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- ConnieCDConnieCD
  ·2021-06-29
  Wow
  非常抱歉，此主贴已删除
  1,997 评论
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- ConnieCDConnieCD
  ·2021-06-11
  $ASML Holding NV(ASML)$[Happy] [Happy]
  1,612 评论
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- ConnieCDConnieCD
  ·2021-06-02
  Good 😌
  Amazon: The Cash Will Come<blockquote>亚马逊：现金会来的</blockquote>
  Summary Although Amazon benefited from COVID-induced shutdowns, the best is yet to come for free ca
  Amazon: The Cash Will Come<blockquote>亚马逊：现金会来的</blockquote>
  2,741 评论
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- ConnieCDConnieCD
  ·2021-06-02
  Wow
  Want To Invest In Gaming? Consider A ‘Poor Person’s Covered Call’ On Roblox<blockquote>想投资游戏吗？考虑Roblox上的“穷人承保看涨期权”</blockquote>
  Roblox(NYSE:RBLX) stock has been getting increased attention in recent days. Shares of the company,
  Want To Invest In Gaming? Consider A ‘Poor Person’s Covered Call’ On Roblox<blockquote>想投资游戏吗？考虑Roblox上的“穷人承保看涨期权”</blockquote>
  1,429 评论
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- ConnieCDConnieCD
  ·2021-06-02
  Good
  非常抱歉，此主贴已删除
  2,874 评论
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- ConnieCDConnieCD
  ·2021-06-01
  Wow
  非常抱歉，此主贴已删除
  2,225 评论
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- ConnieCDConnieCD
  ·2021-06-01
  Wow
  非常抱歉，此主贴已删除
  2,643 1
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- ConnieCDConnieCD
  ·2021-05-24
  Ok
  What Disney, Airbnb and DoorDash results reveal about the post-pandemic economy<blockquote>迪士尼、爱彼迎和DoorDash的业绩揭示了大流行后经济的哪些信息</blockquote>
  London (CNN Business)Companies are gearing up for an era in which Covid-19 isn't the primary driver
  What Disney, Airbnb and DoorDash results reveal about the post-pandemic economy<blockquote>迪士尼、爱彼迎和DoorDash的业绩揭示了大流行后经济的哪些信息</blockquote>
  1,870 评论
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- ConnieCDConnieCD
  ·2021-05-14
  Wow
  非常抱歉，此主贴已删除
  1,807 评论
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- ConnieCDConnieCD
  ·2021-05-13
  [LOL] [LOL] [LOL]
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href=\"https://laohu8.com/S/ASML\">$ASML Holding NV(ASML)$</a>[Happy]&nbsp;[Happy]&nbsp;","listText":"<a href=\"https://laohu8.com/S/ASML\">$ASML Holding NV(ASML)$</a>[Happy]&nbsp;[Happy]&nbsp;","text":"$ASML Holding NV(ASML)$[Happy] [Happy]","images":[{"img":"https://static.tigerbbs.com/b6fabb25fab81d47b10993cb34bd9a12","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/188978806","isVote":1,"tweetType":1,"viewCount":1612,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":111028799,"gmtCreate":1622645186911,"gmtModify":1634099611221,"author":{"id":"3571392409099070","authorId":"3571392409099070","name":"ConnieCD","avatar":"https://static.tigerbbs.com/915b685005c69f07e82d31330014218b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571392409099070","idStr":"3571392409099070"},"themes":[],"htmlText":"Good 😌&nbsp;","listText":"Good 😌&nbsp;","text":"Good 😌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/111028799","repostId":"1139790754","repostType":4,"repost":{"id":"1139790754","kind":"news","pubTimestamp":1622642200,"share":"https://www.laohu8.com/m/news/1139790754?lang=zh_CN&edition=full","pubTime":"2021-06-02 21:56","market":"us","language":"en","title":"Amazon: The Cash Will Come<blockquote>亚马逊：现金会来的</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139790754","media":"seekingalpha","summary":"Summary\n\nAlthough Amazon benefited from COVID-induced shutdowns, the best is yet to come for free ca","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Although Amazon benefited from COVID-induced shutdowns, the best is yet to come for free cash flow.</li>  <li>Lagging free cash flow growth in 2020 and 2021 is due to investment to support growth, going after massive opportunities.</li>  <li>After lagging the market, the company is trading at an attractive valuation.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8a085447e5042d959bca14408fd50b9d\" tg-width=\"768\" tg-height=\"512\"><span>Photo by Bet_Noire/iStock via Getty Images</span></p><p><blockquote><ul><li>尽管亚马逊受益于新冠疫情引发的停工，但自由现金流的最佳状态尚未到来。</li><li>2020年和2021年自由现金流增长滞后是由于支持增长的投资，追求大量机会。</li><li>在落后于市场之后，该公司的估值颇具吸引力。</li></ul><p class=\"t-img-caption\"><span>摄影：Bet_Noire/iStock，来自Getty Images</span></p></blockquote></p><p> Short-sighted investors are selling Amazon (AMZN), which has been a massive beneficiary of the COVID shutdowns, to fund dubious reopening plays like General Electric (GE) and Nucor (NUE). As a result, Amazon has lagged the market year-to-date and is now trading at an attractive valuation.</p><p><blockquote>短视的投资者正在出售亚马逊（AMZN），该公司一直是新冠疫情停工的巨大受益者，以资助通用电气（GE）和纽柯钢铁（NUE）等可疑的重新开业公司。因此，亚马逊今年迄今一直落后于市场，目前的估值颇具吸引力。</blockquote></p><p> Although Amazon's revenue and EPS has benefited tremendously from COVID, free cash flow has not. After the current spending cycle winds down, Amazon seems poised to experience an explosion of free cash flow by 2022 and 2023. After all, it is the cash that the company gets to keep for investors that makes the company powerful and investors rich.</p><p><blockquote>尽管亚马逊的收入和每股收益从新冠疫情中受益匪浅，但自由现金流却没有。在当前的支出周期结束后，亚马逊似乎准备在2022年和2023年经历自由现金流的爆炸式增长。毕竟，正是公司为投资者保留的现金让公司变得强大，投资者变得富有。</blockquote></p><p> <b>COVID Beneficiary</b></p><p><blockquote><b>COVID受益人</b></blockquote></p><p> Amazon has been a massive beneficiary of COVID. The company generated $386 billion of revenue in 2020, up 37.6% y/y. This Amazon's fastest growth rate since 2011, even including the inorganic contribution to growth in 2017 and 2018 when it&nbsp;acquired&nbsp;Whole Foods. Amazingly, the last time the company grew faster was in 2011 when the company generated \"only\" $48 billion in revenue. Who said elephants can't dance?</p><p><blockquote>亚马逊一直是新冠疫情的巨大受益者。该公司2020年收入为3860亿美元，同比增长37.6%。这是亚马逊自2011年以来最快的增速，甚至包括2017年和2018年收购全食超市时对增长的无机贡献。令人惊讶的是，该公司上一次增长更快是在2011年，当时该公司“仅”创造了480亿美元的收入。谁说大象不会跳舞？</blockquote></p><p> In 2020, Amazon's e-commerce businesses experienced accelerated revenue growth:</p><p><blockquote>2020年，亚马逊电商业务收入加速增长：</blockquote></p><p> <ul>  <li>3rd Party Seller Services increased 49.6% to $80.4 billion.</li>  <li>Online stores increased 39.7% to $197 billion.</li> </ul> In 2020, the company's other businesses continued to decelerate, though likely at a lower deceleration than without COVID:</p><p><blockquote><ul><li>第三方卖家服务增长49.6%，达到804亿美元。</li><li>在线商店增长39.7%，达到1970亿美元。</li></ul>2020年，该公司的其他业务继续减速，尽管减速可能低于没有新冠疫情的情况：</blockquote></p><p> <ul>  <li>Subscription Services grew 31.2% y/y $25.2 billion, a 4.4% point y/y deceleration vs. a 10.1% point deceleration the prior year.</li>  <li>AWS grew 29.5% to $45.4 billion, a 7% point y/y deceleration vs. a 10.5% point deceleration the prior year.</li> </ul> Physical stores, not surprisingly, is the only business that got hurt by COVID, declining 5.6% to $16.2 billion. A 5.6% decline isn't even that bad, and this business is a drop in the bucket given Amazon's total revenue of $489 billion in 2020.</p><p><blockquote><ul><li>订阅服务同比增长31.2%，达到252亿美元，同比下降4.4%，而上年下降10.1%。</li><li>AWS增长29.5%，达到454亿美元，同比下降7%，而上一年下降10.5%。</li></ul>毫不奇怪，实体店是唯一受到新冠疫情影响的业务，下降了5.6%，至162亿美元。5.6%的下降甚至没有那么糟糕，考虑到亚马逊2020年4890亿美元的总收入，这项业务只是杯水车薪。</blockquote></p><p> The COVID benefits largely extended into 2021 as consensus estimates put 2021 revenue growth at a robust 26.9% on top of tough comps.</p><p><blockquote>新冠疫情带来的好处很大程度上延续到了2021年，因为市场普遍预测2021年收入增长将达到26.9%，高于严峻的业绩。</blockquote></p><p> The company saw an even bigger increase in accounting profits. Operating income expanded to 5.9% in 2020, a 70 bps y/y expansion. It is important to note that excluding one-time $11.5 billion COVID-related expenses in 2020, Amazon's operating margin would have been 8.9% rather than the reported 5.9%.</p><p><blockquote>该公司的会计利润增幅更大。2020年营业收入增长至5.9%，同比增长70个基点。值得注意的是，排除2020年一次性115亿美元的新冠相关费用，亚马逊的营业利润率将为8.9%，而不是报道的5.9%。</blockquote></p><p> GAAP EPS grew an incredible 81.8% y/y to $41.83 per share.</p><p><blockquote>GAAP每股收益同比增长81.8%，达到每股41.83美元，令人难以置信。</blockquote></p><p> <b>Where Is My Money?</b></p><p><blockquote><b>我的钱呢？</b></blockquote></p><p> Although revenue grow 37.6% y/y and EPS grew 81.8% y/y in 2020, free cash flow growth lagged materially, growing only 20.1% y/y. 2021 is expected to be worse, with free cash flow expected to grow only 16.9%, just half the growth rate of its expected EPS growth that year.</p><p><blockquote>尽管2020年收入同比增长37.6%，每股收益同比增长81.8%，但自由现金流增长大幅滞后，仅同比增长20.1%。预计2021年的情况会更糟，自由现金流预计仅增长16.9%，仅为当年EPS预期增速的一半。</blockquote></p><p> This because capital expenditure (\"Capex\") increased an incredible 176% y/y in 2020 to over $35 billion. This the largest y/y growth since at least 2007. In terms of absolute numbers, 2020 deployed an incremental $22 billion- an absolutely mind-boggling amount. Capex is expected to remain elevated in 2021, growing another 16% y/y to $41 billion.</p><p><blockquote>这是因为资本支出（“资本支出”）在2020年同比增长了令人难以置信的176%，达到超过350亿美元。这是至少自2007年以来最大的同比增长。就绝对数字而言，2020年部署了220亿美元的增量——这绝对是一个令人难以置信的数字。预计2021年资本支出将保持高位，同比再增长16%，达到410亿美元。</blockquote></p><p> On top of all this spending, the company, on May 26, Amazon&nbsp;announced&nbsp;the acquisition of MGM Studios for $8.45 billion. I can see conservative, old-school investors' heads about to explode- but relax.</p><p><blockquote>除了所有这些支出之外，该公司还于5月26日宣布以84.5亿美元收购米高梅影业。我可以看到保守、老派的投资者的头即将爆炸——但请放松。</blockquote></p><p> <b>The Spending and Free Cash Flow Cycle</b></p><p><blockquote><b>支出和自由现金流周期</b></blockquote></p><p> In my 2017 article,<i>Amazon Bears Will Get Crushed</i>, I addressed the same investor concern that Amazon is spending too much money, although the spending is at a much, much greater scale today.</p><p><blockquote>在我2017年的文章中，<i>亚马逊空头将被压垮</i>，我解决了投资者同样的担忧，即亚马逊花了太多钱，尽管今天的支出规模要大得多。</blockquote></p><p> Back in 2017, investors were worried about Amazon's ramped up investments. In a nutshell, my argument was that investors should differentiate between investments going after large opportunities and a bloated cost structure. Generally speaking, unexpected expenses are bad, and - assuming that you trust management's ability - unexpected investments are good. If Warren Buffett said, \"I thought I was going to deploy $20 billion, but an opportunity came up where I can deploy $60 billion\", investors would be ecstatic. That opportunity, for Amazon, was the COVID-induced surge in demand.</p><p><blockquote>早在2017年，投资者就对亚马逊加大投资感到担忧。简而言之，我的观点是，投资者应该区分追求巨大机会的投资和臃肿的成本结构。一般来说，意外开支是不好的，而——假设你信任管理层的能力——意外投资是好的。如果沃伦·巴菲特说，“我以为我要部署200亿美元，但一个机会出现了，我可以部署600亿美元”，投资者会欣喜若狂。对于亚马逊来说，这个机会就是新冠疫情引发的需求激增。</blockquote></p><p> Relax, a surge in spending tends to be followed by years of moderate spending growth. After my 2017 article was published, 2018 and 2019 saw Capex growth of only 12-13% per year, while free cash flow grew 132% y/y in 2018 and 33% in 2019.</p><p><blockquote>放松一下，支出激增之后往往会出现多年的适度支出增长。我2017年的文章发表后，2018年和2019年的资本支出每年仅增长12-13%，而自由现金流2018年同比增长132%，2019年同比增长33%。</blockquote></p><p></p><p> We can see the same cycle in the 2010 - 2015 period. In 2010, Capex surged 163% y/y, then another 85% in 2011, and another 109% in 2012. Looking back, these were puny numbers in the low-single-digit of billions per year of Capex, which of course played a key role in supporting Amazon's future growth. However, in the subsequent three years, 2013 through 2015, Capex grew only 21%-<i>cumulatively</i>.</p><p><blockquote>我们可以在2010-2015年期间看到同样的周期。2010年，资本支出同比飙升163%，2011年又飙升85%，2012年又飙升109%。回顾过去，在每年数十亿美元的低个位数资本支出中，这些数字微不足道，这当然在支持亚马逊未来的增长方面发挥了关键作用。然而，在随后的三年（2013年至2015年）中，资本支出仅增长了21%——<i>累计</i>.</blockquote></p><p> By 2015, free cash flow exploded 276% to $7.3 billion, higher than the highest the company has ever generated until then by a factor of two to three.</p><p><blockquote>到2015年，自由现金流猛增276%，达到73亿美元，比该公司此前产生的最高水平高出两到三倍。</blockquote></p><p> Wall Street is expecting the same cycle to play out this time around. In 2022, free cash flow is expected to grow 58% y/y as Capex growth moderates to +3%. In 2023, free cash flow is expected to grow another 44% to a record $82.6 billion as Capex growth is expected to remain low at +2% y/y.</p><p><blockquote>华尔街预计这次也会出现同样的周期。2022年，随着资本支出增长放缓至+3%，自由现金流预计将同比增长58%。2023年，自由现金流预计将再增长44%，达到创纪录的826亿美元，因为资本支出增长预计将保持在+2%的低位。</blockquote></p><p> <b>The Market Opportunity</b></p><p><blockquote><b>市场机遇</b></blockquote></p><p> Some investors may take a little more convincing to get comfortable with those huge projected free cash flow numbers. $83 billion of free cash flow by 2023 is almost three times its 2020's free cash flow of $31 billion- already its highest ever. And an incremental $22 billion of Capex deployed in 2020 is a massive number.</p><p><blockquote>一些投资者可能需要更多的说服力才能适应这些巨大的预计自由现金流数字。到2023年，自由现金流将达到830亿美元，几乎是2020年自由现金流310亿美元的三倍，这已经是有史以来的最高水平。2020年部署的资本支出增量为220亿美元，这是一个巨大的数字。</blockquote></p><p> The market opportunity, however, is much more massive.</p><p><blockquote>然而，市场机会要大得多。</blockquote></p><p> Amazon's&nbsp;share&nbsp;of US e-commerce is approximately 50%. That is high, but the US retail market is sized at over $5 trillion, and Amazon has around a 9% share of the entire retail market, and only 3.3% of consumer spending. The company is poised to gain share as it adds greater convenience, more competitive prices and greater selection.</p><p><blockquote>亚马逊在美国电商的份额约为50%。这个数字很高，但美国零售市场规模超过5万亿美元，亚马逊约占整个零售市场的9%，仅占消费者支出的3.3%。该公司有望获得份额，因为它增加了更大的便利性、更具竞争力的价格和更多的选择。</blockquote></p><p> Amazon is aggressively going after the much larger global retail market, which is&nbsp;sized&nbsp;at approximately $25 trillion. Amazon's expected 2021 revenue of $490 billion is less than 2% of the global opportunity.</p><p><blockquote>亚马逊正在积极进军规模大得多的全球零售市场，该市场规模约为25万亿美元。亚马逊预计2021年收入4900亿美元，不到全球机会的2%。</blockquote></p><p> A large portion of Amazon's increase in Capex went to expanding the infrastructure necessary to meet the surge in e-commerce demand. For example, in 2020, Amazon grew its fulfillment square footage by 50% y/y.</p><p><blockquote>亚马逊资本支出增长的很大一部分用于扩大满足电子商务需求激增所需的基础设施。例如，2020年，亚马逊的履行面积同比增长了50%。</blockquote></p><p> Another areas of spending is to support AWS, which is Capex intensive but highly profitable. At just 12% of 2020's revenue, AWS accounted for over 50% of the company's operating income.</p><p><blockquote>另一个支出领域是支持AWS，这是资本支出密集型但利润很高。AWS仅占2020年收入的12%，却占公司营业收入的50%以上。</blockquote></p><p> The global cloud computing market is&nbsp;expected&nbsp;to grow from $371.4 billion in 2020 to $832.1 billion by 2025, at a CAGR of 17.5%. Amazon's AWS generated $59 billion of revenue in 2020 and is expected to grow 31% in 2021 and 25% in 2023. This means AWS has less than 20% market share and is expected to take market share going forward.</p><p><blockquote>全球云计算市场预计将从2020年的3714亿美元增长到2025年的8321亿美元，CAGR为17.5%。亚马逊的AWS在2020年创造了590亿美元的收入，预计2021年和2023年将分别增长31%和25%。这意味着AWS的市场份额不到20%，预计未来将占据市场份额。</blockquote></p><p> If Amazon has an opportunity to deploy more capital to support this highly profitable and rapidly growing business, thatis all great news to me.</p><p><blockquote>如果亚马逊有机会部署更多资本来支持这项高利润且快速增长的业务，这对我来说都是个好消息。</blockquote></p><p> Management does not tell us exactly how the Capex is allocated and what the returns could look like. I don't think it is possible as an outsider to estimate the expected return of the incremental investments in retail (e-commerce, physical stores, subscription, etc.) vs. business services (AWS, advertising, etc.), because it would require that we analyze the company as separate businesses.</p><p><blockquote>管理层没有告诉我们资本支出的确切分配方式以及回报可能是什么样子。我认为作为一个局外人不可能估计零售（电商、实体店、订阅等）增量投资的预期回报。）vs.商业服务（AWS、广告等。），因为这需要我们将公司作为独立的业务进行分析。</blockquote></p><p> Amazon is one giant flywheel that cannot be separated into partsany more than you can separate a turtle from its shell. For example, without the traffic generated by its retail business, advertising would not be possible. This obvious. Less obvious is that fact that AWS began as an e-commerce tool, way before it became the public cloud company giant it is today. And although seemingly different on the surface, both Amazon.com and AWS are at its core IT infrastructure platforms at scale. In addition, Amazon's other major initiatives, such as Alexa and streaming, are joined at the hip with e-commerce by Prime membership.</p><p><blockquote>亚马逊是一个巨大的飞轮，它不能分成几个部分，就像你不能把一只乌龟和它的壳分开一样。例如，如果没有零售业务产生的流量，广告就不可能投放。这很明显。不太明显的是，AWS最初是一个电子商务工具，远在它成为今天的公共云公司巨头之前。尽管表面上看起来不同，但亚马逊和AWS都是其核心IT基础设施平台。此外，亚马逊的其他重大举措，如Alexa和流媒体，也通过Prime会员与电子商务紧密相连。</blockquote></p><p> But we do know one thing: the opportunity for continued growth is massive.</p><p><blockquote>但我们确实知道一件事：持续增长的机会是巨大的。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> Like most growth stocks, Amazon lagged the market so far this year, and valuation is looking attractive.</p><p><blockquote>与大多数成长型股票一样，亚马逊今年迄今为止落后于市场，估值看起来很有吸引力。</blockquote></p><p> Currently, Amazon is trading at 52 times forward EPS, down from 112 times in July 2020. The stock is trading at a 140% premium to the S&amp;P 500, the lowest in 5 years.</p><p><blockquote>目前，亚马逊的预期每股收益为52倍，低于2020年7月的112倍。该股的交易价格较标普500溢价140%，为5年来最低。</blockquote></p><p> On free cash flow yield, Amazon is yielding 2.6% forward free cash flow, which is towards the low end of its 5-year range. If we believe in the Capex and free cash flow cycle, the stock looks attractively valued.</p><p><blockquote>就自由现金流收益率而言，亚马逊的远期自由现金流收益率为2.6%，接近其5年期范围的低端。如果我们相信资本支出和自由现金流周期，那么该股的估值看起来很有吸引力。</blockquote></p><p> <b>Takeaway</b></p><p><blockquote><b>外卖</b></blockquote></p><p> Although Amazon benefited from COVID-induced shutdowns, the best is yet to come for free cash flow. After lagging the market, the company is trading at an attractive valuation given the large growth opportunities ahead of it, and the potential explosion in free cash flow in 2022 and 2023.</p><p><blockquote>尽管亚马逊受益于新冠疫情引发的停工，但自由现金流的最佳状态尚未到来。在落后于市场之后，考虑到未来巨大的增长机会以及2022年和2023年自由现金流的潜在爆炸式增长，该公司的估值具有吸引力。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Amazon: The Cash Will Come<blockquote>亚马逊：现金会来的</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon: The Cash Will Come<blockquote>亚马逊：现金会来的</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-02 21:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Although Amazon benefited from COVID-induced shutdowns, the best is yet to come for free cash flow.</li>  <li>Lagging free cash flow growth in 2020 and 2021 is due to investment to support growth, going after massive opportunities.</li>  <li>After lagging the market, the company is trading at an attractive valuation.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8a085447e5042d959bca14408fd50b9d\" tg-width=\"768\" tg-height=\"512\"><span>Photo by Bet_Noire/iStock via Getty Images</span></p><p><blockquote><ul><li>尽管亚马逊受益于新冠疫情引发的停工，但自由现金流的最佳状态尚未到来。</li><li>2020年和2021年自由现金流增长滞后是由于支持增长的投资，追求大量机会。</li><li>在落后于市场之后，该公司的估值颇具吸引力。</li></ul><p class=\"t-img-caption\"><span>摄影：Bet_Noire/iStock，来自Getty Images</span></p></blockquote></p><p> Short-sighted investors are selling Amazon (AMZN), which has been a massive beneficiary of the COVID shutdowns, to fund dubious reopening plays like General Electric (GE) and Nucor (NUE). As a result, Amazon has lagged the market year-to-date and is now trading at an attractive valuation.</p><p><blockquote>短视的投资者正在出售亚马逊（AMZN），该公司一直是新冠疫情停工的巨大受益者，以资助通用电气（GE）和纽柯钢铁（NUE）等可疑的重新开业公司。因此，亚马逊今年迄今一直落后于市场，目前的估值颇具吸引力。</blockquote></p><p> Although Amazon's revenue and EPS has benefited tremendously from COVID, free cash flow has not. After the current spending cycle winds down, Amazon seems poised to experience an explosion of free cash flow by 2022 and 2023. After all, it is the cash that the company gets to keep for investors that makes the company powerful and investors rich.</p><p><blockquote>尽管亚马逊的收入和每股收益从新冠疫情中受益匪浅，但自由现金流却没有。在当前的支出周期结束后，亚马逊似乎准备在2022年和2023年经历自由现金流的爆炸式增长。毕竟，正是公司为投资者保留的现金让公司变得强大，投资者变得富有。</blockquote></p><p> <b>COVID Beneficiary</b></p><p><blockquote><b>COVID受益人</b></blockquote></p><p> Amazon has been a massive beneficiary of COVID. The company generated $386 billion of revenue in 2020, up 37.6% y/y. This Amazon's fastest growth rate since 2011, even including the inorganic contribution to growth in 2017 and 2018 when it&nbsp;acquired&nbsp;Whole Foods. Amazingly, the last time the company grew faster was in 2011 when the company generated \"only\" $48 billion in revenue. Who said elephants can't dance?</p><p><blockquote>亚马逊一直是新冠疫情的巨大受益者。该公司2020年收入为3860亿美元，同比增长37.6%。这是亚马逊自2011年以来最快的增速，甚至包括2017年和2018年收购全食超市时对增长的无机贡献。令人惊讶的是，该公司上一次增长更快是在2011年，当时该公司“仅”创造了480亿美元的收入。谁说大象不会跳舞？</blockquote></p><p> In 2020, Amazon's e-commerce businesses experienced accelerated revenue growth:</p><p><blockquote>2020年，亚马逊电商业务收入加速增长：</blockquote></p><p> <ul>  <li>3rd Party Seller Services increased 49.6% to $80.4 billion.</li>  <li>Online stores increased 39.7% to $197 billion.</li> </ul> In 2020, the company's other businesses continued to decelerate, though likely at a lower deceleration than without COVID:</p><p><blockquote><ul><li>第三方卖家服务增长49.6%，达到804亿美元。</li><li>在线商店增长39.7%，达到1970亿美元。</li></ul>2020年，该公司的其他业务继续减速，尽管减速可能低于没有新冠疫情的情况：</blockquote></p><p> <ul>  <li>Subscription Services grew 31.2% y/y $25.2 billion, a 4.4% point y/y deceleration vs. a 10.1% point deceleration the prior year.</li>  <li>AWS grew 29.5% to $45.4 billion, a 7% point y/y deceleration vs. a 10.5% point deceleration the prior year.</li> </ul> Physical stores, not surprisingly, is the only business that got hurt by COVID, declining 5.6% to $16.2 billion. A 5.6% decline isn't even that bad, and this business is a drop in the bucket given Amazon's total revenue of $489 billion in 2020.</p><p><blockquote><ul><li>订阅服务同比增长31.2%，达到252亿美元，同比下降4.4%，而上年下降10.1%。</li><li>AWS增长29.5%，达到454亿美元，同比下降7%，而上一年下降10.5%。</li></ul>毫不奇怪，实体店是唯一受到新冠疫情影响的业务，下降了5.6%，至162亿美元。5.6%的下降甚至没有那么糟糕，考虑到亚马逊2020年4890亿美元的总收入，这项业务只是杯水车薪。</blockquote></p><p> The COVID benefits largely extended into 2021 as consensus estimates put 2021 revenue growth at a robust 26.9% on top of tough comps.</p><p><blockquote>新冠疫情带来的好处很大程度上延续到了2021年，因为市场普遍预测2021年收入增长将达到26.9%，高于严峻的业绩。</blockquote></p><p> The company saw an even bigger increase in accounting profits. Operating income expanded to 5.9% in 2020, a 70 bps y/y expansion. It is important to note that excluding one-time $11.5 billion COVID-related expenses in 2020, Amazon's operating margin would have been 8.9% rather than the reported 5.9%.</p><p><blockquote>该公司的会计利润增幅更大。2020年营业收入增长至5.9%，同比增长70个基点。值得注意的是，排除2020年一次性115亿美元的新冠相关费用，亚马逊的营业利润率将为8.9%，而不是报道的5.9%。</blockquote></p><p> GAAP EPS grew an incredible 81.8% y/y to $41.83 per share.</p><p><blockquote>GAAP每股收益同比增长81.8%，达到每股41.83美元，令人难以置信。</blockquote></p><p> <b>Where Is My Money?</b></p><p><blockquote><b>我的钱呢？</b></blockquote></p><p> Although revenue grow 37.6% y/y and EPS grew 81.8% y/y in 2020, free cash flow growth lagged materially, growing only 20.1% y/y. 2021 is expected to be worse, with free cash flow expected to grow only 16.9%, just half the growth rate of its expected EPS growth that year.</p><p><blockquote>尽管2020年收入同比增长37.6%，每股收益同比增长81.8%，但自由现金流增长大幅滞后，仅同比增长20.1%。预计2021年的情况会更糟，自由现金流预计仅增长16.9%，仅为当年EPS预期增速的一半。</blockquote></p><p> This because capital expenditure (\"Capex\") increased an incredible 176% y/y in 2020 to over $35 billion. This the largest y/y growth since at least 2007. In terms of absolute numbers, 2020 deployed an incremental $22 billion- an absolutely mind-boggling amount. Capex is expected to remain elevated in 2021, growing another 16% y/y to $41 billion.</p><p><blockquote>这是因为资本支出（“资本支出”）在2020年同比增长了令人难以置信的176%，达到超过350亿美元。这是至少自2007年以来最大的同比增长。就绝对数字而言，2020年部署了220亿美元的增量——这绝对是一个令人难以置信的数字。预计2021年资本支出将保持高位，同比再增长16%，达到410亿美元。</blockquote></p><p> On top of all this spending, the company, on May 26, Amazon&nbsp;announced&nbsp;the acquisition of MGM Studios for $8.45 billion. I can see conservative, old-school investors' heads about to explode- but relax.</p><p><blockquote>除了所有这些支出之外，该公司还于5月26日宣布以84.5亿美元收购米高梅影业。我可以看到保守、老派的投资者的头即将爆炸——但请放松。</blockquote></p><p> <b>The Spending and Free Cash Flow Cycle</b></p><p><blockquote><b>支出和自由现金流周期</b></blockquote></p><p> In my 2017 article,<i>Amazon Bears Will Get Crushed</i>, I addressed the same investor concern that Amazon is spending too much money, although the spending is at a much, much greater scale today.</p><p><blockquote>在我2017年的文章中，<i>亚马逊空头将被压垮</i>，我解决了投资者同样的担忧，即亚马逊花了太多钱，尽管今天的支出规模要大得多。</blockquote></p><p> Back in 2017, investors were worried about Amazon's ramped up investments. In a nutshell, my argument was that investors should differentiate between investments going after large opportunities and a bloated cost structure. Generally speaking, unexpected expenses are bad, and - assuming that you trust management's ability - unexpected investments are good. If Warren Buffett said, \"I thought I was going to deploy $20 billion, but an opportunity came up where I can deploy $60 billion\", investors would be ecstatic. That opportunity, for Amazon, was the COVID-induced surge in demand.</p><p><blockquote>早在2017年，投资者就对亚马逊加大投资感到担忧。简而言之，我的观点是，投资者应该区分追求巨大机会的投资和臃肿的成本结构。一般来说，意外开支是不好的，而——假设你信任管理层的能力——意外投资是好的。如果沃伦·巴菲特说，“我以为我要部署200亿美元，但一个机会出现了，我可以部署600亿美元”，投资者会欣喜若狂。对于亚马逊来说，这个机会就是新冠疫情引发的需求激增。</blockquote></p><p> Relax, a surge in spending tends to be followed by years of moderate spending growth. After my 2017 article was published, 2018 and 2019 saw Capex growth of only 12-13% per year, while free cash flow grew 132% y/y in 2018 and 33% in 2019.</p><p><blockquote>放松一下，支出激增之后往往会出现多年的适度支出增长。我2017年的文章发表后，2018年和2019年的资本支出每年仅增长12-13%，而自由现金流2018年同比增长132%，2019年同比增长33%。</blockquote></p><p></p><p> We can see the same cycle in the 2010 - 2015 period. In 2010, Capex surged 163% y/y, then another 85% in 2011, and another 109% in 2012. Looking back, these were puny numbers in the low-single-digit of billions per year of Capex, which of course played a key role in supporting Amazon's future growth. However, in the subsequent three years, 2013 through 2015, Capex grew only 21%-<i>cumulatively</i>.</p><p><blockquote>我们可以在2010-2015年期间看到同样的周期。2010年，资本支出同比飙升163%，2011年又飙升85%，2012年又飙升109%。回顾过去，在每年数十亿美元的低个位数资本支出中，这些数字微不足道，这当然在支持亚马逊未来的增长方面发挥了关键作用。然而，在随后的三年（2013年至2015年）中，资本支出仅增长了21%——<i>累计</i>.</blockquote></p><p> By 2015, free cash flow exploded 276% to $7.3 billion, higher than the highest the company has ever generated until then by a factor of two to three.</p><p><blockquote>到2015年，自由现金流猛增276%，达到73亿美元，比该公司此前产生的最高水平高出两到三倍。</blockquote></p><p> Wall Street is expecting the same cycle to play out this time around. In 2022, free cash flow is expected to grow 58% y/y as Capex growth moderates to +3%. In 2023, free cash flow is expected to grow another 44% to a record $82.6 billion as Capex growth is expected to remain low at +2% y/y.</p><p><blockquote>华尔街预计这次也会出现同样的周期。2022年，随着资本支出增长放缓至+3%，自由现金流预计将同比增长58%。2023年，自由现金流预计将再增长44%，达到创纪录的826亿美元，因为资本支出增长预计将保持在+2%的低位。</blockquote></p><p> <b>The Market Opportunity</b></p><p><blockquote><b>市场机遇</b></blockquote></p><p> Some investors may take a little more convincing to get comfortable with those huge projected free cash flow numbers. $83 billion of free cash flow by 2023 is almost three times its 2020's free cash flow of $31 billion- already its highest ever. And an incremental $22 billion of Capex deployed in 2020 is a massive number.</p><p><blockquote>一些投资者可能需要更多的说服力才能适应这些巨大的预计自由现金流数字。到2023年，自由现金流将达到830亿美元，几乎是2020年自由现金流310亿美元的三倍，这已经是有史以来的最高水平。2020年部署的资本支出增量为220亿美元，这是一个巨大的数字。</blockquote></p><p> The market opportunity, however, is much more massive.</p><p><blockquote>然而，市场机会要大得多。</blockquote></p><p> Amazon's&nbsp;share&nbsp;of US e-commerce is approximately 50%. That is high, but the US retail market is sized at over $5 trillion, and Amazon has around a 9% share of the entire retail market, and only 3.3% of consumer spending. The company is poised to gain share as it adds greater convenience, more competitive prices and greater selection.</p><p><blockquote>亚马逊在美国电商的份额约为50%。这个数字很高，但美国零售市场规模超过5万亿美元，亚马逊约占整个零售市场的9%，仅占消费者支出的3.3%。该公司有望获得份额，因为它增加了更大的便利性、更具竞争力的价格和更多的选择。</blockquote></p><p> Amazon is aggressively going after the much larger global retail market, which is&nbsp;sized&nbsp;at approximately $25 trillion. Amazon's expected 2021 revenue of $490 billion is less than 2% of the global opportunity.</p><p><blockquote>亚马逊正在积极进军规模大得多的全球零售市场，该市场规模约为25万亿美元。亚马逊预计2021年收入4900亿美元，不到全球机会的2%。</blockquote></p><p> A large portion of Amazon's increase in Capex went to expanding the infrastructure necessary to meet the surge in e-commerce demand. For example, in 2020, Amazon grew its fulfillment square footage by 50% y/y.</p><p><blockquote>亚马逊资本支出增长的很大一部分用于扩大满足电子商务需求激增所需的基础设施。例如，2020年，亚马逊的履行面积同比增长了50%。</blockquote></p><p> Another areas of spending is to support AWS, which is Capex intensive but highly profitable. At just 12% of 2020's revenue, AWS accounted for over 50% of the company's operating income.</p><p><blockquote>另一个支出领域是支持AWS，这是资本支出密集型但利润很高。AWS仅占2020年收入的12%，却占公司营业收入的50%以上。</blockquote></p><p> The global cloud computing market is&nbsp;expected&nbsp;to grow from $371.4 billion in 2020 to $832.1 billion by 2025, at a CAGR of 17.5%. Amazon's AWS generated $59 billion of revenue in 2020 and is expected to grow 31% in 2021 and 25% in 2023. This means AWS has less than 20% market share and is expected to take market share going forward.</p><p><blockquote>全球云计算市场预计将从2020年的3714亿美元增长到2025年的8321亿美元，CAGR为17.5%。亚马逊的AWS在2020年创造了590亿美元的收入，预计2021年和2023年将分别增长31%和25%。这意味着AWS的市场份额不到20%，预计未来将占据市场份额。</blockquote></p><p> If Amazon has an opportunity to deploy more capital to support this highly profitable and rapidly growing business, thatis all great news to me.</p><p><blockquote>如果亚马逊有机会部署更多资本来支持这项高利润且快速增长的业务，这对我来说都是个好消息。</blockquote></p><p> Management does not tell us exactly how the Capex is allocated and what the returns could look like. I don't think it is possible as an outsider to estimate the expected return of the incremental investments in retail (e-commerce, physical stores, subscription, etc.) vs. business services (AWS, advertising, etc.), because it would require that we analyze the company as separate businesses.</p><p><blockquote>管理层没有告诉我们资本支出的确切分配方式以及回报可能是什么样子。我认为作为一个局外人不可能估计零售（电商、实体店、订阅等）增量投资的预期回报。）vs.商业服务（AWS、广告等。），因为这需要我们将公司作为独立的业务进行分析。</blockquote></p><p> Amazon is one giant flywheel that cannot be separated into partsany more than you can separate a turtle from its shell. For example, without the traffic generated by its retail business, advertising would not be possible. This obvious. Less obvious is that fact that AWS began as an e-commerce tool, way before it became the public cloud company giant it is today. And although seemingly different on the surface, both Amazon.com and AWS are at its core IT infrastructure platforms at scale. In addition, Amazon's other major initiatives, such as Alexa and streaming, are joined at the hip with e-commerce by Prime membership.</p><p><blockquote>亚马逊是一个巨大的飞轮，它不能分成几个部分，就像你不能把一只乌龟和它的壳分开一样。例如，如果没有零售业务产生的流量，广告就不可能投放。这很明显。不太明显的是，AWS最初是一个电子商务工具，远在它成为今天的公共云公司巨头之前。尽管表面上看起来不同，但亚马逊和AWS都是其核心IT基础设施平台。此外，亚马逊的其他重大举措，如Alexa和流媒体，也通过Prime会员与电子商务紧密相连。</blockquote></p><p> But we do know one thing: the opportunity for continued growth is massive.</p><p><blockquote>但我们确实知道一件事：持续增长的机会是巨大的。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> Like most growth stocks, Amazon lagged the market so far this year, and valuation is looking attractive.</p><p><blockquote>与大多数成长型股票一样，亚马逊今年迄今为止落后于市场，估值看起来很有吸引力。</blockquote></p><p> Currently, Amazon is trading at 52 times forward EPS, down from 112 times in July 2020. The stock is trading at a 140% premium to the S&amp;P 500, the lowest in 5 years.</p><p><blockquote>目前，亚马逊的预期每股收益为52倍，低于2020年7月的112倍。该股的交易价格较标普500溢价140%，为5年来最低。</blockquote></p><p> On free cash flow yield, Amazon is yielding 2.6% forward free cash flow, which is towards the low end of its 5-year range. If we believe in the Capex and free cash flow cycle, the stock looks attractively valued.</p><p><blockquote>就自由现金流收益率而言，亚马逊的远期自由现金流收益率为2.6%，接近其5年期范围的低端。如果我们相信资本支出和自由现金流周期，那么该股的估值看起来很有吸引力。</blockquote></p><p> <b>Takeaway</b></p><p><blockquote><b>外卖</b></blockquote></p><p> Although Amazon benefited from COVID-induced shutdowns, the best is yet to come for free cash flow. After lagging the market, the company is trading at an attractive valuation given the large growth opportunities ahead of it, and the potential explosion in free cash flow in 2022 and 2023.</p><p><blockquote>尽管亚马逊受益于新冠疫情引发的停工，但自由现金流的最佳状态尚未到来。在落后于市场之后，考虑到未来巨大的增长机会以及2022年和2023年自由现金流的潜在爆炸式增长，该公司的估值具有吸引力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4432586-amazon-the-cash-will-come\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4432586-amazon-the-cash-will-come","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139790754","content_text":"Summary\n\nAlthough Amazon benefited from COVID-induced shutdowns, the best is yet to come for free cash flow.\nLagging free cash flow growth in 2020 and 2021 is due to investment to support growth, going after massive opportunities.\nAfter lagging the market, the company is trading at an attractive valuation.\n\nPhoto by Bet_Noire/iStock via Getty Images\nShort-sighted investors are selling Amazon (AMZN), which has been a massive beneficiary of the COVID shutdowns, to fund dubious reopening plays like General Electric (GE) and Nucor (NUE). As a result, Amazon has lagged the market year-to-date and is now trading at an attractive valuation.\nAlthough Amazon's revenue and EPS has benefited tremendously from COVID, free cash flow has not. After the current spending cycle winds down, Amazon seems poised to experience an explosion of free cash flow by 2022 and 2023. After all, it is the cash that the company gets to keep for investors that makes the company powerful and investors rich.\nCOVID Beneficiary\nAmazon has been a massive beneficiary of COVID. The company generated $386 billion of revenue in 2020, up 37.6% y/y. This Amazon's fastest growth rate since 2011, even including the inorganic contribution to growth in 2017 and 2018 when it acquired Whole Foods. Amazingly, the last time the company grew faster was in 2011 when the company generated \"only\" $48 billion in revenue. Who said elephants can't dance?\nIn 2020, Amazon's e-commerce businesses experienced accelerated revenue growth:\n\n3rd Party Seller Services increased 49.6% to $80.4 billion.\nOnline stores increased 39.7% to $197 billion.\n\nIn 2020, the company's other businesses continued to decelerate, though likely at a lower deceleration than without COVID:\n\nSubscription Services grew 31.2% y/y $25.2 billion, a 4.4% point y/y deceleration vs. a 10.1% point deceleration the prior year.\nAWS grew 29.5% to $45.4 billion, a 7% point y/y deceleration vs. a 10.5% point deceleration the prior year.\n\nPhysical stores, not surprisingly, is the only business that got hurt by COVID, declining 5.6% to $16.2 billion. A 5.6% decline isn't even that bad, and this business is a drop in the bucket given Amazon's total revenue of $489 billion in 2020.\nThe COVID benefits largely extended into 2021 as consensus estimates put 2021 revenue growth at a robust 26.9% on top of tough comps.\nThe company saw an even bigger increase in accounting profits. Operating income expanded to 5.9% in 2020, a 70 bps y/y expansion. It is important to note that excluding one-time $11.5 billion COVID-related expenses in 2020, Amazon's operating margin would have been 8.9% rather than the reported 5.9%.\nGAAP EPS grew an incredible 81.8% y/y to $41.83 per share.\nWhere Is My Money?\nAlthough revenue grow 37.6% y/y and EPS grew 81.8% y/y in 2020, free cash flow growth lagged materially, growing only 20.1% y/y. 2021 is expected to be worse, with free cash flow expected to grow only 16.9%, just half the growth rate of its expected EPS growth that year.\nThis because capital expenditure (\"Capex\") increased an incredible 176% y/y in 2020 to over $35 billion. This the largest y/y growth since at least 2007. In terms of absolute numbers, 2020 deployed an incremental $22 billion- an absolutely mind-boggling amount. Capex is expected to remain elevated in 2021, growing another 16% y/y to $41 billion.\nOn top of all this spending, the company, on May 26, Amazon announced the acquisition of MGM Studios for $8.45 billion. I can see conservative, old-school investors' heads about to explode- but relax.\nThe Spending and Free Cash Flow Cycle\nIn my 2017 article,Amazon Bears Will Get Crushed, I addressed the same investor concern that Amazon is spending too much money, although the spending is at a much, much greater scale today.\nBack in 2017, investors were worried about Amazon's ramped up investments. In a nutshell, my argument was that investors should differentiate between investments going after large opportunities and a bloated cost structure. Generally speaking, unexpected expenses are bad, and - assuming that you trust management's ability - unexpected investments are good. If Warren Buffett said, \"I thought I was going to deploy $20 billion, but an opportunity came up where I can deploy $60 billion\", investors would be ecstatic. That opportunity, for Amazon, was the COVID-induced surge in demand.\nRelax, a surge in spending tends to be followed by years of moderate spending growth. After my 2017 article was published, 2018 and 2019 saw Capex growth of only 12-13% per year, while free cash flow grew 132% y/y in 2018 and 33% in 2019.\nWe can see the same cycle in the 2010 - 2015 period. In 2010, Capex surged 163% y/y, then another 85% in 2011, and another 109% in 2012. Looking back, these were puny numbers in the low-single-digit of billions per year of Capex, which of course played a key role in supporting Amazon's future growth. However, in the subsequent three years, 2013 through 2015, Capex grew only 21%-cumulatively.\nBy 2015, free cash flow exploded 276% to $7.3 billion, higher than the highest the company has ever generated until then by a factor of two to three.\nWall Street is expecting the same cycle to play out this time around. In 2022, free cash flow is expected to grow 58% y/y as Capex growth moderates to +3%. In 2023, free cash flow is expected to grow another 44% to a record $82.6 billion as Capex growth is expected to remain low at +2% y/y.\nThe Market Opportunity\nSome investors may take a little more convincing to get comfortable with those huge projected free cash flow numbers. $83 billion of free cash flow by 2023 is almost three times its 2020's free cash flow of $31 billion- already its highest ever. And an incremental $22 billion of Capex deployed in 2020 is a massive number.\nThe market opportunity, however, is much more massive.\nAmazon's share of US e-commerce is approximately 50%. That is high, but the US retail market is sized at over $5 trillion, and Amazon has around a 9% share of the entire retail market, and only 3.3% of consumer spending. The company is poised to gain share as it adds greater convenience, more competitive prices and greater selection.\nAmazon is aggressively going after the much larger global retail market, which is sized at approximately $25 trillion. Amazon's expected 2021 revenue of $490 billion is less than 2% of the global opportunity.\nA large portion of Amazon's increase in Capex went to expanding the infrastructure necessary to meet the surge in e-commerce demand. For example, in 2020, Amazon grew its fulfillment square footage by 50% y/y.\nAnother areas of spending is to support AWS, which is Capex intensive but highly profitable. At just 12% of 2020's revenue, AWS accounted for over 50% of the company's operating income.\nThe global cloud computing market is expected to grow from $371.4 billion in 2020 to $832.1 billion by 2025, at a CAGR of 17.5%. Amazon's AWS generated $59 billion of revenue in 2020 and is expected to grow 31% in 2021 and 25% in 2023. This means AWS has less than 20% market share and is expected to take market share going forward.\nIf Amazon has an opportunity to deploy more capital to support this highly profitable and rapidly growing business, thatis all great news to me.\nManagement does not tell us exactly how the Capex is allocated and what the returns could look like. I don't think it is possible as an outsider to estimate the expected return of the incremental investments in retail (e-commerce, physical stores, subscription, etc.) vs. business services (AWS, advertising, etc.), because it would require that we analyze the company as separate businesses.\nAmazon is one giant flywheel that cannot be separated into partsany more than you can separate a turtle from its shell. For example, without the traffic generated by its retail business, advertising would not be possible. This obvious. Less obvious is that fact that AWS began as an e-commerce tool, way before it became the public cloud company giant it is today. And although seemingly different on the surface, both Amazon.com and AWS are at its core IT infrastructure platforms at scale. In addition, Amazon's other major initiatives, such as Alexa and streaming, are joined at the hip with e-commerce by Prime membership.\nBut we do know one thing: the opportunity for continued growth is massive.\nValuation\nLike most growth stocks, Amazon lagged the market so far this year, and valuation is looking attractive.\nCurrently, Amazon is trading at 52 times forward EPS, down from 112 times in July 2020. The stock is trading at a 140% premium to the S&P 500, the lowest in 5 years.\nOn free cash flow yield, Amazon is yielding 2.6% forward free cash flow, which is towards the low end of its 5-year range. If we believe in the Capex and free cash flow cycle, the stock looks attractively valued.\nTakeaway\nAlthough Amazon benefited from COVID-induced shutdowns, the best is yet to come for free cash flow. After lagging the market, the company is trading at an attractive valuation given the large growth opportunities ahead of it, and the potential explosion in free cash flow in 2022 and 2023.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":2741,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111020666,"gmtCreate":1622645033455,"gmtModify":1634099614400,"author":{"id":"3571392409099070","authorId":"3571392409099070","name":"ConnieCD","avatar":"https://static.tigerbbs.com/915b685005c69f07e82d31330014218b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571392409099070","idStr":"3571392409099070"},"themes":[],"htmlText":"Wow&nbsp;","listText":"Wow&nbsp;","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/111020666","repostId":"1116680979","repostType":4,"repost":{"id":"1116680979","kind":"news","weMediaInfo":{"introduction":"全球第五大财经门户网站Investing.com中国官方微信，提供全球各国海量金融资讯和实时行情数据，包括股票股指、外汇、期货、基金、债券、加密货币等。关注全球金融市场动态的投资者千万不可错过。","home_visible":1,"media_name":"英为财情Investing","id":"92","head_image":"https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313"},"pubTimestamp":1622643015,"share":"https://www.laohu8.com/m/news/1116680979?lang=zh_CN&edition=full","pubTime":"2021-06-02 22:10","market":"us","language":"en","title":"Want To Invest In Gaming? Consider A ‘Poor Person’s Covered Call’ On Roblox<blockquote>想投资游戏吗？考虑Roblox上的“穷人承保看涨期权”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116680979","media":"英为财情Investing","summary":"Roblox(NYSE:RBLX) stock has been getting increased attention in recent days. Shares of the company, ","content":"<p><b>Roblox</b>(NYSE:RBLX)&nbsp;stock has been getting increased attention in recent days. Shares of the company, which is behind the gaming app of the same name, made their Wall Street debut on Mar. 10, opening just shy of $65. Roblox is currently hovering at $95.74.</p><p><blockquote><b>Roblox</b>（纽约证券交易所股票代码：RBLX）股票最近几天受到越来越多的关注。该公司是同名游戏应用程序背后的公司，其股价于3月10日在华尔街首次亮相，开盘价略低于65美元。Roblox目前徘徊在95.74美元。</blockquote></p><p> The gaming platform depends on individual developers to create content. Analysts highlight that as a social media and gaming platform, Roblox could see considerable growth in the coming quarters.</p><p><blockquote>游戏平台依赖于个人开发者来创建内容。分析师强调，作为社交媒体和游戏平台，Roblox在未来几个季度可能会出现可观的增长。</blockquote></p><p> Therefore, potential investors might want to include the stock in their growth portfolio. However, buying 100 shares of RBLX stock would cost around $9,560, a considerable investment for many people.</p><p><blockquote>因此，潜在投资者可能希望将该股票纳入其增长投资组合。然而，购买100股RBLX股票的成本约为9,560美元，这对许多人来说是一项相当大的投资。</blockquote></p><p> Some investors prefer to put together a \"poor person's covered call\" on the stock instead. Therefore, today we introduce a diagonal debit spread on RBLX by using LEAPS options. Such a strategy is sometimes used to replicate a covered call position at a considerably lower cost.</p><p><blockquote>一些投资者更愿意在该股票上设立“穷人承保看涨期权”。因此，今天我们通过使用LEAPS期权在RBLX上引入对角线借方利差。这种策略有时用于以低得多的成本复制被覆盖的看涨期权头寸。</blockquote></p><p> Investors who are new to options might want to-revisit our previous articles on LEAPS options (for example,hereandhere) first, before reading further.</p><p><blockquote>不熟悉期权的投资者可能需要在进一步阅读之前先重温我们之前关于LEAPS期权的文章（例如，hereandhere）。</blockquote></p><p> <b>A Diagonal Debit Spread On RBLX Stock</b></p><p><blockquote><b>RBLX股票的对角线借方利差</b></blockquote></p><p> <b>Current Price:</b>$95.74</p><p><blockquote><b>当前价格：</b>$95.74</blockquote></p><p> <b>52-Week Range:</b>$60.50 - $98.95</p><p><blockquote><b>52周范围：</b>$60.50-$98.95</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/29fd3d4c61c948a2d2723da571214088\" tg-width=\"2542\" tg-height=\"1164\"><span>Roblox Weekly Chart</span></p><p><blockquote><p class=\"t-img-caption\"><span>Roblox周线图</span></p></blockquote></p><p> LEAPS stands for \"Long-Term Equity Anticipation Securities.” Readers might also see websites referring to them as LEAP options or LEAPs.</p><p><blockquote>LEAPS代表“长期股权预期证券”。读者可能还会看到网站将它们称为LEAP选项或LEAPS。</blockquote></p><p> Investors who believe in the long-run growth potential of underlying assets, such as Roblox stock, could consider using LEAPS options, which are long-dated, usually one to two years till expiration.</p><p><blockquote>相信Roblox股票等基础资产长期增长潜力的投资者可以考虑使用LEAPS期权，这些期权是长期的，通常距离到期还有一到两年。</blockquote></p><p> Investors like LEAPS as they “cost less” than stocks, as they are offered at option contract prices.</p><p><blockquote>投资者喜欢LEAPS，因为它们比股票“成本更低”，因为它们以期权合约价格提供。</blockquote></p><p> A trader first buys a “longer-term” call with a lower strike price. At the same time, the trader sells a “shorter-term” call with a higher strike price, creating a long diagonal spread.</p><p><blockquote>交易者首先购买执行价格较低的“长期”看涨期权。与此同时，交易者卖出执行价格较高的“短期”看涨期权，产生多头对角线价差。</blockquote></p><p> In other words, the call options for the underlying stock have different strikes and different expiration dates. The trader goes long one option and shorts the other to make a diagonal spread.</p><p><blockquote>换句话说，标的股票的看涨期权期权有不同的行权和不同的到期日。交易者做多一个期权，做空另一个期权，形成对角线价差。</blockquote></p><p> In this LEAPS covered call strategy, both the profit potential and risk are limited. The trader establishes the position for a net debit (or cost). The net debit represents the maximum loss.</p><p><blockquote>在这种LEAPS覆盖的看涨期权策略中，利润潜力和风险都是有限的。交易者建立净借方（或成本）头寸。净借方代表最大损失。</blockquote></p><p> Most traders entering such a strategy would be mildly bullish on the underlying security—here, Roblox.</p><p><blockquote>大多数采用此类策略的交易者都会温和看好基础证券——这里是Roblox。</blockquote></p><p> Instead of buying 100 shares of Roblox, the trader would buy a deep-in-the-money LEAPS call option, where that LEAPS call acts as a “surrogate” for owning the Roblox stock.</p><p><blockquote>交易员不会购买100股Roblox股票，而是会购买深度入股的LEAPS看涨期权期权，LEAPS看涨期权充当拥有Roblox股票的“代理人”。</blockquote></p><p> As we write on Tuesday afternoon, Roblox stock is $95.60. Therefore, for this post, we'll use this price.</p><p><blockquote>正如我们周二下午撰写的那样，Roblox股价为95.60美元。因此，在这篇文章中，我们将使用这个价格。</blockquote></p><p> For the first leg of this strategy, the trader might buy a deep in-the-money (ITM) LEAPS call, such as the RBLX Jan. 20, 2023, 65-strike call option. This option is currently offered at $44.90 (mid-point of the current bid and ask spread). In other words, it would cost the trader $4,490 instead of $9,560 to own this call option that expires in over one and a half years.</p><p><blockquote>对于该策略的第一步，交易者可能会购买深度价内(ITM)LEAPS看涨期权，例如RBLX 2023年1月20日65次行使的看涨期权期权。该期权目前的报价为44.90美元（当前买卖价差的中点）。换句话说，交易者需要花费4,490美元，而不是9,560美元才能拥有这个在一年半以上到期的看涨期权期权。</blockquote></p><p> The delta of this option is about 0.80. Delta shows the amount an option’s price is expected to move based on a $1 change in the underlying security.</p><p><blockquote>该选项的delta约为0.80。Delta显示了基于标的证券1美元变化的期权价格预期变动的金额。</blockquote></p><p> In this example, if Roblox stock goes up $1, to $96.60, the current option price of $44.90 would be expected to increase by approximately 80 cents, based on a delta of 0.80. However, the actual change might be slightly more or less depending on several other factors that are beyond the scope of this article.</p><p><blockquote>在此示例中，如果Roblox股票上涨1美元至96.60美元，则基于0.80的delta，当前44.90美元的期权价格预计将上涨约80美分。然而，实际的变化可能会稍微多一点或少一点，这取决于本文范围之外的其他几个因素。</blockquote></p><p> So an option’s delta increases as one goes deeper into the money. Traders would use deep ITM LEAPS strikes because as delta approaches 1, a LEAPS option's price moves begin to mirror that of the underlying stock. In simple terms, a delta of 0.80 would be like owning 80 shares of RBLX in this example (as opposed to 100 in a regular covered call).</p><p><blockquote>因此，期权的delta随着资金的深入而增加。交易者会使用深度ITM LEAPS罢工，因为当delta接近1时，LEAPS期权的价格变动开始反映标的股票的价格变动。简单来说，在本例中，0.80的delta就像拥有80股RBLX股票（与常规备兑看涨期权中的100股相反）。</blockquote></p><p> For the second leg of this strategy, the trader sells an out-of-the-money (OTM) short-term call, like the RBLX Aug. 20, 2021, 100-strike call option. This option’s current premium is $12.83. In other words, the option seller would receive $1,283, excluding trading commissions.</p><p><blockquote>对于该策略的第二步，交易者出售价外(OTM)短期看涨期权，例如RBLX 2021年8月20日100次行使的看涨期权期权。该期权目前的权利金为12.83美元。换句话说，期权卖方将获得1283美元，不包括交易佣金。</blockquote></p><p> There are two expiration dates in the strategy, making it quite difficult to give an exact formula for a break-even point in this trade.</p><p><blockquote>该策略有两个到期日，因此很难给出该交易盈亏平衡点的准确公式。</blockquote></p><p> Different brokers or online websites might offer “profit and loss calculators” for such a trade setup. Calculating the value of back-month (i.e., LEAPS call) when the front-month (i.e., the shorter-dated) call option expires requires a pricing model to get a “guesstimate” for a break-even point.</p><p><blockquote>不同的经纪人或在线网站可能会为这种交易设置提供“损益计算器”。当前月（即较短日期）看涨期权期权到期时，计算后月（即跳跃看涨期权）的价值需要定价模型来获得盈亏平衡点的“猜测”。</blockquote></p><p> <b>Maximum Profit Potential</b></p><p><blockquote><b>最大利润潜力</b></blockquote></p><p> The maximum potential is realized if the stock price is equal to the strike price of the short call on the expiration date of the short call.</p><p><blockquote>如果在空头看涨期权到期日股价等于空头看涨期权的执行价格，则实现最大潜力。</blockquote></p><p></p><p> In other words, the trader wants the RBLX stock price to remain as close to the strike price of the short option (i.e., $100 here) as possible at expiration (on Aug. 20, 2021), without going above it.</p><p><blockquote>换句话说，交易者希望RBLX股价在到期时（2021年8月20日）尽可能接近空头期权的执行价格（即此处为100美元），而不高于该价格。</blockquote></p><p> In our example, the maximum return, in theory, would be about $1,553 at a price of $100.00 at expiry, excluding trading commissions and costs. (We arrived at this value using a profit and loss calculator online).</p><p><blockquote>在我们的示例中，理论上，到期时价格为100.00美元，最大回报约为1,553美元，不包括交易佣金和成本。（我们使用在线损益计算器得出了这个值）。</blockquote></p><p> Without the use of such a calculator, we could also arrive at an approximate dollar value. Let’s take a look:</p><p><blockquote>如果不使用这样的计算器，我们也可以得出一个大概的美元价值。一起来看看：</blockquote></p><p> The option seller (i.e., the trader) received $1,283 for the sold option.</p><p><blockquote>期权卖方（即交易者）从卖出的期权中获得了1,283美元。</blockquote></p><p> Meanwhile, the underlying RBLX stock increased from $95.60 to $100. This is a difference of $4.40 per share of RBLX, or $440 for 100 shares.</p><p><blockquote>与此同时，RBLX标的股票从95.60美元上涨至100美元。RBLX每股差价为4.40美元，即100股差价为440美元。</blockquote></p><p> Because the delta of the long LEAPS option is taken as 0.8, the value of the long option will in theory increase by $440X 0.8 = $352 (However, in practice, it might be more or less than this value.)</p><p><blockquote>由于long LEAPS期权的delta取为0.8，因此long期权的价值理论上将增加440美元x 0.8=352美元（但在实践中，它可能大于或小于该值。）</blockquote></p><p> The total of $1,283 and $352 comes to $1,635. Although it is not the same as $1,553, we can regard it as a good approximate value.</p><p><blockquote>1283美元和352美元加起来就是1635美元。虽然和1553美元不一样，但我们可以把它看作一个很好的近似值。</blockquote></p><p> Understandably, if the strike price of our long option had been different (i.e., not $65.00), its delta would have been different, too. Then we need to use that delta value to arrive at the approximate final profit or loss value.</p><p><blockquote>可以理解的是，如果我们的多头期权的执行价格不同（即不是65.00美元），其delta也会不同。然后，我们需要使用该delta值来得出大致的最终利润或损失值。</blockquote></p><p> Therefore, by not investing $9,560 initially in 100 shares of RBLX, the trader’s potential return is leveraged.</p><p><blockquote>因此，通过最初不投资9,560美元购买100股RBLX，交易者的潜在回报就被利用了。</blockquote></p><p> Put another way, the premium the trader initially receives for selling the shorter-dated call option (i.e., $1,283) represents a higher percentage of the initial investment of $4,490 than if the trader bought 100 shares of RBLX outright at $9,560.</p><p><blockquote>换句话说，交易者最初因出售短期看涨期权期权而获得的权利金（即1,283美元）占初始投资4,490美元的百分比高于交易者以9,560美元直接购买100股RBLX股票的百分比。</blockquote></p><p> Ideally, the trader hopes the short call will expire out-of-the money (worthless). Then, the trader can sell one call after the other, until the long LEAPS call expires in about a year and half.</p><p><blockquote>理想情况下，交易者希望空头看涨期权到期时价外（一文不值）。然后，交易者可以一个接一个地卖出看涨期权，直到跳远看涨期权在大约一年半后到期。</blockquote></p><p> <b>Position Management</b></p><p><blockquote><b>职位管理</b></blockquote></p><p> Active position management in a diagonal debit spread is typically more difficult for novice traders.</p><p><blockquote>对于新手交易者来说，对角线借方价差中的主动头寸管理通常更加困难。</blockquote></p><p> If RBLX is above $100 on Aug. 20, the position will make less than the potential maximum return as the short-dated option will start losing money.</p><p><blockquote>如果RBLX在8月20日高于100美元，该头寸的收益将低于潜在的最大回报，因为短期期权将开始亏损。</blockquote></p><p> Then, the trader might feel the need to close the trade early if the RBLX price shoots up and the short call gets caught deep ITM. In that case, the trader might need to close the entire trade and start over, or put together alternative option strategies.</p><p><blockquote>然后，如果RBLX价格飙升并且空头看涨期权陷入深度ITM，交易者可能会觉得有必要提前平仓交易。在这种情况下，交易者可能需要关闭整个交易并重新开始，或者整合替代期权策略。</blockquote></p><p> In a regular covered call, the trader might not necessarily mind being assigned the short option as s/he owns 100 shares of RBLX as well. However, in a poor person’s covered call, the trader would not necessarily want to be assigned the short call as s/he does not actually own those RBLX shares yet.</p><p><blockquote>在常规备兑看涨期权中，交易者可能不一定介意被分配空头期权，因为他/她也拥有100股RBLX股票。然而，在穷人的覆盖看涨期权中，交易者不一定希望被分配空头看涨期权，因为他/她实际上还没有拥有这些RBLX股票。</blockquote></p><p> On Aug. 20, this LEAPS covered call trade would, in theory, also start losing money if the RBLX stock price falls to about $81 or below. However, the actual break-even point could be different as there are different variables that affect the price of an option. Understandably, a stock's price could drop to $0, decreasing the value of the long call with it.</p><p><blockquote>8月20日，理论上，如果RBLX股价跌至约81美元或以下，看涨期权交易也将开始亏损。然而，实际的盈亏平衡点可能会有所不同，因为影响期权价格的变量不同。可以理解的是，股票价格可能会跌至0美元，从而降低多头看涨期权的价值。</blockquote></p><p> Finally, we must also remind readers that deep ITM LEAPS options tend to have high bid/ask spreads. Therefore, every time the trader buys or sells a LEAPS option, there could be a significant transaction cost.</p><p><blockquote>最后，我们还必须提醒读者，深度ITM LEAPS期权往往有很高的买卖价差。因此，每次交易者买入或卖出LEAPS期权时，都可能产生巨大的交易成本。</blockquote></p><p> In future weeks, we’ll continue our discussion with different examples of options strategies.</p><p><blockquote>在接下来的几周里，我们将继续讨论期权策略的不同例子。</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>Want To Invest In Gaming? Consider A ‘Poor Person’s Covered Call’ On Roblox<blockquote>想投资游戏吗？考虑Roblox上的“穷人承保看涨期权”</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\">\nWant To Invest In Gaming? Consider A ‘Poor Person’s Covered Call’ On Roblox<blockquote>想投资游戏吗？考虑Roblox上的“穷人承保看涨期权”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/92\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">英为财情Investing </p>\n<p class=\"h-time smaller\">2021-06-02 22:10</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Roblox</b>(NYSE:RBLX)&nbsp;stock has been getting increased attention in recent days. Shares of the company, which is behind the gaming app of the same name, made their Wall Street debut on Mar. 10, opening just shy of $65. Roblox is currently hovering at $95.74.</p><p><blockquote><b>Roblox</b>（纽约证券交易所股票代码：RBLX）股票最近几天受到越来越多的关注。该公司是同名游戏应用程序背后的公司，其股价于3月10日在华尔街首次亮相，开盘价略低于65美元。Roblox目前徘徊在95.74美元。</blockquote></p><p> The gaming platform depends on individual developers to create content. Analysts highlight that as a social media and gaming platform, Roblox could see considerable growth in the coming quarters.</p><p><blockquote>游戏平台依赖于个人开发者来创建内容。分析师强调，作为社交媒体和游戏平台，Roblox在未来几个季度可能会出现可观的增长。</blockquote></p><p> Therefore, potential investors might want to include the stock in their growth portfolio. However, buying 100 shares of RBLX stock would cost around $9,560, a considerable investment for many people.</p><p><blockquote>因此，潜在投资者可能希望将该股票纳入其增长投资组合。然而，购买100股RBLX股票的成本约为9,560美元，这对许多人来说是一项相当大的投资。</blockquote></p><p> Some investors prefer to put together a \"poor person's covered call\" on the stock instead. Therefore, today we introduce a diagonal debit spread on RBLX by using LEAPS options. Such a strategy is sometimes used to replicate a covered call position at a considerably lower cost.</p><p><blockquote>一些投资者更愿意在该股票上设立“穷人承保看涨期权”。因此，今天我们通过使用LEAPS期权在RBLX上引入对角线借方利差。这种策略有时用于以低得多的成本复制被覆盖的看涨期权头寸。</blockquote></p><p> Investors who are new to options might want to-revisit our previous articles on LEAPS options (for example,hereandhere) first, before reading further.</p><p><blockquote>不熟悉期权的投资者可能需要在进一步阅读之前先重温我们之前关于LEAPS期权的文章（例如，hereandhere）。</blockquote></p><p> <b>A Diagonal Debit Spread On RBLX Stock</b></p><p><blockquote><b>RBLX股票的对角线借方利差</b></blockquote></p><p> <b>Current Price:</b>$95.74</p><p><blockquote><b>当前价格：</b>$95.74</blockquote></p><p> <b>52-Week Range:</b>$60.50 - $98.95</p><p><blockquote><b>52周范围：</b>$60.50-$98.95</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/29fd3d4c61c948a2d2723da571214088\" tg-width=\"2542\" tg-height=\"1164\"><span>Roblox Weekly Chart</span></p><p><blockquote><p class=\"t-img-caption\"><span>Roblox周线图</span></p></blockquote></p><p> LEAPS stands for \"Long-Term Equity Anticipation Securities.” Readers might also see websites referring to them as LEAP options or LEAPs.</p><p><blockquote>LEAPS代表“长期股权预期证券”。读者可能还会看到网站将它们称为LEAP选项或LEAPS。</blockquote></p><p> Investors who believe in the long-run growth potential of underlying assets, such as Roblox stock, could consider using LEAPS options, which are long-dated, usually one to two years till expiration.</p><p><blockquote>相信Roblox股票等基础资产长期增长潜力的投资者可以考虑使用LEAPS期权，这些期权是长期的，通常距离到期还有一到两年。</blockquote></p><p> Investors like LEAPS as they “cost less” than stocks, as they are offered at option contract prices.</p><p><blockquote>投资者喜欢LEAPS，因为它们比股票“成本更低”，因为它们以期权合约价格提供。</blockquote></p><p> A trader first buys a “longer-term” call with a lower strike price. At the same time, the trader sells a “shorter-term” call with a higher strike price, creating a long diagonal spread.</p><p><blockquote>交易者首先购买执行价格较低的“长期”看涨期权。与此同时，交易者卖出执行价格较高的“短期”看涨期权，产生多头对角线价差。</blockquote></p><p> In other words, the call options for the underlying stock have different strikes and different expiration dates. The trader goes long one option and shorts the other to make a diagonal spread.</p><p><blockquote>换句话说，标的股票的看涨期权期权有不同的行权和不同的到期日。交易者做多一个期权，做空另一个期权，形成对角线价差。</blockquote></p><p> In this LEAPS covered call strategy, both the profit potential and risk are limited. The trader establishes the position for a net debit (or cost). The net debit represents the maximum loss.</p><p><blockquote>在这种LEAPS覆盖的看涨期权策略中，利润潜力和风险都是有限的。交易者建立净借方（或成本）头寸。净借方代表最大损失。</blockquote></p><p> Most traders entering such a strategy would be mildly bullish on the underlying security—here, Roblox.</p><p><blockquote>大多数采用此类策略的交易者都会温和看好基础证券——这里是Roblox。</blockquote></p><p> Instead of buying 100 shares of Roblox, the trader would buy a deep-in-the-money LEAPS call option, where that LEAPS call acts as a “surrogate” for owning the Roblox stock.</p><p><blockquote>交易员不会购买100股Roblox股票，而是会购买深度入股的LEAPS看涨期权期权，LEAPS看涨期权充当拥有Roblox股票的“代理人”。</blockquote></p><p> As we write on Tuesday afternoon, Roblox stock is $95.60. Therefore, for this post, we'll use this price.</p><p><blockquote>正如我们周二下午撰写的那样，Roblox股价为95.60美元。因此，在这篇文章中，我们将使用这个价格。</blockquote></p><p> For the first leg of this strategy, the trader might buy a deep in-the-money (ITM) LEAPS call, such as the RBLX Jan. 20, 2023, 65-strike call option. This option is currently offered at $44.90 (mid-point of the current bid and ask spread). In other words, it would cost the trader $4,490 instead of $9,560 to own this call option that expires in over one and a half years.</p><p><blockquote>对于该策略的第一步，交易者可能会购买深度价内(ITM)LEAPS看涨期权，例如RBLX 2023年1月20日65次行使的看涨期权期权。该期权目前的报价为44.90美元（当前买卖价差的中点）。换句话说，交易者需要花费4,490美元，而不是9,560美元才能拥有这个在一年半以上到期的看涨期权期权。</blockquote></p><p> The delta of this option is about 0.80. Delta shows the amount an option’s price is expected to move based on a $1 change in the underlying security.</p><p><blockquote>该选项的delta约为0.80。Delta显示了基于标的证券1美元变化的期权价格预期变动的金额。</blockquote></p><p> In this example, if Roblox stock goes up $1, to $96.60, the current option price of $44.90 would be expected to increase by approximately 80 cents, based on a delta of 0.80. However, the actual change might be slightly more or less depending on several other factors that are beyond the scope of this article.</p><p><blockquote>在此示例中，如果Roblox股票上涨1美元至96.60美元，则基于0.80的delta，当前44.90美元的期权价格预计将上涨约80美分。然而，实际的变化可能会稍微多一点或少一点，这取决于本文范围之外的其他几个因素。</blockquote></p><p> So an option’s delta increases as one goes deeper into the money. Traders would use deep ITM LEAPS strikes because as delta approaches 1, a LEAPS option's price moves begin to mirror that of the underlying stock. In simple terms, a delta of 0.80 would be like owning 80 shares of RBLX in this example (as opposed to 100 in a regular covered call).</p><p><blockquote>因此，期权的delta随着资金的深入而增加。交易者会使用深度ITM LEAPS罢工，因为当delta接近1时，LEAPS期权的价格变动开始反映标的股票的价格变动。简单来说，在本例中，0.80的delta就像拥有80股RBLX股票（与常规备兑看涨期权中的100股相反）。</blockquote></p><p> For the second leg of this strategy, the trader sells an out-of-the-money (OTM) short-term call, like the RBLX Aug. 20, 2021, 100-strike call option. This option’s current premium is $12.83. In other words, the option seller would receive $1,283, excluding trading commissions.</p><p><blockquote>对于该策略的第二步，交易者出售价外(OTM)短期看涨期权，例如RBLX 2021年8月20日100次行使的看涨期权期权。该期权目前的权利金为12.83美元。换句话说，期权卖方将获得1283美元，不包括交易佣金。</blockquote></p><p> There are two expiration dates in the strategy, making it quite difficult to give an exact formula for a break-even point in this trade.</p><p><blockquote>该策略有两个到期日，因此很难给出该交易盈亏平衡点的准确公式。</blockquote></p><p> Different brokers or online websites might offer “profit and loss calculators” for such a trade setup. Calculating the value of back-month (i.e., LEAPS call) when the front-month (i.e., the shorter-dated) call option expires requires a pricing model to get a “guesstimate” for a break-even point.</p><p><blockquote>不同的经纪人或在线网站可能会为这种交易设置提供“损益计算器”。当前月（即较短日期）看涨期权期权到期时，计算后月（即跳跃看涨期权）的价值需要定价模型来获得盈亏平衡点的“猜测”。</blockquote></p><p> <b>Maximum Profit Potential</b></p><p><blockquote><b>最大利润潜力</b></blockquote></p><p> The maximum potential is realized if the stock price is equal to the strike price of the short call on the expiration date of the short call.</p><p><blockquote>如果在空头看涨期权到期日股价等于空头看涨期权的执行价格，则实现最大潜力。</blockquote></p><p></p><p> In other words, the trader wants the RBLX stock price to remain as close to the strike price of the short option (i.e., $100 here) as possible at expiration (on Aug. 20, 2021), without going above it.</p><p><blockquote>换句话说，交易者希望RBLX股价在到期时（2021年8月20日）尽可能接近空头期权的执行价格（即此处为100美元），而不高于该价格。</blockquote></p><p> In our example, the maximum return, in theory, would be about $1,553 at a price of $100.00 at expiry, excluding trading commissions and costs. (We arrived at this value using a profit and loss calculator online).</p><p><blockquote>在我们的示例中，理论上，到期时价格为100.00美元，最大回报约为1,553美元，不包括交易佣金和成本。（我们使用在线损益计算器得出了这个值）。</blockquote></p><p> Without the use of such a calculator, we could also arrive at an approximate dollar value. Let’s take a look:</p><p><blockquote>如果不使用这样的计算器，我们也可以得出一个大概的美元价值。一起来看看：</blockquote></p><p> The option seller (i.e., the trader) received $1,283 for the sold option.</p><p><blockquote>期权卖方（即交易者）从卖出的期权中获得了1,283美元。</blockquote></p><p> Meanwhile, the underlying RBLX stock increased from $95.60 to $100. This is a difference of $4.40 per share of RBLX, or $440 for 100 shares.</p><p><blockquote>与此同时，RBLX标的股票从95.60美元上涨至100美元。RBLX每股差价为4.40美元，即100股差价为440美元。</blockquote></p><p> Because the delta of the long LEAPS option is taken as 0.8, the value of the long option will in theory increase by $440X 0.8 = $352 (However, in practice, it might be more or less than this value.)</p><p><blockquote>由于long LEAPS期权的delta取为0.8，因此long期权的价值理论上将增加440美元x 0.8=352美元（但在实践中，它可能大于或小于该值。）</blockquote></p><p> The total of $1,283 and $352 comes to $1,635. Although it is not the same as $1,553, we can regard it as a good approximate value.</p><p><blockquote>1283美元和352美元加起来就是1635美元。虽然和1553美元不一样，但我们可以把它看作一个很好的近似值。</blockquote></p><p> Understandably, if the strike price of our long option had been different (i.e., not $65.00), its delta would have been different, too. Then we need to use that delta value to arrive at the approximate final profit or loss value.</p><p><blockquote>可以理解的是，如果我们的多头期权的执行价格不同（即不是65.00美元），其delta也会不同。然后，我们需要使用该delta值来得出大致的最终利润或损失值。</blockquote></p><p> Therefore, by not investing $9,560 initially in 100 shares of RBLX, the trader’s potential return is leveraged.</p><p><blockquote>因此，通过最初不投资9,560美元购买100股RBLX，交易者的潜在回报就被利用了。</blockquote></p><p> Put another way, the premium the trader initially receives for selling the shorter-dated call option (i.e., $1,283) represents a higher percentage of the initial investment of $4,490 than if the trader bought 100 shares of RBLX outright at $9,560.</p><p><blockquote>换句话说，交易者最初因出售短期看涨期权期权而获得的权利金（即1,283美元）占初始投资4,490美元的百分比高于交易者以9,560美元直接购买100股RBLX股票的百分比。</blockquote></p><p> Ideally, the trader hopes the short call will expire out-of-the money (worthless). Then, the trader can sell one call after the other, until the long LEAPS call expires in about a year and half.</p><p><blockquote>理想情况下，交易者希望空头看涨期权到期时价外（一文不值）。然后，交易者可以一个接一个地卖出看涨期权，直到跳远看涨期权在大约一年半后到期。</blockquote></p><p> <b>Position Management</b></p><p><blockquote><b>职位管理</b></blockquote></p><p> Active position management in a diagonal debit spread is typically more difficult for novice traders.</p><p><blockquote>对于新手交易者来说，对角线借方价差中的主动头寸管理通常更加困难。</blockquote></p><p> If RBLX is above $100 on Aug. 20, the position will make less than the potential maximum return as the short-dated option will start losing money.</p><p><blockquote>如果RBLX在8月20日高于100美元，该头寸的收益将低于潜在的最大回报，因为短期期权将开始亏损。</blockquote></p><p> Then, the trader might feel the need to close the trade early if the RBLX price shoots up and the short call gets caught deep ITM. In that case, the trader might need to close the entire trade and start over, or put together alternative option strategies.</p><p><blockquote>然后，如果RBLX价格飙升并且空头看涨期权陷入深度ITM，交易者可能会觉得有必要提前平仓交易。在这种情况下，交易者可能需要关闭整个交易并重新开始，或者整合替代期权策略。</blockquote></p><p> In a regular covered call, the trader might not necessarily mind being assigned the short option as s/he owns 100 shares of RBLX as well. However, in a poor person’s covered call, the trader would not necessarily want to be assigned the short call as s/he does not actually own those RBLX shares yet.</p><p><blockquote>在常规备兑看涨期权中，交易者可能不一定介意被分配空头期权，因为他/她也拥有100股RBLX股票。然而，在穷人的覆盖看涨期权中，交易者不一定希望被分配空头看涨期权，因为他/她实际上还没有拥有这些RBLX股票。</blockquote></p><p> On Aug. 20, this LEAPS covered call trade would, in theory, also start losing money if the RBLX stock price falls to about $81 or below. However, the actual break-even point could be different as there are different variables that affect the price of an option. Understandably, a stock's price could drop to $0, decreasing the value of the long call with it.</p><p><blockquote>8月20日，理论上，如果RBLX股价跌至约81美元或以下，看涨期权交易也将开始亏损。然而，实际的盈亏平衡点可能会有所不同，因为影响期权价格的变量不同。可以理解的是，股票价格可能会跌至0美元，从而降低多头看涨期权的价值。</blockquote></p><p> Finally, we must also remind readers that deep ITM LEAPS options tend to have high bid/ask spreads. Therefore, every time the trader buys or sells a LEAPS option, there could be a significant transaction cost.</p><p><blockquote>最后，我们还必须提醒读者，深度ITM LEAPS期权往往有很高的买卖价差。因此，每次交易者买入或卖出LEAPS期权时，都可能产生巨大的交易成本。</blockquote></p><p> In future weeks, we’ll continue our discussion with different examples of options strategies.</p><p><blockquote>在接下来的几周里，我们将继续讨论期权策略的不同例子。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RBLX":"Roblox Corporation"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116680979","content_text":"Roblox(NYSE:RBLX) stock has been getting increased attention in recent days. Shares of the company, which is behind the gaming app of the same name, made their Wall Street debut on Mar. 10, opening just shy of $65. Roblox is currently hovering at $95.74.\nThe gaming platform depends on individual developers to create content. Analysts highlight that as a social media and gaming platform, Roblox could see considerable growth in the coming quarters.\nTherefore, potential investors might want to include the stock in their growth portfolio. However, buying 100 shares of RBLX stock would cost around $9,560, a considerable investment for many people.\nSome investors prefer to put together a \"poor person's covered call\" on the stock instead. Therefore, today we introduce a diagonal debit spread on RBLX by using LEAPS options. Such a strategy is sometimes used to replicate a covered call position at a considerably lower cost.\nInvestors who are new to options might want to-revisit our previous articles on LEAPS options (for example,hereandhere) first, before reading further.\nA Diagonal Debit Spread On RBLX Stock\nCurrent Price:$95.74\n52-Week Range:$60.50 - $98.95\nRoblox Weekly Chart\nLEAPS stands for \"Long-Term Equity Anticipation Securities.” Readers might also see websites referring to them as LEAP options or LEAPs.\nInvestors who believe in the long-run growth potential of underlying assets, such as Roblox stock, could consider using LEAPS options, which are long-dated, usually one to two years till expiration.\nInvestors like LEAPS as they “cost less” than stocks, as they are offered at option contract prices.\nA trader first buys a “longer-term” call with a lower strike price. At the same time, the trader sells a “shorter-term” call with a higher strike price, creating a long diagonal spread.\nIn other words, the call options for the underlying stock have different strikes and different expiration dates. The trader goes long one option and shorts the other to make a diagonal spread.\nIn this LEAPS covered call strategy, both the profit potential and risk are limited. The trader establishes the position for a net debit (or cost). The net debit represents the maximum loss.\nMost traders entering such a strategy would be mildly bullish on the underlying security—here, Roblox.\nInstead of buying 100 shares of Roblox, the trader would buy a deep-in-the-money LEAPS call option, where that LEAPS call acts as a “surrogate” for owning the Roblox stock.\nAs we write on Tuesday afternoon, Roblox stock is $95.60. Therefore, for this post, we'll use this price.\nFor the first leg of this strategy, the trader might buy a deep in-the-money (ITM) LEAPS call, such as the RBLX Jan. 20, 2023, 65-strike call option. This option is currently offered at $44.90 (mid-point of the current bid and ask spread). In other words, it would cost the trader $4,490 instead of $9,560 to own this call option that expires in over one and a half years.\nThe delta of this option is about 0.80. Delta shows the amount an option’s price is expected to move based on a $1 change in the underlying security.\nIn this example, if Roblox stock goes up $1, to $96.60, the current option price of $44.90 would be expected to increase by approximately 80 cents, based on a delta of 0.80. However, the actual change might be slightly more or less depending on several other factors that are beyond the scope of this article.\nSo an option’s delta increases as one goes deeper into the money. Traders would use deep ITM LEAPS strikes because as delta approaches 1, a LEAPS option's price moves begin to mirror that of the underlying stock. In simple terms, a delta of 0.80 would be like owning 80 shares of RBLX in this example (as opposed to 100 in a regular covered call).\nFor the second leg of this strategy, the trader sells an out-of-the-money (OTM) short-term call, like the RBLX Aug. 20, 2021, 100-strike call option. This option’s current premium is $12.83. In other words, the option seller would receive $1,283, excluding trading commissions.\nThere are two expiration dates in the strategy, making it quite difficult to give an exact formula for a break-even point in this trade.\nDifferent brokers or online websites might offer “profit and loss calculators” for such a trade setup. Calculating the value of back-month (i.e., LEAPS call) when the front-month (i.e., the shorter-dated) call option expires requires a pricing model to get a “guesstimate” for a break-even point.\nMaximum Profit Potential\nThe maximum potential is realized if the stock price is equal to the strike price of the short call on the expiration date of the short call.\nIn other words, the trader wants the RBLX stock price to remain as close to the strike price of the short option (i.e., $100 here) as possible at expiration (on Aug. 20, 2021), without going above it.\nIn our example, the maximum return, in theory, would be about $1,553 at a price of $100.00 at expiry, excluding trading commissions and costs. (We arrived at this value using a profit and loss calculator online).\nWithout the use of such a calculator, we could also arrive at an approximate dollar value. Let’s take a look:\nThe option seller (i.e., the trader) received $1,283 for the sold option.\nMeanwhile, the underlying RBLX stock increased from $95.60 to $100. This is a difference of $4.40 per share of RBLX, or $440 for 100 shares.\nBecause the delta of the long LEAPS option is taken as 0.8, the value of the long option will in theory increase by $440X 0.8 = $352 (However, in practice, it might be more or less than this value.)\nThe total of $1,283 and $352 comes to $1,635. Although it is not the same as $1,553, we can regard it as a good approximate value.\nUnderstandably, if the strike price of our long option had been different (i.e., not $65.00), its delta would have been different, too. Then we need to use that delta value to arrive at the approximate final profit or loss value.\nTherefore, by not investing $9,560 initially in 100 shares of RBLX, the trader’s potential return is leveraged.\nPut another way, the premium the trader initially receives for selling the shorter-dated call option (i.e., $1,283) represents a higher percentage of the initial investment of $4,490 than if the trader bought 100 shares of RBLX outright at $9,560.\nIdeally, the trader hopes the short call will expire out-of-the money (worthless). Then, the trader can sell one call after the other, until the long LEAPS call expires in about a year and half.\nPosition Management\nActive position management in a diagonal debit spread is typically more difficult for novice traders.\nIf RBLX is above $100 on Aug. 20, the position will make less than the potential maximum return as the short-dated option will start losing money.\nThen, the trader might feel the need to close the trade early if the RBLX price shoots up and the short call gets caught deep ITM. In that case, the trader might need to close the entire trade and start over, or put together alternative option strategies.\nIn a regular covered call, the trader might not necessarily mind being assigned the short option as s/he owns 100 shares of RBLX as well. However, in a poor person’s covered call, the trader would not necessarily want to be assigned the short call as s/he does not actually own those RBLX shares yet.\nOn Aug. 20, this LEAPS covered call trade would, in theory, also start losing money if the RBLX stock price falls to about $81 or below. However, the actual break-even point could be different as there are different variables that affect the price of an option. Understandably, a stock's price could drop to $0, decreasing the value of the long call with it.\nFinally, we must also remind readers that deep ITM LEAPS options tend to have high bid/ask spreads. 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For US customers aged 60 and above, searches on Airbnb for summer travel rose by more than 60% between February and March.</p><p><blockquote>爱彼迎：该公司表示，随着疫苗变得更加广泛，人们对旅行的兴趣再次激增，并指出在英国首相Boris Johnson在2月份宣布逐步解除封锁的计划后，英国的预订量立即急剧增加。对于60岁及以上的美国客户来说，2月至3月期间，爱彼迎上夏季旅行的搜索量增长了60%以上。</blockquote></p><p> The company is also ready for more customers to use Airbnb for longer-term stays as they take advantage of greater acceptance of remote work. It said that nearly a quarter of stays last quarter were for 28 days or more, up 14% from 2019. Shares are down slightly in premarket trading.</p><p><blockquote>该公司还准备让更多客户使用爱彼迎进行长期住宿，因为他们利用了远程工作的更大接受度。该公司表示，上季度近四分之一的停留时间为28天或以上，比2019年增长了14%。股价在盘前交易中小幅下跌。</blockquote></p><p> DoorDash: People are still ordering lots of food delivery even as restaurants open back up for traditional dining. DoorDash reported a 198% jump in revenue last quarter to $1.1 billion even as it dealt with a shortage of workers, and increased its full-year outlook.</p><p><blockquote>DoorDash：即使餐馆重新开放传统餐饮，人们仍然订购大量外卖。DoorDash报告称，尽管面临工人短缺的问题，上季度收入仍增长198%，达到11亿美元，并上调了全年预期。</blockquote></p><p> \"As markets continued reopening and in-store dining increased across the US, the impact to our order volume was smaller than we expected, which contributed to strong performance in the quarter,\" the company said, though it cautioned that may have been partially attributable to stimulus checks. Shares are up almost 9% in premarket trading.</p><p><blockquote>该公司表示：“随着市场继续重新开放以及美国各地店内餐饮的增加，对我们订单量的影响小于我们的预期，这有助于本季度的强劲业绩。”不过该公司警告说，这可能部分归因于刺激检查。股价在盘前交易中上涨近9%。</blockquote></p><p> Disney: Streaming has carried Disney through the pandemic, with Disney+ growing to more than 100 million subscribers. Yet the biggest star in Disney's media universe appears to be shining a little less bright, sending shares down 4%.</p><p><blockquote>迪士尼：流媒体让迪士尼穿越了疫情，Disney+的订户已经超过1亿。然而，迪士尼媒体领域最大的明星似乎不那么耀眼了，导致股价下跌4%。</blockquote></p><p> The company said Thursday that Disney+ now has 103.6 million subscribers, below the 110 million Wall Street was expecting. That's forced investors to wonder: Is that because people are getting vaccinated and stepping away from streaming? Netflix also reported sluggish subscription growth last quarter.</p><p><blockquote>该公司周四表示，Disney+目前拥有1.036亿订阅用户，低于华尔街预期的1.1亿。这迫使投资者想知道：这是因为人们正在接种疫苗并远离流媒体吗？Netflix上季度的订阅增长也缓慢。</blockquote></p><p> Down but not out: Disney said it remains on track to reach its long-term subscriber goals despite the apparent slowdown. It's betting that as the pandemic eases, it will be able to produce more movies and shows, helping to bring in new customers.</p><p><blockquote>下滑但并未出局：迪士尼表示，尽管经济明显放缓，但仍有望实现其长期订户目标。该公司押注，随着疫情的缓解，它将能够制作更多的电影和节目，帮助吸引新客户。</blockquote></p><p> Whether it's right will become clearer in the months ahead, which will pose the true test of whether people actually ditch their sweatpants, get out of the house and shake up the economy once again.</p><p><blockquote>这是否正确将在未来几个月变得更加清晰，这将是人们是否真的抛弃运动裤、走出家门并再次撼动经济的真正考验。</blockquote></p><p> <b>It could get easier to get a credit card without a credit score</b></p><p><blockquote><b>无需信用评分即可获得信用卡可能会变得更容易</b></blockquote></p><p> For years, if you didn't have a credit score it was extremely difficult to get a credit card or certain types of loans. But a new plan among some of the nation's largest banks may help Americans without traditional credit histories get approved.</p><p><blockquote>多年来，如果你没有信用评分，很难获得信用卡或某些类型的贷款。但美国一些最大银行的一项新计划可能会帮助没有传统信用记录的美国人获得批准。</blockquote></p><p> Ten banks — including JPMorgan Chase (JPM), Wells Fargo (WFC) and U.S. Bancorp (USB) — have tentatively agreed to a plan to share data like bank account deposits and bill payment activity to help qualify borrowers without traditional credit histories, according to the Wall Street Journal.</p><p><blockquote>据报道，包括摩根大通(JPM)、富国银行(WFC)和美国合众银行(USB)在内的十家银行已初步同意一项共享银行账户存款和账单支付活动等数据的计划，以帮助没有传统信用记录的借款人获得资格。华尔街日报。</blockquote></p><p> The push for financial institutions to come to a data sharing agreement came from a program run by the Office of the Comptroller of the Currency. The OCC has confirmed there is a plan, but the details of the agreement among the banks still need to be worked out.</p><p><blockquote>金融机构达成数据共享协议的推动力来自货币监理署运行的一项计划。OCC已确认有一项计划，但银行之间协议的细节仍需制定。</blockquote></p><p> Should the proposed arrangement go through, it would mean that if you don't have a credit score but you have a bank account at Wells Fargo, for example, you can use that financial history to help you get a credit card with another bank, like JPMorgan Chase.</p><p><blockquote>如果拟议的安排获得通过，这将意味着，例如，如果您没有信用评分，但在富国银行拥有银行账户，您可以利用该财务历史记录来帮助您在另一家银行获得信用卡，例如摩根大通。</blockquote></p><p> \"This will give millions of Americans the opportunity to access credit that's essential to building wealth — buying a home, starting a business, or financing education,\" Trish Wexler, a spokesperson for JPMorgan Chase, told CNN Business.</p><p><blockquote>摩根大通发言人特里什·韦克斯勒(Trish Wexler)告诉CNN Business：“这将使数百万美国人有机会获得信贷，这对于积累财富至关重要——买房、创业或资助教育。”</blockquote></p><p> The backstory: There are currently 53 million people without a credit score, according to the Fair Isaac Corporation, the creator of FICO credit scores. These consumers, who are disproportionately lower income and people of color, face higher borrowing costs because they're forced to turn to products like payday loans.</p><p><blockquote>背景故事：根据FICO信用评分的创建者Fair Isaac Corporation的数据，目前有5300万人没有信用评分。这些消费者是不成比例的低收入和有色人种，他们面临更高的借贷成本，因为他们被迫转向发薪日贷款等产品。</blockquote></p><p> Banks and lenders refer to those without credit history as \"credit invisible.\" This group can include young people or recent immigrants, as well as people who haven't used credit in a long time or who have lost their access due to financial difficulties.</p><p><blockquote>银行和贷方将那些没有信用记录的人称为“隐形信用”。这个群体可以包括年轻人或新移民，以及很长时间没有使用信贷或由于经济困难而失去信贷的人。</blockquote></p><p> The business angle: Big banks may also be eager to revise their policies as online upstarts chip away at demand for their products.</p><p><blockquote>商业角度：随着在线新贵削弱对其产品的需求，大银行也可能渴望修改其政策。</blockquote></p><p></p><p> \"Some of this cooperation among the biggest banks may be a bit of reaction to smaller banks and fintech companies infringing on their space,\" said Matt Schulz, chief industry analyst at LendingTree.</p><p><blockquote>LendingTree首席行业分析师马特·舒尔茨(Matt Schulz)表示：“大型银行之间的一些合作可能是对小型银行和金融科技公司侵犯其空间的反应。”</blockquote></p><p> <b>Target will temporarily stop selling trading cards amid frenzy</b></p><p><blockquote><b>Target将在狂热中暂时停止销售交易卡</b></blockquote></p><p> Target (TGT) has announced that it will stop selling trading cards in its stores following a violent dispute at one of its locations — a sign of just how overheated the market for collectibles has become.</p><p><blockquote>塔吉特(TGT)宣布，在其一个门店发生暴力纠纷后，将停止在其商店销售交易卡，这表明收藏品市场已经变得多么过热。</blockquote></p><p> The details: Last week, a Target in Wisconsin was locked down after a man was physically assaulted by four others over sports trading cards.</p><p><blockquote>细节：上周，威斯康星州的一个目标被锁定，此前一名男子因体育交易卡被另外四人殴打。</blockquote></p><p> \"The safety of our guests and our team is our top priority,\" Target said in a statement. \"Out of an abundance of caution, we've decided to temporarily suspend the sale of MLB, NFL, NBA and Pokémon trading cards within our stores, effective [Friday].\"</p><p><blockquote>塔吉特在一份声明中表示：“客人和团队的安全是我们的首要任务。”“出于谨慎，我们决定从[周五]起暂时停止在我们的商店内销售MLB、NFL、NBA和Pokémon交易卡。”</blockquote></p><p> The cards will still be available online, the company said.</p><p><blockquote>该公司表示，这些卡仍将在网上提供。</blockquote></p><p> Remember: The value of trading cards has skyrocketed in recent months during the Covid-19 pandemic. That's grabbed interest from both amateur and professional investors looking to cash in on spectacular returns.</p><p><blockquote>请记住：近几个月来，在Covid-19大流行期间，交易卡的价值飙升。这引起了业余和专业投资者的兴趣，他们希望获得惊人的回报。</blockquote></p><p> Target previously was limiting card purchases to just one item a day, saying that guests were lining up overnight to get their hands on hot items, per CNN affiliate WISN.</p><p><blockquote>据CNN附属机构WISN报道，塔吉特百货此前限制每天只能购买一件商品，称客人会连夜排队购买热门商品。</blockquote></p><p> Walmart (WMT), for its part, said it will keep selling cards in stores for now.</p><p><blockquote>沃尔玛(WMT)则表示，目前将继续在商店销售贺卡。</blockquote></p><p> \"We are determining what, if any, changes are needed to meet customer demand while ensuring a safe and enjoyable shopping experience,\" a spokesperson said in a statement.</p><p><blockquote>一位发言人在一份声明中表示：“我们正在确定需要做出哪些改变（如果有的话），以满足客户需求，同时确保安全、愉快的购物体验。”</blockquote></p><p> <b>Up next</b></p><p><blockquote><b>下一个</b></blockquote></p><p> Data on US retail sales, import and export prices and industrial production arrives at 8:30 a.m. ET.</p><p><blockquote>美国零售销售、进出口价格和工业生产数据将于美国东部时间上午8:30公布。</blockquote></p><p> Coming next week: Home Depot (HD) and Lowe's (LOW) report earnings as the housing market booms.</p><p><blockquote>下周：随着房地产市场的繁荣，家得宝(HD)和劳氏(LOW)公布收益。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nWhat Disney, Airbnb and DoorDash results reveal about the post-pandemic economy<blockquote>迪士尼、爱彼迎和DoorDash的业绩揭示了大流行后经济的哪些信息</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN</strong><span class=\"h-time small\">2021-05-14 22:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>London (CNN Business)Companies are gearing up for an era in which Covid-19 isn't the primary driver of how people spend their money.</p><p><blockquote>伦敦（CNN Business）公司正在为一个新冠肺炎不再是人们花钱的主要驱动力的时代做准备。</blockquote></p><p> The big question: As the coronavirus situation improves in countries like the United States, which trends from the past 14 months will have staying power, and which will be resigned to the pandemic past?</p><p><blockquote>最大的问题是：随着美国等国家冠状病毒情况的改善，过去14个月的哪些趋势将具有持久力，哪些将听天由命于疫情的过去？</blockquote></p><p> Airbnb, DoorDash and Disney (DIS), which reported results after US markets closed on Thursday, provide some idea.</p><p><blockquote>爱彼迎、DoorDash和迪士尼(DIS)在周四美国市场收盘后公布了业绩，这提供了一些思路。</blockquote></p><p> Airbnb: The company said interest in travel is surging again as vaccines become more widely available, pointing to a sharp increase in bookings in the United Kingdom immediately after British Prime Minister Boris Johnson announced plans in February to gradually exit lockdown. For US customers aged 60 and above, searches on Airbnb for summer travel rose by more than 60% between February and March.</p><p><blockquote>爱彼迎：该公司表示，随着疫苗变得更加广泛，人们对旅行的兴趣再次激增，并指出在英国首相Boris Johnson在2月份宣布逐步解除封锁的计划后，英国的预订量立即急剧增加。对于60岁及以上的美国客户来说，2月至3月期间，爱彼迎上夏季旅行的搜索量增长了60%以上。</blockquote></p><p> The company is also ready for more customers to use Airbnb for longer-term stays as they take advantage of greater acceptance of remote work. It said that nearly a quarter of stays last quarter were for 28 days or more, up 14% from 2019. Shares are down slightly in premarket trading.</p><p><blockquote>该公司还准备让更多客户使用爱彼迎进行长期住宿，因为他们利用了远程工作的更大接受度。该公司表示，上季度近四分之一的停留时间为28天或以上，比2019年增长了14%。股价在盘前交易中小幅下跌。</blockquote></p><p> DoorDash: People are still ordering lots of food delivery even as restaurants open back up for traditional dining. DoorDash reported a 198% jump in revenue last quarter to $1.1 billion even as it dealt with a shortage of workers, and increased its full-year outlook.</p><p><blockquote>DoorDash：即使餐馆重新开放传统餐饮，人们仍然订购大量外卖。DoorDash报告称，尽管面临工人短缺的问题，上季度收入仍增长198%，达到11亿美元，并上调了全年预期。</blockquote></p><p> \"As markets continued reopening and in-store dining increased across the US, the impact to our order volume was smaller than we expected, which contributed to strong performance in the quarter,\" the company said, though it cautioned that may have been partially attributable to stimulus checks. Shares are up almost 9% in premarket trading.</p><p><blockquote>该公司表示：“随着市场继续重新开放以及美国各地店内餐饮的增加，对我们订单量的影响小于我们的预期，这有助于本季度的强劲业绩。”不过该公司警告说，这可能部分归因于刺激检查。股价在盘前交易中上涨近9%。</blockquote></p><p> Disney: Streaming has carried Disney through the pandemic, with Disney+ growing to more than 100 million subscribers. Yet the biggest star in Disney's media universe appears to be shining a little less bright, sending shares down 4%.</p><p><blockquote>迪士尼：流媒体让迪士尼穿越了疫情，Disney+的订户已经超过1亿。然而，迪士尼媒体领域最大的明星似乎不那么耀眼了，导致股价下跌4%。</blockquote></p><p> The company said Thursday that Disney+ now has 103.6 million subscribers, below the 110 million Wall Street was expecting. That's forced investors to wonder: Is that because people are getting vaccinated and stepping away from streaming? Netflix also reported sluggish subscription growth last quarter.</p><p><blockquote>该公司周四表示，Disney+目前拥有1.036亿订阅用户，低于华尔街预期的1.1亿。这迫使投资者想知道：这是因为人们正在接种疫苗并远离流媒体吗？Netflix上季度的订阅增长也缓慢。</blockquote></p><p> Down but not out: Disney said it remains on track to reach its long-term subscriber goals despite the apparent slowdown. It's betting that as the pandemic eases, it will be able to produce more movies and shows, helping to bring in new customers.</p><p><blockquote>下滑但并未出局：迪士尼表示，尽管经济明显放缓，但仍有望实现其长期订户目标。该公司押注，随着疫情的缓解，它将能够制作更多的电影和节目，帮助吸引新客户。</blockquote></p><p> Whether it's right will become clearer in the months ahead, which will pose the true test of whether people actually ditch their sweatpants, get out of the house and shake up the economy once again.</p><p><blockquote>这是否正确将在未来几个月变得更加清晰，这将是人们是否真的抛弃运动裤、走出家门并再次撼动经济的真正考验。</blockquote></p><p> <b>It could get easier to get a credit card without a credit score</b></p><p><blockquote><b>无需信用评分即可获得信用卡可能会变得更容易</b></blockquote></p><p> For years, if you didn't have a credit score it was extremely difficult to get a credit card or certain types of loans. But a new plan among some of the nation's largest banks may help Americans without traditional credit histories get approved.</p><p><blockquote>多年来，如果你没有信用评分，很难获得信用卡或某些类型的贷款。但美国一些最大银行的一项新计划可能会帮助没有传统信用记录的美国人获得批准。</blockquote></p><p> Ten banks — including JPMorgan Chase (JPM), Wells Fargo (WFC) and U.S. Bancorp (USB) — have tentatively agreed to a plan to share data like bank account deposits and bill payment activity to help qualify borrowers without traditional credit histories, according to the Wall Street Journal.</p><p><blockquote>据报道，包括摩根大通(JPM)、富国银行(WFC)和美国合众银行(USB)在内的十家银行已初步同意一项共享银行账户存款和账单支付活动等数据的计划，以帮助没有传统信用记录的借款人获得资格。华尔街日报。</blockquote></p><p> The push for financial institutions to come to a data sharing agreement came from a program run by the Office of the Comptroller of the Currency. The OCC has confirmed there is a plan, but the details of the agreement among the banks still need to be worked out.</p><p><blockquote>金融机构达成数据共享协议的推动力来自货币监理署运行的一项计划。OCC已确认有一项计划，但银行之间协议的细节仍需制定。</blockquote></p><p> Should the proposed arrangement go through, it would mean that if you don't have a credit score but you have a bank account at Wells Fargo, for example, you can use that financial history to help you get a credit card with another bank, like JPMorgan Chase.</p><p><blockquote>如果拟议的安排获得通过，这将意味着，例如，如果您没有信用评分，但在富国银行拥有银行账户，您可以利用该财务历史记录来帮助您在另一家银行获得信用卡，例如摩根大通。</blockquote></p><p> \"This will give millions of Americans the opportunity to access credit that's essential to building wealth — buying a home, starting a business, or financing education,\" Trish Wexler, a spokesperson for JPMorgan Chase, told CNN Business.</p><p><blockquote>摩根大通发言人特里什·韦克斯勒(Trish Wexler)告诉CNN Business：“这将使数百万美国人有机会获得信贷，这对于积累财富至关重要——买房、创业或资助教育。”</blockquote></p><p> The backstory: There are currently 53 million people without a credit score, according to the Fair Isaac Corporation, the creator of FICO credit scores. These consumers, who are disproportionately lower income and people of color, face higher borrowing costs because they're forced to turn to products like payday loans.</p><p><blockquote>背景故事：根据FICO信用评分的创建者Fair Isaac Corporation的数据，目前有5300万人没有信用评分。这些消费者是不成比例的低收入和有色人种，他们面临更高的借贷成本，因为他们被迫转向发薪日贷款等产品。</blockquote></p><p> Banks and lenders refer to those without credit history as \"credit invisible.\" This group can include young people or recent immigrants, as well as people who haven't used credit in a long time or who have lost their access due to financial difficulties.</p><p><blockquote>银行和贷方将那些没有信用记录的人称为“隐形信用”。这个群体可以包括年轻人或新移民，以及很长时间没有使用信贷或由于经济困难而失去信贷的人。</blockquote></p><p> The business angle: Big banks may also be eager to revise their policies as online upstarts chip away at demand for their products.</p><p><blockquote>商业角度：随着在线新贵削弱对其产品的需求，大银行也可能渴望修改其政策。</blockquote></p><p></p><p> \"Some of this cooperation among the biggest banks may be a bit of reaction to smaller banks and fintech companies infringing on their space,\" said Matt Schulz, chief industry analyst at LendingTree.</p><p><blockquote>LendingTree首席行业分析师马特·舒尔茨(Matt Schulz)表示：“大型银行之间的一些合作可能是对小型银行和金融科技公司侵犯其空间的反应。”</blockquote></p><p> <b>Target will temporarily stop selling trading cards amid frenzy</b></p><p><blockquote><b>Target将在狂热中暂时停止销售交易卡</b></blockquote></p><p> Target (TGT) has announced that it will stop selling trading cards in its stores following a violent dispute at one of its locations — a sign of just how overheated the market for collectibles has become.</p><p><blockquote>塔吉特(TGT)宣布，在其一个门店发生暴力纠纷后，将停止在其商店销售交易卡，这表明收藏品市场已经变得多么过热。</blockquote></p><p> The details: Last week, a Target in Wisconsin was locked down after a man was physically assaulted by four others over sports trading cards.</p><p><blockquote>细节：上周，威斯康星州的一个目标被锁定，此前一名男子因体育交易卡被另外四人殴打。</blockquote></p><p> \"The safety of our guests and our team is our top priority,\" Target said in a statement. \"Out of an abundance of caution, we've decided to temporarily suspend the sale of MLB, NFL, NBA and Pokémon trading cards within our stores, effective [Friday].\"</p><p><blockquote>塔吉特在一份声明中表示：“客人和团队的安全是我们的首要任务。”“出于谨慎，我们决定从[周五]起暂时停止在我们的商店内销售MLB、NFL、NBA和Pokémon交易卡。”</blockquote></p><p> The cards will still be available online, the company said.</p><p><blockquote>该公司表示，这些卡仍将在网上提供。</blockquote></p><p> Remember: The value of trading cards has skyrocketed in recent months during the Covid-19 pandemic. That's grabbed interest from both amateur and professional investors looking to cash in on spectacular returns.</p><p><blockquote>请记住：近几个月来，在Covid-19大流行期间，交易卡的价值飙升。这引起了业余和专业投资者的兴趣，他们希望获得惊人的回报。</blockquote></p><p> Target previously was limiting card purchases to just one item a day, saying that guests were lining up overnight to get their hands on hot items, per CNN affiliate WISN.</p><p><blockquote>据CNN附属机构WISN报道，塔吉特百货此前限制每天只能购买一件商品，称客人会连夜排队购买热门商品。</blockquote></p><p> Walmart (WMT), for its part, said it will keep selling cards in stores for now.</p><p><blockquote>沃尔玛(WMT)则表示，目前将继续在商店销售贺卡。</blockquote></p><p> \"We are determining what, if any, changes are needed to meet customer demand while ensuring a safe and enjoyable shopping experience,\" a spokesperson said in a statement.</p><p><blockquote>一位发言人在一份声明中表示：“我们正在确定需要做出哪些改变（如果有的话），以满足客户需求，同时确保安全、愉快的购物体验。”</blockquote></p><p> <b>Up next</b></p><p><blockquote><b>下一个</b></blockquote></p><p> Data on US retail sales, import and export prices and industrial production arrives at 8:30 a.m. ET.</p><p><blockquote>美国零售销售、进出口价格和工业生产数据将于美国东部时间上午8:30公布。</blockquote></p><p> Coming next week: Home Depot (HD) and Lowe's (LOW) report earnings as the housing market booms.</p><p><blockquote>下周：随着房地产市场的繁荣，家得宝(HD)和劳氏(LOW)公布收益。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/05/14/investing/premarket-stocks-trading/index.html\">CNN</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":{"ABNB":"爱彼迎","DASH":"DoorDash, Inc.","DIS":"迪士尼"},"source_url":"https://edition.cnn.com/2021/05/14/investing/premarket-stocks-trading/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173244066","content_text":"London (CNN Business)Companies are gearing up for an era in which Covid-19 isn't the primary driver of how people spend their money.\nThe big question: As the coronavirus situation improves in countries like the United States, which trends from the past 14 months will have staying power, and which will be resigned to the pandemic past?\nAirbnb, DoorDash and Disney (DIS), which reported results after US markets closed on Thursday, provide some idea.\nAirbnb: The company said interest in travel is surging again as vaccines become more widely available, pointing to a sharp increase in bookings in the United Kingdom immediately after British Prime Minister Boris Johnson announced plans in February to gradually exit lockdown. For US customers aged 60 and above, searches on Airbnb for summer travel rose by more than 60% between February and March.\nThe company is also ready for more customers to use Airbnb for longer-term stays as they take advantage of greater acceptance of remote work. It said that nearly a quarter of stays last quarter were for 28 days or more, up 14% from 2019. Shares are down slightly in premarket trading.\nDoorDash: People are still ordering lots of food delivery even as restaurants open back up for traditional dining. DoorDash reported a 198% jump in revenue last quarter to $1.1 billion even as it dealt with a shortage of workers, and increased its full-year outlook.\n\"As markets continued reopening and in-store dining increased across the US, the impact to our order volume was smaller than we expected, which contributed to strong performance in the quarter,\" the company said, though it cautioned that may have been partially attributable to stimulus checks. Shares are up almost 9% in premarket trading.\nDisney: Streaming has carried Disney through the pandemic, with Disney+ growing to more than 100 million subscribers. Yet the biggest star in Disney's media universe appears to be shining a little less bright, sending shares down 4%.\nThe company said Thursday that Disney+ now has 103.6 million subscribers, below the 110 million Wall Street was expecting. That's forced investors to wonder: Is that because people are getting vaccinated and stepping away from streaming? Netflix also reported sluggish subscription growth last quarter.\nDown but not out: Disney said it remains on track to reach its long-term subscriber goals despite the apparent slowdown. It's betting that as the pandemic eases, it will be able to produce more movies and shows, helping to bring in new customers.\nWhether it's right will become clearer in the months ahead, which will pose the true test of whether people actually ditch their sweatpants, get out of the house and shake up the economy once again.\nIt could get easier to get a credit card without a credit score\nFor years, if you didn't have a credit score it was extremely difficult to get a credit card or certain types of loans. But a new plan among some of the nation's largest banks may help Americans without traditional credit histories get approved.\nTen banks — including JPMorgan Chase (JPM), Wells Fargo (WFC) and U.S. Bancorp (USB) — have tentatively agreed to a plan to share data like bank account deposits and bill payment activity to help qualify borrowers without traditional credit histories, according to the Wall Street Journal.\nThe push for financial institutions to come to a data sharing agreement came from a program run by the Office of the Comptroller of the Currency. The OCC has confirmed there is a plan, but the details of the agreement among the banks still need to be worked out.\nShould the proposed arrangement go through, it would mean that if you don't have a credit score but you have a bank account at Wells Fargo, for example, you can use that financial history to help you get a credit card with another bank, like JPMorgan Chase.\n\"This will give millions of Americans the opportunity to access credit that's essential to building wealth — buying a home, starting a business, or financing education,\" Trish Wexler, a spokesperson for JPMorgan Chase, told CNN Business.\nThe backstory: There are currently 53 million people without a credit score, according to the Fair Isaac Corporation, the creator of FICO credit scores. These consumers, who are disproportionately lower income and people of color, face higher borrowing costs because they're forced to turn to products like payday loans.\nBanks and lenders refer to those without credit history as \"credit invisible.\" This group can include young people or recent immigrants, as well as people who haven't used credit in a long time or who have lost their access due to financial difficulties.\nThe business angle: Big banks may also be eager to revise their policies as online upstarts chip away at demand for their products.\n\"Some of this cooperation among the biggest banks may be a bit of reaction to smaller banks and fintech companies infringing on their space,\" said Matt Schulz, chief industry analyst at LendingTree.\nTarget will temporarily stop selling trading cards amid frenzy\nTarget (TGT) has announced that it will stop selling trading cards in its stores following a violent dispute at one of its locations — a sign of just how overheated the market for collectibles has become.\nThe details: Last week, a Target in Wisconsin was locked down after a man was physically assaulted by four others over sports trading cards.\n\"The safety of our guests and our team is our top priority,\" Target said in a statement. \"Out of an abundance of caution, we've decided to temporarily suspend the sale of MLB, NFL, NBA and Pokémon trading cards within our stores, effective [Friday].\"\nThe cards will still be available online, the company said.\nRemember: The value of trading cards has skyrocketed in recent months during the Covid-19 pandemic. That's grabbed interest from both amateur and professional investors looking to cash in on spectacular returns.\nTarget previously was limiting card purchases to just one item a day, saying that guests were lining up overnight to get their hands on hot items, per CNN affiliate WISN.\nWalmart (WMT), for its part, said it will keep selling cards in stores for now.\n\"We are determining what, if any, changes are needed to meet customer demand while ensuring a safe and enjoyable shopping experience,\" a spokesperson said in a statement.\nUp next\nData on US retail sales, import and export prices and industrial production arrives at 8:30 a.m. ET.\nComing next week: Home Depot (HD) and Lowe's (LOW) report earnings as the housing market booms.","news_type":1,"symbols_score_info":{"ABNB":0.9,"DASH":0.9,"DIS":0.9}},"isVote":1,"tweetType":1,"viewCount":1870,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":198422889,"gmtCreate":1620983097141,"gmtModify":1634194789101,"author":{"id":"3571392409099070","authorId":"3571392409099070","name":"ConnieCD","avatar":"https://static.tigerbbs.com/915b685005c69f07e82d31330014218b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571392409099070","idStr":"3571392409099070"},"themes":[],"htmlText":"Wow&nbsp;","listText":"Wow&nbsp;","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/198422889","repostId":"1150860680","repostType":4,"isVote":1,"tweetType":1,"viewCount":1807,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191749325,"gmtCreate":1620910601367,"gmtModify":1634195371171,"author":{"id":"3571392409099070","authorId":"3571392409099070","name":"ConnieCD","avatar":"https://static.tigerbbs.com/915b685005c69f07e82d31330014218b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571392409099070","idStr":"3571392409099070"},"themes":[],"htmlText":"[LOL]&nbsp;[LOL]&nbsp;[LOL]&nbsp;","listText":"[LOL]&nbsp;[LOL]&nbsp;[LOL]&nbsp;","text":"[LOL] [LOL] [LOL]","images":[{"img":"https://static.tigerbbs.com/647a5d486e462347eae6d4c8d0401194","width":"1125","height":"3213"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/191749325","isVote":1,"tweetType":1,"viewCount":2433,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}