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2021-08-20

Haha

Why This Virgin Galactic Analyst Just Cut Their Price Target By Nearly 40%<blockquote>为什么这位维珍银河分析师刚刚将目标价下调近40%</blockquote>

2021-09-20

Haha

Evergrande isn’t the only reason the stock market is headed for its worst day in 2 months. Here are 5 other reasons<blockquote>恒大并不是股市迎来两个月来最糟糕一天的唯一原因。以下是其他5个原因</blockquote>

2021-08-23

No

Palantir Is an Enigma. The Opportunity in Its Stock Is Far More Clear.<blockquote>Palantir是一个谜。其股票的机会更加明显。</blockquote>

2021-08-19

Haha

抱歉，原内容已删除

2021-12-16

Ok

抱歉，原内容已删除

2021-07-21

Yes

Behind The Market's Furious Reversal: Record High Skew<blockquote>市场疯狂逆转的背后：创纪录的高位偏差</blockquote>

2021-07-19

Nice

抱歉，原内容已删除

2021-07-01

Nice

The S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.<blockquote>标普500取得了自互联网泡沫以来第二好的上半年成绩。接下来会发生什么。</blockquote>

2021-09-17

No

抱歉，原内容已删除

2021-08-30

Nice

抱歉，原内容已删除

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listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/607798721","repostId":"2191956629","repostType":4,"isVote":1,"tweetType":1,"viewCount":1922,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":606513909,"gmtCreate":1638891743704,"gmtModify":1638891743844,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/606513909","repostId":"1107798974","repostType":4,"repost":{"id":"1107798974","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":1638889130,"share":"https://www.laohu8.com/m/news/1107798974?lang=zh_CN&edition=full","pubTime":"2021-12-07 22:58","market":"us","language":"en","title":"777 Partners Orders 30 Additional 737 MAX Airplanes<blockquote>777合作伙伴再订购30架737 MAX飞机</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107798974","media":"Tiger Newspress","summary":"Boeing's stock extends bounce after receiving additional order for 30 737 MAX jets from 777 Partners","content":"<p>Boeing's stock extends bounce after receiving additional order for 30 737 MAX jets from 777 Partners.</p><p><blockquote>在从777合作伙伴那里收到30架737 MAX喷气式飞机的额外订单后，波音公司的股价继续反弹。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c0a9ddf262204e94020bb4a124cc1b01\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Boeing&nbsp;and 777 Partners today announced the Miami-based investment firm will nearly double its 737 MAX order book with the purchase of 30 additional jets. The new order expands 777 Partners' commercial aircraft portfolio to a total of 68 737 MAXs, in its fourth order this year for the fuel-efficient, single-aisle jets. Valued at $3.7 billion at list prices, the order will enable 777 Partners to expand 737 MAX operations across the fleet of its affiliated global low-cost carriers.</p><p><blockquote>波音公司和777 Partners今天宣布，这家总部位于迈阿密的投资公司将额外购买30架喷气式飞机，将其737 MAX订单增加近一倍。新订单将777 Partners的商用飞机产品组合扩大到总共68架737 MAX，这是今年第四份省油单通道喷气式飞机订单。按标价计算，该订单价值37亿美元，将使777 Partners能够在其附属全球低成本航空公司的机队中扩大737 MAX的运营。</blockquote></p><p> \"We're delighted to be able to announce the almost doubling in size of our order with Boeing,\" said Josh Wander, managing partner of 777 Partners. \"We have long been confident in the economics of the 737 MAX family but we are especially excited about the 737-8-200 variant which represents the bulk of our additional orders. We're confident that this aircraft will be the hallmark ULCC/LCC asset, particularly in the sub-200 seat market. As travel demand returns, 777 has accelerated our quest for efficiencies in both operating cost and carbon footprint at our operating carriers. . In these areas the 737-8 is compelling and the 737-8-200 is simply unrivalled.\"</p><p><blockquote>777 Partners管理合伙人Josh Wander表示：“我们很高兴能够宣布与波音公司的订单规模几乎翻了一番。”“我们长期以来对737 MAX系列的经济性充满信心，但我们对737-8-200型号尤其兴奋，它代表了我们额外订单的大部分。我们相信这架飞机将成为ULCC/LCC的标志性资产，尤其是在200座以下市场。随着旅行需求的恢复，777加快了我们对运营航空公司运营成本和碳足迹效率的追求。。在这些领域，737-8引人注目，而737-8-200则是无与伦比的。”</blockquote></p><p> The 737 MAX family reduces fuel use and carbon emissions by at least 14% compared to the airplanes it replaces, reducing operating costs as well as the environmental footprint for 777 Partners' affiliated airlines. Every 737 MAX features a passenger-pleasing Boeing Sky Interior, highlighted by modern sculpted sidewalls and window reveals, LED lighting that enhances the sense of spaciousness and larger pivoting overhead storage bins.</p><p><blockquote>与它所取代的飞机相比，737 MAX系列减少了至少14%的燃油使用和碳排放，从而降低了777合作伙伴附属航空公司的运营成本和环境足迹。每架737 MAX都采用了令乘客愉悦的波音天空内饰，突出了现代雕刻的侧壁和窗户，增强宽敞感的LED照明和更大的旋转头顶储物箱。</blockquote></p><p> \"We greatly appreciate 777 Partners for their trust in our products, including repeat orders for the 737 MAX and expanding their fleet to include the high-capacity 737-8-200 model,\" said Ihssane Mounir, Boeing senior vice president of Commercial Sales and Marketing. \"777 Partners is enabling growth for its affiliated low-cost carriers by leveraging the 737 family's flexibility, reliability and efficiency to serve passengers for years to come.\"</p><p><blockquote>波音商业销售高级副总裁Ihssane Mounir表示：“我们非常感谢777合作伙伴对我们产品的信任，包括737 MAX的重复订单以及扩大机队以纳入大容量737-8-200型号。”和营销。“777 Partners正在利用737系列的灵活性、可靠性和效率在未来几年为乘客提供服务，从而促进其附属低成本航空公司的增长。”</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>777 Partners Orders 30 Additional 737 MAX Airplanes<blockquote>777合作伙伴再订购30架737 MAX飞机</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; 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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\">\n777 Partners Orders 30 Additional 737 MAX Airplanes<blockquote>777合作伙伴再订购30架737 MAX飞机</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\">2021-12-07 22:58</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Boeing's stock extends bounce after receiving additional order for 30 737 MAX jets from 777 Partners.</p><p><blockquote>在从777合作伙伴那里收到30架737 MAX喷气式飞机的额外订单后，波音公司的股价继续反弹。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c0a9ddf262204e94020bb4a124cc1b01\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Boeing&nbsp;and 777 Partners today announced the Miami-based investment firm will nearly double its 737 MAX order book with the purchase of 30 additional jets. The new order expands 777 Partners' commercial aircraft portfolio to a total of 68 737 MAXs, in its fourth order this year for the fuel-efficient, single-aisle jets. Valued at $3.7 billion at list prices, the order will enable 777 Partners to expand 737 MAX operations across the fleet of its affiliated global low-cost carriers.</p><p><blockquote>波音公司和777 Partners今天宣布，这家总部位于迈阿密的投资公司将额外购买30架喷气式飞机，将其737 MAX订单增加近一倍。新订单将777 Partners的商用飞机产品组合扩大到总共68架737 MAX，这是今年第四份省油单通道喷气式飞机订单。按标价计算，该订单价值37亿美元，将使777 Partners能够在其附属全球低成本航空公司的机队中扩大737 MAX的运营。</blockquote></p><p> \"We're delighted to be able to announce the almost doubling in size of our order with Boeing,\" said Josh Wander, managing partner of 777 Partners. \"We have long been confident in the economics of the 737 MAX family but we are especially excited about the 737-8-200 variant which represents the bulk of our additional orders. We're confident that this aircraft will be the hallmark ULCC/LCC asset, particularly in the sub-200 seat market. As travel demand returns, 777 has accelerated our quest for efficiencies in both operating cost and carbon footprint at our operating carriers. . In these areas the 737-8 is compelling and the 737-8-200 is simply unrivalled.\"</p><p><blockquote>777 Partners管理合伙人Josh Wander表示：“我们很高兴能够宣布与波音公司的订单规模几乎翻了一番。”“我们长期以来对737 MAX系列的经济性充满信心，但我们对737-8-200型号尤其兴奋，它代表了我们额外订单的大部分。我们相信这架飞机将成为ULCC/LCC的标志性资产，尤其是在200座以下市场。随着旅行需求的恢复，777加快了我们对运营航空公司运营成本和碳足迹效率的追求。。在这些领域，737-8引人注目，而737-8-200则是无与伦比的。”</blockquote></p><p> The 737 MAX family reduces fuel use and carbon emissions by at least 14% compared to the airplanes it replaces, reducing operating costs as well as the environmental footprint for 777 Partners' affiliated airlines. Every 737 MAX features a passenger-pleasing Boeing Sky Interior, highlighted by modern sculpted sidewalls and window reveals, LED lighting that enhances the sense of spaciousness and larger pivoting overhead storage bins.</p><p><blockquote>与它所取代的飞机相比，737 MAX系列减少了至少14%的燃油使用和碳排放，从而降低了777合作伙伴附属航空公司的运营成本和环境足迹。每架737 MAX都采用了令乘客愉悦的波音天空内饰，突出了现代雕刻的侧壁和窗户，增强宽敞感的LED照明和更大的旋转头顶储物箱。</blockquote></p><p> \"We greatly appreciate 777 Partners for their trust in our products, including repeat orders for the 737 MAX and expanding their fleet to include the high-capacity 737-8-200 model,\" said Ihssane Mounir, Boeing senior vice president of Commercial Sales and Marketing. \"777 Partners is enabling growth for its affiliated low-cost carriers by leveraging the 737 family's flexibility, reliability and efficiency to serve passengers for years to come.\"</p><p><blockquote>波音商业销售高级副总裁Ihssane Mounir表示：“我们非常感谢777合作伙伴对我们产品的信任，包括737 MAX的重复订单以及扩大机队以纳入大容量737-8-200型号。”和营销。“777 Partners正在利用737系列的灵活性、可靠性和效率在未来几年为乘客提供服务，从而促进其附属低成本航空公司的增长。”</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BA":"波音"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107798974","content_text":"Boeing's stock extends bounce after receiving additional order for 30 737 MAX jets from 777 Partners.\n\nBoeing and 777 Partners today announced the Miami-based investment firm will nearly double its 737 MAX order book with the purchase of 30 additional jets. The new order expands 777 Partners' commercial aircraft portfolio to a total of 68 737 MAXs, in its fourth order this year for the fuel-efficient, single-aisle jets. Valued at $3.7 billion at list prices, the order will enable 777 Partners to expand 737 MAX operations across the fleet of its affiliated global low-cost carriers.\n\"We're delighted to be able to announce the almost doubling in size of our order with Boeing,\" said Josh Wander, managing partner of 777 Partners. \"We have long been confident in the economics of the 737 MAX family but we are especially excited about the 737-8-200 variant which represents the bulk of our additional orders. We're confident that this aircraft will be the hallmark ULCC/LCC asset, particularly in the sub-200 seat market. As travel demand returns, 777 has accelerated our quest for efficiencies in both operating cost and carbon footprint at our operating carriers. . In these areas the 737-8 is compelling and the 737-8-200 is simply unrivalled.\"\nThe 737 MAX family reduces fuel use and carbon emissions by at least 14% compared to the airplanes it replaces, reducing operating costs as well as the environmental footprint for 777 Partners' affiliated airlines. Every 737 MAX features a passenger-pleasing Boeing Sky Interior, highlighted by modern sculpted sidewalls and window reveals, LED lighting that enhances the sense of spaciousness and larger pivoting overhead storage bins.\n\"We greatly appreciate 777 Partners for their trust in our products, including repeat orders for the 737 MAX and expanding their fleet to include the high-capacity 737-8-200 model,\" said Ihssane Mounir, Boeing senior vice president of Commercial Sales and Marketing. \"777 Partners is enabling growth for its affiliated low-cost carriers by leveraging the 737 family's flexibility, reliability and efficiency to serve passengers for years to come.\"","news_type":1,"symbols_score_info":{"BA":0.9}},"isVote":1,"tweetType":1,"viewCount":3936,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":606991873,"gmtCreate":1638805462718,"gmtModify":1638805462862,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"&nbsp;Wow&nbsp;","listText":"&nbsp;Wow&nbsp;","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/606991873","repostId":"1149885054","repostType":4,"repost":{"id":"1149885054","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":1638804172,"share":"https://www.laohu8.com/m/news/1149885054?lang=zh_CN&edition=full","pubTime":"2021-12-06 23:22","market":"us","language":"en","title":"DocuSign stock jumped nearly 6% in morning trading<blockquote>DocuSign股价早盘上涨近6%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149885054","media":"Tiger Newspress","summary":"DocuSign stock jumped nearly 6% in morning trading as Cathie Wood's ARK exchange-traded funds bought","content":"<p>DocuSign stock jumped nearly 6% in morning trading&nbsp;as&nbsp;Cathie Wood's ARK exchange-traded funds bought $107.2 million shares of DocuSign on Friday.</p><p><blockquote>由于Cathie Wood的ARK交易所交易基金周五购买了价值1.072亿美元的DocuSign股票，DocuSign股价在早盘交易中上涨近6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1c19636cdf5cb65e600884484408e891\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Cathie Wood's ARK snapped up DocuSign amid 42% nosedive.</p><p><blockquote>Cathie Wood的ARK在暴跌42%的情况下抢购了DocuSign。</blockquote></p><p> Cathie Wood's ARK exchange-traded funds snapped up shares of DocuSign during the 42% nosedive for the online-signature company, according to the firm's disclosures. Led by the&nbsp;ARK Innovation ETF(ARKK), the funds bought $107.2 million shares of DocuSign, while the Innovation ETF sold $124.7 million worth of Tesla&nbsp;shares on Friday.</p><p><blockquote>根据该公司的披露，Cathie Wood的ARK交易所交易基金在DocuSign股价暴跌42%期间抢购了这家在线签名公司的股票。在ARK Innovation ETF(ARKK)的带领下，这些基金购买了价值1.072亿美元的DocuSign股票，而Innovation ETF周五出售了价值1.247亿美元的特斯拉股票。</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>DocuSign stock jumped nearly 6% in morning trading<blockquote>DocuSign股价早盘上涨近6%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDocuSign stock jumped nearly 6% in morning trading<blockquote>DocuSign股价早盘上涨近6%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-06 23:22</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>DocuSign stock jumped nearly 6% in morning trading&nbsp;as&nbsp;Cathie Wood's ARK exchange-traded funds bought $107.2 million shares of DocuSign on Friday.</p><p><blockquote>由于Cathie Wood的ARK交易所交易基金周五购买了价值1.072亿美元的DocuSign股票，DocuSign股价在早盘交易中上涨近6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1c19636cdf5cb65e600884484408e891\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Cathie Wood's ARK snapped up DocuSign amid 42% nosedive.</p><p><blockquote>Cathie Wood的ARK在暴跌42%的情况下抢购了DocuSign。</blockquote></p><p> Cathie Wood's ARK exchange-traded funds snapped up shares of DocuSign during the 42% nosedive for the online-signature company, according to the firm's disclosures. Led by the&nbsp;ARK Innovation ETF(ARKK), the funds bought $107.2 million shares of DocuSign, while the Innovation ETF sold $124.7 million worth of Tesla&nbsp;shares on Friday.</p><p><blockquote>根据该公司的披露，Cathie Wood的ARK交易所交易基金在DocuSign股价暴跌42%期间抢购了这家在线签名公司的股票。在ARK Innovation ETF(ARKK)的带领下，这些基金购买了价值1.072亿美元的DocuSign股票，而Innovation ETF周五出售了价值1.247亿美元的特斯拉股票。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOCU":"Docusign"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149885054","content_text":"DocuSign stock jumped nearly 6% in morning trading as Cathie Wood's ARK exchange-traded funds bought $107.2 million shares of DocuSign on Friday.\n\nCathie Wood's ARK snapped up DocuSign amid 42% nosedive.\nCathie Wood's ARK exchange-traded funds snapped up shares of DocuSign during the 42% nosedive for the online-signature company, according to the firm's disclosures. Led by the ARK Innovation ETF(ARKK), the funds bought $107.2 million shares of DocuSign, while the Innovation ETF sold $124.7 million worth of Tesla shares on Friday.","news_type":1,"symbols_score_info":{"DOCU":0.9}},"isVote":1,"tweetType":1,"viewCount":4312,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":603118405,"gmtCreate":1638372834124,"gmtModify":1638372846248,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"Why&nbsp;","listText":"Why&nbsp;","text":"Why","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/603118405","repostId":"1167889898","repostType":4,"isVote":1,"tweetType":1,"viewCount":3421,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":609251279,"gmtCreate":1638287702986,"gmtModify":1638287702986,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/609251279","repostId":"1169394210","repostType":4,"isVote":1,"tweetType":1,"viewCount":3534,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":600746987,"gmtCreate":1638200576688,"gmtModify":1638200576850,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/600746987","repostId":"1129736600","repostType":4,"repost":{"id":"1129736600","kind":"news","pubTimestamp":1638148434,"share":"https://www.laohu8.com/m/news/1129736600?lang=zh_CN&edition=full","pubTime":"2021-11-29 09:13","market":"us","language":"en","title":"Tesla’s Elon Musk sends another email. What it means for fourth-quarter earnings.<blockquote>特斯拉的Elon Musk又发了一封邮件。这对第四季度收益意味着什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129736600","media":"Barrons","summary":"Tesla CEO Elon Musk warned employees in a recent email the electric vehicle maker shouldn’t be spending irresponsibly in the final weeks of the year to meet a quarter-end delivery rush. The reason seems sensible, even if his call might vex investors.Musk wants to minimize the cost of fourth quarter deliveries. He doesn’t see a reason for Tesla  to overspend for a few weeks of any quarter only to see deliveries numbers crash in the first few weeks of the following quarter. It isn’t an optimal cyc","content":"<p>Tesla CEO Elon Musk warned employees in a recent email the electric vehicle maker shouldn’t be spending irresponsibly in the final weeks of the year to meet a quarter-end delivery rush. The reason seems sensible, even if his call might vex investors.</p><p><blockquote>特斯拉首席执行官Elon Musk在最近的一封电子邮件中警告员工，这家电动汽车制造商不应该在今年最后几周不负责任地花钱来应对季度末的交付高峰。这个理由似乎很合理，即使他的看涨期权可能会惹恼投资者。</blockquote></p><p> Musk wants to minimize the cost of fourth quarter deliveries. He doesn’t see a reason for Tesla (ticker: TSLA) to overspend for a few weeks of any quarter only to see deliveries numbers crash in the first few weeks of the following quarter. It isn’t an optimal cycle for work or spending.</p><p><blockquote>马斯克希望将第四季度的交付成本降至最低。他认为特斯拉（股票代码：TSLA）没有理由在任何季度的几周内超支，却在下一季度的前几周看到交付量暴跌。这不是工作或支出的最佳周期。</blockquote></p><p> “Looked at over a six month period, we won’t have any extra cars, but we would have spent a lot of extra money and burned ourselves out to accelerate deliveries in the last two weeks of each quarter,” reads the email. “This is [the] right time to start reducing the size of the wave in favor of a steadier and more efficient pace of deliveries.”</p><p><blockquote>电子邮件中写道：“从六个月的时间来看，我们不会有任何额外的汽车，但我们会花费大量额外的钱，并在每个季度的最后两周竭尽全力加快交付速度。”“现在是开始缩小浪潮规模以实现更稳定、更高效的交付速度的最佳时机。”</blockquote></p><p> It might be the right time because Tesla is going from having two plants producing cars to four plants. More assembly capacity might make it easier to manage the pace of deliveries in coming quarters.</p><p><blockquote>这可能是正确的时机，因为特斯拉将从拥有两家生产汽车的工厂增加到四家工厂。更多的组装能力可能会更容易管理未来几个季度的交付速度。</blockquote></p><p> Investors, of course, want big delivery numbers and big earnings. And breaking the pattern of big end-of-quarter deliveries could cause some unwanted stock volatility when fourth quarter deliveries are reported in the early days of the new year.</p><p><blockquote>当然，投资者想要大的交付数量和大的收益。当新年伊始报告第四季度交付量时，打破季度末交付量大的模式可能会导致一些不必要的库存波动。</blockquote></p><p> Still, Musk is setting expectations early and the change should be a one quarter impact — if the delivery pattern is smoothed out like Musk suggests.</p><p><blockquote>尽管如此，马斯克很早就设定了预期，如果交付模式像马斯克建议的那样顺利的话，这一变化应该会影响一个季度。</blockquote></p><p> What’s more, investors can’t really assume the change will lead to bad delivery numbers or disappointing earnings. Musk might have decided to send the email because delivery numbers are looking solid. There is just no way to know. Tesla didn’t respond to a request for comment on Sunday.</p><p><blockquote>更重要的是，投资者不能真正假设这一变化会导致糟糕的交付数字或令人失望的收益。马斯克可能决定发送这封电子邮件，因为交付数量看起来很稳定。只是没有办法知道。特斯拉周日没有回应置评请求。</blockquote></p><p> It’s also possible that automotive profit margins will improve if Tesla is spending less to deliver vehicles. That will be something to watch for when Tesla reports forth quarter earnings around the end of January 2022.</p><p><blockquote>如果特斯拉减少车辆交付支出，汽车利润率也有可能提高。当特斯拉在2022年1月底左右报告第四季度收益时，这将是值得关注的事情。</blockquote></p><p> Wall Street is looking for 266,000 vehicles delivered for the fourth quarter. That would be a record and bring full year 2021 deliveries to just less than 900,000. Tesla delivered about 500,000 vehicles in 2020.</p><p><blockquote>华尔街预计第四季度交付266,000辆汽车。这将创下纪录，使2021年全年交付量略低于90万辆。特斯拉在2020年交付了约50万辆汽车。</blockquote></p><p> The recent delivery email follows after another email sent by Musk to managers that detailed how he expects managers to react to his comments. In it Musk said managers could request clarification of his written instructions, among other things. The newer email, however, seems clear.</p><p><blockquote>在最近的交付电子邮件之前，马斯克向经理们发送了另一封电子邮件，详细说明了他希望经理们如何对他的评论做出反应。马斯克在信中表示，经理们可以要求澄清他的书面指示等。然而，新的电子邮件似乎很清楚。</blockquote></p><p> Coming into Monday trading, Tesla stock is up about 53% year to date, better than the 22% and 14% comparable, respective returns of the S&amp;P 500 and Dow Jones Industrial Average.</p><p><blockquote>截至周一交易，特斯拉股价今年迄今已上涨约53%，好于标普500和道琼斯工业平均指数分别22%和14%的可比回报率。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla’s Elon Musk sends another email. What it means for fourth-quarter earnings.<blockquote>特斯拉的Elon Musk又发了一封邮件。这对第四季度收益意味着什么。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla’s Elon Musk sends another email. What it means for fourth-quarter earnings.<blockquote>特斯拉的Elon Musk又发了一封邮件。这对第四季度收益意味着什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-11-29 09:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tesla CEO Elon Musk warned employees in a recent email the electric vehicle maker shouldn’t be spending irresponsibly in the final weeks of the year to meet a quarter-end delivery rush. The reason seems sensible, even if his call might vex investors.</p><p><blockquote>特斯拉首席执行官Elon Musk在最近的一封电子邮件中警告员工，这家电动汽车制造商不应该在今年最后几周不负责任地花钱来应对季度末的交付高峰。这个理由似乎很合理，即使他的看涨期权可能会惹恼投资者。</blockquote></p><p> Musk wants to minimize the cost of fourth quarter deliveries. He doesn’t see a reason for Tesla (ticker: TSLA) to overspend for a few weeks of any quarter only to see deliveries numbers crash in the first few weeks of the following quarter. It isn’t an optimal cycle for work or spending.</p><p><blockquote>马斯克希望将第四季度的交付成本降至最低。他认为特斯拉（股票代码：TSLA）没有理由在任何季度的几周内超支，却在下一季度的前几周看到交付量暴跌。这不是工作或支出的最佳周期。</blockquote></p><p> “Looked at over a six month period, we won’t have any extra cars, but we would have spent a lot of extra money and burned ourselves out to accelerate deliveries in the last two weeks of each quarter,” reads the email. “This is [the] right time to start reducing the size of the wave in favor of a steadier and more efficient pace of deliveries.”</p><p><blockquote>电子邮件中写道：“从六个月的时间来看，我们不会有任何额外的汽车，但我们会花费大量额外的钱，并在每个季度的最后两周竭尽全力加快交付速度。”“现在是开始缩小浪潮规模以实现更稳定、更高效的交付速度的最佳时机。”</blockquote></p><p> It might be the right time because Tesla is going from having two plants producing cars to four plants. More assembly capacity might make it easier to manage the pace of deliveries in coming quarters.</p><p><blockquote>这可能是正确的时机，因为特斯拉将从拥有两家生产汽车的工厂增加到四家工厂。更多的组装能力可能会更容易管理未来几个季度的交付速度。</blockquote></p><p> Investors, of course, want big delivery numbers and big earnings. And breaking the pattern of big end-of-quarter deliveries could cause some unwanted stock volatility when fourth quarter deliveries are reported in the early days of the new year.</p><p><blockquote>当然，投资者想要大的交付数量和大的收益。当新年伊始报告第四季度交付量时，打破季度末交付量大的模式可能会导致一些不必要的库存波动。</blockquote></p><p> Still, Musk is setting expectations early and the change should be a one quarter impact — if the delivery pattern is smoothed out like Musk suggests.</p><p><blockquote>尽管如此，马斯克很早就设定了预期，如果交付模式像马斯克建议的那样顺利的话，这一变化应该会影响一个季度。</blockquote></p><p> What’s more, investors can’t really assume the change will lead to bad delivery numbers or disappointing earnings. Musk might have decided to send the email because delivery numbers are looking solid. There is just no way to know. Tesla didn’t respond to a request for comment on Sunday.</p><p><blockquote>更重要的是，投资者不能真正假设这一变化会导致糟糕的交付数字或令人失望的收益。马斯克可能决定发送这封电子邮件，因为交付数量看起来很稳定。只是没有办法知道。特斯拉周日没有回应置评请求。</blockquote></p><p> It’s also possible that automotive profit margins will improve if Tesla is spending less to deliver vehicles. That will be something to watch for when Tesla reports forth quarter earnings around the end of January 2022.</p><p><blockquote>如果特斯拉减少车辆交付支出，汽车利润率也有可能提高。当特斯拉在2022年1月底左右报告第四季度收益时，这将是值得关注的事情。</blockquote></p><p> Wall Street is looking for 266,000 vehicles delivered for the fourth quarter. That would be a record and bring full year 2021 deliveries to just less than 900,000. Tesla delivered about 500,000 vehicles in 2020.</p><p><blockquote>华尔街预计第四季度交付266,000辆汽车。这将创下纪录，使2021年全年交付量略低于90万辆。特斯拉在2020年交付了约50万辆汽车。</blockquote></p><p> The recent delivery email follows after another email sent by Musk to managers that detailed how he expects managers to react to his comments. In it Musk said managers could request clarification of his written instructions, among other things. The newer email, however, seems clear.</p><p><blockquote>在最近的交付电子邮件之前，马斯克向经理们发送了另一封电子邮件，详细说明了他希望经理们如何对他的评论做出反应。马斯克在信中表示，经理们可以要求澄清他的书面指示等。然而，新的电子邮件似乎很清楚。</blockquote></p><p> Coming into Monday trading, Tesla stock is up about 53% year to date, better than the 22% and 14% comparable, respective returns of the S&amp;P 500 and Dow Jones Industrial Average.</p><p><blockquote>截至周一交易，特斯拉股价今年迄今已上涨约53%，好于标普500和道琼斯工业平均指数分别22%和14%的可比回报率。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/teslas-elon-musk-email-what-it-means-51638119355?mod=hp_DAY_1\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/teslas-elon-musk-email-what-it-means-51638119355?mod=hp_DAY_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129736600","content_text":"Tesla CEO Elon Musk warned employees in a recent email the electric vehicle maker shouldn’t be spending irresponsibly in the final weeks of the year to meet a quarter-end delivery rush. The reason seems sensible, even if his call might vex investors.\nMusk wants to minimize the cost of fourth quarter deliveries. He doesn’t see a reason for Tesla (ticker: TSLA) to overspend for a few weeks of any quarter only to see deliveries numbers crash in the first few weeks of the following quarter. It isn’t an optimal cycle for work or spending.\n“Looked at over a six month period, we won’t have any extra cars, but we would have spent a lot of extra money and burned ourselves out to accelerate deliveries in the last two weeks of each quarter,” reads the email. “This is [the] right time to start reducing the size of the wave in favor of a steadier and more efficient pace of deliveries.”\nIt might be the right time because Tesla is going from having two plants producing cars to four plants. More assembly capacity might make it easier to manage the pace of deliveries in coming quarters.\nInvestors, of course, want big delivery numbers and big earnings. And breaking the pattern of big end-of-quarter deliveries could cause some unwanted stock volatility when fourth quarter deliveries are reported in the early days of the new year.\nStill, Musk is setting expectations early and the change should be a one quarter impact — if the delivery pattern is smoothed out like Musk suggests.\nWhat’s more, investors can’t really assume the change will lead to bad delivery numbers or disappointing earnings. Musk might have decided to send the email because delivery numbers are looking solid. There is just no way to know. Tesla didn’t respond to a request for comment on Sunday.\nIt’s also possible that automotive profit margins will improve if Tesla is spending less to deliver vehicles. That will be something to watch for when Tesla reports forth quarter earnings around the end of January 2022.\nWall Street is looking for 266,000 vehicles delivered for the fourth quarter. That would be a record and bring full year 2021 deliveries to just less than 900,000. Tesla delivered about 500,000 vehicles in 2020.\nThe recent delivery email follows after another email sent by Musk to managers that detailed how he expects managers to react to his comments. In it Musk said managers could request clarification of his written instructions, among other things. The newer email, however, seems clear.\nComing into Monday trading, Tesla stock is up about 53% year to date, better than the 22% and 14% comparable, respective returns of the S&P 500 and Dow Jones Industrial Average.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":3906,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":875702531,"gmtCreate":1637682805261,"gmtModify":1637682805358,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/875702531","repostId":"1144748203","repostType":4,"repost":{"id":"1144748203","kind":"news","pubTimestamp":1637680116,"share":"https://www.laohu8.com/m/news/1144748203?lang=zh_CN&edition=full","pubTime":"2021-11-23 23:08","market":"us","language":"en","title":"Retail Traders Jump Back Into Tiny Biotechs Ahead of Holiday<blockquote>散户交易者在假期前重新买入小型生物技术公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1144748203","media":"Bloomberg","summary":"(Bloomberg) -- Two tiny biotechs, ISpecimen Inc. and Longeveron Inc., are the latest to see their st","content":"<p>(Bloomberg) -- Two tiny biotechs, ISpecimen Inc. and Longeveron Inc., are the latest to see their stocks more than double in a social media-fueled frenzy ahead of a U.S. trading holiday.</p><p><blockquote>（彭博）-两家小型生物技术公司ISpecimen Inc.和Longeveron Inc.是最新一家在美国交易假期前社交媒体引发的狂热中股价上涨超过一倍的公司。</blockquote></p><p> ISpecimen more than doubled in Tuesday’s premarket session and was up 95% at 9:28 a.m. More than 12 million shares traded hands before the bell, surprising for a stock with a float of less than 500,000 shares, according to data compiled by Bloomberg. The stock is majority held by individuals and about 44% of shares are held by insiders.</p><p><blockquote>ISpecimen在周二盘前交易中上涨了一倍多，截至上午9:28上涨了95%。根据彭博社汇编的数据，盘前交易量超过1200万股，这对于一只流通股不到50万股的股票来说令人惊讶。该股大部分由个人持有，约44%的股份由内部人士持有。</blockquote></p><p> The gains in these select companies comes in the wake of a slide in the Nasdaq Biotech Index, which closed Monday at the lowest since June.</p><p><blockquote>这些精选公司的上涨是在纳斯达克生物技术指数下跌之后出现的，该指数周一收于6月以来的最低水平。</blockquote></p><p> Daytraders are still chasing after electronic vehicle stocks like Rivian Automotive Inc. and Lucid Group Inc. as well as big tech names Nvidia Corp. and Apple Inc. On Monday, they added ISpecimen, which connects human samples with researchers, and Longeveron, a cell therapy company, to their watch lists and the stocks soared 80% and 181%, respectively. Both closed at the highest since their initial listings earlier this year.</p><p><blockquote>日间交易者仍在追逐Rivian汽车公司和Lucid Group Inc.等电动汽车股票，以及大型科技公司Nvidia Corp.和苹果公司。周一，他们增加了将人体样本与研究人员联系起来的ISpecimen和Longeveron，一家公司将治疗公司列入观察名单，股价分别飙升80%和181%。两者均收于今年早些时候首次上市以来的最高水平。</blockquote></p><p> The two biotechs joined diagnostic company Progenity Inc., as well as the EV and tech names, as the most-traded stocks on Fidelity’s platform on Monday. Longeveron and Progenity joined AMC Entertainment Holdings Inc. among the most-mentioned companies in Stocktwits over the past 24 hours.</p><p><blockquote>周一，这两家生物技术公司与诊断公司Progenity Inc.以及电动汽车和科技公司一起成为富达平台上交易量最大的股票。Longeveron和Progenity与AMC院线控股公司一起成为过去24小时内Stocktwits上被提及最多的公司之一。</blockquote></p><p></p>","source":"lsy1612507957220","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>Retail Traders Jump Back Into Tiny Biotechs Ahead of Holiday<blockquote>散户交易者在假期前重新买入小型生物技术公司</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\">\nRetail Traders Jump Back Into Tiny Biotechs Ahead of Holiday<blockquote>散户交易者在假期前重新买入小型生物技术公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-11-23 23:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- Two tiny biotechs, ISpecimen Inc. and Longeveron Inc., are the latest to see their stocks more than double in a social media-fueled frenzy ahead of a U.S. trading holiday.</p><p><blockquote>（彭博）-两家小型生物技术公司ISpecimen Inc.和Longeveron Inc.是最新一家在美国交易假期前社交媒体引发的狂热中股价上涨超过一倍的公司。</blockquote></p><p> ISpecimen more than doubled in Tuesday’s premarket session and was up 95% at 9:28 a.m. More than 12 million shares traded hands before the bell, surprising for a stock with a float of less than 500,000 shares, according to data compiled by Bloomberg. The stock is majority held by individuals and about 44% of shares are held by insiders.</p><p><blockquote>ISpecimen在周二盘前交易中上涨了一倍多，截至上午9:28上涨了95%。根据彭博社汇编的数据，盘前交易量超过1200万股，这对于一只流通股不到50万股的股票来说令人惊讶。该股大部分由个人持有，约44%的股份由内部人士持有。</blockquote></p><p> The gains in these select companies comes in the wake of a slide in the Nasdaq Biotech Index, which closed Monday at the lowest since June.</p><p><blockquote>这些精选公司的上涨是在纳斯达克生物技术指数下跌之后出现的，该指数周一收于6月以来的最低水平。</blockquote></p><p> Daytraders are still chasing after electronic vehicle stocks like Rivian Automotive Inc. and Lucid Group Inc. as well as big tech names Nvidia Corp. and Apple Inc. On Monday, they added ISpecimen, which connects human samples with researchers, and Longeveron, a cell therapy company, to their watch lists and the stocks soared 80% and 181%, respectively. Both closed at the highest since their initial listings earlier this year.</p><p><blockquote>日间交易者仍在追逐Rivian汽车公司和Lucid Group Inc.等电动汽车股票，以及大型科技公司Nvidia Corp.和苹果公司。周一，他们增加了将人体样本与研究人员联系起来的ISpecimen和Longeveron，一家公司将治疗公司列入观察名单，股价分别飙升80%和181%。两者均收于今年早些时候首次上市以来的最高水平。</blockquote></p><p> The two biotechs joined diagnostic company Progenity Inc., as well as the EV and tech names, as the most-traded stocks on Fidelity’s platform on Monday. Longeveron and Progenity joined AMC Entertainment Holdings Inc. among the most-mentioned companies in Stocktwits over the past 24 hours.</p><p><blockquote>周一，这两家生物技术公司与诊断公司Progenity Inc.以及电动汽车和科技公司一起成为富达平台上交易量最大的股票。Longeveron和Progenity与AMC院线控股公司一起成为过去24小时内Stocktwits上被提及最多的公司之一。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/retail-traders-jump-back-tiny-142920063.html\">Bloomberg</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":{"ISPC":"iSpecimen Inc.","LGVN":"Longeveron Inc"},"source_url":"https://finance.yahoo.com/news/retail-traders-jump-back-tiny-142920063.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144748203","content_text":"(Bloomberg) -- Two tiny biotechs, ISpecimen Inc. and Longeveron Inc., are the latest to see their stocks more than double in a social media-fueled frenzy ahead of a U.S. trading holiday.\nISpecimen more than doubled in Tuesday’s premarket session and was up 95% at 9:28 a.m. More than 12 million shares traded hands before the bell, surprising for a stock with a float of less than 500,000 shares, according to data compiled by Bloomberg. The stock is majority held by individuals and about 44% of shares are held by insiders.\nThe gains in these select companies comes in the wake of a slide in the Nasdaq Biotech Index, which closed Monday at the lowest since June.\nDaytraders are still chasing after electronic vehicle stocks like Rivian Automotive Inc. and Lucid Group Inc. as well as big tech names Nvidia Corp. and Apple Inc. On Monday, they added ISpecimen, which connects human samples with researchers, and Longeveron, a cell therapy company, to their watch lists and the stocks soared 80% and 181%, respectively. Both closed at the highest since their initial listings earlier this year.\nThe two biotechs joined diagnostic company Progenity Inc., as well as the EV and tech names, as the most-traded stocks on Fidelity’s platform on Monday. Longeveron and Progenity joined AMC Entertainment Holdings Inc. among the most-mentioned companies in Stocktwits over the past 24 hours.","news_type":1,"symbols_score_info":{"ISPC":0.9,"LGVN":0.9}},"isVote":1,"tweetType":1,"viewCount":3172,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":872027313,"gmtCreate":1637378426038,"gmtModify":1637378426216,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/872027313","repostId":"2184841443","repostType":4,"isVote":1,"tweetType":1,"viewCount":3356,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":876927821,"gmtCreate":1637250848211,"gmtModify":1637250848211,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"Well","listText":"Well","text":"Well","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/876927821","repostId":"1101595929","repostType":4,"isVote":1,"tweetType":1,"viewCount":4513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":842397806,"gmtCreate":1636130903094,"gmtModify":1636130935483,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/842397806","repostId":"2181748650","repostType":4,"isVote":1,"tweetType":1,"viewCount":1852,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":853442350,"gmtCreate":1634831650266,"gmtModify":1634831715248,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"CRWS","listText":"CRWS","text":"CRWS","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/853442350","repostId":"2176048249","repostType":4,"isVote":1,"tweetType":1,"viewCount":553,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":853046740,"gmtCreate":1634745518470,"gmtModify":1634745518631,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/853046740","repostId":"2176516480","repostType":4,"isVote":1,"tweetType":1,"viewCount":901,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":824233030,"gmtCreate":1634313444359,"gmtModify":1634313444527,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"Only ?","listText":"Only ?","text":"Only ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/824233030","repostId":"1132582737","repostType":4,"repost":{"id":"1132582737","kind":"news","pubTimestamp":1634311475,"share":"https://www.laohu8.com/m/news/1132582737?lang=zh_CN&edition=full","pubTime":"2021-10-15 23:24","market":"us","language":"en","title":"JPMorgan On Amazon Stock: 29% Upside Potential<blockquote>摩根大通看好亚马逊股票：29%的上涨潜力</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132582737","media":"TheStreet","summary":"Amazon stock has fallen victim of its own success: shares of the e-commerce giant have lagged the S&","content":"<p>Amazon stock has fallen victim of its own success: shares of the e-commerce giant have lagged the S&amp;P 500 since its disappointing Q2 earnings day. But JPMorgan is optimistic and sees upside ahead.</p><p><blockquote>亚马逊股票已成为其自身成功的受害者：自令人失望的第二季度财报日以来，这家电子商务巨头的股价一直落后于标普500。但摩根大通持乐观态度，并看到了未来的上涨空间。</blockquote></p><p> Since the release of Amazon’s most recent earnings report, investors have watched shares of the cloud and e-commerce giant tank by 11%. Amazon stock&nbsp;underperformed an already weak S&amp;P 500 by three percentage points over the period, leaving some to question: is AMZN still a good investment?</p><p><blockquote>自亚马逊最新财报发布以来，投资者关注这家云和电子商务巨头的股价下跌了11%。在此期间，亚马逊股票的表现落后于本已疲软的标普500三个百分点，这让一些人质疑：亚马逊仍然是一项好的投资吗？</blockquote></p><p> According to experts at JPMorgan (JPM), the answer is yes. Today, the Amazon Maven presents the main reasons why five-star&nbsp;rated&nbsp;analyst Doug Anmuth believes that Amazon stock is about to surge, producing an estimated 29% in gains through 2022.</p><p><blockquote>摩根大通（JPM）专家表示，答案是肯定的。今天，亚马逊专家介绍了五星级分析师Doug Anmuth认为亚马逊股票即将飙升的主要原因，预计到2022年将上涨29%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8c8e5f4ca5aa3dba7bef61858521bd17\" tg-width=\"1240\" tg-height=\"827\" width=\"100%\" height=\"auto\"><span>Figure 1: J.P. Morgan offices in Hong Kong.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：摩根大通香港办事处。</span></p></blockquote></p><p> <b>Getting back on track</b></p><p><blockquote><b>回到正轨</b></blockquote></p><p> As the&nbsp;Amazon Maven mentioned&nbsp;recently, the impact of the pandemic on shopping habits led analysts to overestimate Amazon’s revenues for the current year. This is the very first reason why JPMorgan&nbsp;believes&nbsp;that AMZN will get a green light to climb again: “[the stock is heading] closer to the last quarter of difficult COVID-19 comps in the first quarter of 2022\", which should help to reset sentiment.</p><p><blockquote>正如亚马逊专家最近提到的，疫情对购物习惯的影响导致分析师高估了亚马逊今年的收入。这就是摩根大通认为AMZN将获得再次攀升的第一个原因：“[该股正在]接近2022年第一季度困难的COVID-19比较的最后一个季度”，这应该有助于重置情绪。</blockquote></p><p> Once 2020 results are left in the rearview mirror, the e-commerce company will face more realistic, non-pandemic-inflated projections. As mentioned by Mr. Anmuth himself, \"further downward revisions to 2022 profit estimates would help lower the bar and potentially create more of a clearing event”.</p><p><blockquote>一旦2020年的业绩成为过去，这家电子商务公司将面临更现实、非疫情夸大的预测。正如Anmuth先生本人所提到的，“进一步下调2022年利润预期将有助于降低门槛，并可能引发更多清算事件”。</blockquote></p><p> <b>Holiday upside</b></p><p><blockquote><b>假日上行空间</b></blockquote></p><p> Another reason why Mr. Anmuth believes Amazon stock will head higher is the beginning of the holiday season. Since the market has been so cautious towards AMZN lately, the stock has been trading at lower multiples than would otherwise be considered reasonable. The holidays, on the other hand, could be the bullish catalyst that investors need to own the stock again.</p><p><blockquote>安穆斯认为亚马逊股价将走高的另一个原因是假期的开始。由于市场最近对亚马逊非常谨慎，该股的市盈率一直低于合理的市盈率。另一方面，假期可能是投资者需要再次持有该股的看涨催化剂。</blockquote></p><p> Lastly, there is the potential for an increase in Prime subscription price in 2022. Considering an estimated 150 million US Prime members in 2021, a $20 dollar hike in annual fee would lead to an extra $3 billion heading towards Amazon’s coffers.</p><p><blockquote>最后，2022年Prime订阅价格有可能上涨。考虑到2021年估计有1.5亿美国Prime会员，年费上涨20美元将导致亚马逊的金库额外增加30亿美元。</blockquote></p><p> At first glance, the figure may not seem like much, given Amazon’s revenues of $380 billion in 2020. However, keep in mind that nearly all the price increase would flow cleanly into Amazon’s operating income. On a 2020 basis, this would represent growth of nearly 15% in pre-tax profits.</p><p><blockquote>乍一看，考虑到亚马逊2020年的收入为3800亿美元，这个数字似乎并不多。然而，请记住，几乎所有的价格上涨都会干净地流入亚马逊的营业收入。以2020年为基础，这将意味着税前利润增长近15%。</blockquote></p><p> <b>What do other experts say?</b></p><p><blockquote><b>其他专家怎么说？</b></blockquote></p><p> Other reports published recently also support the bullish thesis. Mark Mahaney from Evercore ISI&nbsp;talked&nbsp;to 15 industry experts, including former Amazon employees, during the research firm’s Amazon Day Symposium. The analyst liked what he saw and issued a hefty $4,700 target price.</p><p><blockquote>最近发表的其他报告也支持看涨论点。Evercore ISI的Mark Mahaney在该研究公司的亚马逊日研讨会上与15名行业专家进行了交谈，其中包括前亚马逊员工。这位分析师很喜欢他所看到的，并给出了4,700美元的高额目标价。</blockquote></p><p> Wolfe Research’s Deepak Mathivanan, on the other hand,lowered&nbsp;his price target on AMZN modestly to $3,850 from $3,900, despite maintaining an outperform rating. Sitting closer to the consensus price target is Goldman Sachs’ Eric Sheridan, who is bullish and&nbsp;believes&nbsp;that AMZN shares are worth $4,250.</p><p><blockquote>另一方面，Wolfe Research的Deepak Mathivanan将AMZN的目标价从3,900美元小幅下调至3,850美元，尽管维持跑赢大盘评级。高盛(Goldman Sachs)的埃里克·谢里丹(Eric Sheridan)更接近共识目标价，他看好AMZN股票价值4,250美元。</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>JPMorgan On Amazon Stock: 29% Upside Potential<blockquote>摩根大通看好亚马逊股票：29%的上涨潜力</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\">\nJPMorgan On Amazon Stock: 29% Upside Potential<blockquote>摩根大通看好亚马逊股票：29%的上涨潜力</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-10-15 23:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Amazon stock has fallen victim of its own success: shares of the e-commerce giant have lagged the S&amp;P 500 since its disappointing Q2 earnings day. But JPMorgan is optimistic and sees upside ahead.</p><p><blockquote>亚马逊股票已成为其自身成功的受害者：自令人失望的第二季度财报日以来，这家电子商务巨头的股价一直落后于标普500。但摩根大通持乐观态度，并看到了未来的上涨空间。</blockquote></p><p> Since the release of Amazon’s most recent earnings report, investors have watched shares of the cloud and e-commerce giant tank by 11%. Amazon stock&nbsp;underperformed an already weak S&amp;P 500 by three percentage points over the period, leaving some to question: is AMZN still a good investment?</p><p><blockquote>自亚马逊最新财报发布以来，投资者关注这家云和电子商务巨头的股价下跌了11%。在此期间，亚马逊股票的表现落后于本已疲软的标普500三个百分点，这让一些人质疑：亚马逊仍然是一项好的投资吗？</blockquote></p><p> According to experts at JPMorgan (JPM), the answer is yes. Today, the Amazon Maven presents the main reasons why five-star&nbsp;rated&nbsp;analyst Doug Anmuth believes that Amazon stock is about to surge, producing an estimated 29% in gains through 2022.</p><p><blockquote>摩根大通（JPM）专家表示，答案是肯定的。今天，亚马逊专家介绍了五星级分析师Doug Anmuth认为亚马逊股票即将飙升的主要原因，预计到2022年将上涨29%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8c8e5f4ca5aa3dba7bef61858521bd17\" tg-width=\"1240\" tg-height=\"827\" width=\"100%\" height=\"auto\"><span>Figure 1: J.P. Morgan offices in Hong Kong.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：摩根大通香港办事处。</span></p></blockquote></p><p> <b>Getting back on track</b></p><p><blockquote><b>回到正轨</b></blockquote></p><p> As the&nbsp;Amazon Maven mentioned&nbsp;recently, the impact of the pandemic on shopping habits led analysts to overestimate Amazon’s revenues for the current year. This is the very first reason why JPMorgan&nbsp;believes&nbsp;that AMZN will get a green light to climb again: “[the stock is heading] closer to the last quarter of difficult COVID-19 comps in the first quarter of 2022\", which should help to reset sentiment.</p><p><blockquote>正如亚马逊专家最近提到的，疫情对购物习惯的影响导致分析师高估了亚马逊今年的收入。这就是摩根大通认为AMZN将获得再次攀升的第一个原因：“[该股正在]接近2022年第一季度困难的COVID-19比较的最后一个季度”，这应该有助于重置情绪。</blockquote></p><p> Once 2020 results are left in the rearview mirror, the e-commerce company will face more realistic, non-pandemic-inflated projections. As mentioned by Mr. Anmuth himself, \"further downward revisions to 2022 profit estimates would help lower the bar and potentially create more of a clearing event”.</p><p><blockquote>一旦2020年的业绩成为过去，这家电子商务公司将面临更现实、非疫情夸大的预测。正如Anmuth先生本人所提到的，“进一步下调2022年利润预期将有助于降低门槛，并可能引发更多清算事件”。</blockquote></p><p> <b>Holiday upside</b></p><p><blockquote><b>假日上行空间</b></blockquote></p><p> Another reason why Mr. Anmuth believes Amazon stock will head higher is the beginning of the holiday season. Since the market has been so cautious towards AMZN lately, the stock has been trading at lower multiples than would otherwise be considered reasonable. The holidays, on the other hand, could be the bullish catalyst that investors need to own the stock again.</p><p><blockquote>安穆斯认为亚马逊股价将走高的另一个原因是假期的开始。由于市场最近对亚马逊非常谨慎，该股的市盈率一直低于合理的市盈率。另一方面，假期可能是投资者需要再次持有该股的看涨催化剂。</blockquote></p><p> Lastly, there is the potential for an increase in Prime subscription price in 2022. Considering an estimated 150 million US Prime members in 2021, a $20 dollar hike in annual fee would lead to an extra $3 billion heading towards Amazon’s coffers.</p><p><blockquote>最后，2022年Prime订阅价格有可能上涨。考虑到2021年估计有1.5亿美国Prime会员，年费上涨20美元将导致亚马逊的金库额外增加30亿美元。</blockquote></p><p> At first glance, the figure may not seem like much, given Amazon’s revenues of $380 billion in 2020. However, keep in mind that nearly all the price increase would flow cleanly into Amazon’s operating income. On a 2020 basis, this would represent growth of nearly 15% in pre-tax profits.</p><p><blockquote>乍一看，考虑到亚马逊2020年的收入为3800亿美元，这个数字似乎并不多。然而，请记住，几乎所有的价格上涨都会干净地流入亚马逊的营业收入。以2020年为基础，这将意味着税前利润增长近15%。</blockquote></p><p> <b>What do other experts say?</b></p><p><blockquote><b>其他专家怎么说？</b></blockquote></p><p> Other reports published recently also support the bullish thesis. Mark Mahaney from Evercore ISI&nbsp;talked&nbsp;to 15 industry experts, including former Amazon employees, during the research firm’s Amazon Day Symposium. The analyst liked what he saw and issued a hefty $4,700 target price.</p><p><blockquote>最近发表的其他报告也支持看涨论点。Evercore ISI的Mark Mahaney在该研究公司的亚马逊日研讨会上与15名行业专家进行了交谈，其中包括前亚马逊员工。这位分析师很喜欢他所看到的，并给出了4,700美元的高额目标价。</blockquote></p><p> Wolfe Research’s Deepak Mathivanan, on the other hand,lowered&nbsp;his price target on AMZN modestly to $3,850 from $3,900, despite maintaining an outperform rating. Sitting closer to the consensus price target is Goldman Sachs’ Eric Sheridan, who is bullish and&nbsp;believes&nbsp;that AMZN shares are worth $4,250.</p><p><blockquote>另一方面，Wolfe Research的Deepak Mathivanan将AMZN的目标价从3,900美元小幅下调至3,850美元，尽管维持跑赢大盘评级。高盛(Goldman Sachs)的埃里克·谢里丹(Eric Sheridan)更接近共识目标价，他看好AMZN股票价值4,250美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/amazon/news/jpmorgan-on-amazon-stock-29-upside-potential\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://www.thestreet.com/amazon/news/jpmorgan-on-amazon-stock-29-upside-potential","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132582737","content_text":"Amazon stock has fallen victim of its own success: shares of the e-commerce giant have lagged the S&P 500 since its disappointing Q2 earnings day. But JPMorgan is optimistic and sees upside ahead.\nSince the release of Amazon’s most recent earnings report, investors have watched shares of the cloud and e-commerce giant tank by 11%. Amazon stock underperformed an already weak S&P 500 by three percentage points over the period, leaving some to question: is AMZN still a good investment?\nAccording to experts at JPMorgan (JPM), the answer is yes. Today, the Amazon Maven presents the main reasons why five-star rated analyst Doug Anmuth believes that Amazon stock is about to surge, producing an estimated 29% in gains through 2022.\nFigure 1: J.P. Morgan offices in Hong Kong.\nGetting back on track\nAs the Amazon Maven mentioned recently, the impact of the pandemic on shopping habits led analysts to overestimate Amazon’s revenues for the current year. This is the very first reason why JPMorgan believes that AMZN will get a green light to climb again: “[the stock is heading] closer to the last quarter of difficult COVID-19 comps in the first quarter of 2022\", which should help to reset sentiment.\nOnce 2020 results are left in the rearview mirror, the e-commerce company will face more realistic, non-pandemic-inflated projections. As mentioned by Mr. Anmuth himself, \"further downward revisions to 2022 profit estimates would help lower the bar and potentially create more of a clearing event”.\nHoliday upside\nAnother reason why Mr. Anmuth believes Amazon stock will head higher is the beginning of the holiday season. Since the market has been so cautious towards AMZN lately, the stock has been trading at lower multiples than would otherwise be considered reasonable. The holidays, on the other hand, could be the bullish catalyst that investors need to own the stock again.\nLastly, there is the potential for an increase in Prime subscription price in 2022. Considering an estimated 150 million US Prime members in 2021, a $20 dollar hike in annual fee would lead to an extra $3 billion heading towards Amazon’s coffers.\nAt first glance, the figure may not seem like much, given Amazon’s revenues of $380 billion in 2020. However, keep in mind that nearly all the price increase would flow cleanly into Amazon’s operating income. On a 2020 basis, this would represent growth of nearly 15% in pre-tax profits.\nWhat do other experts say?\nOther reports published recently also support the bullish thesis. Mark Mahaney from Evercore ISI talked to 15 industry experts, including former Amazon employees, during the research firm’s Amazon Day Symposium. The analyst liked what he saw and issued a hefty $4,700 target price.\nWolfe Research’s Deepak Mathivanan, on the other hand,lowered his price target on AMZN modestly to $3,850 from $3,900, despite maintaining an outperform rating. Sitting closer to the consensus price target is Goldman Sachs’ Eric Sheridan, who is bullish and believes that AMZN shares are worth $4,250.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":644,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":822595435,"gmtCreate":1634139670339,"gmtModify":1634139670339,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"2.5 only&nbsp;","listText":"2.5 only&nbsp;","text":"2.5 only","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/822595435","repostId":"1108081369","repostType":4,"repost":{"id":"1108081369","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":1634138899,"share":"https://www.laohu8.com/m/news/1108081369?lang=zh_CN&edition=full","pubTime":"2021-10-13 23:28","market":"us","language":"en","title":"Virgin Galactic stock rose 2.5% in morning trading<blockquote>维珍银河股价早盘上涨2.5%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1108081369","media":"Tiger Newspress","summary":"Virgin Galactic stock rose 2.5% in morning trading.Jeff Bezos’ Blue Origin successfully launches cre","content":"<p>Virgin Galactic stock rose&nbsp;2.5% in morning trading.Jeff Bezos’ Blue Origin successfully launches crew with William Shatner to space and back.</p><p><blockquote>维珍银河股价早盘上涨2。杰夫·贝索斯的蓝色起源公司成功将威廉·夏特纳的船员送入太空并返回。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d2d52bd94510534b046a3802797097d8\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Jeff Bezos’&nbsp;Blue Origin launched its New Shepard rocket for the fifth time this year on Wednesday, and with Canadian actor William Shatner joining the company’s second crewed spaceflight to date.</p><p><blockquote>周三，杰夫·贝索斯的蓝色起源公司今年第五次发射了新谢泼德火箭，加拿大演员威廉·夏特纳加入了该公司迄今为止的第二次载人航天飞行。</blockquote></p><p> Called NS-18, this New Shepard mission carried a crew of four: Shatner, Blue Origin VP of mission and flight operations Audrey Powers, Planet Labs co-founder Chris Boshuizen and Medidata co-founder Glen de Vries.</p><p><blockquote>这次名为NS-18的新谢泼德任务载有四名机组人员：Shatner、蓝色起源任务和飞行运营副总裁Audrey Powers、Planet Labs联合创始人Chris Boshuizen和Medidata联合创始人Glen de Vries。</blockquote></p><p> Liftoff occurred at about 10:50 a.m. ET.</p><p><blockquote>升空发生在美国东部时间上午10:50左右。</blockquote></p><p> Shatner, who famously played Capt. Kirk in the original “Star Trek” television series, is now the oldest person to fly into space, at 90. The record was previously held by aerospace pioneer Wally Funk, who at 82 flew on Blue Origin’s first crewed launch in July.</p><p><blockquote>沙特纳曾在原版《星际迷航》电视剧中扮演柯克船长，现年90岁，是飞入太空的最年长的人。该纪录此前由航空航天先驱沃利·芬克(Wally Funk)保持，他在7月份参加了蓝色起源的首次载人发射，享年82岁。</blockquote></p><p> The rocket launched from Blue Origin’s private facility in West Texas, reaching above 100,000 kilometers (or more than 340,000 feet altitude) before returning to Earth safely a few minutes later. From start to finish, the launch lasted about 11 minutes. The crew experienced about three minutes of weightlessness.</p><p><blockquote>火箭从蓝色起源位于德克萨斯州西部的私人设施发射，飞行高度超过10万公里（或超过34万英尺的高度），几分钟后安全返回地球。从开始到结束，发射持续了大约11分钟。机组人员经历了大约三分钟的失重状态。</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>Virgin Galactic stock rose 2.5% in morning trading<blockquote>维珍银河股价早盘上涨2.5%</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\">\nVirgin Galactic stock rose 2.5% in morning trading<blockquote>维珍银河股价早盘上涨2.5%</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\">2021-10-13 23:28</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Virgin Galactic stock rose&nbsp;2.5% in morning trading.Jeff Bezos’ Blue Origin successfully launches crew with William Shatner to space and back.</p><p><blockquote>维珍银河股价早盘上涨2。杰夫·贝索斯的蓝色起源公司成功将威廉·夏特纳的船员送入太空并返回。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d2d52bd94510534b046a3802797097d8\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Jeff Bezos’&nbsp;Blue Origin launched its New Shepard rocket for the fifth time this year on Wednesday, and with Canadian actor William Shatner joining the company’s second crewed spaceflight to date.</p><p><blockquote>周三，杰夫·贝索斯的蓝色起源公司今年第五次发射了新谢泼德火箭，加拿大演员威廉·夏特纳加入了该公司迄今为止的第二次载人航天飞行。</blockquote></p><p> Called NS-18, this New Shepard mission carried a crew of four: Shatner, Blue Origin VP of mission and flight operations Audrey Powers, Planet Labs co-founder Chris Boshuizen and Medidata co-founder Glen de Vries.</p><p><blockquote>这次名为NS-18的新谢泼德任务载有四名机组人员：Shatner、蓝色起源任务和飞行运营副总裁Audrey Powers、Planet Labs联合创始人Chris Boshuizen和Medidata联合创始人Glen de Vries。</blockquote></p><p> Liftoff occurred at about 10:50 a.m. ET.</p><p><blockquote>升空发生在美国东部时间上午10:50左右。</blockquote></p><p> Shatner, who famously played Capt. Kirk in the original “Star Trek” television series, is now the oldest person to fly into space, at 90. The record was previously held by aerospace pioneer Wally Funk, who at 82 flew on Blue Origin’s first crewed launch in July.</p><p><blockquote>沙特纳曾在原版《星际迷航》电视剧中扮演柯克船长，现年90岁，是飞入太空的最年长的人。该纪录此前由航空航天先驱沃利·芬克(Wally Funk)保持，他在7月份参加了蓝色起源的首次载人发射，享年82岁。</blockquote></p><p> The rocket launched from Blue Origin’s private facility in West Texas, reaching above 100,000 kilometers (or more than 340,000 feet altitude) before returning to Earth safely a few minutes later. From start to finish, the launch lasted about 11 minutes. The crew experienced about three minutes of weightlessness.</p><p><blockquote>火箭从蓝色起源位于德克萨斯州西部的私人设施发射，飞行高度超过10万公里（或超过34万英尺的高度），几分钟后安全返回地球。从开始到结束，发射持续了大约11分钟。机组人员经历了大约三分钟的失重状态。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPCE":"维珍银河"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108081369","content_text":"Virgin Galactic stock rose 2.5% in morning trading.Jeff Bezos’ Blue Origin successfully launches crew with William Shatner to space and back.\n\nJeff Bezos’ Blue Origin launched its New Shepard rocket for the fifth time this year on Wednesday, and with Canadian actor William Shatner joining the company’s second crewed spaceflight to date.\nCalled NS-18, this New Shepard mission carried a crew of four: Shatner, Blue Origin VP of mission and flight operations Audrey Powers, Planet Labs co-founder Chris Boshuizen and Medidata co-founder Glen de Vries.\nLiftoff occurred at about 10:50 a.m. ET.\nShatner, who famously played Capt. Kirk in the original “Star Trek” television series, is now the oldest person to fly into space, at 90. The record was previously held by aerospace pioneer Wally Funk, who at 82 flew on Blue Origin’s first crewed launch in July.\nThe rocket launched from Blue Origin’s private facility in West Texas, reaching above 100,000 kilometers (or more than 340,000 feet altitude) before returning to Earth safely a few minutes later. From start to finish, the launch lasted about 11 minutes. The crew experienced about three minutes of weightlessness.","news_type":1,"symbols_score_info":{"SPCE":0.9}},"isVote":1,"tweetType":1,"viewCount":951,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826782476,"gmtCreate":1634054396542,"gmtModify":1634054396763,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"Ever&nbsp;","listText":"Ever&nbsp;","text":"Ever","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/826782476","repostId":"1133158608","repostType":4,"isVote":1,"tweetType":1,"viewCount":899,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":821140185,"gmtCreate":1633708688388,"gmtModify":1633708740926,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/821140185","repostId":"2173298169","repostType":4,"isVote":1,"tweetType":1,"viewCount":812,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":865798235,"gmtCreate":1633016000476,"gmtModify":1633016000715,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"Yes PINS","listText":"Yes PINS","text":"Yes PINS","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/865798235","repostId":"2171193069","repostType":4,"isVote":1,"tweetType":1,"viewCount":591,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862129439,"gmtCreate":1632844959070,"gmtModify":1632844959070,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"Agreed","listText":"Agreed","text":"Agreed","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/862129439","repostId":"2170167710","repostType":4,"isVote":1,"tweetType":1,"viewCount":697,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862129281,"gmtCreate":1632844946371,"gmtModify":1632844946443,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"Nice article&nbsp;","listText":"Nice article&nbsp;","text":"Nice article","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/862129281","repostId":"1171210263","repostType":4,"repost":{"id":"1171210263","kind":"news","pubTimestamp":1632841539,"share":"https://www.laohu8.com/m/news/1171210263?lang=zh_CN&edition=full","pubTime":"2021-09-28 23:05","market":"us","language":"en","title":"AMD And Intel Offer Similar Returns - Focus On The Risks<blockquote>AMD和英特尔提供类似的回报——关注风险</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1171210263","media":"Seeking Alpha","summary":"Summary\n\nSemiconductor stocks benefit from long-term tailwinds, but steep returns are not guaranteed","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Semiconductor stocks benefit from long-term tailwinds, but steep returns are not guaranteed.</li>  <li>INTC and AMD will deliver high-single-digits returns in the coming years, I believe, but due to different reasons.</li>  <li>The two companies come with different risks, and investors may want to decide what type of risk they are willing to take on.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ef88f36e97fe83170b1cf0f19a56398f\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>HQuality Video/iStock via Getty Images</span></p><p><blockquote><ul><li>半导体股受益于长期顺风，但并不能保证获得丰厚的回报。</li><li>我相信，INTC和AMD将在未来几年实现高个位数回报，但原因不同。</li><li>这两家公司面临不同的风险，投资者可能需要决定他们愿意承担什么类型的风险。</li></ul><p class=\"t-img-caption\"><span>HQuality Video/iStock来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Despite big differences, Advanced Micro Devices(NASDAQ:AMD)and Intel(NASDAQ:INTC)do, according to my models, surprisingly offer a relatively similar return outlook, in the high-single-digits, over the coming years.</p><p><blockquote>尽管存在很大差异，但根据我的模型，Advanced Micro Devices（纳斯达克股票代码：AMD）和英特尔（纳斯达克股票代码：INTC）在未来几年确实提供了相对相似的高个位数回报前景。</blockquote></p><p> I do hence believe that it may make more sense to focus on the two companies' unique sets of risks when deciding between these stocks. Investors have to consider whether they do feel better being exposed to Intel's execution risk, or whether they want to go with AMD, where valuation depression and its reliance on foundries are the key risks factors.</p><p><blockquote>因此，我确实认为，在选择这些股票时，关注两家公司独特的风险可能更有意义。投资者必须考虑，面对英特尔的执行风险，他们是否确实感觉更好，或者他们是否想选择AMD，因为AMD的估值低迷和对代工厂的依赖是主要的风险因素。</blockquote></p><p> <b>Total Return Forecast</b></p><p><blockquote><b>总回报预测</b></blockquote></p><p> Investors naturally are interested in generating returns from their investments, thus let's try to forecast what returns could look like through 2025. AMD is forecasted to generate EPS of $2.50 this year, and analysts expect that this amount will climb at an attractive double-digit rate, which gets us to a 2025 EPS estimate of&nbsp;$5.65.</p><p><blockquote>投资者自然对从投资中获得回报感兴趣，因此让我们尝试预测2025年的回报。AMD预计今年的每股收益为2.50美元，分析师预计这一数字将以有吸引力的两位数速度攀升，这使我们预计2025年每股收益为5.65美元。</blockquote></p><p> Right now, AMD trades for more than 40x its net profit, but this will likely change over the years, due to two reasons. First, AMD has traded at lower valuations in the past, and second, companies that grow in size do usually see their growth rate slowdown, which justifies multiple compression over the years. As we can see in the following chart, shares averaged a P/E multiple in the high 30s over the last year, versus a 41x forward earnings multiple today.</p><p><blockquote>目前，AMD的净利润是其净利润的40倍以上，但由于两个原因，这种情况可能会在未来几年发生变化。首先，AMD过去的估值较低，其次，规模增长的公司通常会看到增长率放缓，这证明了多年来多次压缩的合理性。如下图所示，去年该股的平均市盈率高达30多倍，而目前的预期市盈率为41倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/93c478c5ffedc2fb5ca10ec75ae643ef\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Considering the aforementioned multiple compression as AMD matures, I believe that one could assign a fair value multiple of 25 for 2025 -- this would still represent a huge premium over lower-growth peers such as Intel but would, at the same time, seem more reasonable for a more mature AMD. The target price for 2025, in this scenario, is $141, representing an upside potential of close to 40%, which gets us to an annual return of roughly 8% -- attractive, but not outstanding.</p><p><blockquote>考虑到AMD成熟时的上述倍数压缩，我相信可以将2025年的公允价值倍数定为25——这仍然比英特尔等增长较低的同行有巨大溢价，但同时，似乎更适合更成熟的AMD。在这种情况下，2025年的目标价为141美元，上涨潜力接近40%，这使我们的年回报率约为8%——有吸引力，但并不出色。</blockquote></p><p> Intel, meanwhile, is forecasted to generate EPS of $4.80 this year. Analysts are predicting relatively uneven EPS performance over the coming years, which may very well come true. If Intel grows its EPS by just 2% a year, which seems like a very much achievable goal thanks to inflation, growing global chip demand, and due to the fact that Intel's foundry business should start to have an impact by 2025, then we get to an EPS target of around $5.20. Today, INTC trades at just 11x forward earnings, but that is a rather low valuation both in absolute terms and relative to how shares were valued in the past. The median earnings multiple over the last five years is 13.3, which seems like an appropriate target valuation, which, in turn, gets us to a price target of $69. Relative to Intel's current share price, this would allow for annual share price gains of 6.5%. Add in a 2.5%-yielding dividend, and Intel could generate 9% annual returns, even with a pretty slim earnings growth rate. In this scenario analysis, Intel thus looks like the slightly better pick, but one can, of course, argue that inputs should be different.</p><p><blockquote>与此同时，英特尔预计今年的每股收益为4.80美元。分析师预测未来几年每股收益表现相对不均衡，这很可能会成为现实。如果英特尔的每股收益每年仅增长2%，由于通货膨胀、全球芯片需求不断增长，以及英特尔的代工业务应该在2025年开始产生影响，这似乎是一个非常可以实现的目标，那么我们的每股收益目标约为5.20美元。如今，INTC的预期市盈率仅为11倍，但无论是绝对值还是相对于过去的股票估值，这都是一个相当低的估值。过去五年的市盈率中位数为13.3，这似乎是一个合适的目标估值，这反过来又使我们的目标价为69美元。相对于英特尔目前的股价，这将使年度股价上涨6.5%。加上2.5%的股息收益率，即使盈利增长率相当低，英特尔也可以产生9%的年回报率。因此，在这种情景分析中，英特尔看起来是稍微好一点的选择，但人们当然可以认为输入应该不同。</blockquote></p><p> <b>Balance Sheet And Shareholder Returns</b></p><p><blockquote><b>资产负债表和股东回报</b></blockquote></p><p> Intel offers a dividend yielding 2.5% at current prices, which is roughly twice the yield of the broad market. AMD, on the other hand, does not offer any dividend payments for now. This isn't a large surprise, however, as AMD has not been generating meaningful free cash flows over the more recent past, and was thus not really in a position to offer any generous payments. Intel, meanwhile, due to its way stronger free cash generation, was not only able to raise its dividend regularly, but on top of that, Intel has been paying out billions in cash via share repurchases. Over the last three years alone, Intel's share count dropped by 11%, while AMD's share count has risen by more than 20% in the same time frame:</p><p><blockquote>按当前价格计算，英特尔提供的股息收益率为2.5%，大约是大盘收益率的两倍。另一方面，AMD目前不提供任何股息支付。然而，这并不令人意外，因为AMD在最近的过去并没有产生有意义的自由现金流，因此实际上无法提供任何慷慨的付款。与此同时，英特尔由于其更强的自由现金生成能力，不仅能够定期提高股息，而且最重要的是，英特尔还通过股票回购支付了数十亿美元的现金。仅在过去三年中，英特尔的股票数量就下降了11%，而AMD的股票数量在同一时间内上涨了20%以上：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f767d35c5cbdd7105dae1ecc4d14c539\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p></p><p> This is the result of share issuance in AMD's case, e.g. to retain talent and pay executives, while Intel's declining share count can be explained by its buyback programs working in favor of shareholders. Share count dilution at AMD has not been a major issue in the past, as shareholders still benefited from very sizeable returns, but in case AMD continues to dilute shareholders rapidly in the future, returns may take a hit from that.</p><p><blockquote>这是AMD案例中股票发行的结果，例如为了留住人才和支付高管工资，而英特尔股票数量的下降可以用其有利于股东的回购计划来解释。AMD的股票数量稀释在过去并不是一个主要问题，因为股东仍然受益于非常可观的回报，但如果AMD未来继续迅速稀释股东，回报可能会受到打击。</blockquote></p><p> AMD has a pretty clean balance sheet, with&nbsp;$3.7 billionin cash outstripping its long-term debt. Relative to its market cap of well above $100 billion, its net cash position isn't especially meaningful, however. Intel, meanwhile, has an $8 billion cash position, but also holds a $36 billion debt position (short- and long-term debt combined), according to its&nbsp;10-Q. AMD thus has the better balance sheet today, but this came at the cost of issuing shares repeatedly and avoiding shareholder return programs.</p><p><blockquote>AMD的资产负债表相当干净，37亿美元的现金超过了其长期债务。然而，相对于其远高于1000亿美元的市值，其净现金头寸并不是特别有意义。与此同时，根据其10-Q报告，英特尔拥有80亿美元的现金头寸，但也持有360亿美元的债务头寸（短期和长期债务合计）。因此，AMD如今拥有更好的资产负债表，但这是以反复发行股票和避免股东回报计划为代价的。</blockquote></p><p> <b>What Risks Do You Want To Take On?</b></p><p><blockquote><b>你想冒什么风险？</b></blockquote></p><p> Intel slightly beats AMD's returns in my model, but since there are no major differences in forecasted total returns, investors may want to base their investment decisions on other things, such as the risks of investing in these stocks.</p><p><blockquote>在我的模型中，英特尔的回报略高于AMD，但由于预测总回报没有重大差异，投资者可能希望根据其他因素做出投资决策，例如投资这些股票的风险。</blockquote></p><p> Intel's strategy involves expanding its footprint in the US, which would help in shielding the company from trouble in future trade wars. With the administration&nbsp;in favor of&nbsp;onshoring chip production, Intel may benefit from favorable politics and subsidies with these endeavors. Intel seeks to become a major player in foundries through IFS -- when we look at TSM we see that this can be a highly profitable business model when done right. IFS, which is growing from zero today, does&nbsp;have a very solid outlook&nbsp;and could accelerate Intel's overall growth meaningfully in the coming years. Its US footprint could come in handy if tensions between Taiwan and the US rise, as this may lead to customers favoring Intel's production over peers, while at the same time, Intel could be seen as a safe haven by investors, which may lead to multiple expansion tailwinds in such a situation.</p><p><blockquote>英特尔的战略包括扩大其在美国的足迹，这将有助于该公司在未来的贸易战中免受麻烦。由于政府支持芯片生产在岸，英特尔可能会通过这些努力从有利的政治和补贴中受益。英特尔寻求通过IFS成为代工厂的主要参与者——当我们审视TSM时，我们发现如果做得好，这可能是一种高利润的商业模式。如今从零增长的IFS确实具有非常稳健的前景，并且可能在未来几年显着加速英特尔的整体增长。如果台湾和美国之间的紧张局势加剧，其在美国的足迹可能会派上用场，因为这可能会导致客户比同行更青睐英特尔的生产，同时，英特尔可能会被投资者视为避风港，这可能会导致在这种情况下出现多重扩张顺风。</blockquote></p><p> Geopolitics is thus not a key issue when investing in Intel. Instead, I believe that execution is the main risk. The company has a huge market share, strong cash flows, and trades very inexpensively, but its main problem is its inability to execute well when it comes to the introduction of new process types, which allows peers such as AMD or NVIDIA to gain market share. This does not only hold true for its 7nm chip&nbsp;delay&nbsp;but the company also had to delay the newest version of its Xeon server chips this summer. Thanks to swapping its CEO to a more tech-focused/engineering-focused CEO, Pat Gelsinger, earlier this year, it seems likely that Intel will get better at bringing new products to the market in a timely manner. Still, this is Intel's core problem and will likely remain the core risk going forward.</p><p><blockquote>因此，地缘政治不是投资英特尔的关键问题。相反，我认为执行是主要的风险。该公司拥有巨大的市场份额、强劲的现金流，并且交易成本非常低廉，但其主要问题是在引入新工艺类型时无法很好地执行，这使得AMD或英伟达等同行获得了市场份额。这不仅适用于其7纳米芯片延迟，而且该公司还不得不在今年夏天推迟其最新版本的至强服务器芯片。由于今年早些时候将其首席执行官换成了更注重技术/工程的首席执行官帕特·基辛格（Pat Gelsinger），英特尔似乎很可能会更好地及时将新产品推向市场。尽管如此，这仍然是英特尔的核心问题，并且可能仍然是未来的核心风险。</blockquote></p><p> AMD, on the other hand, has been great at execution, and this doesn't seem to be a major risk for the company. There are, however, two other risk factors investors should not ignore. The first one is valuation risk -- AMD trades at a quite elevated valuation of more than 40x net profits, and this could change due to a range of factors. If, for example, interest rates climb, highly-valued growth companies such as AMD would be more exposed to multiple compression than value stocks such as Intel. If global chip demand growth slows down and AMD grows its EPS less than expected, its multiples could also decline considerably. Intel is more insulated from that, as not a lot of growth is priced in anyways. If AMD's shares were to trade down to 30x net profits, all else equal, its shares would drop by more than 25%, and since shares traded in the $70s just a couple of months ago, this does not seem extremely unlikely.</p><p><blockquote>另一方面，AMD在执行力方面非常出色，这似乎并不是该公司的主要风险。然而，投资者不应忽视另外两个风险因素。第一个是估值风险——AMD的估值相当高，超过净利润的40倍，而且这种情况可能会因一系列因素而发生变化。例如，如果利率攀升，AMD等高估值成长型公司将比英特尔等价值股更容易受到多重压缩。如果全球芯片需求增长放缓，AMD每股收益增长低于预期，其市盈率也可能大幅下降。英特尔则更不受此影响，因为无论如何都没有太多的增长被定价。如果AMD的股价跌至净利润的30倍，在其他条件相同的情况下，其股价将下跌25%以上，而且由于几个月前股价还在70美元左右，这似乎并非极不可能。</blockquote></p><p> Another important risk is AMD's reliance on foundries such as TSM. It means that it is in a weak negotiating position should TSM ever decide to demand a bigger portion of the overall pie. In that case, AMD's margins could compress, which, in turn, could pressure EPS growth and its valuation.</p><p><blockquote>另一个重要风险是AMD对TSM等代工厂的依赖。这意味着，如果TSM决定要求更大的份额，它将处于谈判地位。在这种情况下，AMD的利润率可能会压缩，进而可能会给每股收益增长及其估值带来压力。</blockquote></p><p> In some sense, investors have to decide whether they want to go with a company that has low execution risk but significant valuation downside and that is more exposed to geopolitical risks, or whether they want to go with a stock that is pretty inexpensive and has low valuation downside, but where execution may turn out to be a hindrance for future returns.</p><p><blockquote>从某种意义上说，投资者必须决定是否要选择一家执行风险较低但估值大幅下跌且更容易受到地缘政治风险的公司，或者是否要选择一家相当便宜且估值较低的股票。估值下行，但执行可能会成为未来回报的障碍。</blockquote></p><p> I do favor Intel slightly among these two, and it is part of my buy-and-hold portfolio, but I do not at all want to imply that AMD is a bad company. Quite the contrary, we released abullish&nbsp;article on AMD in June, with shares delivering 30% since then. Due to the valuation expansion since then, buying now seems like a less favorable idea, however.</p><p><blockquote>在这两家公司中，我确实稍微倾向于英特尔，它是我买入并持有投资组合的一部分，但我根本不想暗示AMD是一家糟糕的公司。恰恰相反，我们在6月份发布了一篇关于AMD的看涨文章，此后股价上涨了30%。然而，由于此后估值扩张，现在购买似乎是一个不太有利的想法。</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>AMD And Intel Offer Similar Returns - Focus On The Risks<blockquote>AMD和英特尔提供类似的回报——关注风险</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD And Intel Offer Similar Returns - Focus On The Risks<blockquote>AMD和英特尔提供类似的回报——关注风险</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-28 23:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Semiconductor stocks benefit from long-term tailwinds, but steep returns are not guaranteed.</li>  <li>INTC and AMD will deliver high-single-digits returns in the coming years, I believe, but due to different reasons.</li>  <li>The two companies come with different risks, and investors may want to decide what type of risk they are willing to take on.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ef88f36e97fe83170b1cf0f19a56398f\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>HQuality Video/iStock via Getty Images</span></p><p><blockquote><ul><li>半导体股受益于长期顺风，但并不能保证获得丰厚的回报。</li><li>我相信，INTC和AMD将在未来几年实现高个位数回报，但原因不同。</li><li>这两家公司面临不同的风险，投资者可能需要决定他们愿意承担什么类型的风险。</li></ul><p class=\"t-img-caption\"><span>HQuality Video/iStock来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Despite big differences, Advanced Micro Devices(NASDAQ:AMD)and Intel(NASDAQ:INTC)do, according to my models, surprisingly offer a relatively similar return outlook, in the high-single-digits, over the coming years.</p><p><blockquote>尽管存在很大差异，但根据我的模型，Advanced Micro Devices（纳斯达克股票代码：AMD）和英特尔（纳斯达克股票代码：INTC）在未来几年确实提供了相对相似的高个位数回报前景。</blockquote></p><p> I do hence believe that it may make more sense to focus on the two companies' unique sets of risks when deciding between these stocks. Investors have to consider whether they do feel better being exposed to Intel's execution risk, or whether they want to go with AMD, where valuation depression and its reliance on foundries are the key risks factors.</p><p><blockquote>因此，我确实认为，在选择这些股票时，关注两家公司独特的风险可能更有意义。投资者必须考虑，面对英特尔的执行风险，他们是否确实感觉更好，或者他们是否想选择AMD，因为AMD的估值低迷和对代工厂的依赖是主要的风险因素。</blockquote></p><p> <b>Total Return Forecast</b></p><p><blockquote><b>总回报预测</b></blockquote></p><p> Investors naturally are interested in generating returns from their investments, thus let's try to forecast what returns could look like through 2025. AMD is forecasted to generate EPS of $2.50 this year, and analysts expect that this amount will climb at an attractive double-digit rate, which gets us to a 2025 EPS estimate of&nbsp;$5.65.</p><p><blockquote>投资者自然对从投资中获得回报感兴趣，因此让我们尝试预测2025年的回报。AMD预计今年的每股收益为2.50美元，分析师预计这一数字将以有吸引力的两位数速度攀升，这使我们预计2025年每股收益为5.65美元。</blockquote></p><p> Right now, AMD trades for more than 40x its net profit, but this will likely change over the years, due to two reasons. First, AMD has traded at lower valuations in the past, and second, companies that grow in size do usually see their growth rate slowdown, which justifies multiple compression over the years. As we can see in the following chart, shares averaged a P/E multiple in the high 30s over the last year, versus a 41x forward earnings multiple today.</p><p><blockquote>目前，AMD的净利润是其净利润的40倍以上，但由于两个原因，这种情况可能会在未来几年发生变化。首先，AMD过去的估值较低，其次，规模增长的公司通常会看到增长率放缓，这证明了多年来多次压缩的合理性。如下图所示，去年该股的平均市盈率高达30多倍，而目前的预期市盈率为41倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/93c478c5ffedc2fb5ca10ec75ae643ef\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Considering the aforementioned multiple compression as AMD matures, I believe that one could assign a fair value multiple of 25 for 2025 -- this would still represent a huge premium over lower-growth peers such as Intel but would, at the same time, seem more reasonable for a more mature AMD. The target price for 2025, in this scenario, is $141, representing an upside potential of close to 40%, which gets us to an annual return of roughly 8% -- attractive, but not outstanding.</p><p><blockquote>考虑到AMD成熟时的上述倍数压缩，我相信可以将2025年的公允价值倍数定为25——这仍然比英特尔等增长较低的同行有巨大溢价，但同时，似乎更适合更成熟的AMD。在这种情况下，2025年的目标价为141美元，上涨潜力接近40%，这使我们的年回报率约为8%——有吸引力，但并不出色。</blockquote></p><p> Intel, meanwhile, is forecasted to generate EPS of $4.80 this year. Analysts are predicting relatively uneven EPS performance over the coming years, which may very well come true. If Intel grows its EPS by just 2% a year, which seems like a very much achievable goal thanks to inflation, growing global chip demand, and due to the fact that Intel's foundry business should start to have an impact by 2025, then we get to an EPS target of around $5.20. Today, INTC trades at just 11x forward earnings, but that is a rather low valuation both in absolute terms and relative to how shares were valued in the past. The median earnings multiple over the last five years is 13.3, which seems like an appropriate target valuation, which, in turn, gets us to a price target of $69. Relative to Intel's current share price, this would allow for annual share price gains of 6.5%. Add in a 2.5%-yielding dividend, and Intel could generate 9% annual returns, even with a pretty slim earnings growth rate. In this scenario analysis, Intel thus looks like the slightly better pick, but one can, of course, argue that inputs should be different.</p><p><blockquote>与此同时，英特尔预计今年的每股收益为4.80美元。分析师预测未来几年每股收益表现相对不均衡，这很可能会成为现实。如果英特尔的每股收益每年仅增长2%，由于通货膨胀、全球芯片需求不断增长，以及英特尔的代工业务应该在2025年开始产生影响，这似乎是一个非常可以实现的目标，那么我们的每股收益目标约为5.20美元。如今，INTC的预期市盈率仅为11倍，但无论是绝对值还是相对于过去的股票估值，这都是一个相当低的估值。过去五年的市盈率中位数为13.3，这似乎是一个合适的目标估值，这反过来又使我们的目标价为69美元。相对于英特尔目前的股价，这将使年度股价上涨6.5%。加上2.5%的股息收益率，即使盈利增长率相当低，英特尔也可以产生9%的年回报率。因此，在这种情景分析中，英特尔看起来是稍微好一点的选择，但人们当然可以认为输入应该不同。</blockquote></p><p> <b>Balance Sheet And Shareholder Returns</b></p><p><blockquote><b>资产负债表和股东回报</b></blockquote></p><p> Intel offers a dividend yielding 2.5% at current prices, which is roughly twice the yield of the broad market. AMD, on the other hand, does not offer any dividend payments for now. This isn't a large surprise, however, as AMD has not been generating meaningful free cash flows over the more recent past, and was thus not really in a position to offer any generous payments. Intel, meanwhile, due to its way stronger free cash generation, was not only able to raise its dividend regularly, but on top of that, Intel has been paying out billions in cash via share repurchases. Over the last three years alone, Intel's share count dropped by 11%, while AMD's share count has risen by more than 20% in the same time frame:</p><p><blockquote>按当前价格计算，英特尔提供的股息收益率为2.5%，大约是大盘收益率的两倍。另一方面，AMD目前不提供任何股息支付。然而，这并不令人意外，因为AMD在最近的过去并没有产生有意义的自由现金流，因此实际上无法提供任何慷慨的付款。与此同时，英特尔由于其更强的自由现金生成能力，不仅能够定期提高股息，而且最重要的是，英特尔还通过股票回购支付了数十亿美元的现金。仅在过去三年中，英特尔的股票数量就下降了11%，而AMD的股票数量在同一时间内上涨了20%以上：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f767d35c5cbdd7105dae1ecc4d14c539\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p></p><p> This is the result of share issuance in AMD's case, e.g. to retain talent and pay executives, while Intel's declining share count can be explained by its buyback programs working in favor of shareholders. Share count dilution at AMD has not been a major issue in the past, as shareholders still benefited from very sizeable returns, but in case AMD continues to dilute shareholders rapidly in the future, returns may take a hit from that.</p><p><blockquote>这是AMD案例中股票发行的结果，例如为了留住人才和支付高管工资，而英特尔股票数量的下降可以用其有利于股东的回购计划来解释。AMD的股票数量稀释在过去并不是一个主要问题，因为股东仍然受益于非常可观的回报，但如果AMD未来继续迅速稀释股东，回报可能会受到打击。</blockquote></p><p> AMD has a pretty clean balance sheet, with&nbsp;$3.7 billionin cash outstripping its long-term debt. Relative to its market cap of well above $100 billion, its net cash position isn't especially meaningful, however. Intel, meanwhile, has an $8 billion cash position, but also holds a $36 billion debt position (short- and long-term debt combined), according to its&nbsp;10-Q. AMD thus has the better balance sheet today, but this came at the cost of issuing shares repeatedly and avoiding shareholder return programs.</p><p><blockquote>AMD的资产负债表相当干净，37亿美元的现金超过了其长期债务。然而，相对于其远高于1000亿美元的市值，其净现金头寸并不是特别有意义。与此同时，根据其10-Q报告，英特尔拥有80亿美元的现金头寸，但也持有360亿美元的债务头寸（短期和长期债务合计）。因此，AMD如今拥有更好的资产负债表，但这是以反复发行股票和避免股东回报计划为代价的。</blockquote></p><p> <b>What Risks Do You Want To Take On?</b></p><p><blockquote><b>你想冒什么风险？</b></blockquote></p><p> Intel slightly beats AMD's returns in my model, but since there are no major differences in forecasted total returns, investors may want to base their investment decisions on other things, such as the risks of investing in these stocks.</p><p><blockquote>在我的模型中，英特尔的回报略高于AMD，但由于预测总回报没有重大差异，投资者可能希望根据其他因素做出投资决策，例如投资这些股票的风险。</blockquote></p><p> Intel's strategy involves expanding its footprint in the US, which would help in shielding the company from trouble in future trade wars. With the administration&nbsp;in favor of&nbsp;onshoring chip production, Intel may benefit from favorable politics and subsidies with these endeavors. Intel seeks to become a major player in foundries through IFS -- when we look at TSM we see that this can be a highly profitable business model when done right. IFS, which is growing from zero today, does&nbsp;have a very solid outlook&nbsp;and could accelerate Intel's overall growth meaningfully in the coming years. Its US footprint could come in handy if tensions between Taiwan and the US rise, as this may lead to customers favoring Intel's production over peers, while at the same time, Intel could be seen as a safe haven by investors, which may lead to multiple expansion tailwinds in such a situation.</p><p><blockquote>英特尔的战略包括扩大其在美国的足迹，这将有助于该公司在未来的贸易战中免受麻烦。由于政府支持芯片生产在岸，英特尔可能会通过这些努力从有利的政治和补贴中受益。英特尔寻求通过IFS成为代工厂的主要参与者——当我们审视TSM时，我们发现如果做得好，这可能是一种高利润的商业模式。如今从零增长的IFS确实具有非常稳健的前景，并且可能在未来几年显着加速英特尔的整体增长。如果台湾和美国之间的紧张局势加剧，其在美国的足迹可能会派上用场，因为这可能会导致客户比同行更青睐英特尔的生产，同时，英特尔可能会被投资者视为避风港，这可能会导致在这种情况下出现多重扩张顺风。</blockquote></p><p> Geopolitics is thus not a key issue when investing in Intel. Instead, I believe that execution is the main risk. The company has a huge market share, strong cash flows, and trades very inexpensively, but its main problem is its inability to execute well when it comes to the introduction of new process types, which allows peers such as AMD or NVIDIA to gain market share. This does not only hold true for its 7nm chip&nbsp;delay&nbsp;but the company also had to delay the newest version of its Xeon server chips this summer. Thanks to swapping its CEO to a more tech-focused/engineering-focused CEO, Pat Gelsinger, earlier this year, it seems likely that Intel will get better at bringing new products to the market in a timely manner. Still, this is Intel's core problem and will likely remain the core risk going forward.</p><p><blockquote>因此，地缘政治不是投资英特尔的关键问题。相反，我认为执行是主要的风险。该公司拥有巨大的市场份额、强劲的现金流，并且交易成本非常低廉，但其主要问题是在引入新工艺类型时无法很好地执行，这使得AMD或英伟达等同行获得了市场份额。这不仅适用于其7纳米芯片延迟，而且该公司还不得不在今年夏天推迟其最新版本的至强服务器芯片。由于今年早些时候将其首席执行官换成了更注重技术/工程的首席执行官帕特·基辛格（Pat Gelsinger），英特尔似乎很可能会更好地及时将新产品推向市场。尽管如此，这仍然是英特尔的核心问题，并且可能仍然是未来的核心风险。</blockquote></p><p> AMD, on the other hand, has been great at execution, and this doesn't seem to be a major risk for the company. There are, however, two other risk factors investors should not ignore. The first one is valuation risk -- AMD trades at a quite elevated valuation of more than 40x net profits, and this could change due to a range of factors. If, for example, interest rates climb, highly-valued growth companies such as AMD would be more exposed to multiple compression than value stocks such as Intel. If global chip demand growth slows down and AMD grows its EPS less than expected, its multiples could also decline considerably. Intel is more insulated from that, as not a lot of growth is priced in anyways. If AMD's shares were to trade down to 30x net profits, all else equal, its shares would drop by more than 25%, and since shares traded in the $70s just a couple of months ago, this does not seem extremely unlikely.</p><p><blockquote>另一方面，AMD在执行力方面非常出色，这似乎并不是该公司的主要风险。然而，投资者不应忽视另外两个风险因素。第一个是估值风险——AMD的估值相当高，超过净利润的40倍，而且这种情况可能会因一系列因素而发生变化。例如，如果利率攀升，AMD等高估值成长型公司将比英特尔等价值股更容易受到多重压缩。如果全球芯片需求增长放缓，AMD每股收益增长低于预期，其市盈率也可能大幅下降。英特尔则更不受此影响，因为无论如何都没有太多的增长被定价。如果AMD的股价跌至净利润的30倍，在其他条件相同的情况下，其股价将下跌25%以上，而且由于几个月前股价还在70美元左右，这似乎并非极不可能。</blockquote></p><p> Another important risk is AMD's reliance on foundries such as TSM. It means that it is in a weak negotiating position should TSM ever decide to demand a bigger portion of the overall pie. In that case, AMD's margins could compress, which, in turn, could pressure EPS growth and its valuation.</p><p><blockquote>另一个重要风险是AMD对TSM等代工厂的依赖。这意味着，如果TSM决定要求更大的份额，它将处于谈判地位。在这种情况下，AMD的利润率可能会压缩，进而可能会给每股收益增长及其估值带来压力。</blockquote></p><p> In some sense, investors have to decide whether they want to go with a company that has low execution risk but significant valuation downside and that is more exposed to geopolitical risks, or whether they want to go with a stock that is pretty inexpensive and has low valuation downside, but where execution may turn out to be a hindrance for future returns.</p><p><blockquote>从某种意义上说，投资者必须决定是否要选择一家执行风险较低但估值大幅下跌且更容易受到地缘政治风险的公司，或者是否要选择一家相当便宜且估值较低的股票。估值下行，但执行可能会成为未来回报的障碍。</blockquote></p><p> I do favor Intel slightly among these two, and it is part of my buy-and-hold portfolio, but I do not at all want to imply that AMD is a bad company. Quite the contrary, we released abullish&nbsp;article on AMD in June, with shares delivering 30% since then. Due to the valuation expansion since then, buying now seems like a less favorable idea, however.</p><p><blockquote>在这两家公司中，我确实稍微倾向于英特尔，它是我买入并持有投资组合的一部分，但我根本不想暗示AMD是一家糟糕的公司。恰恰相反，我们在6月份发布了一篇关于AMD的看涨文章，此后股价上涨了30%。然而，由于此后估值扩张，现在购买似乎是一个不太有利的想法。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4457363-amd-intel-offer-similar-returns-focus-on-risks\">Seeking Alpha</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":{"INTC":"英特尔","AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4457363-amd-intel-offer-similar-returns-focus-on-risks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171210263","content_text":"Summary\n\nSemiconductor stocks benefit from long-term tailwinds, but steep returns are not guaranteed.\nINTC and AMD will deliver high-single-digits returns in the coming years, I believe, but due to different reasons.\nThe two companies come with different risks, and investors may want to decide what type of risk they are willing to take on.\n\nHQuality Video/iStock via Getty Images\nArticle Thesis\nDespite big differences, Advanced Micro Devices(NASDAQ:AMD)and Intel(NASDAQ:INTC)do, according to my models, surprisingly offer a relatively similar return outlook, in the high-single-digits, over the coming years.\nI do hence believe that it may make more sense to focus on the two companies' unique sets of risks when deciding between these stocks. Investors have to consider whether they do feel better being exposed to Intel's execution risk, or whether they want to go with AMD, where valuation depression and its reliance on foundries are the key risks factors.\nTotal Return Forecast\nInvestors naturally are interested in generating returns from their investments, thus let's try to forecast what returns could look like through 2025. AMD is forecasted to generate EPS of $2.50 this year, and analysts expect that this amount will climb at an attractive double-digit rate, which gets us to a 2025 EPS estimate of $5.65.\nRight now, AMD trades for more than 40x its net profit, but this will likely change over the years, due to two reasons. First, AMD has traded at lower valuations in the past, and second, companies that grow in size do usually see their growth rate slowdown, which justifies multiple compression over the years. As we can see in the following chart, shares averaged a P/E multiple in the high 30s over the last year, versus a 41x forward earnings multiple today.\nData by YCharts\nConsidering the aforementioned multiple compression as AMD matures, I believe that one could assign a fair value multiple of 25 for 2025 -- this would still represent a huge premium over lower-growth peers such as Intel but would, at the same time, seem more reasonable for a more mature AMD. The target price for 2025, in this scenario, is $141, representing an upside potential of close to 40%, which gets us to an annual return of roughly 8% -- attractive, but not outstanding.\nIntel, meanwhile, is forecasted to generate EPS of $4.80 this year. Analysts are predicting relatively uneven EPS performance over the coming years, which may very well come true. If Intel grows its EPS by just 2% a year, which seems like a very much achievable goal thanks to inflation, growing global chip demand, and due to the fact that Intel's foundry business should start to have an impact by 2025, then we get to an EPS target of around $5.20. Today, INTC trades at just 11x forward earnings, but that is a rather low valuation both in absolute terms and relative to how shares were valued in the past. The median earnings multiple over the last five years is 13.3, which seems like an appropriate target valuation, which, in turn, gets us to a price target of $69. Relative to Intel's current share price, this would allow for annual share price gains of 6.5%. Add in a 2.5%-yielding dividend, and Intel could generate 9% annual returns, even with a pretty slim earnings growth rate. In this scenario analysis, Intel thus looks like the slightly better pick, but one can, of course, argue that inputs should be different.\nBalance Sheet And Shareholder Returns\nIntel offers a dividend yielding 2.5% at current prices, which is roughly twice the yield of the broad market. AMD, on the other hand, does not offer any dividend payments for now. This isn't a large surprise, however, as AMD has not been generating meaningful free cash flows over the more recent past, and was thus not really in a position to offer any generous payments. Intel, meanwhile, due to its way stronger free cash generation, was not only able to raise its dividend regularly, but on top of that, Intel has been paying out billions in cash via share repurchases. Over the last three years alone, Intel's share count dropped by 11%, while AMD's share count has risen by more than 20% in the same time frame:\nData by YCharts\nThis is the result of share issuance in AMD's case, e.g. to retain talent and pay executives, while Intel's declining share count can be explained by its buyback programs working in favor of shareholders. Share count dilution at AMD has not been a major issue in the past, as shareholders still benefited from very sizeable returns, but in case AMD continues to dilute shareholders rapidly in the future, returns may take a hit from that.\nAMD has a pretty clean balance sheet, with $3.7 billionin cash outstripping its long-term debt. Relative to its market cap of well above $100 billion, its net cash position isn't especially meaningful, however. Intel, meanwhile, has an $8 billion cash position, but also holds a $36 billion debt position (short- and long-term debt combined), according to its 10-Q. AMD thus has the better balance sheet today, but this came at the cost of issuing shares repeatedly and avoiding shareholder return programs.\nWhat Risks Do You Want To Take On?\nIntel slightly beats AMD's returns in my model, but since there are no major differences in forecasted total returns, investors may want to base their investment decisions on other things, such as the risks of investing in these stocks.\nIntel's strategy involves expanding its footprint in the US, which would help in shielding the company from trouble in future trade wars. With the administration in favor of onshoring chip production, Intel may benefit from favorable politics and subsidies with these endeavors. Intel seeks to become a major player in foundries through IFS -- when we look at TSM we see that this can be a highly profitable business model when done right. IFS, which is growing from zero today, does have a very solid outlook and could accelerate Intel's overall growth meaningfully in the coming years. Its US footprint could come in handy if tensions between Taiwan and the US rise, as this may lead to customers favoring Intel's production over peers, while at the same time, Intel could be seen as a safe haven by investors, which may lead to multiple expansion tailwinds in such a situation.\nGeopolitics is thus not a key issue when investing in Intel. Instead, I believe that execution is the main risk. The company has a huge market share, strong cash flows, and trades very inexpensively, but its main problem is its inability to execute well when it comes to the introduction of new process types, which allows peers such as AMD or NVIDIA to gain market share. This does not only hold true for its 7nm chip delay but the company also had to delay the newest version of its Xeon server chips this summer. Thanks to swapping its CEO to a more tech-focused/engineering-focused CEO, Pat Gelsinger, earlier this year, it seems likely that Intel will get better at bringing new products to the market in a timely manner. Still, this is Intel's core problem and will likely remain the core risk going forward.\nAMD, on the other hand, has been great at execution, and this doesn't seem to be a major risk for the company. There are, however, two other risk factors investors should not ignore. The first one is valuation risk -- AMD trades at a quite elevated valuation of more than 40x net profits, and this could change due to a range of factors. If, for example, interest rates climb, highly-valued growth companies such as AMD would be more exposed to multiple compression than value stocks such as Intel. If global chip demand growth slows down and AMD grows its EPS less than expected, its multiples could also decline considerably. Intel is more insulated from that, as not a lot of growth is priced in anyways. If AMD's shares were to trade down to 30x net profits, all else equal, its shares would drop by more than 25%, and since shares traded in the $70s just a couple of months ago, this does not seem extremely unlikely.\nAnother important risk is AMD's reliance on foundries such as TSM. It means that it is in a weak negotiating position should TSM ever decide to demand a bigger portion of the overall pie. In that case, AMD's margins could compress, which, in turn, could pressure EPS growth and its valuation.\nIn some sense, investors have to decide whether they want to go with a company that has low execution risk but significant valuation downside and that is more exposed to geopolitical risks, or whether they want to go with a stock that is pretty inexpensive and has low valuation downside, but where execution may turn out to be a hindrance for future returns.\nI do favor Intel slightly among these two, and it is part of my buy-and-hold portfolio, but I do not at all want to imply that AMD is a bad company. Quite the contrary, we released abullish article on AMD in June, with shares delivering 30% since then. Due to the valuation expansion since then, buying now seems like a less favorable idea, however.","news_type":1,"symbols_score_info":{"INTC":0.9,"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":671,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868673390,"gmtCreate":1632645471410,"gmtModify":1632646486011,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/868673390","repostId":"1142057327","repostType":4,"repost":{"id":"1142057327","kind":"news","pubTimestamp":1632643246,"share":"https://www.laohu8.com/m/news/1142057327?lang=zh_CN&edition=full","pubTime":"2021-09-26 16:00","market":"us","language":"en","title":"Intel Starts Construction of Two Arizona Computer Chip Factories<blockquote>英特尔开始建设亚利桑那州两家计算机芯片工厂</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142057327","media":"The street","summary":"Intel broke ground on two new computer chip factories in Arizona as part of a $20 billion project to","content":"<p>Intel broke ground on two new computer chip factories in Arizona as part of a $20 billion project to help meet the high demand for semiconductors in the U.S.</p><p><blockquote>英特尔在亚利桑那州的两家新计算机芯片工厂破土动工，这是一项200亿美元项目的一部分，旨在帮助满足美国对半导体的高需求。</blockquote></p><p> Intel&nbsp;(<b>INTC</b>) -Get Intel Corporation (INTC) Report&nbsp;on Friday broke ground on two new computer chip factories in Arizona as part of a $20 billion project to help&nbsp;alleviate the severe shortage of semiconductors in the U.S.</p><p><blockquote>英特尔（<b>INTC</b>)-获取英特尔公司(INTC)报告周五在亚利桑那州的两家新计算机芯片工厂破土动工，这是一项耗资200亿美元的项目的一部分，旨在帮助缓解美国半导体的严重短缺。</blockquote></p><p> The Santa Clara, Calif.-basedsemiconductor chip manufacturer'sCEO Pat Gelsinger led the project's groundbreaking ceremony at the company's Ocotillo campus in Chandler, Ariz., marking the largest private investment in the state's history.</p><p><blockquote>这家总部位于加利福尼亚州圣克拉拉的半导体芯片制造商首席执行官帕特·基辛格(Pat Gelsinger)在该公司位于亚利桑那州钱德勒的奥科蒂洛园区主持了该项目的奠基仪式，标志着该州历史上最大的私人投资。</blockquote></p><p> Intel expects the factories to be fully operational in 2024 to manufacture the company's most advanced process technologies.</p><p><blockquote>英特尔预计这些工厂将于2024年全面投入运营，生产该公司最先进的工艺技术。</blockquote></p><p> “Today’s celebration marks an important milestone as we work to boost capacity and meet the incredible demand for semiconductors: the foundational technology for the digitization of everything,\" Gelsinger said in acompany statement. \"We are ushering in a new era of innovation – for Intel, for Arizona and for the world. This $20 billion expansion will bring our total investment in Arizona to more than $50 billion since opening the site over 40 years ago.</p><p><blockquote>基辛格在公司声明中表示：“今天的庆祝活动标志着一个重要的里程碑，因为我们正在努力提高产能并满足对半导体的难以置信的需求：这是万物数字化的基础技术。”“我们正在开创一个创新的新时代——对英特尔、对亚利桑那州和对全世界。自40多年前开业以来，这项200亿美元的扩建将使我们在亚利桑那州的总投资超过500亿美元。</blockquote></p><p> \"As the only U.S.-based leading-edge chipmaker, we are committed to building on this long-term investment and helping the United States regain semiconductor leadership,” Gelsinger said.</p><p><blockquote>Gelsinger表示：“作为唯一一家总部位于美国的领先芯片制造商，我们致力于在这项长期投资的基础上再接再厉，帮助美国重新获得半导体领先地位。”</blockquote></p><p> Shares of Intel on Friday traded 0.18% higher to $54.32 after hours.</p><p><blockquote>周五盘后英特尔股价上涨0.18%，至54.32美元。</blockquote></p><p> Gelsinger on Thursday participated in a virtual meeting with tech company executives and Commerce Secretary Gina Raimondo to address the global semiconductor chip shortage, which has interfered with production in the high-tech, electronics and automotive industries.</p><p><blockquote>基辛格周四参加了与科技公司高管和商务部长吉娜·雷蒙多的虚拟会议，以解决全球半导体芯片短缺问题，该问题干扰了高科技、电子和汽车行业的生产。</blockquote></p><p> The two new factories, to be named Fab 52 and Fab 62, will house a total of six semiconductor fabs. The project will create over 3,000 high-tech, high-wage Intel jobs, 3,000 construction jobs and support an estimated 15,000 additional indirect jobs in the local community.</p><p><blockquote>这两个新工厂将被命名为Fab 52和Fab 62，将容纳总共六个半导体晶圆厂。该项目将创造3,000多个高科技、高工资的英特尔工作岗位、3,000个建筑工作岗位，并为当地社区提供约15,000个额外的间接工作岗位。</blockquote></p><p> Intel rival Taiwan Semiconductor Manufacturing Co.plans to buildits second U.S. chip factory also in Arizona and targets production to begin in 2024.</p><p><blockquote>英特尔的竞争对手台积电公司计划也在亚利桑那州建造其在美国的第二家芯片工厂，目标是2024年开始生产。</blockquote></p><p></p>","source":"lsy1610613172068","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>Intel Starts Construction of Two Arizona Computer Chip Factories<blockquote>英特尔开始建设亚利桑那州两家计算机芯片工厂</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; 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}\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\">\nIntel Starts Construction of Two Arizona Computer Chip Factories<blockquote>英特尔开始建设亚利桑那州两家计算机芯片工厂</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The street</strong><span class=\"h-time small\">2021-09-26 16:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Intel broke ground on two new computer chip factories in Arizona as part of a $20 billion project to help meet the high demand for semiconductors in the U.S.</p><p><blockquote>英特尔在亚利桑那州的两家新计算机芯片工厂破土动工，这是一项200亿美元项目的一部分，旨在帮助满足美国对半导体的高需求。</blockquote></p><p> Intel&nbsp;(<b>INTC</b>) -Get Intel Corporation (INTC) Report&nbsp;on Friday broke ground on two new computer chip factories in Arizona as part of a $20 billion project to help&nbsp;alleviate the severe shortage of semiconductors in the U.S.</p><p><blockquote>英特尔（<b>INTC</b>)-获取英特尔公司(INTC)报告周五在亚利桑那州的两家新计算机芯片工厂破土动工，这是一项耗资200亿美元的项目的一部分，旨在帮助缓解美国半导体的严重短缺。</blockquote></p><p> The Santa Clara, Calif.-basedsemiconductor chip manufacturer'sCEO Pat Gelsinger led the project's groundbreaking ceremony at the company's Ocotillo campus in Chandler, Ariz., marking the largest private investment in the state's history.</p><p><blockquote>这家总部位于加利福尼亚州圣克拉拉的半导体芯片制造商首席执行官帕特·基辛格(Pat Gelsinger)在该公司位于亚利桑那州钱德勒的奥科蒂洛园区主持了该项目的奠基仪式，标志着该州历史上最大的私人投资。</blockquote></p><p> Intel expects the factories to be fully operational in 2024 to manufacture the company's most advanced process technologies.</p><p><blockquote>英特尔预计这些工厂将于2024年全面投入运营，生产该公司最先进的工艺技术。</blockquote></p><p> “Today’s celebration marks an important milestone as we work to boost capacity and meet the incredible demand for semiconductors: the foundational technology for the digitization of everything,\" Gelsinger said in acompany statement. \"We are ushering in a new era of innovation – for Intel, for Arizona and for the world. This $20 billion expansion will bring our total investment in Arizona to more than $50 billion since opening the site over 40 years ago.</p><p><blockquote>基辛格在公司声明中表示：“今天的庆祝活动标志着一个重要的里程碑，因为我们正在努力提高产能并满足对半导体的难以置信的需求：这是万物数字化的基础技术。”“我们正在开创一个创新的新时代——对英特尔、对亚利桑那州和对全世界。自40多年前开业以来，这项200亿美元的扩建将使我们在亚利桑那州的总投资超过500亿美元。</blockquote></p><p> \"As the only U.S.-based leading-edge chipmaker, we are committed to building on this long-term investment and helping the United States regain semiconductor leadership,” Gelsinger said.</p><p><blockquote>Gelsinger表示：“作为唯一一家总部位于美国的领先芯片制造商，我们致力于在这项长期投资的基础上再接再厉，帮助美国重新获得半导体领先地位。”</blockquote></p><p> Shares of Intel on Friday traded 0.18% higher to $54.32 after hours.</p><p><blockquote>周五盘后英特尔股价上涨0.18%，至54.32美元。</blockquote></p><p> Gelsinger on Thursday participated in a virtual meeting with tech company executives and Commerce Secretary Gina Raimondo to address the global semiconductor chip shortage, which has interfered with production in the high-tech, electronics and automotive industries.</p><p><blockquote>基辛格周四参加了与科技公司高管和商务部长吉娜·雷蒙多的虚拟会议，以解决全球半导体芯片短缺问题，该问题干扰了高科技、电子和汽车行业的生产。</blockquote></p><p> The two new factories, to be named Fab 52 and Fab 62, will house a total of six semiconductor fabs. The project will create over 3,000 high-tech, high-wage Intel jobs, 3,000 construction jobs and support an estimated 15,000 additional indirect jobs in the local community.</p><p><blockquote>这两个新工厂将被命名为Fab 52和Fab 62，将容纳总共六个半导体晶圆厂。该项目将创造3,000多个高科技、高工资的英特尔工作岗位、3,000个建筑工作岗位，并为当地社区提供约15,000个额外的间接工作岗位。</blockquote></p><p> Intel rival Taiwan Semiconductor Manufacturing Co.plans to buildits second U.S. chip factory also in Arizona and targets production to begin in 2024.</p><p><blockquote>英特尔的竞争对手台积电公司计划也在亚利桑那州建造其在美国的第二家芯片工厂，目标是2024年开始生产。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/intel-starts-construction-of-two-arizona-computer-chip-factories\">The street</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":{"INTC":"英特尔"},"source_url":"https://www.thestreet.com/investing/intel-starts-construction-of-two-arizona-computer-chip-factories","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142057327","content_text":"Intel broke ground on two new computer chip factories in Arizona as part of a $20 billion project to help meet the high demand for semiconductors in the U.S.\nIntel (INTC) -Get Intel Corporation (INTC) Report on Friday broke ground on two new computer chip factories in Arizona as part of a $20 billion project to help alleviate the severe shortage of semiconductors in the U.S.\nThe Santa Clara, Calif.-basedsemiconductor chip manufacturer'sCEO Pat Gelsinger led the project's groundbreaking ceremony at the company's Ocotillo campus in Chandler, Ariz., marking the largest private investment in the state's history.\nIntel expects the factories to be fully operational in 2024 to manufacture the company's most advanced process technologies.\n“Today’s celebration marks an important milestone as we work to boost capacity and meet the incredible demand for semiconductors: the foundational technology for the digitization of everything,\" Gelsinger said in acompany statement. \"We are ushering in a new era of innovation – for Intel, for Arizona and for the world. This $20 billion expansion will bring our total investment in Arizona to more than $50 billion since opening the site over 40 years ago.\n\"As the only U.S.-based leading-edge chipmaker, we are committed to building on this long-term investment and helping the United States regain semiconductor leadership,” Gelsinger said.\nShares of Intel on Friday traded 0.18% higher to $54.32 after hours.\nGelsinger on Thursday participated in a virtual meeting with tech company executives and Commerce Secretary Gina Raimondo to address the global semiconductor chip shortage, which has interfered with production in the high-tech, electronics and automotive industries.\nThe two new factories, to be named Fab 52 and Fab 62, will house a total of six semiconductor fabs. The project will create over 3,000 high-tech, high-wage Intel jobs, 3,000 construction jobs and support an estimated 15,000 additional indirect jobs in the local community.\nIntel rival Taiwan Semiconductor Manufacturing Co.plans to buildits second U.S. chip factory also in Arizona and targets production to begin in 2024.","news_type":1,"symbols_score_info":{"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":775,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":836613266,"gmtCreate":1629474903655,"gmtModify":1633684554436,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"Haha","listText":"Haha","text":"Haha","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/836613266","repostId":"1107004225","repostType":4,"repost":{"id":"1107004225","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1629473431,"share":"https://www.laohu8.com/m/news/1107004225?lang=zh_CN&edition=full","pubTime":"2021-08-20 23:30","market":"us","language":"en","title":"Why This Virgin Galactic Analyst Just Cut Their Price Target By Nearly 40%<blockquote>为什么这位维珍银河分析师刚刚将目标价下调近40%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107004225","media":"Benzinga","summary":"Virgin Galactic Holdings Inc shares have come crashing back to Earth since the company successfully ","content":"<p><b><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a> </b><b>Holdings</b><b> Inc</b>&nbsp;shares have come crashing back to Earth since the company successfully completed a Unity 22 space flight back in July, and one analyst said Friday&nbsp;the stock will likely continue to struggle in the near-term.</p><p><blockquote><b><a href=\"https://laohu8.com/S/SPCE\">维珍银河</a></b><b>控股</b><b>Inc</b>自该公司7月份成功完成Unity 22太空飞行以来，该公司股价暴跌，一位分析师周五表示，该股短期内可能会继续陷入困境。</blockquote></p><p> <b>The Virgin Galactic Analyst:</b>&nbsp;Bank of America analyst Ronald Epstein reiterated an Underperform rating on&nbsp;Virgin Galactic and cut the&nbsp;price target from $41 to $25.</p><p><blockquote><b>维珍银河分析师：</b>美国银行分析师Ronald Epstein重申了对维珍银河的跑输评级，并将目标价从41美元下调至25美元。</blockquote></p><p> <b>The Virgin Galactic Takeaways:</b>&nbsp;In his new note, Epstein said he was surprised and somewhat confused by Virgin’s recent announcement that it will begin planned maintenance plus enhancement for Mothership Eve in September after receiving a recommendation for the enhancements in July.</p><p><blockquote><b>维珍银河外卖：</b>爱泼斯坦在他的新报告中表示，维珍航空最近宣布，在7月份收到增强建议后，将于9月份开始对母舰Eve进行计划维护和增强，这让他感到惊讶和有些困惑。</blockquote></p><p> The planned improvements, which Virgin did not detail, will bump back the timeline for the company’s first commercial passenger flight from early 2022 to late in the third quarter of 2022.</p><p><blockquote>维珍航空没有详细说明计划中的改进将把该公司首次商业客运航班的时间表从2022年初推迟到2022年第三季度末。</blockquote></p><p> Epstein said it was particularly surprising that Virgin didn’t provide any technical details about the planned improvements and said the enhancements are still in the design phase.</p><p><blockquote>爱泼斯坦表示，尤其令人惊讶的是，维珍没有提供有关计划改进的任何技术细节，并表示这些改进仍处于设计阶段。</blockquote></p><p> For now, Epstein said he expects Virgin to focus on sub-orbital travel, which will bump back orbital travel further into the future. Epstein has pushed back his target date for Virgin orbital travel from 2028 to 2035 and is removing his 2035 target for high speed point-to-point travel.</p><p><blockquote>爱泼斯坦表示，目前，他预计维珍航空将专注于亚轨道旅行，这将在未来进一步阻碍轨道旅行。爱泼斯坦已将维珍轨道旅行的目标日期从2028年推迟到2035年，并取消了2035年高速点对点旅行的目标。</blockquote></p><p> In terms of upcoming stock catalysts, Epstein said the October 2021 lock-up expirations could pressure Virgin’s stock.</p><p><blockquote>就即将到来的股票催化剂而言，爱泼斯坦表示，2021年10月的禁售期可能会给维珍的股票带来压力。</blockquote></p><p> “We see short term downside pressure to the stock price as a) delayed commercialization results in lack of catalysts, b) the market stays attentive to the next equity raise, and c) the next lock-up period expires,” Epstein said.</p><p><blockquote>爱泼斯坦表示：“我们认为股价短期面临下行压力，因为a）商业化延迟导致缺乏催化剂，b）市场仍在关注下一次股权融资，以及c）下一次禁售期到期。”</blockquote></p><p> <b>Benzinga’s Take:</b>&nbsp;With Virgin generating a $644-million net loss on less than $300,000 in revenue in 2020, any delays in the path to a commercial launch are understandably concerning for investors.</p><p><blockquote><b>Benzinga的看法：</b>由于维珍航空在2020年的收入不到30万美元，净亏损6.44亿美元，商业推出之路的任何延误都可以理解投资者的担忧。</blockquote></p><p> If Epstein’s new targets are correct, it also appears that at least the next 14 years will be all about sub-orbital travel for Virgin.</p><p><blockquote>如果爱泼斯坦的新目标是正确的，那么对于维珍来说，至少未来14年将是亚轨道旅行的全部。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why This Virgin Galactic Analyst Just Cut Their Price Target By Nearly 40%<blockquote>为什么这位维珍银河分析师刚刚将目标价下调近40%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy This Virgin Galactic Analyst Just Cut Their Price Target By Nearly 40%<blockquote>为什么这位维珍银河分析师刚刚将目标价下调近40%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-08-20 23:30</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a> </b><b>Holdings</b><b> Inc</b>&nbsp;shares have come crashing back to Earth since the company successfully completed a Unity 22 space flight back in July, and one analyst said Friday&nbsp;the stock will likely continue to struggle in the near-term.</p><p><blockquote><b><a href=\"https://laohu8.com/S/SPCE\">维珍银河</a></b><b>控股</b><b>Inc</b>自该公司7月份成功完成Unity 22太空飞行以来，该公司股价暴跌，一位分析师周五表示，该股短期内可能会继续陷入困境。</blockquote></p><p> <b>The Virgin Galactic Analyst:</b>&nbsp;Bank of America analyst Ronald Epstein reiterated an Underperform rating on&nbsp;Virgin Galactic and cut the&nbsp;price target from $41 to $25.</p><p><blockquote><b>维珍银河分析师：</b>美国银行分析师Ronald Epstein重申了对维珍银河的跑输评级，并将目标价从41美元下调至25美元。</blockquote></p><p> <b>The Virgin Galactic Takeaways:</b>&nbsp;In his new note, Epstein said he was surprised and somewhat confused by Virgin’s recent announcement that it will begin planned maintenance plus enhancement for Mothership Eve in September after receiving a recommendation for the enhancements in July.</p><p><blockquote><b>维珍银河外卖：</b>爱泼斯坦在他的新报告中表示，维珍航空最近宣布，在7月份收到增强建议后，将于9月份开始对母舰Eve进行计划维护和增强，这让他感到惊讶和有些困惑。</blockquote></p><p> The planned improvements, which Virgin did not detail, will bump back the timeline for the company’s first commercial passenger flight from early 2022 to late in the third quarter of 2022.</p><p><blockquote>维珍航空没有详细说明计划中的改进将把该公司首次商业客运航班的时间表从2022年初推迟到2022年第三季度末。</blockquote></p><p> Epstein said it was particularly surprising that Virgin didn’t provide any technical details about the planned improvements and said the enhancements are still in the design phase.</p><p><blockquote>爱泼斯坦表示，尤其令人惊讶的是，维珍没有提供有关计划改进的任何技术细节，并表示这些改进仍处于设计阶段。</blockquote></p><p> For now, Epstein said he expects Virgin to focus on sub-orbital travel, which will bump back orbital travel further into the future. Epstein has pushed back his target date for Virgin orbital travel from 2028 to 2035 and is removing his 2035 target for high speed point-to-point travel.</p><p><blockquote>爱泼斯坦表示，目前，他预计维珍航空将专注于亚轨道旅行，这将在未来进一步阻碍轨道旅行。爱泼斯坦已将维珍轨道旅行的目标日期从2028年推迟到2035年，并取消了2035年高速点对点旅行的目标。</blockquote></p><p> In terms of upcoming stock catalysts, Epstein said the October 2021 lock-up expirations could pressure Virgin’s stock.</p><p><blockquote>就即将到来的股票催化剂而言，爱泼斯坦表示，2021年10月的禁售期可能会给维珍的股票带来压力。</blockquote></p><p> “We see short term downside pressure to the stock price as a) delayed commercialization results in lack of catalysts, b) the market stays attentive to the next equity raise, and c) the next lock-up period expires,” Epstein said.</p><p><blockquote>爱泼斯坦表示：“我们认为股价短期面临下行压力，因为a）商业化延迟导致缺乏催化剂，b）市场仍在关注下一次股权融资，以及c）下一次禁售期到期。”</blockquote></p><p> <b>Benzinga’s Take:</b>&nbsp;With Virgin generating a $644-million net loss on less than $300,000 in revenue in 2020, any delays in the path to a commercial launch are understandably concerning for investors.</p><p><blockquote><b>Benzinga的看法：</b>由于维珍航空在2020年的收入不到30万美元，净亏损6.44亿美元，商业推出之路的任何延误都可以理解投资者的担忧。</blockquote></p><p> If Epstein’s new targets are correct, it also appears that at least the next 14 years will be all about sub-orbital travel for Virgin.</p><p><blockquote>如果爱泼斯坦的新目标是正确的，那么对于维珍来说，至少未来14年将是亚轨道旅行的全部。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPCE":"维珍银河"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107004225","content_text":"Virgin Galactic Holdings Inc shares have come crashing back to Earth since the company successfully completed a Unity 22 space flight back in July, and one analyst said Friday the stock will likely continue to struggle in the near-term.\nThe Virgin Galactic Analyst: Bank of America analyst Ronald Epstein reiterated an Underperform rating on Virgin Galactic and cut the price target from $41 to $25.\nThe Virgin Galactic Takeaways: In his new note, Epstein said he was surprised and somewhat confused by Virgin’s recent announcement that it will begin planned maintenance plus enhancement for Mothership Eve in September after receiving a recommendation for the enhancements in July.\nThe planned improvements, which Virgin did not detail, will bump back the timeline for the company’s first commercial passenger flight from early 2022 to late in the third quarter of 2022.\nEpstein said it was particularly surprising that Virgin didn’t provide any technical details about the planned improvements and said the enhancements are still in the design phase.\nFor now, Epstein said he expects Virgin to focus on sub-orbital travel, which will bump back orbital travel further into the future. Epstein has pushed back his target date for Virgin orbital travel from 2028 to 2035 and is removing his 2035 target for high speed point-to-point travel.\nIn terms of upcoming stock catalysts, Epstein said the October 2021 lock-up expirations could pressure Virgin’s stock.\n“We see short term downside pressure to the stock price as a) delayed commercialization results in lack of catalysts, b) the market stays attentive to the next equity raise, and c) the next lock-up period expires,” Epstein said.\nBenzinga’s Take: With Virgin generating a $644-million net loss on less than $300,000 in revenue in 2020, any delays in the path to a commercial launch are understandably concerning for investors.\nIf Epstein’s new targets are correct, it also appears that at least the next 14 years will be all about sub-orbital travel for Virgin.","news_type":1,"symbols_score_info":{"SPCE":0.9}},"isVote":1,"tweetType":1,"viewCount":402,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860802613,"gmtCreate":1632149603332,"gmtModify":1632802497506,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"Haha","listText":"Haha","text":"Haha","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/860802613","repostId":"1147005019","repostType":4,"repost":{"id":"1147005019","kind":"news","pubTimestamp":1632146943,"share":"https://www.laohu8.com/m/news/1147005019?lang=zh_CN&edition=full","pubTime":"2021-09-20 22:09","market":"us","language":"en","title":"Evergrande isn’t the only reason the stock market is headed for its worst day in 2 months. Here are 5 other reasons<blockquote>恒大并不是股市迎来两个月来最糟糕一天的唯一原因。以下是其他5个原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147005019","media":"marketwatch","summary":"U.S. stock benchmarks were on track to post the worst daily drop in more than two months, with the s","content":"<p>U.S. stock benchmarks were on track to post the worst daily drop in more than two months, with the skid being blamed on the potential collapse of Evergrande. The Chinese property giant is threatening to default on $300 billion in debt that could ripple through global markets.</p><p><blockquote>美国股市基准有望创下两个多月来最严重的单日跌幅，这一下滑被归咎于恒大集团的潜在倒闭。这家中国房地产巨头威胁要拖欠3000亿美元的债务，这可能会波及全球市场。</blockquote></p><p> The Dow Jones Industrial AverageDJIA,-1.31%,the S&amp;P 500 indexSPX,-1.42%and the Nasdaq CompositeCOMP,-1.75%indexes were all facing sharp declines at Monday’s open.</p><p><blockquote>道琼斯工业平均指数DJIA,-1.31%、标普500指数SPX,-1.42%和纳斯达克综合指数COMP,-1.75%周一开盘均面临大幅下跌。</blockquote></p><p> However, the sharp downturn by the highly leveraged real-estate sector, which the Financial Times notes makes up more than 28% of China’s economy, isn’t the only problem for markets on Monday.</p><p><blockquote>然而，高杠杆房地产行业的急剧下滑并不是周一市场的唯一问题。英国《金融时报》指出，房地产行业占中国经济的28%以上。</blockquote></p><p> Here are a few others.</p><p><blockquote>这里还有几个。</blockquote></p><p> <b>Delta woes</b></p><p><blockquote><b>三角洲灾难</b></blockquote></p><p> The delta variant of COVID-19 is resulting in higher cases in the world’s largest economy.</p><p><blockquote>新冠肺炎的德尔塔变异毒株导致世界最大经济体的病例增加。</blockquote></p><p> The U.S. is now averaging more than 2,000 deaths daily,&nbsp;according to a New York Times tracker,&nbsp;the most since March 1, and consist almost entirely of unvaccinated people. Florida, which has vaccinated 56% of its population, is averaging 353 deaths a day. Texas, where 50% of the population is inoculated, is seeing 286 deaths a day, according to the Times. The two states account for more than 30% of all COVID-19 deaths since March 1.</p><p><blockquote>根据《纽约时报》的追踪，美国目前平均每天有超过2000人死亡，这是自3月1日以来的最高水平，而且几乎全部由未接种疫苗的人组成。佛罗里达州已为56%的人口接种了疫苗，平均每天有353人死亡。据《泰晤士报》报道，德克萨斯州50%的人口接种了疫苗，每天有286人死亡。自3月1日以来，这两个州占所有新冠肺炎死亡人数的30%以上。</blockquote></p><p> <b>Fed taper talk</b></p><p><blockquote><b>美联储减缩言论</b></blockquote></p><p> Markets are fixatedon the rate-setting Federal Open Market Committee’s Sept. 21-22 meeting, where Fed officials facing the prospect of removing accommodations that have propped markets up since the start of the COVID-19 pandemic in the U.S., even as the economic rebound looks uneven.</p><p><blockquote>市场关注制定利率的联邦公开市场委员会9月21日至22日的会议，美联储官员将面临取消自美国COVID-19大流行开始以来支撑市场的宽松措施的前景，尽管经济反弹看起来不均衡。</blockquote></p><p> The Fed has been buying $80 billion of Treasurys and $40 billion of mortgage-backed securities each month since last June to keep long-term interest rates low and bolster demand. It said it would maintain the purchases until the economy hit a threshold of “substantial” progress on inflation and the labor market and the question the market is weighing is whether the time for tapering those asset purchases is now.</p><p><blockquote>自去年6月以来，美联储每月购买800亿美元的美国国债和400亿美元的抵押贷款支持证券，以保持低长期利率并提振需求。该公司表示，将维持购买，直到经济在通胀和劳动力市场方面达到“实质性”进展的门槛，市场正在权衡的问题是现在是否是缩减这些资产购买的时候。</blockquote></p><p> A number of Fed officials have expressed a desire to announce tapering at its September meeting and begin the initiative before year-end, with an eye toward concluding it by 2022.</p><p><blockquote>一些美联储官员表示希望在9月份的会议上宣布缩减规模，并在年底前开始这一举措，以期在2022年之前结束。</blockquote></p><p> Investors are anxious about the timetable for such reductions and are also looking out forany signals of an interest-rate increase in 2022.</p><p><blockquote>投资者对此类降息的时间表感到焦虑，也在寻找2022年加息的任何信号。</blockquote></p><p> <b>Debt ceiling</b></p><p><blockquote><b>债务上限</b></blockquote></p><p> On Sunday, U.S. Treasury Secretary Janet Yellen urged Congress to raise or suspend the nation’s debt ceiling or risk “widespread economic catastrophe.”</p><p><blockquote>周日，美国财政部长珍妮特·耶伦敦促国会提高或暂停国家债务上限，否则将面临“大范围经济灾难”的风险。</blockquote></p><p> In&nbsp;an op-ed column published by The Wall Street Journal, Yellen noted that the U.S. has never defaulted, and said it must not now.</p><p><blockquote>耶伦在《华尔街日报》发表的专栏中指出，美国从未违约，并表示现在也不能违约。</blockquote></p><p> Congress has raised or suspended the debt limit about 80 times since 1960, Yellen said, and during the Trump administration Democrats agreed three times to suspend the debt ceiling.</p><p><blockquote>耶伦说，自1960年以来，国会已经提高或暂停债务上限约80次，在特朗普政府期间，民主党人三次同意暂停债务上限。</blockquote></p><p> The country’s accumulated debt is about $28.4 trillion.</p><p><blockquote>该国累计债务约为28.4万亿美元。</blockquote></p><p> <b>September season</b></p><p><blockquote><b>九月季节</b></blockquote></p><p> There is a growing sense that valuations are rich and the Federal Reserve’s easy-money punchbowl will soon be yanked away at the worst possible time. Seasonally, September has been one of the worst months for stocks and investors think that the market might trade true to trend.</p><p><blockquote>人们越来越感觉到，估值很高，美联储的宽松货币潘趣酒碗很快就会在最糟糕的时候被夺走。从季节性来看，9月份是股市最糟糕的月份之一，投资者认为市场可能会按照趋势进行交易。</blockquote></p><p> <b>A correction is due</b></p><p><blockquote><b>更正到期</b></blockquote></p><p> Strategists think that the market is due for a significant pullback as the S&amp;P 500 has marked more than 200 sessions without a drawdown of 5% or more from a recent peak, making the current stretch of levitation the longest such since around 2016, when the market went 404 sessions without falling byat least 5% peak to trough.</p><p><blockquote>策略师认为，市场将出现大幅回调，因为标普500已经有200多个交易日没有从近期峰值下跌5%或更多，这使得当前的悬浮期成为自2016年左右以来最长的一次，当时市场经历了404个交易日没有从峰值到低谷下跌至少5%。</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>Evergrande isn’t the only reason the stock market is headed for its worst day in 2 months. Here are 5 other reasons<blockquote>恒大并不是股市迎来两个月来最糟糕一天的唯一原因。以下是其他5个原因</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\">\nEvergrande isn’t the only reason the stock market is headed for its worst day in 2 months. Here are 5 other reasons<blockquote>恒大并不是股市迎来两个月来最糟糕一天的唯一原因。以下是其他5个原因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-09-20 22:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. stock benchmarks were on track to post the worst daily drop in more than two months, with the skid being blamed on the potential collapse of Evergrande. The Chinese property giant is threatening to default on $300 billion in debt that could ripple through global markets.</p><p><blockquote>美国股市基准有望创下两个多月来最严重的单日跌幅，这一下滑被归咎于恒大集团的潜在倒闭。这家中国房地产巨头威胁要拖欠3000亿美元的债务，这可能会波及全球市场。</blockquote></p><p> The Dow Jones Industrial AverageDJIA,-1.31%,the S&amp;P 500 indexSPX,-1.42%and the Nasdaq CompositeCOMP,-1.75%indexes were all facing sharp declines at Monday’s open.</p><p><blockquote>道琼斯工业平均指数DJIA,-1.31%、标普500指数SPX,-1.42%和纳斯达克综合指数COMP,-1.75%周一开盘均面临大幅下跌。</blockquote></p><p> However, the sharp downturn by the highly leveraged real-estate sector, which the Financial Times notes makes up more than 28% of China’s economy, isn’t the only problem for markets on Monday.</p><p><blockquote>然而，高杠杆房地产行业的急剧下滑并不是周一市场的唯一问题。英国《金融时报》指出，房地产行业占中国经济的28%以上。</blockquote></p><p> Here are a few others.</p><p><blockquote>这里还有几个。</blockquote></p><p> <b>Delta woes</b></p><p><blockquote><b>三角洲灾难</b></blockquote></p><p> The delta variant of COVID-19 is resulting in higher cases in the world’s largest economy.</p><p><blockquote>新冠肺炎的德尔塔变异毒株导致世界最大经济体的病例增加。</blockquote></p><p> The U.S. is now averaging more than 2,000 deaths daily,&nbsp;according to a New York Times tracker,&nbsp;the most since March 1, and consist almost entirely of unvaccinated people. Florida, which has vaccinated 56% of its population, is averaging 353 deaths a day. Texas, where 50% of the population is inoculated, is seeing 286 deaths a day, according to the Times. The two states account for more than 30% of all COVID-19 deaths since March 1.</p><p><blockquote>根据《纽约时报》的追踪，美国目前平均每天有超过2000人死亡，这是自3月1日以来的最高水平，而且几乎全部由未接种疫苗的人组成。佛罗里达州已为56%的人口接种了疫苗，平均每天有353人死亡。据《泰晤士报》报道，德克萨斯州50%的人口接种了疫苗，每天有286人死亡。自3月1日以来，这两个州占所有新冠肺炎死亡人数的30%以上。</blockquote></p><p> <b>Fed taper talk</b></p><p><blockquote><b>美联储减缩言论</b></blockquote></p><p> Markets are fixatedon the rate-setting Federal Open Market Committee’s Sept. 21-22 meeting, where Fed officials facing the prospect of removing accommodations that have propped markets up since the start of the COVID-19 pandemic in the U.S., even as the economic rebound looks uneven.</p><p><blockquote>市场关注制定利率的联邦公开市场委员会9月21日至22日的会议，美联储官员将面临取消自美国COVID-19大流行开始以来支撑市场的宽松措施的前景，尽管经济反弹看起来不均衡。</blockquote></p><p> The Fed has been buying $80 billion of Treasurys and $40 billion of mortgage-backed securities each month since last June to keep long-term interest rates low and bolster demand. It said it would maintain the purchases until the economy hit a threshold of “substantial” progress on inflation and the labor market and the question the market is weighing is whether the time for tapering those asset purchases is now.</p><p><blockquote>自去年6月以来，美联储每月购买800亿美元的美国国债和400亿美元的抵押贷款支持证券，以保持低长期利率并提振需求。该公司表示，将维持购买，直到经济在通胀和劳动力市场方面达到“实质性”进展的门槛，市场正在权衡的问题是现在是否是缩减这些资产购买的时候。</blockquote></p><p> A number of Fed officials have expressed a desire to announce tapering at its September meeting and begin the initiative before year-end, with an eye toward concluding it by 2022.</p><p><blockquote>一些美联储官员表示希望在9月份的会议上宣布缩减规模，并在年底前开始这一举措，以期在2022年之前结束。</blockquote></p><p> Investors are anxious about the timetable for such reductions and are also looking out forany signals of an interest-rate increase in 2022.</p><p><blockquote>投资者对此类降息的时间表感到焦虑，也在寻找2022年加息的任何信号。</blockquote></p><p> <b>Debt ceiling</b></p><p><blockquote><b>债务上限</b></blockquote></p><p> On Sunday, U.S. Treasury Secretary Janet Yellen urged Congress to raise or suspend the nation’s debt ceiling or risk “widespread economic catastrophe.”</p><p><blockquote>周日，美国财政部长珍妮特·耶伦敦促国会提高或暂停国家债务上限，否则将面临“大范围经济灾难”的风险。</blockquote></p><p> In&nbsp;an op-ed column published by The Wall Street Journal, Yellen noted that the U.S. has never defaulted, and said it must not now.</p><p><blockquote>耶伦在《华尔街日报》发表的专栏中指出，美国从未违约，并表示现在也不能违约。</blockquote></p><p> Congress has raised or suspended the debt limit about 80 times since 1960, Yellen said, and during the Trump administration Democrats agreed three times to suspend the debt ceiling.</p><p><blockquote>耶伦说，自1960年以来，国会已经提高或暂停债务上限约80次，在特朗普政府期间，民主党人三次同意暂停债务上限。</blockquote></p><p> The country’s accumulated debt is about $28.4 trillion.</p><p><blockquote>该国累计债务约为28.4万亿美元。</blockquote></p><p> <b>September season</b></p><p><blockquote><b>九月季节</b></blockquote></p><p> There is a growing sense that valuations are rich and the Federal Reserve’s easy-money punchbowl will soon be yanked away at the worst possible time. Seasonally, September has been one of the worst months for stocks and investors think that the market might trade true to trend.</p><p><blockquote>人们越来越感觉到，估值很高，美联储的宽松货币潘趣酒碗很快就会在最糟糕的时候被夺走。从季节性来看，9月份是股市最糟糕的月份之一，投资者认为市场可能会按照趋势进行交易。</blockquote></p><p> <b>A correction is due</b></p><p><blockquote><b>更正到期</b></blockquote></p><p> Strategists think that the market is due for a significant pullback as the S&amp;P 500 has marked more than 200 sessions without a drawdown of 5% or more from a recent peak, making the current stretch of levitation the longest such since around 2016, when the market went 404 sessions without falling byat least 5% peak to trough.</p><p><blockquote>策略师认为，市场将出现大幅回调，因为标普500已经有200多个交易日没有从近期峰值下跌5%或更多，这使得当前的悬浮期成为自2016年左右以来最长的一次，当时市场经历了404个交易日没有从峰值到低谷下跌至少5%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/evergrande-isnt-the-only-reason-the-stock-market-is-headed-for-its-worst-day-in-2-months-here-are-5-other-reasons-11632146759?mod=hp_LATEST\">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":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/evergrande-isnt-the-only-reason-the-stock-market-is-headed-for-its-worst-day-in-2-months-here-are-5-other-reasons-11632146759?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147005019","content_text":"U.S. stock benchmarks were on track to post the worst daily drop in more than two months, with the skid being blamed on the potential collapse of Evergrande. The Chinese property giant is threatening to default on $300 billion in debt that could ripple through global markets.\nThe Dow Jones Industrial AverageDJIA,-1.31%,the S&P 500 indexSPX,-1.42%and the Nasdaq CompositeCOMP,-1.75%indexes were all facing sharp declines at Monday’s open.\nHowever, the sharp downturn by the highly leveraged real-estate sector, which the Financial Times notes makes up more than 28% of China’s economy, isn’t the only problem for markets on Monday.\nHere are a few others.\nDelta woes\nThe delta variant of COVID-19 is resulting in higher cases in the world’s largest economy.\nThe U.S. is now averaging more than 2,000 deaths daily, according to a New York Times tracker, the most since March 1, and consist almost entirely of unvaccinated people. Florida, which has vaccinated 56% of its population, is averaging 353 deaths a day. Texas, where 50% of the population is inoculated, is seeing 286 deaths a day, according to the Times. The two states account for more than 30% of all COVID-19 deaths since March 1.\nFed taper talk\nMarkets are fixatedon the rate-setting Federal Open Market Committee’s Sept. 21-22 meeting, where Fed officials facing the prospect of removing accommodations that have propped markets up since the start of the COVID-19 pandemic in the U.S., even as the economic rebound looks uneven.\nThe Fed has been buying $80 billion of Treasurys and $40 billion of mortgage-backed securities each month since last June to keep long-term interest rates low and bolster demand. It said it would maintain the purchases until the economy hit a threshold of “substantial” progress on inflation and the labor market and the question the market is weighing is whether the time for tapering those asset purchases is now.\nA number of Fed officials have expressed a desire to announce tapering at its September meeting and begin the initiative before year-end, with an eye toward concluding it by 2022.\nInvestors are anxious about the timetable for such reductions and are also looking out forany signals of an interest-rate increase in 2022.\nDebt ceiling\nOn Sunday, U.S. Treasury Secretary Janet Yellen urged Congress to raise or suspend the nation’s debt ceiling or risk “widespread economic catastrophe.”\nIn an op-ed column published by The Wall Street Journal, Yellen noted that the U.S. has never defaulted, and said it must not now.\nCongress has raised or suspended the debt limit about 80 times since 1960, Yellen said, and during the Trump administration Democrats agreed three times to suspend the debt ceiling.\nThe country’s accumulated debt is about $28.4 trillion.\nSeptember season\nThere is a growing sense that valuations are rich and the Federal Reserve’s easy-money punchbowl will soon be yanked away at the worst possible time. Seasonally, September has been one of the worst months for stocks and investors think that the market might trade true to trend.\nA correction is due\nStrategists think that the market is due for a significant pullback as the S&P 500 has marked more than 200 sessions without a drawdown of 5% or more from a recent peak, making the current stretch of levitation the longest such since around 2016, when the market went 404 sessions without falling byat least 5% peak to trough.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":583,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835424868,"gmtCreate":1629733770654,"gmtModify":1633682826479,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"No","listText":"No","text":"No","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/835424868","repostId":"1179203616","repostType":4,"repost":{"id":"1179203616","kind":"news","pubTimestamp":1629732335,"share":"https://www.laohu8.com/m/news/1179203616?lang=zh_CN&edition=full","pubTime":"2021-08-23 23:25","market":"us","language":"en","title":"Palantir Is an Enigma. The Opportunity in Its Stock Is Far More Clear.<blockquote>Palantir是一个谜。其股票的机会更加明显。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179203616","media":"Barrons","summary":"Palantir Technologies is one of the world’s quirkiest tech companies, and last week the story got we","content":"<p>Palantir Technologies is one of the world’s quirkiest tech companies, and last week the story got weirder than ever. But beneath the surface, there’s an oddly compelling case for the business and the stock.</p><p><blockquote>Palantir Technologies是世界上最古怪的科技公司之一，上周这个故事变得比以往任何时候都更加奇怪。但在表面之下，该业务和股票有一个奇怪的令人信服的理由。</blockquote></p><p> Palantir (ticker: PLTR) provides data analytics software to both commercial and government clients. The 18-year-old company has two primary platforms—Gotham, for government applications, and Foundry, for commercial customers. Palantir has a long history of serving U.S. military and intelligence agencies, but lately it’s&nbsp;been building out its sales team to bulk up its commercial business. That plan seems to be getting traction.</p><p><blockquote>Palantir（股票代码：PLTR）为商业和政府客户提供数据分析软件。这家成立18年的公司有两个主要平台——面向政府应用的Gotham和面向商业客户的Foundry。Palantir在为美国军事和情报机构提供服务方面有着悠久的历史，但最近它一直在组建销售团队以扩大其商业业务。这个计划似乎越来越受欢迎。</blockquote></p><p> Palantir went public in a direct listing last September, with the stock&nbsp;opening at $10. It’s since taken shareholders on a wild ride, trading as high as $45 earlier this year. It’s now around $25, still up 150% from listing day.</p><p><blockquote>Palantir去年9月直接上市，股价开盘价为10美元。此后，它让股东们疯狂不已，今年早些时候的交易价格高达45美元。目前约为25美元，较上市日仍上涨150%。</blockquote></p><p> In its&nbsp;recently reported June quarter, Palantir posted revenue of $376 million, up 49% from the year-earlier level. The company got a big boost from its U.S. commercial business, which grew 90%. Palantir sees September quarter revenue inching up to $385 million, and it continues to forecast annual top-line growth of 30%-plus through 2025.</p><p><blockquote>在最近报告的6月份季度中，Palantir公布收入为3.76亿美元，比去年同期增长49%。该公司的美国商业业务大幅增长了90%。Palantir预计9月份季度收入将小幅升至3.85亿美元，并继续预测到2025年年收入将增长30%以上。</blockquote></p><p> But the core story gets lost in the noise—Palantir seems to thrive on controversy. Almost everything it does is outside the box. Before last year’s stock listing, Palantir quietly moved its headquarters to Denver from Palo Alto. The reasoning boils down to politics.</p><p><blockquote>但核心故事却迷失在噪音中——Palantir似乎因争议而蓬勃发展。它所做的几乎所有事情都是在盒子之外。在去年股票上市之前，Palantir悄悄将总部从帕洛阿尔托迁至丹佛。原因可以归结为政治。</blockquote></p><p> “When we started the company in 2004, the idea was to bring world-class software to our intelligence and military communities,” Palantir CEO Alex Karp&nbsp;told me in a June interview. “Numerous companies in Silicon Valley have refused either overtly, tacitly, or by dragging their feet, to work with the U.S. government. … I believe in general there’s a choice to be made in the world, and America has serious, rigorous, intelligent, and sometimes ruthless adversaries.”</p><p><blockquote>Palantir首席执行官Alex Karp在6月份的一次采访中告诉我：“当我们在2004年创办公司时，我们的想法是为我们的情报和军事社区带来世界一流的软件。”“硅谷的许多公司都公开、默许或拖延地拒绝与美国政府合作……我相信，总的来说，世界上必须做出选择，而美国有严肃、严谨、聪明，有时甚至是无情的对手。”</blockquote></p><p> Palantir has also been doing unusual things with the $2.4 billion in cash on its balance sheet. The company is&nbsp;aggressively investing in PIPEs, or private investments in public equities, which are used in almost every SPAC merger to increase the capital raised. Palantir has&nbsp;committed $310 million across more than a dozen SPACs, or special purpose acquisition companies, according to its latest SEC filing. It’s completed $33 million of equity investments across three other companies.</p><p><blockquote>Palantir还利用其资产负债表上的24亿美元现金做了一些不寻常的事情。该公司正在积极投资PIPEs，即对公共股票的私人投资，几乎在每一次SPAC合并中都使用PIPEs来增加筹集的资金。根据Palantir向SEC提交的最新文件，Palantir已向十几家SPAC或特殊目的收购公司承诺了3.1亿美元。它已完成对其他三家公司3300万美元的股权投资。</blockquote></p><p> The most recent tranche includes $20 million for Fast Radius, which offers a “cloud manufacturing platform;” $15 million for Tritium, a developer of electric vehicle chargers; $15 million for AdTheorent, which sells advertising software driven by machine learning; and $10 million for FinAccel, an Asian financial-services company.</p><p><blockquote>最近的一笔资金包括2000万美元用于Fast Radius，该公司提供“云制造平台”；电动汽车充电器开发商Tritium 1500万美元；1500万美元收购AdTheorent，该公司销售由机器学习驱动的广告软件；以及向亚洲金融服务公司FinAccel提供1000万美元。</blockquote></p><p> All the targets have signed up to be Palantir customers. As of June 30, Palantir said it had commercial contracts with its SPAC portfolio companies with a potential value of $428 million; the revenue contribution in the latest quarter was just $3 million, or less than 1% of the total.</p><p><blockquote>所有目标都已签约成为Palantir客户。截至6月30日，Palantir表示与其SPAC投资组合公司签订了潜在价值为4.28亿美元的商业合同；最近一个季度的收入贡献仅为300万美元，不到总收入的1%。</blockquote></p><p> SPACs are a highly speculative place for a public company to be parking its cash. But I’d argue that Palantir’s decision to provide capital to new customers isn’t so different from offering vendor debt financing for hardware purchases—as&nbsp;IBM(IBM) and HP Enterprise (HPE) do—or from running robust venture capital programs, as do&nbsp;Intel(INTC) and&nbsp;Salesforce.com(CRM).</p><p><blockquote>SPAC是上市公司存放现金的高度投机场所。但我认为，Palantir向新客户提供资本的决定与为硬件购买提供供应商债务融资（如IBM(IBM)和HP Enterprise(HPE)所做的那样）或运行强大的风险投资计划（如英特尔(INTC)和Salesforce.com(CRM)所做的那样）并没有太大区别。</blockquote></p><p> Even so, it makes some analysts squeamish. “While we don’t oppose thinking outside the box, we think the strategy may have been taken too far, particularly with software contracts that appear to be negotiated alongside an investment by Palantir in the same customer,” Citi’s Tyler Radke wrote in a recent research note.</p><p><blockquote>即便如此，这还是让一些分析师感到不安。花旗的泰勒·拉德克(Tyler Radke)在一份报告中写道：“虽然我们并不反对跳出框框思考，但我们认为这一策略可能走得太远了，特别是在软件合同似乎是与Palantir对同一客户的投资一起谈判的情况下。”最近的研究笔记。</blockquote></p><p> The outside-the-box strategy goes beyond SPACs. This past week, Palantir disclosed that it had purchased $50.7 million worth of 100-ounce gold bars—a pretty strange move, even for Palantir. I ran a text search in the SEC’s database looking for references to gold bars, and found only references to other gold companies. The move makes&nbsp;Tesla’s(TSLA) Bitcoin purchases seem mundane.</p><p><blockquote>打破常规的策略超越了SPAC。上周，Palantir透露，它购买了价值5070万美元的100盎司金条——即使对Palantir来说，这也是一个相当奇怪的举动。我在SEC的数据库中进行了文本搜索，寻找金条的参考资料，只找到了其他黄金公司的参考资料。此举让特斯拉(TSLA)对比特币的收购显得平淡无奇。</blockquote></p><p> The fact that Palantir decided to buy physical gold, rather than, say, the&nbsp;SPDR Gold Shares&nbsp;ETF (GLD), makes it odder still. Palatnir ends up looking like the corporate equivalent of a doomsday prepper. I tried to follow-up with Karp to ask about the sudden interest in gold, but Palantir declined to make him available.</p><p><blockquote>Palantir决定购买实物黄金，而不是SPDR Gold Shares ETF(GLD)，这一事实让事情变得更加奇怪。Palatnir最终看起来就像是一个末日准备者。我试图跟进卡普，询问他对黄金突然产生的兴趣，但Palantir拒绝让他有空。</blockquote></p><p> One analyst who follows the company told me that the SPAC program and the foray into gold make Palantir a hard sell for institutional investors. You can see that in the shareholder base. Institutions hold only 25% of Palantir shares—compared with&nbsp;Oracle’s(ORCL) 46%,Snowflake’s(SNOW) 58%, and&nbsp;Microsoft’s(MSFT) 71%.</p><p><blockquote>一位关注该公司的分析师告诉我，SPAC计划和进军黄金领域使得Palantir很难被机构投资者推销。你可以在股东基础上看到这一点。机构仅持有Palantir 25%的股份，而甲骨文(ORCL)为46%，雪花(SNOW)为58%，微软(MSFT)为71%。</blockquote></p><p></p><p> But the same analyst is still bullish on Palantir and says it offers “a very interesting set of solutions to buyers that require scale and sophistication.”</p><p><blockquote>但同一位分析师仍然看好Palantir，并表示它“为需要规模和复杂性的买家提供了一套非常有趣的解决方案”。</blockquote></p><p> Palantir has a fanatical following among individual investors, and the company is playing to its fans. During its June-quarter earnings call, Palantir took nine questions from retail investors and just four from analysts.</p><p><blockquote>Palantir在个人投资者中拥有狂热的追随者，该公司正在迎合其粉丝。在六月季度财报看涨期权上，Palantir回答了散户投资者的9个问题，仅回答了分析师的4个问题。</blockquote></p><p> On traditional metrics, Palantir isn’t cheap. The stock trades for 25 times estimated 2022 sales. But strip away the craziness, and Palantir looks like the single best bet on the future of complex data analytics. There aren’t many other ways for investors to play the opportunity—and the world isn’t getting any simpler or less dangerous.</p><p><blockquote>从传统指标来看，Palantir并不便宜。该股的交易价格是2022年预计销售额的25倍。但抛开疯狂，Palantir看起来是复杂数据分析未来的最佳选择。投资者没有太多其他方式来利用这个机会——而且世界并没有变得更简单或更不危险。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Palantir Is an Enigma. The Opportunity in Its Stock Is Far More Clear.<blockquote>Palantir是一个谜。其股票的机会更加明显。</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\">\nPalantir Is an Enigma. The Opportunity in Its Stock Is Far More Clear.<blockquote>Palantir是一个谜。其股票的机会更加明显。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-23 23:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Palantir Technologies is one of the world’s quirkiest tech companies, and last week the story got weirder than ever. But beneath the surface, there’s an oddly compelling case for the business and the stock.</p><p><blockquote>Palantir Technologies是世界上最古怪的科技公司之一，上周这个故事变得比以往任何时候都更加奇怪。但在表面之下，该业务和股票有一个奇怪的令人信服的理由。</blockquote></p><p> Palantir (ticker: PLTR) provides data analytics software to both commercial and government clients. The 18-year-old company has two primary platforms—Gotham, for government applications, and Foundry, for commercial customers. Palantir has a long history of serving U.S. military and intelligence agencies, but lately it’s&nbsp;been building out its sales team to bulk up its commercial business. That plan seems to be getting traction.</p><p><blockquote>Palantir（股票代码：PLTR）为商业和政府客户提供数据分析软件。这家成立18年的公司有两个主要平台——面向政府应用的Gotham和面向商业客户的Foundry。Palantir在为美国军事和情报机构提供服务方面有着悠久的历史，但最近它一直在组建销售团队以扩大其商业业务。这个计划似乎越来越受欢迎。</blockquote></p><p> Palantir went public in a direct listing last September, with the stock&nbsp;opening at $10. It’s since taken shareholders on a wild ride, trading as high as $45 earlier this year. It’s now around $25, still up 150% from listing day.</p><p><blockquote>Palantir去年9月直接上市，股价开盘价为10美元。此后，它让股东们疯狂不已，今年早些时候的交易价格高达45美元。目前约为25美元，较上市日仍上涨150%。</blockquote></p><p> In its&nbsp;recently reported June quarter, Palantir posted revenue of $376 million, up 49% from the year-earlier level. The company got a big boost from its U.S. commercial business, which grew 90%. Palantir sees September quarter revenue inching up to $385 million, and it continues to forecast annual top-line growth of 30%-plus through 2025.</p><p><blockquote>在最近报告的6月份季度中，Palantir公布收入为3.76亿美元，比去年同期增长49%。该公司的美国商业业务大幅增长了90%。Palantir预计9月份季度收入将小幅升至3.85亿美元，并继续预测到2025年年收入将增长30%以上。</blockquote></p><p> But the core story gets lost in the noise—Palantir seems to thrive on controversy. Almost everything it does is outside the box. Before last year’s stock listing, Palantir quietly moved its headquarters to Denver from Palo Alto. The reasoning boils down to politics.</p><p><blockquote>但核心故事却迷失在噪音中——Palantir似乎因争议而蓬勃发展。它所做的几乎所有事情都是在盒子之外。在去年股票上市之前，Palantir悄悄将总部从帕洛阿尔托迁至丹佛。原因可以归结为政治。</blockquote></p><p> “When we started the company in 2004, the idea was to bring world-class software to our intelligence and military communities,” Palantir CEO Alex Karp&nbsp;told me in a June interview. “Numerous companies in Silicon Valley have refused either overtly, tacitly, or by dragging their feet, to work with the U.S. government. … I believe in general there’s a choice to be made in the world, and America has serious, rigorous, intelligent, and sometimes ruthless adversaries.”</p><p><blockquote>Palantir首席执行官Alex Karp在6月份的一次采访中告诉我：“当我们在2004年创办公司时，我们的想法是为我们的情报和军事社区带来世界一流的软件。”“硅谷的许多公司都公开、默许或拖延地拒绝与美国政府合作……我相信，总的来说，世界上必须做出选择，而美国有严肃、严谨、聪明，有时甚至是无情的对手。”</blockquote></p><p> Palantir has also been doing unusual things with the $2.4 billion in cash on its balance sheet. The company is&nbsp;aggressively investing in PIPEs, or private investments in public equities, which are used in almost every SPAC merger to increase the capital raised. Palantir has&nbsp;committed $310 million across more than a dozen SPACs, or special purpose acquisition companies, according to its latest SEC filing. It’s completed $33 million of equity investments across three other companies.</p><p><blockquote>Palantir还利用其资产负债表上的24亿美元现金做了一些不寻常的事情。该公司正在积极投资PIPEs，即对公共股票的私人投资，几乎在每一次SPAC合并中都使用PIPEs来增加筹集的资金。根据Palantir向SEC提交的最新文件，Palantir已向十几家SPAC或特殊目的收购公司承诺了3.1亿美元。它已完成对其他三家公司3300万美元的股权投资。</blockquote></p><p> The most recent tranche includes $20 million for Fast Radius, which offers a “cloud manufacturing platform;” $15 million for Tritium, a developer of electric vehicle chargers; $15 million for AdTheorent, which sells advertising software driven by machine learning; and $10 million for FinAccel, an Asian financial-services company.</p><p><blockquote>最近的一笔资金包括2000万美元用于Fast Radius，该公司提供“云制造平台”；电动汽车充电器开发商Tritium 1500万美元；1500万美元收购AdTheorent，该公司销售由机器学习驱动的广告软件；以及向亚洲金融服务公司FinAccel提供1000万美元。</blockquote></p><p> All the targets have signed up to be Palantir customers. As of June 30, Palantir said it had commercial contracts with its SPAC portfolio companies with a potential value of $428 million; the revenue contribution in the latest quarter was just $3 million, or less than 1% of the total.</p><p><blockquote>所有目标都已签约成为Palantir客户。截至6月30日，Palantir表示与其SPAC投资组合公司签订了潜在价值为4.28亿美元的商业合同；最近一个季度的收入贡献仅为300万美元，不到总收入的1%。</blockquote></p><p> SPACs are a highly speculative place for a public company to be parking its cash. But I’d argue that Palantir’s decision to provide capital to new customers isn’t so different from offering vendor debt financing for hardware purchases—as&nbsp;IBM(IBM) and HP Enterprise (HPE) do—or from running robust venture capital programs, as do&nbsp;Intel(INTC) and&nbsp;Salesforce.com(CRM).</p><p><blockquote>SPAC是上市公司存放现金的高度投机场所。但我认为，Palantir向新客户提供资本的决定与为硬件购买提供供应商债务融资（如IBM(IBM)和HP Enterprise(HPE)所做的那样）或运行强大的风险投资计划（如英特尔(INTC)和Salesforce.com(CRM)所做的那样）并没有太大区别。</blockquote></p><p> Even so, it makes some analysts squeamish. “While we don’t oppose thinking outside the box, we think the strategy may have been taken too far, particularly with software contracts that appear to be negotiated alongside an investment by Palantir in the same customer,” Citi’s Tyler Radke wrote in a recent research note.</p><p><blockquote>即便如此，这还是让一些分析师感到不安。花旗的泰勒·拉德克(Tyler Radke)在一份报告中写道：“虽然我们并不反对跳出框框思考，但我们认为这一策略可能走得太远了，特别是在软件合同似乎是与Palantir对同一客户的投资一起谈判的情况下。”最近的研究笔记。</blockquote></p><p> The outside-the-box strategy goes beyond SPACs. This past week, Palantir disclosed that it had purchased $50.7 million worth of 100-ounce gold bars—a pretty strange move, even for Palantir. I ran a text search in the SEC’s database looking for references to gold bars, and found only references to other gold companies. The move makes&nbsp;Tesla’s(TSLA) Bitcoin purchases seem mundane.</p><p><blockquote>打破常规的策略超越了SPAC。上周，Palantir透露，它购买了价值5070万美元的100盎司金条——即使对Palantir来说，这也是一个相当奇怪的举动。我在SEC的数据库中进行了文本搜索，寻找金条的参考资料，只找到了其他黄金公司的参考资料。此举让特斯拉(TSLA)对比特币的收购显得平淡无奇。</blockquote></p><p> The fact that Palantir decided to buy physical gold, rather than, say, the&nbsp;SPDR Gold Shares&nbsp;ETF (GLD), makes it odder still. Palatnir ends up looking like the corporate equivalent of a doomsday prepper. I tried to follow-up with Karp to ask about the sudden interest in gold, but Palantir declined to make him available.</p><p><blockquote>Palantir决定购买实物黄金，而不是SPDR Gold Shares ETF(GLD)，这一事实让事情变得更加奇怪。Palatnir最终看起来就像是一个末日准备者。我试图跟进卡普，询问他对黄金突然产生的兴趣，但Palantir拒绝让他有空。</blockquote></p><p> One analyst who follows the company told me that the SPAC program and the foray into gold make Palantir a hard sell for institutional investors. You can see that in the shareholder base. Institutions hold only 25% of Palantir shares—compared with&nbsp;Oracle’s(ORCL) 46%,Snowflake’s(SNOW) 58%, and&nbsp;Microsoft’s(MSFT) 71%.</p><p><blockquote>一位关注该公司的分析师告诉我，SPAC计划和进军黄金领域使得Palantir很难被机构投资者推销。你可以在股东基础上看到这一点。机构仅持有Palantir 25%的股份，而甲骨文(ORCL)为46%，雪花(SNOW)为58%，微软(MSFT)为71%。</blockquote></p><p></p><p> But the same analyst is still bullish on Palantir and says it offers “a very interesting set of solutions to buyers that require scale and sophistication.”</p><p><blockquote>但同一位分析师仍然看好Palantir，并表示它“为需要规模和复杂性的买家提供了一套非常有趣的解决方案”。</blockquote></p><p> Palantir has a fanatical following among individual investors, and the company is playing to its fans. During its June-quarter earnings call, Palantir took nine questions from retail investors and just four from analysts.</p><p><blockquote>Palantir在个人投资者中拥有狂热的追随者，该公司正在迎合其粉丝。在六月季度财报看涨期权上，Palantir回答了散户投资者的9个问题，仅回答了分析师的4个问题。</blockquote></p><p> On traditional metrics, Palantir isn’t cheap. The stock trades for 25 times estimated 2022 sales. But strip away the craziness, and Palantir looks like the single best bet on the future of complex data analytics. There aren’t many other ways for investors to play the opportunity—and the world isn’t getting any simpler or less dangerous.</p><p><blockquote>从传统指标来看，Palantir并不便宜。该股的交易价格是2022年预计销售额的25倍。但抛开疯狂，Palantir看起来是复杂数据分析未来的最佳选择。投资者没有太多其他方式来利用这个机会——而且世界并没有变得更简单或更不危险。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/palantir-stock-spacs-gold-51629497963?mod=hp_LEADSUPP_3\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://www.barrons.com/articles/palantir-stock-spacs-gold-51629497963?mod=hp_LEADSUPP_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179203616","content_text":"Palantir Technologies is one of the world’s quirkiest tech companies, and last week the story got weirder than ever. But beneath the surface, there’s an oddly compelling case for the business and the stock.\nPalantir (ticker: PLTR) provides data analytics software to both commercial and government clients. The 18-year-old company has two primary platforms—Gotham, for government applications, and Foundry, for commercial customers. Palantir has a long history of serving U.S. military and intelligence agencies, but lately it’s been building out its sales team to bulk up its commercial business. That plan seems to be getting traction.\nPalantir went public in a direct listing last September, with the stock opening at $10. It’s since taken shareholders on a wild ride, trading as high as $45 earlier this year. It’s now around $25, still up 150% from listing day.\nIn its recently reported June quarter, Palantir posted revenue of $376 million, up 49% from the year-earlier level. The company got a big boost from its U.S. commercial business, which grew 90%. Palantir sees September quarter revenue inching up to $385 million, and it continues to forecast annual top-line growth of 30%-plus through 2025.\nBut the core story gets lost in the noise—Palantir seems to thrive on controversy. Almost everything it does is outside the box. Before last year’s stock listing, Palantir quietly moved its headquarters to Denver from Palo Alto. The reasoning boils down to politics.\n“When we started the company in 2004, the idea was to bring world-class software to our intelligence and military communities,” Palantir CEO Alex Karp told me in a June interview. “Numerous companies in Silicon Valley have refused either overtly, tacitly, or by dragging their feet, to work with the U.S. government. … I believe in general there’s a choice to be made in the world, and America has serious, rigorous, intelligent, and sometimes ruthless adversaries.”\nPalantir has also been doing unusual things with the $2.4 billion in cash on its balance sheet. The company is aggressively investing in PIPEs, or private investments in public equities, which are used in almost every SPAC merger to increase the capital raised. Palantir has committed $310 million across more than a dozen SPACs, or special purpose acquisition companies, according to its latest SEC filing. It’s completed $33 million of equity investments across three other companies.\n\nThe most recent tranche includes $20 million for Fast Radius, which offers a “cloud manufacturing platform;” $15 million for Tritium, a developer of electric vehicle chargers; $15 million for AdTheorent, which sells advertising software driven by machine learning; and $10 million for FinAccel, an Asian financial-services company.\nAll the targets have signed up to be Palantir customers. As of June 30, Palantir said it had commercial contracts with its SPAC portfolio companies with a potential value of $428 million; the revenue contribution in the latest quarter was just $3 million, or less than 1% of the total.\nSPACs are a highly speculative place for a public company to be parking its cash. But I’d argue that Palantir’s decision to provide capital to new customers isn’t so different from offering vendor debt financing for hardware purchases—as IBM(IBM) and HP Enterprise (HPE) do—or from running robust venture capital programs, as do Intel(INTC) and Salesforce.com(CRM).\nEven so, it makes some analysts squeamish. “While we don’t oppose thinking outside the box, we think the strategy may have been taken too far, particularly with software contracts that appear to be negotiated alongside an investment by Palantir in the same customer,” Citi’s Tyler Radke wrote in a recent research note.\nThe outside-the-box strategy goes beyond SPACs. This past week, Palantir disclosed that it had purchased $50.7 million worth of 100-ounce gold bars—a pretty strange move, even for Palantir. I ran a text search in the SEC’s database looking for references to gold bars, and found only references to other gold companies. The move makes Tesla’s(TSLA) Bitcoin purchases seem mundane.\nThe fact that Palantir decided to buy physical gold, rather than, say, the SPDR Gold Shares ETF (GLD), makes it odder still. Palatnir ends up looking like the corporate equivalent of a doomsday prepper. I tried to follow-up with Karp to ask about the sudden interest in gold, but Palantir declined to make him available.\nOne analyst who follows the company told me that the SPAC program and the foray into gold make Palantir a hard sell for institutional investors. You can see that in the shareholder base. Institutions hold only 25% of Palantir shares—compared with Oracle’s(ORCL) 46%,Snowflake’s(SNOW) 58%, and Microsoft’s(MSFT) 71%.\nBut the same analyst is still bullish on Palantir and says it offers “a very interesting set of solutions to buyers that require scale and sophistication.”\nPalantir has a fanatical following among individual investors, and the company is playing to its fans. During its June-quarter earnings call, Palantir took nine questions from retail investors and just four from analysts.\nOn traditional metrics, Palantir isn’t cheap. The stock trades for 25 times estimated 2022 sales. But strip away the craziness, and Palantir looks like the single best bet on the future of complex data analytics. There aren’t many other ways for investors to play the opportunity—and the world isn’t getting any simpler or less dangerous.","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":294,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831848777,"gmtCreate":1629303613099,"gmtModify":1633685818430,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"Haha","listText":"Haha","text":"Haha","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/831848777","repostId":"2160737919","repostType":4,"isVote":1,"tweetType":1,"viewCount":267,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":607798721,"gmtCreate":1639584626223,"gmtModify":1639584664225,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/607798721","repostId":"2191956629","repostType":4,"isVote":1,"tweetType":1,"viewCount":1922,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":176615875,"gmtCreate":1626879690197,"gmtModify":1633770136039,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/176615875","repostId":"1144363960","repostType":4,"repost":{"id":"1144363960","kind":"news","pubTimestamp":1626877711,"share":"https://www.laohu8.com/m/news/1144363960?lang=zh_CN&edition=full","pubTime":"2021-07-21 22:28","market":"us","language":"en","title":"Behind The Market's Furious Reversal: Record High Skew<blockquote>市场疯狂逆转的背后：创纪录的高位偏差</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1144363960","media":"zerohedge","summary":"At the end of June, when the S&P was making new all time highs day after day, and when the VIX was t","content":"<p>At the end of June, when the S&amp;P was making new all time highs day after day, and when the VIX was touching fresh 2021 lows, we cautioned that the skew index just hit a new all time high - meaning that put options have been unusually expensive relative to at-the-money options, helping support the put-heavy VIX index. As we further added, high skew, which compares put option prices with at-the-money option prices, has reached new all-time high,&nbsp;<b>and reflected investor perception that high volatility would return should markets sell off.</b></p><p><blockquote>6月底，当标准普尔指数日复一日地创下历史新高，当VIX触及2021年新低时，我们警告称，skew指数刚刚创下历史新高——这意味着看跌期权已经异常昂贵相对于平值期权，有助于支撑以看跌期权为主的VIX指数。正如我们进一步补充的那样，将看跌期权价格与平值期权价格进行比较的high skew已达到历史新高，<b>并反映了投资者的看法，即如果市场抛售，高波动性将会回归。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/b30d4664cf3c973cc1a86d743bcae379\" tg-width=\"746\" tg-height=\"464\" width=\"100%\" height=\"auto\">Commenting on this unusual move, we said that it shows that while on one hand traders seem complacent, they have never been more nervous that even a modest wobble in the market could start a crash. By extension,<b>\"</b><b><u>they have also never been more protected against a full-blown market crash</u></b><b>.\"</b></p><p><blockquote>在评论这一不寻常的举动时，我们说，这表明，虽然一方面交易者似乎自满，但他们从未如此紧张，即使市场的适度波动也可能引发崩盘。推而广之，<b>\"</b><b><u>他们也从未像现在这样免受全面市场崩盘的影响</u></b><b>.\"</b></blockquote></p><p> So fast forward to the violent, if brief, air pocket (and hardly a full-blown crash) the market experienced late last week and on Monday, which saw stocks tumble the most in months... only to soar right after. In retrospect, traders have the record high skew to thank for that because while risk reversed sharply on Tuesday and continuing today, traders were fully hedged and ready to pounce.</p><p><blockquote>快进到上周晚些时候和周一市场经历的剧烈（尽管短暂）的气穴（而不是全面崩盘），股市出现了几个月来的最大跌幅...只是在那之后飞翔。回想起来，交易者对此要感谢创纪录的高偏差，因为尽管风险在周二急剧逆转并持续到今天，但交易者已经完全对冲并准备好突袭。</blockquote></p><p> So following up on his observations from a month ago, when he first noted the record high skew, Goldman's derivatives strategist Rocky Fishman wrote that this week’s volatility pushed equity implied and realized volatility higher, with the VIX briefly hitting 25 during the day on Monday (19-Jul)...</p><p><blockquote>因此，继一个月前他首次注意到创纪录的高位偏差时的观察之后，高盛的衍生品策略师洛奇·菲什曼（Rocky Fishman）写道，本周的波动性推高了股票隐含波动性和已实现波动性，VIX在周一（7月19日）白天短暂触及25...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/44c28ca21fe15a17f5b7fa1e3236e5ad\" tg-width=\"651\" tg-height=\"375\" width=\"100%\" height=\"auto\">... even if in absolute terms vol is not high: three-week SPX realized vol (12.1%) is still below year-to-date realized vol (13.4%),and Tuesday’s rally brought the VIX back under 20. More importantly,<b>in response to record downside skew correctly implying that a sell-off would bring much higher volatility, skew has now moved even higher - at least for the S&amp;P 500.</b></p><p><blockquote>...即使从绝对值来看，成交量并不高：三周SPX实现成交量（12.1%）仍低于年初至今实现成交量（13.4%），周二的反弹使VIX回到20以下。更重要的是，<b>为了应对创纪录的下行偏斜，正确地暗示抛售将带来更高的波动性，偏斜现在已经走得更高——至少对标普500来说是这样。</b></blockquote></p><p> Some more observations from Fishman: \"although Tuesday’s large SPX move and drop in implied vol has reduced vol risk premium, the VIX remains high relative to recent realized vol.\"</p><p><blockquote>Fishman的更多观察：“尽管周二SPX的大幅波动和隐含波动率的下降降低了波动率风险溢价，但VIX相对于最近实现的波动率仍然很高。”</blockquote></p><p> Furthermore, the SPX has not had one-month realized vol as high as the current VIX level (19.7) since November - indicating that options continue to be persistently expensive,<b>which also means that traders are hedging to outsized moves both higher and lower and any selloffs are likely to be fleeting as hedges are cashed in</b>.</p><p><blockquote>此外，自11月以来，SPX的一个月实现波动率从未达到当前VIX水平（19.7）的水平，这表明期权仍然持续昂贵，<b>这也意味着交易者正在对冲大幅上涨和下跌，随着对冲兑现，任何抛售都可能转瞬即逝</b>.</blockquote></p><p> <img src=\"https://static.tigerbbs.com/002e0c79da541efcfb85fe1e04e29088\" tg-width=\"644\" tg-height=\"397\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> That said, given the recent precedent for quick sell-offs to be followed quickly by low volatility, Goldman expects volatility to subside in the near term with more likelihood of a sustained increase in Q4, and a big reason for this is the persistently high index skew.</p><p><blockquote>尽管如此，考虑到最近快速抛售之后迅速出现低波动性的先例，高盛预计波动性将在短期内消退，第四季度持续上升的可能性更大，而造成这种情况的一个重要原因是指数持续高位倾斜。</blockquote></p><p>   SPX index skew continues to be at near-record levels, which we see as driven by a lack of downside sellers  <b>as much as demand for hedging.</b>The strong reaction of the VIX to Monday’s sell-off, with the VIX up over six points at one point intraday,  <b>proved that high skew was justified - at least on a very local level....</b>on a more persistent sell-off, it would be difficult to sustain the level of implied volatility that skew would indicate.  Meanwhile, from a cross-asset standpoint, Fishman adds that if interest rates staying this low has the potential to be a catalyst for further equity upside (unless they plunge<i><b>too</b></i>fast), leaving the potential for near-term asymmetry in SPX potential returns that is the opposite of what option markets are implying.</p><p><blockquote>SPX指数偏差继续处于接近创纪录水平，我们认为这是由缺乏下行卖家推动的<b>以及对冲的需求。</b>VIX对周一抛售的强烈反应，VIX盘中一度上涨超过6点，<b>证明了高偏斜是合理的——至少在非常局部的层面上....</b>如果出现更持续的抛售，则很难维持skew所指示的隐含波动率水平。与此同时，从跨资产的角度来看，菲什曼补充说，如果利率保持在如此低的水平，有可能成为股市进一步上涨的催化剂（除非利率暴跌<i><b>也</b></i>快速），使得SPX潜在回报存在近期不对称的可能性，这与期权市场的含义相反。</blockquote></p><p> So how does one trade the persistently sticky record high skew? Goldman continues to like levered risk reversals as a way to take advantage of this dynamic: Sell a 17-Sep 3800-strike put (12.1% OTM) to fund 2x 4550-strike (5.2% OTM) calls for zero net premium. The trade would be subject to dollar-for-dollar losses shouldthe SPX close below the downside strike at expiration.</p><p><blockquote>那么，如何交易持续粘性的创纪录高位偏差呢？高盛仍然喜欢杠杆风险逆转，以此作为利用这种动态的一种方式：出售9月17日3800执行权（12.1%OTM）的看跌期权，以零净溢价为2倍4550执行权（5.2%OTM）的评级提供资金。如果SPX指数在到期时收盘价低于下行价格，该交易将遭受美元对美元的损失。</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>Behind The Market's Furious Reversal: Record High Skew<blockquote>市场疯狂逆转的背后：创纪录的高位偏差</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\">\nBehind The Market's Furious Reversal: Record High Skew<blockquote>市场疯狂逆转的背后：创纪录的高位偏差</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-21 22:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>At the end of June, when the S&amp;P was making new all time highs day after day, and when the VIX was touching fresh 2021 lows, we cautioned that the skew index just hit a new all time high - meaning that put options have been unusually expensive relative to at-the-money options, helping support the put-heavy VIX index. As we further added, high skew, which compares put option prices with at-the-money option prices, has reached new all-time high,&nbsp;<b>and reflected investor perception that high volatility would return should markets sell off.</b></p><p><blockquote>6月底，当标准普尔指数日复一日地创下历史新高，当VIX触及2021年新低时，我们警告称，skew指数刚刚创下历史新高——这意味着看跌期权已经异常昂贵相对于平值期权，有助于支撑以看跌期权为主的VIX指数。正如我们进一步补充的那样，将看跌期权价格与平值期权价格进行比较的high skew已达到历史新高，<b>并反映了投资者的看法，即如果市场抛售，高波动性将会回归。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/b30d4664cf3c973cc1a86d743bcae379\" tg-width=\"746\" tg-height=\"464\" width=\"100%\" height=\"auto\">Commenting on this unusual move, we said that it shows that while on one hand traders seem complacent, they have never been more nervous that even a modest wobble in the market could start a crash. By extension,<b>\"</b><b><u>they have also never been more protected against a full-blown market crash</u></b><b>.\"</b></p><p><blockquote>在评论这一不寻常的举动时，我们说，这表明，虽然一方面交易者似乎自满，但他们从未如此紧张，即使市场的适度波动也可能引发崩盘。推而广之，<b>\"</b><b><u>他们也从未像现在这样免受全面市场崩盘的影响</u></b><b>.\"</b></blockquote></p><p> So fast forward to the violent, if brief, air pocket (and hardly a full-blown crash) the market experienced late last week and on Monday, which saw stocks tumble the most in months... only to soar right after. In retrospect, traders have the record high skew to thank for that because while risk reversed sharply on Tuesday and continuing today, traders were fully hedged and ready to pounce.</p><p><blockquote>快进到上周晚些时候和周一市场经历的剧烈（尽管短暂）的气穴（而不是全面崩盘），股市出现了几个月来的最大跌幅...只是在那之后飞翔。回想起来，交易者对此要感谢创纪录的高偏差，因为尽管风险在周二急剧逆转并持续到今天，但交易者已经完全对冲并准备好突袭。</blockquote></p><p> So following up on his observations from a month ago, when he first noted the record high skew, Goldman's derivatives strategist Rocky Fishman wrote that this week’s volatility pushed equity implied and realized volatility higher, with the VIX briefly hitting 25 during the day on Monday (19-Jul)...</p><p><blockquote>因此，继一个月前他首次注意到创纪录的高位偏差时的观察之后，高盛的衍生品策略师洛奇·菲什曼（Rocky Fishman）写道，本周的波动性推高了股票隐含波动性和已实现波动性，VIX在周一（7月19日）白天短暂触及25...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/44c28ca21fe15a17f5b7fa1e3236e5ad\" tg-width=\"651\" tg-height=\"375\" width=\"100%\" height=\"auto\">... even if in absolute terms vol is not high: three-week SPX realized vol (12.1%) is still below year-to-date realized vol (13.4%),and Tuesday’s rally brought the VIX back under 20. More importantly,<b>in response to record downside skew correctly implying that a sell-off would bring much higher volatility, skew has now moved even higher - at least for the S&amp;P 500.</b></p><p><blockquote>...即使从绝对值来看，成交量并不高：三周SPX实现成交量（12.1%）仍低于年初至今实现成交量（13.4%），周二的反弹使VIX回到20以下。更重要的是，<b>为了应对创纪录的下行偏斜，正确地暗示抛售将带来更高的波动性，偏斜现在已经走得更高——至少对标普500来说是这样。</b></blockquote></p><p> Some more observations from Fishman: \"although Tuesday’s large SPX move and drop in implied vol has reduced vol risk premium, the VIX remains high relative to recent realized vol.\"</p><p><blockquote>Fishman的更多观察：“尽管周二SPX的大幅波动和隐含波动率的下降降低了波动率风险溢价，但VIX相对于最近实现的波动率仍然很高。”</blockquote></p><p> Furthermore, the SPX has not had one-month realized vol as high as the current VIX level (19.7) since November - indicating that options continue to be persistently expensive,<b>which also means that traders are hedging to outsized moves both higher and lower and any selloffs are likely to be fleeting as hedges are cashed in</b>.</p><p><blockquote>此外，自11月以来，SPX的一个月实现波动率从未达到当前VIX水平（19.7）的水平，这表明期权仍然持续昂贵，<b>这也意味着交易者正在对冲大幅上涨和下跌，随着对冲兑现，任何抛售都可能转瞬即逝</b>.</blockquote></p><p> <img src=\"https://static.tigerbbs.com/002e0c79da541efcfb85fe1e04e29088\" tg-width=\"644\" tg-height=\"397\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> That said, given the recent precedent for quick sell-offs to be followed quickly by low volatility, Goldman expects volatility to subside in the near term with more likelihood of a sustained increase in Q4, and a big reason for this is the persistently high index skew.</p><p><blockquote>尽管如此，考虑到最近快速抛售之后迅速出现低波动性的先例，高盛预计波动性将在短期内消退，第四季度持续上升的可能性更大，而造成这种情况的一个重要原因是指数持续高位倾斜。</blockquote></p><p>   SPX index skew continues to be at near-record levels, which we see as driven by a lack of downside sellers  <b>as much as demand for hedging.</b>The strong reaction of the VIX to Monday’s sell-off, with the VIX up over six points at one point intraday,  <b>proved that high skew was justified - at least on a very local level....</b>on a more persistent sell-off, it would be difficult to sustain the level of implied volatility that skew would indicate.  Meanwhile, from a cross-asset standpoint, Fishman adds that if interest rates staying this low has the potential to be a catalyst for further equity upside (unless they plunge<i><b>too</b></i>fast), leaving the potential for near-term asymmetry in SPX potential returns that is the opposite of what option markets are implying.</p><p><blockquote>SPX指数偏差继续处于接近创纪录水平，我们认为这是由缺乏下行卖家推动的<b>以及对冲的需求。</b>VIX对周一抛售的强烈反应，VIX盘中一度上涨超过6点，<b>证明了高偏斜是合理的——至少在非常局部的层面上....</b>如果出现更持续的抛售，则很难维持skew所指示的隐含波动率水平。与此同时，从跨资产的角度来看，菲什曼补充说，如果利率保持在如此低的水平，有可能成为股市进一步上涨的催化剂（除非利率暴跌<i><b>也</b></i>快速），使得SPX潜在回报存在近期不对称的可能性，这与期权市场的含义相反。</blockquote></p><p> So how does one trade the persistently sticky record high skew? Goldman continues to like levered risk reversals as a way to take advantage of this dynamic: Sell a 17-Sep 3800-strike put (12.1% OTM) to fund 2x 4550-strike (5.2% OTM) calls for zero net premium. The trade would be subject to dollar-for-dollar losses shouldthe SPX close below the downside strike at expiration.</p><p><blockquote>那么，如何交易持续粘性的创纪录高位偏差呢？高盛仍然喜欢杠杆风险逆转，以此作为利用这种动态的一种方式：出售9月17日3800执行权（12.1%OTM）的看跌期权，以零净溢价为2倍4550执行权（5.2%OTM）的评级提供资金。如果SPX指数在到期时收盘价低于下行价格，该交易将遭受美元对美元的损失。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/behind-markets-furious-reversal-record-high-skew?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</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":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/behind-markets-furious-reversal-record-high-skew?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144363960","content_text":"At the end of June, when the S&P was making new all time highs day after day, and when the VIX was touching fresh 2021 lows, we cautioned that the skew index just hit a new all time high - meaning that put options have been unusually expensive relative to at-the-money options, helping support the put-heavy VIX index. As we further added, high skew, which compares put option prices with at-the-money option prices, has reached new all-time high, and reflected investor perception that high volatility would return should markets sell off.\nCommenting on this unusual move, we said that it shows that while on one hand traders seem complacent, they have never been more nervous that even a modest wobble in the market could start a crash. By extension,\"they have also never been more protected against a full-blown market crash.\"\nSo fast forward to the violent, if brief, air pocket (and hardly a full-blown crash) the market experienced late last week and on Monday, which saw stocks tumble the most in months... only to soar right after. In retrospect, traders have the record high skew to thank for that because while risk reversed sharply on Tuesday and continuing today, traders were fully hedged and ready to pounce.\nSo following up on his observations from a month ago, when he first noted the record high skew, Goldman's derivatives strategist Rocky Fishman wrote that this week’s volatility pushed equity implied and realized volatility higher, with the VIX briefly hitting 25 during the day on Monday (19-Jul)...\n... even if in absolute terms vol is not high: three-week SPX realized vol (12.1%) is still below year-to-date realized vol (13.4%),and Tuesday’s rally brought the VIX back under 20. More importantly,in response to record downside skew correctly implying that a sell-off would bring much higher volatility, skew has now moved even higher - at least for the S&P 500.\nSome more observations from Fishman: \"although Tuesday’s large SPX move and drop in implied vol has reduced vol risk premium, the VIX remains high relative to recent realized vol.\"\nFurthermore, the SPX has not had one-month realized vol as high as the current VIX level (19.7) since November - indicating that options continue to be persistently expensive,which also means that traders are hedging to outsized moves both higher and lower and any selloffs are likely to be fleeting as hedges are cashed in.\n\nThat said, given the recent precedent for quick sell-offs to be followed quickly by low volatility, Goldman expects volatility to subside in the near term with more likelihood of a sustained increase in Q4, and a big reason for this is the persistently high index skew.\n\n SPX index skew continues to be at near-record levels, which we see as driven by a lack of downside sellers\n as much as demand for hedging.The strong reaction of the VIX to Monday’s sell-off, with the VIX up over six points at one point intraday,\n proved that high skew was justified - at least on a very local level....on a more persistent sell-off, it would be difficult to sustain the level of implied volatility that skew would indicate.\n\nMeanwhile, from a cross-asset standpoint, Fishman adds that if interest rates staying this low has the potential to be a catalyst for further equity upside (unless they plungetoofast), leaving the potential for near-term asymmetry in SPX potential returns that is the opposite of what option markets are implying.\nSo how does one trade the persistently sticky record high skew? Goldman continues to like levered risk reversals as a way to take advantage of this dynamic: Sell a 17-Sep 3800-strike put (12.1% OTM) to fund 2x 4550-strike (5.2% OTM) calls for zero net premium. The trade would be subject to dollar-for-dollar losses shouldthe SPX close below the downside strike at expiration.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":501,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173743242,"gmtCreate":1626690529586,"gmtModify":1633924913798,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/173743242","repostId":"1111084715","repostType":4,"isVote":1,"tweetType":1,"viewCount":658,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158106531,"gmtCreate":1625133633423,"gmtModify":1633944434272,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/158106531","repostId":"1106223449","repostType":4,"repost":{"id":"1106223449","kind":"news","pubTimestamp":1625122086,"share":"https://www.laohu8.com/m/news/1106223449?lang=zh_CN&edition=full","pubTime":"2021-07-01 14:48","market":"us","language":"en","title":"The S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.<blockquote>标普500取得了自互联网泡沫以来第二好的上半年成绩。接下来会发生什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106223449","media":"Barrons","summary":"Since 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year.\nThe S&P 5","content":"<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d70d0323609e9ce596a9a90e475422d1\" tg-width=\"1260\" tg-height=\"840\"><span>Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year.</span></p><p><blockquote><p class=\"t-img-caption\"><span>自1979年以来，标普500上半年涨幅达到或超过10%已有14次。</span></p></blockquote></p><p> The S&amp;P 500 closed its second-best first half since the dot-com bubble. Don’t be surprised if the stock market keeps on rising.</p><p><blockquote>标普500的上半年表现是自互联网泡沫以来第二好的。如果股市继续上涨，不要感到惊讶。</blockquote></p><p> With June coming to an end, the S&amp;P 500 finished the first half of 2021 with a gain of 14.4%. Since 1998, only 2019’s 17.4% first-half surge has been larger.</p><p><blockquote>随着6月接近尾声，标普500以14.4%的涨幅结束了2021年上半年。自1998年以来，只有2019年上半年17.4%的增幅更大。</blockquote></p><p> The market got a boost from Covid-19 vaccinations, which have helped the U.S. economy reopen, while trillions of dollars of fiscal stimulus have helped shore up demand. The gains continued even as concerns about inflation have increased speculation that the Federal Reserve would be forced to take steps to slow the economy.</p><p><blockquote>Covid-19疫苗接种提振了市场，帮助美国经济重新开放，而数万亿美元的财政刺激措施帮助支撑了需求。尽管对通胀的担忧加剧了人们对美联储将被迫采取措施减缓经济增长的猜测，但涨幅仍在继续。</blockquote></p><p> The combination of big gains and a more hawkish Fed have raised concerns that the market has become too complacent. If inflation continues to run hot for long enough, the central bank could be forced to act more quickly than the market expects—and&nbsp;cause stocks to tumble. Others worry that&nbsp;U.S. economic growth could slow faster than investors anticipate, causing a pullback in the process.</p><p><blockquote>大幅上涨和美联储更加鹰派的结合引发了市场过于自满的担忧。如果通胀持续持续足够长的时间，央行可能会被迫以比市场预期更快的速度采取行动，并导致股市暴跌。其他人担心美国。经济增长放缓的速度可能快于投资者的预期，导致经济增长放缓。</blockquote></p><p> For those who take that view, there is no better time to back away from the stock market than the present. History suggests otherwise.</p><p><blockquote>对于持这种观点的人来说，没有比现在更好的退出股市的时机了。历史表明并非如此。</blockquote></p><p> Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year, and the index has gone on to average a 6.3% gain over the second half of the year. What’s more, the index finished the second half of the year higher In 11 of those instances, or 79% of the time.</p><p><blockquote>自1979年以来，标普500上半年涨幅达到或超过10%的有14次，下半年该指数平均涨幅为6.3%。更重要的是，该指数在下半年有11次（即79%的时间）走高。</blockquote></p><p> Even the losses, when they occurred, weren’t all that bad. The S&amp;P 500 dropped 1.9% in the second half of 1983 and 3.5% during the last six months of 1986.</p><p><blockquote>即使是损失，当它们发生时，也没有那么糟糕。标普500在1983年下半年下降了1.9%，在1986年最后六个月下降了3.5%。</blockquote></p><p> The one exception was the last six months of 1987 when the index fell 19% during the second half of the year. That period included Black Monday, when the S&amp;P 500 dropped 20% in one day, still a record loss. While selling linked to so-called&nbsp;portfolio insurance&nbsp;was ultimately blamed for the size and speed of the loss, the second half of 1987 was&nbsp;a period of rising bond yields and high stock-market valuations, just like the first half of 2021.</p><p><blockquote>一个例外是1987年的最后六个月，该指数在下半年下跌了19%。那段时间包括黑色星期一，当时标普500在一天内下跌了20%，仍然是创纪录的跌幅。虽然与所谓投资组合保险相关的抛售最终被归咎于损失的规模和速度，但1987年下半年是债券收益率上升和股市估值高的时期，就像2021年上半年一样。</blockquote></p><p> Still, the market has been acting like it wants to go higher, not lower. Pullbacks, a normal event in the midst of bull runs, have been mild in 2021, with the largest drops being less than 4%. “What the [S&amp;P 500] has done throughout 2021 is pick itself up when and where it has needed to, maintaining an uptrend all along,” writes Frank&nbsp;Cappelleri, chief market technician at Instinet.</p><p><blockquote>尽管如此，市场一直表现得想要走高，而不是走低。回调是牛市中的正常事件，在2021年表现温和，最大跌幅不到4%。Instinet首席市场技术员Frank Cappelleri写道：“[标普500]在2021年所做的就是在需要的时间和地点回升，始终保持上升趋势。”</blockquote></p><p> That 6.3% average second-half rise would push the S&amp;P 500’s full-year gain to around 23%. That would represent a “textbook [market] recovery” from a recession, says Fundstrat’s Tom Lee.</p><p><blockquote>下半年6.3%的平均涨幅将使标普500的全年涨幅达到23%左右。Fundstrat的汤姆·李(Tom Lee)表示，这将代表着从衰退中“教科书式的[市场]复苏”。</blockquote></p><p> For now, at least, the path of least resistance is higher.</p><p><blockquote>至少就目前而言，阻力最小的路径更高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3cb229b2e05d59b9c126d464a7d771bb\" tg-width=\"958\" tg-height=\"647\"></p><p><blockquote></blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.<blockquote>标普500取得了自互联网泡沫以来第二好的上半年成绩。接下来会发生什么。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.<blockquote>标普500取得了自互联网泡沫以来第二好的上半年成绩。接下来会发生什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-01 14:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d70d0323609e9ce596a9a90e475422d1\" tg-width=\"1260\" tg-height=\"840\"><span>Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year.</span></p><p><blockquote><p class=\"t-img-caption\"><span>自1979年以来，标普500上半年涨幅达到或超过10%已有14次。</span></p></blockquote></p><p> The S&amp;P 500 closed its second-best first half since the dot-com bubble. Don’t be surprised if the stock market keeps on rising.</p><p><blockquote>标普500的上半年表现是自互联网泡沫以来第二好的。如果股市继续上涨，不要感到惊讶。</blockquote></p><p> With June coming to an end, the S&amp;P 500 finished the first half of 2021 with a gain of 14.4%. Since 1998, only 2019’s 17.4% first-half surge has been larger.</p><p><blockquote>随着6月接近尾声，标普500以14.4%的涨幅结束了2021年上半年。自1998年以来，只有2019年上半年17.4%的增幅更大。</blockquote></p><p> The market got a boost from Covid-19 vaccinations, which have helped the U.S. economy reopen, while trillions of dollars of fiscal stimulus have helped shore up demand. The gains continued even as concerns about inflation have increased speculation that the Federal Reserve would be forced to take steps to slow the economy.</p><p><blockquote>Covid-19疫苗接种提振了市场，帮助美国经济重新开放，而数万亿美元的财政刺激措施帮助支撑了需求。尽管对通胀的担忧加剧了人们对美联储将被迫采取措施减缓经济增长的猜测，但涨幅仍在继续。</blockquote></p><p> The combination of big gains and a more hawkish Fed have raised concerns that the market has become too complacent. If inflation continues to run hot for long enough, the central bank could be forced to act more quickly than the market expects—and&nbsp;cause stocks to tumble. Others worry that&nbsp;U.S. economic growth could slow faster than investors anticipate, causing a pullback in the process.</p><p><blockquote>大幅上涨和美联储更加鹰派的结合引发了市场过于自满的担忧。如果通胀持续持续足够长的时间，央行可能会被迫以比市场预期更快的速度采取行动，并导致股市暴跌。其他人担心美国。经济增长放缓的速度可能快于投资者的预期，导致经济增长放缓。</blockquote></p><p> For those who take that view, there is no better time to back away from the stock market than the present. History suggests otherwise.</p><p><blockquote>对于持这种观点的人来说，没有比现在更好的退出股市的时机了。历史表明并非如此。</blockquote></p><p> Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year, and the index has gone on to average a 6.3% gain over the second half of the year. What’s more, the index finished the second half of the year higher In 11 of those instances, or 79% of the time.</p><p><blockquote>自1979年以来，标普500上半年涨幅达到或超过10%的有14次，下半年该指数平均涨幅为6.3%。更重要的是，该指数在下半年有11次（即79%的时间）走高。</blockquote></p><p> Even the losses, when they occurred, weren’t all that bad. The S&amp;P 500 dropped 1.9% in the second half of 1983 and 3.5% during the last six months of 1986.</p><p><blockquote>即使是损失，当它们发生时，也没有那么糟糕。标普500在1983年下半年下降了1.9%，在1986年最后六个月下降了3.5%。</blockquote></p><p> The one exception was the last six months of 1987 when the index fell 19% during the second half of the year. That period included Black Monday, when the S&amp;P 500 dropped 20% in one day, still a record loss. While selling linked to so-called&nbsp;portfolio insurance&nbsp;was ultimately blamed for the size and speed of the loss, the second half of 1987 was&nbsp;a period of rising bond yields and high stock-market valuations, just like the first half of 2021.</p><p><blockquote>一个例外是1987年的最后六个月，该指数在下半年下跌了19%。那段时间包括黑色星期一，当时标普500在一天内下跌了20%，仍然是创纪录的跌幅。虽然与所谓投资组合保险相关的抛售最终被归咎于损失的规模和速度，但1987年下半年是债券收益率上升和股市估值高的时期，就像2021年上半年一样。</blockquote></p><p> Still, the market has been acting like it wants to go higher, not lower. Pullbacks, a normal event in the midst of bull runs, have been mild in 2021, with the largest drops being less than 4%. “What the [S&amp;P 500] has done throughout 2021 is pick itself up when and where it has needed to, maintaining an uptrend all along,” writes Frank&nbsp;Cappelleri, chief market technician at Instinet.</p><p><blockquote>尽管如此，市场一直表现得想要走高，而不是走低。回调是牛市中的正常事件，在2021年表现温和，最大跌幅不到4%。Instinet首席市场技术员Frank Cappelleri写道：“[标普500]在2021年所做的就是在需要的时间和地点回升，始终保持上升趋势。”</blockquote></p><p> That 6.3% average second-half rise would push the S&amp;P 500’s full-year gain to around 23%. That would represent a “textbook [market] recovery” from a recession, says Fundstrat’s Tom Lee.</p><p><blockquote>下半年6.3%的平均涨幅将使标普500的全年涨幅达到23%左右。Fundstrat的汤姆·李(Tom Lee)表示，这将代表着从衰退中“教科书式的[市场]复苏”。</blockquote></p><p> For now, at least, the path of least resistance is higher.</p><p><blockquote>至少就目前而言，阻力最小的路径更高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3cb229b2e05d59b9c126d464a7d771bb\" tg-width=\"958\" tg-height=\"647\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stock-market-futures-crash-gains-51625071996?mod=hp_LEAD_1\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/stock-market-futures-crash-gains-51625071996?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106223449","content_text":"Since 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year.\nThe S&P 500 closed its second-best first half since the dot-com bubble. Don’t be surprised if the stock market keeps on rising.\nWith June coming to an end, the S&P 500 finished the first half of 2021 with a gain of 14.4%. Since 1998, only 2019’s 17.4% first-half surge has been larger.\nThe market got a boost from Covid-19 vaccinations, which have helped the U.S. economy reopen, while trillions of dollars of fiscal stimulus have helped shore up demand. The gains continued even as concerns about inflation have increased speculation that the Federal Reserve would be forced to take steps to slow the economy.\nThe combination of big gains and a more hawkish Fed have raised concerns that the market has become too complacent. If inflation continues to run hot for long enough, the central bank could be forced to act more quickly than the market expects—and cause stocks to tumble. Others worry that U.S. economic growth could slow faster than investors anticipate, causing a pullback in the process.\nFor those who take that view, there is no better time to back away from the stock market than the present. History suggests otherwise.\nSince 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year, and the index has gone on to average a 6.3% gain over the second half of the year. What’s more, the index finished the second half of the year higher In 11 of those instances, or 79% of the time.\nEven the losses, when they occurred, weren’t all that bad. The S&P 500 dropped 1.9% in the second half of 1983 and 3.5% during the last six months of 1986.\nThe one exception was the last six months of 1987 when the index fell 19% during the second half of the year. That period included Black Monday, when the S&P 500 dropped 20% in one day, still a record loss. While selling linked to so-called portfolio insurance was ultimately blamed for the size and speed of the loss, the second half of 1987 was a period of rising bond yields and high stock-market valuations, just like the first half of 2021.\nStill, the market has been acting like it wants to go higher, not lower. Pullbacks, a normal event in the midst of bull runs, have been mild in 2021, with the largest drops being less than 4%. “What the [S&P 500] has done throughout 2021 is pick itself up when and where it has needed to, maintaining an uptrend all along,” writes Frank Cappelleri, chief market technician at Instinet.\nThat 6.3% average second-half rise would push the S&P 500’s full-year gain to around 23%. That would represent a “textbook [market] recovery” from a recession, says Fundstrat’s Tom Lee.\nFor now, at least, the path of least resistance is higher.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":299,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":884215575,"gmtCreate":1631893321497,"gmtModify":1632805501954,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"No&nbsp;","listText":"No&nbsp;","text":"No","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/884215575","repostId":"2168788835","repostType":4,"isVote":1,"tweetType":1,"viewCount":506,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811481798,"gmtCreate":1630336531614,"gmtModify":1704958762400,"author":{"id":"3561892756320244","authorId":"3561892756320244","name":"loveena","avatar":"https://static.tigerbbs.com/d991c10b28d0043e55514f93132845bc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561892756320244","authorIdStr":"3561892756320244"},"themes":[],"htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/811481798","repostId":"1170785593","repostType":4,"isVote":1,"tweetType":1,"viewCount":312,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}