and $140 billion. Analysts were expecting $142.05 billion, according to IBES data from Refinitiv. It missed expectations for third-quarter sales as well, witnessing its slowest growth since the COVID-19 outbreak.\nAmazon's cloud computing division was a bright spot. Olsavsky said revenue growth re-accelerated for that business, and the company beat analysts' expectations with net sales of $16.1 billion in the quarter. Amazon Web Services has seen sales rise with demand for gaming and remote work during the pandemic.\nTotal net sales rose to $110.81 billion in the third quarter ended Sept. 30, from $96.15 billion, a year earlier.\nAnalysts had predicted $111.60 billion, according to IBES data from Refinitiv.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":805,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":858628513,"gmtCreate":1635047103667,"gmtModify":1635047103667,"author":{"id":"4094449094178220","authorId":"4094449094178220","name":"Peithebest","avatar":"https://static.tigerbbs.com/cccac1948bda49bf1970a525922fbe42","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4094449094178220","authorIdStr":"4094449094178220"},"themes":[],"title":"","htmlText":"[Cool]&nbsp;","listText":"[Cool]&nbsp;","text":"[Cool]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/858628513","repostId":"2177984491","repostType":4,"isVote":1,"tweetType":1,"viewCount":1112,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":873196214,"gmtCreate":1636873338107,"gmtModify":1636873338107,"author":{"id":"4094449094178220","authorId":"4094449094178220","name":"Peithebest","avatar":"https://static.tigerbbs.com/cccac1948bda49bf1970a525922fbe42","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4094449094178220","authorIdStr":"4094449094178220"},"themes":[],"title":"","htmlText":"[Eye]&nbsp;","listText":"[Eye]&nbsp;","text":"[Eye]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/873196214","repostId":"1159096163","repostType":4,"repost":{"id":"1159096163","kind":"news","pubTimestamp":1636851053,"share":"https://www.laohunote.com/m/news/1159096163?lang=zh_CN&edition=full","pubTime":"2021-11-14 08:50","market":"us","language":"en","title":"Shoppers Are Heading to Malls Again. These Stocks Are Good Bets.<blockquote>购物者再次前往购物中心。这些股票是不错的选择。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159096163","media":"Barrons","summary":"By the time the pandemic hit the U.S. economy, the outlook for Abercrombie & Fitch seemed dire.\nOnce","content":"<p>By the time the pandemic hit the U.S. economy, the outlook for&nbsp;Abercrombie &amp; Fitch&nbsp;seemed dire.</p><p><blockquote>当疫情袭击美国经济时，Abercrombie &amp; Fitch 的前景似乎很糟糕。</blockquote></p><p> Once a mall staple that captured the hearts and wallets of teenagers with stark, sexy advertising and dark, perfume-drenched stores, Abercrombie’s (ticker: ANF) stock price hit fresh lows in 2017. Shoppers’ distaste for the brand and a steady decrease in mall traffic clouded its future. Then, in March of 2020, the coronavirus began closing malls and stores across the country.</p><p><blockquote>Abercrombie's（股票代码：ANF）曾经是商场的主打产品，凭借鲜明、性感的广告和黑暗、充满香水的商店俘获了青少年的心和钱包，但其股价在 2017 年创下新低。购物者对该品牌的厌恶和商场客流量的持续下降给该品牌的未来蒙上了阴影。然后，在2020年3月，冠状病毒开始关闭全国各地的购物中心和商店。</blockquote></p><p> The retail apocalypse, it seemed, was about to claim another victim.</p><p><blockquote>零售业的末日似乎又要夺走另一个受害者了。</blockquote></p><p> But something surprising happened on the way to the funeral: Abercrombie enjoyed one of its best years since its 2000s heyday. Under CEO Fran Horowitz, the company rebranded, putting out a more inclusive message and pivoting its focus toward young professionals while fine-tuning its Hollister brand for teenagers.</p><p><blockquote>但是在去葬礼的路上发生了一件令人惊讶的事情：阿伯克龙比享受了自2000年代全盛时期以来最好的一年。在首席执行官弗兰·霍洛维茨 (Fran Horowitz) 的领导下，该公司进行了品牌重塑，发布了更具包容性的信息，并将重点转向年轻专业人士，同时针对青少年微调其 Hollister 品牌。</blockquote></p><p> Revenue increased 24% year over year in the company’s fiscal second quarter ended July 31, and 3% from prepandemic levels. Its stock is up 120% this year as shoppers flush with cash flock back to stores.</p><p><blockquote>在截至 7 月 31 日的第二财季中，该公司的收入同比增长了 24%，比大流行前的水平增长了 3%。随着购物者将现金涌回商店，其股价今年上涨了 120%。</blockquote></p><p> “Perception of a brand is a hard thing to turn, and it takes time in order to build back trust with your consumer,” Horowitz says in an interview with <i>Barron’s</i>. “So, here we are happy to say in 2021 that we are seeing, obviously, the wonderful effects of all of that hard work.”</p><p><blockquote>“霍洛维茨在接受采访时说：”品牌认知是一件很难扭转的事情，重建消费者的信任需要时间。<i>巴伦</i>. “因此，在 2021 年，我们很高兴地说，我们显然看到了所有这些辛勤工作的奇妙成果”。</blockquote></p><p> Abercrombie isn’t the only retail brand that is coming into a new period of growth. Over the past year, many of America’s retailers have not only clawed their way out of the abyss, but have harnessed macroeconomic changes ushered in by the pandemic to propel themselves into an unexpected renaissance.</p><p><blockquote>Abercrombie 并不是唯一一个进入新增长期的零售品牌。在过去的一年里，许多美国零售商不仅从深渊中挣脱出来，还利用大流行病带来的宏观经济变化，推动自己进入了意想不到的复兴。</blockquote></p><p> Brands that successfully merged their bricks-and-mortar operations with digital strategies are seeing sales soar and stock prices rise, lifted by a strong market and consumers champing at the bit to spend their pandemic savings. The stock prices of many major mall-based retailers have soared, including&nbsp;Macy’s&nbsp;(M),Nordstrom&nbsp;(JWN), Famous Footwear parent Caleres&nbsp;(CAL), and&nbsp;Signet Jewelers (SIG), which all gained at least 100% in the past 12 months.</p><p><blockquote>成功将实体业务与数字战略相结合的品牌，销售额飙升，股价上涨，这得益于强劲的市场和消费者争先恐后地花掉大流行储蓄。许多大型商场零售商的股价都飙升，包括梅西百货（M）、诺德斯特龙（JWN）、著名鞋类母公司 Caleres（加州）和 Signet Jewelers（SIG），这些公司在过去 12 个月中都上涨了至少 100%。</blockquote></p><p> These companies are now poised to reap the benefits of a potentially record-setting holiday season. Consumers could spend $851 billion, a 9.5% increase from last year’s record $777 billion and more than twice the 4.4% average increase over the past five years, according to the National Retail Federation.</p><p><blockquote>这些公司现在准备从可能创纪录的假期中获益。根据全国零售联合会（National Retail Federation）的数据，消费者可支出 8510 亿美元，比去年创纪录的 7770 亿美元增长了 9.5%，是过去五年平均增长率 4.4% 的两倍多。</blockquote></p><p> No one knows whether the party will last or whether these stores are simply capturing sales that would have happened in the future. Before retail sales normalize, companies need to navigate a host of supply-chain and inflationary pressures that could put a damper on holiday sales.</p><p><blockquote>没有人知道这场派对是否会持续下去，或者这些商店是否只是在捕捉未来可能发生的销售。在零售销售恢复正常之前，企业需要应对一系列供应链和通胀压力，这些压力可能会抑制假日销售。</blockquote></p><p> But the unexpected revival has reaffirmed the faith of many brands in the power of the physical stores. While still heavily investing in online operations, they are continuing to bet big on a bricks-and-mortar future. And as investments in physical stores continue, the demise of the bricks-and-mortar retailer that many once expected no longer seems so certain.</p><p><blockquote>但意想不到的复兴，再次印证了不少品牌对实体店力量的信心。虽然他们仍在大力投资在线业务，但他们仍在继续大力押注实体未来。随着对实体店的投资继续，许多人曾经预期的实体零售商的消亡似乎不再那么确定。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/57cd1db2ff23484eff85f5e6ad64d7c8\" tg-width=\"700\" tg-height=\"467\" referrerpolicy=\"no-referrer\"><span>Wealthy households plan to spend an average $2,624 this holiday season, 15% more than last year.</span></p><p><blockquote><p class=\"t-img-caption\"><span>富裕家庭计划在这个假期平均花费2624美元，比去年增加15%。</span></p></blockquote></p><p> The pandemic wasn’t exactly ideal for retailers, but it offered some unique opportunities. The problems were obvious. People were afraid to shop in person. Shoppers—even baby boomers—flocked online in unexpected numbers. Retail behemoths such as&nbsp;Amazon.com&nbsp;(AMZN) and&nbsp;Walmart (WMT) saw their best year ever.</p><p><blockquote>大流行病对零售商来说并不理想，但它提供了一些独特的机会。问题显而易见。人们害怕亲自购物。购物者——甚至婴儿潮一代——以意想不到的数量涌入网上。亚马逊 (AMZN) 和沃尔玛 (WMT) 等零售巨头经历了有史以来最好的一年。</blockquote></p><p> “The investor sentiment—especially from short term, hedge fund type investors—had just turned very negative on the group,” Columbia Threadneedle Investments retail analyst Mari Shor says. “I just think that investors weren’t really giving the companies, or the consumers, the benefit of the doubt.”</p><p><blockquote>“Columbia Threadneedle Investments 零售分析师 Mari Shor 说：”投资者的情绪--尤其是短期对冲基金类型的投资者--对该集团的情绪刚刚变得非常负面。“我只是认为，投资者并没有真正给公司或消费者带来怀疑的好处”。</blockquote></p><p> Shor says the doubt among investors was rooted in the notion that traditional retailers, both prepandemic and postpandemic, wouldn’t make it out alive.</p><p><blockquote>肖尔说，投资者的疑虑源于这样一种观念，即传统零售商，无论是大流行前还是大流行后，都无法生存下来。</blockquote></p><p> But the pandemic gave retailers the rare chance to close poorly performing locations and focus on great ones. Many retailers also focused on getting better online, and shifted their sales strategies to target consumers wherever and whenever they wanted to shop—whether online, mobile, or in-store.</p><p><blockquote>但疫情给了零售商一个难得的机会来关闭表现不佳的门店，并专注于优秀的门店。许多零售商还专注于在网上变得更好，并将销售策略转变为随时随地瞄准消费者，无论是在线、移动还是店内。</blockquote></p><p> In one example of a company looking to fuel growth while connecting digital and in-store operations, the parent company of Saks Fifth Avenue spun out its e-commerce arm, which is now expected to go public with a target valuation of $6 billion.</p><p><blockquote>Saks Fifth Avenue 的母公司希望在连接数字和店内运营的同时推动增长的一个例子是，Saks Fifth Avenue 的母公司剥离了其电子商务部门，该部门目前预计将上市，目标估值为 60 亿美元。</blockquote></p><p> Such approaches proved critical. Online and other non-store sales are expected to increase between 11% and 15% this holiday season, potentially reaching a high of $226 billion, according to National Retail Federation estimates.</p><p><blockquote>事实证明，这种方法至关重要。根据全国零售联合会的估计，这个假日季在线和其他非实体店销售额预计将增长11%至15%，可能达到2260亿美元的高位。</blockquote></p><p></p><p> “We’d like to think that the pandemic not only accelerated the adoption of e-commerce around the world but also expanded the market,” says Pedro Palandrani, a research analyst at Global X who covers e-commerce.</p><p><blockquote>“Global X 负责电子商务的研究分析师佩德罗-帕兰德拉尼（Pedro Palandrani）说：”我们认为，大流行病不仅加速了电子商务在全球的普及，还扩大了市场。</blockquote></p><p> Abercrombie invested hundreds of millions of dollars in its digital strategy, emphasizing smooth transitions from digital to in-store experiences with initiatives such as improving the company’s website and instituting in-store returns and pickups for online purchases. The arrival of the pandemic prompted Abercrombie to close 130 stores worldwide and 50% of the brand’s flagships, bringing total store closures in the past 10 years to about 500, while strategically opening a few key new stores, Horowitz says.</p><p><blockquote>Abercrombie 在其数字战略上投入了数亿美元，强调从数字体验到店内体验的平稳过渡，并采取了改进公司网站、实行店内退货和网上购物提货等举措。霍洛维茨说，大流行病的到来促使 Abercrombie 关闭了全球 130 家门店和 50% 的品牌旗舰店，使过去 10 年关闭的门店总数达到约 500 家，同时战略性地开设了几家重要的新店。</blockquote></p><p> “Stores matter, but they have to be the right size, the right location, and the right economics,” she says. “You put that together with the digital and it equals magic.”</p><p><blockquote>“她说：”商店固然重要，但必须有合适的规模、合适的位置和合适的经济性。“如果你把它和数字技术结合在一起，那就等于神奇了”。</blockquote></p><p> Not only are physical stores cost-effective ways to draw in-person shoppers, but they also can serve as crucial distribution centers for online pickups and returns, as well as local shipping, says B. Riley Securities analyst Susan Anderson. In recent years, even online retailers such as Warby Parker (WRBY) have expanded their physical presence to accommodate shopper preferences. “The consumer wants to shop when and where they want to,” Anderson says.</p><p><blockquote>B. Riley Securities 分析师苏珊·安德森 (Susan Anderson) 表示，实体店不仅是吸引亲自购物者的经济高效方式，而且还可以作为在线取货和退货以及本地运输的重要配送中心。近年来，甚至像Warby Parker（WRBY）这样的在线零售商也扩大了他们的实体存在，以适应购物者的偏好。“安德森说：”消费者希望随时随地购物。</blockquote></p><p> That behavior can evolve in unexpected ways. Malls and physical stores are growing in popularity among digitally savvy teenagers and young adults.</p><p><blockquote>这种行为会以意想不到的方式演变。购物中心和实体店在精通数字的青少年和年轻人中越来越受欢迎。</blockquote></p><p> According to a survey of 1,000 shoppers earlier this year commissioned by BHDP, a design firm that counts retail among its specialties, 55% of 14-to-17 year olds say they are now shopping at indoor malls, and 90% plan to head to a mall in the next year. The 18-to-24-year-old shoppers surveyed are also back at the mall, trying on products, using in-store promotions, and making returns. Such shifts have led retailers to ditch old views and assumptions about specific demographics, says Rod Sides, vice chairman of U.S. retail and distribution at Deloitte.</p><p><blockquote>根据BHDP今年早些时候委托一家以零售为专长的设计公司对1000名购物者进行的调查，55%的14至17岁青少年表示他们现在在室内购物中心购物，90%的人计划明年去购物中心。接受调查的18至24岁的购物者也回到了商场，试穿产品，使用店内促销，并进行退货。德勤美国零售和分销副主席罗德·赛德斯 (Rod Sides) 表示，这种转变导致零售商放弃了对特定人口统计的旧观点和假设。</blockquote></p><p> The shifts in strategy during the pandemic put many retailers in a better position for the reopening of malls and downtowns this year—and shoppers were eager to open their wallets.</p><p><blockquote>疫情期间战略的转变使许多零售商在今年重新开放购物中心和市中心时处于更有利的地位，购物者渴望打开他们的钱包。</blockquote></p><p> During the pandemic, some consumers became unexpectedly flush. They got stimulus payments, saved up from a decline in travel expenses, and saw the markets soar. Today, consumer savings at all income levels are at or near a record. Wealthy households are planning to spend 15% more than last year this holiday season, averaging $2,624 per household and driving much of the season’s growth, an annual Deloitte study found.</p><p><blockquote>在疫情期间，一些消费者意外地变得兴奋起来。他们获得了刺激付款，从旅行费用的下降中节省下来，并看到市场飙升。如今，所有收入水平的消费者储蓄都处于或接近创纪录水平。德勤（Deloitte）的一项年度研究发现，富裕家庭计划在这个假日季比去年多花费 15%，平均每户花费 2624 美元，这在很大程度上推动了假日季的增长。</blockquote></p><p> “You got a lot of cash and there’s a fair amount of pent-up demand,” says Mark Zandi, chief economist at Moody’s Analytics.</p><p><blockquote>“穆迪分析公司（Moody's Analytics）首席经济学家马克-赞迪（Mark Zandi）说：”你有很多现金，而且有相当数量的需求被压抑。</blockquote></p><p> Retail and food-services sales increased to an estimated $625 billion in September, up 0.7% from October and 13.9% year over year, according to the U.S. Census Bureau. Sales in retail alone rose 0.8% from August. “We were expecting that you’d see some pullback in September, and we didn’t,” says Citigroup economist Veronica Clark.</p><p><blockquote>根据美国人口普查局的数据，9 月份零售和食品服务销售额估计增至 6250 亿美元，比 10 月份增长 0.7%，同比增长 13.9%。仅零售额就比 8 月份增长了 0.8%。“花旗集团经济学家维罗妮卡-克拉克（Veronica Clark）说：”我们原本预计9月份会出现一些回调，但我们没有。</blockquote></p><p> Retailers are much healthier than they were a decade ago heading into the holiday season, Matthew Shay, president and CEO of the National Retail Federation, said in a media briefing in October. A yearly&nbsp;Mastercard&nbsp;spending index forecasts U.S. retail sales to increase 7.4% this season, with significant gains in apparel, department stores, jewelry, and luxury items.</p><p><blockquote>全国零售联合会总裁兼首席执行官马修·谢伊 (Matthew Shay) 在 10 月份的媒体吹风会上表示，零售商在进入假日季时比十年前健康得多。万事达卡年度支出指数预测本季美国零售额将增长 7.4%，其中服装、百货商店、珠宝和奢侈品行业将出现显着增长。</blockquote></p><p> Luxury retailer&nbsp;Burberry Group&nbsp;(BRBY.UK), known for its tartan fabric and scarves, said this past week that comparable sales for its first half of fiscal 2022 rose 37%, and that full-price sales are growing at a double-digit rate. And&nbsp;Tapestry&nbsp;(TPR), the parent company of Coach, posted better-than-expected fiscal first-quarter earnings, raising its outlook for 2022 sales and profits.</p><p><blockquote>以格子呢面料和围巾闻名的奢侈品零售商 Burberry Group (BRBY.UK) 上周表示，2022 财年上半年的可比销售额增长了 37%，全价销售额正以两位数的速度增长。Coach 母公司 Tapestry (TPR) 公布的第一财季收益好于预期，上调了 2022 年销售额和利润预期。</blockquote></p><p> Some analysts are bullish on the retail sector, with Cowen saying that “many of the luxury brands have successfully been able to take price increases and will likely benefit from the historically strong consumer balance sheets in the U.S. and internationally.” Wolfe Research favors Nordstrom and Tapestry, among others, with analysts writing in a note that “nearly all the major drivers of U.S. consumer spending favor the high end.”</p><p><blockquote>一些分析师看好零售业，考恩说：“许多奢侈品牌已经成功地承受了价格上涨，并可能受益于美国和国际上历史上强劲的消费者资产负债表”。Wolfe Research 看好 Nordstrom 和 Tapestry 等公司，分析师在一份报告中写道，“几乎所有美国消费者支出的主要驱动因素都青睐高端市场”。</blockquote></p><p> Meanwhile, more Americans started coming out to the mall. Placer.ai mall-traffic statistics show that foot traffic for indoor malls was up 3% in October compared with 2019 levels, and traffic for outdoor malls was up 5%—one of the reasons mall stores are seeing their stocks soar. Simon Property Group (SPG), which owns the malls themselves, saw its stock gain about 90% in 2021.</p><p><blockquote>与此同时，越来越多的美国人开始来到购物中心。Placer.ai 商场交通统计数据显示，10 月份室内商场的客流量比 2019 年增长了 3%，室外商场的客流量增长了 5%，这也是商场商店库存飙升的原因之一。拥有这些购物中心的西蒙地产集团（SPG）的股价在2021年上涨了约90%。</blockquote></p><p></p><p> “With the combination of more individuals becoming fully vaccinated, paired with many shopping early for the coming holiday season due to supply-chain concerns, we have seen a steady rise in foot traffic since July,” says Lindsay Petak, senior marketing manager for Tysons Corner Center in the Washington region. The mall is owned by Macerich (MAC), which also has seen its share price nearly double this year.</p><p><blockquote>“华盛顿地区泰森斯角中心（Tysons Corner Center）高级营销经理林赛-佩塔克（Lindsay Petak）说：”随着越来越多的人全面接种疫苗，再加上由于供应链问题，许多人在即将到来的假期提前购物，自 7 月以来，我们看到客流量稳步上升。该购物中心由 Macerich (MAC) 所有，该公司的股价今年也几乎翻了一番。</blockquote></p><p> All of this added to a stock run-up for the ages for beaten-down retailers. Over the past year, the&nbsp;SPDR S&amp;P Retail&nbsp;exchanged-trade fund (XRT) was up 85%, while the S&amp;P 500 rose 33%. The&nbsp;Invesco S&amp;P 500 Equal Weight Consumer Discretionary&nbsp;ETF (RCD) has outperformed the S&amp;P 500 by five percentage points this year, a sign that investors remain bullish on retail sales.</p><p><blockquote>所有这些都加剧了遭受重创的零售商多年来的库存上涨。过去一年，SPDR S&amp;P零售交易所交易基金（XRT）上涨了85%，而标普500上涨了33%。景顺标普500等权重非必需消费品 ETF (RCD) 今年的表现优于标普500 5 个百分点，这表明投资者仍然看好零售销售。</blockquote></p><p> “We’ve seen department stores and apparel and discretionary retailers really bounce back as soon as the economy reopened,” the NRF’s Shay says. “Department stores are always a popular destination for the holiday season, based on the consumer survey work we do....They continue to be at the top of the list of the places people shop this year.”</p><p><blockquote>“NRF 的 Shay 说：”我们已经看到，一旦经济重新开放，百货商店、服装和非必需品零售商就会真正反弹。“根据我们所做的消费者调查工作，百货商店一直是节日期间的热门目的地......今年，百货商店仍然是人们购物的首选场所”。</blockquote></p><p> All that said, analysts and investors alike remain confident of the role physical stores play, which might look different from their online counterparts, but they’re here to stay.</p><p><blockquote>尽管如此，分析师和投资者仍然对实体店所扮演的角色充满信心，实体店可能看起来与网上商店有所不同，但它们会一直存在下去。</blockquote></p><p> The verdict on whether the retail renaissance is sustainable in the long term isn’t in yet. Retailers are operating in a macroeconomic environment far from the norm, making any guesses even more speculative.</p><p><blockquote>零售业复兴是否具有长期可持续性尚未定论。零售商在远离常态的宏观经济环境中运营，这使得任何猜测都更加具有投机性。</blockquote></p><p> “I don’t think we have normal insight yet because there are just too many complexities throughout the business right now,” says Jefferies analyst Janine Stichter.</p><p><blockquote>“杰富瑞（Jefferies）分析师珍妮-斯蒂奇特（Janine Stichter）说：”我认为我们还没有正常的洞察力，因为现在整个行业有太多的复杂性。</blockquote></p><p> Companies are struggling to manage ongoing supply-chain concerns, inflationary pressures, and a persistent labor shortage, which are likely to bite into earnings despite all signs pointing to a strong holiday quarter. “The supply-chain issues, they’re real,” Horowitz says.</p><p><blockquote>企业正在努力应对持续的供应链担忧、通胀压力和持续的劳动力短缺，尽管所有迹象都表明假日季度将表现强劲，但这些问题可能会影响盈利。“霍洛维茨说：”供应链问题是真实存在的。</blockquote></p><p> Abercrombie is assuming a modest impact on sales due to supply-chain constraints, with even bigger impacts coming from freight inflation, the company said in its second-quarter earnings call.</p><p><blockquote>Abercrombie 在第二季度财报看涨期权中表示，由于供应链限制，预计对销售的影响不大，运费通胀的影响更大。</blockquote></p><p> To ease supply-chain pressures, retailers are encouraging consumers to start their shopping early—a trend that could skew end-of-year sales data, Citigroup’s Clark says. If shoppers pull their gift-buying forward, there could be a decline in November and December compared with previous years. “It’s not necessarily that spending is much weaker; it’s just that the distribution over months is different,” she says.</p><p><blockquote>花旗集团的克拉克说，为了缓解供应链压力，零售商鼓励消费者提前开始购物--这一趋势可能会扭曲年终销售数据。如果购物者提前购买礼物，与往年相比，11月和12月可能会有所下降。“她说：”支出并不一定会减弱很多，只是几个月的分布情况有所不同。</blockquote></p><p> On the flip side, low inventories will give retailers higher pricing power that can help offset supply-chain disruptions, Stichter says. While beneficial to retailers, this could drive prices up even more, says Sasha Tomic, an economist at Boston College.</p><p><blockquote>Stichter 表示，另一方面，低库存将赋予零售商更高的定价权，有助于抵消供应链中断。波士顿学院经济学家萨沙·托米奇表示，虽然这对零售商有利，但可能会进一步推高价格。</blockquote></p><p> Whatever the risks, strong performance won’t last forever, says Matthew Forester, chief investment officer at BNY Mellon’s Lockwood Advisors. “The U.S. economy, overall, is clearly slowing down,” he says. “And we’re going to slow down into the next year. Plus, as we get back to trend growth, that’s just what’s likely to happen.”</p><p><blockquote>纽约梅隆银行洛克伍德顾问公司首席投资官马修-福雷斯特（Matthew Forester）说，无论风险如何，强劲的业绩都不会永远持续下去。“他说：”总体而言，美国经济显然正在放缓。“明年我们将放缓。此外，随着我们恢复趋势增长，这也是很可能发生的事情。”</blockquote></p><p> The economy will eventually exit its euphoria as stimulus continues to dwindle, he says. And while the comedown might not be “terrible,” he says, it will still be a decline from where consumer spending is now.</p><p><blockquote>他说，随着刺激措施的继续减少，经济最终将退出欣喜若狂。他说，虽然下降可能并不 “可怕”，但与现在的消费者支出水平相比，仍将有所下降。</blockquote></p><p> Abercrombie, though, is powering through the headwinds with the help of its bricks-and-mortar stores. The company is planning to position more inventory in stores, and is routing e-commerce orders to stores as well as partnering with Uber, Shipt, and Postmates to offer same-day delivery.</p><p><blockquote>然而，阿伯克龙比正在其实体店的帮助下度过逆风。该公司正计划在商店放置更多库存，并将电子商务订单路由到商店，并与 Uber、Shipt 和 Postmates 合作提供当天送达服务。</blockquote></p><p> Other retailers have taken supply-chain solutions in their own hands. Specialty-apparel company American Eagle Outfitters (AEO) recently announced it was acquiring Quiet Logistics, an operator of automated distribution centers near city centers, just weeks after it bought AirTerra, which focuses on middle-mile logistics—the delivery of products from a warehouse to a retail store.</p><p><blockquote>其他零售商已经将供应链解决方案掌握在自己手中。特种服装公司 American Eagle Outfitters (AEO) 最近宣布收购 Quiet Logistics，这是一家在市中心附近运营自动化配送中心的运营商，就在几周前，AirTerra 专注于中英里物流（将产品从仓库运送到零售店）。</blockquote></p><p> “We’re going to just continue at it,” Horowitz says.</p><p><blockquote>“霍洛维茨说：”我们将继续努力。</blockquote></p><p> As retailers forge ahead, doomsayers might have to hold off on heralding a retail apocalypse. For now, the sentiment is clear: Consumers are rediscovering the joys of bricks-and-mortar shopping. The mall has become cool again.</p><p><blockquote>随着零售商继续前进，末日预言者可能不得不推迟预言零售世界末日。目前，人们的情绪很明确：消费者正在重新发现实体购物的乐趣。商场又凉了。</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>Shoppers Are Heading to Malls Again. These Stocks Are Good Bets.<blockquote>购物者再次前往购物中心。这些股票是不错的选择。</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\">\nShoppers Are Heading to Malls Again. These Stocks Are Good Bets.<blockquote>购物者再次前往购物中心。这些股票是不错的选择。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-11-14 08:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p>By the time the pandemic hit the U.S. economy, the outlook for&nbsp;Abercrombie &amp; Fitch&nbsp;seemed dire.</p><p><blockquote>当疫情袭击美国经济时，Abercrombie &amp; Fitch 的前景似乎很糟糕。</blockquote></p><p> Once a mall staple that captured the hearts and wallets of teenagers with stark, sexy advertising and dark, perfume-drenched stores, Abercrombie’s (ticker: ANF) stock price hit fresh lows in 2017. Shoppers’ distaste for the brand and a steady decrease in mall traffic clouded its future. Then, in March of 2020, the coronavirus began closing malls and stores across the country.</p><p><blockquote>Abercrombie's（股票代码：ANF）曾经是商场的主打产品，凭借鲜明、性感的广告和黑暗、充满香水的商店俘获了青少年的心和钱包，但其股价在 2017 年创下新低。购物者对该品牌的厌恶和商场客流量的持续下降给该品牌的未来蒙上了阴影。然后，在2020年3月，冠状病毒开始关闭全国各地的购物中心和商店。</blockquote></p><p> The retail apocalypse, it seemed, was about to claim another victim.</p><p><blockquote>零售业的末日似乎又要夺走另一个受害者了。</blockquote></p><p> But something surprising happened on the way to the funeral: Abercrombie enjoyed one of its best years since its 2000s heyday. Under CEO Fran Horowitz, the company rebranded, putting out a more inclusive message and pivoting its focus toward young professionals while fine-tuning its Hollister brand for teenagers.</p><p><blockquote>但是在去葬礼的路上发生了一件令人惊讶的事情：阿伯克龙比享受了自2000年代全盛时期以来最好的一年。在首席执行官弗兰·霍洛维茨 (Fran Horowitz) 的领导下，该公司进行了品牌重塑，发布了更具包容性的信息，并将重点转向年轻专业人士，同时针对青少年微调其 Hollister 品牌。</blockquote></p><p> Revenue increased 24% year over year in the company’s fiscal second quarter ended July 31, and 3% from prepandemic levels. Its stock is up 120% this year as shoppers flush with cash flock back to stores.</p><p><blockquote>在截至 7 月 31 日的第二财季中，该公司的收入同比增长了 24%，比大流行前的水平增长了 3%。随着购物者将现金涌回商店，其股价今年上涨了 120%。</blockquote></p><p> “Perception of a brand is a hard thing to turn, and it takes time in order to build back trust with your consumer,” Horowitz says in an interview with <i>Barron’s</i>. “So, here we are happy to say in 2021 that we are seeing, obviously, the wonderful effects of all of that hard work.”</p><p><blockquote>“霍洛维茨在接受采访时说：”品牌认知是一件很难扭转的事情，重建消费者的信任需要时间。<i>巴伦</i>. “因此，在 2021 年，我们很高兴地说，我们显然看到了所有这些辛勤工作的奇妙成果”。</blockquote></p><p> Abercrombie isn’t the only retail brand that is coming into a new period of growth. Over the past year, many of America’s retailers have not only clawed their way out of the abyss, but have harnessed macroeconomic changes ushered in by the pandemic to propel themselves into an unexpected renaissance.</p><p><blockquote>Abercrombie 并不是唯一一个进入新增长期的零售品牌。在过去的一年里，许多美国零售商不仅从深渊中挣脱出来，还利用大流行病带来的宏观经济变化，推动自己进入了意想不到的复兴。</blockquote></p><p> Brands that successfully merged their bricks-and-mortar operations with digital strategies are seeing sales soar and stock prices rise, lifted by a strong market and consumers champing at the bit to spend their pandemic savings. The stock prices of many major mall-based retailers have soared, including&nbsp;Macy’s&nbsp;(M),Nordstrom&nbsp;(JWN), Famous Footwear parent Caleres&nbsp;(CAL), and&nbsp;Signet Jewelers (SIG), which all gained at least 100% in the past 12 months.</p><p><blockquote>成功将实体业务与数字战略相结合的品牌，销售额飙升，股价上涨，这得益于强劲的市场和消费者争先恐后地花掉大流行储蓄。许多大型商场零售商的股价都飙升，包括梅西百货（M）、诺德斯特龙（JWN）、著名鞋类母公司 Caleres（加州）和 Signet Jewelers（SIG），这些公司在过去 12 个月中都上涨了至少 100%。</blockquote></p><p> These companies are now poised to reap the benefits of a potentially record-setting holiday season. Consumers could spend $851 billion, a 9.5% increase from last year’s record $777 billion and more than twice the 4.4% average increase over the past five years, according to the National Retail Federation.</p><p><blockquote>这些公司现在准备从可能创纪录的假期中获益。根据全国零售联合会（National Retail Federation）的数据，消费者可支出 8510 亿美元，比去年创纪录的 7770 亿美元增长了 9.5%，是过去五年平均增长率 4.4% 的两倍多。</blockquote></p><p> No one knows whether the party will last or whether these stores are simply capturing sales that would have happened in the future. Before retail sales normalize, companies need to navigate a host of supply-chain and inflationary pressures that could put a damper on holiday sales.</p><p><blockquote>没有人知道这场派对是否会持续下去，或者这些商店是否只是在捕捉未来可能发生的销售。在零售销售恢复正常之前，企业需要应对一系列供应链和通胀压力，这些压力可能会抑制假日销售。</blockquote></p><p> But the unexpected revival has reaffirmed the faith of many brands in the power of the physical stores. While still heavily investing in online operations, they are continuing to bet big on a bricks-and-mortar future. And as investments in physical stores continue, the demise of the bricks-and-mortar retailer that many once expected no longer seems so certain.</p><p><blockquote>但意想不到的复兴，再次印证了不少品牌对实体店力量的信心。虽然他们仍在大力投资在线业务，但他们仍在继续大力押注实体未来。随着对实体店的投资继续，许多人曾经预期的实体零售商的消亡似乎不再那么确定。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/57cd1db2ff23484eff85f5e6ad64d7c8\" tg-width=\"700\" tg-height=\"467\" referrerpolicy=\"no-referrer\"><span>Wealthy households plan to spend an average $2,624 this holiday season, 15% more than last year.</span></p><p><blockquote><p class=\"t-img-caption\"><span>富裕家庭计划在这个假期平均花费2624美元，比去年增加15%。</span></p></blockquote></p><p> The pandemic wasn’t exactly ideal for retailers, but it offered some unique opportunities. The problems were obvious. People were afraid to shop in person. Shoppers—even baby boomers—flocked online in unexpected numbers. Retail behemoths such as&nbsp;Amazon.com&nbsp;(AMZN) and&nbsp;Walmart (WMT) saw their best year ever.</p><p><blockquote>大流行病对零售商来说并不理想，但它提供了一些独特的机会。问题显而易见。人们害怕亲自购物。购物者——甚至婴儿潮一代——以意想不到的数量涌入网上。亚马逊 (AMZN) 和沃尔玛 (WMT) 等零售巨头经历了有史以来最好的一年。</blockquote></p><p> “The investor sentiment—especially from short term, hedge fund type investors—had just turned very negative on the group,” Columbia Threadneedle Investments retail analyst Mari Shor says. “I just think that investors weren’t really giving the companies, or the consumers, the benefit of the doubt.”</p><p><blockquote>“Columbia Threadneedle Investments 零售分析师 Mari Shor 说：”投资者的情绪--尤其是短期对冲基金类型的投资者--对该集团的情绪刚刚变得非常负面。“我只是认为，投资者并没有真正给公司或消费者带来怀疑的好处”。</blockquote></p><p> Shor says the doubt among investors was rooted in the notion that traditional retailers, both prepandemic and postpandemic, wouldn’t make it out alive.</p><p><blockquote>肖尔说，投资者的疑虑源于这样一种观念，即传统零售商，无论是大流行前还是大流行后，都无法生存下来。</blockquote></p><p> But the pandemic gave retailers the rare chance to close poorly performing locations and focus on great ones. Many retailers also focused on getting better online, and shifted their sales strategies to target consumers wherever and whenever they wanted to shop—whether online, mobile, or in-store.</p><p><blockquote>但疫情给了零售商一个难得的机会来关闭表现不佳的门店，并专注于优秀的门店。许多零售商还专注于在网上变得更好，并将销售策略转变为随时随地瞄准消费者，无论是在线、移动还是店内。</blockquote></p><p> In one example of a company looking to fuel growth while connecting digital and in-store operations, the parent company of Saks Fifth Avenue spun out its e-commerce arm, which is now expected to go public with a target valuation of $6 billion.</p><p><blockquote>Saks Fifth Avenue 的母公司希望在连接数字和店内运营的同时推动增长的一个例子是，Saks Fifth Avenue 的母公司剥离了其电子商务部门，该部门目前预计将上市，目标估值为 60 亿美元。</blockquote></p><p> Such approaches proved critical. Online and other non-store sales are expected to increase between 11% and 15% this holiday season, potentially reaching a high of $226 billion, according to National Retail Federation estimates.</p><p><blockquote>事实证明，这种方法至关重要。根据全国零售联合会的估计，这个假日季在线和其他非实体店销售额预计将增长11%至15%，可能达到2260亿美元的高位。</blockquote></p><p></p><p> “We’d like to think that the pandemic not only accelerated the adoption of e-commerce around the world but also expanded the market,” says Pedro Palandrani, a research analyst at Global X who covers e-commerce.</p><p><blockquote>“Global X 负责电子商务的研究分析师佩德罗-帕兰德拉尼（Pedro Palandrani）说：”我们认为，大流行病不仅加速了电子商务在全球的普及，还扩大了市场。</blockquote></p><p> Abercrombie invested hundreds of millions of dollars in its digital strategy, emphasizing smooth transitions from digital to in-store experiences with initiatives such as improving the company’s website and instituting in-store returns and pickups for online purchases. The arrival of the pandemic prompted Abercrombie to close 130 stores worldwide and 50% of the brand’s flagships, bringing total store closures in the past 10 years to about 500, while strategically opening a few key new stores, Horowitz says.</p><p><blockquote>Abercrombie 在其数字战略上投入了数亿美元，强调从数字体验到店内体验的平稳过渡，并采取了改进公司网站、实行店内退货和网上购物提货等举措。霍洛维茨说，大流行病的到来促使 Abercrombie 关闭了全球 130 家门店和 50% 的品牌旗舰店，使过去 10 年关闭的门店总数达到约 500 家，同时战略性地开设了几家重要的新店。</blockquote></p><p> “Stores matter, but they have to be the right size, the right location, and the right economics,” she says. “You put that together with the digital and it equals magic.”</p><p><blockquote>“她说：”商店固然重要，但必须有合适的规模、合适的位置和合适的经济性。“如果你把它和数字技术结合在一起，那就等于神奇了”。</blockquote></p><p> Not only are physical stores cost-effective ways to draw in-person shoppers, but they also can serve as crucial distribution centers for online pickups and returns, as well as local shipping, says B. Riley Securities analyst Susan Anderson. In recent years, even online retailers such as Warby Parker (WRBY) have expanded their physical presence to accommodate shopper preferences. “The consumer wants to shop when and where they want to,” Anderson says.</p><p><blockquote>B. Riley Securities 分析师苏珊·安德森 (Susan Anderson) 表示，实体店不仅是吸引亲自购物者的经济高效方式，而且还可以作为在线取货和退货以及本地运输的重要配送中心。近年来，甚至像Warby Parker（WRBY）这样的在线零售商也扩大了他们的实体存在，以适应购物者的偏好。“安德森说：”消费者希望随时随地购物。</blockquote></p><p> That behavior can evolve in unexpected ways. Malls and physical stores are growing in popularity among digitally savvy teenagers and young adults.</p><p><blockquote>这种行为会以意想不到的方式演变。购物中心和实体店在精通数字的青少年和年轻人中越来越受欢迎。</blockquote></p><p> According to a survey of 1,000 shoppers earlier this year commissioned by BHDP, a design firm that counts retail among its specialties, 55% of 14-to-17 year olds say they are now shopping at indoor malls, and 90% plan to head to a mall in the next year. The 18-to-24-year-old shoppers surveyed are also back at the mall, trying on products, using in-store promotions, and making returns. Such shifts have led retailers to ditch old views and assumptions about specific demographics, says Rod Sides, vice chairman of U.S. retail and distribution at Deloitte.</p><p><blockquote>根据BHDP今年早些时候委托一家以零售为专长的设计公司对1000名购物者进行的调查，55%的14至17岁青少年表示他们现在在室内购物中心购物，90%的人计划明年去购物中心。接受调查的18至24岁的购物者也回到了商场，试穿产品，使用店内促销，并进行退货。德勤美国零售和分销副主席罗德·赛德斯 (Rod Sides) 表示，这种转变导致零售商放弃了对特定人口统计的旧观点和假设。</blockquote></p><p> The shifts in strategy during the pandemic put many retailers in a better position for the reopening of malls and downtowns this year—and shoppers were eager to open their wallets.</p><p><blockquote>疫情期间战略的转变使许多零售商在今年重新开放购物中心和市中心时处于更有利的地位，购物者渴望打开他们的钱包。</blockquote></p><p> During the pandemic, some consumers became unexpectedly flush. They got stimulus payments, saved up from a decline in travel expenses, and saw the markets soar. Today, consumer savings at all income levels are at or near a record. Wealthy households are planning to spend 15% more than last year this holiday season, averaging $2,624 per household and driving much of the season’s growth, an annual Deloitte study found.</p><p><blockquote>在疫情期间，一些消费者意外地变得兴奋起来。他们获得了刺激付款，从旅行费用的下降中节省下来，并看到市场飙升。如今，所有收入水平的消费者储蓄都处于或接近创纪录水平。德勤（Deloitte）的一项年度研究发现，富裕家庭计划在这个假日季比去年多花费 15%，平均每户花费 2624 美元，这在很大程度上推动了假日季的增长。</blockquote></p><p> “You got a lot of cash and there’s a fair amount of pent-up demand,” says Mark Zandi, chief economist at Moody’s Analytics.</p><p><blockquote>“穆迪分析公司（Moody's Analytics）首席经济学家马克-赞迪（Mark Zandi）说：”你有很多现金，而且有相当数量的需求被压抑。</blockquote></p><p> Retail and food-services sales increased to an estimated $625 billion in September, up 0.7% from October and 13.9% year over year, according to the U.S. Census Bureau. Sales in retail alone rose 0.8% from August. “We were expecting that you’d see some pullback in September, and we didn’t,” says Citigroup economist Veronica Clark.</p><p><blockquote>根据美国人口普查局的数据，9 月份零售和食品服务销售额估计增至 6250 亿美元，比 10 月份增长 0.7%，同比增长 13.9%。仅零售额就比 8 月份增长了 0.8%。“花旗集团经济学家维罗妮卡-克拉克（Veronica Clark）说：”我们原本预计9月份会出现一些回调，但我们没有。</blockquote></p><p> Retailers are much healthier than they were a decade ago heading into the holiday season, Matthew Shay, president and CEO of the National Retail Federation, said in a media briefing in October. A yearly&nbsp;Mastercard&nbsp;spending index forecasts U.S. retail sales to increase 7.4% this season, with significant gains in apparel, department stores, jewelry, and luxury items.</p><p><blockquote>全国零售联合会总裁兼首席执行官马修·谢伊 (Matthew Shay) 在 10 月份的媒体吹风会上表示，零售商在进入假日季时比十年前健康得多。万事达卡年度支出指数预测本季美国零售额将增长 7.4%，其中服装、百货商店、珠宝和奢侈品行业将出现显着增长。</blockquote></p><p> Luxury retailer&nbsp;Burberry Group&nbsp;(BRBY.UK), known for its tartan fabric and scarves, said this past week that comparable sales for its first half of fiscal 2022 rose 37%, and that full-price sales are growing at a double-digit rate. And&nbsp;Tapestry&nbsp;(TPR), the parent company of Coach, posted better-than-expected fiscal first-quarter earnings, raising its outlook for 2022 sales and profits.</p><p><blockquote>以格子呢面料和围巾闻名的奢侈品零售商 Burberry Group (BRBY.UK) 上周表示，2022 财年上半年的可比销售额增长了 37%，全价销售额正以两位数的速度增长。Coach 母公司 Tapestry (TPR) 公布的第一财季收益好于预期，上调了 2022 年销售额和利润预期。</blockquote></p><p> Some analysts are bullish on the retail sector, with Cowen saying that “many of the luxury brands have successfully been able to take price increases and will likely benefit from the historically strong consumer balance sheets in the U.S. and internationally.” Wolfe Research favors Nordstrom and Tapestry, among others, with analysts writing in a note that “nearly all the major drivers of U.S. consumer spending favor the high end.”</p><p><blockquote>一些分析师看好零售业，考恩说：“许多奢侈品牌已经成功地承受了价格上涨，并可能受益于美国和国际上历史上强劲的消费者资产负债表”。Wolfe Research 看好 Nordstrom 和 Tapestry 等公司，分析师在一份报告中写道，“几乎所有美国消费者支出的主要驱动因素都青睐高端市场”。</blockquote></p><p> Meanwhile, more Americans started coming out to the mall. Placer.ai mall-traffic statistics show that foot traffic for indoor malls was up 3% in October compared with 2019 levels, and traffic for outdoor malls was up 5%—one of the reasons mall stores are seeing their stocks soar. Simon Property Group (SPG), which owns the malls themselves, saw its stock gain about 90% in 2021.</p><p><blockquote>与此同时，越来越多的美国人开始来到购物中心。Placer.ai 商场交通统计数据显示，10 月份室内商场的客流量比 2019 年增长了 3%，室外商场的客流量增长了 5%，这也是商场商店库存飙升的原因之一。拥有这些购物中心的西蒙地产集团（SPG）的股价在2021年上涨了约90%。</blockquote></p><p></p><p> “With the combination of more individuals becoming fully vaccinated, paired with many shopping early for the coming holiday season due to supply-chain concerns, we have seen a steady rise in foot traffic since July,” says Lindsay Petak, senior marketing manager for Tysons Corner Center in the Washington region. The mall is owned by Macerich (MAC), which also has seen its share price nearly double this year.</p><p><blockquote>“华盛顿地区泰森斯角中心（Tysons Corner Center）高级营销经理林赛-佩塔克（Lindsay Petak）说：”随着越来越多的人全面接种疫苗，再加上由于供应链问题，许多人在即将到来的假期提前购物，自 7 月以来，我们看到客流量稳步上升。该购物中心由 Macerich (MAC) 所有，该公司的股价今年也几乎翻了一番。</blockquote></p><p> All of this added to a stock run-up for the ages for beaten-down retailers. Over the past year, the&nbsp;SPDR S&amp;P Retail&nbsp;exchanged-trade fund (XRT) was up 85%, while the S&amp;P 500 rose 33%. The&nbsp;Invesco S&amp;P 500 Equal Weight Consumer Discretionary&nbsp;ETF (RCD) has outperformed the S&amp;P 500 by five percentage points this year, a sign that investors remain bullish on retail sales.</p><p><blockquote>所有这些都加剧了遭受重创的零售商多年来的库存上涨。过去一年，SPDR S&amp;P零售交易所交易基金（XRT）上涨了85%，而标普500上涨了33%。景顺标普500等权重非必需消费品 ETF (RCD) 今年的表现优于标普500 5 个百分点，这表明投资者仍然看好零售销售。</blockquote></p><p> “We’ve seen department stores and apparel and discretionary retailers really bounce back as soon as the economy reopened,” the NRF’s Shay says. “Department stores are always a popular destination for the holiday season, based on the consumer survey work we do....They continue to be at the top of the list of the places people shop this year.”</p><p><blockquote>“NRF 的 Shay 说：”我们已经看到，一旦经济重新开放，百货商店、服装和非必需品零售商就会真正反弹。“根据我们所做的消费者调查工作，百货商店一直是节日期间的热门目的地......今年，百货商店仍然是人们购物的首选场所”。</blockquote></p><p> All that said, analysts and investors alike remain confident of the role physical stores play, which might look different from their online counterparts, but they’re here to stay.</p><p><blockquote>尽管如此，分析师和投资者仍然对实体店所扮演的角色充满信心，实体店可能看起来与网上商店有所不同，但它们会一直存在下去。</blockquote></p><p> The verdict on whether the retail renaissance is sustainable in the long term isn’t in yet. Retailers are operating in a macroeconomic environment far from the norm, making any guesses even more speculative.</p><p><blockquote>零售业复兴是否具有长期可持续性尚未定论。零售商在远离常态的宏观经济环境中运营，这使得任何猜测都更加具有投机性。</blockquote></p><p> “I don’t think we have normal insight yet because there are just too many complexities throughout the business right now,” says Jefferies analyst Janine Stichter.</p><p><blockquote>“杰富瑞（Jefferies）分析师珍妮-斯蒂奇特（Janine Stichter）说：”我认为我们还没有正常的洞察力，因为现在整个行业有太多的复杂性。</blockquote></p><p> Companies are struggling to manage ongoing supply-chain concerns, inflationary pressures, and a persistent labor shortage, which are likely to bite into earnings despite all signs pointing to a strong holiday quarter. “The supply-chain issues, they’re real,” Horowitz says.</p><p><blockquote>企业正在努力应对持续的供应链担忧、通胀压力和持续的劳动力短缺，尽管所有迹象都表明假日季度将表现强劲，但这些问题可能会影响盈利。“霍洛维茨说：”供应链问题是真实存在的。</blockquote></p><p> Abercrombie is assuming a modest impact on sales due to supply-chain constraints, with even bigger impacts coming from freight inflation, the company said in its second-quarter earnings call.</p><p><blockquote>Abercrombie 在第二季度财报看涨期权中表示，由于供应链限制，预计对销售的影响不大，运费通胀的影响更大。</blockquote></p><p> To ease supply-chain pressures, retailers are encouraging consumers to start their shopping early—a trend that could skew end-of-year sales data, Citigroup’s Clark says. If shoppers pull their gift-buying forward, there could be a decline in November and December compared with previous years. “It’s not necessarily that spending is much weaker; it’s just that the distribution over months is different,” she says.</p><p><blockquote>花旗集团的克拉克说，为了缓解供应链压力，零售商鼓励消费者提前开始购物--这一趋势可能会扭曲年终销售数据。如果购物者提前购买礼物，与往年相比，11月和12月可能会有所下降。“她说：”支出并不一定会减弱很多，只是几个月的分布情况有所不同。</blockquote></p><p> On the flip side, low inventories will give retailers higher pricing power that can help offset supply-chain disruptions, Stichter says. While beneficial to retailers, this could drive prices up even more, says Sasha Tomic, an economist at Boston College.</p><p><blockquote>Stichter 表示，另一方面，低库存将赋予零售商更高的定价权，有助于抵消供应链中断。波士顿学院经济学家萨沙·托米奇表示，虽然这对零售商有利，但可能会进一步推高价格。</blockquote></p><p> Whatever the risks, strong performance won’t last forever, says Matthew Forester, chief investment officer at BNY Mellon’s Lockwood Advisors. “The U.S. economy, overall, is clearly slowing down,” he says. “And we’re going to slow down into the next year. Plus, as we get back to trend growth, that’s just what’s likely to happen.”</p><p><blockquote>纽约梅隆银行洛克伍德顾问公司首席投资官马修-福雷斯特（Matthew Forester）说，无论风险如何，强劲的业绩都不会永远持续下去。“他说：”总体而言，美国经济显然正在放缓。“明年我们将放缓。此外，随着我们恢复趋势增长，这也是很可能发生的事情。”</blockquote></p><p> The economy will eventually exit its euphoria as stimulus continues to dwindle, he says. And while the comedown might not be “terrible,” he says, it will still be a decline from where consumer spending is now.</p><p><blockquote>他说，随着刺激措施的继续减少，经济最终将退出欣喜若狂。他说，虽然下降可能并不 “可怕”，但与现在的消费者支出水平相比，仍将有所下降。</blockquote></p><p> Abercrombie, though, is powering through the headwinds with the help of its bricks-and-mortar stores. The company is planning to position more inventory in stores, and is routing e-commerce orders to stores as well as partnering with Uber, Shipt, and Postmates to offer same-day delivery.</p><p><blockquote>然而，阿伯克龙比正在其实体店的帮助下度过逆风。该公司正计划在商店放置更多库存，并将电子商务订单路由到商店，并与 Uber、Shipt 和 Postmates 合作提供当天送达服务。</blockquote></p><p> Other retailers have taken supply-chain solutions in their own hands. Specialty-apparel company American Eagle Outfitters (AEO) recently announced it was acquiring Quiet Logistics, an operator of automated distribution centers near city centers, just weeks after it bought AirTerra, which focuses on middle-mile logistics—the delivery of products from a warehouse to a retail store.</p><p><blockquote>其他零售商已经将供应链解决方案掌握在自己手中。特种服装公司 American Eagle Outfitters (AEO) 最近宣布收购 Quiet Logistics，这是一家在市中心附近运营自动化配送中心的运营商，就在几周前，AirTerra 专注于中英里物流（将产品从仓库运送到零售店）。</blockquote></p><p> “We’re going to just continue at it,” Horowitz says.</p><p><blockquote>“霍洛维茨说：”我们将继续努力。</blockquote></p><p> As retailers forge ahead, doomsayers might have to hold off on heralding a retail apocalypse. For now, the sentiment is clear: Consumers are rediscovering the joys of bricks-and-mortar shopping. The mall has become cool again.</p><p><blockquote>随着零售商继续前进，末日预言者可能不得不推迟预言零售世界末日。目前，人们的情绪很明确：消费者正在重新发现实体购物的乐趣。商场又凉了。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/macys-abercrombie-simon-property-retail-stocks-51636674171?mod=hp_HERO\">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":{"TPR":"Tapestry Inc.","ANF":"爱芬奇","BRBY.UK":"巴宝莉","BBRYF":"Burberry Group Plc","SIG":"西格内特珠宝","AMZN":"亚马逊","RCD":"READY CAPITAL CORPORATION 9.00% SENIOR NOTES DUE 2029","JWN":"诺德斯特龙","WMT":"沃尔玛","CAL":"Caleres鞋业","M":"梅西百货"},"source_url":"https://www.barrons.com/articles/macys-abercrombie-simon-property-retail-stocks-51636674171?mod=hp_HERO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159096163","content_text":"By the time the pandemic hit the U.S. economy, the outlook for Abercrombie & Fitch seemed dire.\nOnce a mall staple that captured the hearts and wallets of teenagers with stark, sexy advertising and dark, perfume-drenched stores, Abercrombie’s (ticker: ANF) stock price hit fresh lows in 2017. Shoppers’ distaste for the brand and a steady decrease in mall traffic clouded its future. Then, in March of 2020, the coronavirus began closing malls and stores across the country.\nThe retail apocalypse, it seemed, was about to claim another victim.\nBut something surprising happened on the way to the funeral: Abercrombie enjoyed one of its best years since its 2000s heyday. Under CEO Fran Horowitz, the company rebranded, putting out a more inclusive message and pivoting its focus toward young professionals while fine-tuning its Hollister brand for teenagers.\nRevenue increased 24% year over year in the company’s fiscal second quarter ended July 31, and 3% from prepandemic levels. Its stock is up 120% this year as shoppers flush with cash flock back to stores.\n“Perception of a brand is a hard thing to turn, and it takes time in order to build back trust with your consumer,” Horowitz says in an interview with Barron’s. “So, here we are happy to say in 2021 that we are seeing, obviously, the wonderful effects of all of that hard work.”\nAbercrombie isn’t the only retail brand that is coming into a new period of growth. Over the past year, many of America’s retailers have not only clawed their way out of the abyss, but have harnessed macroeconomic changes ushered in by the pandemic to propel themselves into an unexpected renaissance.\nBrands that successfully merged their bricks-and-mortar operations with digital strategies are seeing sales soar and stock prices rise, lifted by a strong market and consumers champing at the bit to spend their pandemic savings. The stock prices of many major mall-based retailers have soared, including Macy’s (M),Nordstrom (JWN), Famous Footwear parent Caleres (CAL), and Signet Jewelers (SIG), which all gained at least 100% in the past 12 months.\nThese companies are now poised to reap the benefits of a potentially record-setting holiday season. Consumers could spend $851 billion, a 9.5% increase from last year’s record $777 billion and more than twice the 4.4% average increase over the past five years, according to the National Retail Federation.\nNo one knows whether the party will last or whether these stores are simply capturing sales that would have happened in the future. Before retail sales normalize, companies need to navigate a host of supply-chain and inflationary pressures that could put a damper on holiday sales.\nBut the unexpected revival has reaffirmed the faith of many brands in the power of the physical stores. While still heavily investing in online operations, they are continuing to bet big on a bricks-and-mortar future. And as investments in physical stores continue, the demise of the bricks-and-mortar retailer that many once expected no longer seems so certain.\nWealthy households plan to spend an average $2,624 this holiday season, 15% more than last year.\nThe pandemic wasn’t exactly ideal for retailers, but it offered some unique opportunities. The problems were obvious. People were afraid to shop in person. Shoppers—even baby boomers—flocked online in unexpected numbers. Retail behemoths such as Amazon.com (AMZN) and Walmart (WMT) saw their best year ever.\n“The investor sentiment—especially from short term, hedge fund type investors—had just turned very negative on the group,” Columbia Threadneedle Investments retail analyst Mari Shor says. “I just think that investors weren’t really giving the companies, or the consumers, the benefit of the doubt.”\nShor says the doubt among investors was rooted in the notion that traditional retailers, both prepandemic and postpandemic, wouldn’t make it out alive.\nBut the pandemic gave retailers the rare chance to close poorly performing locations and focus on great ones. Many retailers also focused on getting better online, and shifted their sales strategies to target consumers wherever and whenever they wanted to shop—whether online, mobile, or in-store.\nIn one example of a company looking to fuel growth while connecting digital and in-store operations, the parent company of Saks Fifth Avenue spun out its e-commerce arm, which is now expected to go public with a target valuation of $6 billion.\nSuch approaches proved critical. Online and other non-store sales are expected to increase between 11% and 15% this holiday season, potentially reaching a high of $226 billion, according to National Retail Federation estimates.\n“We’d like to think that the pandemic not only accelerated the adoption of e-commerce around the world but also expanded the market,” says Pedro Palandrani, a research analyst at Global X who covers e-commerce.\nAbercrombie invested hundreds of millions of dollars in its digital strategy, emphasizing smooth transitions from digital to in-store experiences with initiatives such as improving the company’s website and instituting in-store returns and pickups for online purchases. The arrival of the pandemic prompted Abercrombie to close 130 stores worldwide and 50% of the brand’s flagships, bringing total store closures in the past 10 years to about 500, while strategically opening a few key new stores, Horowitz says.\n“Stores matter, but they have to be the right size, the right location, and the right economics,” she says. “You put that together with the digital and it equals magic.”\nNot only are physical stores cost-effective ways to draw in-person shoppers, but they also can serve as crucial distribution centers for online pickups and returns, as well as local shipping, says B. Riley Securities analyst Susan Anderson. In recent years, even online retailers such as Warby Parker (WRBY) have expanded their physical presence to accommodate shopper preferences. “The consumer wants to shop when and where they want to,” Anderson says.\nThat behavior can evolve in unexpected ways. Malls and physical stores are growing in popularity among digitally savvy teenagers and young adults.\nAccording to a survey of 1,000 shoppers earlier this year commissioned by BHDP, a design firm that counts retail among its specialties, 55% of 14-to-17 year olds say they are now shopping at indoor malls, and 90% plan to head to a mall in the next year. The 18-to-24-year-old shoppers surveyed are also back at the mall, trying on products, using in-store promotions, and making returns. Such shifts have led retailers to ditch old views and assumptions about specific demographics, says Rod Sides, vice chairman of U.S. retail and distribution at Deloitte.\nThe shifts in strategy during the pandemic put many retailers in a better position for the reopening of malls and downtowns this year—and shoppers were eager to open their wallets.\nDuring the pandemic, some consumers became unexpectedly flush. They got stimulus payments, saved up from a decline in travel expenses, and saw the markets soar. Today, consumer savings at all income levels are at or near a record. Wealthy households are planning to spend 15% more than last year this holiday season, averaging $2,624 per household and driving much of the season’s growth, an annual Deloitte study found.\n“You got a lot of cash and there’s a fair amount of pent-up demand,” says Mark Zandi, chief economist at Moody’s Analytics.\nRetail and food-services sales increased to an estimated $625 billion in September, up 0.7% from October and 13.9% year over year, according to the U.S. Census Bureau. Sales in retail alone rose 0.8% from August. “We were expecting that you’d see some pullback in September, and we didn’t,” says Citigroup economist Veronica Clark.\nRetailers are much healthier than they were a decade ago heading into the holiday season, Matthew Shay, president and CEO of the National Retail Federation, said in a media briefing in October. A yearly Mastercard spending index forecasts U.S. retail sales to increase 7.4% this season, with significant gains in apparel, department stores, jewelry, and luxury items.\nLuxury retailer Burberry Group (BRBY.UK), known for its tartan fabric and scarves, said this past week that comparable sales for its first half of fiscal 2022 rose 37%, and that full-price sales are growing at a double-digit rate. And Tapestry (TPR), the parent company of Coach, posted better-than-expected fiscal first-quarter earnings, raising its outlook for 2022 sales and profits.\nSome analysts are bullish on the retail sector, with Cowen saying that “many of the luxury brands have successfully been able to take price increases and will likely benefit from the historically strong consumer balance sheets in the U.S. and internationally.” Wolfe Research favors Nordstrom and Tapestry, among others, with analysts writing in a note that “nearly all the major drivers of U.S. consumer spending favor the high end.”\nMeanwhile, more Americans started coming out to the mall. Placer.ai mall-traffic statistics show that foot traffic for indoor malls was up 3% in October compared with 2019 levels, and traffic for outdoor malls was up 5%—one of the reasons mall stores are seeing their stocks soar. Simon Property Group (SPG), which owns the malls themselves, saw its stock gain about 90% in 2021.\n“With the combination of more individuals becoming fully vaccinated, paired with many shopping early for the coming holiday season due to supply-chain concerns, we have seen a steady rise in foot traffic since July,” says Lindsay Petak, senior marketing manager for Tysons Corner Center in the Washington region. The mall is owned by Macerich (MAC), which also has seen its share price nearly double this year.\nAll of this added to a stock run-up for the ages for beaten-down retailers. Over the past year, the SPDR S&P Retail exchanged-trade fund (XRT) was up 85%, while the S&P 500 rose 33%. The Invesco S&P 500 Equal Weight Consumer Discretionary ETF (RCD) has outperformed the S&P 500 by five percentage points this year, a sign that investors remain bullish on retail sales.\n“We’ve seen department stores and apparel and discretionary retailers really bounce back as soon as the economy reopened,” the NRF’s Shay says. “Department stores are always a popular destination for the holiday season, based on the consumer survey work we do....They continue to be at the top of the list of the places people shop this year.”\nAll that said, analysts and investors alike remain confident of the role physical stores play, which might look different from their online counterparts, but they’re here to stay.\nThe verdict on whether the retail renaissance is sustainable in the long term isn’t in yet. Retailers are operating in a macroeconomic environment far from the norm, making any guesses even more speculative.\n“I don’t think we have normal insight yet because there are just too many complexities throughout the business right now,” says Jefferies analyst Janine Stichter.\nCompanies are struggling to manage ongoing supply-chain concerns, inflationary pressures, and a persistent labor shortage, which are likely to bite into earnings despite all signs pointing to a strong holiday quarter. “The supply-chain issues, they’re real,” Horowitz says.\nAbercrombie is assuming a modest impact on sales due to supply-chain constraints, with even bigger impacts coming from freight inflation, the company said in its second-quarter earnings call.\nTo ease supply-chain pressures, retailers are encouraging consumers to start their shopping early—a trend that could skew end-of-year sales data, Citigroup’s Clark says. If shoppers pull their gift-buying forward, there could be a decline in November and December compared with previous years. “It’s not necessarily that spending is much weaker; it’s just that the distribution over months is different,” she says.\nOn the flip side, low inventories will give retailers higher pricing power that can help offset supply-chain disruptions, Stichter says. While beneficial to retailers, this could drive prices up even more, says Sasha Tomic, an economist at Boston College.\nWhatever the risks, strong performance won’t last forever, says Matthew Forester, chief investment officer at BNY Mellon’s Lockwood Advisors. “The U.S. economy, overall, is clearly slowing down,” he says. “And we’re going to slow down into the next year. Plus, as we get back to trend growth, that’s just what’s likely to happen.”\nThe economy will eventually exit its euphoria as stimulus continues to dwindle, he says. And while the comedown might not be “terrible,” he says, it will still be a decline from where consumer spending is now.\nAbercrombie, though, is powering through the headwinds with the help of its bricks-and-mortar stores. The company is planning to position more inventory in stores, and is routing e-commerce orders to stores as well as partnering with Uber, Shipt, and Postmates to offer same-day delivery.\nOther retailers have taken supply-chain solutions in their own hands. Specialty-apparel company American Eagle Outfitters (AEO) recently announced it was acquiring Quiet Logistics, an operator of automated distribution centers near city centers, just weeks after it bought AirTerra, which focuses on middle-mile logistics—the delivery of products from a warehouse to a retail store.\n“We’re going to just continue at it,” Horowitz says.\nAs retailers forge ahead, doomsayers might have to hold off on heralding a retail apocalypse. For now, the sentiment is clear: Consumers are rediscovering the joys of bricks-and-mortar shopping. The mall has become cool again.","news_type":1,"symbols_score_info":{"CAL":0.9,"RCD":0.9,"M":0.9,"ANF":0.9,"SIG":0.9,"WMT":0.9,"AMZN":0.9,"BRBY.UK":0.9,"BBRYF":0.9,"JWN":0.9,"TPR":0.9}},"isVote":1,"tweetType":1,"viewCount":1657,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":875068535,"gmtCreate":1637589353716,"gmtModify":1637589353716,"author":{"id":"4094449094178220","authorId":"4094449094178220","name":"Peithebest","avatar":"https://static.tigerbbs.com/cccac1948bda49bf1970a525922fbe42","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4094449094178220","authorIdStr":"4094449094178220"},"themes":[],"title":"","htmlText":"[Grin]&nbsp;","listText":"[Grin]&nbsp;","text":"[Grin]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/875068535","repostId":"1133441168","repostType":2,"isVote":1,"tweetType":1,"viewCount":2696,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873196519,"gmtCreate":1636873408696,"gmtModify":1636873408696,"author":{"id":"4094449094178220","authorId":"4094449094178220","name":"Peithebest","avatar":"https://static.tigerbbs.com/cccac1948bda49bf1970a525922fbe42","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4094449094178220","authorIdStr":"4094449094178220"},"themes":[],"title":"","htmlText":"[Thinking]&nbsp;","listText":"[Thinking]&nbsp;","text":"[Thinking]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/873196519","repostId":"2183043548","repostType":4,"repost":{"id":"2183043548","kind":"highlight","pubTimestamp":1636852012,"share":"https://www.laohunote.com/m/news/2183043548?lang=zh_CN&edition=full","pubTime":"2021-11-14 09:06","market":"us","language":"en","title":"If inflation is more than transitory, consumer prices and stocks could both keep climbing<blockquote>如果通货膨胀不仅仅是暂时的，消费者价格和股票都可能继续攀升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2183043548","media":"MarketWatch","summary":"The stock market is a good inflation hedge\nAgence France-Presse/Getty Images\n\nConventional wisdom sa","content":"<p>The stock market is a good inflation hedge</p><p><blockquote>股票市场是很好的通货膨胀对冲工具</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd7f220695081ff57f1ed561e56d2713\" tg-width=\"700\" tg-height=\"390\" width=\"100%\" height=\"auto\"><span>Agence France-Presse/Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>法新社/盖蒂图片社</span></p></blockquote></p><p> Conventional wisdom says that inflation is bad for the stock market. Yet the U.S. stock market this year has remained strong in the face of unexpectedly high inflation.</p><p><blockquote>传统观点认为通货膨胀对股市不利。然而，面对出乎意料的高通胀，美国股市今年仍然保持强劲。</blockquote></p><p> Since mid-May, when it was first reported that the CPI’s 12-month rate of change had spiked, the S&amp;P 500&nbsp;has gained more than 15% and the tech-heavy Nasdaq 100 index&nbsp;is up almost 23%.</p><p><blockquote>自 5 月中旬首次有报道称 CPI 12 个月变化率飙升以来，标普500上涨了 15% 以上，以科技股为主的纳斯达克 100 指数上涨了近 23%。</blockquote></p><p> Does that mean the stock market is living on borrowed time, and will soon succumb to the gravitational pull exerted by higher inflation? Or is the conventional wisdom on this subject just wrong?</p><p><blockquote>这是否意味着股市正在靠借来的时间生活，并将很快屈服于更高通胀施加的引力？或者关于这个问题的传统观点是错误的？</blockquote></p><p> Now is a good time to investigate these questions, since the U.S. government reported this week that the CPI over the latest 12 months has risen at its fastest rate in over 30 years.</p><p><blockquote>现在是调查这些问题的好时机，因为美国政府本周报告称，过去12个月的CPI以30多年来最快的速度上涨。</blockquote></p><p> My analysis of the historical record reveals that the relationship between equities and inflation is far more complex than it initially appears. That’s because there are both plusses and minuses to inflation’s impact, and it’s difficult to predict the net impact of inflation’s various consequences.</p><p><blockquote>我对历史记录的分析表明，股票和通货膨胀之间的关系比最初看起来要复杂得多。这是因为通货膨胀的影响有利有弊，而且很难预测通货膨胀各种后果的净影响。</blockquote></p><p> Consider first inflation’s impact on earnings: Because companies often are able to charge higher prices when inflation heats up — they have “pricing power,” in other words — their earnings do not suffer as much as you might think. In fact, according to data back to 1871 provided by Yale University’s Robert Shiller, the S&amp;P 500’s nominal earnings per share have grown faster, on average, when inflation has been higher.</p><p><blockquote>首先考虑通货膨胀对盈利的影响： 因为当通货膨胀升温时，公司往往能够收取更高的价格--换句话说，他们拥有 “定价权”--所以他们的盈利并没有你想象的那么大。事实上，根据耶鲁大学的 Robert Shiller 提供的 1871 年数据，当通货膨胀率较高时，标普500的名义每股收益平均增长速度更快。</blockquote></p><p> This tendency is why the stock market is a good inflation hedge. Yet investors all too often overlook this valuable tendency, since they focus on nominal earnings growth rates rather than real growth rates. They extrapolate the slower nominal earnings growth rate of a low-inflation period even when inflation heats up. Economists often refer to this mistake as “money illusion” or “inflation illusion.”</p><p><blockquote>这种趋势就是为什么股票市场是一个很好的通胀对冲工具。然而，投资者常常忽视这一有价值的趋势，因为他们关注的是名义盈利增长率，而不是实际增长率。即使通胀升温，他们也推断出低通胀时期较慢的名义收益增长率。经济学家通常将这种错误称为“货币错觉”或“通货膨胀错觉”。</blockquote></p><p> Corporate earnings’ ability to hedge inflation is the good news. The bad news is that inflation causes P/E ratios to decline, since inflation reduces the discounted value of future years’ earnings.</p><p><blockquote>企业盈利对冲通胀的能力是个好消息。坏消息是，通货膨胀会导致市盈率下降，因为通货膨胀会降低未来几年收益的贴现价值。</blockquote></p><p> These two distinct impacts are summarized in the chart below. To construct the chart, I segregated the period since 1871 into two subsets according to the CPI’s trailing 2-year rate of change. Notice that the EPS growth rate has tended to be higher when inflation is higher, but the P/E ratio has tended to be lower.</p><p><blockquote>下图总结了这两种不同的影响。为了绘制这张图表，我根据消费者物价指数过去两年的变化率，将 1871 年以来的时期分为两个子集。请注意，当通货膨胀较高时，每股收益增长率往往较高，但市盈率往往较低。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/370baeb3b581e82486aa533711b4363e\" tg-width=\"700\" tg-height=\"482\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <b>What to watch for — and watch out for</b></p><p><blockquote><b>需要注意什么——以及需要注意什么</b></blockquote></p><p> How do these countervailing factors interact in practice? The answer depends on whether you focus on the near-term or the long-term. Over the near-term — up to a year, or so — inflation historically has been a net negative for stocks. That’s because inflation’s negative impact on the P/E ratio is immediate, while its positive impact on earnings doesn’t kick in for a couple of years. Once your time horizon extends two or three years, these effects on average cancel each other out.</p><p><blockquote>这些抵消因素在实践中如何相互作用？答案取决于你关注的是近期还是长期。在短期内——长达一年左右——历史上，股市的通胀一直是净负的。这是因为通货膨胀对市盈率的负面影响是立竿见影的，而对盈利的积极影响要几年后才会显现。一旦你的时间范围延长两三年，这些影响平均来说会相互抵消。</blockquote></p><p> The investment implication: If inflation proves to be more than transitory and the stock market declines significantly, you might want to treat the selloff as a buying opportunity.</p><p><blockquote>投资含义：如果通货膨胀被证明不仅仅是暂时的，并且股市大幅下跌，您可能需要将抛售视为买入机会。</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>If inflation is more than transitory, consumer prices and stocks could both keep climbing<blockquote>如果通货膨胀不仅仅是暂时的，消费者价格和股票都可能继续攀升</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\">\nIf inflation is more than transitory, consumer prices and stocks could both keep climbing<blockquote>如果通货膨胀不仅仅是暂时的，消费者价格和股票都可能继续攀升</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-11-14 09:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The stock market is a good inflation hedge</p><p><blockquote>股票市场是很好的通货膨胀对冲工具</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd7f220695081ff57f1ed561e56d2713\" tg-width=\"700\" tg-height=\"390\" width=\"100%\" height=\"auto\"><span>Agence France-Presse/Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>法新社/盖蒂图片社</span></p></blockquote></p><p> Conventional wisdom says that inflation is bad for the stock market. Yet the U.S. stock market this year has remained strong in the face of unexpectedly high inflation.</p><p><blockquote>传统观点认为通货膨胀对股市不利。然而，面对出乎意料的高通胀，美国股市今年仍然保持强劲。</blockquote></p><p> Since mid-May, when it was first reported that the CPI’s 12-month rate of change had spiked, the S&amp;P 500&nbsp;has gained more than 15% and the tech-heavy Nasdaq 100 index&nbsp;is up almost 23%.</p><p><blockquote>自 5 月中旬首次有报道称 CPI 12 个月变化率飙升以来，标普500上涨了 15% 以上，以科技股为主的纳斯达克 100 指数上涨了近 23%。</blockquote></p><p> Does that mean the stock market is living on borrowed time, and will soon succumb to the gravitational pull exerted by higher inflation? Or is the conventional wisdom on this subject just wrong?</p><p><blockquote>这是否意味着股市正在靠借来的时间生活，并将很快屈服于更高通胀施加的引力？或者关于这个问题的传统观点是错误的？</blockquote></p><p> Now is a good time to investigate these questions, since the U.S. government reported this week that the CPI over the latest 12 months has risen at its fastest rate in over 30 years.</p><p><blockquote>现在是调查这些问题的好时机，因为美国政府本周报告称，过去12个月的CPI以30多年来最快的速度上涨。</blockquote></p><p> My analysis of the historical record reveals that the relationship between equities and inflation is far more complex than it initially appears. That’s because there are both plusses and minuses to inflation’s impact, and it’s difficult to predict the net impact of inflation’s various consequences.</p><p><blockquote>我对历史记录的分析表明，股票和通货膨胀之间的关系比最初看起来要复杂得多。这是因为通货膨胀的影响有利有弊，而且很难预测通货膨胀各种后果的净影响。</blockquote></p><p> Consider first inflation’s impact on earnings: Because companies often are able to charge higher prices when inflation heats up — they have “pricing power,” in other words — their earnings do not suffer as much as you might think. In fact, according to data back to 1871 provided by Yale University’s Robert Shiller, the S&amp;P 500’s nominal earnings per share have grown faster, on average, when inflation has been higher.</p><p><blockquote>首先考虑通货膨胀对盈利的影响： 因为当通货膨胀升温时，公司往往能够收取更高的价格--换句话说，他们拥有 “定价权”--所以他们的盈利并没有你想象的那么大。事实上，根据耶鲁大学的 Robert Shiller 提供的 1871 年数据，当通货膨胀率较高时，标普500的名义每股收益平均增长速度更快。</blockquote></p><p> This tendency is why the stock market is a good inflation hedge. Yet investors all too often overlook this valuable tendency, since they focus on nominal earnings growth rates rather than real growth rates. They extrapolate the slower nominal earnings growth rate of a low-inflation period even when inflation heats up. Economists often refer to this mistake as “money illusion” or “inflation illusion.”</p><p><blockquote>这种趋势就是为什么股票市场是一个很好的通胀对冲工具。然而，投资者常常忽视这一有价值的趋势，因为他们关注的是名义盈利增长率，而不是实际增长率。即使通胀升温，他们也推断出低通胀时期较慢的名义收益增长率。经济学家通常将这种错误称为“货币错觉”或“通货膨胀错觉”。</blockquote></p><p> Corporate earnings’ ability to hedge inflation is the good news. The bad news is that inflation causes P/E ratios to decline, since inflation reduces the discounted value of future years’ earnings.</p><p><blockquote>企业盈利对冲通胀的能力是个好消息。坏消息是，通货膨胀会导致市盈率下降，因为通货膨胀会降低未来几年收益的贴现价值。</blockquote></p><p> These two distinct impacts are summarized in the chart below. To construct the chart, I segregated the period since 1871 into two subsets according to the CPI’s trailing 2-year rate of change. Notice that the EPS growth rate has tended to be higher when inflation is higher, but the P/E ratio has tended to be lower.</p><p><blockquote>下图总结了这两种不同的影响。为了绘制这张图表，我根据消费者物价指数过去两年的变化率，将 1871 年以来的时期分为两个子集。请注意，当通货膨胀较高时，每股收益增长率往往较高，但市盈率往往较低。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/370baeb3b581e82486aa533711b4363e\" tg-width=\"700\" tg-height=\"482\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <b>What to watch for — and watch out for</b></p><p><blockquote><b>需要注意什么——以及需要注意什么</b></blockquote></p><p> How do these countervailing factors interact in practice? The answer depends on whether you focus on the near-term or the long-term. Over the near-term — up to a year, or so — inflation historically has been a net negative for stocks. That’s because inflation’s negative impact on the P/E ratio is immediate, while its positive impact on earnings doesn’t kick in for a couple of years. Once your time horizon extends two or three years, these effects on average cancel each other out.</p><p><blockquote>这些抵消因素在实践中如何相互作用？答案取决于你关注的是近期还是长期。在短期内——长达一年左右——历史上，股市的通胀一直是净负的。这是因为通货膨胀对市盈率的负面影响是立竿见影的，而对盈利的积极影响要几年后才会显现。一旦你的时间范围延长两三年，这些影响平均来说会相互抵消。</blockquote></p><p> The investment implication: If inflation proves to be more than transitory and the stock market declines significantly, you might want to treat the selloff as a buying opportunity.</p><p><blockquote>投资含义：如果通货膨胀被证明不仅仅是暂时的，并且股市大幅下跌，您可能需要将抛售视为买入机会。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/inflation-is-boosting-prices-and-stocks-heres-why-that-isnt-a-surprise-11636672378?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":{"NDX":"纳斯达克100指数",".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/inflation-is-boosting-prices-and-stocks-heres-why-that-isnt-a-surprise-11636672378?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2183043548","content_text":"The stock market is a good inflation hedge\nAgence France-Presse/Getty Images\n\nConventional wisdom says that inflation is bad for the stock market. Yet the U.S. stock market this year has remained strong in the face of unexpectedly high inflation.\nSince mid-May, when it was first reported that the CPI’s 12-month rate of change had spiked, the S&P 500 has gained more than 15% and the tech-heavy Nasdaq 100 index is up almost 23%.\nDoes that mean the stock market is living on borrowed time, and will soon succumb to the gravitational pull exerted by higher inflation? Or is the conventional wisdom on this subject just wrong?\nNow is a good time to investigate these questions, since the U.S. government reported this week that the CPI over the latest 12 months has risen at its fastest rate in over 30 years.\nMy analysis of the historical record reveals that the relationship between equities and inflation is far more complex than it initially appears. That’s because there are both plusses and minuses to inflation’s impact, and it’s difficult to predict the net impact of inflation’s various consequences.\nConsider first inflation’s impact on earnings: Because companies often are able to charge higher prices when inflation heats up — they have “pricing power,” in other words — their earnings do not suffer as much as you might think. In fact, according to data back to 1871 provided by Yale University’s Robert Shiller, the S&P 500’s nominal earnings per share have grown faster, on average, when inflation has been higher.\nThis tendency is why the stock market is a good inflation hedge. Yet investors all too often overlook this valuable tendency, since they focus on nominal earnings growth rates rather than real growth rates. They extrapolate the slower nominal earnings growth rate of a low-inflation period even when inflation heats up. Economists often refer to this mistake as “money illusion” or “inflation illusion.”\nCorporate earnings’ ability to hedge inflation is the good news. The bad news is that inflation causes P/E ratios to decline, since inflation reduces the discounted value of future years’ earnings.\nThese two distinct impacts are summarized in the chart below. To construct the chart, I segregated the period since 1871 into two subsets according to the CPI’s trailing 2-year rate of change. Notice that the EPS growth rate has tended to be higher when inflation is higher, but the P/E ratio has tended to be lower.\n\nWhat to watch for — and watch out for\n\nHow do these countervailing factors interact in practice? The answer depends on whether you focus on the near-term or the long-term. Over the near-term — up to a year, or so — inflation historically has been a net negative for stocks. That’s because inflation’s negative impact on the P/E ratio is immediate, while its positive impact on earnings doesn’t kick in for a couple of years. Once your time horizon extends two or three years, these effects on average cancel each other out.\nThe investment implication: If inflation proves to be more than transitory and the stock market declines significantly, you might want to treat the selloff as a buying opportunity.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,"NDX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3846,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":603138763,"gmtCreate":1638372152745,"gmtModify":1638372211189,"author":{"id":"4094449094178220","authorId":"4094449094178220","name":"Peithebest","avatar":"https://static.tigerbbs.com/cccac1948bda49bf1970a525922fbe42","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4094449094178220","authorIdStr":"4094449094178220"},"themes":[],"title":"","htmlText":"[Eye]&nbsp;","listText":"[Eye]&nbsp;","text":"[Eye]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/603138763","repostId":"1143092770","repostType":4,"repost":{"id":"1143092770","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1638370804,"share":"https://www.laohunote.com/m/news/1143092770?lang=zh_CN&edition=full","pubTime":"2021-12-01 23:00","market":"us","language":"en","title":"Apple shares rose nearly 2% to a new high<blockquote>苹果股价上涨近2%创新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143092770","media":"Tiger Newspress","summary":"Apple shares rose nearly 2% to a new high in morning trading.\nNeedham analyst Laura Martin said inve","content":"<p>Apple shares rose nearly 2% to a new high&nbsp;in morning trading.</p><p><blockquote>苹果股价在早盘交易中上涨近2%，创下新高。</blockquote></p><p> <b>Needham</b>&nbsp;analyst Laura Martin said investors turned to Apple due to its prodigious cash flow capable of weathering the storm, not going bankrupt, not having financial distress.</p><p><blockquote><b>李约瑟</b>分析师 Laura Martin 表示，投资者转向苹果是因为其惊人的现金流能够经受住风暴，不会破产，也不会陷入财务困境。</blockquote></p><p> Martin said there are indications that Apple’s current products, especially its iPhone Pro models, are selling well, potentially leading to a big December quarter for the company.</p><p><blockquote>Martin 说，有迹象表明，苹果目前的产品，尤其是 iPhone Pro 机型，销量很好，这可能会给该公司带来一个大的 12 月份季度。</blockquote></p><p> Tablets, especially the high-end iPhones, all of which say they’re going to have high margins and high revenue for the fourth quarter of this year, Martin added.</p><p><blockquote>马丁补充说，平板电脑，尤其是高端 iPhone，都表示今年第四季度将实现高利润率和高收入。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/edc1b3fcbf75cefc8acb5fa15512530b\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple shares rose nearly 2% to a new high<blockquote>苹果股价上涨近2%创新高</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 shares rose nearly 2% to a new high<blockquote>苹果股价上涨近2%创新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-01 23:00</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Apple shares rose nearly 2% to a new high&nbsp;in morning trading.</p><p><blockquote>苹果股价在早盘交易中上涨近2%，创下新高。</blockquote></p><p> <b>Needham</b>&nbsp;analyst Laura Martin said investors turned to Apple due to its prodigious cash flow capable of weathering the storm, not going bankrupt, not having financial distress.</p><p><blockquote><b>李约瑟</b>分析师 Laura Martin 表示，投资者转向苹果是因为其惊人的现金流能够经受住风暴，不会破产，也不会陷入财务困境。</blockquote></p><p> Martin said there are indications that Apple’s current products, especially its iPhone Pro models, are selling well, potentially leading to a big December quarter for the company.</p><p><blockquote>Martin 说，有迹象表明，苹果目前的产品，尤其是 iPhone Pro 机型，销量很好，这可能会给该公司带来一个大的 12 月份季度。</blockquote></p><p> Tablets, especially the high-end iPhones, all of which say they’re going to have high margins and high revenue for the fourth quarter of this year, Martin added.</p><p><blockquote>马丁补充说，平板电脑，尤其是高端 iPhone，都表示今年第四季度将实现高利润率和高收入。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/edc1b3fcbf75cefc8acb5fa15512530b\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143092770","content_text":"Apple shares rose nearly 2% to a new high in morning trading.\nNeedham analyst Laura Martin said investors turned to Apple due to its prodigious cash flow capable of weathering the storm, not going bankrupt, not having financial distress.\nMartin said there are indications that Apple’s current products, especially its iPhone Pro models, are selling well, potentially leading to a big December quarter for the company.\nTablets, especially the high-end iPhones, all of which say they’re going to have high margins and high revenue for the fourth quarter of this year, Martin added.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3650,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":876525379,"gmtCreate":1637333491995,"gmtModify":1637333492084,"author":{"id":"4094449094178220","authorId":"4094449094178220","name":"Peithebest","avatar":"https://static.tigerbbs.com/cccac1948bda49bf1970a525922fbe42","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4094449094178220","authorIdStr":"4094449094178220"},"themes":[],"title":"","htmlText":"[Happy]&nbsp;","listText":"[Happy]&nbsp;","text":"[Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/876525379","repostId":"1111586448","repostType":4,"repost":{"id":"1111586448","kind":"news","pubTimestamp":1637329309,"share":"https://www.laohunote.com/m/news/1111586448?lang=zh_CN&edition=full","pubTime":"2021-11-19 21:41","market":"us","language":"en","title":"10 Biggest Price Target Changes For Friday<blockquote>周五 10 大价格目标变化</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1111586448","media":"Benzinga","summary":"Wedbush raised Tesla, Inc.(NASDAQ:TSLA) price target from $1,100 to $1,400. Tesla shares rose 0.4% t","content":"<p><div> Wedbush raised Tesla, Inc.(NASDAQ:TSLA) price target from $1,100 to $1,400. Tesla shares rose 0.4% to $1,100.50 in pre-market trading. Credit Suisse lifted Macy's, Inc.(NYSE:M) price target from $19 ...</p><p><blockquote><div>韦德布什将特斯拉公司（纳斯达克股票代码：TSLA）的目标价从 1,100 美元上调至 1,400 美元。特斯拉股价在盘前交易中上涨 0.4%，至 1,100.50 美元。瑞士信贷将梅西百货（纽约证券交易所股票代码：M）的目标价从 19 美元上调……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/analyst-ratings/price-target/21/11/24191516/10-biggest-price-target-changes-for-friday\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/analyst-ratings/price-target/21/11/24191516/10-biggest-price-target-changes-for-friday\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>10 Biggest Price Target Changes For Friday<blockquote>周五 10 大价格目标变化</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n10 Biggest Price Target Changes For Friday<blockquote>周五 10 大价格目标变化</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-11-19 21:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Wedbush raised Tesla, Inc.(NASDAQ:TSLA) price target from $1,100 to $1,400. Tesla shares rose 0.4% to $1,100.50 in pre-market trading. Credit Suisse lifted Macy's, Inc.(NYSE:M) price target from $19 ...</p><p><blockquote><div>韦德布什将特斯拉公司（纳斯达克股票代码：TSLA）的目标价从 1,100 美元上调至 1,400 美元。特斯拉股价在盘前交易中上涨 0.4%，至 1,100.50 美元。瑞士信贷将梅西百货（纽约证券交易所股票代码：M）的目标价从 19 美元上调……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/analyst-ratings/price-target/21/11/24191516/10-biggest-price-target-changes-for-friday\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/analyst-ratings/price-target/21/11/24191516/10-biggest-price-target-changes-for-friday\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/analyst-ratings/price-target/21/11/24191516/10-biggest-price-target-changes-for-friday\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WMT":"沃尔玛","WDAY":"Workday","M":"梅西百货","JD":"京东","AMAT":"应用材料","GLOB":"Globant","TSLA":"特斯拉","PANW":"Palo Alto Networks","WSM":"Williams-Sonoma Inc","ADI":"亚德诺"},"source_url":"https://www.benzinga.com/analyst-ratings/price-target/21/11/24191516/10-biggest-price-target-changes-for-friday","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111586448","content_text":"Wedbush raised Tesla, Inc.(NASDAQ:TSLA) price target from $1,100 to $1,400. Tesla shares rose 0.4% to $1,100.50 in pre-market trading.\nCredit Suisse lifted Macy's, Inc.(NYSE:M) price target from $19 to $32. Macy's shares fell 2.2% to $36.54 in pre-market trading.\nJMP Securities boosted Palo Alto Networks, Inc.(NYSE:PANW) price target from $550 to $585. Palo Alto shares gained 3.8% to $539.89 in pre-market trading.\nBarclays lifted the price target for Workday, Inc.(NASDAQ:WDAY) from $340 to $345. Workday shares dipped 7.8% to $275.79 in pre-market trading.\nWedbush boosted the price target on Globant S.A.(NYSE:GLOB) from $300 to $330. Globant shares rose 2.7% to $319.00 in pre-market trading.\nOppenheimer raised the price target on Analog Devices, Inc.(NASDAQ:ADI) from $200 to $210. Analog Devices shares rose 0.5% to $189.00 in pre-market trading.\nMizuho lifted the price target for JD.com, Inc.(NASDAQ:JD) from $95 to $100. JD.com shares rose 1.4% to $89.29 in pre-market trading.\nNeedham boosted Applied Materials, Inc.(NASDAQ:AMAT) price target from $153 to $166. Applied Materials shares fell 6.6% to $148.35 in pre-market trading.\nTelsey Advisory Group boosted the price target on Williams-Sonoma, Inc.(NYSE:WSM) from $220 to $250. Williams-Sonoma shares fell 7.5% to $202.99 in pre-market trading.\nMKM Partners raised Walmart Inc.(NYSE:WMT) price target from $156 to $166. Walmart shares rose 0.3% to $143.65 in pre-market trading.","news_type":1,"symbols_score_info":{"WMT":0.9,"AMAT":0.9,"JD":0.9,"WDAY":0.9,"WSM":0.9,"GLOB":0.9,"PANW":0.9,"ADI":0.9,"TSLA":0.9,"M":0.9}},"isVote":1,"tweetType":1,"viewCount":2903,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":879536907,"gmtCreate":1636734716281,"gmtModify":1636734716281,"author":{"id":"4094449094178220","authorId":"4094449094178220","name":"Peithebest","avatar":"https://static.tigerbbs.com/cccac1948bda49bf1970a525922fbe42","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4094449094178220","authorIdStr":"4094449094178220"},"themes":[],"title":"","htmlText":"[Miser]&nbsp;","listText":"[Miser]&nbsp;","text":"[Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/879536907","repostId":"1163118124","repostType":4,"isVote":1,"tweetType":1,"viewCount":799,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":608181423,"gmtCreate":1638665791563,"gmtModify":1638665791563,"author":{"id":"4094449094178220","authorId":"4094449094178220","name":"Peithebest","avatar":"https://static.tigerbbs.com/cccac1948bda49bf1970a525922fbe42","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4094449094178220","authorIdStr":"4094449094178220"},"themes":[],"title":"","htmlText":"[Thinking]&nbsp;","listText":"[Thinking]&nbsp;","text":"[Thinking]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/608181423","repostId":"1158981658","repostType":4,"isVote":1,"tweetType":1,"viewCount":3035,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877883489,"gmtCreate":1637912682535,"gmtModify":1637912682535,"author":{"id":"4094449094178220","authorId":"4094449094178220","name":"Peithebest","avatar":"https://static.tigerbbs.com/cccac1948bda49bf1970a525922fbe42","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4094449094178220","authorIdStr":"4094449094178220"},"themes":[],"title":"","htmlText":"[Facepalm]&nbsp;","listText":"[Facepalm]&nbsp;","text":"[Facepalm]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/877883489","repostId":"1153168046","repostType":4,"isVote":1,"tweetType":1,"viewCount":2600,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":603138956,"gmtCreate":1638372119497,"gmtModify":1638372210370,"author":{"id":"4094449094178220","authorId":"4094449094178220","name":"Peithebest","avatar":"https://static.tigerbbs.com/cccac1948bda49bf1970a525922fbe42","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4094449094178220","authorIdStr":"4094449094178220"},"themes":[],"title":"","htmlText":"[Bless]&nbsp;","listText":"[Bless]&nbsp;","text":"[Bless]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/603138956","repostId":"1116584621","repostType":4,"isVote":1,"tweetType":1,"viewCount":4321,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":875526929,"gmtCreate":1637671798504,"gmtModify":1637671798645,"author":{"id":"4094449094178220","authorId":"4094449094178220","name":"Peithebest","avatar":"https://static.tigerbbs.com/cccac1948bda49bf1970a525922fbe42","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4094449094178220","authorIdStr":"4094449094178220"},"themes":[],"title":"","htmlText":"[Miser]&nbsp;","listText":"[Miser]&nbsp;","text":"[Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/875526929","repostId":"1165466420","repostType":4,"repost":{"id":"1165466420","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1637668030,"share":"https://www.laohunote.com/m/news/1165466420?lang=zh_CN&edition=full","pubTime":"2021-11-23 19:47","market":"us","language":"en","title":"Tesla shares gained in premarket trading as the company had a backlog of over 1.2 million Cybertruck reservations worth over $80 billion<blockquote>特斯拉股价在盘前交易中上涨，因为该公司积压了超过 120 万辆 Cybertruck 预订，价值超过 800 亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1165466420","media":"Tiger Newspress","summary":"Tesla shares gained in premarket trading as the company had a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.Based on the latest tally, Tesla has a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.But there’s still no production in sight.Tesla unveiled the Cybertruck almost two years ago to the day.The electric pickup truck was supposed to be in production already, but the automaker delayed the program as it focused on growing Model Y product","content":"<p>Tesla&nbsp;shares&nbsp;gained&nbsp;in&nbsp;premarket&nbsp;trading&nbsp;as&nbsp;the&nbsp;company&nbsp;had a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.&nbsp;</p><p><blockquote>特斯拉股价在盘前交易中上涨，因为该公司积压了超过 120 万辆 Cybertruck 预订，价值超过 800 亿美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1e7342df0ead872b935b3a529400724e\" tg-width=\"879\" tg-height=\"642\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Based on the latest tally, Tesla has a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.</p><p><blockquote>根据最新统计，特斯拉积压了超过 120 万辆 Cybertruck 预订，价值超过 800 亿美元。</blockquote></p><p> But there’s still no production in sight.</p><p><blockquote>但目前还看不到生产的迹象。</blockquote></p><p> Tesla unveiled the Cybertruck almost two years ago to the day.</p><p><blockquote>特斯拉在大约两年前的今天推出了 Cybertruck。</blockquote></p><p> The electric pickup truck was supposed to be in production already, but the automaker delayed the program as it focused on growing Model Y production.</p><p><blockquote>这款电动皮卡车本应已经投入生产，但该汽车制造商推迟了该计划，因为它专注于增加 Model Y 的产量。</blockquote></p><p> Tesla’s best estimate now puts the start of Cybertruck production in late 2022.</p><p><blockquote>特斯拉目前的最佳估计是，Cybertruck 的生产将于 2022 年底开始。</blockquote></p><p> In the meantime, Tesla is still taking reservations for the electric pickup truck.</p><p><blockquote>与此同时，特斯拉仍在接受电动皮卡车的预订。</blockquote></p><p> The Cybertruck reservation program has been quite successful.</p><p><blockquote>Cybertruck预订计划非常成功。</blockquote></p><p> CEO Elon Musk announced that&nbsp;Tesla received over 250,000 reservations for the Cybertruck&nbsp;within a week of unveiling the vehicle.</p><p><blockquote>首席执行官 Elon Musk 宣布，特斯拉在推出 Cybertruck 一周内收到了超过 25 万份预订。</blockquote></p><p> Generally, Tesla receives a lot of reservations early after an unveiling, and then it tapers off — but that wasn’t the case with the Cybertruck.</p><p><blockquote>一般来说，特斯拉在亮相后不久就会收到很多预订，然后就会逐渐减少--但 Cybertruck 的情况并非如此。</blockquote></p><p> Even throughout the pandemic, sources told us that some&nbsp;Tesla stores were getting hundreds of Cybertruck reservations per week, and&nbsp;Cybertruck pre-orders even helped boost sales.</p><p><blockquote>即使在整个疫情，消息人士告诉我们，一些特斯拉商店每周都会收到数百份 Cybertruck 预订，Cybertruck 预购甚至有助于促进销售。</blockquote></p><p> The number was last updated in June 2020, and at that point,&nbsp;the number had risen to over 650,000 Cybertruck reservations.</p><p><blockquote>该数字最后一次更新是在 2020 年 6 月，当时该数字已上升到超过 65 万个 Cybertruck 预订量。</blockquote></p><p> A crowdsourced Cybertruck reservation tally&nbsp;by the Cybertruck forum with over 28,000 entries put&nbsp;reservations at over 1 million&nbsp;back in May 2021.</p><p><blockquote>Cybertruck 论坛众包的 Cybertruck 预订统计显示，2021 年 5 月，预订量超过 28,000 个条目，预订量超过 100 万次。</blockquote></p><p> Now the tally estimates that Tesla has over 1,270,000 reservations for the electric pickup truck.</p><p><blockquote>现在，统计估计特斯拉的电动皮卡车预订量超过 1,270,000 辆。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla shares gained in premarket trading as the company had a backlog of over 1.2 million Cybertruck reservations worth over $80 billion<blockquote>特斯拉股价在盘前交易中上涨，因为该公司积压了超过 120 万辆 Cybertruck 预订，价值超过 800 亿美元</blockquote></title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla shares gained in premarket trading as the company had a backlog of over 1.2 million Cybertruck reservations worth over $80 billion<blockquote>特斯拉股价在盘前交易中上涨，因为该公司积压了超过 120 万辆 Cybertruck 预订，价值超过 800 亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-11-23 19:47</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tesla&nbsp;shares&nbsp;gained&nbsp;in&nbsp;premarket&nbsp;trading&nbsp;as&nbsp;the&nbsp;company&nbsp;had a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.&nbsp;</p><p><blockquote>特斯拉股价在盘前交易中上涨，因为该公司积压了超过 120 万辆 Cybertruck 预订，价值超过 800 亿美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1e7342df0ead872b935b3a529400724e\" tg-width=\"879\" tg-height=\"642\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Based on the latest tally, Tesla has a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.</p><p><blockquote>根据最新统计，特斯拉积压了超过 120 万辆 Cybertruck 预订，价值超过 800 亿美元。</blockquote></p><p> But there’s still no production in sight.</p><p><blockquote>但目前还看不到生产的迹象。</blockquote></p><p> Tesla unveiled the Cybertruck almost two years ago to the day.</p><p><blockquote>特斯拉在大约两年前的今天推出了 Cybertruck。</blockquote></p><p> The electric pickup truck was supposed to be in production already, but the automaker delayed the program as it focused on growing Model Y production.</p><p><blockquote>这款电动皮卡车本应已经投入生产，但该汽车制造商推迟了该计划，因为它专注于增加 Model Y 的产量。</blockquote></p><p> Tesla’s best estimate now puts the start of Cybertruck production in late 2022.</p><p><blockquote>特斯拉目前的最佳估计是，Cybertruck 的生产将于 2022 年底开始。</blockquote></p><p> In the meantime, Tesla is still taking reservations for the electric pickup truck.</p><p><blockquote>与此同时，特斯拉仍在接受电动皮卡车的预订。</blockquote></p><p> The Cybertruck reservation program has been quite successful.</p><p><blockquote>Cybertruck预订计划非常成功。</blockquote></p><p> CEO Elon Musk announced that&nbsp;Tesla received over 250,000 reservations for the Cybertruck&nbsp;within a week of unveiling the vehicle.</p><p><blockquote>首席执行官 Elon Musk 宣布，特斯拉在推出 Cybertruck 一周内收到了超过 25 万份预订。</blockquote></p><p> Generally, Tesla receives a lot of reservations early after an unveiling, and then it tapers off — but that wasn’t the case with the Cybertruck.</p><p><blockquote>一般来说，特斯拉在亮相后不久就会收到很多预订，然后就会逐渐减少--但 Cybertruck 的情况并非如此。</blockquote></p><p> Even throughout the pandemic, sources told us that some&nbsp;Tesla stores were getting hundreds of Cybertruck reservations per week, and&nbsp;Cybertruck pre-orders even helped boost sales.</p><p><blockquote>即使在整个疫情，消息人士告诉我们，一些特斯拉商店每周都会收到数百份 Cybertruck 预订，Cybertruck 预购甚至有助于促进销售。</blockquote></p><p> The number was last updated in June 2020, and at that point,&nbsp;the number had risen to over 650,000 Cybertruck reservations.</p><p><blockquote>该数字最后一次更新是在 2020 年 6 月，当时该数字已上升到超过 65 万个 Cybertruck 预订量。</blockquote></p><p> A crowdsourced Cybertruck reservation tally&nbsp;by the Cybertruck forum with over 28,000 entries put&nbsp;reservations at over 1 million&nbsp;back in May 2021.</p><p><blockquote>Cybertruck 论坛众包的 Cybertruck 预订统计显示，2021 年 5 月，预订量超过 28,000 个条目，预订量超过 100 万次。</blockquote></p><p> Now the tally estimates that Tesla has over 1,270,000 reservations for the electric pickup truck.</p><p><blockquote>现在，统计估计特斯拉的电动皮卡车预订量超过 1,270,000 辆。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165466420","content_text":"Tesla shares gained in premarket trading as the company had a backlog of over 1.2 million Cybertruck reservations worth over $80 billion. \n\nBased on the latest tally, Tesla has a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.\nBut there’s still no production in sight.\nTesla unveiled the Cybertruck almost two years ago to the day.\nThe electric pickup truck was supposed to be in production already, but the automaker delayed the program as it focused on growing Model Y production.\nTesla’s best estimate now puts the start of Cybertruck production in late 2022.\nIn the meantime, Tesla is still taking reservations for the electric pickup truck.\nThe Cybertruck reservation program has been quite successful.\nCEO Elon Musk announced that Tesla received over 250,000 reservations for the Cybertruck within a week of unveiling the vehicle.\nGenerally, Tesla receives a lot of reservations early after an unveiling, and then it tapers off — but that wasn’t the case with the Cybertruck.\nEven throughout the pandemic, sources told us that some Tesla stores were getting hundreds of Cybertruck reservations per week, and Cybertruck pre-orders even helped boost sales.\nThe number was last updated in June 2020, and at that point, the number had risen to over 650,000 Cybertruck reservations.\nA crowdsourced Cybertruck reservation tally by the Cybertruck forum with over 28,000 entries put reservations at over 1 million back in May 2021.\nNow the tally estimates that Tesla has over 1,270,000 reservations for the electric pickup truck.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":3698,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}