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Nayazindagi

Nayazindagi

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2021-12-10

Thanks.

The Bears Have Spoken: Apple Stock Could Drop 18%<blockquote>空头发声：苹果股价可能下跌18%</blockquote>

2021-12-08

Thanks! I regard this news as a notice that Apple share price will plunge to a reasonable level. That means buying the dip much more for me! [Cool]

Apple Stock: What Happens When The Cash Runs Out?<blockquote>苹果股票：现金用完会发生什么？</blockquote>

2021-12-05

Fortunately , I had never , have and will invest in this crypto madness! [Happy]

抱歉，原内容已删除

2021-12-01

That's awesome!! Let's be positive that FDA will give its approval.. 😁

抱歉，原内容已删除

2021-11-22

$ISDN HOLDINGS LIMITED(I07.SI)$Go up all the way![强]

2021-11-15

Yes agreed.

@思思不倦:$苹果(AAPL)$上端竞争力还是强一些

2021-11-15

Yes agreed.

@思思不倦:$苹果(AAPL)$上端竞争力还是强一些

2021-11-14

$Apple(AAPL)$Keep going up or down more! Either way is fine! 👍

2021-11-13

👍

@Labi_7718:$Apple(AAPL)$yes!

2021-11-10

$Tesla Motors(TSLA)$Yes! Keep on dropping!! [微笑]

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14:01","market":"us","language":"en","title":"The Bears Have Spoken: Apple Stock Could Drop 18%<blockquote>空头发声：苹果股价可能下跌18%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1153652287","media":"TheStreet","summary":"Apple stock (AAPL) continues to climb relentlessly on its way to the $3 trillion mark. But while Wal","content":"<p>Apple stock&nbsp;(<b>AAPL</b>)&nbsp;continues to climb relentlessly&nbsp;on its way to the $3 trillion mark. But while Wall Street still has a “strong buy” consensus&nbsp;rating&nbsp;on the name, not every analyst believes that AAPL will climb from its current peak of $174 in the foreseeable future.</p><p><blockquote>苹果股票(<b>AAPL</b>）继续无情地攀升至3万亿美元大关。不过，尽管华尔街仍对该公司给予“强力买入”的一致评级，但并非所有分析师都认为AAPL将在可预见的未来从目前174美元的峰值攀升。</blockquote></p><p> In the past couple of days, two experts who hold a neutral stance on Apple have spoken. One of them believes that the stock is worth only $142 apiece, suggesting 18% downside from current levels. Here is why these analysts are skeptical.</p><p><blockquote>过去几天，两位对苹果持中立立场的专家发表了讲话。其中一人认为该股每股价值仅为142美元，较当前水平下跌18%。这就是这些分析师持怀疑态度的原因。</blockquote></p><p> <b>Apple stock rises, but so do risks</b></p><p><blockquote><b>苹果股价上涨，但风险也随之上涨</b></blockquote></p><p> Goldman Sachs’ Rod Hall is a former bear who&nbsp;threw in the towel a few months ago&nbsp;and changed his position on AAPL from sell to neutral. However, according toTipRanks, the analyst has just restated his $142 price target on Apple stock, pointing at 18% downside risk following the impressive rally of the past few weeks.</p><p><blockquote>高盛(Goldman Sachs)的罗德·霍尔(Rod Hall)曾是空头，几个月前认输，将对苹果公司的仓位从卖出改为中性。然而，据TipRanks称，该分析师刚刚重申了苹果股票142美元的目标价，指出在过去几周令人印象深刻的上涨之后，下行风险为18%。</blockquote></p><p> During a recent&nbsp;CNBC interview, Mr. Hall explained that he is cautious about AAPL mostly due to the company’s user base and average revenue generated per user. First, he sees subscriber growth slowing down to GDP levels. Second, Rod thinks that ARPU (average revenue per user) will stabilize, after spiking by what he estimates to be an impressive 20% during the thick of the pandemic.</p><p><blockquote>在最近接受CNBC采访时，霍尔先生解释说，他对AAPL持谨慎态度，主要是因为该公司的用户群和每个用户产生的平均收入。首先，他认为用户增长将放缓至GDP水平。其次，Rod认为ARPU（每用户平均收入）在疫情最严重期间飙升20%后将趋于稳定。</blockquote></p><p> Goldman Sachs wraps up its not-so-bullish case by observing how a reduction in iPhone lead times in the US, Europe and China in the holiday period could be a sign of slowing demand. The rationale: if supply is constrained in 2021 and lead times have dropped, the missing piece in this equation is probably a decline in demand for the devices.</p><p><blockquote>高盛（Goldman Sachs）通过观察假期期间美国、欧洲和中国iPhone交付时间的缩短可能是需求放缓的迹象，总结了其不那么乐观的观点。理由是：如果2021年供应受到限制并且交货时间缩短，那么这个等式中缺失的部分可能是对设备需求的下降。</blockquote></p><p> Credit Suisse was the other research shop to&nbsp;publish&nbsp;recently on Apple. Analyst Sami Badri assumed coverage from Matthew Cabral, and had his chance to change the bank’s rating on AAPL from neutral. Instead, he reinforced the recommendation and set the price target at $150.</p><p><blockquote>瑞士信贷是最近在苹果上发表文章的另一家研究机构。分析师萨米·巴德里(Sami Badri)接受了马修·卡布拉尔(Matthew Cabral)的报道，并有机会将该银行对苹果公司的评级从中性改变。相反，他强化了这一建议，并将目标价定为150美元。</blockquote></p><p> Mr. Badri’spredecessor has often cited&nbsp;longer lead times as an indication of demand overwhelming supply. With the supply-demand dynamic now heading closer to a state of balance, this could be bad news for Apple in the short term — especially days after Bloomberg’s report that the Cupertino company&nbsp;may have overordered iPhone units&nbsp;for the holiday period.</p><p><blockquote>巴德里的前任经常将较长的交货时间视为需求压倒供应的迹象。随着供需动态现在接近平衡状态，这在短期内对苹果来说可能是个坏消息——尤其是在彭博社报道这家库比蒂诺公司可能在假期期间超额订购了iPhone几天后。</blockquote></p><p> <b>Apple Maven’s take</b></p><p><blockquote><b>苹果·梅文的看法</b></blockquote></p><p> I believe that more bearish cases against AAPL could surface as Apple stock moves higher. While I think that the argument against an investment here tends to lean too heavily on near-term risks (e.g. iPhone sales in fiscal Q1), there is something to be said about a stock that continues to climb relentlessly and valuation multiples that keep expanding.</p><p><blockquote>我相信，随着苹果股价走高，更多针对苹果公司的看跌案例可能会浮出水面。虽然我认为这里反对投资的论点往往过于依赖近期风险（例如第一财季的iPhone销量），但对于一只继续无情攀升且估值倍数不断扩大的股票，还是有一些话要说的。</blockquote></p><p> I maintain my views on AAPL: the stock seems to be a buy-and-hold for the long term, considering growth opportunities in services at first and brand-new devices later — think&nbsp;mixed reality and autonomous EV.</p><p><blockquote>我维持对苹果公司的看法：该股似乎是长期买入并持有的股票，首先考虑服务业的增长机会，然后考虑全新设备的增长机会——想想混合现实和自动驾驶电动汽车。</blockquote></p><p> That said, Apple stock&nbsp;tends to perform substantially better&nbsp;following a sharp pullback. Therefore, I think that investors that buy shares today should not count on oversized, 2020-like returns going forward.</p><p><blockquote>也就是说，苹果股票在大幅回调后往往表现得更好。因此，我认为今天购买股票的投资者不应该指望未来会有类似2020年的巨额回报。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Bears Have Spoken: Apple Stock Could Drop 18%<blockquote>空头发声：苹果股价可能下跌18%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Bears Have Spoken: Apple Stock Could Drop 18%<blockquote>空头发声：苹果股价可能下跌18%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-12-10 14:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple stock&nbsp;(<b>AAPL</b>)&nbsp;continues to climb relentlessly&nbsp;on its way to the $3 trillion mark. But while Wall Street still has a “strong buy” consensus&nbsp;rating&nbsp;on the name, not every analyst believes that AAPL will climb from its current peak of $174 in the foreseeable future.</p><p><blockquote>苹果股票(<b>AAPL</b>）继续无情地攀升至3万亿美元大关。不过，尽管华尔街仍对该公司给予“强力买入”的一致评级，但并非所有分析师都认为AAPL将在可预见的未来从目前174美元的峰值攀升。</blockquote></p><p> In the past couple of days, two experts who hold a neutral stance on Apple have spoken. One of them believes that the stock is worth only $142 apiece, suggesting 18% downside from current levels. Here is why these analysts are skeptical.</p><p><blockquote>过去几天，两位对苹果持中立立场的专家发表了讲话。其中一人认为该股每股价值仅为142美元，较当前水平下跌18%。这就是这些分析师持怀疑态度的原因。</blockquote></p><p> <b>Apple stock rises, but so do risks</b></p><p><blockquote><b>苹果股价上涨，但风险也随之上涨</b></blockquote></p><p> Goldman Sachs’ Rod Hall is a former bear who&nbsp;threw in the towel a few months ago&nbsp;and changed his position on AAPL from sell to neutral. However, according toTipRanks, the analyst has just restated his $142 price target on Apple stock, pointing at 18% downside risk following the impressive rally of the past few weeks.</p><p><blockquote>高盛(Goldman Sachs)的罗德·霍尔(Rod Hall)曾是空头，几个月前认输，将对苹果公司的仓位从卖出改为中性。然而，据TipRanks称，该分析师刚刚重申了苹果股票142美元的目标价，指出在过去几周令人印象深刻的上涨之后，下行风险为18%。</blockquote></p><p> During a recent&nbsp;CNBC interview, Mr. Hall explained that he is cautious about AAPL mostly due to the company’s user base and average revenue generated per user. First, he sees subscriber growth slowing down to GDP levels. Second, Rod thinks that ARPU (average revenue per user) will stabilize, after spiking by what he estimates to be an impressive 20% during the thick of the pandemic.</p><p><blockquote>在最近接受CNBC采访时，霍尔先生解释说，他对AAPL持谨慎态度，主要是因为该公司的用户群和每个用户产生的平均收入。首先，他认为用户增长将放缓至GDP水平。其次，Rod认为ARPU（每用户平均收入）在疫情最严重期间飙升20%后将趋于稳定。</blockquote></p><p> Goldman Sachs wraps up its not-so-bullish case by observing how a reduction in iPhone lead times in the US, Europe and China in the holiday period could be a sign of slowing demand. The rationale: if supply is constrained in 2021 and lead times have dropped, the missing piece in this equation is probably a decline in demand for the devices.</p><p><blockquote>高盛（Goldman Sachs）通过观察假期期间美国、欧洲和中国iPhone交付时间的缩短可能是需求放缓的迹象，总结了其不那么乐观的观点。理由是：如果2021年供应受到限制并且交货时间缩短，那么这个等式中缺失的部分可能是对设备需求的下降。</blockquote></p><p> Credit Suisse was the other research shop to&nbsp;publish&nbsp;recently on Apple. Analyst Sami Badri assumed coverage from Matthew Cabral, and had his chance to change the bank’s rating on AAPL from neutral. Instead, he reinforced the recommendation and set the price target at $150.</p><p><blockquote>瑞士信贷是最近在苹果上发表文章的另一家研究机构。分析师萨米·巴德里(Sami Badri)接受了马修·卡布拉尔(Matthew Cabral)的报道，并有机会将该银行对苹果公司的评级从中性改变。相反，他强化了这一建议，并将目标价定为150美元。</blockquote></p><p> Mr. Badri’spredecessor has often cited&nbsp;longer lead times as an indication of demand overwhelming supply. With the supply-demand dynamic now heading closer to a state of balance, this could be bad news for Apple in the short term — especially days after Bloomberg’s report that the Cupertino company&nbsp;may have overordered iPhone units&nbsp;for the holiday period.</p><p><blockquote>巴德里的前任经常将较长的交货时间视为需求压倒供应的迹象。随着供需动态现在接近平衡状态，这在短期内对苹果来说可能是个坏消息——尤其是在彭博社报道这家库比蒂诺公司可能在假期期间超额订购了iPhone几天后。</blockquote></p><p> <b>Apple Maven’s take</b></p><p><blockquote><b>苹果·梅文的看法</b></blockquote></p><p> I believe that more bearish cases against AAPL could surface as Apple stock moves higher. While I think that the argument against an investment here tends to lean too heavily on near-term risks (e.g. iPhone sales in fiscal Q1), there is something to be said about a stock that continues to climb relentlessly and valuation multiples that keep expanding.</p><p><blockquote>我相信，随着苹果股价走高，更多针对苹果公司的看跌案例可能会浮出水面。虽然我认为这里反对投资的论点往往过于依赖近期风险（例如第一财季的iPhone销量），但对于一只继续无情攀升且估值倍数不断扩大的股票，还是有一些话要说的。</blockquote></p><p> I maintain my views on AAPL: the stock seems to be a buy-and-hold for the long term, considering growth opportunities in services at first and brand-new devices later — think&nbsp;mixed reality and autonomous EV.</p><p><blockquote>我维持对苹果公司的看法：该股似乎是长期买入并持有的股票，首先考虑服务业的增长机会，然后考虑全新设备的增长机会——想想混合现实和自动驾驶电动汽车。</blockquote></p><p> That said, Apple stock&nbsp;tends to perform substantially better&nbsp;following a sharp pullback. Therefore, I think that investors that buy shares today should not count on oversized, 2020-like returns going forward.</p><p><blockquote>也就是说，苹果股票在大幅回调后往往表现得更好。因此，我认为今天购买股票的投资者不应该指望未来会有类似2020年的巨额回报。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/stock/the-bears-have-spoken-apple-stock-could-drop-18\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/stock/the-bears-have-spoken-apple-stock-could-drop-18","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153652287","content_text":"Apple stock (AAPL) continues to climb relentlessly on its way to the $3 trillion mark. But while Wall Street still has a “strong buy” consensus rating on the name, not every analyst believes that AAPL will climb from its current peak of $174 in the foreseeable future.\nIn the past couple of days, two experts who hold a neutral stance on Apple have spoken. One of them believes that the stock is worth only $142 apiece, suggesting 18% downside from current levels. Here is why these analysts are skeptical.\nApple stock rises, but so do risks\nGoldman Sachs’ Rod Hall is a former bear who threw in the towel a few months ago and changed his position on AAPL from sell to neutral. However, according toTipRanks, the analyst has just restated his $142 price target on Apple stock, pointing at 18% downside risk following the impressive rally of the past few weeks.\nDuring a recent CNBC interview, Mr. Hall explained that he is cautious about AAPL mostly due to the company’s user base and average revenue generated per user. First, he sees subscriber growth slowing down to GDP levels. Second, Rod thinks that ARPU (average revenue per user) will stabilize, after spiking by what he estimates to be an impressive 20% during the thick of the pandemic.\nGoldman Sachs wraps up its not-so-bullish case by observing how a reduction in iPhone lead times in the US, Europe and China in the holiday period could be a sign of slowing demand. The rationale: if supply is constrained in 2021 and lead times have dropped, the missing piece in this equation is probably a decline in demand for the devices.\nCredit Suisse was the other research shop to publish recently on Apple. Analyst Sami Badri assumed coverage from Matthew Cabral, and had his chance to change the bank’s rating on AAPL from neutral. Instead, he reinforced the recommendation and set the price target at $150.\nMr. Badri’spredecessor has often cited longer lead times as an indication of demand overwhelming supply. With the supply-demand dynamic now heading closer to a state of balance, this could be bad news for Apple in the short term — especially days after Bloomberg’s report that the Cupertino company may have overordered iPhone units for the holiday period.\nApple Maven’s take\nI believe that more bearish cases against AAPL could surface as Apple stock moves higher. While I think that the argument against an investment here tends to lean too heavily on near-term risks (e.g. iPhone sales in fiscal Q1), there is something to be said about a stock that continues to climb relentlessly and valuation multiples that keep expanding.\nI maintain my views on AAPL: the stock seems to be a buy-and-hold for the long term, considering growth opportunities in services at first and brand-new devices later — think mixed reality and autonomous EV.\nThat said, Apple stock tends to perform substantially better following a sharp pullback. Therefore, I think that investors that buy shares today should not count on oversized, 2020-like returns going forward.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3740,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":602973376,"gmtCreate":1638965186718,"gmtModify":1638965186718,"author":{"id":"4099402595795420","authorId":"4099402595795420","name":"Nayazindagi","avatar":"https://static.tigerbbs.com/491906a0e23ae13ce2be00cf4d568603","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099402595795420","idStr":"4099402595795420"},"themes":[],"htmlText":"Thanks! I regard this news as a notice that Apple share price will plunge to a reasonable level. That means buying the dip much more for me!&nbsp;[Cool]&nbsp;","listText":"Thanks! I regard this news as a notice that Apple share price will plunge to a reasonable level. That means buying the dip much more for me!&nbsp;[Cool]&nbsp;","text":"Thanks! I regard this news as a notice that Apple share price will plunge to a reasonable level. That means buying the dip much more for me! [Cool]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/602973376","repostId":"1105817084","repostType":2,"repost":{"id":"1105817084","kind":"news","pubTimestamp":1638933976,"share":"https://www.laohu8.com/m/news/1105817084?lang=zh_CN&edition=full","pubTime":"2021-12-08 11:26","market":"us","language":"en","title":"Apple Stock: What Happens When The Cash Runs Out?<blockquote>苹果股票：现金用完会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105817084","media":"TheStreet","summary":"Apple is about to run out of cash. This statement may sound lucrac is to most Apple stock  investors, since the Cupertino company has been a cash-generating machine in the past many years. But even the management team knows this to be true.Today, the Apple Maven talks about what has been happening to the iPhone maker’s once giant pile of cash, and what the declining balances may mean for shareholders.To be fair, “running out of cash” in this context does not mean that Apple’s checking accounts a","content":"<p>Apple is about to run out of cash. This statement may sound lucrac&nbsp;is to most Apple stock&nbsp;(<b>AAPL</b>)&nbsp;investors, since the Cupertino company has been a cash-generating machine in the past many years. But even the management team&nbsp;knows&nbsp;this to be true.</p><p><blockquote>苹果即将耗尽现金。对于大多数苹果股票来说，这种说法听起来可能是lucrac（<b>AAPL</b>）投资者，因为库比蒂诺公司在过去多年里一直是一台现金产生机。但即使是管理团队也知道这是真的。</blockquote></p><p> Today, the Apple Maven talks about what has been happening to the iPhone maker’s once giant pile of cash, and what the declining balances may mean for shareholders.</p><p><blockquote>今天，这位苹果专家谈论了这家iPhone制造商曾经庞大的现金储备发生了什么，以及余额下降对股东可能意味着什么。</blockquote></p><p> <b>Apple heading to net cash neutral</b></p><p><blockquote><b>苹果走向净现金中性</b></blockquote></p><p> To be fair, “running out of cash” in this context does not mean that Apple’s checking accounts at the bank will dry out. It simply means that the company’s debt balances will roughly offset its cash position — i.e. Apple will become net cash neutral.</p><p><blockquote>公平地说，在这种情况下“现金耗尽”并不意味着苹果在银行的支票账户将会枯竭。这仅仅意味着该公司的债务余额将大致抵消其现金状况，即苹果将成为净现金中性。</blockquote></p><p> The chart below shows the evolution of Apple’s gross cash (blue bars) and net cash (orange bars) balances since 2011. Ten years ago was when then-CEO Steve Jobs stepped down and turned the control of the company over to then-COO Tim Cook.</p><p><blockquote>下图显示了自2011年以来苹果总现金（蓝色条）和净现金（橙色条）余额的演变。十年前，时任首席执行官史蒂夫·乔布斯卸任，将公司控制权移交给时任首席运营官蒂姆·库克。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/435c5199979bc64d49899feed29d15fb\" tg-width=\"1200\" tg-height=\"723\" width=\"100%\" height=\"auto\"><span>Figure 2:Apple's cash position, fiscal 2012-2021.data from Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果2012-2021财年的现金状况。数据来自Seeking Alpha</span></p></blockquote></p><p> Starting in 2012, Apple began issuing debt for the first time in its history. By 2017, the company boasted the largest gross and net-of-debt cash balances that it had ever seen in its books. But since then, both numbers have been dwindling. This year’s $72 billion in net cash is less than half the amount of about four years ago.</p><p><blockquote>从2012年开始，苹果历史上首次开始发债。到2017年，该公司拥有其账簿中有史以来最大的总现金余额和债务净额现金余额。但从那以后，这两个数字都在减少。今年720亿美元的净现金还不到大约四年前的一半。</blockquote></p><p> <b>What happens when cash runs out?</b></p><p><blockquote><b>现金用完会怎么样？</b></blockquote></p><p> The chart below shows that, prior to Tim Cook as CEO, Apple was very timid at deploying its cash reserves. While capex and dividend payments increased quickly (large M&amp;A has never been a thing for Apple), buybacks skyrocketed. Apple has spent more than three times as much in share repurchases since 2018 than it did in capex and dividends combined.</p><p><blockquote>下图显示，在蒂姆·库克担任首席执行官之前，苹果在部署现金储备方面非常谨慎。虽然资本支出和股息支付迅速增加（大型并购对苹果来说从来都不是一件事），但回购却飙升。自2018年以来，苹果在股票回购上的支出是资本支出和股息总和的三倍多。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e0ecee1dedf8551b616732dc7180c574\" tg-width=\"1200\" tg-height=\"694\" width=\"100%\" height=\"auto\"><span>Figure 3:Apple's cash deployment by major category.data from Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>图3：苹果按主要类别划分的现金部署。数据来自Seeking Alpha</span></p></blockquote></p><p> As Apple’s cash balance continues to dip, it is reasonable to expect the pace of share retirement to decline as well. This is true not only because of a leaner balance sheet, but because AAPL stock trades at a much richer price today — thus, it costs Apple more to buy back each share of its own equity.</p><p><blockquote>随着苹果的现金余额持续下降，有理由预计股票退出的速度也会下降。这不仅是因为资产负债表更加精简，还因为苹果公司股票如今的交易价格要高得多——因此，苹果回购每股自己股权的成本更高。</blockquote></p><p> Why is this relevant for investors? Over the past decade, Apple’s shares outstanding have declined by 10 billion units to 16.7 billion. Share count is the denominator in EPS (earnings per share) and EPS is the denominator in price-to-earnings. Therefore, buybacks alone have probably been responsible for a good chunk of Apple stock’s climb in the past several years.</p><p><blockquote>为什么这与投资者相关？过去十年，苹果的流通股减少了100亿股，至167亿股。股票数量是EPS（每股收益）的分母，EPS是市盈率的分母。因此，仅回购就可能是苹果股价过去几年上涨的很大一部分原因。</blockquote></p><p> At the current stock price of $165 apiece, Apple can afford to retire around 435 million more shares with its current net cash balance, or barely 3% of the float. After that point, the Cupertino company might need to scale back on repurchases or borrow in order to keep buying its stock.</p><p><blockquote>按照目前每股165美元的股价，苹果可以以其目前的净现金余额再出售约4.35亿股股票，仅占流通股的3%。此后，库比蒂诺公司可能需要缩减回购或借贷规模，以继续购买其股票。</blockquote></p><p> <b>Should investors worry?</b></p><p><blockquote><b>投资者应该担心吗？</b></blockquote></p><p> I think that Apple stock could suffer, at least from deteriorated investor sentiment, if or once it begins to slow down the pace of its share buyback efforts. However, I also believe that this is only one aspect of the investment thesis that people should consider.</p><p><blockquote>我认为，如果或一旦苹果开始放慢股票回购步伐，其股票可能会受到影响，至少是投资者情绪恶化。然而，我也认为，这只是人们应该考虑的投资论文的一个方面。</blockquote></p><p> I remain optimistic about Apple stock from a business fundamentals perspective. The Cupertino company seems to have found the sweet spot in demand for its products and services, which I believe bodes very well for AAPL in the foreseeable future.</p><p><blockquote>从商业基本面的角度来看，我对苹果股票保持乐观。这家库比蒂诺公司似乎已经找到了对其产品和服务需求的最佳点，我相信这在可预见的未来对苹果公司来说是个好兆头。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock: What Happens When The Cash Runs Out?<blockquote>苹果股票：现金用完会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock: What Happens When The Cash Runs Out?<blockquote>苹果股票：现金用完会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-12-08 11:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple is about to run out of cash. This statement may sound lucrac&nbsp;is to most Apple stock&nbsp;(<b>AAPL</b>)&nbsp;investors, since the Cupertino company has been a cash-generating machine in the past many years. But even the management team&nbsp;knows&nbsp;this to be true.</p><p><blockquote>苹果即将耗尽现金。对于大多数苹果股票来说，这种说法听起来可能是lucrac（<b>AAPL</b>）投资者，因为库比蒂诺公司在过去多年里一直是一台现金产生机。但即使是管理团队也知道这是真的。</blockquote></p><p> Today, the Apple Maven talks about what has been happening to the iPhone maker’s once giant pile of cash, and what the declining balances may mean for shareholders.</p><p><blockquote>今天，这位苹果专家谈论了这家iPhone制造商曾经庞大的现金储备发生了什么，以及余额下降对股东可能意味着什么。</blockquote></p><p> <b>Apple heading to net cash neutral</b></p><p><blockquote><b>苹果走向净现金中性</b></blockquote></p><p> To be fair, “running out of cash” in this context does not mean that Apple’s checking accounts at the bank will dry out. It simply means that the company’s debt balances will roughly offset its cash position — i.e. Apple will become net cash neutral.</p><p><blockquote>公平地说，在这种情况下“现金耗尽”并不意味着苹果在银行的支票账户将会枯竭。这仅仅意味着该公司的债务余额将大致抵消其现金状况，即苹果将成为净现金中性。</blockquote></p><p> The chart below shows the evolution of Apple’s gross cash (blue bars) and net cash (orange bars) balances since 2011. Ten years ago was when then-CEO Steve Jobs stepped down and turned the control of the company over to then-COO Tim Cook.</p><p><blockquote>下图显示了自2011年以来苹果总现金（蓝色条）和净现金（橙色条）余额的演变。十年前，时任首席执行官史蒂夫·乔布斯卸任，将公司控制权移交给时任首席运营官蒂姆·库克。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/435c5199979bc64d49899feed29d15fb\" tg-width=\"1200\" tg-height=\"723\" width=\"100%\" height=\"auto\"><span>Figure 2:Apple's cash position, fiscal 2012-2021.data from Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果2012-2021财年的现金状况。数据来自Seeking Alpha</span></p></blockquote></p><p> Starting in 2012, Apple began issuing debt for the first time in its history. By 2017, the company boasted the largest gross and net-of-debt cash balances that it had ever seen in its books. But since then, both numbers have been dwindling. This year’s $72 billion in net cash is less than half the amount of about four years ago.</p><p><blockquote>从2012年开始，苹果历史上首次开始发债。到2017年，该公司拥有其账簿中有史以来最大的总现金余额和债务净额现金余额。但从那以后，这两个数字都在减少。今年720亿美元的净现金还不到大约四年前的一半。</blockquote></p><p> <b>What happens when cash runs out?</b></p><p><blockquote><b>现金用完会怎么样？</b></blockquote></p><p> The chart below shows that, prior to Tim Cook as CEO, Apple was very timid at deploying its cash reserves. While capex and dividend payments increased quickly (large M&amp;A has never been a thing for Apple), buybacks skyrocketed. Apple has spent more than three times as much in share repurchases since 2018 than it did in capex and dividends combined.</p><p><blockquote>下图显示，在蒂姆·库克担任首席执行官之前，苹果在部署现金储备方面非常谨慎。虽然资本支出和股息支付迅速增加（大型并购对苹果来说从来都不是一件事），但回购却飙升。自2018年以来，苹果在股票回购上的支出是资本支出和股息总和的三倍多。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e0ecee1dedf8551b616732dc7180c574\" tg-width=\"1200\" tg-height=\"694\" width=\"100%\" height=\"auto\"><span>Figure 3:Apple's cash deployment by major category.data from Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>图3：苹果按主要类别划分的现金部署。数据来自Seeking Alpha</span></p></blockquote></p><p> As Apple’s cash balance continues to dip, it is reasonable to expect the pace of share retirement to decline as well. This is true not only because of a leaner balance sheet, but because AAPL stock trades at a much richer price today — thus, it costs Apple more to buy back each share of its own equity.</p><p><blockquote>随着苹果的现金余额持续下降，有理由预计股票退出的速度也会下降。这不仅是因为资产负债表更加精简，还因为苹果公司股票如今的交易价格要高得多——因此，苹果回购每股自己股权的成本更高。</blockquote></p><p> Why is this relevant for investors? Over the past decade, Apple’s shares outstanding have declined by 10 billion units to 16.7 billion. Share count is the denominator in EPS (earnings per share) and EPS is the denominator in price-to-earnings. Therefore, buybacks alone have probably been responsible for a good chunk of Apple stock’s climb in the past several years.</p><p><blockquote>为什么这与投资者相关？过去十年，苹果的流通股减少了100亿股，至167亿股。股票数量是EPS（每股收益）的分母，EPS是市盈率的分母。因此，仅回购就可能是苹果股价过去几年上涨的很大一部分原因。</blockquote></p><p> At the current stock price of $165 apiece, Apple can afford to retire around 435 million more shares with its current net cash balance, or barely 3% of the float. After that point, the Cupertino company might need to scale back on repurchases or borrow in order to keep buying its stock.</p><p><blockquote>按照目前每股165美元的股价，苹果可以以其目前的净现金余额再出售约4.35亿股股票，仅占流通股的3%。此后，库比蒂诺公司可能需要缩减回购或借贷规模，以继续购买其股票。</blockquote></p><p> <b>Should investors worry?</b></p><p><blockquote><b>投资者应该担心吗？</b></blockquote></p><p> I think that Apple stock could suffer, at least from deteriorated investor sentiment, if or once it begins to slow down the pace of its share buyback efforts. However, I also believe that this is only one aspect of the investment thesis that people should consider.</p><p><blockquote>我认为，如果或一旦苹果开始放慢股票回购步伐，其股票可能会受到影响，至少是投资者情绪恶化。然而，我也认为，这只是人们应该考虑的投资论文的一个方面。</blockquote></p><p> I remain optimistic about Apple stock from a business fundamentals perspective. The Cupertino company seems to have found the sweet spot in demand for its products and services, which I believe bodes very well for AAPL in the foreseeable future.</p><p><blockquote>从商业基本面的角度来看，我对苹果股票保持乐观。这家库比蒂诺公司似乎已经找到了对其产品和服务需求的最佳点，我相信这在可预见的未来对苹果公司来说是个好兆头。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/stock/apple-stock-what-happens-when-the-cash-runs-out\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/stock/apple-stock-what-happens-when-the-cash-runs-out","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105817084","content_text":"Apple is about to run out of cash. This statement may sound lucrac is to most Apple stock (AAPL) investors, since the Cupertino company has been a cash-generating machine in the past many years. But even the management team knows this to be true.\nToday, the Apple Maven talks about what has been happening to the iPhone maker’s once giant pile of cash, and what the declining balances may mean for shareholders.\nApple heading to net cash neutral\nTo be fair, “running out of cash” in this context does not mean that Apple’s checking accounts at the bank will dry out. It simply means that the company’s debt balances will roughly offset its cash position — i.e. Apple will become net cash neutral.\nThe chart below shows the evolution of Apple’s gross cash (blue bars) and net cash (orange bars) balances since 2011. Ten years ago was when then-CEO Steve Jobs stepped down and turned the control of the company over to then-COO Tim Cook.\nFigure 2:Apple's cash position, fiscal 2012-2021.data from Seeking Alpha\nStarting in 2012, Apple began issuing debt for the first time in its history. By 2017, the company boasted the largest gross and net-of-debt cash balances that it had ever seen in its books. But since then, both numbers have been dwindling. This year’s $72 billion in net cash is less than half the amount of about four years ago.\nWhat happens when cash runs out?\nThe chart below shows that, prior to Tim Cook as CEO, Apple was very timid at deploying its cash reserves. While capex and dividend payments increased quickly (large M&A has never been a thing for Apple), buybacks skyrocketed. Apple has spent more than three times as much in share repurchases since 2018 than it did in capex and dividends combined.\nFigure 3:Apple's cash deployment by major category.data from Seeking Alpha\nAs Apple’s cash balance continues to dip, it is reasonable to expect the pace of share retirement to decline as well. This is true not only because of a leaner balance sheet, but because AAPL stock trades at a much richer price today — thus, it costs Apple more to buy back each share of its own equity.\nWhy is this relevant for investors? Over the past decade, Apple’s shares outstanding have declined by 10 billion units to 16.7 billion. Share count is the denominator in EPS (earnings per share) and EPS is the denominator in price-to-earnings. Therefore, buybacks alone have probably been responsible for a good chunk of Apple stock’s climb in the past several years.\nAt the current stock price of $165 apiece, Apple can afford to retire around 435 million more shares with its current net cash balance, or barely 3% of the float. After that point, the Cupertino company might need to scale back on repurchases or borrow in order to keep buying its stock.\nShould investors worry?\nI think that Apple stock could suffer, at least from deteriorated investor sentiment, if or once it begins to slow down the pace of its share buyback efforts. However, I also believe that this is only one aspect of the investment thesis that people should consider.\nI remain optimistic about Apple stock from a business fundamentals perspective. The Cupertino company seems to have found the sweet spot in demand for its products and services, which I believe bodes very well for AAPL in the foreseeable future.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3654,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"9000000000000695","authorId":"9000000000000695","name":"BaronLyly","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"9000000000000695","idStr":"9000000000000695"},"content":"Multiple factors have weighed on Apple's stock price, but its potential success in areas like augmented reality and self-driving cars may have people looking forward to its future!","text":"Multiple factors have weighed on Apple's stock price, but its potential success in areas like augmented reality and self-driving cars may have people looking forward to its future!","html":"Multiple factors have weighed on Apple's stock price, but its potential success in areas like augmented reality and self-driving cars may have people looking forward to its future!"},{"author":{"id":"9000000000000671","authorId":"9000000000000671","name":"BorisBack","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"9000000000000671","idStr":"9000000000000671"},"content":"Compared with the expensive individual stock prices of tech giants like Amazon, Tesla and Microsoft，Apple is cheap enough!","text":"Compared with the expensive individual stock prices of tech giants like Amazon, Tesla and Microsoft，Apple is cheap enough!","html":"Compared with the expensive individual stock prices of tech giants like Amazon, Tesla and Microsoft，Apple is cheap enough!"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":608146509,"gmtCreate":1638671341543,"gmtModify":1638678001319,"author":{"id":"4099402595795420","authorId":"4099402595795420","name":"Nayazindagi","avatar":"https://static.tigerbbs.com/491906a0e23ae13ce2be00cf4d568603","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099402595795420","idStr":"4099402595795420"},"themes":[],"htmlText":"Fortunately , I had never , have and will invest in this crypto madness!&nbsp;[Happy]&nbsp;","listText":"Fortunately , I had never , have and will invest in this crypto madness!&nbsp;[Happy]&nbsp;","text":"Fortunately , I had never , have and will invest in this crypto madness! [Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/608146509","repostId":"1140678193","repostType":4,"isVote":1,"tweetType":1,"viewCount":3129,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":609483017,"gmtCreate":1638317563492,"gmtModify":1638317564846,"author":{"id":"4099402595795420","authorId":"4099402595795420","name":"Nayazindagi","avatar":"https://static.tigerbbs.com/491906a0e23ae13ce2be00cf4d568603","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099402595795420","idStr":"4099402595795420"},"themes":[],"htmlText":"That's awesome!!&nbsp; Let's be positive that FDA will give its approval.. 😁","listText":"That's awesome!!&nbsp; Let's be positive that FDA will give its approval.. 😁","text":"That's awesome!! Let's be positive that FDA will give its approval.. 😁","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/609483017","repostId":"2188787534","repostType":2,"isVote":1,"tweetType":1,"viewCount":2361,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":872572535,"gmtCreate":1637553806704,"gmtModify":1637553812700,"author":{"id":"4099402595795420","authorId":"4099402595795420","name":"Nayazindagi","avatar":"https://static.tigerbbs.com/491906a0e23ae13ce2be00cf4d568603","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099402595795420","idStr":"4099402595795420"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/I07.SI\">$ISDN HOLDINGS LIMITED(I07.SI)$</a>Go up all the way![强]&nbsp;","listText":"<a href=\"https://laohu8.com/S/I07.SI\">$ISDN HOLDINGS LIMITED(I07.SI)$</a>Go up all the way![强]&nbsp;","text":"$ISDN HOLDINGS LIMITED(I07.SI)$Go up all the way![强]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/872572535","isVote":1,"tweetType":1,"viewCount":2695,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873545267,"gmtCreate":1636968142338,"gmtModify":1636968142338,"author":{"id":"4099402595795420","authorId":"4099402595795420","name":"Nayazindagi","avatar":"https://static.tigerbbs.com/491906a0e23ae13ce2be00cf4d568603","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099402595795420","idStr":"4099402595795420"},"themes":[],"htmlText":"Yes agreed.","listText":"Yes agreed.","text":"Yes agreed.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/873545267","repostId":"873514726","repostType":1,"repost":{"id":873514726,"gmtCreate":1636960664490,"gmtModify":1636960664490,"author":{"id":"4090544857957950","authorId":"4090544857957950","name":"思思不倦","avatar":"https://static.tigerbbs.com/81a4a16a37595cd2f75f3cc3d1a9a458","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090544857957950","idStr":"4090544857957950"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$苹果(AAPL)$</a>上端竞争力还是强一些","listText":"<a href=\"https://laohu8.com/S/AAPL\">$苹果(AAPL)$</a>上端竞争力还是强一些","text":"$苹果(AAPL)$上端竞争力还是强一些","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/873514726","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3817,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873542429,"gmtCreate":1636968046093,"gmtModify":1636968046140,"author":{"id":"4099402595795420","authorId":"4099402595795420","name":"Nayazindagi","avatar":"https://static.tigerbbs.com/491906a0e23ae13ce2be00cf4d568603","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099402595795420","idStr":"4099402595795420"},"themes":[],"htmlText":"Yes agreed.&nbsp;","listText":"Yes agreed.&nbsp;","text":"Yes agreed.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/873542429","repostId":"873514726","repostType":1,"repost":{"id":873514726,"gmtCreate":1636960664490,"gmtModify":1636960664490,"author":{"id":"4090544857957950","authorId":"4090544857957950","name":"思思不倦","avatar":"https://static.tigerbbs.com/81a4a16a37595cd2f75f3cc3d1a9a458","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090544857957950","idStr":"4090544857957950"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$苹果(AAPL)$</a>上端竞争力还是强一些","listText":"<a href=\"https://laohu8.com/S/AAPL\">$苹果(AAPL)$</a>上端竞争力还是强一些","text":"$苹果(AAPL)$上端竞争力还是强一些","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/873514726","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2555,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873135706,"gmtCreate":1636877649754,"gmtModify":1636877649754,"author":{"id":"4099402595795420","authorId":"4099402595795420","name":"Nayazindagi","avatar":"https://static.tigerbbs.com/491906a0e23ae13ce2be00cf4d568603","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099402595795420","idStr":"4099402595795420"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>Keep going up or down more!&nbsp; Either way is fine!&nbsp; 👍","listText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>Keep going up or down more!&nbsp; Either way is fine!&nbsp; 👍","text":"$Apple(AAPL)$Keep going up or down more! Either way is fine! 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/873135706","isVote":1,"tweetType":1,"viewCount":2848,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":879761053,"gmtCreate":1636774186801,"gmtModify":1636774186801,"author":{"id":"4099402595795420","authorId":"4099402595795420","name":"Nayazindagi","avatar":"https://static.tigerbbs.com/491906a0e23ae13ce2be00cf4d568603","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099402595795420","idStr":"4099402595795420"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/879761053","repostId":"870516282","repostType":1,"repost":{"id":870516282,"gmtCreate":1636632889339,"gmtModify":1636632996480,"author":{"id":"3575463631032325","authorId":"3575463631032325","name":"Labi_7718","avatar":"https://static.tigerbbs.com/00e510b7899fb41c6f2186806829d8ae","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575463631032325","idStr":"3575463631032325"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>yes!","listText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>yes!","text":"$Apple(AAPL)$yes!","images":[{"img":"https://static.tigerbbs.com/33c3cd0167b930dbcb25bf3bf25519c1","width":"1080","height":"1920"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/870516282","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2836,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":847101174,"gmtCreate":1636499223830,"gmtModify":1636499223935,"author":{"id":"4099402595795420","authorId":"4099402595795420","name":"Nayazindagi","avatar":"https://static.tigerbbs.com/491906a0e23ae13ce2be00cf4d568603","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099402595795420","idStr":"4099402595795420"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>Yes! Keep on dropping!!&nbsp;&nbsp;[微笑]&nbsp;","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>Yes! Keep on dropping!!&nbsp;&nbsp;[微笑]&nbsp;","text":"$Tesla Motors(TSLA)$Yes! Keep on dropping!! [微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/847101174","isVote":1,"tweetType":1,"viewCount":3138,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":602973376,"gmtCreate":1638965186718,"gmtModify":1638965186718,"author":{"id":"4099402595795420","authorId":"4099402595795420","name":"Nayazindagi","avatar":"https://static.tigerbbs.com/491906a0e23ae13ce2be00cf4d568603","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4099402595795420","authorIdStr":"4099402595795420"},"themes":[],"htmlText":"Thanks! I regard this news as a notice that Apple share price will plunge to a reasonable level. That means buying the dip much more for me!&nbsp;[Cool]&nbsp;","listText":"Thanks! I regard this news as a notice that Apple share price will plunge to a reasonable level. That means buying the dip much more for me!&nbsp;[Cool]&nbsp;","text":"Thanks! I regard this news as a notice that Apple share price will plunge to a reasonable level. That means buying the dip much more for me! [Cool]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/602973376","repostId":"1105817084","repostType":2,"repost":{"id":"1105817084","kind":"news","pubTimestamp":1638933976,"share":"https://www.laohu8.com/m/news/1105817084?lang=zh_CN&edition=full","pubTime":"2021-12-08 11:26","market":"us","language":"en","title":"Apple Stock: What Happens When The Cash Runs Out?<blockquote>苹果股票：现金用完会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105817084","media":"TheStreet","summary":"Apple is about to run out of cash. This statement may sound lucrac is to most Apple stock  investors, since the Cupertino company has been a cash-generating machine in the past many years. But even the management team knows this to be true.Today, the Apple Maven talks about what has been happening to the iPhone maker’s once giant pile of cash, and what the declining balances may mean for shareholders.To be fair, “running out of cash” in this context does not mean that Apple’s checking accounts a","content":"<p>Apple is about to run out of cash. This statement may sound lucrac&nbsp;is to most Apple stock&nbsp;(<b>AAPL</b>)&nbsp;investors, since the Cupertino company has been a cash-generating machine in the past many years. But even the management team&nbsp;knows&nbsp;this to be true.</p><p><blockquote>苹果即将耗尽现金。对于大多数苹果股票来说，这种说法听起来可能是lucrac（<b>AAPL</b>）投资者，因为库比蒂诺公司在过去多年里一直是一台现金产生机。但即使是管理团队也知道这是真的。</blockquote></p><p> Today, the Apple Maven talks about what has been happening to the iPhone maker’s once giant pile of cash, and what the declining balances may mean for shareholders.</p><p><blockquote>今天，这位苹果专家谈论了这家iPhone制造商曾经庞大的现金储备发生了什么，以及余额下降对股东可能意味着什么。</blockquote></p><p> <b>Apple heading to net cash neutral</b></p><p><blockquote><b>苹果走向净现金中性</b></blockquote></p><p> To be fair, “running out of cash” in this context does not mean that Apple’s checking accounts at the bank will dry out. It simply means that the company’s debt balances will roughly offset its cash position — i.e. Apple will become net cash neutral.</p><p><blockquote>公平地说，在这种情况下“现金耗尽”并不意味着苹果在银行的支票账户将会枯竭。这仅仅意味着该公司的债务余额将大致抵消其现金状况，即苹果将成为净现金中性。</blockquote></p><p> The chart below shows the evolution of Apple’s gross cash (blue bars) and net cash (orange bars) balances since 2011. Ten years ago was when then-CEO Steve Jobs stepped down and turned the control of the company over to then-COO Tim Cook.</p><p><blockquote>下图显示了自2011年以来苹果总现金（蓝色条）和净现金（橙色条）余额的演变。十年前，时任首席执行官史蒂夫·乔布斯卸任，将公司控制权移交给时任首席运营官蒂姆·库克。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/435c5199979bc64d49899feed29d15fb\" tg-width=\"1200\" tg-height=\"723\" width=\"100%\" height=\"auto\"><span>Figure 2:Apple's cash position, fiscal 2012-2021.data from Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果2012-2021财年的现金状况。数据来自Seeking Alpha</span></p></blockquote></p><p> Starting in 2012, Apple began issuing debt for the first time in its history. By 2017, the company boasted the largest gross and net-of-debt cash balances that it had ever seen in its books. But since then, both numbers have been dwindling. This year’s $72 billion in net cash is less than half the amount of about four years ago.</p><p><blockquote>从2012年开始，苹果历史上首次开始发债。到2017年，该公司拥有其账簿中有史以来最大的总现金余额和债务净额现金余额。但从那以后，这两个数字都在减少。今年720亿美元的净现金还不到大约四年前的一半。</blockquote></p><p> <b>What happens when cash runs out?</b></p><p><blockquote><b>现金用完会怎么样？</b></blockquote></p><p> The chart below shows that, prior to Tim Cook as CEO, Apple was very timid at deploying its cash reserves. While capex and dividend payments increased quickly (large M&amp;A has never been a thing for Apple), buybacks skyrocketed. Apple has spent more than three times as much in share repurchases since 2018 than it did in capex and dividends combined.</p><p><blockquote>下图显示，在蒂姆·库克担任首席执行官之前，苹果在部署现金储备方面非常谨慎。虽然资本支出和股息支付迅速增加（大型并购对苹果来说从来都不是一件事），但回购却飙升。自2018年以来，苹果在股票回购上的支出是资本支出和股息总和的三倍多。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e0ecee1dedf8551b616732dc7180c574\" tg-width=\"1200\" tg-height=\"694\" width=\"100%\" height=\"auto\"><span>Figure 3:Apple's cash deployment by major category.data from Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>图3：苹果按主要类别划分的现金部署。数据来自Seeking Alpha</span></p></blockquote></p><p> As Apple’s cash balance continues to dip, it is reasonable to expect the pace of share retirement to decline as well. This is true not only because of a leaner balance sheet, but because AAPL stock trades at a much richer price today — thus, it costs Apple more to buy back each share of its own equity.</p><p><blockquote>随着苹果的现金余额持续下降，有理由预计股票退出的速度也会下降。这不仅是因为资产负债表更加精简，还因为苹果公司股票如今的交易价格要高得多——因此，苹果回购每股自己股权的成本更高。</blockquote></p><p> Why is this relevant for investors? Over the past decade, Apple’s shares outstanding have declined by 10 billion units to 16.7 billion. Share count is the denominator in EPS (earnings per share) and EPS is the denominator in price-to-earnings. Therefore, buybacks alone have probably been responsible for a good chunk of Apple stock’s climb in the past several years.</p><p><blockquote>为什么这与投资者相关？过去十年，苹果的流通股减少了100亿股，至167亿股。股票数量是EPS（每股收益）的分母，EPS是市盈率的分母。因此，仅回购就可能是苹果股价过去几年上涨的很大一部分原因。</blockquote></p><p> At the current stock price of $165 apiece, Apple can afford to retire around 435 million more shares with its current net cash balance, or barely 3% of the float. After that point, the Cupertino company might need to scale back on repurchases or borrow in order to keep buying its stock.</p><p><blockquote>按照目前每股165美元的股价，苹果可以以其目前的净现金余额再出售约4.35亿股股票，仅占流通股的3%。此后，库比蒂诺公司可能需要缩减回购或借贷规模，以继续购买其股票。</blockquote></p><p> <b>Should investors worry?</b></p><p><blockquote><b>投资者应该担心吗？</b></blockquote></p><p> I think that Apple stock could suffer, at least from deteriorated investor sentiment, if or once it begins to slow down the pace of its share buyback efforts. However, I also believe that this is only one aspect of the investment thesis that people should consider.</p><p><blockquote>我认为，如果或一旦苹果开始放慢股票回购步伐，其股票可能会受到影响，至少是投资者情绪恶化。然而，我也认为，这只是人们应该考虑的投资论文的一个方面。</blockquote></p><p> I remain optimistic about Apple stock from a business fundamentals perspective. The Cupertino company seems to have found the sweet spot in demand for its products and services, which I believe bodes very well for AAPL in the foreseeable future.</p><p><blockquote>从商业基本面的角度来看，我对苹果股票保持乐观。这家库比蒂诺公司似乎已经找到了对其产品和服务需求的最佳点，我相信这在可预见的未来对苹果公司来说是个好兆头。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock: What Happens When The Cash Runs Out?<blockquote>苹果股票：现金用完会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock: What Happens When The Cash Runs Out?<blockquote>苹果股票：现金用完会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-12-08 11:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple is about to run out of cash. This statement may sound lucrac&nbsp;is to most Apple stock&nbsp;(<b>AAPL</b>)&nbsp;investors, since the Cupertino company has been a cash-generating machine in the past many years. But even the management team&nbsp;knows&nbsp;this to be true.</p><p><blockquote>苹果即将耗尽现金。对于大多数苹果股票来说，这种说法听起来可能是lucrac（<b>AAPL</b>）投资者，因为库比蒂诺公司在过去多年里一直是一台现金产生机。但即使是管理团队也知道这是真的。</blockquote></p><p> Today, the Apple Maven talks about what has been happening to the iPhone maker’s once giant pile of cash, and what the declining balances may mean for shareholders.</p><p><blockquote>今天，这位苹果专家谈论了这家iPhone制造商曾经庞大的现金储备发生了什么，以及余额下降对股东可能意味着什么。</blockquote></p><p> <b>Apple heading to net cash neutral</b></p><p><blockquote><b>苹果走向净现金中性</b></blockquote></p><p> To be fair, “running out of cash” in this context does not mean that Apple’s checking accounts at the bank will dry out. It simply means that the company’s debt balances will roughly offset its cash position — i.e. Apple will become net cash neutral.</p><p><blockquote>公平地说，在这种情况下“现金耗尽”并不意味着苹果在银行的支票账户将会枯竭。这仅仅意味着该公司的债务余额将大致抵消其现金状况，即苹果将成为净现金中性。</blockquote></p><p> The chart below shows the evolution of Apple’s gross cash (blue bars) and net cash (orange bars) balances since 2011. Ten years ago was when then-CEO Steve Jobs stepped down and turned the control of the company over to then-COO Tim Cook.</p><p><blockquote>下图显示了自2011年以来苹果总现金（蓝色条）和净现金（橙色条）余额的演变。十年前，时任首席执行官史蒂夫·乔布斯卸任，将公司控制权移交给时任首席运营官蒂姆·库克。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/435c5199979bc64d49899feed29d15fb\" tg-width=\"1200\" tg-height=\"723\" width=\"100%\" height=\"auto\"><span>Figure 2:Apple's cash position, fiscal 2012-2021.data from Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果2012-2021财年的现金状况。数据来自Seeking Alpha</span></p></blockquote></p><p> Starting in 2012, Apple began issuing debt for the first time in its history. By 2017, the company boasted the largest gross and net-of-debt cash balances that it had ever seen in its books. But since then, both numbers have been dwindling. This year’s $72 billion in net cash is less than half the amount of about four years ago.</p><p><blockquote>从2012年开始，苹果历史上首次开始发债。到2017年，该公司拥有其账簿中有史以来最大的总现金余额和债务净额现金余额。但从那以后，这两个数字都在减少。今年720亿美元的净现金还不到大约四年前的一半。</blockquote></p><p> <b>What happens when cash runs out?</b></p><p><blockquote><b>现金用完会怎么样？</b></blockquote></p><p> The chart below shows that, prior to Tim Cook as CEO, Apple was very timid at deploying its cash reserves. While capex and dividend payments increased quickly (large M&amp;A has never been a thing for Apple), buybacks skyrocketed. Apple has spent more than three times as much in share repurchases since 2018 than it did in capex and dividends combined.</p><p><blockquote>下图显示，在蒂姆·库克担任首席执行官之前，苹果在部署现金储备方面非常谨慎。虽然资本支出和股息支付迅速增加（大型并购对苹果来说从来都不是一件事），但回购却飙升。自2018年以来，苹果在股票回购上的支出是资本支出和股息总和的三倍多。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e0ecee1dedf8551b616732dc7180c574\" tg-width=\"1200\" tg-height=\"694\" width=\"100%\" height=\"auto\"><span>Figure 3:Apple's cash deployment by major category.data from Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>图3：苹果按主要类别划分的现金部署。数据来自Seeking Alpha</span></p></blockquote></p><p> As Apple’s cash balance continues to dip, it is reasonable to expect the pace of share retirement to decline as well. This is true not only because of a leaner balance sheet, but because AAPL stock trades at a much richer price today — thus, it costs Apple more to buy back each share of its own equity.</p><p><blockquote>随着苹果的现金余额持续下降，有理由预计股票退出的速度也会下降。这不仅是因为资产负债表更加精简，还因为苹果公司股票如今的交易价格要高得多——因此，苹果回购每股自己股权的成本更高。</blockquote></p><p> Why is this relevant for investors? Over the past decade, Apple’s shares outstanding have declined by 10 billion units to 16.7 billion. Share count is the denominator in EPS (earnings per share) and EPS is the denominator in price-to-earnings. Therefore, buybacks alone have probably been responsible for a good chunk of Apple stock’s climb in the past several years.</p><p><blockquote>为什么这与投资者相关？过去十年，苹果的流通股减少了100亿股，至167亿股。股票数量是EPS（每股收益）的分母，EPS是市盈率的分母。因此，仅回购就可能是苹果股价过去几年上涨的很大一部分原因。</blockquote></p><p> At the current stock price of $165 apiece, Apple can afford to retire around 435 million more shares with its current net cash balance, or barely 3% of the float. After that point, the Cupertino company might need to scale back on repurchases or borrow in order to keep buying its stock.</p><p><blockquote>按照目前每股165美元的股价，苹果可以以其目前的净现金余额再出售约4.35亿股股票，仅占流通股的3%。此后，库比蒂诺公司可能需要缩减回购或借贷规模，以继续购买其股票。</blockquote></p><p> <b>Should investors worry?</b></p><p><blockquote><b>投资者应该担心吗？</b></blockquote></p><p> I think that Apple stock could suffer, at least from deteriorated investor sentiment, if or once it begins to slow down the pace of its share buyback efforts. However, I also believe that this is only one aspect of the investment thesis that people should consider.</p><p><blockquote>我认为，如果或一旦苹果开始放慢股票回购步伐，其股票可能会受到影响，至少是投资者情绪恶化。然而，我也认为，这只是人们应该考虑的投资论文的一个方面。</blockquote></p><p> I remain optimistic about Apple stock from a business fundamentals perspective. The Cupertino company seems to have found the sweet spot in demand for its products and services, which I believe bodes very well for AAPL in the foreseeable future.</p><p><blockquote>从商业基本面的角度来看，我对苹果股票保持乐观。这家库比蒂诺公司似乎已经找到了对其产品和服务需求的最佳点，我相信这在可预见的未来对苹果公司来说是个好兆头。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/stock/apple-stock-what-happens-when-the-cash-runs-out\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/stock/apple-stock-what-happens-when-the-cash-runs-out","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105817084","content_text":"Apple is about to run out of cash. This statement may sound lucrac is to most Apple stock (AAPL) investors, since the Cupertino company has been a cash-generating machine in the past many years. But even the management team knows this to be true.\nToday, the Apple Maven talks about what has been happening to the iPhone maker’s once giant pile of cash, and what the declining balances may mean for shareholders.\nApple heading to net cash neutral\nTo be fair, “running out of cash” in this context does not mean that Apple’s checking accounts at the bank will dry out. It simply means that the company’s debt balances will roughly offset its cash position — i.e. Apple will become net cash neutral.\nThe chart below shows the evolution of Apple’s gross cash (blue bars) and net cash (orange bars) balances since 2011. Ten years ago was when then-CEO Steve Jobs stepped down and turned the control of the company over to then-COO Tim Cook.\nFigure 2:Apple's cash position, fiscal 2012-2021.data from Seeking Alpha\nStarting in 2012, Apple began issuing debt for the first time in its history. By 2017, the company boasted the largest gross and net-of-debt cash balances that it had ever seen in its books. But since then, both numbers have been dwindling. This year’s $72 billion in net cash is less than half the amount of about four years ago.\nWhat happens when cash runs out?\nThe chart below shows that, prior to Tim Cook as CEO, Apple was very timid at deploying its cash reserves. While capex and dividend payments increased quickly (large M&A has never been a thing for Apple), buybacks skyrocketed. Apple has spent more than three times as much in share repurchases since 2018 than it did in capex and dividends combined.\nFigure 3:Apple's cash deployment by major category.data from Seeking Alpha\nAs Apple’s cash balance continues to dip, it is reasonable to expect the pace of share retirement to decline as well. This is true not only because of a leaner balance sheet, but because AAPL stock trades at a much richer price today — thus, it costs Apple more to buy back each share of its own equity.\nWhy is this relevant for investors? Over the past decade, Apple’s shares outstanding have declined by 10 billion units to 16.7 billion. Share count is the denominator in EPS (earnings per share) and EPS is the denominator in price-to-earnings. Therefore, buybacks alone have probably been responsible for a good chunk of Apple stock’s climb in the past several years.\nAt the current stock price of $165 apiece, Apple can afford to retire around 435 million more shares with its current net cash balance, or barely 3% of the float. After that point, the Cupertino company might need to scale back on repurchases or borrow in order to keep buying its stock.\nShould investors worry?\nI think that Apple stock could suffer, at least from deteriorated investor sentiment, if or once it begins to slow down the pace of its share buyback efforts. However, I also believe that this is only one aspect of the investment thesis that people should consider.\nI remain optimistic about Apple stock from a business fundamentals perspective. The Cupertino company seems to have found the sweet spot in demand for its products and services, which I believe bodes very well for AAPL in the foreseeable future.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3654,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"9000000000000695","authorId":"9000000000000695","name":"BaronLyly","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"idStr":"9000000000000695","authorIdStr":"9000000000000695"},"content":"Multiple factors have weighed on Apple's stock price, but its potential success in areas like augmented reality and self-driving cars may have people looking forward to its future!","text":"Multiple factors have weighed on Apple's stock price, but its potential success in areas like augmented reality and self-driving cars may have people looking forward to its future!","html":"Multiple factors have weighed on Apple's stock price, but its potential success in areas like augmented reality and self-driving cars may have people looking forward to its future!"},{"author":{"id":"9000000000000671","authorId":"9000000000000671","name":"BorisBack","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"idStr":"9000000000000671","authorIdStr":"9000000000000671"},"content":"Compared with the expensive individual stock prices of tech giants like Amazon, Tesla and Microsoft，Apple is cheap enough!","text":"Compared with the expensive individual stock prices of tech giants like Amazon, Tesla and Microsoft，Apple is cheap enough!","html":"Compared with the expensive individual stock prices of tech giants like Amazon, Tesla and Microsoft，Apple is cheap enough!"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":605326927,"gmtCreate":1639117517866,"gmtModify":1639117594109,"author":{"id":"4099402595795420","authorId":"4099402595795420","name":"Nayazindagi","avatar":"https://static.tigerbbs.com/491906a0e23ae13ce2be00cf4d568603","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4099402595795420","authorIdStr":"4099402595795420"},"themes":[],"htmlText":"Thanks.","listText":"Thanks.","text":"Thanks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/605326927","repostId":"1153652287","repostType":2,"repost":{"id":"1153652287","kind":"news","pubTimestamp":1639116079,"share":"https://www.laohu8.com/m/news/1153652287?lang=zh_CN&edition=full","pubTime":"2021-12-10 14:01","market":"us","language":"en","title":"The Bears Have Spoken: Apple Stock Could Drop 18%<blockquote>空头发声：苹果股价可能下跌18%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1153652287","media":"TheStreet","summary":"Apple stock (AAPL) continues to climb relentlessly on its way to the $3 trillion mark. But while Wal","content":"<p>Apple stock&nbsp;(<b>AAPL</b>)&nbsp;continues to climb relentlessly&nbsp;on its way to the $3 trillion mark. But while Wall Street still has a “strong buy” consensus&nbsp;rating&nbsp;on the name, not every analyst believes that AAPL will climb from its current peak of $174 in the foreseeable future.</p><p><blockquote>苹果股票(<b>AAPL</b>）继续无情地攀升至3万亿美元大关。不过，尽管华尔街仍对该公司给予“强力买入”的一致评级，但并非所有分析师都认为AAPL将在可预见的未来从目前174美元的峰值攀升。</blockquote></p><p> In the past couple of days, two experts who hold a neutral stance on Apple have spoken. One of them believes that the stock is worth only $142 apiece, suggesting 18% downside from current levels. Here is why these analysts are skeptical.</p><p><blockquote>过去几天，两位对苹果持中立立场的专家发表了讲话。其中一人认为该股每股价值仅为142美元，较当前水平下跌18%。这就是这些分析师持怀疑态度的原因。</blockquote></p><p> <b>Apple stock rises, but so do risks</b></p><p><blockquote><b>苹果股价上涨，但风险也随之上涨</b></blockquote></p><p> Goldman Sachs’ Rod Hall is a former bear who&nbsp;threw in the towel a few months ago&nbsp;and changed his position on AAPL from sell to neutral. However, according toTipRanks, the analyst has just restated his $142 price target on Apple stock, pointing at 18% downside risk following the impressive rally of the past few weeks.</p><p><blockquote>高盛(Goldman Sachs)的罗德·霍尔(Rod Hall)曾是空头，几个月前认输，将对苹果公司的仓位从卖出改为中性。然而，据TipRanks称，该分析师刚刚重申了苹果股票142美元的目标价，指出在过去几周令人印象深刻的上涨之后，下行风险为18%。</blockquote></p><p> During a recent&nbsp;CNBC interview, Mr. Hall explained that he is cautious about AAPL mostly due to the company’s user base and average revenue generated per user. First, he sees subscriber growth slowing down to GDP levels. Second, Rod thinks that ARPU (average revenue per user) will stabilize, after spiking by what he estimates to be an impressive 20% during the thick of the pandemic.</p><p><blockquote>在最近接受CNBC采访时，霍尔先生解释说，他对AAPL持谨慎态度，主要是因为该公司的用户群和每个用户产生的平均收入。首先，他认为用户增长将放缓至GDP水平。其次，Rod认为ARPU（每用户平均收入）在疫情最严重期间飙升20%后将趋于稳定。</blockquote></p><p> Goldman Sachs wraps up its not-so-bullish case by observing how a reduction in iPhone lead times in the US, Europe and China in the holiday period could be a sign of slowing demand. The rationale: if supply is constrained in 2021 and lead times have dropped, the missing piece in this equation is probably a decline in demand for the devices.</p><p><blockquote>高盛（Goldman Sachs）通过观察假期期间美国、欧洲和中国iPhone交付时间的缩短可能是需求放缓的迹象，总结了其不那么乐观的观点。理由是：如果2021年供应受到限制并且交货时间缩短，那么这个等式中缺失的部分可能是对设备需求的下降。</blockquote></p><p> Credit Suisse was the other research shop to&nbsp;publish&nbsp;recently on Apple. Analyst Sami Badri assumed coverage from Matthew Cabral, and had his chance to change the bank’s rating on AAPL from neutral. Instead, he reinforced the recommendation and set the price target at $150.</p><p><blockquote>瑞士信贷是最近在苹果上发表文章的另一家研究机构。分析师萨米·巴德里(Sami Badri)接受了马修·卡布拉尔(Matthew Cabral)的报道，并有机会将该银行对苹果公司的评级从中性改变。相反，他强化了这一建议，并将目标价定为150美元。</blockquote></p><p> Mr. Badri’spredecessor has often cited&nbsp;longer lead times as an indication of demand overwhelming supply. With the supply-demand dynamic now heading closer to a state of balance, this could be bad news for Apple in the short term — especially days after Bloomberg’s report that the Cupertino company&nbsp;may have overordered iPhone units&nbsp;for the holiday period.</p><p><blockquote>巴德里的前任经常将较长的交货时间视为需求压倒供应的迹象。随着供需动态现在接近平衡状态，这在短期内对苹果来说可能是个坏消息——尤其是在彭博社报道这家库比蒂诺公司可能在假期期间超额订购了iPhone几天后。</blockquote></p><p> <b>Apple Maven’s take</b></p><p><blockquote><b>苹果·梅文的看法</b></blockquote></p><p> I believe that more bearish cases against AAPL could surface as Apple stock moves higher. While I think that the argument against an investment here tends to lean too heavily on near-term risks (e.g. iPhone sales in fiscal Q1), there is something to be said about a stock that continues to climb relentlessly and valuation multiples that keep expanding.</p><p><blockquote>我相信，随着苹果股价走高，更多针对苹果公司的看跌案例可能会浮出水面。虽然我认为这里反对投资的论点往往过于依赖近期风险（例如第一财季的iPhone销量），但对于一只继续无情攀升且估值倍数不断扩大的股票，还是有一些话要说的。</blockquote></p><p> I maintain my views on AAPL: the stock seems to be a buy-and-hold for the long term, considering growth opportunities in services at first and brand-new devices later — think&nbsp;mixed reality and autonomous EV.</p><p><blockquote>我维持对苹果公司的看法：该股似乎是长期买入并持有的股票，首先考虑服务业的增长机会，然后考虑全新设备的增长机会——想想混合现实和自动驾驶电动汽车。</blockquote></p><p> That said, Apple stock&nbsp;tends to perform substantially better&nbsp;following a sharp pullback. Therefore, I think that investors that buy shares today should not count on oversized, 2020-like returns going forward.</p><p><blockquote>也就是说，苹果股票在大幅回调后往往表现得更好。因此，我认为今天购买股票的投资者不应该指望未来会有类似2020年的巨额回报。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Bears Have Spoken: Apple Stock Could Drop 18%<blockquote>空头发声：苹果股价可能下跌18%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Bears Have Spoken: Apple Stock Could Drop 18%<blockquote>空头发声：苹果股价可能下跌18%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-12-10 14:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple stock&nbsp;(<b>AAPL</b>)&nbsp;continues to climb relentlessly&nbsp;on its way to the $3 trillion mark. But while Wall Street still has a “strong buy” consensus&nbsp;rating&nbsp;on the name, not every analyst believes that AAPL will climb from its current peak of $174 in the foreseeable future.</p><p><blockquote>苹果股票(<b>AAPL</b>）继续无情地攀升至3万亿美元大关。不过，尽管华尔街仍对该公司给予“强力买入”的一致评级，但并非所有分析师都认为AAPL将在可预见的未来从目前174美元的峰值攀升。</blockquote></p><p> In the past couple of days, two experts who hold a neutral stance on Apple have spoken. One of them believes that the stock is worth only $142 apiece, suggesting 18% downside from current levels. Here is why these analysts are skeptical.</p><p><blockquote>过去几天，两位对苹果持中立立场的专家发表了讲话。其中一人认为该股每股价值仅为142美元，较当前水平下跌18%。这就是这些分析师持怀疑态度的原因。</blockquote></p><p> <b>Apple stock rises, but so do risks</b></p><p><blockquote><b>苹果股价上涨，但风险也随之上涨</b></blockquote></p><p> Goldman Sachs’ Rod Hall is a former bear who&nbsp;threw in the towel a few months ago&nbsp;and changed his position on AAPL from sell to neutral. However, according toTipRanks, the analyst has just restated his $142 price target on Apple stock, pointing at 18% downside risk following the impressive rally of the past few weeks.</p><p><blockquote>高盛(Goldman Sachs)的罗德·霍尔(Rod Hall)曾是空头，几个月前认输，将对苹果公司的仓位从卖出改为中性。然而，据TipRanks称，该分析师刚刚重申了苹果股票142美元的目标价，指出在过去几周令人印象深刻的上涨之后，下行风险为18%。</blockquote></p><p> During a recent&nbsp;CNBC interview, Mr. Hall explained that he is cautious about AAPL mostly due to the company’s user base and average revenue generated per user. First, he sees subscriber growth slowing down to GDP levels. Second, Rod thinks that ARPU (average revenue per user) will stabilize, after spiking by what he estimates to be an impressive 20% during the thick of the pandemic.</p><p><blockquote>在最近接受CNBC采访时，霍尔先生解释说，他对AAPL持谨慎态度，主要是因为该公司的用户群和每个用户产生的平均收入。首先，他认为用户增长将放缓至GDP水平。其次，Rod认为ARPU（每用户平均收入）在疫情最严重期间飙升20%后将趋于稳定。</blockquote></p><p> Goldman Sachs wraps up its not-so-bullish case by observing how a reduction in iPhone lead times in the US, Europe and China in the holiday period could be a sign of slowing demand. The rationale: if supply is constrained in 2021 and lead times have dropped, the missing piece in this equation is probably a decline in demand for the devices.</p><p><blockquote>高盛（Goldman Sachs）通过观察假期期间美国、欧洲和中国iPhone交付时间的缩短可能是需求放缓的迹象，总结了其不那么乐观的观点。理由是：如果2021年供应受到限制并且交货时间缩短，那么这个等式中缺失的部分可能是对设备需求的下降。</blockquote></p><p> Credit Suisse was the other research shop to&nbsp;publish&nbsp;recently on Apple. Analyst Sami Badri assumed coverage from Matthew Cabral, and had his chance to change the bank’s rating on AAPL from neutral. Instead, he reinforced the recommendation and set the price target at $150.</p><p><blockquote>瑞士信贷是最近在苹果上发表文章的另一家研究机构。分析师萨米·巴德里(Sami Badri)接受了马修·卡布拉尔(Matthew Cabral)的报道，并有机会将该银行对苹果公司的评级从中性改变。相反，他强化了这一建议，并将目标价定为150美元。</blockquote></p><p> Mr. Badri’spredecessor has often cited&nbsp;longer lead times as an indication of demand overwhelming supply. With the supply-demand dynamic now heading closer to a state of balance, this could be bad news for Apple in the short term — especially days after Bloomberg’s report that the Cupertino company&nbsp;may have overordered iPhone units&nbsp;for the holiday period.</p><p><blockquote>巴德里的前任经常将较长的交货时间视为需求压倒供应的迹象。随着供需动态现在接近平衡状态，这在短期内对苹果来说可能是个坏消息——尤其是在彭博社报道这家库比蒂诺公司可能在假期期间超额订购了iPhone几天后。</blockquote></p><p> <b>Apple Maven’s take</b></p><p><blockquote><b>苹果·梅文的看法</b></blockquote></p><p> I believe that more bearish cases against AAPL could surface as Apple stock moves higher. While I think that the argument against an investment here tends to lean too heavily on near-term risks (e.g. iPhone sales in fiscal Q1), there is something to be said about a stock that continues to climb relentlessly and valuation multiples that keep expanding.</p><p><blockquote>我相信，随着苹果股价走高，更多针对苹果公司的看跌案例可能会浮出水面。虽然我认为这里反对投资的论点往往过于依赖近期风险（例如第一财季的iPhone销量），但对于一只继续无情攀升且估值倍数不断扩大的股票，还是有一些话要说的。</blockquote></p><p> I maintain my views on AAPL: the stock seems to be a buy-and-hold for the long term, considering growth opportunities in services at first and brand-new devices later — think&nbsp;mixed reality and autonomous EV.</p><p><blockquote>我维持对苹果公司的看法：该股似乎是长期买入并持有的股票，首先考虑服务业的增长机会，然后考虑全新设备的增长机会——想想混合现实和自动驾驶电动汽车。</blockquote></p><p> That said, Apple stock&nbsp;tends to perform substantially better&nbsp;following a sharp pullback. Therefore, I think that investors that buy shares today should not count on oversized, 2020-like returns going forward.</p><p><blockquote>也就是说，苹果股票在大幅回调后往往表现得更好。因此，我认为今天购买股票的投资者不应该指望未来会有类似2020年的巨额回报。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/stock/the-bears-have-spoken-apple-stock-could-drop-18\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/stock/the-bears-have-spoken-apple-stock-could-drop-18","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153652287","content_text":"Apple stock (AAPL) continues to climb relentlessly on its way to the $3 trillion mark. But while Wall Street still has a “strong buy” consensus rating on the name, not every analyst believes that AAPL will climb from its current peak of $174 in the foreseeable future.\nIn the past couple of days, two experts who hold a neutral stance on Apple have spoken. One of them believes that the stock is worth only $142 apiece, suggesting 18% downside from current levels. Here is why these analysts are skeptical.\nApple stock rises, but so do risks\nGoldman Sachs’ Rod Hall is a former bear who threw in the towel a few months ago and changed his position on AAPL from sell to neutral. However, according toTipRanks, the analyst has just restated his $142 price target on Apple stock, pointing at 18% downside risk following the impressive rally of the past few weeks.\nDuring a recent CNBC interview, Mr. Hall explained that he is cautious about AAPL mostly due to the company’s user base and average revenue generated per user. First, he sees subscriber growth slowing down to GDP levels. Second, Rod thinks that ARPU (average revenue per user) will stabilize, after spiking by what he estimates to be an impressive 20% during the thick of the pandemic.\nGoldman Sachs wraps up its not-so-bullish case by observing how a reduction in iPhone lead times in the US, Europe and China in the holiday period could be a sign of slowing demand. The rationale: if supply is constrained in 2021 and lead times have dropped, the missing piece in this equation is probably a decline in demand for the devices.\nCredit Suisse was the other research shop to publish recently on Apple. Analyst Sami Badri assumed coverage from Matthew Cabral, and had his chance to change the bank’s rating on AAPL from neutral. Instead, he reinforced the recommendation and set the price target at $150.\nMr. Badri’spredecessor has often cited longer lead times as an indication of demand overwhelming supply. With the supply-demand dynamic now heading closer to a state of balance, this could be bad news for Apple in the short term — especially days after Bloomberg’s report that the Cupertino company may have overordered iPhone units for the holiday period.\nApple Maven’s take\nI believe that more bearish cases against AAPL could surface as Apple stock moves higher. While I think that the argument against an investment here tends to lean too heavily on near-term risks (e.g. iPhone sales in fiscal Q1), there is something to be said about a stock that continues to climb relentlessly and valuation multiples that keep expanding.\nI maintain my views on AAPL: the stock seems to be a buy-and-hold for the long term, considering growth opportunities in services at first and brand-new devices later — think mixed reality and autonomous EV.\nThat said, Apple stock tends to perform substantially better following a sharp pullback. Therefore, I think that investors that buy shares today should not count on oversized, 2020-like returns going forward.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3740,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":608146509,"gmtCreate":1638671341543,"gmtModify":1638678001319,"author":{"id":"4099402595795420","authorId":"4099402595795420","name":"Nayazindagi","avatar":"https://static.tigerbbs.com/491906a0e23ae13ce2be00cf4d568603","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4099402595795420","authorIdStr":"4099402595795420"},"themes":[],"htmlText":"Fortunately , I had never , have and will invest in this crypto madness!&nbsp;[Happy]&nbsp;","listText":"Fortunately , I had never , have and will invest in this crypto madness!&nbsp;[Happy]&nbsp;","text":"Fortunately , I had never , have and will invest in this crypto madness! [Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/608146509","repostId":"1140678193","repostType":4,"isVote":1,"tweetType":1,"viewCount":3129,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":609483017,"gmtCreate":1638317563492,"gmtModify":1638317564846,"author":{"id":"4099402595795420","authorId":"4099402595795420","name":"Nayazindagi","avatar":"https://static.tigerbbs.com/491906a0e23ae13ce2be00cf4d568603","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4099402595795420","authorIdStr":"4099402595795420"},"themes":[],"htmlText":"That's awesome!!&nbsp; Let's be positive that FDA will give its approval.. 😁","listText":"That's awesome!!&nbsp; Let's be positive that FDA will give its approval.. 😁","text":"That's awesome!! Let's be positive that FDA will give its approval.. 😁","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/609483017","repostId":"2188787534","repostType":2,"isVote":1,"tweetType":1,"viewCount":2361,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873135706,"gmtCreate":1636877649754,"gmtModify":1636877649754,"author":{"id":"4099402595795420","authorId":"4099402595795420","name":"Nayazindagi","avatar":"https://static.tigerbbs.com/491906a0e23ae13ce2be00cf4d568603","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4099402595795420","authorIdStr":"4099402595795420"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>Keep going up or down more!&nbsp; Either way is fine!&nbsp; 👍","listText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>Keep going up or down more!&nbsp; Either way is fine!&nbsp; 👍","text":"$Apple(AAPL)$Keep going up or down more! Either way is fine! 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/873135706","isVote":1,"tweetType":1,"viewCount":2848,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":872572535,"gmtCreate":1637553806704,"gmtModify":1637553812700,"author":{"id":"4099402595795420","authorId":"4099402595795420","name":"Nayazindagi","avatar":"https://static.tigerbbs.com/491906a0e23ae13ce2be00cf4d568603","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4099402595795420","authorIdStr":"4099402595795420"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/I07.SI\">$ISDN HOLDINGS LIMITED(I07.SI)$</a>Go up all the way![强]&nbsp;","listText":"<a href=\"https://laohu8.com/S/I07.SI\">$ISDN HOLDINGS LIMITED(I07.SI)$</a>Go up all the way![强]&nbsp;","text":"$ISDN HOLDINGS LIMITED(I07.SI)$Go up all the way![强]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/872572535","isVote":1,"tweetType":1,"viewCount":2695,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":847101174,"gmtCreate":1636499223830,"gmtModify":1636499223935,"author":{"id":"4099402595795420","authorId":"4099402595795420","name":"Nayazindagi","avatar":"https://static.tigerbbs.com/491906a0e23ae13ce2be00cf4d568603","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4099402595795420","authorIdStr":"4099402595795420"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>Yes! Keep on dropping!!&nbsp;&nbsp;[微笑]&nbsp;","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>Yes! Keep on dropping!!&nbsp;&nbsp;[微笑]&nbsp;","text":"$Tesla Motors(TSLA)$Yes! Keep on dropping!! [微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/847101174","isVote":1,"tweetType":1,"viewCount":3138,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873545267,"gmtCreate":1636968142338,"gmtModify":1636968142338,"author":{"id":"4099402595795420","authorId":"4099402595795420","name":"Nayazindagi","avatar":"https://static.tigerbbs.com/491906a0e23ae13ce2be00cf4d568603","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4099402595795420","authorIdStr":"4099402595795420"},"themes":[],"htmlText":"Yes agreed.","listText":"Yes agreed.","text":"Yes agreed.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/873545267","repostId":"873514726","repostType":1,"repost":{"id":873514726,"gmtCreate":1636960664490,"gmtModify":1636960664490,"author":{"id":"4090544857957950","authorId":"4090544857957950","name":"思思不倦","avatar":"https://static.tigerbbs.com/81a4a16a37595cd2f75f3cc3d1a9a458","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090544857957950","authorIdStr":"4090544857957950"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$苹果(AAPL)$</a>上端竞争力还是强一些","listText":"<a href=\"https://laohu8.com/S/AAPL\">$苹果(AAPL)$</a>上端竞争力还是强一些","text":"$苹果(AAPL)$上端竞争力还是强一些","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/873514726","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3817,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873542429,"gmtCreate":1636968046093,"gmtModify":1636968046140,"author":{"id":"4099402595795420","authorId":"4099402595795420","name":"Nayazindagi","avatar":"https://static.tigerbbs.com/491906a0e23ae13ce2be00cf4d568603","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4099402595795420","authorIdStr":"4099402595795420"},"themes":[],"htmlText":"Yes agreed.&nbsp;","listText":"Yes agreed.&nbsp;","text":"Yes agreed.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/873542429","repostId":"873514726","repostType":1,"repost":{"id":873514726,"gmtCreate":1636960664490,"gmtModify":1636960664490,"author":{"id":"4090544857957950","authorId":"4090544857957950","name":"思思不倦","avatar":"https://static.tigerbbs.com/81a4a16a37595cd2f75f3cc3d1a9a458","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090544857957950","authorIdStr":"4090544857957950"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$苹果(AAPL)$</a>上端竞争力还是强一些","listText":"<a href=\"https://laohu8.com/S/AAPL\">$苹果(AAPL)$</a>上端竞争力还是强一些","text":"$苹果(AAPL)$上端竞争力还是强一些","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/873514726","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2555,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":879761053,"gmtCreate":1636774186801,"gmtModify":1636774186801,"author":{"id":"4099402595795420","authorId":"4099402595795420","name":"Nayazindagi","avatar":"https://static.tigerbbs.com/491906a0e23ae13ce2be00cf4d568603","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4099402595795420","authorIdStr":"4099402595795420"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/879761053","repostId":"870516282","repostType":1,"repost":{"id":870516282,"gmtCreate":1636632889339,"gmtModify":1636632996480,"author":{"id":"3575463631032325","authorId":"3575463631032325","name":"Labi_7718","avatar":"https://static.tigerbbs.com/00e510b7899fb41c6f2186806829d8ae","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575463631032325","authorIdStr":"3575463631032325"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>yes!","listText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>yes!","text":"$Apple(AAPL)$yes!","images":[{"img":"https://static.tigerbbs.com/33c3cd0167b930dbcb25bf3bf25519c1","width":"1080","height":"1920"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/870516282","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2836,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}