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blo
blo
·
2021-12-17
Tq
Earnings Scheduled For December 17, 2021<blockquote>预计2021年12月17日收益</blockquote>
Companies Reporting Before The Bell • Darden Restaurants (NYSE:DRI) is projected to report quarterly
Earnings Scheduled For December 17, 2021<blockquote>预计2021年12月17日收益</blockquote>
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blo
blo
·
2021-10-28
Tq
Credit Analyst Bumps F5 Networks Price Target By 17%, Maintains Outperform<blockquote>信贷分析师将F5 Networks目标价上调17%,维持跑赢大盘</blockquote>
Credit Suisse analyst Sami Badri raised the price target on F5 Networks Inc (NASDAQ: FFIV) to $278 f
Credit Analyst Bumps F5 Networks Price Target By 17%, Maintains Outperform<blockquote>信贷分析师将F5 Networks目标价上调17%,维持跑赢大盘</blockquote>
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blo
blo
·
2021-10-23
Tq
非常抱歉,此主贴已删除
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blo
blo
·
2021-08-06
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非常抱歉,此主贴已删除
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blo
blo
·
2021-08-05
That's
Gold Price Outlook: XAU Stumbles on Fed-Induced US Dollar Strength, NFPs Eyed<blockquote>金价展望:XAU因美联储引发的美元走强而跌跌撞撞,NFP关注</blockquote>
GOLD, US DOLLAR, XAU/USD, FED BETS, DEATH CROSS – TALKING POINTS Gold price stook hit after Fed’s C
Gold Price Outlook: XAU Stumbles on Fed-Induced US Dollar Strength, NFPs Eyed<blockquote>金价展望:XAU因美联储引发的美元走强而跌跌撞撞,NFP关注</blockquote>
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blo
blo
·
2021-08-04
Thank
Why An S&P 500 Buyback Boom Could Be Just Around The Corner<blockquote>为什么标普500回购热潮即将来临</blockquote>
Analysts are expecting S&P 500 earnings to surge 40.7% in 2021 off of extremely easy pandemic comps.
Why An S&P 500 Buyback Boom Could Be Just Around The Corner<blockquote>为什么标普500回购热潮即将来临</blockquote>
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blo
blo
·
2021-07-25
Thanks
Is IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估?要考虑什么</blockquote>
Summary IBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.
Is IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估?要考虑什么</blockquote>
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blo
blo
·
2021-07-24
Thanks
Tencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被命令删除在线音乐的独家版权</blockquote>
The China market supervision administration made an administrative punishment decision according to
Tencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被命令删除在线音乐的独家版权</blockquote>
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blo
blo
·
2021-07-17
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blo
blo
·
2021-07-16
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非常抱歉,此主贴已删除
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17:25","market":"us","language":"en","title":"Earnings Scheduled For December 17, 2021<blockquote>预计2021年12月17日收益</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180441380","media":"Benzinga","summary":"Companies Reporting Before The Bell\n• Darden Restaurants (NYSE:DRI) is projected to report quarterly","content":"<p><div> Companies Reporting Before The Bell • Darden Restaurants (NYSE:DRI) is projected to report quarterly earnings at $1.43 per share on revenue of $2.23 billion. • Winnebago Industries (NYSE:WGO) is ...</p><p><blockquote><div>盘前报告的公司•Darden Restaurants(纽约证券交易所股票代码:DRI)预计季度收益为每股1.43美元,营收为22.3亿美元。•温尼贝戈工业公司(纽约证券交易所代码:WGO)是……</div></blockquote></p><p> <a href=\"https://www.benzinga.com/news/earnings/21/12/24664262/earnings-scheduled-for-december-17-2021\">网页链接</a> </div> </p><p><blockquote><a 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#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\">\nEarnings Scheduled For December 17, 2021<blockquote>预计2021年12月17日收益</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-12-17 17:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Companies Reporting Before The Bell • Darden Restaurants (NYSE:DRI) is projected to report quarterly earnings at $1.43 per share on revenue of $2.23 billion. • Winnebago Industries (NYSE:WGO) is ...</p><p><blockquote><div>盘前报告的公司•Darden Restaurants(纽约证券交易所股票代码:DRI)预计季度收益为每股1.43美元,营收为22.3亿美元。•温尼贝戈工业公司(纽约证券交易所代码:WGO)是……</div></blockquote></p><p> <a href=\"https://www.benzinga.com/news/earnings/21/12/24664262/earnings-scheduled-for-december-17-2021\">网页链接</a> </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/earnings/21/12/24664262/earnings-scheduled-for-december-17-2021\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.benzinga.com/news/earnings/21/12/24664262/earnings-scheduled-for-december-17-2021\">Benzinga</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WGO":"温尼巴格实业","DRI":"达登饭店"},"source_url":"https://www.benzinga.com/news/earnings/21/12/24664262/earnings-scheduled-for-december-17-2021","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180441380","content_text":"Companies Reporting Before The Bell\n• Darden Restaurants (NYSE:DRI) is projected to report quarterly earnings at $1.43 per share on revenue of $2.23 billion.\n• Winnebago Industries (NYSE:WGO) is estimated to report quarterly earnings at $2.25 per share on revenue of $1.01 billion.","news_type":1,"symbols_score_info":{"DRI":0.9,"WGO":0.9}},"isVote":1,"tweetType":1,"viewCount":1939,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":855484832,"gmtCreate":1635391081201,"gmtModify":1635391081261,"author":{"id":"3572390897790291","authorId":"3572390897790291","name":"blo","avatar":"https://static.tigerbbs.com/d90192eace0d90963b2e795671771ad8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572390897790291","idStr":"3572390897790291"},"themes":[],"htmlText":"Tq","listText":"Tq","text":"Tq","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/855484832","repostId":"2178994230","repostType":4,"repost":{"id":"2178994230","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by 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fourth-quarter FY21 revenue growth of 11% year-on-year to $682 million, beating the consensus of $671.7 million.</li> <li>A 21% product revenue growth and 2% global services revenue growth drove the numbers. A 35% software revenue growth and 12% systems revenue growth Y/Y drove the non-GAAP product revenue.</li> <li>Non-GAAP EPS of $3.01 beat the consensus of $2.75.</li> <li>\"With software revenue representing 45% of product revenue in the fourth quarter, and 80% of this software revenue coming from subscriptions, we continue to mark milestone after milestone in our rapid transformation to a software-led business model,\" CEO François Locoh-Donou said.</li> <li>F5 sees Q1 FY22 revenue of $665 million - $685 million versus the consensus of $667 million.</li> <li>F5 sees non-GAAP EPS of $2.71 - $2.83 versus the consensus of $2.76.</li> <li>F5 sees FY22 revenue growth of 8% - 9%, including software revenue growth of 35% - 40%.</li> <li><b>Price Action:</b> FFIV shares closed higher by 5.94% at $216.02 on Wednesday.</li> </ul> Latest Ratings for FFIV</p><p><blockquote><ul><li><b>瑞士信贷</b>分析师Sami Badri上调目标价<b>F5网络公司</b>(纳斯达克:FFIV)从238美元升至278美元,上涨24.42%,并在季度业绩公布后保持跑赢大盘。</li><li>该分析师引用了该公司稳健的业绩和2022年第一季度的指引。</li><li>F 5报告称,21财年第四季度收入同比增长11%,达到6.82亿美元,超出市场预期的6.717亿美元。</li><li>21%的产品收入增长和2%的全球服务收入增长推动了这一数字。软件收入同比增长35%,系统收入同比增长12%,推动了非GAAP产品收入的增长。</li><li>非GAAP每股收益为3.01美元,超过市场普遍预期的2.75美元。</li><li>首席执行官Fran ç ois Locoh-Donou表示:“第四季度软件收入占产品收入的45%,其中80%的软件收入来自订阅,我们在向软件主导的商业模式快速转型的过程中继续标志着一个又一个里程碑。”</li><li>F5预计2022财年第一季度收入为6.65亿至6.85亿美元,而市场普遍预期为6.67亿美元。</li><li>F5预计非GAAP每股收益为2.71-2.83美元,而市场普遍预期为2.76美元。</li><li>F5预计2022财年收入增长8%-9%,其中软件收入增长35%-40%。</li><li><b>价格走势:</b>FFIV股价周三收盘上涨5.94%,至216.02美元。</li></ul>FFIV的最新评级</blockquote></p><p> <table> <tbody> <tr> <th>Date</th> <th>Firm</th> <th>Action</th> <th>From</th> <th>To</th> </tr> </tbody> <tbody> <tr> <td>Oct 2021</td> <td>Credit Suisse</td> <td>Maintains</td> <td></td> <td>Outperform</td> </tr> <tr> <td>Jul 2021</td> <td>B of A Securities</td> <td>Upgrades</td> <td>Neutral</td> <td>Buy</td> </tr> <tr> <td>Jul 2021</td> <td>Needham</td> <td>Maintains</td> <td></td> <td>Buy</td> </tr> </tbody> </table></p><p><blockquote><table><tbody><tr><th>日期</th><th>公司</th><th>行动</th><th>来自</th><th>到</th></tr></tbody><tbody><tr><td>2021年10月</td><td>瑞士信贷</td><td>维护</td><td></td><td>表现出色</td></tr><tr><td>2021年7月</td><td>B of A证券</td><td>升级</td><td>中立的</td><td>购买</td></tr><tr><td>2021年7月</td><td>李约瑟</td><td>维护</td><td></td><td>购买</td></tr></tbody></table></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>Credit Analyst Bumps F5 Networks Price Target By 17%, Maintains Outperform<blockquote>信贷分析师将F5 Networks目标价上调17%,维持跑赢大盘</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; 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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\">\nCredit Analyst Bumps F5 Networks Price Target By 17%, Maintains Outperform<blockquote>信贷分析师将F5 Networks目标价上调17%,维持跑赢大盘</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-10-28 11:12</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><ul> <li><b>Credit Suisse</b> analyst Sami Badri raised the price target on <b>F5 Networks Inc</b> (NASDAQ: FFIV) to $278 from $238, implying a 24.42% upside, and maintained an Outperform following quarterly results.</li> <li>The analyst cites the company's solid performance and Q1 2022 guidance.</li> <li>F5 reported fourth-quarter FY21 revenue growth of 11% year-on-year to $682 million, beating the consensus of $671.7 million.</li> <li>A 21% product revenue growth and 2% global services revenue growth drove the numbers. A 35% software revenue growth and 12% systems revenue growth Y/Y drove the non-GAAP product revenue.</li> <li>Non-GAAP EPS of $3.01 beat the consensus of $2.75.</li> <li>\"With software revenue representing 45% of product revenue in the fourth quarter, and 80% of this software revenue coming from subscriptions, we continue to mark milestone after milestone in our rapid transformation to a software-led business model,\" CEO François Locoh-Donou said.</li> <li>F5 sees Q1 FY22 revenue of $665 million - $685 million versus the consensus of $667 million.</li> <li>F5 sees non-GAAP EPS of $2.71 - $2.83 versus the consensus of $2.76.</li> <li>F5 sees FY22 revenue growth of 8% - 9%, including software revenue growth of 35% - 40%.</li> <li><b>Price Action:</b> FFIV shares closed higher by 5.94% at $216.02 on Wednesday.</li> </ul> Latest Ratings for FFIV</p><p><blockquote><ul><li><b>瑞士信贷</b>分析师Sami Badri上调目标价<b>F5网络公司</b>(纳斯达克:FFIV)从238美元升至278美元,上涨24.42%,并在季度业绩公布后保持跑赢大盘。</li><li>该分析师引用了该公司稳健的业绩和2022年第一季度的指引。</li><li>F 5报告称,21财年第四季度收入同比增长11%,达到6.82亿美元,超出市场预期的6.717亿美元。</li><li>21%的产品收入增长和2%的全球服务收入增长推动了这一数字。软件收入同比增长35%,系统收入同比增长12%,推动了非GAAP产品收入的增长。</li><li>非GAAP每股收益为3.01美元,超过市场普遍预期的2.75美元。</li><li>首席执行官Fran ç ois Locoh-Donou表示:“第四季度软件收入占产品收入的45%,其中80%的软件收入来自订阅,我们在向软件主导的商业模式快速转型的过程中继续标志着一个又一个里程碑。”</li><li>F5预计2022财年第一季度收入为6.65亿至6.85亿美元,而市场普遍预期为6.67亿美元。</li><li>F5预计非GAAP每股收益为2.71-2.83美元,而市场普遍预期为2.76美元。</li><li>F5预计2022财年收入增长8%-9%,其中软件收入增长35%-40%。</li><li><b>价格走势:</b>FFIV股价周三收盘上涨5.94%,至216.02美元。</li></ul>FFIV的最新评级</blockquote></p><p> <table> <tbody> <tr> <th>Date</th> <th>Firm</th> <th>Action</th> <th>From</th> <th>To</th> </tr> </tbody> <tbody> <tr> <td>Oct 2021</td> <td>Credit Suisse</td> <td>Maintains</td> <td></td> <td>Outperform</td> </tr> <tr> <td>Jul 2021</td> <td>B of A Securities</td> <td>Upgrades</td> <td>Neutral</td> <td>Buy</td> </tr> <tr> <td>Jul 2021</td> <td>Needham</td> <td>Maintains</td> <td></td> <td>Buy</td> </tr> </tbody> </table></p><p><blockquote><table><tbody><tr><th>日期</th><th>公司</th><th>行动</th><th>来自</th><th>到</th></tr></tbody><tbody><tr><td>2021年10月</td><td>瑞士信贷</td><td>维护</td><td></td><td>表现出色</td></tr><tr><td>2021年7月</td><td>B of A证券</td><td>升级</td><td>中立的</td><td>购买</td></tr><tr><td>2021年7月</td><td>李约瑟</td><td>维护</td><td></td><td>购买</td></tr></tbody></table></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FFIV":"F5 Inc"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2178994230","content_text":"Credit Suisse analyst Sami Badri raised the price target on F5 Networks Inc (NASDAQ: FFIV) to $278 from $238, implying a 24.42% upside, and maintained an Outperform following quarterly results.\nThe analyst cites the company's solid performance and Q1 2022 guidance.\nF5 reported fourth-quarter FY21 revenue growth of 11% year-on-year to $682 million, beating the consensus of $671.7 million.\nA 21% product revenue growth and 2% global services revenue growth drove the numbers. A 35% software revenue growth and 12% systems revenue growth Y/Y drove the non-GAAP product revenue.\nNon-GAAP EPS of $3.01 beat the consensus of $2.75.\n\"With software revenue representing 45% of product revenue in the fourth quarter, and 80% of this software revenue coming from subscriptions, we continue to mark milestone after milestone in our rapid transformation to a software-led business model,\" CEO François Locoh-Donou said.\nF5 sees Q1 FY22 revenue of $665 million - $685 million versus the consensus of $667 million.\nF5 sees non-GAAP EPS of $2.71 - $2.83 versus the consensus of $2.76.\nF5 sees FY22 revenue growth of 8% - 9%, including software revenue growth of 35% - 40%.\nPrice Action: FFIV shares closed higher by 5.94% at $216.02 on Wednesday.\n\nLatest Ratings for FFIV\n\n\n\nDate\nFirm\nAction\nFrom\nTo\n\n\n\n\nOct 2021\nCredit Suisse\nMaintains\n\nOutperform\n\n\nJul 2021\nB of A Securities\nUpgrades\nNeutral\nBuy\n\n\nJul 2021\nNeedham\nMaintains\n\nBuy","news_type":1,"symbols_score_info":{"FFIV":0.9}},"isVote":1,"tweetType":1,"viewCount":1894,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":858363156,"gmtCreate":1634982953110,"gmtModify":1634982953318,"author":{"id":"3572390897790291","authorId":"3572390897790291","name":"blo","avatar":"https://static.tigerbbs.com/d90192eace0d90963b2e795671771ad8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572390897790291","idStr":"3572390897790291"},"themes":[],"htmlText":"Tq","listText":"Tq","text":"Tq","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/858363156","repostId":"2177121214","repostType":4,"isVote":1,"tweetType":1,"viewCount":2552,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":893981611,"gmtCreate":1628229341833,"gmtModify":1631889864892,"author":{"id":"3572390897790291","authorId":"3572390897790291","name":"blo","avatar":"https://static.tigerbbs.com/d90192eace0d90963b2e795671771ad8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572390897790291","idStr":"3572390897790291"},"themes":[],"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/893981611","repostId":"1192798098","repostType":4,"isVote":1,"tweetType":1,"viewCount":1544,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890765132,"gmtCreate":1628135381226,"gmtModify":1631889864893,"author":{"id":"3572390897790291","authorId":"3572390897790291","name":"blo","avatar":"https://static.tigerbbs.com/d90192eace0d90963b2e795671771ad8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572390897790291","idStr":"3572390897790291"},"themes":[],"htmlText":"That's","listText":"That's","text":"That's","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890765132","repostId":"1179538570","repostType":4,"repost":{"id":"1179538570","kind":"news","pubTimestamp":1628133775,"share":"https://www.laohu8.com/m/news/1179538570?lang=zh_CN&edition=full","pubTime":"2021-08-05 11:22","market":"other","language":"en","title":"Gold Price Outlook: XAU Stumbles on Fed-Induced US Dollar Strength, NFPs Eyed<blockquote>金价展望:XAU因美联储引发的美元走强而跌跌撞撞,NFP关注</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179538570","media":"DailyFX","summary":"GOLD, US DOLLAR, XAU/USD, FED BETS, DEATH CROSS – TALKING POINTS\n\nGold price stook hit after Fed’s C","content":"<p><b>GOLD, US DOLLAR, XAU/USD, FED BETS, DEATH CROSS – TALKING POINTS</b></p><p><blockquote><b>黄金、美元、XAU/美元、美联储押注、死亡相声点</b></blockquote></p><p> <ul> <li>Gold price stook hit after Fed’s Clarida fueled tightening bets</li> <li>Friday’s non-farm payrolls report likely vital to gold’s direction</li> <li>XAU/USDsees a possible Death Cross formation on the horizon</li> </ul> Gold was on the run this week until it stumbled on a surge in the US Dollar. The Federal Reserve’s Vice Chairman, Richard Clarida, caused Fed rate hike bets to strengthen on Wednesday. Mr. Clarida’s commentary suggested that economic conditions are on track to strengthen considerably, so much so that a possible taper timeline announcement is likely warranted later this year. The seasoned economist did acknowledge the growing threat posed by the highly transmissible Delta variant.</p><p><blockquote><ul><li>美联储克拉里达加剧紧缩押注后金价受到打击</li><li>周五的非农就业报告可能对黄金的走向至关重要</li><li>XAU/USD认为可能出现死亡交叉形态</li></ul>黄金本周一直在运行,直到美元飙升。美联储副主席理查德·克拉里达周三导致美联储加息押注加强。克拉里达的评论表明,经济状况有望大幅走强,以至于今年晚些时候可能有必要宣布缩减时间表。这位经验丰富的经济学家确实承认高传染性德尔塔变异毒株构成的威胁日益严重。</blockquote></p><p> Still, market participants pushed the US Dollar higher as already hawkish Fed bets intensified. The Greenback’s strength dragged gold prices lower. The yellow metal typically weakens when the Greenback strengthens due to higher holding costs for foreign investors. Gold is also seen as an inflation hedge to some, although that function is still up for debate in many circles. Consider that true, however, and the accelerated view of Fed tightening likely works to the detriment of gold prices. That is because higher interest rates typically tame rising prices.</p><p><blockquote>尽管如此,随着本已鹰派的美联储押注加剧,市场参与者推动美元走高。美元走强拖累金价走低。由于外国投资者的持有成本上升,当美元走强时,黄金通常会走软。黄金也被一些人视为通胀对冲工具,尽管这一功能在许多圈子里仍有争议。然而,考虑到这一点,美联储加速紧缩的观点可能会损害金价。这是因为较高的利率通常会抑制物价上涨。</blockquote></p><p> The current focus for gold likely isn’t on inflation, though. Besides, the market has largely capitulated to the Fed’s transitory view on rising prices. The big driver on the horizon for gold prices, and markets overall, is this Friday’s non-farm payrolls report (NFPs). Analysts are expecting a print of 870k jobs for July. Given the Fed’s focus on the labor market, the data print relative to the consensus view will likely be vital to monetary policy bets. With this in mind, a better-than-expected NFP print is likely to weigh on gold prices by driving USD strength. Alternatively, a miss may benefit the yellow metal.</p><p><blockquote>不过,目前黄金的焦点可能不是通胀。此外,市场在很大程度上屈服于美联储对物价上涨的暂时性观点。金价和整个市场的最大驱动力是本周五的非农就业报告(NFPs)。分析师预计7月份将有87万个就业岗位。鉴于美联储对劳动力市场的关注,相对于共识观点的数据可能对货币政策押注至关重要。考虑到这一点,好于预期的NFP数据可能会推动美元走强,从而打压金价。或者,失误可能有利于黄色金属。</blockquote></p><p> <h3><b>GOLD TECHNICAL OUTLOOK</b></h3> XAU prices were looking higher earlier this week but failed to sustain above the 50- and 200-day Simple Moving Averages (SMA). The falling 50-day SMA has capped the upside over the past couple of weeks, and now a Death Cross appears to be on the horizon. That would likely put bearish technical pressure on gold and possibly drag it back below the psychologically imposing 1800 level.</p><p><blockquote><h3><b>黄金技术展望</b></h3>XAU价格本周早些时候看起来走高,但未能维持在50日和200日简单移动平均线(SMA)之上。过去几周,下跌的50日移动平均线限制了上涨空间,现在死亡交叉似乎即将出现。这可能会给黄金带来看跌的技术压力,并可能将其拖回1800点的心理关口下方。</blockquote></p><p> <b>GOLD DAILY CHART</b><img src=\"https://static.tigerbbs.com/3d9506a0f4126957d013a1f5804f3c69\" tg-width=\"624\" tg-height=\"635\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Chart created with TradingView</p><p><blockquote><b>黄金日线图</b>使用TradingView创建的图表</blockquote></p><p></p>","source":"lsy1568971417606","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>Gold Price Outlook: XAU Stumbles on Fed-Induced US Dollar Strength, NFPs Eyed<blockquote>金价展望:XAU因美联储引发的美元走强而跌跌撞撞,NFP关注</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\">\nGold Price Outlook: XAU Stumbles on Fed-Induced US Dollar Strength, NFPs Eyed<blockquote>金价展望:XAU因美联储引发的美元走强而跌跌撞撞,NFP关注</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">DailyFX</strong><span class=\"h-time small\">2021-08-05 11:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>GOLD, US DOLLAR, XAU/USD, FED BETS, DEATH CROSS – TALKING POINTS</b></p><p><blockquote><b>黄金、美元、XAU/美元、美联储押注、死亡相声点</b></blockquote></p><p> <ul> <li>Gold price stook hit after Fed’s Clarida fueled tightening bets</li> <li>Friday’s non-farm payrolls report likely vital to gold’s direction</li> <li>XAU/USDsees a possible Death Cross formation on the horizon</li> </ul> Gold was on the run this week until it stumbled on a surge in the US Dollar. The Federal Reserve’s Vice Chairman, Richard Clarida, caused Fed rate hike bets to strengthen on Wednesday. Mr. Clarida’s commentary suggested that economic conditions are on track to strengthen considerably, so much so that a possible taper timeline announcement is likely warranted later this year. The seasoned economist did acknowledge the growing threat posed by the highly transmissible Delta variant.</p><p><blockquote><ul><li>美联储克拉里达加剧紧缩押注后金价受到打击</li><li>周五的非农就业报告可能对黄金的走向至关重要</li><li>XAU/USD认为可能出现死亡交叉形态</li></ul>黄金本周一直在运行,直到美元飙升。美联储副主席理查德·克拉里达周三导致美联储加息押注加强。克拉里达的评论表明,经济状况有望大幅走强,以至于今年晚些时候可能有必要宣布缩减时间表。这位经验丰富的经济学家确实承认高传染性德尔塔变异毒株构成的威胁日益严重。</blockquote></p><p> Still, market participants pushed the US Dollar higher as already hawkish Fed bets intensified. The Greenback’s strength dragged gold prices lower. The yellow metal typically weakens when the Greenback strengthens due to higher holding costs for foreign investors. Gold is also seen as an inflation hedge to some, although that function is still up for debate in many circles. Consider that true, however, and the accelerated view of Fed tightening likely works to the detriment of gold prices. That is because higher interest rates typically tame rising prices.</p><p><blockquote>尽管如此,随着本已鹰派的美联储押注加剧,市场参与者推动美元走高。美元走强拖累金价走低。由于外国投资者的持有成本上升,当美元走强时,黄金通常会走软。黄金也被一些人视为通胀对冲工具,尽管这一功能在许多圈子里仍有争议。然而,考虑到这一点,美联储加速紧缩的观点可能会损害金价。这是因为较高的利率通常会抑制物价上涨。</blockquote></p><p> The current focus for gold likely isn’t on inflation, though. Besides, the market has largely capitulated to the Fed’s transitory view on rising prices. The big driver on the horizon for gold prices, and markets overall, is this Friday’s non-farm payrolls report (NFPs). Analysts are expecting a print of 870k jobs for July. Given the Fed’s focus on the labor market, the data print relative to the consensus view will likely be vital to monetary policy bets. With this in mind, a better-than-expected NFP print is likely to weigh on gold prices by driving USD strength. Alternatively, a miss may benefit the yellow metal.</p><p><blockquote>不过,目前黄金的焦点可能不是通胀。此外,市场在很大程度上屈服于美联储对物价上涨的暂时性观点。金价和整个市场的最大驱动力是本周五的非农就业报告(NFPs)。分析师预计7月份将有87万个就业岗位。鉴于美联储对劳动力市场的关注,相对于共识观点的数据可能对货币政策押注至关重要。考虑到这一点,好于预期的NFP数据可能会推动美元走强,从而打压金价。或者,失误可能有利于黄色金属。</blockquote></p><p> <h3><b>GOLD TECHNICAL OUTLOOK</b></h3> XAU prices were looking higher earlier this week but failed to sustain above the 50- and 200-day Simple Moving Averages (SMA). The falling 50-day SMA has capped the upside over the past couple of weeks, and now a Death Cross appears to be on the horizon. That would likely put bearish technical pressure on gold and possibly drag it back below the psychologically imposing 1800 level.</p><p><blockquote><h3><b>黄金技术展望</b></h3>XAU价格本周早些时候看起来走高,但未能维持在50日和200日简单移动平均线(SMA)之上。过去几周,下跌的50日移动平均线限制了上涨空间,现在死亡交叉似乎即将出现。这可能会给黄金带来看跌的技术压力,并可能将其拖回1800点的心理关口下方。</blockquote></p><p> <b>GOLD DAILY CHART</b><img src=\"https://static.tigerbbs.com/3d9506a0f4126957d013a1f5804f3c69\" tg-width=\"624\" tg-height=\"635\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Chart created with TradingView</p><p><blockquote><b>黄金日线图</b>使用TradingView创建的图表</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2021/08/05/Gold-Price-Outlook-XAU-Stumbles-on-Fed-Induced-US-Dollar-Strength-NFPs-Eyed.html\">DailyFX</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":{},"source_url":"https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2021/08/05/Gold-Price-Outlook-XAU-Stumbles-on-Fed-Induced-US-Dollar-Strength-NFPs-Eyed.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179538570","content_text":"GOLD, US DOLLAR, XAU/USD, FED BETS, DEATH CROSS – TALKING POINTS\n\nGold price stook hit after Fed’s Clarida fueled tightening bets\nFriday’s non-farm payrolls report likely vital to gold’s direction\nXAU/USDsees a possible Death Cross formation on the horizon\n\nGold was on the run this week until it stumbled on a surge in the US Dollar. The Federal Reserve’s Vice Chairman, Richard Clarida, caused Fed rate hike bets to strengthen on Wednesday. Mr. Clarida’s commentary suggested that economic conditions are on track to strengthen considerably, so much so that a possible taper timeline announcement is likely warranted later this year. The seasoned economist did acknowledge the growing threat posed by the highly transmissible Delta variant.\nStill, market participants pushed the US Dollar higher as already hawkish Fed bets intensified. The Greenback’s strength dragged gold prices lower. The yellow metal typically weakens when the Greenback strengthens due to higher holding costs for foreign investors. Gold is also seen as an inflation hedge to some, although that function is still up for debate in many circles. Consider that true, however, and the accelerated view of Fed tightening likely works to the detriment of gold prices. That is because higher interest rates typically tame rising prices.\nThe current focus for gold likely isn’t on inflation, though. Besides, the market has largely capitulated to the Fed’s transitory view on rising prices. The big driver on the horizon for gold prices, and markets overall, is this Friday’s non-farm payrolls report (NFPs). Analysts are expecting a print of 870k jobs for July. Given the Fed’s focus on the labor market, the data print relative to the consensus view will likely be vital to monetary policy bets. With this in mind, a better-than-expected NFP print is likely to weigh on gold prices by driving USD strength. Alternatively, a miss may benefit the yellow metal.\nGOLD TECHNICAL OUTLOOK\nXAU prices were looking higher earlier this week but failed to sustain above the 50- and 200-day Simple Moving Averages (SMA). The falling 50-day SMA has capped the upside over the past couple of weeks, and now a Death Cross appears to be on the horizon. That would likely put bearish technical pressure on gold and possibly drag it back below the psychologically imposing 1800 level.\nGOLD DAILY CHARTChart created with TradingView","news_type":1,"symbols_score_info":{"GOLDmain":0.9,"GCmain":0.9,"MGCmain":0.9}},"isVote":1,"tweetType":1,"viewCount":1851,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807716298,"gmtCreate":1628057164414,"gmtModify":1631889864895,"author":{"id":"3572390897790291","authorId":"3572390897790291","name":"blo","avatar":"https://static.tigerbbs.com/d90192eace0d90963b2e795671771ad8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572390897790291","idStr":"3572390897790291"},"themes":[],"htmlText":"Thank","listText":"Thank","text":"Thank","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/807716298","repostId":"1160773280","repostType":2,"repost":{"id":"1160773280","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1628040319,"share":"https://www.laohu8.com/m/news/1160773280?lang=zh_CN&edition=full","pubTime":"2021-08-04 09:25","market":"us","language":"en","title":"Why An S&P 500 Buyback Boom Could Be Just Around The Corner<blockquote>为什么标普500回购热潮即将来临</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160773280","media":"Benzinga","summary":"Analysts are expecting S&P 500 earnings to surge 40.7% in 2021 off of extremely easy pandemic comps.","content":"<p>Analysts are expecting S&P 500 earnings to surge 40.7% in 2021 off of extremely easy pandemic comps. On Tuesday, DataTrek Research co-founder <b>Nicholas Colas</b> said one of the impacts of that burst of earnings growth will likely be a huge increase in S&P 500 share buybacks.</p><p><blockquote>分析师预计,标普500 2021年的盈利将在极其轻松的疫情比较中飙升40.7%。周二,DataTrek Research联合创始人<b>尼古拉斯·科拉斯</b>表示,盈利爆发式增长的影响之一可能是标普500股票回购的大幅增加。</blockquote></p><p> <b>The Numbers:</b>Prior to the pandemic, S&P 500 companies reported $1.305 billion in 2019 net operating profits. About $485 billion of those profits (37%) went to dividends, while $729 billion (56%) went to stock buybacks.</p><p><blockquote><b>数字:</b>在疫情之前,标普500公司报告2019年净营业利润为13.05亿美元。其中约4850亿美元(37%)用于股息,7290亿美元(56%)用于股票回购。</blockquote></p><p> In 2018 and 2019, 99% and 93% of S&P 500 net operating profits went to either dividends or buybacks.</p><p><blockquote>2018年和2019年,标普500净营业利润的99%和93%用于股息或回购。</blockquote></p><p> “With S&P earnings now 23 percent higher than 2018-19 ($162/share then, $200/share now), we should expect to see many companies in the index dramatically increase their return of cash to shareholders over the rest of 2021 and into 2022,” Colas said.</p><p><blockquote>“由于标准普尔目前的盈利比2018-19年高出23%(当时为162美元/股,现在为200美元/股),我们应该预计该指数中的许多公司将在2021年剩余时间和2022年大幅增加对股东的现金回报,”科拉斯说。</blockquote></p><p> <b>Buybacks Over Dividends:</b> Colas said investors should anticipate companies will prioritize buybacks over dividends in the current climate given the uncertainties that lie ahead in 2022 and beyond.</p><p><blockquote><b>股息回购:</b>Colas表示,鉴于2022年及以后的不确定性,投资者应该预计,在当前环境下,公司将优先考虑回购而不是股息。</blockquote></p><p> Investors tend to react more negatively to dividend cuts than a pause in buybacks in the event of another economic downturn, so he said investors should expect a relatively high percentage of excess profits to go to buybacks for now.</p><p><blockquote>投资者对削减股息的反应往往比在经济再次下滑时暂停回购更消极,因此他表示,投资者目前应该预计相对较高比例的超额利润将用于回购。</blockquote></p><p> In the first quarter of 2021, S&P 500 companies were buying back stock at an annual run rate of about $712 billion.</p><p><blockquote>2021年第一季度,标普500公司回购股票的年增长率约为7120亿美元。</blockquote></p><p> If they were to return to 2018 and 2019 levels based on updated earnings expectations, they would be buying back stock at around a $1-trillion annual run rate, Colas said. In other words, investors can expect at least an additional $250 billion per quarter in buybacks over the next several quarters.</p><p><blockquote>Colas表示,如果他们根据更新的盈利预期恢复到2018年和2019年的水平,他们将以每年约1万亿美元的运行速度回购股票。换句话说,投资者预计未来几个季度每季度至少会有2500亿美元的额外回购。</blockquote></p><p> More buybacks are generally good news overall for the <b>SPDR S&P 500 ETF Trust</b>(NYSE:SPY), but simply returning to pre-pandemic levels of capital returns isn’t a particularly bullish catalyst.</p><p><blockquote>总体而言,更多的回购对于<b>SPDR标普500 ETF信托</b>(纽约证券交易所股票代码:SPDR标普500指数ETF),但简单地恢复到大流行前的资本回报水平并不是特别看涨的催化剂。</blockquote></p><p> “A large increase in stock buybacks is therefore certainly good, but not great, news for US equities,” Colas said.</p><p><blockquote>科拉斯表示:“因此,股票回购的大幅增加对美国股市来说当然是好消息,但不是好消息。”</blockquote></p><p> <b>Benzinga’s Take:</b>Investors should understand a potential surge in buybacks will impact some marketsectors far more than others. In fact, Colas said the Technology and Financialsectors alone have accounted for 52% of all S&P 500 share buybacks over the past five years.</p><p><blockquote><b>Benzinga的看法:</b>投资者应该明白,回购的潜在激增对某些市场板块的影响将远远大于其他市场板块。事实上,科拉斯表示,过去五年,仅科技和金融行业就占标普500所有股票回购的52%。</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>Why An S&P 500 Buyback Boom Could Be Just Around The Corner<blockquote>为什么标普500回购热潮即将来临</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\">\nWhy An S&P 500 Buyback Boom Could Be Just Around The Corner<blockquote>为什么标普500回购热潮即将来临</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-08-04 09:25</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Analysts are expecting S&P 500 earnings to surge 40.7% in 2021 off of extremely easy pandemic comps. On Tuesday, DataTrek Research co-founder <b>Nicholas Colas</b> said one of the impacts of that burst of earnings growth will likely be a huge increase in S&P 500 share buybacks.</p><p><blockquote>分析师预计,标普500 2021年的盈利将在极其轻松的疫情比较中飙升40.7%。周二,DataTrek Research联合创始人<b>尼古拉斯·科拉斯</b>表示,盈利爆发式增长的影响之一可能是标普500股票回购的大幅增加。</blockquote></p><p> <b>The Numbers:</b>Prior to the pandemic, S&P 500 companies reported $1.305 billion in 2019 net operating profits. About $485 billion of those profits (37%) went to dividends, while $729 billion (56%) went to stock buybacks.</p><p><blockquote><b>数字:</b>在疫情之前,标普500公司报告2019年净营业利润为13.05亿美元。其中约4850亿美元(37%)用于股息,7290亿美元(56%)用于股票回购。</blockquote></p><p> In 2018 and 2019, 99% and 93% of S&P 500 net operating profits went to either dividends or buybacks.</p><p><blockquote>2018年和2019年,标普500净营业利润的99%和93%用于股息或回购。</blockquote></p><p> “With S&P earnings now 23 percent higher than 2018-19 ($162/share then, $200/share now), we should expect to see many companies in the index dramatically increase their return of cash to shareholders over the rest of 2021 and into 2022,” Colas said.</p><p><blockquote>“由于标准普尔目前的盈利比2018-19年高出23%(当时为162美元/股,现在为200美元/股),我们应该预计该指数中的许多公司将在2021年剩余时间和2022年大幅增加对股东的现金回报,”科拉斯说。</blockquote></p><p> <b>Buybacks Over Dividends:</b> Colas said investors should anticipate companies will prioritize buybacks over dividends in the current climate given the uncertainties that lie ahead in 2022 and beyond.</p><p><blockquote><b>股息回购:</b>Colas表示,鉴于2022年及以后的不确定性,投资者应该预计,在当前环境下,公司将优先考虑回购而不是股息。</blockquote></p><p> Investors tend to react more negatively to dividend cuts than a pause in buybacks in the event of another economic downturn, so he said investors should expect a relatively high percentage of excess profits to go to buybacks for now.</p><p><blockquote>投资者对削减股息的反应往往比在经济再次下滑时暂停回购更消极,因此他表示,投资者目前应该预计相对较高比例的超额利润将用于回购。</blockquote></p><p> In the first quarter of 2021, S&P 500 companies were buying back stock at an annual run rate of about $712 billion.</p><p><blockquote>2021年第一季度,标普500公司回购股票的年增长率约为7120亿美元。</blockquote></p><p> If they were to return to 2018 and 2019 levels based on updated earnings expectations, they would be buying back stock at around a $1-trillion annual run rate, Colas said. In other words, investors can expect at least an additional $250 billion per quarter in buybacks over the next several quarters.</p><p><blockquote>Colas表示,如果他们根据更新的盈利预期恢复到2018年和2019年的水平,他们将以每年约1万亿美元的运行速度回购股票。换句话说,投资者预计未来几个季度每季度至少会有2500亿美元的额外回购。</blockquote></p><p> More buybacks are generally good news overall for the <b>SPDR S&P 500 ETF Trust</b>(NYSE:SPY), but simply returning to pre-pandemic levels of capital returns isn’t a particularly bullish catalyst.</p><p><blockquote>总体而言,更多的回购对于<b>SPDR标普500 ETF信托</b>(纽约证券交易所股票代码:SPDR标普500指数ETF),但简单地恢复到大流行前的资本回报水平并不是特别看涨的催化剂。</blockquote></p><p> “A large increase in stock buybacks is therefore certainly good, but not great, news for US equities,” Colas said.</p><p><blockquote>科拉斯表示:“因此,股票回购的大幅增加对美国股市来说当然是好消息,但不是好消息。”</blockquote></p><p> <b>Benzinga’s Take:</b>Investors should understand a potential surge in buybacks will impact some marketsectors far more than others. In fact, Colas said the Technology and Financialsectors alone have accounted for 52% of all S&P 500 share buybacks over the past five years.</p><p><blockquote><b>Benzinga的看法:</b>投资者应该明白,回购的潜在激增对某些市场板块的影响将远远大于其他市场板块。事实上,科拉斯表示,过去五年,仅科技和金融行业就占标普500所有股票回购的52%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160773280","content_text":"Analysts are expecting S&P 500 earnings to surge 40.7% in 2021 off of extremely easy pandemic comps. On Tuesday, DataTrek Research co-founder Nicholas Colas said one of the impacts of that burst of earnings growth will likely be a huge increase in S&P 500 share buybacks.\nThe Numbers:Prior to the pandemic, S&P 500 companies reported $1.305 billion in 2019 net operating profits. About $485 billion of those profits (37%) went to dividends, while $729 billion (56%) went to stock buybacks.\nIn 2018 and 2019, 99% and 93% of S&P 500 net operating profits went to either dividends or buybacks.\n“With S&P earnings now 23 percent higher than 2018-19 ($162/share then, $200/share now), we should expect to see many companies in the index dramatically increase their return of cash to shareholders over the rest of 2021 and into 2022,” Colas said.\nBuybacks Over Dividends: Colas said investors should anticipate companies will prioritize buybacks over dividends in the current climate given the uncertainties that lie ahead in 2022 and beyond.\nInvestors tend to react more negatively to dividend cuts than a pause in buybacks in the event of another economic downturn, so he said investors should expect a relatively high percentage of excess profits to go to buybacks for now.\nIn the first quarter of 2021, S&P 500 companies were buying back stock at an annual run rate of about $712 billion.\nIf they were to return to 2018 and 2019 levels based on updated earnings expectations, they would be buying back stock at around a $1-trillion annual run rate, Colas said. In other words, investors can expect at least an additional $250 billion per quarter in buybacks over the next several quarters.\nMore buybacks are generally good news overall for the SPDR S&P 500 ETF Trust(NYSE:SPY), but simply returning to pre-pandemic levels of capital returns isn’t a particularly bullish catalyst.\n“A large increase in stock buybacks is therefore certainly good, but not great, news for US equities,” Colas said.\nBenzinga’s Take:Investors should understand a potential surge in buybacks will impact some marketsectors far more than others. In fact, Colas said the Technology and Financialsectors alone have accounted for 52% of all S&P 500 share buybacks over the past five years.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1787,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177890005,"gmtCreate":1627192470107,"gmtModify":1631889864900,"author":{"id":"3572390897790291","authorId":"3572390897790291","name":"blo","avatar":"https://static.tigerbbs.com/d90192eace0d90963b2e795671771ad8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572390897790291","idStr":"3572390897790291"},"themes":[],"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/177890005","repostId":"1176552691","repostType":4,"repost":{"id":"1176552691","kind":"news","pubTimestamp":1627183789,"share":"https://www.laohu8.com/m/news/1176552691?lang=zh_CN&edition=full","pubTime":"2021-07-25 11:29","market":"us","language":"en","title":"Is IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估?要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1176552691","media":"seekingalpha","summary":"Summary\n\nIBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>IBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.</li> <li>Prior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.</li> <li>More transparency is needed regarding the Kyndryl spinoff.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c798e0536c6804d44b195f6f349fab5\" tg-width=\"1536\" tg-height=\"1044\" width=\"100%\" height=\"auto\"><span>Ethan Miller/Getty Images News</span></p><p><blockquote><ul><li>随着云收入和营业利润率的改善,IBM第二季度盈利超出了分析师的预期。</li><li>在第一季度之前,IBM连续四个季度收入下降,过去34个季度中有30个季度收入下降。</li><li>Kyndryl分拆需要更多透明度。</li></ul><p class=\"t-img-caption\"><span>伊森·米勒/盖蒂图片社新闻</span></p></blockquote></p><p> International Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.</p><p><blockquote>国际商业机器公司(IBM)是一家转型中的公司。不幸的是,对于投资者来说,这种转变已经持续了十年的大部分时间。这些扭亏为盈的努力包括对云计算和人工智能的投资以及剥离遗留业务。虽然现在有绿芽的迹象,但播下的种子是否落在岩石上还有待观察。</blockquote></p><p> Although the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.</p><p><blockquote>尽管该公司在混合云产品方面拥有快速增长的业务,并在量子计算方面拥有潜在的增长引擎,但它面临着前一个行业的激烈竞争和后一个行业的不确定前景。该公司的大多数其他业务都处于低迷状态,因此IBM的增长前景不明朗。</blockquote></p><p> What is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.</p><p><blockquote>可以肯定的是,截至今天,IBM的债务负担合理且不断减少,自由现金流强劲。</blockquote></p><p> Management is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.</p><p><blockquote>管理层正试图通过专注于公司的云产品来部分解决增长问题,同时剥离其托管基础设施业务。该公司将被命名为Kyndryl。然而,新实体将承担的债务以及其将承担的当前股息部分尚未透露。</blockquote></p><p> <b>Recent Quarterly Results</b></p><p><blockquote><b>最近季度业绩</b></blockquote></p><p> IBM reported Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.</p><p><blockquote>IBM上周一公布了第二季度业绩。该公司的非GAAP每股收益为2.33美元,超出预期0.04美元。</blockquote></p><p> Revenue of $18.7 billion was flat when adjusted for currency and divestitures.</p><p><blockquote>经货币和资产剥离调整后,营收为187亿美元,持平。</blockquote></p><p> The negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.</p><p><blockquote>该报告的负面影响是系统收入下降了7%。然而,这主要是由于正常的IBM Z大型机周期,同比下降13%。</blockquote></p><p> The global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.</p><p><blockquote>全球融资部门在总收入中所占比例较低,下降了9%。全球技术服务约占总收入的三分之一,并将主要分拆为Kyndryl,但增长平缓。</blockquote></p><p> The positive side of the report had Cloud & Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.</p><p><blockquote>该报告的积极一面是云和认知软件云收入增长了29%,全球商业服务云收入增长了35%。过去12个月,云总收入为270亿美元,增长了15%,而本季度云收入增长了13%,达到70亿美元。</blockquote></p><p> Net cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.</p><p><blockquote>过去12个月,经营活动产生的净现金达到177亿美元,调整后的自由现金流总计110亿美元。</blockquote></p><p> Since year-end 2020, the company has reduced debt by $6.4 billion.</p><p><blockquote>自2020年底以来,该公司已减少债务64亿美元。</blockquote></p><p> Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021.</p><p><blockquote>2021年调整后自由现金流110亿至120亿美元的管理指南。</blockquote></p><p> <b>Where IBM Stands Tall</b></p><p><blockquote><b>IBM屹立不倒的地方</b></blockquote></p><p> IBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.</p><p><blockquote>许多人认为IBM往好了说是一家三流IT公司,往坏了说是一只濒临灭绝的恐龙。</blockquote></p><p> It is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.</p><p><blockquote>很明显,该公司的收入多年来一直在下降;然而,为了准确评估该股票,投资者必须了解IBM的传统业务有许多优势。</blockquote></p><p> For example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.</p><p><blockquote>例如,IBM是世界上最大的IT服务公司,也是大型机的主要提供商。在财富50强公司中,有47家是IBM的客户。</blockquote></p><p> Half of the world’s wireless connections are handled by the firm.</p><p><blockquote>世界上一半的无线连接由该公司处理。</blockquote></p><p> IBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.</p><p><blockquote>IBM的大型机系统处理全球近90%的信用卡交易,97%的全球最大银行依赖IBM的产品和服务。因此,每年使用IBM系统处理290亿笔ATM交易。</blockquote></p><p> Eight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.</p><p><blockquote>十分之八的全球零售商依赖IBM的产品和服务,而80%的旅游业预订通过IBM系统进行。这导致使用该公司的IT服务处理40亿次航班预订。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ace4f1436fd2697c5ad266b5017e1dd\" tg-width=\"960\" tg-height=\"721\" width=\"100%\" height=\"auto\"><span>Source: Forbes</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:福布斯</span></p></blockquote></p><p> It is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.</p><p><blockquote>很明显,IBM拥有庞大的客户群,提供了大规模的经常性收入。在许多情况下,转向竞争对手的产品意味着冒着敏感信息转移的风险,而许多人不愿意采取这一举措。</blockquote></p><p> However, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.</p><p><blockquote>然而,随着向云服务和开源软件的过渡,越来越多的公司采用混合搭配的IT基础设施。反过来,这正在侵蚀IBM与客户转换成本相关的竞争优势。</blockquote></p><p> <b>The Sources Of Potential Growth</b></p><p><blockquote><b>潜在增长的来源</b></blockquote></p><p></p><p> Investors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh provided insight into how hybrid cloud drives revenue in some of IBM’s other divisions.</p><p><blockquote>投资者普遍了解IBM通过其混合云产品推动增长的努力。然而,在摩根大通最近的投资者会议上,首席财务官吉姆·卡瓦诺(Jim Kavanaugh)就混合云如何推动IBM其他一些部门的收入提供了见解。</blockquote></p><p> For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall. Of course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.</p><p><blockquote>我们在混合云平台上每投入1美元(业务),我们就会看到3到5美元的软件拖累和6到8美元的服务拖累。当然,Kavanaugh使用drag来指的是与采用IBM混合云相关的软件和服务收入的增加。如果卡瓦诺的说法准确,这意味着在该公司混合云平台上花费的每一美元都可以从该公司的软件和服务产品中获得9至13美元的额外收入。</blockquote></p><p> Because hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.</p><p><blockquote>由于混合云混合使用内部私有云和公共云服务,因此它为客户提供了一定程度的数据隐私。这是医疗保健和金融服务客户特别关注的问题。因此,我认为IBM在与其他混合云提供商的竞争中可能具有优势,因为它在这些行业中拥有广泛的关系。</blockquote></p><p> I reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm forecasts a CAGR of 18.73% from 2021 through 2026.</p><p><blockquote>我回顾了关于混合云市场预计增长率的各种预测。最近的研究,也属于其他预测的中间,是由魔多情报局进行的。该公司预测2021年至2026年的复合年增长率为18.73%。</blockquote></p><p> Investors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.</p><p><blockquote>投资者应该知道,该领域的主要运营商是思科(CSCO)、惠普(HPE)、亚马逊(AMZN)、思杰系统(CTXS)和IBM。</blockquote></p><p> The following chart provides a record of the firm’s total cloud growth over the last six quarters.</p><p><blockquote>下图提供了该公司过去六个季度的总云增长记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5fc85156e70f6caf8ae809f76126a723\" tg-width=\"576\" tg-height=\"336\" width=\"100%\" height=\"auto\"><span>Source: Company reports / Chart by Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:公司报告/作者图表</span></p></blockquote></p><p> Aside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.</p><p><blockquote>除了云之外,还有另一个潜在增长的来源,尽管它不太可能很快实现。</blockquote></p><p> Early in 2019, IBM introduced the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.</p><p><blockquote>2019年初,IBM推出了Q System One。IBM Q systems是世界上第一台为科学和商业用途而设计的量子计算机。</blockquote></p><p> Pardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence forecasts a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.</p><p><blockquote>原谅我的双关语,但量子计算机代表了技术的巨大飞跃。Prescient And Strategic Intelligence预测,到2030年,该行业的CAGR将达到56%,量子计算机市场份额将达到近650亿美元。</blockquote></p><p> For additional insights regarding quantum computing and IBM’s position within that industry, I point you to my article, “IBM: Why My Eye Is Fixed On Big Blue.”</p><p><blockquote>有关量子计算和IBM在该行业中的地位的更多见解,我向您推荐我的文章“IBM:为什么我的眼睛盯着蓝色巨人”。</blockquote></p><p> <b>Understanding Kyndryl</b></p><p><blockquote><b>了解Kyndryl</b></blockquote></p><p> Once Kyndryl is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.</p><p><blockquote>Kyndryl一旦上市,将在115个国家拥有9万多名员工和4600多家客户。新实体的服务积压量为600亿美元,预计收入为190亿美元。该公司的规模是最接近的竞争对手的两倍,将成为全球最大的托管基础设施服务提供商。</blockquote></p><p> The split will transform IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.</p><p><blockquote>此次分拆将使IBM从一家一半收入来自服务的公司转变为一家软件和解决方案业务经常性收入超过一半的公司。</blockquote></p><p> Global Business Services, which currently constitutes 22% of the company’s revenue, will account for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.</p><p><blockquote>全球商业服务目前占公司收入的22%,将占销售额的40%以上。值得注意的是,该部门上季度的收入同比增长了12%。</blockquote></p><p> IBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.</p><p><blockquote>IBM将保留Red Hat及其解决方案提供商业务、系统业务、关键任务公共云服务,以及专注于大数据、人工智能和安全的软件组合。</blockquote></p><p> Initially, the two companies will each be the largest customer of the other.</p><p><blockquote>最初,两家公司将各自成为对方的最大客户。</blockquote></p><p> What remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.</p><p><blockquote>关于分拆,尚待了解的是每家公司将承担多少债务,以及公司将支付的股息份额。克里希纳表示,两家公司将共同努力维持目前的支付水平。</blockquote></p><p> <b>Has IBM Turned The Corner?</b></p><p><blockquote><b>IBM转危为安了吗?</b></blockquote></p><p> Anyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.</p><p><blockquote>任何关注IBM的人都知道该公司经历了长期的糟糕业绩。下图提供了该公司过去十四个季度的季度自由现金流记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60cc8b82052f97dd449205999ee30711\" tg-width=\"577\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Data from ycharts / chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:数据来自ycharts/作者图表</span></p></blockquote></p><p> While this is not proof positive that the company is back on track, the recent trend is at least encouraging.</p><p><blockquote>虽然这并不能证明该公司重回正轨,但最近的趋势至少令人鼓舞。</blockquote></p><p> In 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.</p><p><blockquote>2020年,IBM产生了108亿美元的自由现金流。2021年调整后自由现金流110亿至120亿美元的管理指南。这不包括与Kyndryl分拆相关的30亿美元结构性影响。</blockquote></p><p> The CEO recently stated he expects IBM to generate $12 billion to $13 billion in FCF in 2022.</p><p><blockquote>这位首席执行官最近表示,他预计IBM将在2022年产生120亿至130亿美元的自由现金流。</blockquote></p><p> <b>Debt And Dividend</b></p><p><blockquote><b>债务和股息</b></blockquote></p><p></p><p> While investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.</p><p><blockquote>虽然投资者可以理所当然地抱怨多年来的各种管理层举措,但该公司在进行多项收购的同时保持了合理的债务状况。</blockquote></p><p> The company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.</p><p><blockquote>自2019年年中达到峰值以来,该公司已将债务减少了约180亿美元。IBM维持投资级信用评级,下图记录了该公司最近偿还债务的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b73e613157c486a5f5e8306546121971\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Source: IBM Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源:IBM演示文稿</span></p></blockquote></p><p> IBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.</p><p><blockquote>IBM的收益率为4.64%,派息率略低于61%,5年股息增长率为4.26%。如前所述,Kyndryl分拆后,两家公司将合作提供相当于当前股息的派息。</blockquote></p><p> <b>Is IBM Stock Overvalued?</b></p><p><blockquote><b>IBM股票是否被高估?</b></blockquote></p><p> IBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.</p><p><blockquote>IBM股价交易价格为141.13美元。8位分析师的平均12个月目标价为153.50美元。自上次收益报告以来,对该股进行评级的3位分析师的目标价为151.33美元。</blockquote></p><p> IBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.</p><p><blockquote>IBM的市盈率为24.05倍,远期市盈率为17.67倍。相比之下,其五年平均值分别为16.42倍和13.25倍。这远低于行业平均水平,这两个指标都在三十左右。</blockquote></p><p> The 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.</p><p><blockquote>Seeking Alpha Premium提供的3至5年期PEG为1.16倍。嘉信理财计算的PEG为1.49倍,雅虎没有提供PEG比率。</blockquote></p><p> I believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.</p><p><blockquote>我相信该股目前的市盈率反映了投资者对分拆完成后IBM增长加速的预期。PEG比率显示该股票估值合理。</blockquote></p><p> <b>Is IBM Stock A Good Long-Term Investment?</b></p><p><blockquote><b>IBM股票是一项不错的长期投资吗?</b></blockquote></p><p> IBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.</p><p><blockquote>IBM在全球许多最大的公司中有着根深蒂固但不断发展的地位。不幸的是,被视为该公司主要增长途径的云也可能导致该公司一些遗留业务的缓慢恶化。</blockquote></p><p> That the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.</p><p><blockquote>云业务一直在快速增长是显而易见的:IBM现在拥有超过3,200个客户使用该公司的混合云平台。这几乎是收购红帽之前的四倍。</blockquote></p><p> If management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.</p><p><blockquote>如果管理层的说法准确,混合云平台将为软件和服务部门的收入带来强劲增长。结合Kyndryl缓慢增长的托管基础设施服务业务的分拆,有理由相信IBM将见证增长。</blockquote></p><p> IBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.</p><p><blockquote>IBM拥有稳健的资产负债表和强劲的收益率,当使用PEG比率作为股票估值的基础时,该股的交易价格略有折扣。</blockquote></p><p> All considered, I rate IBM as a BUY.</p><p><blockquote>综合考虑,我对IBM的评级为买入。</blockquote></p><p> I think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.</p><p><blockquote>我认为中短期最糟糕的情况是公司增长缓慢,而投资者则获得相当强劲的股息。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估?要考虑什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估?要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-25 11:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>IBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.</li> <li>Prior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.</li> <li>More transparency is needed regarding the Kyndryl spinoff.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c798e0536c6804d44b195f6f349fab5\" tg-width=\"1536\" tg-height=\"1044\" width=\"100%\" height=\"auto\"><span>Ethan Miller/Getty Images News</span></p><p><blockquote><ul><li>随着云收入和营业利润率的改善,IBM第二季度盈利超出了分析师的预期。</li><li>在第一季度之前,IBM连续四个季度收入下降,过去34个季度中有30个季度收入下降。</li><li>Kyndryl分拆需要更多透明度。</li></ul><p class=\"t-img-caption\"><span>伊森·米勒/盖蒂图片社新闻</span></p></blockquote></p><p> International Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.</p><p><blockquote>国际商业机器公司(IBM)是一家转型中的公司。不幸的是,对于投资者来说,这种转变已经持续了十年的大部分时间。这些扭亏为盈的努力包括对云计算和人工智能的投资以及剥离遗留业务。虽然现在有绿芽的迹象,但播下的种子是否落在岩石上还有待观察。</blockquote></p><p> Although the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.</p><p><blockquote>尽管该公司在混合云产品方面拥有快速增长的业务,并在量子计算方面拥有潜在的增长引擎,但它面临着前一个行业的激烈竞争和后一个行业的不确定前景。该公司的大多数其他业务都处于低迷状态,因此IBM的增长前景不明朗。</blockquote></p><p> What is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.</p><p><blockquote>可以肯定的是,截至今天,IBM的债务负担合理且不断减少,自由现金流强劲。</blockquote></p><p> Management is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.</p><p><blockquote>管理层正试图通过专注于公司的云产品来部分解决增长问题,同时剥离其托管基础设施业务。该公司将被命名为Kyndryl。然而,新实体将承担的债务以及其将承担的当前股息部分尚未透露。</blockquote></p><p> <b>Recent Quarterly Results</b></p><p><blockquote><b>最近季度业绩</b></blockquote></p><p> IBM reported Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.</p><p><blockquote>IBM上周一公布了第二季度业绩。该公司的非GAAP每股收益为2.33美元,超出预期0.04美元。</blockquote></p><p> Revenue of $18.7 billion was flat when adjusted for currency and divestitures.</p><p><blockquote>经货币和资产剥离调整后,营收为187亿美元,持平。</blockquote></p><p> The negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.</p><p><blockquote>该报告的负面影响是系统收入下降了7%。然而,这主要是由于正常的IBM Z大型机周期,同比下降13%。</blockquote></p><p> The global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.</p><p><blockquote>全球融资部门在总收入中所占比例较低,下降了9%。全球技术服务约占总收入的三分之一,并将主要分拆为Kyndryl,但增长平缓。</blockquote></p><p> The positive side of the report had Cloud & Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.</p><p><blockquote>该报告的积极一面是云和认知软件云收入增长了29%,全球商业服务云收入增长了35%。过去12个月,云总收入为270亿美元,增长了15%,而本季度云收入增长了13%,达到70亿美元。</blockquote></p><p> Net cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.</p><p><blockquote>过去12个月,经营活动产生的净现金达到177亿美元,调整后的自由现金流总计110亿美元。</blockquote></p><p> Since year-end 2020, the company has reduced debt by $6.4 billion.</p><p><blockquote>自2020年底以来,该公司已减少债务64亿美元。</blockquote></p><p> Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021.</p><p><blockquote>2021年调整后自由现金流110亿至120亿美元的管理指南。</blockquote></p><p> <b>Where IBM Stands Tall</b></p><p><blockquote><b>IBM屹立不倒的地方</b></blockquote></p><p> IBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.</p><p><blockquote>许多人认为IBM往好了说是一家三流IT公司,往坏了说是一只濒临灭绝的恐龙。</blockquote></p><p> It is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.</p><p><blockquote>很明显,该公司的收入多年来一直在下降;然而,为了准确评估该股票,投资者必须了解IBM的传统业务有许多优势。</blockquote></p><p> For example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.</p><p><blockquote>例如,IBM是世界上最大的IT服务公司,也是大型机的主要提供商。在财富50强公司中,有47家是IBM的客户。</blockquote></p><p> Half of the world’s wireless connections are handled by the firm.</p><p><blockquote>世界上一半的无线连接由该公司处理。</blockquote></p><p> IBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.</p><p><blockquote>IBM的大型机系统处理全球近90%的信用卡交易,97%的全球最大银行依赖IBM的产品和服务。因此,每年使用IBM系统处理290亿笔ATM交易。</blockquote></p><p> Eight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.</p><p><blockquote>十分之八的全球零售商依赖IBM的产品和服务,而80%的旅游业预订通过IBM系统进行。这导致使用该公司的IT服务处理40亿次航班预订。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ace4f1436fd2697c5ad266b5017e1dd\" tg-width=\"960\" tg-height=\"721\" width=\"100%\" height=\"auto\"><span>Source: Forbes</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:福布斯</span></p></blockquote></p><p> It is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.</p><p><blockquote>很明显,IBM拥有庞大的客户群,提供了大规模的经常性收入。在许多情况下,转向竞争对手的产品意味着冒着敏感信息转移的风险,而许多人不愿意采取这一举措。</blockquote></p><p> However, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.</p><p><blockquote>然而,随着向云服务和开源软件的过渡,越来越多的公司采用混合搭配的IT基础设施。反过来,这正在侵蚀IBM与客户转换成本相关的竞争优势。</blockquote></p><p> <b>The Sources Of Potential Growth</b></p><p><blockquote><b>潜在增长的来源</b></blockquote></p><p></p><p> Investors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh provided insight into how hybrid cloud drives revenue in some of IBM’s other divisions.</p><p><blockquote>投资者普遍了解IBM通过其混合云产品推动增长的努力。然而,在摩根大通最近的投资者会议上,首席财务官吉姆·卡瓦诺(Jim Kavanaugh)就混合云如何推动IBM其他一些部门的收入提供了见解。</blockquote></p><p> For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall. Of course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.</p><p><blockquote>我们在混合云平台上每投入1美元(业务),我们就会看到3到5美元的软件拖累和6到8美元的服务拖累。当然,Kavanaugh使用drag来指的是与采用IBM混合云相关的软件和服务收入的增加。如果卡瓦诺的说法准确,这意味着在该公司混合云平台上花费的每一美元都可以从该公司的软件和服务产品中获得9至13美元的额外收入。</blockquote></p><p> Because hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.</p><p><blockquote>由于混合云混合使用内部私有云和公共云服务,因此它为客户提供了一定程度的数据隐私。这是医疗保健和金融服务客户特别关注的问题。因此,我认为IBM在与其他混合云提供商的竞争中可能具有优势,因为它在这些行业中拥有广泛的关系。</blockquote></p><p> I reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm forecasts a CAGR of 18.73% from 2021 through 2026.</p><p><blockquote>我回顾了关于混合云市场预计增长率的各种预测。最近的研究,也属于其他预测的中间,是由魔多情报局进行的。该公司预测2021年至2026年的复合年增长率为18.73%。</blockquote></p><p> Investors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.</p><p><blockquote>投资者应该知道,该领域的主要运营商是思科(CSCO)、惠普(HPE)、亚马逊(AMZN)、思杰系统(CTXS)和IBM。</blockquote></p><p> The following chart provides a record of the firm’s total cloud growth over the last six quarters.</p><p><blockquote>下图提供了该公司过去六个季度的总云增长记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5fc85156e70f6caf8ae809f76126a723\" tg-width=\"576\" tg-height=\"336\" width=\"100%\" height=\"auto\"><span>Source: Company reports / Chart by Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:公司报告/作者图表</span></p></blockquote></p><p> Aside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.</p><p><blockquote>除了云之外,还有另一个潜在增长的来源,尽管它不太可能很快实现。</blockquote></p><p> Early in 2019, IBM introduced the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.</p><p><blockquote>2019年初,IBM推出了Q System One。IBM Q systems是世界上第一台为科学和商业用途而设计的量子计算机。</blockquote></p><p> Pardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence forecasts a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.</p><p><blockquote>原谅我的双关语,但量子计算机代表了技术的巨大飞跃。Prescient And Strategic Intelligence预测,到2030年,该行业的CAGR将达到56%,量子计算机市场份额将达到近650亿美元。</blockquote></p><p> For additional insights regarding quantum computing and IBM’s position within that industry, I point you to my article, “IBM: Why My Eye Is Fixed On Big Blue.”</p><p><blockquote>有关量子计算和IBM在该行业中的地位的更多见解,我向您推荐我的文章“IBM:为什么我的眼睛盯着蓝色巨人”。</blockquote></p><p> <b>Understanding Kyndryl</b></p><p><blockquote><b>了解Kyndryl</b></blockquote></p><p> Once Kyndryl is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.</p><p><blockquote>Kyndryl一旦上市,将在115个国家拥有9万多名员工和4600多家客户。新实体的服务积压量为600亿美元,预计收入为190亿美元。该公司的规模是最接近的竞争对手的两倍,将成为全球最大的托管基础设施服务提供商。</blockquote></p><p> The split will transform IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.</p><p><blockquote>此次分拆将使IBM从一家一半收入来自服务的公司转变为一家软件和解决方案业务经常性收入超过一半的公司。</blockquote></p><p> Global Business Services, which currently constitutes 22% of the company’s revenue, will account for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.</p><p><blockquote>全球商业服务目前占公司收入的22%,将占销售额的40%以上。值得注意的是,该部门上季度的收入同比增长了12%。</blockquote></p><p> IBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.</p><p><blockquote>IBM将保留Red Hat及其解决方案提供商业务、系统业务、关键任务公共云服务,以及专注于大数据、人工智能和安全的软件组合。</blockquote></p><p> Initially, the two companies will each be the largest customer of the other.</p><p><blockquote>最初,两家公司将各自成为对方的最大客户。</blockquote></p><p> What remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.</p><p><blockquote>关于分拆,尚待了解的是每家公司将承担多少债务,以及公司将支付的股息份额。克里希纳表示,两家公司将共同努力维持目前的支付水平。</blockquote></p><p> <b>Has IBM Turned The Corner?</b></p><p><blockquote><b>IBM转危为安了吗?</b></blockquote></p><p> Anyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.</p><p><blockquote>任何关注IBM的人都知道该公司经历了长期的糟糕业绩。下图提供了该公司过去十四个季度的季度自由现金流记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60cc8b82052f97dd449205999ee30711\" tg-width=\"577\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Data from ycharts / chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:数据来自ycharts/作者图表</span></p></blockquote></p><p> While this is not proof positive that the company is back on track, the recent trend is at least encouraging.</p><p><blockquote>虽然这并不能证明该公司重回正轨,但最近的趋势至少令人鼓舞。</blockquote></p><p> In 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.</p><p><blockquote>2020年,IBM产生了108亿美元的自由现金流。2021年调整后自由现金流110亿至120亿美元的管理指南。这不包括与Kyndryl分拆相关的30亿美元结构性影响。</blockquote></p><p> The CEO recently stated he expects IBM to generate $12 billion to $13 billion in FCF in 2022.</p><p><blockquote>这位首席执行官最近表示,他预计IBM将在2022年产生120亿至130亿美元的自由现金流。</blockquote></p><p> <b>Debt And Dividend</b></p><p><blockquote><b>债务和股息</b></blockquote></p><p></p><p> While investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.</p><p><blockquote>虽然投资者可以理所当然地抱怨多年来的各种管理层举措,但该公司在进行多项收购的同时保持了合理的债务状况。</blockquote></p><p> The company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.</p><p><blockquote>自2019年年中达到峰值以来,该公司已将债务减少了约180亿美元。IBM维持投资级信用评级,下图记录了该公司最近偿还债务的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b73e613157c486a5f5e8306546121971\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Source: IBM Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源:IBM演示文稿</span></p></blockquote></p><p> IBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.</p><p><blockquote>IBM的收益率为4.64%,派息率略低于61%,5年股息增长率为4.26%。如前所述,Kyndryl分拆后,两家公司将合作提供相当于当前股息的派息。</blockquote></p><p> <b>Is IBM Stock Overvalued?</b></p><p><blockquote><b>IBM股票是否被高估?</b></blockquote></p><p> IBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.</p><p><blockquote>IBM股价交易价格为141.13美元。8位分析师的平均12个月目标价为153.50美元。自上次收益报告以来,对该股进行评级的3位分析师的目标价为151.33美元。</blockquote></p><p> IBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.</p><p><blockquote>IBM的市盈率为24.05倍,远期市盈率为17.67倍。相比之下,其五年平均值分别为16.42倍和13.25倍。这远低于行业平均水平,这两个指标都在三十左右。</blockquote></p><p> The 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.</p><p><blockquote>Seeking Alpha Premium提供的3至5年期PEG为1.16倍。嘉信理财计算的PEG为1.49倍,雅虎没有提供PEG比率。</blockquote></p><p> I believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.</p><p><blockquote>我相信该股目前的市盈率反映了投资者对分拆完成后IBM增长加速的预期。PEG比率显示该股票估值合理。</blockquote></p><p> <b>Is IBM Stock A Good Long-Term Investment?</b></p><p><blockquote><b>IBM股票是一项不错的长期投资吗?</b></blockquote></p><p> IBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.</p><p><blockquote>IBM在全球许多最大的公司中有着根深蒂固但不断发展的地位。不幸的是,被视为该公司主要增长途径的云也可能导致该公司一些遗留业务的缓慢恶化。</blockquote></p><p> That the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.</p><p><blockquote>云业务一直在快速增长是显而易见的:IBM现在拥有超过3,200个客户使用该公司的混合云平台。这几乎是收购红帽之前的四倍。</blockquote></p><p> If management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.</p><p><blockquote>如果管理层的说法准确,混合云平台将为软件和服务部门的收入带来强劲增长。结合Kyndryl缓慢增长的托管基础设施服务业务的分拆,有理由相信IBM将见证增长。</blockquote></p><p> IBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.</p><p><blockquote>IBM拥有稳健的资产负债表和强劲的收益率,当使用PEG比率作为股票估值的基础时,该股的交易价格略有折扣。</blockquote></p><p> All considered, I rate IBM as a BUY.</p><p><blockquote>综合考虑,我对IBM的评级为买入。</blockquote></p><p> I think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.</p><p><blockquote>我认为中短期最糟糕的情况是公司增长缓慢,而投资者则获得相当强劲的股息。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://seekingalpha.com/article/4440996-is-ibm-stock-undervalued-overvalued\">seekingalpha</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IBM":"IBM"},"source_url":"https://seekingalpha.com/article/4440996-is-ibm-stock-undervalued-overvalued","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176552691","content_text":"Summary\n\nIBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.\nPrior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.\nMore transparency is needed regarding the Kyndryl spinoff.\n\nEthan Miller/Getty Images News\nInternational Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.\nAlthough the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.\nWhat is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.\nManagement is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.\nRecent Quarterly Results\nIBM reported Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.\nRevenue of $18.7 billion was flat when adjusted for currency and divestitures.\nThe negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.\nThe global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.\nThe positive side of the report had Cloud & Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.\nNet cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.\nSince year-end 2020, the company has reduced debt by $6.4 billion.\nManagement guides for adjusted free cash flow of $11 billion to $12 billion in 2021.\nWhere IBM Stands Tall\nIBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.\nIt is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.\nFor example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.\nHalf of the world’s wireless connections are handled by the firm.\nIBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.\nEight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.\nSource: Forbes\nIt is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.\nHowever, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.\nThe Sources Of Potential Growth\nInvestors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh provided insight into how hybrid cloud drives revenue in some of IBM’s other divisions.\n\n For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall.\n\nOf course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.\nBecause hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.\nI reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm forecasts a CAGR of 18.73% from 2021 through 2026.\nInvestors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.\nThe following chart provides a record of the firm’s total cloud growth over the last six quarters.\nSource: Company reports / Chart by Author\nAside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.\nEarly in 2019, IBM introduced the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.\nPardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence forecasts a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.\nFor additional insights regarding quantum computing and IBM’s position within that industry, I point you to my article, “IBM: Why My Eye Is Fixed On Big Blue.”\nUnderstanding Kyndryl\nOnce Kyndryl is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.\nThe split will transform IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.\nGlobal Business Services, which currently constitutes 22% of the company’s revenue, will account for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.\nIBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.\nInitially, the two companies will each be the largest customer of the other.\nWhat remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.\nHas IBM Turned The Corner?\nAnyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.\nSource: Data from ycharts / chart by author\nWhile this is not proof positive that the company is back on track, the recent trend is at least encouraging.\nIn 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.\nThe CEO recently stated he expects IBM to generate $12 billion to $13 billion in FCF in 2022.\nDebt And Dividend\nWhile investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.\nThe company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.\nSource: IBM Presentation\nIBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.\nIs IBM Stock Overvalued?\nIBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.\nIBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.\nThe 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.\nI believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.\nIs IBM Stock A Good Long-Term Investment?\nIBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.\nThat the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.\nIf management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.\nIBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.\nAll considered, I rate IBM as a BUY.\nI think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.","news_type":1,"symbols_score_info":{"IBM":0.9}},"isVote":1,"tweetType":1,"viewCount":2617,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174872798,"gmtCreate":1627092742214,"gmtModify":1631889864904,"author":{"id":"3572390897790291","authorId":"3572390897790291","name":"blo","avatar":"https://static.tigerbbs.com/d90192eace0d90963b2e795671771ad8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572390897790291","idStr":"3572390897790291"},"themes":[],"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/174872798","repostId":"1151500518","repostType":2,"repost":{"id":"1151500518","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627092269,"share":"https://www.laohu8.com/m/news/1151500518?lang=zh_CN&edition=full","pubTime":"2021-07-24 10:04","market":"us","language":"en","title":"Tencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被命令删除在线音乐的独家版权</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151500518","media":"Tiger Newspress","summary":"The China market supervision administration made an administrative punishment decision according to ","content":"<p>The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.</p><p><blockquote>市场监督管理总局依法作出行政处罚决定,责令腾讯控股及其关联公司采取措施,恢复市场竞争状态,如30日内取消独家音乐版权、停止支付高额预付款等版权费用、无正当理由不得要求上游版权方给予优于竞争对手的条件等。腾讯控股将在三年内每年向国家市场监管总局报告义务履行情况,国家市场监管总局将依法严格监督落实。</blockquote></p><p> This case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.</p><p><blockquote>本案是我国《反垄断法》实施以来,对违法实施经营者集中行为采取必要措施恢复市场竞争状态的第一起案件。</blockquote></p><p> Tencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.</p><p><blockquote>腾讯控股回应称,公司将认真遵守《决定》,严格执行监管要求,依法经营,切实履行社会责任,维护市场良性竞争。腾讯控股将负全责,在规定时限内与腾讯控股音乐等关联公司制定整改措施和方案,按照处罚决定书要求全面完成,确保整改到位。</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>Tencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被命令删除在线音乐的独家版权</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\">\nTencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被命令删除在线音乐的独家版权</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-24 10:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.</p><p><blockquote>市场监督管理总局依法作出行政处罚决定,责令腾讯控股及其关联公司采取措施,恢复市场竞争状态,如30日内取消独家音乐版权、停止支付高额预付款等版权费用、无正当理由不得要求上游版权方给予优于竞争对手的条件等。腾讯控股将在三年内每年向国家市场监管总局报告义务履行情况,国家市场监管总局将依法严格监督落实。</blockquote></p><p> This case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.</p><p><blockquote>本案是我国《反垄断法》实施以来,对违法实施经营者集中行为采取必要措施恢复市场竞争状态的第一起案件。</blockquote></p><p> Tencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.</p><p><blockquote>腾讯控股回应称,公司将认真遵守《决定》,严格执行监管要求,依法经营,切实履行社会责任,维护市场良性竞争。腾讯控股将负全责,在规定时限内与腾讯控股音乐等关联公司制定整改措施和方案,按照处罚决定书要求全面完成,确保整改到位。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TME":"腾讯音乐","00700":"腾讯控股"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151500518","content_text":"The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.\nThis case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.\nTencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.","news_type":1,"symbols_score_info":{"00700":0.9,"TME":0.9}},"isVote":1,"tweetType":1,"viewCount":1830,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179853109,"gmtCreate":1626506532701,"gmtModify":1631889864905,"author":{"id":"3572390897790291","authorId":"3572390897790291","name":"blo","avatar":"https://static.tigerbbs.com/d90192eace0d90963b2e795671771ad8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572390897790291","idStr":"3572390897790291"},"themes":[],"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/179853109","repostId":"1198202103","repostType":4,"isVote":1,"tweetType":1,"viewCount":1342,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170951454,"gmtCreate":1626401002078,"gmtModify":1631889864912,"author":{"id":"3572390897790291","authorId":"3572390897790291","name":"blo","avatar":"https://static.tigerbbs.com/d90192eace0d90963b2e795671771ad8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572390897790291","idStr":"3572390897790291"},"themes":[],"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/170951454","repostId":"1199782604","repostType":2,"isVote":1,"tweetType":1,"viewCount":1697,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"following","isTTM":false}