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- 3033H3033H
  ·2021-12-21
  More to come
  Micron Stock Rallies as Outlook Tops Street Estimates<blockquote>美光科技股价上涨，前景超出华尔街预期</blockquote>
  Micron Technology shares headed higher after the memory-chip company posted strong results, while pr
  Micron Stock Rallies as Outlook Tops Street Estimates<blockquote>美光科技股价上涨，前景超出华尔街预期</blockquote>
  1,743 评论
  2
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- 3033H3033H
  ·2021-12-16
  Sell sell sell
  非常抱歉，此主贴已删除
  2,328 1
  4
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- 3033H3033H
  ·2021-11-26
  Not sure
  非常抱歉，此主贴已删除
  2,305 1
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- 3033H3033H
  ·2021-10-05
  Opportunity to invest in some great companies
  非常抱歉，此主贴已删除
  2,628 1
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- 3033H3033H
  ·2021-09-14
  Not only to avoid this week but until they can demonstrate that they can grow and generate cash.
  非常抱歉，此主贴已删除
  2,681 1
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- 3033H3033H
  ·2021-08-28
  Is still back to fundamental. Companies must be able to grow the revenue, profit and cash.
  非常抱歉，此主贴已删除
  1,876 评论
  3
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- 3033H3033H
  ·2021-08-26
  Skyworks is in very good shape. Net cash, high ROE & good FCF
  非常抱歉，此主贴已删除
  1,734 评论
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- 3033H3033H
  ·2021-08-24
  On
  Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>
  The iShares Semiconductor ETF is down over 6% from recent highs. ISTOCKPHOTO In the rolling correcti
  Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>
  1,317 评论
  5
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- 3033H3033H
  ·2021-08-22
  Cheap rubbish is still rubbish
  Penny Stocks: Why You Should Always Stay Away<blockquote>细价股：为什么你应该永远远离</blockquote>
  Penny stocks – those stocks that trade for low prices, often with share prices of less than a dollar
  Penny Stocks: Why You Should Always Stay Away<blockquote>细价股：为什么你应该永远远离</blockquote>
  1,235 1
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- 3033H3033H
  ·2021-08-21
  Singapore has plenty of good dividend stock
  非常抱歉，此主贴已删除
  1,667 评论
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to come&nbsp;","listText":"More to come&nbsp;","text":"More to come","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693501341","repostId":"1154367089","repostType":4,"repost":{"id":"1154367089","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1640041733,"share":"https://www.laohu8.com/m/news/1154367089?lang=zh_CN&edition=full","pubTime":"2021-12-21 07:08","market":"us","language":"en","title":"Micron Stock Rallies as Outlook Tops Street Estimates<blockquote>美光科技股价上涨，前景超出华尔街预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154367089","media":"Tiger Newspress","summary":"Micron Technology shares headed higher after the memory-chip company posted strong results, while pr","content":"<p>Micron Technology&nbsp;shares headed higher after the memory-chip company posted strong results, while providing better-than-expected forecasts for the current quarter.</p><p><blockquote>存储芯片公司美光科技公布强劲业绩后，该公司股价走高，同时对本季度的预测好于预期。</blockquote></p><p> For the fiscal first quarter, ended Dec. 2, Micron&nbsp;reported revenue of $7.69 billion, up 33% from a year ago, and marginally ahead of the company’s target of $7.65 billion, though down 7% sequentially. Non-GAAP profits were $2.16, above the company’s target of $2.10 a share.</p><p><blockquote>截至12月2日的第一财季，美光科技公布营收为76.9亿美元，同比增长33%，略高于公司76.5亿美元的目标，但环比下降7%。非GAAP利润为2.16美元，高于公司每股2.10美元的目标。</blockquote></p><p> In&nbsp;extended trading, the stock was up 6.2% to $87.14.</p><p><blockquote>盘后交易中，该股上涨6.2%，至87.14美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8b8e920f4d2951731af2a972df72f89e\" tg-width=\"840\" tg-height=\"619\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The company said revenue from dynamic random access memory, or DRAM, was up 38% from a year ago, and accounted for 73% of total revenue in the quarter. NAND chips were up 19% from a year ago, and accounted for 24% of total revenue. The company said average selling prices were down in the low single digits on a sequential basis for DRAM, while dropping in the mid-single digits for NAND.</p><p><blockquote>该公司表示，动态随机存取存储器（DRAM）收入同比增长38%，占本季度总收入的73%。NAND芯片同比增长19%，占总收入的24%。该公司表示，DRAM的平均售价环比下降了低个位数，而NAND的平均售价下降了中个位数。</blockquote></p><p> For the fiscal second quarter, Micron projects revenue of $7.5 billion, give or take $200 million, with non-GAAP profits of $1.95 a share, plus or minus 10 cents. The Wall Street consensus had been for revenue of $7.27 billion and $1.86 in per-share profits. The company expects gross margin for the quarter of 46%, give or take a percentage point, down from 47% in the latest quarter.</p><p><blockquote>美光科技预计第二财季营收为75亿美元，上下2亿美元，非GAAP利润为每股1.95美元，上下10美分。华尔街的共识是营收为72.7亿美元，每股利润为1.86美元。该公司预计本季度毛利率为46%，比最近一个季度的47%下降一个百分点。</blockquote></p><p> The company also said it bought back $259 million of its shares in the latest quarter.</p><p><blockquote>该公司还表示，最近一个季度回购了价值2.59亿美元的股票。</blockquote></p><p> “Micron delivered solid fiscal first quarter results led by strong product portfolio momentum,” Micron CEO Sanjay Mehrotra said in a statement. “We are now shipping our industry-leading DRAM and NAND technologies across major end markets, and we delivered new solutions to data center, client, mobile, graphics and automotive customers.”</p><p><blockquote>美光首席执行官桑杰·梅赫罗特拉(Sanjay Mehrotra)在一份声明中表示：“在强劲的产品组合势头的推动下，美光第一财季业绩稳健。”“我们现在正在向主要终端市场提供行业领先的DRAM和NAND技术，并为数据中心、客户端、移动、图形和汽车客户提供了新的解决方案。”</blockquote></p><p> In a presentation prepared for a call with investors scheduled for late Monday with investors, Micron said it expects “record revenue with solid profitability” for the August 2022 fiscal year, with stronger shipment growth in the second half. The company expects capital spending for the year in the $11 billion to $12 billion range, up from $9.7 billion in fiscal 2021.</p><p><blockquote>美光科技在为定于周一晚间与投资者举行的看涨期权准备的演示文稿中表示，预计2022年8月财年将实现“创纪录的收入和稳健的盈利能力”，下半年出货量增长将更加强劲。该公司预计今年的资本支出在110亿美元至120亿美元之间，高于2021财年的97亿美元。</blockquote></p><p> Micron expects demand for DRAM storage capacity, or bit demand, will grow in the low 20% range in 2021, with mid-to-high teens growth in 2022. For NAND, the company sees growth in the high 30% range for this year, and about 30% for next year.</p><p><blockquote>美光预计，2021年对DRAM存储容量（即位需求）的需求将增长20%左右，2022年将实现中高增长。对于NAND，该公司预计今年将增长30%左右，明年将增长30%左右。</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>Micron Stock Rallies as Outlook Tops Street Estimates<blockquote>美光科技股价上涨，前景超出华尔街预期</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\">\nMicron Stock Rallies as Outlook Tops Street Estimates<blockquote>美光科技股价上涨，前景超出华尔街预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-21 07:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Micron Technology&nbsp;shares headed higher after the memory-chip company posted strong results, while providing better-than-expected forecasts for the current quarter.</p><p><blockquote>存储芯片公司美光科技公布强劲业绩后，该公司股价走高，同时对本季度的预测好于预期。</blockquote></p><p> For the fiscal first quarter, ended Dec. 2, Micron&nbsp;reported revenue of $7.69 billion, up 33% from a year ago, and marginally ahead of the company’s target of $7.65 billion, though down 7% sequentially. Non-GAAP profits were $2.16, above the company’s target of $2.10 a share.</p><p><blockquote>截至12月2日的第一财季，美光科技公布营收为76.9亿美元，同比增长33%，略高于公司76.5亿美元的目标，但环比下降7%。非GAAP利润为2.16美元，高于公司每股2.10美元的目标。</blockquote></p><p> In&nbsp;extended trading, the stock was up 6.2% to $87.14.</p><p><blockquote>盘后交易中，该股上涨6.2%，至87.14美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8b8e920f4d2951731af2a972df72f89e\" tg-width=\"840\" tg-height=\"619\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The company said revenue from dynamic random access memory, or DRAM, was up 38% from a year ago, and accounted for 73% of total revenue in the quarter. NAND chips were up 19% from a year ago, and accounted for 24% of total revenue. The company said average selling prices were down in the low single digits on a sequential basis for DRAM, while dropping in the mid-single digits for NAND.</p><p><blockquote>该公司表示，动态随机存取存储器（DRAM）收入同比增长38%，占本季度总收入的73%。NAND芯片同比增长19%，占总收入的24%。该公司表示，DRAM的平均售价环比下降了低个位数，而NAND的平均售价下降了中个位数。</blockquote></p><p> For the fiscal second quarter, Micron projects revenue of $7.5 billion, give or take $200 million, with non-GAAP profits of $1.95 a share, plus or minus 10 cents. The Wall Street consensus had been for revenue of $7.27 billion and $1.86 in per-share profits. The company expects gross margin for the quarter of 46%, give or take a percentage point, down from 47% in the latest quarter.</p><p><blockquote>美光科技预计第二财季营收为75亿美元，上下2亿美元，非GAAP利润为每股1.95美元，上下10美分。华尔街的共识是营收为72.7亿美元，每股利润为1.86美元。该公司预计本季度毛利率为46%，比最近一个季度的47%下降一个百分点。</blockquote></p><p> The company also said it bought back $259 million of its shares in the latest quarter.</p><p><blockquote>该公司还表示，最近一个季度回购了价值2.59亿美元的股票。</blockquote></p><p> “Micron delivered solid fiscal first quarter results led by strong product portfolio momentum,” Micron CEO Sanjay Mehrotra said in a statement. “We are now shipping our industry-leading DRAM and NAND technologies across major end markets, and we delivered new solutions to data center, client, mobile, graphics and automotive customers.”</p><p><blockquote>美光首席执行官桑杰·梅赫罗特拉(Sanjay Mehrotra)在一份声明中表示：“在强劲的产品组合势头的推动下，美光第一财季业绩稳健。”“我们现在正在向主要终端市场提供行业领先的DRAM和NAND技术，并为数据中心、客户端、移动、图形和汽车客户提供了新的解决方案。”</blockquote></p><p> In a presentation prepared for a call with investors scheduled for late Monday with investors, Micron said it expects “record revenue with solid profitability” for the August 2022 fiscal year, with stronger shipment growth in the second half. The company expects capital spending for the year in the $11 billion to $12 billion range, up from $9.7 billion in fiscal 2021.</p><p><blockquote>美光科技在为定于周一晚间与投资者举行的看涨期权准备的演示文稿中表示，预计2022年8月财年将实现“创纪录的收入和稳健的盈利能力”，下半年出货量增长将更加强劲。该公司预计今年的资本支出在110亿美元至120亿美元之间，高于2021财年的97亿美元。</blockquote></p><p> Micron expects demand for DRAM storage capacity, or bit demand, will grow in the low 20% range in 2021, with mid-to-high teens growth in 2022. For NAND, the company sees growth in the high 30% range for this year, and about 30% for next year.</p><p><blockquote>美光预计，2021年对DRAM存储容量（即位需求）的需求将增长20%左右，2022年将实现中高增长。对于NAND，该公司预计今年将增长30%左右，明年将增长30%左右。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MU":"美光科技"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154367089","content_text":"Micron Technology shares headed higher after the memory-chip company posted strong results, while providing better-than-expected forecasts for the current quarter.\nFor the fiscal first quarter, ended Dec. 2, Micron reported revenue of $7.69 billion, up 33% from a year ago, and marginally ahead of the company’s target of $7.65 billion, though down 7% sequentially. Non-GAAP profits were $2.16, above the company’s target of $2.10 a share.\nIn extended trading, the stock was up 6.2% to $87.14.\n\nThe company said revenue from dynamic random access memory, or DRAM, was up 38% from a year ago, and accounted for 73% of total revenue in the quarter. NAND chips were up 19% from a year ago, and accounted for 24% of total revenue. The company said average selling prices were down in the low single digits on a sequential basis for DRAM, while dropping in the mid-single digits for NAND.\nFor the fiscal second quarter, Micron projects revenue of $7.5 billion, give or take $200 million, with non-GAAP profits of $1.95 a share, plus or minus 10 cents. The Wall Street consensus had been for revenue of $7.27 billion and $1.86 in per-share profits. The company expects gross margin for the quarter of 46%, give or take a percentage point, down from 47% in the latest quarter.\nThe company also said it bought back $259 million of its shares in the latest quarter.\n“Micron delivered solid fiscal first quarter results led by strong product portfolio momentum,” Micron CEO Sanjay Mehrotra said in a statement. “We are now shipping our industry-leading DRAM and NAND technologies across major end markets, and we delivered new solutions to data center, client, mobile, graphics and automotive customers.”\nIn a presentation prepared for a call with investors scheduled for late Monday with investors, Micron said it expects “record revenue with solid profitability” for the August 2022 fiscal year, with stronger shipment growth in the second half. The company expects capital spending for the year in the $11 billion to $12 billion range, up from $9.7 billion in fiscal 2021.\nMicron expects demand for DRAM storage capacity, or bit demand, will grow in the low 20% range in 2021, with mid-to-high teens growth in 2022. For NAND, the company sees growth in the high 30% range for this year, and about 30% for next year.","news_type":1,"symbols_score_info":{"MU":0.9}},"isVote":1,"tweetType":1,"viewCount":1743,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690042502,"gmtCreate":1639617109146,"gmtModify":1639617109350,"author":{"id":"4090101535801240","authorId":"4090101535801240","name":"3033H","avatar":"https://static.tigerbbs.com/559d1bfb615380702af770ef9d5d4e74","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090101535801240","authorIdStr":"4090101535801240"},"themes":[],"htmlText":"Sell sell sell","listText":"Sell sell sell","text":"Sell sell sell","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/690042502","repostId":"1143795954","repostType":4,"isVote":1,"tweetType":1,"viewCount":2328,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877322034,"gmtCreate":1637890316766,"gmtModify":1637890316953,"author":{"id":"4090101535801240","authorId":"4090101535801240","name":"3033H","avatar":"https://static.tigerbbs.com/559d1bfb615380702af770ef9d5d4e74","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090101535801240","authorIdStr":"4090101535801240"},"themes":[],"htmlText":"Not sure&nbsp;","listText":"Not sure&nbsp;","text":"Not sure","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/877322034","repostId":"2186916023","repostType":4,"isVote":1,"tweetType":1,"viewCount":2305,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":820205832,"gmtCreate":1633393444812,"gmtModify":1633393445127,"author":{"id":"4090101535801240","authorId":"4090101535801240","name":"3033H","avatar":"https://static.tigerbbs.com/559d1bfb615380702af770ef9d5d4e74","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090101535801240","authorIdStr":"4090101535801240"},"themes":[],"htmlText":"Opportunity to invest in some great companies&nbsp;","listText":"Opportunity to invest in some great companies&nbsp;","text":"Opportunity to invest in some great companies","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/820205832","repostId":"1196509629","repostType":2,"isVote":1,"tweetType":1,"viewCount":2628,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":886205776,"gmtCreate":1631591152095,"gmtModify":1631889063834,"author":{"id":"4090101535801240","authorId":"4090101535801240","name":"3033H","avatar":"https://static.tigerbbs.com/559d1bfb615380702af770ef9d5d4e74","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090101535801240","authorIdStr":"4090101535801240"},"themes":[],"htmlText":"Not only to avoid this week but until they can demonstrate that they can grow and generate cash.","listText":"Not only to avoid this week but until they can demonstrate that they can grow and generate cash.","text":"Not only to avoid this week but until they can demonstrate that they can grow and generate cash.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/886205776","repostId":"2167813525","repostType":4,"isVote":1,"tweetType":1,"viewCount":2681,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":819788709,"gmtCreate":1630108039401,"gmtModify":1704955980099,"author":{"id":"4090101535801240","authorId":"4090101535801240","name":"3033H","avatar":"https://static.tigerbbs.com/559d1bfb615380702af770ef9d5d4e74","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090101535801240","authorIdStr":"4090101535801240"},"themes":[],"htmlText":"Is still back to fundamental. Companies must be able to grow the revenue, profit and cash.","listText":"Is still back to fundamental. Companies must be able to grow the revenue, profit and cash.","text":"Is still back to fundamental. Companies must be able to grow the revenue, profit and cash.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/819788709","repostId":"1184815007","repostType":4,"isVote":1,"tweetType":1,"viewCount":1876,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810938979,"gmtCreate":1629938321391,"gmtModify":1631889063883,"author":{"id":"4090101535801240","authorId":"4090101535801240","name":"3033H","avatar":"https://static.tigerbbs.com/559d1bfb615380702af770ef9d5d4e74","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090101535801240","authorIdStr":"4090101535801240"},"themes":[],"htmlText":"Skyworks is in very good shape. Net cash, high ROE &amp; good FCF","listText":"Skyworks is in very good shape. Net cash, high ROE &amp; good FCF","text":"Skyworks is in very good shape. Net cash, high ROE & good FCF","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/810938979","repostId":"1169751382","repostType":4,"isVote":1,"tweetType":1,"viewCount":1734,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":834090678,"gmtCreate":1629760671994,"gmtModify":1631889063891,"author":{"id":"4090101535801240","authorId":"4090101535801240","name":"3033H","avatar":"https://static.tigerbbs.com/559d1bfb615380702af770ef9d5d4e74","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090101535801240","authorIdStr":"4090101535801240"},"themes":[],"htmlText":"On","listText":"On","text":"On","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/834090678","repostId":"1151608193","repostType":4,"repost":{"id":"1151608193","kind":"news","pubTimestamp":1629728324,"share":"https://www.laohu8.com/m/news/1151608193?lang=zh_CN&edition=full","pubTime":"2021-08-23 22:18","market":"us","language":"en","title":"Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151608193","media":"MarketWatch","summary":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correcti","content":"<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看那些。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更加可预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</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\">\nBuy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-23 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看那些。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更加可预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SSNLF":"三星电子","GOOG":"谷歌","ON":"安森美半导体","SOXX":"iShares费城交易所半导体ETF","GOOGL":"谷歌A","QCOM":"高通","SNPS":"新思科技","AAPL":"苹果","NVDA":"英伟达","CDNS":"铿腾电子","AMZN":"亚马逊","ASML":"阿斯麦","TSM":"台积电"},"source_url":"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151608193","content_text":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correction that’s running through the stock market, chip makers have been hit harder than most.\nThe iShares Semiconductor ETF is down over 6% from recent highs, compared to declines of 2% or less for the S&P 500,Nasdaq Composite and the Dow Jones Industrial Average.\nDoes that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.\nA lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”\nThose are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.\nYou’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.\n1. The wicked witch of cyclicality is dead\n“Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “First PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.\nJust look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like Zoom, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.\n“There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”\nHe’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William Blair analyst Greg Scolaro.\nAll of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says Bank of America chip sector analyst Vivek Arya. “That’s not just our view, but one confirmed by a majority of large customers.”\n2. The players have consolidated\nAll up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.\nIn chip design software, you have Cadence Design Systems and Synopsys.In production equipment, companies dominate specialized niches like ASML in extreme ultraviolet lithography (EUV). Manufacturing is dominated by Taiwan Semiconductor and Samsung Electronics.\nThese companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.\n3. Profitability has improved\nThis more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.\nThis has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere & Co. “They are not trading at a frothy multiple.”\nThe stocks to buy\nHere are six names favored by chip experts I recently checked in with.\nNew management plays\nThough Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm and ON Semiconductor.\nBoth have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. ON Semiconductor is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.\nA data center and gaming play\nKarazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.\nDesign tool companies\nSpeaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and Synopsys.\nTheir software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.\nAn EUV play\nTo put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.\nIn other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.\nRisks\nHere are some of the chief risks for chip sector investors to watch.\nOversupply\nChip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. China wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.\nThe upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.\nNext, big tech companies like Alphabet,Apple and Ammazon.com are all doing their own chip design, which threatens specialized chip companies that do the same thing.\nQuantum computing\nComputers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”\nA disturbing signal\nA blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.\nAnother cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory (DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.\nBut it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.\nFord,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.\nPaulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including Ford cars.","news_type":1,"symbols_score_info":{"SOXX":0.9,"AMZN":0.9,"TSM":0.9,"QCOM":0.9,"AAPL":0.9,"SSNLF":0.9,"GOOG":0.9,"NVDA":0.9,"ON":0.9,"ASML":0.9,"SNPS":0.9,"CDNS":0.9,"GOOGL":0.9}},"isVote":1,"tweetType":1,"viewCount":1317,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832899516,"gmtCreate":1629603228535,"gmtModify":1631889063895,"author":{"id":"4090101535801240","authorId":"4090101535801240","name":"3033H","avatar":"https://static.tigerbbs.com/559d1bfb615380702af770ef9d5d4e74","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090101535801240","authorIdStr":"4090101535801240"},"themes":[],"htmlText":"Cheap rubbish is still rubbish","listText":"Cheap rubbish is still rubbish","text":"Cheap rubbish is still rubbish","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/832899516","repostId":"1172699620","repostType":4,"repost":{"id":"1172699620","kind":"news","pubTimestamp":1629450202,"share":"https://www.laohu8.com/m/news/1172699620?lang=zh_CN&edition=full","pubTime":"2021-08-20 17:03","market":"us","language":"en","title":"Penny Stocks: Why You Should Always Stay Away<blockquote>细价股：为什么你应该永远远离</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1172699620","media":"Kiplinger","summary":"Penny stocks – those stocks that trade for low prices, often with share prices of less than a dollar","content":"<p>Penny stocks – those stocks that trade for low prices, often with share prices of less than a dollar per share – are dangerous. Period. Indeed, with a few exceptions, investors should steer clear of these uber-cheap stocks, which typically trade over-the-counter and not on a major exchange.</p><p><blockquote>细价股——那些低价交易的股票，通常每股股价不到一美元——是危险的。周期。事实上，除了少数例外，投资者应该避开这些超便宜的股票，这些股票通常在场外交易，而不是在主要交易所交易。</blockquote></p><p> Call them penny stocks, microcaps or OTC stocks; by any name, they’re bad news. Promises of quick and easy riches are easier to fall for when an investment can be made with so little money up front. An investor might think, \"How risky could it be?\"</p><p><blockquote>看涨期权他们细价股、微型股或场外交易股票；不管叫什么名字，都是坏消息。当前期投入如此之少的资金就可以进行投资时，快速轻松致富的承诺更容易上当。投资者可能会想，“风险有多大？”</blockquote></p><p> Plenty. Per the Securities and Exchange Commission: “Academic studies find that OTC stocks tend to be highly illiquid; are frequent targets of alleged market manipulation; generate negative and volatile investment returns on average; and rarely grow into a large company or transition to listing on a stock exchange.”</p><p><blockquote>大量。根据美国证券交易委员会的说法：“学术研究发现，场外交易股票往往流动性极差；经常成为涉嫌市场操纵的目标；平均产生负面且不稳定的投资回报；并且很少成长为大公司或过渡到在证券交易所上市。”</blockquote></p><p> We’ll break down what all that means below, but suffice to say, the SEC is not a fan.</p><p><blockquote>我们将在下面详细说明这一切的含义，但我只想说，SEC并不热衷于此。</blockquote></p><p> <h3><b>Why Penny Stocks Are So Dangerous</b></h3> To be clear, this is not to say that every penny stock or OTC company is a scam. The danger is that the over-the-counter market is where the scam stocks live. Think of it as a bad neighborhood. Being there can make you a mark for a con.</p><p><blockquote><h3><b>为什么细价股如此危险</b></h3>需要明确的是，这并不是说每个细价股或场外交易公司都是骗局。危险在于，场外市场是骗局股票的生存之地。把它想象成一个糟糕的社区。在那里会让你成为骗子的标志。</blockquote></p><p> For some background, the OTC market is different from exchanges like the New York Stock Exchange or Nasdaq, where trading is centralized. There is no one OTC exchange. Instead, the OTC connects buyers and sellers over a computer- and telephone-based system. Any stock that does not trade on the NYSE, Nasdaq or other established U.S. exchange can trade over-the-counter. These securities also are known as “unlisted stocks.”</p><p><blockquote>在某些背景下，场外交易市场不同于纽约证券交易所或纳斯达克等交易集中的交易所。没有一个OTC交易所。相反，场外交易通过基于计算机和电话的系统将买家和卖家联系起来。任何不在纽约证券交易所、纳斯达克或其他美国成熟交易所交易的股票都可以进行场外交易。这些证券也被称为“非上市股票”。</blockquote></p><p> Typically, OTC stocks tend to be highly risky microcap stocks (the shares of small companies with market capitalizations of under $300 million), which include nanocap stocks (those with market values of under $50 million).</p><p><blockquote>通常，场外交易股票往往是高风险的微型股（市值低于3亿美元的小公司股票），其中包括纳米股（市值低于5000万美元的股票）。</blockquote></p><p> The SEC has long warned investors about the high risks associated with such stocks. The Financial Industry Regulatory Authority (FINRA), the industry’s self-regulatory agency, likewise waves a red flag over the buying and trading of OTC securities.</p><p><blockquote>美国证券交易委员会长期以来一直警告投资者此类股票的高风险。该行业的自律机构金融业监管局（FINRA）同样对场外证券的购买和交易发出了危险信号。</blockquote></p><p> That’s because companies that list on the OTC aren’t required to file periodic or audited financial reports as they must do if they are listed on a major exchange, such as the NYSE or the Nasdaq. In other words, there’s no way to know if they’re telling the truth when they claim to have sales and profits. The major exchanges also have listing requirements; OTC stocks don’t. For example, a company must have at least 400 shareholders and a market value of at least $40 million to get a listing on the New York Stock Exchange. The OTC makes no such requirements.</p><p><blockquote>这是因为在场外交易市场上市的公司不需要像在纽约证券交易所或纳斯达克等主要交易所上市的公司那样提交定期或经审计的财务报告。换句话说，当他们声称有销售额和利润时，没有办法知道他们是否在说实话。各大交易所也有上市要求；场外交易股票则不然。例如，一家公司必须拥有至少400名股东且市值至少4000万美元才能在纽约证券交易所上市。OTC没有这样的要求。</blockquote></p><p> Put it all together, and it makes it easier for unscrupulous managers to lie about their business prospects or commit securities fraud.</p><p><blockquote>综上所述，这使得无良的管理者更容易谎报业务前景或实施证券欺诈。</blockquote></p><p> But that’s not all. The shares that exchange hands on the OTC tend to be “illiquid,” meaning they often trade in low volumes and have a limited number of buyers and sellers. That can make it difficult or impossible for investors to buy or sell shares at the prices they want.</p><p><blockquote>但这还不是全部。在场外交易的股票往往“缺乏流动性”，这意味着它们的交易量通常很低，买家和卖家数量有限。这可能会使投资者很难或不可能以他们想要的价格买卖股票。</blockquote></p><p> That lack of liquidity also makes many OTC stocks the perfect vehicle for “pump-and-dump” schemes where stock promoters lure investors to buy shares, increasing the stock price. Then, when the price gets high enough, the pumper sells his shares, causing the stock to fall and leaving investors with poor returns, or even losses. Anyone here see&nbsp;<i>The Wolf of Wall Street</i>?</p><p><blockquote>流动性的缺乏也使许多场外交易股票成为“拉高抛售”计划的完美工具，即股票发起人引诱投资者购买股票，从而提高股价。然后，当价格足够高时，抽水者出售他的股票，导致股票下跌，给投资者留下糟糕的回报，甚至亏损。这里有人看到了吗<i>华尔街之狼</i>？</blockquote></p><p> To protect investors from falling for these schemes, the SEC suspended trading of more than 800 microcap stocks – more than 8% of the OTC market – between 2012 and 2015. Once a stock has been suspended from trading, it cannot be relisted unless the company provides updated financial information to prove it’s actually operational. Since that rarely happens, trading suspensions essentially render the shares useless to scam artists.</p><p><blockquote>为了保护投资者不上当受骗，SEC在2012年至2015年间暂停了800多只微型股（占场外交易市场的8%以上）的交易。股票一旦暂停交易，就不能重新上市，除非公司提供最新的财务信息来证明其实际运营。由于这种情况很少发生，交易暂停基本上使股票对诈骗艺术家毫无用处。</blockquote></p><p> <h3><b>Legitimate OTCs</b></h3> Be that as it may, there is one segment of the OTC market that investors need not fear.</p><p><blockquote><h3><b>合法OTC</b></h3>尽管如此，场外交易市场的一部分投资者不必担心。</blockquote></p><p> Amidst the riff-raff, some of the biggest, most respected foreign companies in the world list their U.S. shares over-the-counter instead of on the major U.S. exchanges. Here, you’ll find shares of&nbsp;<b>The <a href=\"https://laohu8.com/S/IDCBY\">Industrial and Commercial Bank of China Ltd.</a></b>&nbsp;(IDCBY), which happens to be the biggest bank in the world. You also can buy shares of Switzerland’s<b>Nestlé</b>(NSRGY), the largest food company in the world; China’s&nbsp;<b><a href=\"https://laohu8.com/S/TCEHY\">Tencent Holding Ltd.</a></b>&nbsp;(TCEHY), one of the country’s largest internet service providers; and Japanese gaming giant&nbsp;<b><a href=\"https://laohu8.com/S/NTDOY\">Nintendo Co., Ltd.</a> </b>(NTDOY).</p><p><blockquote>在混混中，一些世界上最大、最受尊敬的外国公司将其美国股票在场外交易而不是在美国主要交易所上市。在这里，您可以找到<b>The<a href=\"https://laohu8.com/S/IDCBY\">中国工商银行。</a></b>（IDCBY），恰好是世界上最大的银行。您还可以购买瑞士的股票<b>雀巢</b>（NSRGY），全球最大的食品公司；中国的<b><a href=\"https://laohu8.com/S/TCEHY\">腾讯控股控股有限公司。</a></b>(TCEHY)，该国最大的互联网服务提供商之一；和日本游戏巨头<b><a href=\"https://laohu8.com/S/NTDOY\">任天堂有限公司。</a></b>（NTDOY）。</blockquote></p><p> Why would major, international publicly traded companies rub shoulders with firms that issue highly speculative penny stocks?</p><p><blockquote>为什么大型国际上市公司会与发行高度投机性细价股的公司合作？</blockquote></p><p></p><p> The reason has to do with cost and convenience. For example, a foreign firm listing on the NYSE or Nasdaq must prepare two sets of audited financial statements for everything it does – one to conform with international accounting standards, and another that adheres to the generally accepted accounting principles (GAAP) used in the U.S. That isn’t a requirement over-the-counter.</p><p><blockquote>原因与成本和便利性有关。例如，在纽约证券交易所或纳斯达克上市的外国公司必须为其所做的一切准备两套经审计的财务报表——一套符合国际会计准则，另一套符合公认会计原则(GAAP)在美国，这不是非处方药的要求。</blockquote></p><p> With an OTC listing, a foreign company gains access to the vast pool of U.S. equity investors at a fraction of the cost and effort.</p><p><blockquote>通过场外交易上市，外国公司可以以很低的成本和精力接触到庞大的美国股票投资者。</blockquote></p><p> The bottom line is that with the exception of large, established foreign firms, OTC stocks come with too many risks. It’s not possible for the average investor to know if the company is on the up and up. And even legitimate tiny companies can fail virtually overnight. The pitfalls of trading OTC stocks just aren’t worth it.</p><p><blockquote>最重要的是，除了大型老牌外国公司，场外交易股票风险太大。普通投资者不可能知道公司是否在上升。即使是合法的小公司也可能在一夜之间倒闭。场外交易股票的陷阱根本不值得。</blockquote></p><p> It’s easy enough to lose money investing in stocks. Why make it easier?</p><p><blockquote>投资股票很容易赔钱。为什么要让它更容易？</blockquote></p><p></p>","source":"lsy1629449927514","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>Penny Stocks: Why You Should Always Stay Away<blockquote>细价股：为什么你应该永远远离</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\">\nPenny Stocks: Why You Should Always Stay Away<blockquote>细价股：为什么你应该永远远离</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Kiplinger</strong><span class=\"h-time small\">2021-08-20 17:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Penny stocks – those stocks that trade for low prices, often with share prices of less than a dollar per share – are dangerous. Period. Indeed, with a few exceptions, investors should steer clear of these uber-cheap stocks, which typically trade over-the-counter and not on a major exchange.</p><p><blockquote>细价股——那些低价交易的股票，通常每股股价不到一美元——是危险的。周期。事实上，除了少数例外，投资者应该避开这些超便宜的股票，这些股票通常在场外交易，而不是在主要交易所交易。</blockquote></p><p> Call them penny stocks, microcaps or OTC stocks; by any name, they’re bad news. Promises of quick and easy riches are easier to fall for when an investment can be made with so little money up front. An investor might think, \"How risky could it be?\"</p><p><blockquote>看涨期权他们细价股、微型股或场外交易股票；不管叫什么名字，都是坏消息。当前期投入如此之少的资金就可以进行投资时，快速轻松致富的承诺更容易上当。投资者可能会想，“风险有多大？”</blockquote></p><p> Plenty. Per the Securities and Exchange Commission: “Academic studies find that OTC stocks tend to be highly illiquid; are frequent targets of alleged market manipulation; generate negative and volatile investment returns on average; and rarely grow into a large company or transition to listing on a stock exchange.”</p><p><blockquote>大量。根据美国证券交易委员会的说法：“学术研究发现，场外交易股票往往流动性极差；经常成为涉嫌市场操纵的目标；平均产生负面且不稳定的投资回报；并且很少成长为大公司或过渡到在证券交易所上市。”</blockquote></p><p> We’ll break down what all that means below, but suffice to say, the SEC is not a fan.</p><p><blockquote>我们将在下面详细说明这一切的含义，但我只想说，SEC并不热衷于此。</blockquote></p><p> <h3><b>Why Penny Stocks Are So Dangerous</b></h3> To be clear, this is not to say that every penny stock or OTC company is a scam. The danger is that the over-the-counter market is where the scam stocks live. Think of it as a bad neighborhood. Being there can make you a mark for a con.</p><p><blockquote><h3><b>为什么细价股如此危险</b></h3>需要明确的是，这并不是说每个细价股或场外交易公司都是骗局。危险在于，场外市场是骗局股票的生存之地。把它想象成一个糟糕的社区。在那里会让你成为骗子的标志。</blockquote></p><p> For some background, the OTC market is different from exchanges like the New York Stock Exchange or Nasdaq, where trading is centralized. There is no one OTC exchange. Instead, the OTC connects buyers and sellers over a computer- and telephone-based system. Any stock that does not trade on the NYSE, Nasdaq or other established U.S. exchange can trade over-the-counter. These securities also are known as “unlisted stocks.”</p><p><blockquote>在某些背景下，场外交易市场不同于纽约证券交易所或纳斯达克等交易集中的交易所。没有一个OTC交易所。相反，场外交易通过基于计算机和电话的系统将买家和卖家联系起来。任何不在纽约证券交易所、纳斯达克或其他美国成熟交易所交易的股票都可以进行场外交易。这些证券也被称为“非上市股票”。</blockquote></p><p> Typically, OTC stocks tend to be highly risky microcap stocks (the shares of small companies with market capitalizations of under $300 million), which include nanocap stocks (those with market values of under $50 million).</p><p><blockquote>通常，场外交易股票往往是高风险的微型股（市值低于3亿美元的小公司股票），其中包括纳米股（市值低于5000万美元的股票）。</blockquote></p><p> The SEC has long warned investors about the high risks associated with such stocks. The Financial Industry Regulatory Authority (FINRA), the industry’s self-regulatory agency, likewise waves a red flag over the buying and trading of OTC securities.</p><p><blockquote>美国证券交易委员会长期以来一直警告投资者此类股票的高风险。该行业的自律机构金融业监管局（FINRA）同样对场外证券的购买和交易发出了危险信号。</blockquote></p><p> That’s because companies that list on the OTC aren’t required to file periodic or audited financial reports as they must do if they are listed on a major exchange, such as the NYSE or the Nasdaq. In other words, there’s no way to know if they’re telling the truth when they claim to have sales and profits. The major exchanges also have listing requirements; OTC stocks don’t. For example, a company must have at least 400 shareholders and a market value of at least $40 million to get a listing on the New York Stock Exchange. The OTC makes no such requirements.</p><p><blockquote>这是因为在场外交易市场上市的公司不需要像在纽约证券交易所或纳斯达克等主要交易所上市的公司那样提交定期或经审计的财务报告。换句话说，当他们声称有销售额和利润时，没有办法知道他们是否在说实话。各大交易所也有上市要求；场外交易股票则不然。例如，一家公司必须拥有至少400名股东且市值至少4000万美元才能在纽约证券交易所上市。OTC没有这样的要求。</blockquote></p><p> Put it all together, and it makes it easier for unscrupulous managers to lie about their business prospects or commit securities fraud.</p><p><blockquote>综上所述，这使得无良的管理者更容易谎报业务前景或实施证券欺诈。</blockquote></p><p> But that’s not all. The shares that exchange hands on the OTC tend to be “illiquid,” meaning they often trade in low volumes and have a limited number of buyers and sellers. That can make it difficult or impossible for investors to buy or sell shares at the prices they want.</p><p><blockquote>但这还不是全部。在场外交易的股票往往“缺乏流动性”，这意味着它们的交易量通常很低，买家和卖家数量有限。这可能会使投资者很难或不可能以他们想要的价格买卖股票。</blockquote></p><p> That lack of liquidity also makes many OTC stocks the perfect vehicle for “pump-and-dump” schemes where stock promoters lure investors to buy shares, increasing the stock price. Then, when the price gets high enough, the pumper sells his shares, causing the stock to fall and leaving investors with poor returns, or even losses. Anyone here see&nbsp;<i>The Wolf of Wall Street</i>?</p><p><blockquote>流动性的缺乏也使许多场外交易股票成为“拉高抛售”计划的完美工具，即股票发起人引诱投资者购买股票，从而提高股价。然后，当价格足够高时，抽水者出售他的股票，导致股票下跌，给投资者留下糟糕的回报，甚至亏损。这里有人看到了吗<i>华尔街之狼</i>？</blockquote></p><p> To protect investors from falling for these schemes, the SEC suspended trading of more than 800 microcap stocks – more than 8% of the OTC market – between 2012 and 2015. Once a stock has been suspended from trading, it cannot be relisted unless the company provides updated financial information to prove it’s actually operational. Since that rarely happens, trading suspensions essentially render the shares useless to scam artists.</p><p><blockquote>为了保护投资者不上当受骗，SEC在2012年至2015年间暂停了800多只微型股（占场外交易市场的8%以上）的交易。股票一旦暂停交易，就不能重新上市，除非公司提供最新的财务信息来证明其实际运营。由于这种情况很少发生，交易暂停基本上使股票对诈骗艺术家毫无用处。</blockquote></p><p> <h3><b>Legitimate OTCs</b></h3> Be that as it may, there is one segment of the OTC market that investors need not fear.</p><p><blockquote><h3><b>合法OTC</b></h3>尽管如此，场外交易市场的一部分投资者不必担心。</blockquote></p><p> Amidst the riff-raff, some of the biggest, most respected foreign companies in the world list their U.S. shares over-the-counter instead of on the major U.S. exchanges. Here, you’ll find shares of&nbsp;<b>The <a href=\"https://laohu8.com/S/IDCBY\">Industrial and Commercial Bank of China Ltd.</a></b>&nbsp;(IDCBY), which happens to be the biggest bank in the world. You also can buy shares of Switzerland’s<b>Nestlé</b>(NSRGY), the largest food company in the world; China’s&nbsp;<b><a href=\"https://laohu8.com/S/TCEHY\">Tencent Holding Ltd.</a></b>&nbsp;(TCEHY), one of the country’s largest internet service providers; and Japanese gaming giant&nbsp;<b><a href=\"https://laohu8.com/S/NTDOY\">Nintendo Co., Ltd.</a> </b>(NTDOY).</p><p><blockquote>在混混中，一些世界上最大、最受尊敬的外国公司将其美国股票在场外交易而不是在美国主要交易所上市。在这里，您可以找到<b>The<a href=\"https://laohu8.com/S/IDCBY\">中国工商银行。</a></b>（IDCBY），恰好是世界上最大的银行。您还可以购买瑞士的股票<b>雀巢</b>（NSRGY），全球最大的食品公司；中国的<b><a href=\"https://laohu8.com/S/TCEHY\">腾讯控股控股有限公司。</a></b>(TCEHY)，该国最大的互联网服务提供商之一；和日本游戏巨头<b><a href=\"https://laohu8.com/S/NTDOY\">任天堂有限公司。</a></b>（NTDOY）。</blockquote></p><p> Why would major, international publicly traded companies rub shoulders with firms that issue highly speculative penny stocks?</p><p><blockquote>为什么大型国际上市公司会与发行高度投机性细价股的公司合作？</blockquote></p><p></p><p> The reason has to do with cost and convenience. For example, a foreign firm listing on the NYSE or Nasdaq must prepare two sets of audited financial statements for everything it does – one to conform with international accounting standards, and another that adheres to the generally accepted accounting principles (GAAP) used in the U.S. That isn’t a requirement over-the-counter.</p><p><blockquote>原因与成本和便利性有关。例如，在纽约证券交易所或纳斯达克上市的外国公司必须为其所做的一切准备两套经审计的财务报表——一套符合国际会计准则，另一套符合公认会计原则(GAAP)在美国，这不是非处方药的要求。</blockquote></p><p> With an OTC listing, a foreign company gains access to the vast pool of U.S. equity investors at a fraction of the cost and effort.</p><p><blockquote>通过场外交易上市，外国公司可以以很低的成本和精力接触到庞大的美国股票投资者。</blockquote></p><p> The bottom line is that with the exception of large, established foreign firms, OTC stocks come with too many risks. It’s not possible for the average investor to know if the company is on the up and up. And even legitimate tiny companies can fail virtually overnight. The pitfalls of trading OTC stocks just aren’t worth it.</p><p><blockquote>最重要的是，除了大型老牌外国公司，场外交易股票风险太大。普通投资者不可能知道公司是否在上升。即使是合法的小公司也可能在一夜之间倒闭。场外交易股票的陷阱根本不值得。</blockquote></p><p> It’s easy enough to lose money investing in stocks. Why make it easier?</p><p><blockquote>投资股票很容易赔钱。为什么要让它更容易？</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.kiplinger.com/investing/603303/penny-stocks-always-stay-away\">Kiplinger</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":{"TCEHY":"腾讯控股ADR","IDCBY":"工商银行ADR","NTDOY":"任天堂"},"source_url":"https://www.kiplinger.com/investing/603303/penny-stocks-always-stay-away","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172699620","content_text":"Penny stocks – those stocks that trade for low prices, often with share prices of less than a dollar per share – are dangerous. Period. Indeed, with a few exceptions, investors should steer clear of these uber-cheap stocks, which typically trade over-the-counter and not on a major exchange.\nCall them penny stocks, microcaps or OTC stocks; by any name, they’re bad news. Promises of quick and easy riches are easier to fall for when an investment can be made with so little money up front. An investor might think, \"How risky could it be?\"\nPlenty. Per the Securities and Exchange Commission: “Academic studies find that OTC stocks tend to be highly illiquid; are frequent targets of alleged market manipulation; generate negative and volatile investment returns on average; and rarely grow into a large company or transition to listing on a stock exchange.”\nWe’ll break down what all that means below, but suffice to say, the SEC is not a fan.\nWhy Penny Stocks Are So Dangerous\nTo be clear, this is not to say that every penny stock or OTC company is a scam. The danger is that the over-the-counter market is where the scam stocks live. Think of it as a bad neighborhood. Being there can make you a mark for a con.\nFor some background, the OTC market is different from exchanges like the New York Stock Exchange or Nasdaq, where trading is centralized. There is no one OTC exchange. Instead, the OTC connects buyers and sellers over a computer- and telephone-based system. Any stock that does not trade on the NYSE, Nasdaq or other established U.S. exchange can trade over-the-counter. These securities also are known as “unlisted stocks.”\nTypically, OTC stocks tend to be highly risky microcap stocks (the shares of small companies with market capitalizations of under $300 million), which include nanocap stocks (those with market values of under $50 million).\nThe SEC has long warned investors about the high risks associated with such stocks. The Financial Industry Regulatory Authority (FINRA), the industry’s self-regulatory agency, likewise waves a red flag over the buying and trading of OTC securities.\nThat’s because companies that list on the OTC aren’t required to file periodic or audited financial reports as they must do if they are listed on a major exchange, such as the NYSE or the Nasdaq. In other words, there’s no way to know if they’re telling the truth when they claim to have sales and profits. The major exchanges also have listing requirements; OTC stocks don’t. For example, a company must have at least 400 shareholders and a market value of at least $40 million to get a listing on the New York Stock Exchange. The OTC makes no such requirements.\nPut it all together, and it makes it easier for unscrupulous managers to lie about their business prospects or commit securities fraud.\nBut that’s not all. The shares that exchange hands on the OTC tend to be “illiquid,” meaning they often trade in low volumes and have a limited number of buyers and sellers. That can make it difficult or impossible for investors to buy or sell shares at the prices they want.\nThat lack of liquidity also makes many OTC stocks the perfect vehicle for “pump-and-dump” schemes where stock promoters lure investors to buy shares, increasing the stock price. Then, when the price gets high enough, the pumper sells his shares, causing the stock to fall and leaving investors with poor returns, or even losses. Anyone here see The Wolf of Wall Street?\nTo protect investors from falling for these schemes, the SEC suspended trading of more than 800 microcap stocks – more than 8% of the OTC market – between 2012 and 2015. Once a stock has been suspended from trading, it cannot be relisted unless the company provides updated financial information to prove it’s actually operational. Since that rarely happens, trading suspensions essentially render the shares useless to scam artists.\nLegitimate OTCs\nBe that as it may, there is one segment of the OTC market that investors need not fear.\nAmidst the riff-raff, some of the biggest, most respected foreign companies in the world list their U.S. shares over-the-counter instead of on the major U.S. exchanges. Here, you’ll find shares of The Industrial and Commercial Bank of China Ltd. (IDCBY), which happens to be the biggest bank in the world. You also can buy shares of Switzerland’sNestlé(NSRGY), the largest food company in the world; China’s Tencent Holding Ltd. (TCEHY), one of the country’s largest internet service providers; and Japanese gaming giant Nintendo Co., Ltd. (NTDOY).\nWhy would major, international publicly traded companies rub shoulders with firms that issue highly speculative penny stocks?\nThe reason has to do with cost and convenience. For example, a foreign firm listing on the NYSE or Nasdaq must prepare two sets of audited financial statements for everything it does – one to conform with international accounting standards, and another that adheres to the generally accepted accounting principles (GAAP) used in the U.S. That isn’t a requirement over-the-counter.\nWith an OTC listing, a foreign company gains access to the vast pool of U.S. equity investors at a fraction of the cost and effort.\nThe bottom line is that with the exception of large, established foreign firms, OTC stocks come with too many risks. It’s not possible for the average investor to know if the company is on the up and up. And even legitimate tiny companies can fail virtually overnight. The pitfalls of trading OTC stocks just aren’t worth it.\nIt’s easy enough to lose money investing in stocks. Why make it easier?","news_type":1,"symbols_score_info":{"NTDOY":0.9,"TCEHY":0.9,"IDCBY":0.9}},"isVote":1,"tweetType":1,"viewCount":1235,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836410323,"gmtCreate":1629513572062,"gmtModify":1631889063894,"author":{"id":"4090101535801240","authorId":"4090101535801240","name":"3033H","avatar":"https://static.tigerbbs.com/559d1bfb615380702af770ef9d5d4e74","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090101535801240","authorIdStr":"4090101535801240"},"themes":[],"htmlText":"Singapore has plenty of good&nbsp;dividend stock&nbsp;","listText":"Singapore has plenty of good&nbsp;dividend stock&nbsp;","text":"Singapore has plenty of good dividend stock","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/836410323","repostId":"1104380958","repostType":4,"isVote":1,"tweetType":1,"viewCount":1667,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}