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ET88
ET88
·
2021-10-06
Buy the dip.
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ET88
ET88
·
2021-08-26
I am right here waiting NVDA. ❤️
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ET88
ET88
·
2021-08-19
Like a rocket!
NVDA soars over 6% in morning trading<blockquote>NVDA早盘飙升逾6%</blockquote>
(Aug 19) Nvidia(NASDAQ:NVDA) shares rose over 6% Thursday to a record high following the chipmaker's
NVDA soars over 6% in morning trading<blockquote>NVDA早盘飙升逾6%</blockquote>
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ET88
ET88
·
2021-08-05
Yay!
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ET88
ET88
·
2021-08-01
Time for bargain hunting!
Investors, Beware! Stocks Are Entering the Most Dangerous Stretch of the Year<blockquote>投资者当心！股市正在进入今年最危险的时期</blockquote>
“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970
Investors, Beware! Stocks Are Entering the Most Dangerous Stretch of the Year<blockquote>投资者当心！股市正在进入今年最危险的时期</blockquote>
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ET88
ET88
·
2021-08-01
Go Goog!
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ET88
ET88
·
2021-08-01
👍
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ET88
ET88
·
2021-07-31
Pumping more $$$
Infrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在路上。这里有一个便宜的玩法</blockquote>
U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investme
Infrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在路上。这里有一个便宜的玩法</blockquote>
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ET88
ET88
·
2021-07-31
😢
SGD to weaken to $1.35/USD amidst COVID-19 woes: Fitch<blockquote>惠誉：在COVID-19困境中，新加坡元将跌至1.35美元/美元</blockquote>
The Singapore dollar (SGD) is expected to weaken to $1.35 versus the US dollar (USD) for 2021, accor
SGD to weaken to $1.35/USD amidst COVID-19 woes: Fitch<blockquote>惠誉：在COVID-19困境中，新加坡元将跌至1.35美元/美元</blockquote>
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ET88
ET88
·
2021-07-27
Yay!
AMD Reports Earnings Tuesday. It’s All About the Data Center.<blockquote>AMD周二公布财报。这一切都与数据中心有关。</blockquote>
When chip designer Advanced Micro Devices reports earnings Tuesday after the closing bell, investors
AMD Reports Earnings Tuesday. It’s All About the Data Center.<blockquote>AMD周二公布财报。这一切都与数据中心有关。</blockquote>
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Bank of America Securities analyst Vivek Arya said that with regards to its data center offerings, <a href=\"https://laohu8.com/S/NVDA\">NVIDIA Corp</a> (NVDA) showed growth in hyperscale, vertical markets and high-performance computing, which Arya said should help the company's data center business grow by at least 30% a year over the long-term. Arya has a buy rating and $260-a-share price target on Nvidia's (NVDA) stock.</p><p><blockquote>数据中心收入同比增长35%，达到23.7亿美元。美国银行证券分析师Vivek Arya表示，就其数据中心产品而言，<a href=\"https://laohu8.com/S/NVDA\">英伟达公司</a>(NVDA)在超大规模、垂直市场和高性能计算方面表现出增长，Arya表示，从长远来看，这应该有助于该公司的数据中心业务每年至少增长30%。Arya对Nvidia(NVDA)股票给予买入评级和每股260美元的目标价。</blockquote></p><p> But, it was the gaming that produced the largest share of the company's revenue in the most-recent quarter. Gaming totaled $3.06 billion, up 85% from a year ago, led by demand for GeForce graphics processors and system-on-a-chip offerings for game consoles.</p><p><blockquote>但是，在最近一个季度，游戏在公司收入中所占份额最大。游戏总收入为30.6亿美元，同比增长85%，主要是对GeForce图形处理器和游戏机片上系统产品的需求。</blockquote></p><p> Timothy Arcuri, of UBS, said Nvidia's (NVDA) gaming business is \"trending more in-line\" heading into what is typically a strong fall quarter for the company. Arcuri has a buy rating and $230-a-share price target on the chipmaker's stock.</p><p><blockquote>瑞银(UBS)的蒂莫西·阿库里(Timothy Arcuri)表示，英伟达(NVDA)的游戏业务“趋势更加一致”，进入该公司通常强劲的秋季季度。Arcuri对这家芯片制造商的股票给予买入评级和每股230美元的目标价。</blockquote></p><p> For the quarter, Nvidia (NVDA) reported a profit of $1.04 a share, on total revenue of $6.51 billion. Wall Street analysts had forecast the chipmaker to earn $1.02 a share on $6.34 billion in sales.</p><p><blockquote>英伟达(NVDA)报告本季度每股利润为1.04美元，总收入为65.1亿美元。华尔街分析师此前预测这家芯片制造商的销售额为63.4亿美元，每股收益为1.02美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9901d7947e5f939784f513f994e97469\" tg-width=\"885\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <ul></ul></p><p><blockquote><ul></ul></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>NVDA soars over 6% in morning trading<blockquote>NVDA早盘飙升逾6%</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\">\nNVDA soars over 6% in morning trading<blockquote>NVDA早盘飙升逾6%</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\">2021-08-19 23:28</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug 19) Nvidia(NASDAQ:NVDA) shares rose over 6% Thursday to a record high following the chipmaker's second-quarter results that were highlighted by strength in the company's data center business.</p><p><blockquote>（8月19日）英伟达（纳斯达克：NVDA）股价周四上涨超过6%，创历史新高，此前该芯片制造商公布了第二季度业绩，凸显了该公司数据中心业务的实力。</blockquote></p><p> Data center revenue rose 35% from a year ago, to $2.37 billion. Bank of America Securities analyst Vivek Arya said that with regards to its data center offerings, <a href=\"https://laohu8.com/S/NVDA\">NVIDIA Corp</a> (NVDA) showed growth in hyperscale, vertical markets and high-performance computing, which Arya said should help the company's data center business grow by at least 30% a year over the long-term. Arya has a buy rating and $260-a-share price target on Nvidia's (NVDA) stock.</p><p><blockquote>数据中心收入同比增长35%，达到23.7亿美元。美国银行证券分析师Vivek Arya表示，就其数据中心产品而言，<a href=\"https://laohu8.com/S/NVDA\">英伟达公司</a>(NVDA)在超大规模、垂直市场和高性能计算方面表现出增长，Arya表示，从长远来看，这应该有助于该公司的数据中心业务每年至少增长30%。Arya对Nvidia(NVDA)股票给予买入评级和每股260美元的目标价。</blockquote></p><p> But, it was the gaming that produced the largest share of the company's revenue in the most-recent quarter. Gaming totaled $3.06 billion, up 85% from a year ago, led by demand for GeForce graphics processors and system-on-a-chip offerings for game consoles.</p><p><blockquote>但是，在最近一个季度，游戏在公司收入中所占份额最大。游戏总收入为30.6亿美元，同比增长85%，主要是对GeForce图形处理器和游戏机片上系统产品的需求。</blockquote></p><p> Timothy Arcuri, of UBS, said Nvidia's (NVDA) gaming business is \"trending more in-line\" heading into what is typically a strong fall quarter for the company. Arcuri has a buy rating and $230-a-share price target on the chipmaker's stock.</p><p><blockquote>瑞银(UBS)的蒂莫西·阿库里(Timothy Arcuri)表示，英伟达(NVDA)的游戏业务“趋势更加一致”，进入该公司通常强劲的秋季季度。Arcuri对这家芯片制造商的股票给予买入评级和每股230美元的目标价。</blockquote></p><p> For the quarter, Nvidia (NVDA) reported a profit of $1.04 a share, on total revenue of $6.51 billion. Wall Street analysts had forecast the chipmaker to earn $1.02 a share on $6.34 billion in sales.</p><p><blockquote>英伟达(NVDA)报告本季度每股利润为1.04美元，总收入为65.1亿美元。华尔街分析师此前预测这家芯片制造商的销售额为63.4亿美元，每股收益为1.02美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9901d7947e5f939784f513f994e97469\" tg-width=\"885\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <ul></ul></p><p><blockquote><ul></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150522255","content_text":"(Aug 19) Nvidia(NASDAQ:NVDA) shares rose over 6% Thursday to a record high following the chipmaker's second-quarter results that were highlighted by strength in the company's data center business.\nData center revenue rose 35% from a year ago, to $2.37 billion. Bank of America Securities analyst Vivek Arya said that with regards to its data center offerings, NVIDIA Corp (NVDA) showed growth in hyperscale, vertical markets and high-performance computing, which Arya said should help the company's data center business grow by at least 30% a year over the long-term. Arya has a buy rating and $260-a-share price target on Nvidia's (NVDA) stock.\nBut, it was the gaming that produced the largest share of the company's revenue in the most-recent quarter. Gaming totaled $3.06 billion, up 85% from a year ago, led by demand for GeForce graphics processors and system-on-a-chip offerings for game consoles.\nTimothy Arcuri, of UBS, said Nvidia's (NVDA) gaming business is \"trending more in-line\" heading into what is typically a strong fall quarter for the company. Arcuri has a buy rating and $230-a-share price target on the chipmaker's stock.\nFor the quarter, Nvidia (NVDA) reported a profit of $1.04 a share, on total revenue of $6.51 billion. Wall Street analysts had forecast the chipmaker to earn $1.02 a share on $6.34 billion in sales.","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":3155,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890530433,"gmtCreate":1628122909722,"gmtModify":1631889815579,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"ET88","avatar":"https://static.tigerbbs.com/972aa6dd92772d6bf44c97a3096c29b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577096177015881","idStr":"3577096177015881"},"themes":[],"htmlText":"Yay! ","listText":"Yay! ","text":"Yay!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890530433","repostId":"1116782530","repostType":4,"isVote":1,"tweetType":1,"viewCount":1562,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802477421,"gmtCreate":1627801078163,"gmtModify":1631885102347,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"ET88","avatar":"https://static.tigerbbs.com/972aa6dd92772d6bf44c97a3096c29b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577096177015881","idStr":"3577096177015881"},"themes":[],"htmlText":"Time for bargain hunting! ","listText":"Time for bargain hunting! ","text":"Time for bargain hunting!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802477421","repostId":"1142925544","repostType":4,"repost":{"id":"1142925544","kind":"news","pubTimestamp":1627787240,"share":"https://www.laohu8.com/m/news/1142925544?lang=zh_CN&edition=full","pubTime":"2021-08-01 11:07","market":"us","language":"en","title":"Investors, Beware! Stocks Are Entering the Most Dangerous Stretch of the Year<blockquote>投资者当心！股市正在进入今年最危险的时期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142925544","media":"Barron's","summary":"“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970","content":"<p>“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970s, recalling pleasant times at the beach or by the barbecue. No need to remind anyone back then of droughts, wildfires, or Covid-19 surges that are unfortunate features of the steamy season this year.</p><p><blockquote>“是的，现在是夏天，我一年中的这个时候，”乐队唱着20世纪70年代的金色老歌《夏天》，回忆着在海滩或烧烤时的愉快时光。没有必要提醒当时的任何人干旱、野火或新冠肺炎激增，这些都是今年潮湿季节的不幸特征。</blockquote></p><p> But the coming of August also means entering what historically has been the most treacherous stretch of the year for stocks, according to data going back to 1928 compiled by Bank of America analyst Stephen Suttmeier. He finds that theS&P 500index had a negative return averaging 0.03% in August, September, and October—the worst three-month span of the year for the big-cap benchmark. In fact, they constitute the only three-month period that averages in the red.</p><p><blockquote>但根据美国银行分析师斯蒂芬·萨特迈尔(Stephen Suttmeier)汇编的1928年以来的数据，8月的到来也意味着股市将进入历史上一年中最危险的时期。他发现标准普尔500指数在8月、9月和10月的平均回报率为0.03%，这是大盘股基准今年最糟糕的三个月。事实上，它们构成了唯一平均亏损的三个月期间。</blockquote></p><p> August actually is bracketed by the best and worst months of the year, he adds in a research note. July averages a 1.58% return on the S&P 500, with positive results 59.1% of the time, while September averages a negative 1.03%, ending in the plus column less than half of the time, or 45%.</p><p><blockquote>他在一份研究报告中补充道，八月实际上是一年中最好和最差的月份。7月份标普500的平均回报率为1.58%，其中59.1%的时间为正，而9月份的平均回报率为负1.03%，只有不到一半的时间（即45%）出现在正栏中。</blockquote></p><p> This July did even better than the norm, with the S&P 500 gaining 2.27%. It also was the sixth consecutive up month for the index—the longest positive streak since September 2018, according to Dow Jones’ statistical mavens. During that period, its cumulative advance was 18.34%.</p><p><blockquote>今年7月的表现甚至好于正常水平，标普500上涨了2.27%。根据道琼斯统计专家的数据，这也是该指数连续第六个月上涨，这是自2018年9月以来最长的连续上涨。在此期间，其累计预付款为18.34%。</blockquote></p><p> August’s record is in between, with an average 0.70% S&P 500 return and positive results 58.1% of the time, marking a transition from the “summer rip” to the “fall dip.”</p><p><blockquote>8月份的记录介于两者之间，平均标普500回报率为0.70%，58.1%的时间为积极结果，标志着从“夏季暴跌”到“秋季暴跌”的转变。</blockquote></p><p> Not surprisingly, the laggard returns of the August-October period are accompanied by an uptick in volatility, Suttmeier finds. Based on records going back to 1992, theCboe Volatility Index,or VIX, has often seen spikes during those months, following relatively subdued volatility in the April-July period.</p><p><blockquote>Suttmeier发现，毫不奇怪，8月至10月期间的落后回报伴随着波动性的上升。根据1992年以来的记录，芝加哥期权交易所波动率指数(VIX)在4月至7月期间波动性相对较低后，在这几个月经常出现飙升。</blockquote></p><p> Past isn’t necessarily prologue, but if it is, the timing of the initial public offering byRobinhood Markets(ticker: HOOD) might prove propitious, if the stock market does have its typical seasonal rough patch. The online broker, whose putative mission is to open investing to novices supposedly ignored by established outfits, sold 55 million shares at $38 on Thursday. In the process, it provided a valuable lesson to all those who got in on the IPO: Buy low and sell high.</p><p><blockquote>过去不一定是序幕，但如果是，如果股市确实经历了典型的季节性艰难时期，Robinhood Markets（股票代码：HOOD）首次公开募股的时机可能会被证明是有利的。这家在线经纪商的假定使命是向据称被老牌机构忽视的新手开放投资，周四以38美元的价格出售了5500万股股票。在这个过程中，它为所有参与IPO的人提供了宝贵的一课：低买高卖。</blockquote></p><p> The company evidently fulfilled the latter imperative, selling its shares high, even though they were priced at the low end of the expected $38-$42 range. Their price sank 8.4% on their first day of trading, although they recouped a bit on Friday. By week’s end, buyers of Robinhood’s IPO who held were down 7.5%.</p><p><blockquote>该公司显然满足了后一项要求，高价出售其股票，尽管它们的定价处于预期38美元至42美元范围的低端。尽管周五有所回升，但其价格在首日交易中下跌了8.4%。截至本周末，持有Robinhood IPO的买家数量下降了7.5%。</blockquote></p><p> Among those who sold high were the company’s co-founders, CEO Vladimir Tenev and Chief Creative Officer Baiju Bhatt, who each offloaded 1.25 million shares in the IPO. As my illustrious predecessor, Alan Abelson, liked to observe, there are many good reasons to sell a stock, but expecting it to go up isn’t one of them. That has never been more true, given the ability of rich owners to monetize their assets by borrowing against them cheaply, and without incurring capital-gains taxes.</p><p><blockquote>卖出高价的人包括该公司的联合创始人、首席执行官弗拉基米尔·特涅夫(Vladimir Tenev)和首席创意官白菊·巴特(Baiju Bhatt)，他们在IPO中每人抛售了125万股。正如我杰出的前任艾伦·阿贝尔森（Alan Abelson）喜欢观察的那样，卖出股票有很多好的理由，但期望它上涨并不是其中之一。考虑到富有的所有者有能力通过廉价借贷将其资产货币化，并且无需缴纳资本利得税，这一点从未像现在这样真实。</blockquote></p><p> To be sure, Tenev and Bhatt still have significant stakes in Robinhood. Asour colleague Avi Salzman reported, these were worth $2.5 billion at the initial offering price, and Tenev and Bhatt retain voting control. The two also could receive awards of shares worth as much as $6.7 billion for Tenev and $4 billion for Bhatt, if the stock hits $300, or nearly the proverbial ten-bagger from here.</p><p><blockquote>可以肯定的是，特涅夫和巴特仍然在罗宾汉拥有大量股份。正如我们的同事Avi Salzman报道的那样，按首次发行价计算，这些股票价值25亿美元，Tenev和Bhatt保留了投票权。如果股价达到300美元，或者接近众所周知的十倍，两人还可以获得Tenev价值高达67亿美元的股票奖励，Bhatt价值40亿美元的股票奖励。</blockquote></p><p> But in a blow against income inequality, the potential billionaire pair took symbolic pay cuts, to $34,248, the average annual wage of American workers. As the comedian Yakov Smirnoff likes to say, “What a country!”</p><p><blockquote>但为了打击收入不平等，这对潜在的亿万富翁夫妇象征性地减薪至34,248美元，这是美国工人的平均年薪。正如喜剧演员雅科夫·斯米尔诺夫喜欢说的：“多好的国家啊！”</blockquote></p><p> How those workers are faring will be a subject of the monthly employment report slated for release this coming Friday.</p><p><blockquote>这些工人的状况将成为定于本周五发布的月度就业报告的主题。</blockquote></p><p> Economists’ forecasts for nonfarm payrolls center around a gain of 900,000. Jefferies economists Aneta Markowska and Thomas Simons estimate that the increase could top the long-anticipated one million mark; they forecast 1.2 million.</p><p><blockquote>经济学家对非农就业人数的预测约为90万人。杰富瑞(Jefferies)经济学家Aneta Markowska和Thomas Simons估计，增幅可能会突破期待已久的100万大关；他们预测有120万。</blockquote></p><p> Markowska and Simons think the expiration of supplemental unemployment benefits in some states will boost the labor supply, although that is a matter of significant debate. (For more on the jobs market, seethis week’s cover story.)</p><p><blockquote>Markowska和Simons认为，一些州补充失业救济金的到期将增加劳动力供应，尽管这是一个有重大争议的问题。（有关就业市场的更多信息，请参阅本周的封面故事。）</blockquote></p><p></p>","source":"lsy1610680873436","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>Investors, Beware! Stocks Are Entering the Most Dangerous Stretch of the Year<blockquote>投资者当心！股市正在进入今年最危险的时期</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\">\nInvestors, Beware! Stocks Are Entering the Most Dangerous Stretch of the Year<blockquote>投资者当心！股市正在进入今年最危险的时期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-08-01 11:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970s, recalling pleasant times at the beach or by the barbecue. No need to remind anyone back then of droughts, wildfires, or Covid-19 surges that are unfortunate features of the steamy season this year.</p><p><blockquote>“是的，现在是夏天，我一年中的这个时候，”乐队唱着20世纪70年代的金色老歌《夏天》，回忆着在海滩或烧烤时的愉快时光。没有必要提醒当时的任何人干旱、野火或新冠肺炎激增，这些都是今年潮湿季节的不幸特征。</blockquote></p><p> But the coming of August also means entering what historically has been the most treacherous stretch of the year for stocks, according to data going back to 1928 compiled by Bank of America analyst Stephen Suttmeier. He finds that theS&P 500index had a negative return averaging 0.03% in August, September, and October—the worst three-month span of the year for the big-cap benchmark. In fact, they constitute the only three-month period that averages in the red.</p><p><blockquote>但根据美国银行分析师斯蒂芬·萨特迈尔(Stephen Suttmeier)汇编的1928年以来的数据，8月的到来也意味着股市将进入历史上一年中最危险的时期。他发现标准普尔500指数在8月、9月和10月的平均回报率为0.03%，这是大盘股基准今年最糟糕的三个月。事实上，它们构成了唯一平均亏损的三个月期间。</blockquote></p><p> August actually is bracketed by the best and worst months of the year, he adds in a research note. July averages a 1.58% return on the S&P 500, with positive results 59.1% of the time, while September averages a negative 1.03%, ending in the plus column less than half of the time, or 45%.</p><p><blockquote>他在一份研究报告中补充道，八月实际上是一年中最好和最差的月份。7月份标普500的平均回报率为1.58%，其中59.1%的时间为正，而9月份的平均回报率为负1.03%，只有不到一半的时间（即45%）出现在正栏中。</blockquote></p><p> This July did even better than the norm, with the S&P 500 gaining 2.27%. It also was the sixth consecutive up month for the index—the longest positive streak since September 2018, according to Dow Jones’ statistical mavens. During that period, its cumulative advance was 18.34%.</p><p><blockquote>今年7月的表现甚至好于正常水平，标普500上涨了2.27%。根据道琼斯统计专家的数据，这也是该指数连续第六个月上涨，这是自2018年9月以来最长的连续上涨。在此期间，其累计预付款为18.34%。</blockquote></p><p> August’s record is in between, with an average 0.70% S&P 500 return and positive results 58.1% of the time, marking a transition from the “summer rip” to the “fall dip.”</p><p><blockquote>8月份的记录介于两者之间，平均标普500回报率为0.70%，58.1%的时间为积极结果，标志着从“夏季暴跌”到“秋季暴跌”的转变。</blockquote></p><p> Not surprisingly, the laggard returns of the August-October period are accompanied by an uptick in volatility, Suttmeier finds. Based on records going back to 1992, theCboe Volatility Index,or VIX, has often seen spikes during those months, following relatively subdued volatility in the April-July period.</p><p><blockquote>Suttmeier发现，毫不奇怪，8月至10月期间的落后回报伴随着波动性的上升。根据1992年以来的记录，芝加哥期权交易所波动率指数(VIX)在4月至7月期间波动性相对较低后，在这几个月经常出现飙升。</blockquote></p><p> Past isn’t necessarily prologue, but if it is, the timing of the initial public offering byRobinhood Markets(ticker: HOOD) might prove propitious, if the stock market does have its typical seasonal rough patch. The online broker, whose putative mission is to open investing to novices supposedly ignored by established outfits, sold 55 million shares at $38 on Thursday. In the process, it provided a valuable lesson to all those who got in on the IPO: Buy low and sell high.</p><p><blockquote>过去不一定是序幕，但如果是，如果股市确实经历了典型的季节性艰难时期，Robinhood Markets（股票代码：HOOD）首次公开募股的时机可能会被证明是有利的。这家在线经纪商的假定使命是向据称被老牌机构忽视的新手开放投资，周四以38美元的价格出售了5500万股股票。在这个过程中，它为所有参与IPO的人提供了宝贵的一课：低买高卖。</blockquote></p><p> The company evidently fulfilled the latter imperative, selling its shares high, even though they were priced at the low end of the expected $38-$42 range. Their price sank 8.4% on their first day of trading, although they recouped a bit on Friday. By week’s end, buyers of Robinhood’s IPO who held were down 7.5%.</p><p><blockquote>该公司显然满足了后一项要求，高价出售其股票，尽管它们的定价处于预期38美元至42美元范围的低端。尽管周五有所回升，但其价格在首日交易中下跌了8.4%。截至本周末，持有Robinhood IPO的买家数量下降了7.5%。</blockquote></p><p> Among those who sold high were the company’s co-founders, CEO Vladimir Tenev and Chief Creative Officer Baiju Bhatt, who each offloaded 1.25 million shares in the IPO. As my illustrious predecessor, Alan Abelson, liked to observe, there are many good reasons to sell a stock, but expecting it to go up isn’t one of them. That has never been more true, given the ability of rich owners to monetize their assets by borrowing against them cheaply, and without incurring capital-gains taxes.</p><p><blockquote>卖出高价的人包括该公司的联合创始人、首席执行官弗拉基米尔·特涅夫(Vladimir Tenev)和首席创意官白菊·巴特(Baiju Bhatt)，他们在IPO中每人抛售了125万股。正如我杰出的前任艾伦·阿贝尔森（Alan Abelson）喜欢观察的那样，卖出股票有很多好的理由，但期望它上涨并不是其中之一。考虑到富有的所有者有能力通过廉价借贷将其资产货币化，并且无需缴纳资本利得税，这一点从未像现在这样真实。</blockquote></p><p> To be sure, Tenev and Bhatt still have significant stakes in Robinhood. Asour colleague Avi Salzman reported, these were worth $2.5 billion at the initial offering price, and Tenev and Bhatt retain voting control. The two also could receive awards of shares worth as much as $6.7 billion for Tenev and $4 billion for Bhatt, if the stock hits $300, or nearly the proverbial ten-bagger from here.</p><p><blockquote>可以肯定的是，特涅夫和巴特仍然在罗宾汉拥有大量股份。正如我们的同事Avi Salzman报道的那样，按首次发行价计算，这些股票价值25亿美元，Tenev和Bhatt保留了投票权。如果股价达到300美元，或者接近众所周知的十倍，两人还可以获得Tenev价值高达67亿美元的股票奖励，Bhatt价值40亿美元的股票奖励。</blockquote></p><p> But in a blow against income inequality, the potential billionaire pair took symbolic pay cuts, to $34,248, the average annual wage of American workers. As the comedian Yakov Smirnoff likes to say, “What a country!”</p><p><blockquote>但为了打击收入不平等，这对潜在的亿万富翁夫妇象征性地减薪至34,248美元，这是美国工人的平均年薪。正如喜剧演员雅科夫·斯米尔诺夫喜欢说的：“多好的国家啊！”</blockquote></p><p> How those workers are faring will be a subject of the monthly employment report slated for release this coming Friday.</p><p><blockquote>这些工人的状况将成为定于本周五发布的月度就业报告的主题。</blockquote></p><p> Economists’ forecasts for nonfarm payrolls center around a gain of 900,000. Jefferies economists Aneta Markowska and Thomas Simons estimate that the increase could top the long-anticipated one million mark; they forecast 1.2 million.</p><p><blockquote>经济学家对非农就业人数的预测约为90万人。杰富瑞(Jefferies)经济学家Aneta Markowska和Thomas Simons估计，增幅可能会突破期待已久的100万大关；他们预测有120万。</blockquote></p><p> Markowska and Simons think the expiration of supplemental unemployment benefits in some states will boost the labor supply, although that is a matter of significant debate. (For more on the jobs market, seethis week’s cover story.)</p><p><blockquote>Markowska和Simons认为，一些州补充失业救济金的到期将增加劳动力供应，尽管这是一个有重大争议的问题。（有关就业市场的更多信息，请参阅本周的封面故事。）</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-news-robinhood-sp500-51627692215?mod=hp_LATEST\">Barron's</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":{".SPX":"S&P 500 Index","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/stocks-news-robinhood-sp500-51627692215?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142925544","content_text":"“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970s, recalling pleasant times at the beach or by the barbecue. No need to remind anyone back then of droughts, wildfires, or Covid-19 surges that are unfortunate features of the steamy season this year.\nBut the coming of August also means entering what historically has been the most treacherous stretch of the year for stocks, according to data going back to 1928 compiled by Bank of America analyst Stephen Suttmeier. He finds that theS&P 500index had a negative return averaging 0.03% in August, September, and October—the worst three-month span of the year for the big-cap benchmark. In fact, they constitute the only three-month period that averages in the red.\nAugust actually is bracketed by the best and worst months of the year, he adds in a research note. July averages a 1.58% return on the S&P 500, with positive results 59.1% of the time, while September averages a negative 1.03%, ending in the plus column less than half of the time, or 45%.\nThis July did even better than the norm, with the S&P 500 gaining 2.27%. It also was the sixth consecutive up month for the index—the longest positive streak since September 2018, according to Dow Jones’ statistical mavens. During that period, its cumulative advance was 18.34%.\nAugust’s record is in between, with an average 0.70% S&P 500 return and positive results 58.1% of the time, marking a transition from the “summer rip” to the “fall dip.”\nNot surprisingly, the laggard returns of the August-October period are accompanied by an uptick in volatility, Suttmeier finds. Based on records going back to 1992, theCboe Volatility Index,or VIX, has often seen spikes during those months, following relatively subdued volatility in the April-July period.\nPast isn’t necessarily prologue, but if it is, the timing of the initial public offering byRobinhood Markets(ticker: HOOD) might prove propitious, if the stock market does have its typical seasonal rough patch. The online broker, whose putative mission is to open investing to novices supposedly ignored by established outfits, sold 55 million shares at $38 on Thursday. In the process, it provided a valuable lesson to all those who got in on the IPO: Buy low and sell high.\nThe company evidently fulfilled the latter imperative, selling its shares high, even though they were priced at the low end of the expected $38-$42 range. Their price sank 8.4% on their first day of trading, although they recouped a bit on Friday. By week’s end, buyers of Robinhood’s IPO who held were down 7.5%.\nAmong those who sold high were the company’s co-founders, CEO Vladimir Tenev and Chief Creative Officer Baiju Bhatt, who each offloaded 1.25 million shares in the IPO. As my illustrious predecessor, Alan Abelson, liked to observe, there are many good reasons to sell a stock, but expecting it to go up isn’t one of them. That has never been more true, given the ability of rich owners to monetize their assets by borrowing against them cheaply, and without incurring capital-gains taxes.\nTo be sure, Tenev and Bhatt still have significant stakes in Robinhood. Asour colleague Avi Salzman reported, these were worth $2.5 billion at the initial offering price, and Tenev and Bhatt retain voting control. The two also could receive awards of shares worth as much as $6.7 billion for Tenev and $4 billion for Bhatt, if the stock hits $300, or nearly the proverbial ten-bagger from here.\nBut in a blow against income inequality, the potential billionaire pair took symbolic pay cuts, to $34,248, the average annual wage of American workers. As the comedian Yakov Smirnoff likes to say, “What a country!”\nHow those workers are faring will be a subject of the monthly employment report slated for release this coming Friday.\nEconomists’ forecasts for nonfarm payrolls center around a gain of 900,000. Jefferies economists Aneta Markowska and Thomas Simons estimate that the increase could top the long-anticipated one million mark; they forecast 1.2 million.\nMarkowska and Simons think the expiration of supplemental unemployment benefits in some states will boost the labor supply, although that is a matter of significant debate. (For more on the jobs market, seethis week’s cover story.)","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2831,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802477346,"gmtCreate":1627801036385,"gmtModify":1631889815587,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"ET88","avatar":"https://static.tigerbbs.com/972aa6dd92772d6bf44c97a3096c29b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577096177015881","idStr":"3577096177015881"},"themes":[],"htmlText":"Go Goog! ","listText":"Go Goog! ","text":"Go Goog!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/802477346","repostId":"1122171439","repostType":4,"isVote":1,"tweetType":1,"viewCount":3185,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802585089,"gmtCreate":1627788531041,"gmtModify":1631889815601,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"ET88","avatar":"https://static.tigerbbs.com/972aa6dd92772d6bf44c97a3096c29b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577096177015881","idStr":"3577096177015881"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802585089","repostId":"2156166889","repostType":4,"isVote":1,"tweetType":1,"viewCount":3251,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802399668,"gmtCreate":1627714555754,"gmtModify":1631889815611,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"ET88","avatar":"https://static.tigerbbs.com/972aa6dd92772d6bf44c97a3096c29b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577096177015881","idStr":"3577096177015881"},"themes":[],"htmlText":"Pumping more $$$","listText":"Pumping more $$$","text":"Pumping more $$$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802399668","repostId":"1186334150","repostType":4,"repost":{"id":"1186334150","kind":"news","pubTimestamp":1627713845,"share":"https://www.laohu8.com/m/news/1186334150?lang=zh_CN&edition=full","pubTime":"2021-07-31 14:44","market":"us","language":"en","title":"Infrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在路上。这里有一个便宜的玩法</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186334150","media":"Barron's","summary":"U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investme","content":"<p>U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investment bill, totaling some $1 trillion.</p><p><blockquote>美国立法者似乎即将通过一项期待已久的大规模基础设施投资法案，总额约为1万亿美元。</blockquote></p><p> The legislation should be a boost to businesses like<a href=\"https://laohu8.com/S/VMC\">Vulcan Materials</a>(ticker: VMC) and<a href=\"https://laohu8.com/S/MLM\">Martin Marietta Materials</a>(MLM), which make concrete and asphalt;<a href=\"https://laohu8.com/S/CAT\">Caterpillar</a>(CAT) and<a href=\"https://laohu8.com/S/TEX\">Terex</a>(TEX), which make construction equipment; and<a href=\"https://laohu8.com/S/URI\">United Rentals</a>(URI), which rents the machinery. Most of their stocks have already jumped on theprospect of infrastructure spending.</p><p><blockquote>这项立法应该会促进像这样的企业<a href=\"https://laohu8.com/S/VMC\">瓦肯材料</a>（股票代码：VMC）和<a href=\"https://laohu8.com/S/MLM\">马丁·玛丽埃塔材料</a>（传销），生产混凝土和沥青；<a href=\"https://laohu8.com/S/CAT\">毛虫</a>（猫）和<a href=\"https://laohu8.com/S/TEX\">特雷克斯</a>（特克斯），制造建筑设备；和<a href=\"https://laohu8.com/S/URI\">联合租赁公司</a>(URI)，租赁机器。由于基础设施支出的前景，他们的大多数股票已经上涨。</blockquote></p><p> But <a href=\"https://laohu8.com/S/AONE.U\">one</a> infrastructure play has been overlooked:<a href=\"https://laohu8.com/S/AFH\">Atlas</a> Technical Consultants(ATCX) provides engineering and design services, inspection and certification of buildings and public works, and other construction-related services. More construction means more plans and designs for Atlas to review. These eventually become finished projects that need annual inspections, paying dividends for years.</p><p><blockquote>但<a href=\"https://laohu8.com/S/AONE.U\">一</a>基础设施的发挥被忽视了：<a href=\"https://laohu8.com/S/AFH\">阿特拉斯</a>技术顾问(ATCX)提供工程和设计服务、建筑物和公共工程的检查和认证以及其他与建筑相关的服务。更多的建设意味着更多的计划和设计供Atlas审查。这些最终成为需要年度检查的成品项目，多年来都有回报。</blockquote></p><p> And yet Atlas shares have stalled. At a recent $9, the stock trades for just eight times enterprise value to estimated 2022 earnings before interest, taxes, depreciation, and amortization, or Ebitda. That multiple is a significant discount to companies in related inspection businesses, such asMontrose Environmental Group(MEG) andTetra Tech(TTEK), which trade for more than 22 times EV/2022 Ebitda.</p><p><blockquote>然而阿特拉斯的股价却停滞不前。该股最近的股价为9美元，仅为企业价值与预计2022年息税折旧摊销前利润(Ebitda)的八倍。对于Montrose Environmental Group(MEG)和Tetra Tech(TTEK)等相关检测业务的公司来说，这一倍数是EV/2022 Ebitda的22倍以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19ad62f427fb70a25aa96068bc5d1756\" tg-width=\"442\" tg-height=\"364\" referrerpolicy=\"no-referrer\">“Right now, part of the valuation discount is due to the debt, but I would say there are companies like Atlas where the debt is appropriate,” says Kevin Silverman, chief investment officer and portfolio manager at small-cap–focused <a href=\"https://laohu8.com/S/STL\">Sterling</a> Partners <a href=\"https://laohu8.com/S/EQR\">Equity</a> Advisors, which owns more than $2 million worth of Atlas stock, accounting for about 2% of its assets under management. “The debt helps equity holders if you have steady profit margins and can use it for growth.”</p><p><blockquote>专注于小盘股的首席投资官兼投资组合经理凯文·西尔弗曼(Kevin Silverman)表示：“目前，估值折扣的部分原因是债务，但我想说，像Atlas这样的公司债务是合适的。”<a href=\"https://laohu8.com/S/STL\">英镑</a>合作伙伴<a href=\"https://laohu8.com/S/EQR\">公平</a>Advisors拥有价值超过200万美元的Atlas股票，约占其管理资产的2%。“如果你有稳定的利润率并可以利用它来实现增长，那么债务会对股东有所帮助。”</blockquote></p><p> And Atlas has substantial opportunities for growth. Beyond the infrastructure-bill boost, Atlas has a long-term strategy of consolidating the fragmented U.S. inspection-services market while reducing its debt levels. Both should increase its appeal to investors and earn it a higher valuation multiple.</p><p><blockquote>Atlas拥有巨大的增长机会。除了基础设施法案的提振之外，Atlas还有一项长期战略，即整合分散的美国检验服务市场，同时降低其债务水平。两者都应该会增加其对投资者的吸引力，并为其赢得更高的估值倍数。</blockquote></p><p> The Austin, Texas–headquartered company went public inearly 2020via a merger with a special-purpose acquisition company, or SPAC. The deal saddled the company with a convoluted capital structure, including multiple share classes, outstanding warrants, and other complications. That complexity has probably kept some investors away, as has Atlas’ relatively high debt load, which comes to 5.5 times net debt to 2021 Ebitda.</p><p><blockquote>这家总部位于德克萨斯州奥斯汀的公司于2020年初通过与一家特殊目的收购公司(SPAC)合并上市。这笔交易给该公司带来了复杂的资本结构，包括多个股票类别、未偿认股权证和其他复杂因素。这种复杂性可能让一些投资者望而却步，Atlas相对较高的债务负担也是如此，其净债务是2021年Ebitda的5.5倍。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/99bb73a7c212bfed6d0890b8b14fbc15\" tg-width=\"607\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Atlas has reduced that complexity—redeeming its preferred equity, buying out warrants, and increasing the stock’s publicly traded float—and is focused on bringing its net debt below three times Ebitda.</p><p><blockquote>Atlas降低了这种复杂性——赎回其优先股、买断认股权证并增加股票的公开交易流通量——并专注于将其净债务降至Ebitda的三倍以下。</blockquote></p><p> Atlas is forecast to grow sales 13% this year, to $530 million, with Ebitda up 21%, to $76 million.</p><p><blockquote>Atlas预计今年销售额将增长13%，达到5.3亿美元，Ebitda将增长21%，达到7600万美元。</blockquote></p><p> Its customers include state departments of transportation, private building owners, electric and water utilities, airports, schools, hospitals, and more. Its national presence and leading scale helps win and retain marquee projects and big clients, including the U.S. Postal <a href=\"https://laohu8.com/S/SCI\">Service</a>, the Environmental Protection Agency, the <a href=\"https://laohu8.com/S/NWY\">New York</a> <a href=\"https://laohu8.com/S/CHCO\">City</a> Housing Authority, Stanford University,Walmart(WMT), and<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(AAPL).</p><p><blockquote>其客户包括州交通部门、私人建筑业主、电力和水务公司、机场、学校、医院等。其在全国的影响力和领先的规模有助于赢得和留住大型项目和大客户，包括美国邮政<a href=\"https://laohu8.com/S/SCI\">服务</a>环境保护局<a href=\"https://laohu8.com/S/NWY\">纽约</a><a href=\"https://laohu8.com/S/CHCO\">城市</a>住房管理局、斯坦福大学、沃尔玛(WMT)和<a href=\"https://laohu8.com/S/AAPL\">苹果</a>（苹果公司）。</blockquote></p><p> Atlas earned $64 million in adjusted Ebitda over the past four reported quarters, while it had a net loss of $18 million. As of the end of the first quarter, the company had a backlog of $689 million, or more than 140% of its last 12 months’ revenue of $482 million. “I’ve been in this business for 30 years, and it’s by far the highest I’ve seen,” Atlas CEO Joe Boyer tells<i>Barron’s</i>.</p><p><blockquote>Atlas在过去四个报告季度的调整后Ebitda为6400万美元，而净亏损为1800万美元。截至第一季度末，该公司的积压订单为6.89亿美元，占过去12个月收入4.82亿美元的140%以上。Atlas首席执行官乔·博耶(Joe Boyer)表示：“我从事这个行业已经30年了，这是迄今为止我见过的最高水平。”<i>巴伦周刊</i>.</blockquote></p><p> About 70% of the company’s revenue comes from work on existing buildings, pipes, roads, and bridges. Those jobs are nondiscretionary: As we’ve tragically learned at times, infrastructure needs to be inspected and brought up to code at regular intervals, no matter what the economic or pandemic situation is.</p><p><blockquote>该公司约70%的收入来自现有建筑、管道、道路和桥梁的工作。这些工作是非自由裁量的：正如我们有时悲惨地了解到的那样，无论经济或疫情形势如何，基础设施都需要定期检查和更新。</blockquote></p><p> The remaining 30% of Atlas’ sales are tied to new construction, which dipped during the pandemic but is nearly back to pre-Covid-19 levels, according to Boyer.</p><p><blockquote>Boyer表示，Atlas剩余30%的销售额与新建筑有关，新建筑在大流行期间有所下降，但几乎回到了Covid-19之前的水平。</blockquote></p><p></p><p> A long-term trend toward outsourcing services by cities and states, stricter environmental standards, and aging infrastructure in the U.S. have been drivers of Atlas’ organic growth in recent years.</p><p><blockquote>美国城市和州外包服务的长期趋势、更严格的环境标准以及老化的基础设施一直是Atlas近年来有机增长的驱动力。</blockquote></p><p> That trend has been responsible for about half of Atlas’ 20% compound annual growth in sales since 2016, when it was owned by private-equity firm Bernhard Capital Partners. The other avenue for growth has been Atlas’ acquisition strategy.</p><p><blockquote>自2016年Atlas归私募股权公司Bernhard Capital Partners所有以来，这一趋势约占Atlas销售额复合年增长率20%的一半。另一条增长途径是阿特拉斯的收购战略。</blockquote></p><p> “The idea is to find a company in a geography or a service that we don’t dominate in, bring it onto our platform, and cross-sell across our network,” Boyer says.</p><p><blockquote>“我们的想法是在我们不占主导地位的地区或服务中找到一家公司，将其带到我们的平台上，并通过我们的网络进行交叉销售，”博耶说。</blockquote></p><p> Atlas’ sweet spot for acquisition targets is about $5 million to $20 million in Ebitda, The company typically pays four to six times Ebitda in a mix of cash and stock. That makes each deal immediately accretive to earnings.</p><p><blockquote>Atlas的最佳收购目标是Ebitda约为500万至2000万美元，该公司通常以现金和股票的方式支付Ebitda的四至六倍。这使得每笔交易都会立即增加收益。</blockquote></p><p> As a small and relatively young public company, Atlas gets minimal coverage from Wall Street, but the three analysts who cover the firm are bullish. “We think the company is in end markets that are strong or recovering; they’ve been winning large contracts, and its backlog has been growing,” says <a href=\"https://laohu8.com/S/SF\">Stifel</a> analyst Noelle Dilts. “So, we feel good about the fundamental revenue outlook.”</p><p><blockquote>作为一家规模较小且相对年轻的上市公司，Atlas得到的华尔街报道很少，但研究该公司的三位分析师持乐观态度。“我们认为该公司所处的终端市场强劲或正在复苏；他们一直在赢得大合同，而且积压订单一直在增长，”他说<a href=\"https://laohu8.com/S/SF\">斯蒂费尔</a>分析师诺埃尔·迪尔茨。“因此，我们对基本收入前景感觉良好。”</blockquote></p><p> She rates Atlas a Buy, with a $14.50 price target, or 11 times her estimate of 2022 Ebitda, which doesn’t include any upside from a potential infrastructure bill. Using a 15 times Ebitda multiple, Sterling’s Silverman sees shares going to $43 three years from now, as debt paydown continues and earnings rise.</p><p><blockquote>她将Atlas评级为买入，目标价为14.50美元，是她对2022年Ebitda预期的11倍，其中不包括潜在基础设施法案带来的任何上行空间。使用15倍的Ebitda倍数，Sterling的Silverman预计，随着债务偿还的继续和盈利的上升，三年后股价将升至43美元。</blockquote></p><p> Atlas’ balance sheet remains a fixer-upper, but the company has the right foundation.</p><p><blockquote>阿特拉斯的资产负债表仍然有待修复，但该公司拥有正确的基础。</blockquote></p><p></p>","source":"lsy1610680873436","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>Infrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在路上。这里有一个便宜的玩法</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\">\nInfrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在路上。这里有一个便宜的玩法</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-07-31 14:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investment bill, totaling some $1 trillion.</p><p><blockquote>美国立法者似乎即将通过一项期待已久的大规模基础设施投资法案，总额约为1万亿美元。</blockquote></p><p> The legislation should be a boost to businesses like<a href=\"https://laohu8.com/S/VMC\">Vulcan Materials</a>(ticker: VMC) and<a href=\"https://laohu8.com/S/MLM\">Martin Marietta Materials</a>(MLM), which make concrete and asphalt;<a href=\"https://laohu8.com/S/CAT\">Caterpillar</a>(CAT) and<a href=\"https://laohu8.com/S/TEX\">Terex</a>(TEX), which make construction equipment; and<a href=\"https://laohu8.com/S/URI\">United Rentals</a>(URI), which rents the machinery. Most of their stocks have already jumped on theprospect of infrastructure spending.</p><p><blockquote>这项立法应该会促进像这样的企业<a href=\"https://laohu8.com/S/VMC\">瓦肯材料</a>（股票代码：VMC）和<a href=\"https://laohu8.com/S/MLM\">马丁·玛丽埃塔材料</a>（传销），生产混凝土和沥青；<a href=\"https://laohu8.com/S/CAT\">毛虫</a>（猫）和<a href=\"https://laohu8.com/S/TEX\">特雷克斯</a>（特克斯），制造建筑设备；和<a href=\"https://laohu8.com/S/URI\">联合租赁公司</a>(URI)，租赁机器。由于基础设施支出的前景，他们的大多数股票已经上涨。</blockquote></p><p> But <a href=\"https://laohu8.com/S/AONE.U\">one</a> infrastructure play has been overlooked:<a href=\"https://laohu8.com/S/AFH\">Atlas</a> Technical Consultants(ATCX) provides engineering and design services, inspection and certification of buildings and public works, and other construction-related services. More construction means more plans and designs for Atlas to review. These eventually become finished projects that need annual inspections, paying dividends for years.</p><p><blockquote>但<a href=\"https://laohu8.com/S/AONE.U\">一</a>基础设施的发挥被忽视了：<a href=\"https://laohu8.com/S/AFH\">阿特拉斯</a>技术顾问(ATCX)提供工程和设计服务、建筑物和公共工程的检查和认证以及其他与建筑相关的服务。更多的建设意味着更多的计划和设计供Atlas审查。这些最终成为需要年度检查的成品项目，多年来都有回报。</blockquote></p><p> And yet Atlas shares have stalled. At a recent $9, the stock trades for just eight times enterprise value to estimated 2022 earnings before interest, taxes, depreciation, and amortization, or Ebitda. That multiple is a significant discount to companies in related inspection businesses, such asMontrose Environmental Group(MEG) andTetra Tech(TTEK), which trade for more than 22 times EV/2022 Ebitda.</p><p><blockquote>然而阿特拉斯的股价却停滞不前。该股最近的股价为9美元，仅为企业价值与预计2022年息税折旧摊销前利润(Ebitda)的八倍。对于Montrose Environmental Group(MEG)和Tetra Tech(TTEK)等相关检测业务的公司来说，这一倍数是EV/2022 Ebitda的22倍以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19ad62f427fb70a25aa96068bc5d1756\" tg-width=\"442\" tg-height=\"364\" referrerpolicy=\"no-referrer\">“Right now, part of the valuation discount is due to the debt, but I would say there are companies like Atlas where the debt is appropriate,” says Kevin Silverman, chief investment officer and portfolio manager at small-cap–focused <a href=\"https://laohu8.com/S/STL\">Sterling</a> Partners <a href=\"https://laohu8.com/S/EQR\">Equity</a> Advisors, which owns more than $2 million worth of Atlas stock, accounting for about 2% of its assets under management. “The debt helps equity holders if you have steady profit margins and can use it for growth.”</p><p><blockquote>专注于小盘股的首席投资官兼投资组合经理凯文·西尔弗曼(Kevin Silverman)表示：“目前，估值折扣的部分原因是债务，但我想说，像Atlas这样的公司债务是合适的。”<a href=\"https://laohu8.com/S/STL\">英镑</a>合作伙伴<a href=\"https://laohu8.com/S/EQR\">公平</a>Advisors拥有价值超过200万美元的Atlas股票，约占其管理资产的2%。“如果你有稳定的利润率并可以利用它来实现增长，那么债务会对股东有所帮助。”</blockquote></p><p> And Atlas has substantial opportunities for growth. Beyond the infrastructure-bill boost, Atlas has a long-term strategy of consolidating the fragmented U.S. inspection-services market while reducing its debt levels. Both should increase its appeal to investors and earn it a higher valuation multiple.</p><p><blockquote>Atlas拥有巨大的增长机会。除了基础设施法案的提振之外，Atlas还有一项长期战略，即整合分散的美国检验服务市场，同时降低其债务水平。两者都应该会增加其对投资者的吸引力，并为其赢得更高的估值倍数。</blockquote></p><p> The Austin, Texas–headquartered company went public inearly 2020via a merger with a special-purpose acquisition company, or SPAC. The deal saddled the company with a convoluted capital structure, including multiple share classes, outstanding warrants, and other complications. That complexity has probably kept some investors away, as has Atlas’ relatively high debt load, which comes to 5.5 times net debt to 2021 Ebitda.</p><p><blockquote>这家总部位于德克萨斯州奥斯汀的公司于2020年初通过与一家特殊目的收购公司(SPAC)合并上市。这笔交易给该公司带来了复杂的资本结构，包括多个股票类别、未偿认股权证和其他复杂因素。这种复杂性可能让一些投资者望而却步，Atlas相对较高的债务负担也是如此，其净债务是2021年Ebitda的5.5倍。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/99bb73a7c212bfed6d0890b8b14fbc15\" tg-width=\"607\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Atlas has reduced that complexity—redeeming its preferred equity, buying out warrants, and increasing the stock’s publicly traded float—and is focused on bringing its net debt below three times Ebitda.</p><p><blockquote>Atlas降低了这种复杂性——赎回其优先股、买断认股权证并增加股票的公开交易流通量——并专注于将其净债务降至Ebitda的三倍以下。</blockquote></p><p> Atlas is forecast to grow sales 13% this year, to $530 million, with Ebitda up 21%, to $76 million.</p><p><blockquote>Atlas预计今年销售额将增长13%，达到5.3亿美元，Ebitda将增长21%，达到7600万美元。</blockquote></p><p> Its customers include state departments of transportation, private building owners, electric and water utilities, airports, schools, hospitals, and more. Its national presence and leading scale helps win and retain marquee projects and big clients, including the U.S. Postal <a href=\"https://laohu8.com/S/SCI\">Service</a>, the Environmental Protection Agency, the <a href=\"https://laohu8.com/S/NWY\">New York</a> <a href=\"https://laohu8.com/S/CHCO\">City</a> Housing Authority, Stanford University,Walmart(WMT), and<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(AAPL).</p><p><blockquote>其客户包括州交通部门、私人建筑业主、电力和水务公司、机场、学校、医院等。其在全国的影响力和领先的规模有助于赢得和留住大型项目和大客户，包括美国邮政<a href=\"https://laohu8.com/S/SCI\">服务</a>环境保护局<a href=\"https://laohu8.com/S/NWY\">纽约</a><a href=\"https://laohu8.com/S/CHCO\">城市</a>住房管理局、斯坦福大学、沃尔玛(WMT)和<a href=\"https://laohu8.com/S/AAPL\">苹果</a>（苹果公司）。</blockquote></p><p> Atlas earned $64 million in adjusted Ebitda over the past four reported quarters, while it had a net loss of $18 million. As of the end of the first quarter, the company had a backlog of $689 million, or more than 140% of its last 12 months’ revenue of $482 million. “I’ve been in this business for 30 years, and it’s by far the highest I’ve seen,” Atlas CEO Joe Boyer tells<i>Barron’s</i>.</p><p><blockquote>Atlas在过去四个报告季度的调整后Ebitda为6400万美元，而净亏损为1800万美元。截至第一季度末，该公司的积压订单为6.89亿美元，占过去12个月收入4.82亿美元的140%以上。Atlas首席执行官乔·博耶(Joe Boyer)表示：“我从事这个行业已经30年了，这是迄今为止我见过的最高水平。”<i>巴伦周刊</i>.</blockquote></p><p> About 70% of the company’s revenue comes from work on existing buildings, pipes, roads, and bridges. Those jobs are nondiscretionary: As we’ve tragically learned at times, infrastructure needs to be inspected and brought up to code at regular intervals, no matter what the economic or pandemic situation is.</p><p><blockquote>该公司约70%的收入来自现有建筑、管道、道路和桥梁的工作。这些工作是非自由裁量的：正如我们有时悲惨地了解到的那样，无论经济或疫情形势如何，基础设施都需要定期检查和更新。</blockquote></p><p> The remaining 30% of Atlas’ sales are tied to new construction, which dipped during the pandemic but is nearly back to pre-Covid-19 levels, according to Boyer.</p><p><blockquote>Boyer表示，Atlas剩余30%的销售额与新建筑有关，新建筑在大流行期间有所下降，但几乎回到了Covid-19之前的水平。</blockquote></p><p></p><p> A long-term trend toward outsourcing services by cities and states, stricter environmental standards, and aging infrastructure in the U.S. have been drivers of Atlas’ organic growth in recent years.</p><p><blockquote>美国城市和州外包服务的长期趋势、更严格的环境标准以及老化的基础设施一直是Atlas近年来有机增长的驱动力。</blockquote></p><p> That trend has been responsible for about half of Atlas’ 20% compound annual growth in sales since 2016, when it was owned by private-equity firm Bernhard Capital Partners. The other avenue for growth has been Atlas’ acquisition strategy.</p><p><blockquote>自2016年Atlas归私募股权公司Bernhard Capital Partners所有以来，这一趋势约占Atlas销售额复合年增长率20%的一半。另一条增长途径是阿特拉斯的收购战略。</blockquote></p><p> “The idea is to find a company in a geography or a service that we don’t dominate in, bring it onto our platform, and cross-sell across our network,” Boyer says.</p><p><blockquote>“我们的想法是在我们不占主导地位的地区或服务中找到一家公司，将其带到我们的平台上，并通过我们的网络进行交叉销售，”博耶说。</blockquote></p><p> Atlas’ sweet spot for acquisition targets is about $5 million to $20 million in Ebitda, The company typically pays four to six times Ebitda in a mix of cash and stock. That makes each deal immediately accretive to earnings.</p><p><blockquote>Atlas的最佳收购目标是Ebitda约为500万至2000万美元，该公司通常以现金和股票的方式支付Ebitda的四至六倍。这使得每笔交易都会立即增加收益。</blockquote></p><p> As a small and relatively young public company, Atlas gets minimal coverage from Wall Street, but the three analysts who cover the firm are bullish. “We think the company is in end markets that are strong or recovering; they’ve been winning large contracts, and its backlog has been growing,” says <a href=\"https://laohu8.com/S/SF\">Stifel</a> analyst Noelle Dilts. “So, we feel good about the fundamental revenue outlook.”</p><p><blockquote>作为一家规模较小且相对年轻的上市公司，Atlas得到的华尔街报道很少，但研究该公司的三位分析师持乐观态度。“我们认为该公司所处的终端市场强劲或正在复苏；他们一直在赢得大合同，而且积压订单一直在增长，”他说<a href=\"https://laohu8.com/S/SF\">斯蒂费尔</a>分析师诺埃尔·迪尔茨。“因此，我们对基本收入前景感觉良好。”</blockquote></p><p> She rates Atlas a Buy, with a $14.50 price target, or 11 times her estimate of 2022 Ebitda, which doesn’t include any upside from a potential infrastructure bill. Using a 15 times Ebitda multiple, Sterling’s Silverman sees shares going to $43 three years from now, as debt paydown continues and earnings rise.</p><p><blockquote>她将Atlas评级为买入，目标价为14.50美元，是她对2022年Ebitda预期的11倍，其中不包括潜在基础设施法案带来的任何上行空间。使用15倍的Ebitda倍数，Sterling的Silverman预计，随着债务偿还的继续和盈利的上升，三年后股价将升至43美元。</blockquote></p><p> Atlas’ balance sheet remains a fixer-upper, but the company has the right foundation.</p><p><blockquote>阿特拉斯的资产负债表仍然有待修复，但该公司拥有正确的基础。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/infrastructure-buy-atlas-technical-consultants-stock-51627684191?mod=hp_LEAD_2\">Barron's</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.barrons.com/articles/infrastructure-buy-atlas-technical-consultants-stock-51627684191?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186334150","content_text":"U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investment bill, totaling some $1 trillion.\nThe legislation should be a boost to businesses likeVulcan Materials(ticker: VMC) andMartin Marietta Materials(MLM), which make concrete and asphalt;Caterpillar(CAT) andTerex(TEX), which make construction equipment; andUnited Rentals(URI), which rents the machinery. Most of their stocks have already jumped on theprospect of infrastructure spending.\nBut one infrastructure play has been overlooked:Atlas Technical Consultants(ATCX) provides engineering and design services, inspection and certification of buildings and public works, and other construction-related services. More construction means more plans and designs for Atlas to review. These eventually become finished projects that need annual inspections, paying dividends for years.\nAnd yet Atlas shares have stalled. At a recent $9, the stock trades for just eight times enterprise value to estimated 2022 earnings before interest, taxes, depreciation, and amortization, or Ebitda. That multiple is a significant discount to companies in related inspection businesses, such asMontrose Environmental Group(MEG) andTetra Tech(TTEK), which trade for more than 22 times EV/2022 Ebitda.\n“Right now, part of the valuation discount is due to the debt, but I would say there are companies like Atlas where the debt is appropriate,” says Kevin Silverman, chief investment officer and portfolio manager at small-cap–focused Sterling Partners Equity Advisors, which owns more than $2 million worth of Atlas stock, accounting for about 2% of its assets under management. “The debt helps equity holders if you have steady profit margins and can use it for growth.”\nAnd Atlas has substantial opportunities for growth. Beyond the infrastructure-bill boost, Atlas has a long-term strategy of consolidating the fragmented U.S. inspection-services market while reducing its debt levels. Both should increase its appeal to investors and earn it a higher valuation multiple.\nThe Austin, Texas–headquartered company went public inearly 2020via a merger with a special-purpose acquisition company, or SPAC. The deal saddled the company with a convoluted capital structure, including multiple share classes, outstanding warrants, and other complications. That complexity has probably kept some investors away, as has Atlas’ relatively high debt load, which comes to 5.5 times net debt to 2021 Ebitda.\n\nAtlas has reduced that complexity—redeeming its preferred equity, buying out warrants, and increasing the stock’s publicly traded float—and is focused on bringing its net debt below three times Ebitda.\nAtlas is forecast to grow sales 13% this year, to $530 million, with Ebitda up 21%, to $76 million.\nIts customers include state departments of transportation, private building owners, electric and water utilities, airports, schools, hospitals, and more. Its national presence and leading scale helps win and retain marquee projects and big clients, including the U.S. Postal Service, the Environmental Protection Agency, the New York City Housing Authority, Stanford University,Walmart(WMT), andApple(AAPL).\nAtlas earned $64 million in adjusted Ebitda over the past four reported quarters, while it had a net loss of $18 million. As of the end of the first quarter, the company had a backlog of $689 million, or more than 140% of its last 12 months’ revenue of $482 million. “I’ve been in this business for 30 years, and it’s by far the highest I’ve seen,” Atlas CEO Joe Boyer tellsBarron’s.\nAbout 70% of the company’s revenue comes from work on existing buildings, pipes, roads, and bridges. Those jobs are nondiscretionary: As we’ve tragically learned at times, infrastructure needs to be inspected and brought up to code at regular intervals, no matter what the economic or pandemic situation is.\nThe remaining 30% of Atlas’ sales are tied to new construction, which dipped during the pandemic but is nearly back to pre-Covid-19 levels, according to Boyer.\nA long-term trend toward outsourcing services by cities and states, stricter environmental standards, and aging infrastructure in the U.S. have been drivers of Atlas’ organic growth in recent years.\nThat trend has been responsible for about half of Atlas’ 20% compound annual growth in sales since 2016, when it was owned by private-equity firm Bernhard Capital Partners. The other avenue for growth has been Atlas’ acquisition strategy.\n“The idea is to find a company in a geography or a service that we don’t dominate in, bring it onto our platform, and cross-sell across our network,” Boyer says.\nAtlas’ sweet spot for acquisition targets is about $5 million to $20 million in Ebitda, The company typically pays four to six times Ebitda in a mix of cash and stock. That makes each deal immediately accretive to earnings.\nAs a small and relatively young public company, Atlas gets minimal coverage from Wall Street, but the three analysts who cover the firm are bullish. “We think the company is in end markets that are strong or recovering; they’ve been winning large contracts, and its backlog has been growing,” says Stifel analyst Noelle Dilts. “So, we feel good about the fundamental revenue outlook.”\nShe rates Atlas a Buy, with a $14.50 price target, or 11 times her estimate of 2022 Ebitda, which doesn’t include any upside from a potential infrastructure bill. Using a 15 times Ebitda multiple, Sterling’s Silverman sees shares going to $43 three years from now, as debt paydown continues and earnings rise.\nAtlas’ balance sheet remains a fixer-upper, but the company has the right foundation.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2415,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802399880,"gmtCreate":1627714508640,"gmtModify":1631889815634,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"ET88","avatar":"https://static.tigerbbs.com/972aa6dd92772d6bf44c97a3096c29b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577096177015881","idStr":"3577096177015881"},"themes":[],"htmlText":"😢","listText":"😢","text":"😢","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802399880","repostId":"1167653033","repostType":4,"repost":{"id":"1167653033","kind":"news","pubTimestamp":1627706886,"share":"https://www.laohu8.com/m/news/1167653033?lang=zh_CN&edition=full","pubTime":"2021-07-31 12:48","market":"sg","language":"en","title":"SGD to weaken to $1.35/USD amidst COVID-19 woes: Fitch<blockquote>惠誉：在COVID-19困境中，新加坡元将跌至1.35美元/美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1167653033","media":"Singapore Business","summary":"The Singapore dollar (SGD) is expected to weaken to $1.35 versus the US dollar (USD) for 2021, accor","content":"<p>The Singapore dollar (SGD) is expected to weaken to $1.35 versus the US dollar (USD) for 2021, according to Fitch Solutions, to weaken further to $1.36 in 2022.</p><p><blockquote>根据惠誉解决方案的数据，预计2021年新加坡元兑美元汇率将跌至1.35美元，2022年将进一步跌至1.36美元。</blockquote></p><p> This is a downgrade from its previous forecast of $1.33 against the greenback for 2021 and $1.32 in 2022.</p><p><blockquote>这比之前预测的2021年兑美元1.33美元和2022年兑美元1.32美元有所下调。</blockquote></p><p> “The SGD has weakened in line with most other Asian currencies after the Fed’s hawkish surprise on June 16, and will likely trade in a weaker range between $1.35 per USD and $1.38 per USD for the remainder of 2021 and likely in 2022 as well,” Fitch said.</p><p><blockquote>惠誉表示：“在美联储6月16日的鹰派意外之后，新加坡元与大多数其他亚洲货币一致走弱，2021年剩余时间以及2022年可能会在1.35美元兑1.38美元之间的弱势区间内交易。”说。</blockquote></p><p> This is due to the risk-off sentiment sparked by the resurgence of COVID-19 infections across Asia, including the key economies of Indonesia, Malaysia, and Thailand.</p><p><blockquote>这是由于亚洲（包括印度尼西亚、马来西亚和泰国等主要经济体）新冠肺炎感染死灰复燃引发的避险情绪。</blockquote></p><p> The SGD also breached the key support level of $1.35 per USD on 8 July and has weakened since. The last time Singapore breached this level was in July 2018, during the initial phases of the US-China trade war.</p><p><blockquote>新加坡元也在7月8日突破了1美元兑1.35美元的关键支撑位，此后一直走弱。新加坡上一次突破这一水平是在2018年7月，当时正值美中贸易战的初始阶段。</blockquote></p><p> “However, any weakness in the SGD should be capped by the economy being in a much more resilient position than other Asian markets, due to the fast progress in vaccinating the population,” it added. “This puts Singapore in a much more resilient position compared to most other Asian economies and the SGD could benefit from some degree of safe-haven flows from elsewhere in the region as the year progresses, limiting prospects for further depreciation beyond our identified trading range.”</p><p><blockquote>它补充说：“然而，由于人口疫苗接种取得了快速进展，新加坡元的任何疲软都应该受到经济比其他亚洲市场更具弹性的限制。”“与大多数其他亚洲经济体相比，这使新加坡处于更具弹性的地位，随着时间的推移，新加坡元可能会受益于来自该地区其他地方的某种程度的避险资金，从而限制了进一步贬值超出我们确定的交易范围的前景。”</blockquote></p><p> For the long term, Fitch expects a strong recovery in exports to support the currency in 2022, but balanced by the risk of a potentially more hawkish US Fed if above-2% target inflation persists.</p><p><blockquote>从长期来看，惠誉预计2022年出口强劲复苏将支撑人民币，但如果目标通胀率持续高于2%，美联储可能会采取更加鹰派的风险将抵消这一风险。</blockquote></p><p> Fitch Solutions identified as a key risk the possibility of a COVID-19 variant that can bypass existing vaccines, which could force Singapore to implement further lockdowns.</p><p><blockquote>惠誉解决方案（Fitch Solutions）认为，一个关键风险是新冠肺炎变种可能绕过现有疫苗，这可能迫使新加坡实施进一步的封锁。</blockquote></p><p></p>","source":"lsy1618986048053","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>SGD to weaken to $1.35/USD amidst COVID-19 woes: Fitch<blockquote>惠誉：在COVID-19困境中，新加坡元将跌至1.35美元/美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSGD to weaken to $1.35/USD amidst COVID-19 woes: Fitch<blockquote>惠誉：在COVID-19困境中，新加坡元将跌至1.35美元/美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Singapore Business</strong><span class=\"h-time small\">2021-07-31 12:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Singapore dollar (SGD) is expected to weaken to $1.35 versus the US dollar (USD) for 2021, according to Fitch Solutions, to weaken further to $1.36 in 2022.</p><p><blockquote>根据惠誉解决方案的数据，预计2021年新加坡元兑美元汇率将跌至1.35美元，2022年将进一步跌至1.36美元。</blockquote></p><p> This is a downgrade from its previous forecast of $1.33 against the greenback for 2021 and $1.32 in 2022.</p><p><blockquote>这比之前预测的2021年兑美元1.33美元和2022年兑美元1.32美元有所下调。</blockquote></p><p> “The SGD has weakened in line with most other Asian currencies after the Fed’s hawkish surprise on June 16, and will likely trade in a weaker range between $1.35 per USD and $1.38 per USD for the remainder of 2021 and likely in 2022 as well,” Fitch said.</p><p><blockquote>惠誉表示：“在美联储6月16日的鹰派意外之后，新加坡元与大多数其他亚洲货币一致走弱，2021年剩余时间以及2022年可能会在1.35美元兑1.38美元之间的弱势区间内交易。”说。</blockquote></p><p> This is due to the risk-off sentiment sparked by the resurgence of COVID-19 infections across Asia, including the key economies of Indonesia, Malaysia, and Thailand.</p><p><blockquote>这是由于亚洲（包括印度尼西亚、马来西亚和泰国等主要经济体）新冠肺炎感染死灰复燃引发的避险情绪。</blockquote></p><p> The SGD also breached the key support level of $1.35 per USD on 8 July and has weakened since. The last time Singapore breached this level was in July 2018, during the initial phases of the US-China trade war.</p><p><blockquote>新加坡元也在7月8日突破了1美元兑1.35美元的关键支撑位，此后一直走弱。新加坡上一次突破这一水平是在2018年7月，当时正值美中贸易战的初始阶段。</blockquote></p><p> “However, any weakness in the SGD should be capped by the economy being in a much more resilient position than other Asian markets, due to the fast progress in vaccinating the population,” it added. “This puts Singapore in a much more resilient position compared to most other Asian economies and the SGD could benefit from some degree of safe-haven flows from elsewhere in the region as the year progresses, limiting prospects for further depreciation beyond our identified trading range.”</p><p><blockquote>它补充说：“然而，由于人口疫苗接种取得了快速进展，新加坡元的任何疲软都应该受到经济比其他亚洲市场更具弹性的限制。”“与大多数其他亚洲经济体相比，这使新加坡处于更具弹性的地位，随着时间的推移，新加坡元可能会受益于来自该地区其他地方的某种程度的避险资金，从而限制了进一步贬值超出我们确定的交易范围的前景。”</blockquote></p><p> For the long term, Fitch expects a strong recovery in exports to support the currency in 2022, but balanced by the risk of a potentially more hawkish US Fed if above-2% target inflation persists.</p><p><blockquote>从长期来看，惠誉预计2022年出口强劲复苏将支撑人民币，但如果目标通胀率持续高于2%，美联储可能会采取更加鹰派的风险将抵消这一风险。</blockquote></p><p> Fitch Solutions identified as a key risk the possibility of a COVID-19 variant that can bypass existing vaccines, which could force Singapore to implement further lockdowns.</p><p><blockquote>惠誉解决方案（Fitch Solutions）认为，一个关键风险是新冠肺炎变种可能绕过现有疫苗，这可能迫使新加坡实施进一步的封锁。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://sbr.com.sg/economy/in-focus/sgd-weaken-135usd-amidst-covid-19-woes-fitch\">Singapore Business</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":{"STI.SI":"富时新加坡海峡指数"},"source_url":"https://sbr.com.sg/economy/in-focus/sgd-weaken-135usd-amidst-covid-19-woes-fitch","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167653033","content_text":"The Singapore dollar (SGD) is expected to weaken to $1.35 versus the US dollar (USD) for 2021, according to Fitch Solutions, to weaken further to $1.36 in 2022.\nThis is a downgrade from its previous forecast of $1.33 against the greenback for 2021 and $1.32 in 2022.\n“The SGD has weakened in line with most other Asian currencies after the Fed’s hawkish surprise on June 16, and will likely trade in a weaker range between $1.35 per USD and $1.38 per USD for the remainder of 2021 and likely in 2022 as well,” Fitch said.\nThis is due to the risk-off sentiment sparked by the resurgence of COVID-19 infections across Asia, including the key economies of Indonesia, Malaysia, and Thailand.\nThe SGD also breached the key support level of $1.35 per USD on 8 July and has weakened since. The last time Singapore breached this level was in July 2018, during the initial phases of the US-China trade war.\n“However, any weakness in the SGD should be capped by the economy being in a much more resilient position than other Asian markets, due to the fast progress in vaccinating the population,” it added. “This puts Singapore in a much more resilient position compared to most other Asian economies and the SGD could benefit from some degree of safe-haven flows from elsewhere in the region as the year progresses, limiting prospects for further depreciation beyond our identified trading range.”\nFor the long term, Fitch expects a strong recovery in exports to support the currency in 2022, but balanced by the risk of a potentially more hawkish US Fed if above-2% target inflation persists.\nFitch Solutions identified as a key risk the possibility of a COVID-19 variant that can bypass existing vaccines, which could force Singapore to implement further lockdowns.","news_type":1,"symbols_score_info":{"STI.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":3172,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809822515,"gmtCreate":1627359420737,"gmtModify":1631889815635,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"ET88","avatar":"https://static.tigerbbs.com/972aa6dd92772d6bf44c97a3096c29b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577096177015881","idStr":"3577096177015881"},"themes":[],"htmlText":"Yay! ","listText":"Yay! ","text":"Yay!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809822515","repostId":"1190848120","repostType":4,"repost":{"id":"1190848120","kind":"news","pubTimestamp":1627356244,"share":"https://www.laohu8.com/m/news/1190848120?lang=zh_CN&edition=full","pubTime":"2021-07-27 11:24","market":"us","language":"en","title":"AMD Reports Earnings Tuesday. It’s All About the Data Center.<blockquote>AMD周二公布财报。这一切都与数据中心有关。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190848120","media":"Barrons","summary":"When chip designer Advanced Micro Devices reports earnings Tuesday after the closing bell, investors","content":"<p>When chip designer Advanced Micro Devices reports earnings Tuesday after the closing bell, investors are expecting a 266% increase in per-share profit and a near doubling in revenue.</p><p><blockquote>当芯片设计公司Advanced Micro Devices周二收盘后公布财报时，投资者预计每股利润将增长266%，收入将几乎翻一番。</blockquote></p><p> Amid chip shortages crippling the global economy, investors have lofty expectations for semiconductor businesses.</p><p><blockquote>在芯片短缺导致全球经济瘫痪的情况下，投资者对半导体业务抱有很高的期望。</blockquote></p><p> For AMD (ticker: AMD), the company’s ability to top high expectations may come down to its revenue from data center chips. That data-center market is rich with opportunity for AMD, after the launch delay of a new advanced server chip from rival Intel (INTC).</p><p><blockquote>对于AMD（股票代码：AMD）来说，该公司能否超出高预期可能取决于其来自数据中心芯片的收入。在竞争对手英特尔(INTC)推迟推出新型先进服务器芯片后，数据中心市场对AMD来说充满了机会。</blockquote></p><p> Jefferies analyst Mark Lipacis wrote that, according to his team’s industry checks, AMD’s Milan server chips are set to take a significant amount of market share from Intel in the second half of the year.</p><p><blockquote>Jefferies分析师Mark Lipacis写道，根据其团队的行业检查，AMD的Milan服务器芯片将在今年下半年从英特尔手中夺走大量市场份额。</blockquote></p><p> AMD executives have issued consistently bullish guidance. In April, the company forecast that revenue would be up 86% in the second-quarter, to approximately $3.6 billion. Analysts currently expect second-quarter adjusted profit of 54 cents a share on revenue of $3.6 billion.</p><p><blockquote>AMD高管一直发布看涨指引。4月份，该公司预测第二季度收入将增长86%，达到约36亿美元。分析师目前预计第二季度调整后每股利润为54美分，营收为36亿美元。</blockquote></p><p> Wall Street expects AMD to deliver computer and graphics segment revenue of $2.2 billion and enterprise, embedded, and semi-custom revenue of $1.4 billion. The company’s semi-custom business includes chips designed for new videogame consoles sold by Microsoft (MSFT) and Sony (SNE).</p><p><blockquote>华尔街预计AMD将实现22亿美元的计算机和图形部门收入，14亿美元的企业、嵌入式和半定制收入。该公司的半定制业务包括为微软(MSFT)和Sony(SNE)销售的新型视频游戏机设计的芯片。</blockquote></p><p> AMD has previously said it expects full-year 2021 revenue to grow about 50% from last year.</p><p><blockquote>AMD此前曾表示，预计2021年全年营收将较去年增长约50%。</blockquote></p><p> AMD’s growth potential could be limited by difficulties in obtaining materials and components necessary for chip making, as well as securing additional capacity from its contract manufacturers, including Taiwan Semiconductor Manufacturing (TSM). BMO Capital Markets analyst Ambrish Srivastava wrote that data center demand could be hurt by component shortages and some of the materials necessary to manufacture chips.</p><p><blockquote>AMD的增长潜力可能会受到难以获得芯片制造所需材料和组件以及难以从包括台积电(TSM)在内的合同制造商获得额外产能的限制。BMO资本市场分析师Ambrish Srivastava写道，数据中心的需求可能会因零部件短缺和制造芯片所需的一些材料而受到损害。</blockquote></p><p> Because AMD shares trade at a high multiple—42 times earnings estimates for the next 12 months—Srivastava said that the company would need to top Wall Street expectations by a “meaningful” amount and again raise its full-year guidance to move the stock higher.</p><p><blockquote>由于AMD股价的市盈率很高——未来12个月盈利预期的42倍——Srivastava表示，该公司需要超出华尔街预期一个“有意义”的金额，并再次上调全年指引以推动股价走高。</blockquote></p><p> AMD has reported better-than-expected per-share profit for the past four quarters. It has missed revenue estimates only once in the past two years.</p><p><blockquote>AMD公布的过去四个季度的每股利润好于预期。过去两年，该公司仅有一次未达到收入预期。</blockquote></p><p> Outsize expectations and bullish forecasts from executives haven’t done much to help AMD’s stock recently. After soaring in 2020, AMD shares are flat this year, while the PHLX Semiconductor index is up 17%.</p><p><blockquote>高管们的过高预期和看涨预测最近并没有对AMD的股价产生多大帮助。AMD股价在2020年飙升后，今年持平，而PHLX半导体指数上涨17%。</blockquote></p><p> Among Wall Street analysts covering AMD, 25 rate the stock at Buy, 15 at Hold, and three at Sell. The average target price is $102.35, 11% above a recent close of $91.82.</p><p><blockquote>在研究AMD的华尔街分析师中，25人将该股评级为买入，15人评级为持有，3人评级为卖出。平均目标价为102.35美元，较近期收盘价91.82美元上涨11%。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD Reports Earnings Tuesday. It’s All About the Data Center.<blockquote>AMD周二公布财报。这一切都与数据中心有关。</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\">\nAMD Reports Earnings Tuesday. It’s All About the Data Center.<blockquote>AMD周二公布财报。这一切都与数据中心有关。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-27 11:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>When chip designer Advanced Micro Devices reports earnings Tuesday after the closing bell, investors are expecting a 266% increase in per-share profit and a near doubling in revenue.</p><p><blockquote>当芯片设计公司Advanced Micro Devices周二收盘后公布财报时，投资者预计每股利润将增长266%，收入将几乎翻一番。</blockquote></p><p> Amid chip shortages crippling the global economy, investors have lofty expectations for semiconductor businesses.</p><p><blockquote>在芯片短缺导致全球经济瘫痪的情况下，投资者对半导体业务抱有很高的期望。</blockquote></p><p> For AMD (ticker: AMD), the company’s ability to top high expectations may come down to its revenue from data center chips. That data-center market is rich with opportunity for AMD, after the launch delay of a new advanced server chip from rival Intel (INTC).</p><p><blockquote>对于AMD（股票代码：AMD）来说，该公司能否超出高预期可能取决于其来自数据中心芯片的收入。在竞争对手英特尔(INTC)推迟推出新型先进服务器芯片后，数据中心市场对AMD来说充满了机会。</blockquote></p><p> Jefferies analyst Mark Lipacis wrote that, according to his team’s industry checks, AMD’s Milan server chips are set to take a significant amount of market share from Intel in the second half of the year.</p><p><blockquote>Jefferies分析师Mark Lipacis写道，根据其团队的行业检查，AMD的Milan服务器芯片将在今年下半年从英特尔手中夺走大量市场份额。</blockquote></p><p> AMD executives have issued consistently bullish guidance. In April, the company forecast that revenue would be up 86% in the second-quarter, to approximately $3.6 billion. Analysts currently expect second-quarter adjusted profit of 54 cents a share on revenue of $3.6 billion.</p><p><blockquote>AMD高管一直发布看涨指引。4月份，该公司预测第二季度收入将增长86%，达到约36亿美元。分析师目前预计第二季度调整后每股利润为54美分，营收为36亿美元。</blockquote></p><p> Wall Street expects AMD to deliver computer and graphics segment revenue of $2.2 billion and enterprise, embedded, and semi-custom revenue of $1.4 billion. The company’s semi-custom business includes chips designed for new videogame consoles sold by Microsoft (MSFT) and Sony (SNE).</p><p><blockquote>华尔街预计AMD将实现22亿美元的计算机和图形部门收入，14亿美元的企业、嵌入式和半定制收入。该公司的半定制业务包括为微软(MSFT)和Sony(SNE)销售的新型视频游戏机设计的芯片。</blockquote></p><p> AMD has previously said it expects full-year 2021 revenue to grow about 50% from last year.</p><p><blockquote>AMD此前曾表示，预计2021年全年营收将较去年增长约50%。</blockquote></p><p> AMD’s growth potential could be limited by difficulties in obtaining materials and components necessary for chip making, as well as securing additional capacity from its contract manufacturers, including Taiwan Semiconductor Manufacturing (TSM). BMO Capital Markets analyst Ambrish Srivastava wrote that data center demand could be hurt by component shortages and some of the materials necessary to manufacture chips.</p><p><blockquote>AMD的增长潜力可能会受到难以获得芯片制造所需材料和组件以及难以从包括台积电(TSM)在内的合同制造商获得额外产能的限制。BMO资本市场分析师Ambrish Srivastava写道，数据中心的需求可能会因零部件短缺和制造芯片所需的一些材料而受到损害。</blockquote></p><p> Because AMD shares trade at a high multiple—42 times earnings estimates for the next 12 months—Srivastava said that the company would need to top Wall Street expectations by a “meaningful” amount and again raise its full-year guidance to move the stock higher.</p><p><blockquote>由于AMD股价的市盈率很高——未来12个月盈利预期的42倍——Srivastava表示，该公司需要超出华尔街预期一个“有意义”的金额，并再次上调全年指引以推动股价走高。</blockquote></p><p> AMD has reported better-than-expected per-share profit for the past four quarters. It has missed revenue estimates only once in the past two years.</p><p><blockquote>AMD公布的过去四个季度的每股利润好于预期。过去两年，该公司仅有一次未达到收入预期。</blockquote></p><p> Outsize expectations and bullish forecasts from executives haven’t done much to help AMD’s stock recently. After soaring in 2020, AMD shares are flat this year, while the PHLX Semiconductor index is up 17%.</p><p><blockquote>高管们的过高预期和看涨预测最近并没有对AMD的股价产生多大帮助。AMD股价在2020年飙升后，今年持平，而PHLX半导体指数上涨17%。</blockquote></p><p> Among Wall Street analysts covering AMD, 25 rate the stock at Buy, 15 at Hold, and three at Sell. The average target price is $102.35, 11% above a recent close of $91.82.</p><p><blockquote>在研究AMD的华尔街分析师中，25人将该股评级为买入，15人评级为持有，3人评级为卖出。平均目标价为102.35美元，较近期收盘价91.82美元上涨11%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/amd-reports-earnings-tuesday-its-all-about-the-data-center-51627339031?mod=hp_DAY_3\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://www.barrons.com/articles/amd-reports-earnings-tuesday-its-all-about-the-data-center-51627339031?mod=hp_DAY_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190848120","content_text":"When chip designer Advanced Micro Devices reports earnings Tuesday after the closing bell, investors are expecting a 266% increase in per-share profit and a near doubling in revenue.\nAmid chip shortages crippling the global economy, investors have lofty expectations for semiconductor businesses.\nFor AMD (ticker: AMD), the company’s ability to top high expectations may come down to its revenue from data center chips. That data-center market is rich with opportunity for AMD, after the launch delay of a new advanced server chip from rival Intel (INTC).\nJefferies analyst Mark Lipacis wrote that, according to his team’s industry checks, AMD’s Milan server chips are set to take a significant amount of market share from Intel in the second half of the year.\nAMD executives have issued consistently bullish guidance. In April, the company forecast that revenue would be up 86% in the second-quarter, to approximately $3.6 billion. Analysts currently expect second-quarter adjusted profit of 54 cents a share on revenue of $3.6 billion.\nWall Street expects AMD to deliver computer and graphics segment revenue of $2.2 billion and enterprise, embedded, and semi-custom revenue of $1.4 billion. The company’s semi-custom business includes chips designed for new videogame consoles sold by Microsoft (MSFT) and Sony (SNE).\nAMD has previously said it expects full-year 2021 revenue to grow about 50% from last year.\nAMD’s growth potential could be limited by difficulties in obtaining materials and components necessary for chip making, as well as securing additional capacity from its contract manufacturers, including Taiwan Semiconductor Manufacturing (TSM). BMO Capital Markets analyst Ambrish Srivastava wrote that data center demand could be hurt by component shortages and some of the materials necessary to manufacture chips.\nBecause AMD shares trade at a high multiple—42 times earnings estimates for the next 12 months—Srivastava said that the company would need to top Wall Street expectations by a “meaningful” amount and again raise its full-year guidance to move the stock higher.\nAMD has reported better-than-expected per-share profit for the past four quarters. It has missed revenue estimates only once in the past two years.\nOutsize expectations and bullish forecasts from executives haven’t done much to help AMD’s stock recently. After soaring in 2020, AMD shares are flat this year, while the PHLX Semiconductor index is up 17%.\nAmong Wall Street analysts covering AMD, 25 rate the stock at Buy, 15 at Hold, and three at Sell. The average target price is $102.35, 11% above a recent close of $91.82.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":2686,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}