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2021-04-01

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This Soaring Nasdaq Stock Is Proof That the Market Is Broken<blockquote>纳斯达克股价飙升证明市场已经崩溃</blockquote>

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The stock market had a good day on Wednesday, and theNasdaq Composite(NASDAQINDEX:^IXIC)in particular powered markets higher. The Nasdaq was up 1.75% at 2 p.m. EDT, and investors were generally pleased to see that the prospects for economic expansion and recovery look increasingly strong. After a slump,high-growth stocks&nbsp; looked ready to return to their big gains.<blockquote>教训是小心小量股票。周三股市表现不错，纳斯达克复合材料（纳斯达克指数：^IXIC）特别是动力市场走高。美国东部时间下午2点，纳斯达克上涨1.75%，投资者普遍高兴地看到经济扩张和复苏的前景看起来越来越强劲。在经历了一场暴跌之后，高增长股票似乎已经准备好恢复大幅上涨。</blockquote> Yet another popular trend lately caused an aberration that shows just how inefficient markets can be. The move affected investors inDiscovery(NASDAQ:DISCA)(Nasdaq: DISCB)(NASDAQ:DISCK), and huge disparities across three different share classes effectively proved that at least in some ways, the stock market is fundamentally broken right now.<blockquote>然而，最近的另一个流行趋势造成了一种反常，显示了市场的低效程度。此举影响了投资者发现（纳斯达克股票代码：DISCA）（纳斯达克股票代码：DISCB）（纳斯达克股票代码：DISCK），以及三个不同股票类别之间的巨大差异有效地证明，至少在某些方面，股市现在已经根本性崩溃。</blockquote> The big jump<blockquote>大跃进</blockquote> Discovery's Series B shares soared more than 70% Wednesday afternoon. They had briefly doubled earlier in the session before falling back.<blockquote>Discovery 的 B 轮股价周三下午飙升超过 70%。他们在交易时段早些时候短暂翻了一番，然后回落。</blockquote> Discovery stock has been in the news lately as all of its share classes have seen big moves. For much of 2021, Discovery has been on the rise amid excitement about its Discovery+ streaming service. Yet last week, Discovery got embroiled in the saga of amargin call that devastated a Wall Street hedge fund.<blockquote>Discovery 股票最近一直是新闻焦点，因为其所有股票类别都出现了大幅波动。在2021年的大部分时间里，Discovery在对其Discovery+流媒体服务的兴奋中一直在上升。然而上周，探索频道卷入了摧毁华尔街对冲基金的阿玛金·看涨期权事件。</blockquote> What was surprising about Wednesday's move was that it only affected one of Discovery's share classes. Series A shares were up just 1.5%. Series C shares, which have a K at the end of their ticker symbol, gained just a fraction of a percent.<blockquote>周三的举动令人惊讶的是，它只影响了 Discovery 的一个股票类别。A轮股仅上涨1.5%。C 系列股票的股票代码末尾带有 K，仅上涨了百分之一。</blockquote> What do all these share classes mean?<blockquote>所有这些股份类别意味着什么？</blockquote> For years now, many companies have chosen to have multiple share classes. This allows early investors to retain voting control of a company even if they sell off a majority stake in its economic interest. Although tech companies were notorious for offering multiple share classes, the trend extended to the media industry as well.<blockquote>多年来，许多公司选择拥有多种股票类别。这使得早期投资者即使出售公司经济利益的多数股权，也能保留对公司的投票权。尽管科技公司因提供多种股票类别而臭名昭著，但这一趋势也延伸到了媒体行业。</blockquote> Discovery's three share classes have very different voting rights. Series A shares have one vote, while Series C shares don't have any votes. Series B shares represent super-voting shares, with 10 votes per share.<blockquote>Discovery 的三个股票类别拥有截然不同的投票权。A系列股票有一票，而C系列股票没有任何投票权。B系列股票代表超级投票权股票，每股有10票。</blockquote> All three share classes are available for trading. However, typical trading volume varies greatly. Average volume for Series A and Series C shares amount to 13 million and 9 million, respectively. But a typical day brings just 3,000 shares of trading volume for Series B.<blockquote>所有三种股票类别均可交易。然而，典型的交易量差异很大。A 系列和 C 系列股票的平均交易量分别为 1,300 万股和 900 万股。但典型的一天 B 轮股票的交易量只有 3,000 股。</blockquote> That all changed on Wednesday, with more than 1.1 million shares changing hands as of 2 p.m. EDT. Some ascribed the move to the investors at the WallStreetBets investing board onReddit. Others pointed to the possibility of a short squeeze, although short interest as of March 15 was exceptionally low.<blockquote>这一切在周三发生了变化，截至下午 2 点，已有超过 110 万股股票易手。美国东部时间。一些人将这一举动归功于 Reddit 上 WallStreetBets 投资委员会的投资者。其他人指出了空头挤压的可能性，尽管截至 3 月 15 日的空头兴趣异常低。</blockquote> Market inefficiency is here to stay<blockquote>市场效率低下将持续下去</blockquote> Most of the time, these three share classes trade in similar patterns. The super-voting shares tend to cost a little more than the Series A regular voting shares, which in turn trade at a slight premium to non-voting Series C shares. Interestingly, disparities started getting larger in the spring of 2020, with Series B shares being the first to rise until the other share classes caught up toward the end of the year.<blockquote>大多数时候，这三个股票类别的交易模式相似。超级投票权股票的价格往往比 A 轮普通投票权股票略高，而 A 轮普通投票权股票的交易价格又略高于无投票权的 C 轮股票。有趣的是，差距在 2020 年春季开始扩大，B 系列股票率先上涨，直到其他股票类别在年底赶上。</blockquote> Unfortunately, the recent surge will likely lead uninformed investors to make mistakes. Many will jump into the soaring Series B stock because it rose, not realizing that they could buy the same economic interest in Discovery at a fraction of the price. If you believe that Discovery is undervalued, then the right move right now is to buy the much-cheaper Series A or Series C shares.<blockquote>不幸的是，最近的飙升可能会导致不知情的投资者犯错误。许多人会因为 B 轮股票上涨而跳入飙升的股票，却没有意识到他们可以以一小部分价格购买 Discovery 的相同经济权益。如果您认为 Discovery 被低估，那么现在正确的做法是购买便宜得多的 A 轮或 C 轮股票。</blockquote> Odd trading activity has been on the rise, and inefficiencies can persist a lot longer than you'd imagine. Eventually, prices of all three of these Discovery share classes will converge again -- but it might not happen soon.<blockquote>奇怪的交易活动一直在增加，低效率的持续时间可能比你想象的要长得多。最终，这三个 Discovery 股票类别的价格将再次趋同，但这可能不会很快发生。</blockquote>","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>This Soaring Nasdaq Stock Is Proof That the Market Is Broken<blockquote>纳斯达克股价飙升证明市场已经崩溃</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\">\nThis Soaring Nasdaq Stock Is Proof That the Market Is Broken<blockquote>纳斯达克股价飙升证明市场已经崩溃</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMotley Fool2021-04-01 16:56\n\n</h4>\n</header>\n<article>\n The lesson is to beware of low-volume stocks. The stock market had a good day on Wednesday, and theNasdaq Composite(NASDAQINDEX:^IXIC)in particular powered markets higher. The Nasdaq was up 1.75% at 2 p.m. EDT, and investors were generally pleased to see that the prospects for economic expansion and recovery look increasingly strong. After a slump,high-growth stocks&nbsp; looked ready to return to their big gains.<blockquote>教训是小心小量股票。周三股市表现不错，纳斯达克复合材料（纳斯达克指数：^IXIC）特别是动力市场走高。美国东部时间下午2点，纳斯达克上涨1.75%，投资者普遍高兴地看到经济扩张和复苏的前景看起来越来越强劲。在经历了一场暴跌之后，高增长股票似乎已经准备好恢复大幅上涨。</blockquote> Yet another popular trend lately caused an aberration that shows just how inefficient markets can be. The move affected investors inDiscovery(NASDAQ:DISCA)(Nasdaq: DISCB)(NASDAQ:DISCK), and huge disparities across three different share classes effectively proved that at least in some ways, the stock market is fundamentally broken right now.<blockquote>然而，最近的另一个流行趋势造成了一种反常，显示了市场的低效程度。此举影响了投资者发现（纳斯达克股票代码：DISCA）（纳斯达克股票代码：DISCB）（纳斯达克股票代码：DISCK），以及三个不同股票类别之间的巨大差异有效地证明，至少在某些方面，股市现在已经根本性崩溃。</blockquote> The big jump<blockquote>大跃进</blockquote> Discovery's Series B shares soared more than 70% Wednesday afternoon. They had briefly doubled earlier in the session before falling back.<blockquote>Discovery 的 B 轮股价周三下午飙升超过 70%。他们在交易时段早些时候短暂翻了一番，然后回落。</blockquote> Discovery stock has been in the news lately as all of its share classes have seen big moves. For much of 2021, Discovery has been on the rise amid excitement about its Discovery+ streaming service. Yet last week, Discovery got embroiled in the saga of amargin call that devastated a Wall Street hedge fund.<blockquote>Discovery 股票最近一直是新闻焦点，因为其所有股票类别都出现了大幅波动。在2021年的大部分时间里，Discovery在对其Discovery+流媒体服务的兴奋中一直在上升。然而上周，探索频道卷入了摧毁华尔街对冲基金的阿玛金·看涨期权事件。</blockquote> What was surprising about Wednesday's move was that it only affected one of Discovery's share classes. Series A shares were up just 1.5%. Series C shares, which have a K at the end of their ticker symbol, gained just a fraction of a percent.<blockquote>周三的举动令人惊讶的是，它只影响了 Discovery 的一个股票类别。A轮股仅上涨1.5%。C 系列股票的股票代码末尾带有 K，仅上涨了百分之一。</blockquote> What do all these share classes mean?<blockquote>所有这些股份类别意味着什么？</blockquote> For years now, many companies have chosen to have multiple share classes. This allows early investors to retain voting control of a company even if they sell off a majority stake in its economic interest. Although tech companies were notorious for offering multiple share classes, the trend extended to the media industry as well.<blockquote>多年来，许多公司选择拥有多种股票类别。这使得早期投资者即使出售公司经济利益的多数股权，也能保留对公司的投票权。尽管科技公司因提供多种股票类别而臭名昭著，但这一趋势也延伸到了媒体行业。</blockquote> Discovery's three share classes have very different voting rights. Series A shares have one vote, while Series C shares don't have any votes. Series B shares represent super-voting shares, with 10 votes per share.<blockquote>Discovery 的三个股票类别拥有截然不同的投票权。A系列股票有一票，而C系列股票没有任何投票权。B系列股票代表超级投票权股票，每股有10票。</blockquote> All three share classes are available for trading. However, typical trading volume varies greatly. Average volume for Series A and Series C shares amount to 13 million and 9 million, respectively. But a typical day brings just 3,000 shares of trading volume for Series B.<blockquote>所有三种股票类别均可交易。然而，典型的交易量差异很大。A 系列和 C 系列股票的平均交易量分别为 1,300 万股和 900 万股。但典型的一天 B 轮股票的交易量只有 3,000 股。</blockquote> That all changed on Wednesday, with more than 1.1 million shares changing hands as of 2 p.m. EDT. Some ascribed the move to the investors at the WallStreetBets investing board onReddit. Others pointed to the possibility of a short squeeze, although short interest as of March 15 was exceptionally low.<blockquote>这一切在周三发生了变化，截至下午 2 点，已有超过 110 万股股票易手。美国东部时间。一些人将这一举动归功于 Reddit 上 WallStreetBets 投资委员会的投资者。其他人指出了空头挤压的可能性，尽管截至 3 月 15 日的空头兴趣异常低。</blockquote> Market inefficiency is here to stay<blockquote>市场效率低下将持续下去</blockquote> Most of the time, these three share classes trade in similar patterns. The super-voting shares tend to cost a little more than the Series A regular voting shares, which in turn trade at a slight premium to non-voting Series C shares. Interestingly, disparities started getting larger in the spring of 2020, with Series B shares being the first to rise until the other share classes caught up toward the end of the year.<blockquote>大多数时候，这三个股票类别的交易模式相似。超级投票权股票的价格往往比 A 轮普通投票权股票略高，而 A 轮普通投票权股票的交易价格又略高于无投票权的 C 轮股票。有趣的是，差距在 2020 年春季开始扩大，B 系列股票率先上涨，直到其他股票类别在年底赶上。</blockquote> Unfortunately, the recent surge will likely lead uninformed investors to make mistakes. Many will jump into the soaring Series B stock because it rose, not realizing that they could buy the same economic interest in Discovery at a fraction of the price. If you believe that Discovery is undervalued, then the right move right now is to buy the much-cheaper Series A or Series C shares.<blockquote>不幸的是，最近的飙升可能会导致不知情的投资者犯错误。许多人会因为 B 轮股票上涨而跳入飙升的股票，却没有意识到他们可以以一小部分价格购买 Discovery 的相同经济权益。如果您认为 Discovery 被低估，那么现在正确的做法是购买便宜得多的 A 轮或 C 轮股票。</blockquote> Odd trading activity has been on the rise, and inefficiencies can persist a lot longer than you'd imagine. Eventually, prices of all three of these Discovery share classes will converge again -- but it might not happen soon.<blockquote>奇怪的交易活动一直在增加，低效率的持续时间可能比你想象的要长得多。最终，这三个 Discovery 股票类别的价格将再次趋同，但这可能不会很快发生。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.fool.com/investing/2021/03/31/this-soaring-nasdaq-stock-is-proof-that-the-market/\">Motley Fool</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite"},"source_url":"https://www.fool.com/investing/2021/03/31/this-soaring-nasdaq-stock-is-proof-that-the-market/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173770469","content_text":"The lesson is to beware of low-volume stocks.\n\nThe stock market had a good day on Wednesday, and theNasdaq Composite(NASDAQINDEX:^IXIC)in particular powered markets higher. The Nasdaq was up 1.75% at 2 p.m. EDT, and investors were generally pleased to see that the prospects for economic expansion and recovery look increasingly strong. After a slump,high-growth stocks  looked ready to return to their big gains.\nYet another popular trend lately caused an aberration that shows just how inefficient markets can be. The move affected investors inDiscovery(NASDAQ:DISCA)(Nasdaq: DISCB)(NASDAQ:DISCK), and huge disparities across three different share classes effectively proved that at least in some ways, the stock market is fundamentally broken right now.\nThe big jump\nDiscovery's Series B shares soared more than 70% Wednesday afternoon. They had briefly doubled earlier in the session before falling back.\nDiscovery stock has been in the news lately as all of its share classes have seen big moves. For much of 2021, Discovery has been on the rise amid excitement about its Discovery+ streaming service. Yet last week, Discovery got embroiled in the saga of amargin call that devastated a Wall Street hedge fund.\nWhat was surprising about Wednesday's move was that it only affected one of Discovery's share classes. Series A shares were up just 1.5%. Series C shares, which have a K at the end of their ticker symbol, gained just a fraction of a percent.\nWhat do all these share classes mean?\nFor years now, many companies have chosen to have multiple share classes. This allows early investors to retain voting control of a company even if they sell off a majority stake in its economic interest. Although tech companies were notorious for offering multiple share classes, the trend extended to the media industry as well.\nDiscovery's three share classes have very different voting rights. Series A shares have one vote, while Series C shares don't have any votes. Series B shares represent super-voting shares, with 10 votes per share.\nAll three share classes are available for trading. However, typical trading volume varies greatly. Average volume for Series A and Series C shares amount to 13 million and 9 million, respectively. But a typical day brings just 3,000 shares of trading volume for Series B.\nThat all changed on Wednesday, with more than 1.1 million shares changing hands as of 2 p.m. EDT. Some ascribed the move to the investors at the WallStreetBets investing board onReddit. Others pointed to the possibility of a short squeeze, although short interest as of March 15 was exceptionally low.\nMarket inefficiency is here to stay\nMost of the time, these three share classes trade in similar patterns. The super-voting shares tend to cost a little more than the Series A regular voting shares, which in turn trade at a slight premium to non-voting Series C shares. Interestingly, disparities started getting larger in the spring of 2020, with Series B shares being the first to rise until the other share classes caught up toward the end of the year.\nUnfortunately, the recent surge will likely lead uninformed investors to make mistakes. Many will jump into the soaring Series B stock because it rose, not realizing that they could buy the same economic interest in Discovery at a fraction of the price. If you believe that Discovery is undervalued, then the right move right now is to buy the much-cheaper Series A or Series C shares.\nOdd trading activity has been on the rise, and inefficiencies can persist a lot longer than you'd imagine. Eventually, prices of all three of these Discovery share classes will converge again -- but it might not happen soon.","news_type":1,"symbols_score_info":{".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2028,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/357621699"}