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我会成为小富婆

我会成为小富婆

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我会成为小富婆

2021-05-27

wow. Like and comment please

AMC shares once rose 20%，making the growth rate expanded to 1000% so far in 2021<blockquote>AMC股价一度上涨20%，使得2021年至今涨幅扩大至1000%</blockquote>

我会成为小富婆

2021-07-25

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Is IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</blockquote>

我会成为小富婆

2021-08-13

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抱歉，原内容已删除

我会成为小富婆

2021-08-04

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我会成为小富婆

2021-08-09

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Berkshire Buoyed as U.S. Rebound Fires Up Manufacturers<blockquote>美国经济反弹提振制造商，伯克希尔哈撒韦公司受到提振</blockquote>

我会成为小富婆

2021-04-19

Comment pleaseeeee

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我会成为小富婆

2021-07-28

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Hot Chinese concept stocks continue to rebound<blockquote>热点中概股持续反弹</blockquote>

我会成为小富婆

2021-07-22

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How to invest as the Delta variant takes hold<blockquote>随着德尔塔变异毒株的到来如何投资</blockquote>

我会成为小富婆

2021-05-04

OH NOOO

Stocks decline after a solid start to May, Nasdaq drops 2% as tech shares lead losses<blockquote>股市在5月份强劲开局后下跌，科技股领跌，纳斯达克股价下跌2%</blockquote>

我会成为小富婆

2021-04-17

Comment for me please

$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote>

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20:14","market":"us","language":"en","title":"3 Stocks Insiders Are Buying<blockquote>内部人士正在买入的3只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1100263945","media":"Benzinga","summary":"When insiders purchase shares, it indicates their confidence in the company's prospects or that they","content":"<p><div> When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. ...</p><p><blockquote><div>当内部人士购买股票时，表明他们对公司前景充满信心，或者认为该股票很便宜。不管怎样，这都标志着做多股票的机会。...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24665866/3-stocks-insiders-are-buying\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24665866/3-stocks-insiders-are-buying\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","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>3 Stocks Insiders Are Buying<blockquote>内部人士正在买入的3只股票</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\">\n3 Stocks Insiders Are Buying<blockquote>内部人士正在买入的3只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-12-17 20:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. ...</p><p><blockquote><div>当内部人士购买股票时，表明他们对公司前景充满信心，或者认为该股票很便宜。不管怎样，这都标志着做多股票的机会。...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24665866/3-stocks-insiders-are-buying\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24665866/3-stocks-insiders-are-buying\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24665866/3-stocks-insiders-are-buying\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GIC":"Global Industry Company","BCOR":"GRAYSCALE BITCOIN ADOPTERS ETF"},"source_url":"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24665866/3-stocks-insiders-are-buying","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100263945","content_text":"When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.\nBelow is a look at a few recent notable insider purchases.\nGlobal Industrial\n\nThe Trade:Global Industrial Company(NYSE:GIC) Vice Chairman Robert Leeds acquired a total of 6820000 shares at an average price of $32.37. To acquire these shares, it cost $92,050,157.58. The insider also sold a total of 4340000 shares.\nWhat’s Happening:The company, last month, posted mixed quarterly results.\nWhat Global Industrial Does:Global Industrial Co is a value-added industrial distributor. It distributes a wide range of industrial and maintenance, repair, and operations (MRO) products to customers across North America, including storage and shelving, material handling, janitorial and maintenance, safety and security, furniture and office, HVAC/R and fans, workbenches, and shop desks, outdoor and grounds maintenance, plumbing and pumps, and packaging and supplies.\n\nLazydays Holdings\n\nThe Trade:Lazydays Holdings, Inc.(NASDAQ:LAZY) Director Christopher Shackelton acquired a total of 87184 shares at an average price of $20.35. To acquire these shares, it cost $1,774,008.66.\nWhat’s Happening:Lazydays, last month, posted Q3 sales of $318.70 million.\nWhat Lazydays Holdings Does:Lazydays Holdings Inc operates recreational vehicle dealerships. It provides various products, including RV sales, RV services, financing and insurance products, RV parts and accessories, RV rentals, third-party protection plans, and RV camping for RV owners.\n\nBlucora\n\nThe Trade:Blucora, Inc.(NASDAQ:BCOR) CEO Christopher W. Waltersbought a total of 10000 sharesat an average price of $16.73. To acquire these shares, it cost $167,300.00.\nWhat’s Happening:JP Morgan recently downgraded Blucora from Overweight to Neutral and lowered the price target from $27 to $22..\nWhat Blucora Does:Blucora Inc is a provider of technology-enabled financial solutions for consumers, small business owners, and tax professionals.","news_type":1,"symbols_score_info":{"GIC":0.9,"BCOR":0.9,"LAZY":0.9}},"isVote":1,"tweetType":1,"viewCount":2664,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":894428374,"gmtCreate":1628849861498,"gmtModify":1631884907626,"author":{"id":"3564041372367572","authorId":"3564041372367572","name":"我会成为小富婆","avatar":"https://static.tigerbbs.com/cc81530dfc76889190c0083ac7558dcb","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564041372367572","idStr":"3564041372367572"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and 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comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/898572732","repostId":"2158446563","repostType":4,"isVote":1,"tweetType":1,"viewCount":2392,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898572978,"gmtCreate":1628515024994,"gmtModify":1631884907724,"author":{"id":"3564041372367572","authorId":"3564041372367572","name":"我会成为小富婆","avatar":"https://static.tigerbbs.com/cc81530dfc76889190c0083ac7558dcb","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564041372367572","idStr":"3564041372367572"},"themes":[],"htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/898572978","repostId":"1169468024","repostType":4,"repost":{"id":"1169468024","kind":"news","pubTimestamp":1628514601,"share":"https://www.laohu8.com/m/news/1169468024?lang=zh_CN&edition=full","pubTime":"2021-08-09 21:10","market":"us","language":"en","title":"Berkshire Buoyed as U.S. Rebound Fires Up Manufacturers<blockquote>美国经济反弹提振制造商，伯克希尔哈撒韦公司受到提振</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169468024","media":"Bloomberg","summary":"(Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. is reaping the benefits of the U.S. economic","content":"<p>(Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. is reaping the benefits of the U.S. economic recovery.</p><p><blockquote>（彭博社）——沃伦·巴菲特的伯克希尔·哈撒韦公司正在收获美国经济复苏的好处。</blockquote></p><p> The conglomerate’s collection of manufacturers and retailers bounced back during the second quarter after being hit hard as the pandemic ripped through the U.S. last year. That group of businesses posted its second-highest quarterly profit in data going back to the middle of 2009 and helped fuel a 21% gain in Berkshire’s total operating profit during the period.</p><p><blockquote>该集团旗下的制造商和零售商在去年疫情席卷美国时遭受重创后，在第二季度出现反弹。该业务集团公布了自2009年中期以来第二高的季度利润，并帮助伯克希尔哈撒韦公司在此期间的总营业利润增长了21%。</blockquote></p><p> “It’s all of the other old economy, manufacturing, service, retailing, transportation businesses that just really reflect the broad economic recovery driving this performance this quarter,” Jim Shanahan, an analyst at Edward Jones, said in a phone interview. “There’s a housing angle here which I think was a really strong contributor this quarter.”</p><p><blockquote>爱德华·琼斯(Edward Jones)分析师吉姆·沙纳汉(Jim Shanahan)在接受电话采访时表示：“所有其他旧经济、制造业、服务业、零售业、运输业才真正反映了推动本季度业绩的广泛经济复苏。”“这里有一个住房角度，我认为这是本季度的一个非常强大的贡献者。”</blockquote></p><p> Buffett has built Berkshire into a broad business with footholds in industries including insurance, energy and retail. But that exposure to a wide slice of the U.S. economy weighed on it last year with businesses including See’s Candies having to furlough workers at the start of the shutdowns. Now, the outlook appears brighter.</p><p><blockquote>巴菲特将伯克希尔打造成为一家广泛的企业，在保险、能源和零售等行业都有立足点。但去年，这种对美国经济大部分地区的敞口给其带来了压力，包括喜诗糖果在内的企业不得不在停工之初让工人休假。现在，前景似乎更加光明。</blockquote></p><p> “Many of our businesses generated significantly higher earnings over the first half of 2021 compared to 2020, which included significant adverse effects from the pandemic,” Berkshire said in a regulatory filing Saturday. “Earnings of our manufacturing, service and retail businesses in 2021 benefited from higher customer demand in many of our businesses and exceeded earnings in 2019 as well.”</p><p><blockquote>伯克希尔在周六提交的监管文件中表示：“与2020年相比，我们的许多业务在2021年上半年的盈利显着增加，其中包括疫情的重大不利影响。”“2021年，我们制造、服务和零售业务的盈利受益于我们许多业务的客户需求增加，也超过了2019年的盈利。”</blockquote></p><p> Berkshire’s group of building-products companies accounted for a particular source of strength during the quarter. Earnings at those operations were up almost 40%, helped by the boon in housing construction in the U.S. Tom Russo, a Berkshire shareholder, said the strength of those businesses combined with the challenge of disrupting them through technology makes them a good part of Berkshire’s composition.</p><p><blockquote>伯克希尔的建筑产品公司集团是本季度的一个特殊优势来源。在美国住房建设繁荣的帮助下，这些业务的盈利增长了近40%。伯克希尔股东汤姆·鲁索(Tom Russo)表示，这些业务的实力加上通过技术颠覆它们的挑战，使它们成为伯克希尔的重要组成部分。组成。</blockquote></p><p> “The businesses have a certain underlying recurrence that I think makes them attractive,” Russo, who oversees $10 billion including investments in Berkshire shares at Gardner Russo &amp; Quinn LLC, said in a phone interview.</p><p><blockquote>“这些业务具有一定的潜在经常性，我认为这使它们具有吸引力，”Russo在接受电话采访时表示，他在Gardner Russo&amp;Quinn LLC管理着100亿美元的伯克希尔股票投资。</blockquote></p><p> What Bloomberg Intelligence Says</p><p><blockquote>彭博资讯怎么说</blockquote></p><p> “Warren Buffett’s Berkshire Hathaway is on pace for a solid 2H on the back of about 30% operating unit earnings growth in 2Q. This was an easy comparison, but earnings were above 2016-19 averages in all four segments. ”</p><p><blockquote>“沃伦·巴菲特的伯克希尔·哈撒韦公司在第二季度运营部门盈利增长约30%的背景下，有望实现稳健的第二季度业绩。这是一个简单的比较，但所有四个部门的盈利均高于2016-19年的平均水平。”</blockquote></p><p> --Matthew Palazola, a senior industry analyst, and Kylie Towbin, an associate analyst</p><p><blockquote>——高级行业分析师Matthew Palazola和助理分析师Kylie Towbin</blockquote></p><p> Still, Berkshire wasn’t immune to the supply-chain pressures that have been a persistent economic theme since the early days of the outbreak. Higher costs for certain materials such as lumber and steel caused some of those operations to ramp up their own prices, Berkshire said.</p><p><blockquote>尽管如此，伯克希尔也未能幸免于供应链压力，自疫情爆发初期以来，供应链压力一直是一个持续的经济主题。伯克希尔表示，木材和钢铁等某些材料的成本上升导致其中一些业务提高了自身价格。</blockquote></p><p> Not every Berkshire business bounced back fully. Precision Castparts Corp., which makes parts for aircraft and suffered a large writedown last year, reported revenue declines during the period even as earnings climbed slightly due to efforts to restructure the business. And Berkshire warned that supply-chain issues could continue to weigh on that business.</p><p><blockquote>并非伯克希尔的每项业务都完全反弹。Precision Castparts Corp.生产飞机零部件，去年遭受了大量减记，该公司报告称，尽管由于业务重组努力，盈利略有攀升，但在此期间收入下降。伯克希尔警告称，供应链问题可能会继续给该业务带来压力。</blockquote></p><p> “The Covid-19 pandemic contributed to material declines in commercial air travel and aircraft production in 2020,” Berkshire said in the filing. “While air travel in the U.S. is increasing in 2021, we do not expect significant increases in PCC’s aerospace demand to occur in the near term due to the inventory levels currently within the industry supply chain. Consequently, we anticipate PCC’s revenues and earnings in 2021 will be below pre-pandemic levels.”</p><p><blockquote>伯克希尔在文件中表示：“Covid-19大流行导致2020年商业航空旅行和飞机产量大幅下降。”“虽然2021年美国的航空旅行将会增加，但由于行业供应链中目前的库存水平，我们预计PCC的航空航天需求短期内不会大幅增加。因此，我们预计PCC 2021年的收入和盈利将低于大流行前的水平。”</blockquote></p><p> Here are other takeaways from Berkshire’s second-quarter earnings:</p><p><blockquote>以下是伯克希尔第二季度收益的其他要点：</blockquote></p><p> Buybacks</p><p><blockquote>回购</blockquote></p><p> Berkshire pulled back on one of Buffett’s more heavily used capital-deployment levers in recent years. The conglomerate bought back $6 billion of stock, down from the $6.6 billion repurchased during the first three months of the year, with June being the busiest month for repurchases for the company.</p><p><blockquote>伯克希尔哈撒韦公司撤回了巴菲特近年来最常用的资本配置杠杆之一。该集团回购了60亿美元的股票，低于今年前三个月回购的66亿美元，其中6月是该公司回购最繁忙的月份。</blockquote></p><p> That contributed to Berkshire’s cash pile remaining fairly steady at $144 billion, just slightly below its record size. Buffett has struggled in recent years to find attractive ways to put that money to work, and that continued during the second quarter.</p><p><blockquote>这使得伯克希尔的现金储备保持相当稳定，为1440亿美元，略低于其创纪录的规模。近年来，巴菲特一直在努力寻找有吸引力的方式来利用这笔钱，这种情况在第二季度仍在继续。</blockquote></p><p> “He’s very price-sensitive about the buybacks,” said Bill Smead, chief investment officer of Smead Capital Management, which oversees investments including in Berkshire shares.</p><p><blockquote>“他对回购非常敏感，”斯米德资本管理公司首席投资官比尔·斯米德表示，该公司负责监管包括伯克希尔股票在内的投资。</blockquote></p><p> Still, the $6 billion of repurchases was the fourth-highest amount of stock bought back since Berkshire tweaked its policy in 2018. And there are signs the relatively high level of repurchases could continue. Berkshire appears to have bought back at least $1.7 billion of stock from the end of June through July 26, according to the filing.</p><p><blockquote>尽管如此，60亿美元的回购是自伯克希尔2018年调整政策以来第四高的股票回购金额。有迹象表明，相对较高水平的回购可能会持续下去。文件显示，从6月底到7月26日，伯克希尔似乎回购了至少17亿美元的股票。</blockquote></p><p> Stock Sales</p><p><blockquote>库存销售</blockquote></p><p></p><p> Buffett continued to be rather cautious on the U.S. stock market. Berkshire ended up selling $1.1 billion of stocks, on a net basis, during the period, marking its third straight quarter of being a net seller.</p><p><blockquote>巴菲特继续对美国股市持相当谨慎的态度。在此期间，伯克希尔哈撒韦公司最终净出售了11亿美元的股票，这是其连续第三个季度成为净卖家。</blockquote></p><p> The conglomerate is facing even more expensive stock prices as the S&amp;P 500 hit new highs during the quarter. Some of the sales appear to come from a reduction in Berkshire’s industrial, commercial and other stock holdings. The exact investments the company trimmed will appear in a regulatory filing later this month.</p><p><blockquote>随着标普500在本季度创下新高，该集团面临着更昂贵的股价。部分出售似乎来自伯克希尔减持的工业、商业和其他股票。该公司削减的具体投资将在本月晚些时候的监管文件中公布。</blockquote></p><p> “I don’t think stocks are cheap. I think a lot of areas of the market are fully priced or maybe more than fully priced,” said James Armstrong, who manages assets including Berkshire shares as president of Henry H. Armstrong Associates. “There’s no urgency to pile money into stocks that are fully priced or overpriced. So I think you’re just seeing good discipline on Berkshire’s part.”</p><p><blockquote>“我认为股票并不便宜。我认为市场的许多领域都已完全定价，或者可能超过完全定价，”詹姆斯·阿姆斯特朗(James Armstrong)表示，他作为亨利·H·阿姆斯特朗(Henry H.Armstrong Associates)总裁管理包括伯克希尔股票在内的资产。“没有必要将资金投入完全定价或定价过高的股票。所以我认为你只是看到了伯克希尔方面良好的纪律。”</blockquote></p><p> Car Accidents</p><p><blockquote>车祸</blockquote></p><p> Auto insurers have felt the pain from more drivers hitting the road, and Berkshire’s Geico was no exception. The company ended up posting a nearly 70% decline in underwriting profit during the second quarter.</p><p><blockquote>汽车保险公司感受到了更多司机上路带来的痛苦，伯克希尔的Geico也不例外。该公司第二季度承保利润下降了近70%。</blockquote></p><p> It was hurt by an increase in the frequency of losses and the severity of those claims. The frequency was affected by more drivers getting behind the wheel amid reopenings in the U.S.</p><p><blockquote>损失频率的增加和这些索赔的严重性损害了它。随着美国重新开放，更多司机开车，这一频率受到了影响。</blockquote></p><p> “The insurance results were particularly weak,” Cathy Seifert, an analyst at CFRA Research, said. “What we saw from a lot of the carriers was, on a year-over-year basis, the second quarter of 2020, people were on lockdown mode, people weren’t driving, so both frequency and severity were down. Then, we started to see a little bit of a shift. So on a year-over-year basis, claim frequency went up significantly.”</p><p><blockquote>CFRA Research分析师Cathy Seifert表示：“保险业绩尤其疲软。”“我们从许多运营商那里看到的是，与去年同期相比，2020年第二季度，人们处于封锁模式，人们没有开车，因此频率和严重程度都下降了。然后，我们开始看到一点变化。因此，与去年同期相比，索赔频率显着上升。”</blockquote></p><p> Railroad Gains</p><p><blockquote>铁路收益</blockquote></p><p> Berkshire’s railroad, BNSF, posted record quarterly profit helped by its efforts in the past to boost productivity and the economic recovery.</p><p><blockquote>伯克希尔旗下的铁路公司BNSF公布了创纪录的季度利润，这得益于其过去提高生产率和经济复苏的努力。</blockquote></p><p> Freight volumes increased across all of its product categories --- consumer, industrial, agricultural and coal. Consumer-product shipping has benefited from e-commerce activity and auto shipments, Berkshire said.</p><p><blockquote>消费品、工业、农业和煤炭等所有产品类别的货运量均有所增加。伯克希尔表示，消费品运输受益于电子商务活动和汽车运输。</blockquote></p><p> “They reported a pretty strong increase in volumes revenue,” Edward Jones’s Shanahan said. “What is really powerful about the BNSF results is that the margins are really strong.”</p><p><blockquote>“他们报告销量收入增长相当强劲，”爱德华·琼斯的沙纳汉说。“BNSF业绩的真正强大之处在于利润率非常高。”</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>Berkshire Buoyed as U.S. Rebound Fires Up Manufacturers<blockquote>美国经济反弹提振制造商，伯克希尔哈撒韦公司受到提振</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\">\nBerkshire Buoyed as U.S. Rebound Fires Up Manufacturers<blockquote>美国经济反弹提振制造商，伯克希尔哈撒韦公司受到提振</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-08-09 21:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. is reaping the benefits of the U.S. economic recovery.</p><p><blockquote>（彭博社）——沃伦·巴菲特的伯克希尔·哈撒韦公司正在收获美国经济复苏的好处。</blockquote></p><p> The conglomerate’s collection of manufacturers and retailers bounced back during the second quarter after being hit hard as the pandemic ripped through the U.S. last year. That group of businesses posted its second-highest quarterly profit in data going back to the middle of 2009 and helped fuel a 21% gain in Berkshire’s total operating profit during the period.</p><p><blockquote>该集团旗下的制造商和零售商在去年疫情席卷美国时遭受重创后，在第二季度出现反弹。该业务集团公布了自2009年中期以来第二高的季度利润，并帮助伯克希尔哈撒韦公司在此期间的总营业利润增长了21%。</blockquote></p><p> “It’s all of the other old economy, manufacturing, service, retailing, transportation businesses that just really reflect the broad economic recovery driving this performance this quarter,” Jim Shanahan, an analyst at Edward Jones, said in a phone interview. “There’s a housing angle here which I think was a really strong contributor this quarter.”</p><p><blockquote>爱德华·琼斯(Edward Jones)分析师吉姆·沙纳汉(Jim Shanahan)在接受电话采访时表示：“所有其他旧经济、制造业、服务业、零售业、运输业才真正反映了推动本季度业绩的广泛经济复苏。”“这里有一个住房角度，我认为这是本季度的一个非常强大的贡献者。”</blockquote></p><p> Buffett has built Berkshire into a broad business with footholds in industries including insurance, energy and retail. But that exposure to a wide slice of the U.S. economy weighed on it last year with businesses including See’s Candies having to furlough workers at the start of the shutdowns. Now, the outlook appears brighter.</p><p><blockquote>巴菲特将伯克希尔打造成为一家广泛的企业，在保险、能源和零售等行业都有立足点。但去年，这种对美国经济大部分地区的敞口给其带来了压力，包括喜诗糖果在内的企业不得不在停工之初让工人休假。现在，前景似乎更加光明。</blockquote></p><p> “Many of our businesses generated significantly higher earnings over the first half of 2021 compared to 2020, which included significant adverse effects from the pandemic,” Berkshire said in a regulatory filing Saturday. “Earnings of our manufacturing, service and retail businesses in 2021 benefited from higher customer demand in many of our businesses and exceeded earnings in 2019 as well.”</p><p><blockquote>伯克希尔在周六提交的监管文件中表示：“与2020年相比，我们的许多业务在2021年上半年的盈利显着增加，其中包括疫情的重大不利影响。”“2021年，我们制造、服务和零售业务的盈利受益于我们许多业务的客户需求增加，也超过了2019年的盈利。”</blockquote></p><p> Berkshire’s group of building-products companies accounted for a particular source of strength during the quarter. Earnings at those operations were up almost 40%, helped by the boon in housing construction in the U.S. Tom Russo, a Berkshire shareholder, said the strength of those businesses combined with the challenge of disrupting them through technology makes them a good part of Berkshire’s composition.</p><p><blockquote>伯克希尔的建筑产品公司集团是本季度的一个特殊优势来源。在美国住房建设繁荣的帮助下，这些业务的盈利增长了近40%。伯克希尔股东汤姆·鲁索(Tom Russo)表示，这些业务的实力加上通过技术颠覆它们的挑战，使它们成为伯克希尔的重要组成部分。组成。</blockquote></p><p> “The businesses have a certain underlying recurrence that I think makes them attractive,” Russo, who oversees $10 billion including investments in Berkshire shares at Gardner Russo &amp; Quinn LLC, said in a phone interview.</p><p><blockquote>“这些业务具有一定的潜在经常性，我认为这使它们具有吸引力，”Russo在接受电话采访时表示，他在Gardner Russo&amp;Quinn LLC管理着100亿美元的伯克希尔股票投资。</blockquote></p><p> What Bloomberg Intelligence Says</p><p><blockquote>彭博资讯怎么说</blockquote></p><p> “Warren Buffett’s Berkshire Hathaway is on pace for a solid 2H on the back of about 30% operating unit earnings growth in 2Q. This was an easy comparison, but earnings were above 2016-19 averages in all four segments. ”</p><p><blockquote>“沃伦·巴菲特的伯克希尔·哈撒韦公司在第二季度运营部门盈利增长约30%的背景下，有望实现稳健的第二季度业绩。这是一个简单的比较，但所有四个部门的盈利均高于2016-19年的平均水平。”</blockquote></p><p> --Matthew Palazola, a senior industry analyst, and Kylie Towbin, an associate analyst</p><p><blockquote>——高级行业分析师Matthew Palazola和助理分析师Kylie Towbin</blockquote></p><p> Still, Berkshire wasn’t immune to the supply-chain pressures that have been a persistent economic theme since the early days of the outbreak. Higher costs for certain materials such as lumber and steel caused some of those operations to ramp up their own prices, Berkshire said.</p><p><blockquote>尽管如此，伯克希尔也未能幸免于供应链压力，自疫情爆发初期以来，供应链压力一直是一个持续的经济主题。伯克希尔表示，木材和钢铁等某些材料的成本上升导致其中一些业务提高了自身价格。</blockquote></p><p> Not every Berkshire business bounced back fully. Precision Castparts Corp., which makes parts for aircraft and suffered a large writedown last year, reported revenue declines during the period even as earnings climbed slightly due to efforts to restructure the business. And Berkshire warned that supply-chain issues could continue to weigh on that business.</p><p><blockquote>并非伯克希尔的每项业务都完全反弹。Precision Castparts Corp.生产飞机零部件，去年遭受了大量减记，该公司报告称，尽管由于业务重组努力，盈利略有攀升，但在此期间收入下降。伯克希尔警告称，供应链问题可能会继续给该业务带来压力。</blockquote></p><p> “The Covid-19 pandemic contributed to material declines in commercial air travel and aircraft production in 2020,” Berkshire said in the filing. “While air travel in the U.S. is increasing in 2021, we do not expect significant increases in PCC’s aerospace demand to occur in the near term due to the inventory levels currently within the industry supply chain. Consequently, we anticipate PCC’s revenues and earnings in 2021 will be below pre-pandemic levels.”</p><p><blockquote>伯克希尔在文件中表示：“Covid-19大流行导致2020年商业航空旅行和飞机产量大幅下降。”“虽然2021年美国的航空旅行将会增加，但由于行业供应链中目前的库存水平，我们预计PCC的航空航天需求短期内不会大幅增加。因此，我们预计PCC 2021年的收入和盈利将低于大流行前的水平。”</blockquote></p><p> Here are other takeaways from Berkshire’s second-quarter earnings:</p><p><blockquote>以下是伯克希尔第二季度收益的其他要点：</blockquote></p><p> Buybacks</p><p><blockquote>回购</blockquote></p><p> Berkshire pulled back on one of Buffett’s more heavily used capital-deployment levers in recent years. The conglomerate bought back $6 billion of stock, down from the $6.6 billion repurchased during the first three months of the year, with June being the busiest month for repurchases for the company.</p><p><blockquote>伯克希尔哈撒韦公司撤回了巴菲特近年来最常用的资本配置杠杆之一。该集团回购了60亿美元的股票，低于今年前三个月回购的66亿美元，其中6月是该公司回购最繁忙的月份。</blockquote></p><p> That contributed to Berkshire’s cash pile remaining fairly steady at $144 billion, just slightly below its record size. Buffett has struggled in recent years to find attractive ways to put that money to work, and that continued during the second quarter.</p><p><blockquote>这使得伯克希尔的现金储备保持相当稳定，为1440亿美元，略低于其创纪录的规模。近年来，巴菲特一直在努力寻找有吸引力的方式来利用这笔钱，这种情况在第二季度仍在继续。</blockquote></p><p> “He’s very price-sensitive about the buybacks,” said Bill Smead, chief investment officer of Smead Capital Management, which oversees investments including in Berkshire shares.</p><p><blockquote>“他对回购非常敏感，”斯米德资本管理公司首席投资官比尔·斯米德表示，该公司负责监管包括伯克希尔股票在内的投资。</blockquote></p><p> Still, the $6 billion of repurchases was the fourth-highest amount of stock bought back since Berkshire tweaked its policy in 2018. And there are signs the relatively high level of repurchases could continue. Berkshire appears to have bought back at least $1.7 billion of stock from the end of June through July 26, according to the filing.</p><p><blockquote>尽管如此，60亿美元的回购是自伯克希尔2018年调整政策以来第四高的股票回购金额。有迹象表明，相对较高水平的回购可能会持续下去。文件显示，从6月底到7月26日，伯克希尔似乎回购了至少17亿美元的股票。</blockquote></p><p> Stock Sales</p><p><blockquote>库存销售</blockquote></p><p></p><p> Buffett continued to be rather cautious on the U.S. stock market. Berkshire ended up selling $1.1 billion of stocks, on a net basis, during the period, marking its third straight quarter of being a net seller.</p><p><blockquote>巴菲特继续对美国股市持相当谨慎的态度。在此期间，伯克希尔哈撒韦公司最终净出售了11亿美元的股票，这是其连续第三个季度成为净卖家。</blockquote></p><p> The conglomerate is facing even more expensive stock prices as the S&amp;P 500 hit new highs during the quarter. Some of the sales appear to come from a reduction in Berkshire’s industrial, commercial and other stock holdings. The exact investments the company trimmed will appear in a regulatory filing later this month.</p><p><blockquote>随着标普500在本季度创下新高，该集团面临着更昂贵的股价。部分出售似乎来自伯克希尔减持的工业、商业和其他股票。该公司削减的具体投资将在本月晚些时候的监管文件中公布。</blockquote></p><p> “I don’t think stocks are cheap. I think a lot of areas of the market are fully priced or maybe more than fully priced,” said James Armstrong, who manages assets including Berkshire shares as president of Henry H. Armstrong Associates. “There’s no urgency to pile money into stocks that are fully priced or overpriced. So I think you’re just seeing good discipline on Berkshire’s part.”</p><p><blockquote>“我认为股票并不便宜。我认为市场的许多领域都已完全定价，或者可能超过完全定价，”詹姆斯·阿姆斯特朗(James Armstrong)表示，他作为亨利·H·阿姆斯特朗(Henry H.Armstrong Associates)总裁管理包括伯克希尔股票在内的资产。“没有必要将资金投入完全定价或定价过高的股票。所以我认为你只是看到了伯克希尔方面良好的纪律。”</blockquote></p><p> Car Accidents</p><p><blockquote>车祸</blockquote></p><p> Auto insurers have felt the pain from more drivers hitting the road, and Berkshire’s Geico was no exception. The company ended up posting a nearly 70% decline in underwriting profit during the second quarter.</p><p><blockquote>汽车保险公司感受到了更多司机上路带来的痛苦，伯克希尔的Geico也不例外。该公司第二季度承保利润下降了近70%。</blockquote></p><p> It was hurt by an increase in the frequency of losses and the severity of those claims. The frequency was affected by more drivers getting behind the wheel amid reopenings in the U.S.</p><p><blockquote>损失频率的增加和这些索赔的严重性损害了它。随着美国重新开放，更多司机开车，这一频率受到了影响。</blockquote></p><p> “The insurance results were particularly weak,” Cathy Seifert, an analyst at CFRA Research, said. “What we saw from a lot of the carriers was, on a year-over-year basis, the second quarter of 2020, people were on lockdown mode, people weren’t driving, so both frequency and severity were down. Then, we started to see a little bit of a shift. So on a year-over-year basis, claim frequency went up significantly.”</p><p><blockquote>CFRA Research分析师Cathy Seifert表示：“保险业绩尤其疲软。”“我们从许多运营商那里看到的是，与去年同期相比，2020年第二季度，人们处于封锁模式，人们没有开车，因此频率和严重程度都下降了。然后，我们开始看到一点变化。因此，与去年同期相比，索赔频率显着上升。”</blockquote></p><p> Railroad Gains</p><p><blockquote>铁路收益</blockquote></p><p> Berkshire’s railroad, BNSF, posted record quarterly profit helped by its efforts in the past to boost productivity and the economic recovery.</p><p><blockquote>伯克希尔旗下的铁路公司BNSF公布了创纪录的季度利润，这得益于其过去提高生产率和经济复苏的努力。</blockquote></p><p> Freight volumes increased across all of its product categories --- consumer, industrial, agricultural and coal. Consumer-product shipping has benefited from e-commerce activity and auto shipments, Berkshire said.</p><p><blockquote>消费品、工业、农业和煤炭等所有产品类别的货运量均有所增加。伯克希尔表示，消费品运输受益于电子商务活动和汽车运输。</blockquote></p><p> “They reported a pretty strong increase in volumes revenue,” Edward Jones’s Shanahan said. “What is really powerful about the BNSF results is that the margins are really strong.”</p><p><blockquote>“他们报告销量收入增长相当强劲，”爱德华·琼斯的沙纳汉说。“BNSF业绩的真正强大之处在于利润率非常高。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/berkshire-buoyed-u-rebound-fires-130000384.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":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://finance.yahoo.com/news/berkshire-buoyed-u-rebound-fires-130000384.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169468024","content_text":"(Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. is reaping the benefits of the U.S. economic recovery.\nThe conglomerate’s collection of manufacturers and retailers bounced back during the second quarter after being hit hard as the pandemic ripped through the U.S. last year. That group of businesses posted its second-highest quarterly profit in data going back to the middle of 2009 and helped fuel a 21% gain in Berkshire’s total operating profit during the period.\n“It’s all of the other old economy, manufacturing, service, retailing, transportation businesses that just really reflect the broad economic recovery driving this performance this quarter,” Jim Shanahan, an analyst at Edward Jones, said in a phone interview. “There’s a housing angle here which I think was a really strong contributor this quarter.”\nBuffett has built Berkshire into a broad business with footholds in industries including insurance, energy and retail. But that exposure to a wide slice of the U.S. economy weighed on it last year with businesses including See’s Candies having to furlough workers at the start of the shutdowns. Now, the outlook appears brighter.\n“Many of our businesses generated significantly higher earnings over the first half of 2021 compared to 2020, which included significant adverse effects from the pandemic,” Berkshire said in a regulatory filing Saturday. “Earnings of our manufacturing, service and retail businesses in 2021 benefited from higher customer demand in many of our businesses and exceeded earnings in 2019 as well.”\nBerkshire’s group of building-products companies accounted for a particular source of strength during the quarter. Earnings at those operations were up almost 40%, helped by the boon in housing construction in the U.S. Tom Russo, a Berkshire shareholder, said the strength of those businesses combined with the challenge of disrupting them through technology makes them a good part of Berkshire’s composition.\n“The businesses have a certain underlying recurrence that I think makes them attractive,” Russo, who oversees $10 billion including investments in Berkshire shares at Gardner Russo & Quinn LLC, said in a phone interview.\nWhat Bloomberg Intelligence Says\n“Warren Buffett’s Berkshire Hathaway is on pace for a solid 2H on the back of about 30% operating unit earnings growth in 2Q. This was an easy comparison, but earnings were above 2016-19 averages in all four segments. ”\n--Matthew Palazola, a senior industry analyst, and Kylie Towbin, an associate analyst\nStill, Berkshire wasn’t immune to the supply-chain pressures that have been a persistent economic theme since the early days of the outbreak. Higher costs for certain materials such as lumber and steel caused some of those operations to ramp up their own prices, Berkshire said.\nNot every Berkshire business bounced back fully. Precision Castparts Corp., which makes parts for aircraft and suffered a large writedown last year, reported revenue declines during the period even as earnings climbed slightly due to efforts to restructure the business. And Berkshire warned that supply-chain issues could continue to weigh on that business.\n“The Covid-19 pandemic contributed to material declines in commercial air travel and aircraft production in 2020,” Berkshire said in the filing. “While air travel in the U.S. is increasing in 2021, we do not expect significant increases in PCC’s aerospace demand to occur in the near term due to the inventory levels currently within the industry supply chain. Consequently, we anticipate PCC’s revenues and earnings in 2021 will be below pre-pandemic levels.”\nHere are other takeaways from Berkshire’s second-quarter earnings:\nBuybacks\nBerkshire pulled back on one of Buffett’s more heavily used capital-deployment levers in recent years. The conglomerate bought back $6 billion of stock, down from the $6.6 billion repurchased during the first three months of the year, with June being the busiest month for repurchases for the company.\nThat contributed to Berkshire’s cash pile remaining fairly steady at $144 billion, just slightly below its record size. Buffett has struggled in recent years to find attractive ways to put that money to work, and that continued during the second quarter.\n“He’s very price-sensitive about the buybacks,” said Bill Smead, chief investment officer of Smead Capital Management, which oversees investments including in Berkshire shares.\nStill, the $6 billion of repurchases was the fourth-highest amount of stock bought back since Berkshire tweaked its policy in 2018. And there are signs the relatively high level of repurchases could continue. Berkshire appears to have bought back at least $1.7 billion of stock from the end of June through July 26, according to the filing.\nStock Sales\nBuffett continued to be rather cautious on the U.S. stock market. Berkshire ended up selling $1.1 billion of stocks, on a net basis, during the period, marking its third straight quarter of being a net seller.\nThe conglomerate is facing even more expensive stock prices as the S&P 500 hit new highs during the quarter. Some of the sales appear to come from a reduction in Berkshire’s industrial, commercial and other stock holdings. The exact investments the company trimmed will appear in a regulatory filing later this month.\n“I don’t think stocks are cheap. I think a lot of areas of the market are fully priced or maybe more than fully priced,” said James Armstrong, who manages assets including Berkshire shares as president of Henry H. Armstrong Associates. “There’s no urgency to pile money into stocks that are fully priced or overpriced. So I think you’re just seeing good discipline on Berkshire’s part.”\nCar Accidents\nAuto insurers have felt the pain from more drivers hitting the road, and Berkshire’s Geico was no exception. The company ended up posting a nearly 70% decline in underwriting profit during the second quarter.\nIt was hurt by an increase in the frequency of losses and the severity of those claims. The frequency was affected by more drivers getting behind the wheel amid reopenings in the U.S.\n“The insurance results were particularly weak,” Cathy Seifert, an analyst at CFRA Research, said. “What we saw from a lot of the carriers was, on a year-over-year basis, the second quarter of 2020, people were on lockdown mode, people weren’t driving, so both frequency and severity were down. Then, we started to see a little bit of a shift. So on a year-over-year basis, claim frequency went up significantly.”\nRailroad Gains\nBerkshire’s railroad, BNSF, posted record quarterly profit helped by its efforts in the past to boost productivity and the economic recovery.\nFreight volumes increased across all of its product categories --- consumer, industrial, agricultural and coal. Consumer-product shipping has benefited from e-commerce activity and auto shipments, Berkshire said.\n“They reported a pretty strong increase in volumes revenue,” Edward Jones’s Shanahan said. “What is really powerful about the BNSF results is that the margins are really strong.”","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":1919,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893261018,"gmtCreate":1628265094834,"gmtModify":1631884907736,"author":{"id":"3564041372367572","authorId":"3564041372367572","name":"我会成为小富婆","avatar":"https://static.tigerbbs.com/cc81530dfc76889190c0083ac7558dcb","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564041372367572","idStr":"3564041372367572"},"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/893261018","repostId":"1174322042","repostType":4,"isVote":1,"tweetType":1,"viewCount":967,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890924272,"gmtCreate":1628078486096,"gmtModify":1631887370372,"author":{"id":"3564041372367572","authorId":"3564041372367572","name":"我会成为小富婆","avatar":"https://static.tigerbbs.com/cc81530dfc76889190c0083ac7558dcb","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564041372367572","idStr":"3564041372367572"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890924272","repostId":"1116011641","repostType":4,"isVote":1,"tweetType":1,"viewCount":803,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890924892,"gmtCreate":1628078470416,"gmtModify":1631887370384,"author":{"id":"3564041372367572","authorId":"3564041372367572","name":"我会成为小富婆","avatar":"https://static.tigerbbs.com/cc81530dfc76889190c0083ac7558dcb","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564041372367572","idStr":"3564041372367572"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/890924892","repostId":"1154407249","repostType":4,"isVote":1,"tweetType":1,"viewCount":773,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890924072,"gmtCreate":1628078442896,"gmtModify":1631887370398,"author":{"id":"3564041372367572","authorId":"3564041372367572","name":"我会成为小富婆","avatar":"https://static.tigerbbs.com/cc81530dfc76889190c0083ac7558dcb","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564041372367572","idStr":"3564041372367572"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/890924072","repostId":"2156108972","repostType":4,"isVote":1,"tweetType":1,"viewCount":971,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804731055,"gmtCreate":1627978919577,"gmtModify":1631887370409,"author":{"id":"3564041372367572","authorId":"3564041372367572","name":"我会成为小富婆","avatar":"https://static.tigerbbs.com/cc81530dfc76889190c0083ac7558dcb","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564041372367572","idStr":"3564041372367572"},"themes":[],"htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/804731055","repostId":"1152834921","repostType":2,"repost":{"id":"1152834921","kind":"news","pubTimestamp":1627968885,"share":"https://www.laohu8.com/m/news/1152834921?lang=zh_CN&edition=full","pubTime":"2021-08-03 13:34","market":"us","language":"en","title":"Nio Delivered Fewer Cars Than XPeng and Li for the First Time. Blame Tesla.<blockquote>蔚来交付的汽车首次少于小鹏和理想汽车。怪特斯拉。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1152834921","media":"Barrons","summary":"NIO reported healthy delivery figures for July early Monday morning. But in a first, NIO’s peers del","content":"<p>NIO reported healthy delivery figures for July early Monday morning. But in a first, NIO’s peers delivered more cars in the month than the Chinese electric vehicle maker did.</p><p><blockquote>蔚来周一凌晨公布了7月份健康的交付数据。但蔚来同行本月交付的汽车数量首次超过了这家中国电动汽车制造商。</blockquote></p><p> NIO (ticker: NIO) delivered 7,931 vehicles in July, down a little from the 8,083 vehicles delivered in June. Deliveries in the 8,000-range usually look good, but month-to-month declines are typically problematic for the stock.</p><p><blockquote>蔚来（股票代码：蔚来）7月份交付了7,931辆汽车，比6月份交付的8,083辆略有下降。8,000辆范围内的交付量通常看起来不错，但逐月下降通常会给该股带来问题。</blockquote></p><p> NIO deliveries dropped from January to February, from March to April, and from April to May. The stock dropped each time the sequential delivery drops were disclosed, falling about 13%, 1%, and 2%, respectively.</p><p><blockquote>1-2月、3-4月、4-5月蔚来交付量均有所下降。每次披露连续交付下降时，该股都会下跌，分别下跌约13%、1%和2%。</blockquote></p><p> That might not be the case this time. NIO shares have gained 2.6% on Monday, while&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average futures&nbsp;are down about 0.2% and&nbsp;0.3%. The shares of NIO peers&nbsp;Li Auto(LI) and&nbsp;XPeng(XPEV) are both up between 0.9% and 5% on their own delivery numbers.</p><p><blockquote>这次可能不是这样了。蔚来股价周一上涨2.6%，而标准普尔500指数和道琼斯工业平均指数期货分别下跌约0.2%和0.蔚来同行理想汽车(LI)和小鹏汽车(XPEV)的股价均因各自的交付量上涨了0.9%至5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4ad3ba7f1d0a26ea01f1e803434f7ed1\" tg-width=\"456\" tg-height=\"558\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> July was the first month NIO’s deliveries fell behind Li and XPeng’s totals since delivery numbers have become available, stretching back to May 2020. XPeng delivered&nbsp;8,040 vehicles&nbsp;in July, a new monthly record and up from&nbsp;6,565 vehicles&nbsp;delivered in June. Li delivered&nbsp;8,589 vehicles, a monthly record for Li too, up from7,713 vehiclesdelivered in June.</p><p><blockquote>自2020年5月交付数据公布以来，7月是蔚来交付量首次落后于理想汽车和小鹏汽车的总交付量。小鹏汽车7月份交付了8,040辆汽车，创下月度新纪录，高于6月份的6,565辆。Li交付了8,589辆汽车，也创下了Li的月度纪录，高于6月份的7,713辆。</blockquote></p><p> Citigroup analyst&nbsp;Jeff Chung&nbsp;blamed&nbsp;Tesla(TSLA) for the lackluster month-over-month numbers from NIO. The “trend for ES6 and EC6 is likely due to the recent price cut of Tesla’s Model Y,” wrote Chung in a Monday report. “But the company should be able to achieve our [2021- deliveries estimate of [93,000]units as long as it maintains monthly deliveries of [8,000 to 9,000] units.” Chung rates shares Buy and has a $72 price target for the stock.</p><p><blockquote>花旗集团分析师杰夫·钟(Jeff Chung)将蔚来环比数据低迷归咎于特斯拉(TSLA)。Chung在周一的一份报告中写道，“ES6和EC6的趋势可能是由于特斯拉Model Y最近的降价”。“但只要该公司保持每月交付量[8,000至9,000]台，就应该能够实现我们[2021年交付量[93,000]台的预期。”Chung将该股评级为买入，并将该股的目标价定为72美元。</blockquote></p><p> (The ES6 and EC6 are SUV/crossover vehicles similar to the Model Y.)</p><p><blockquote>（ES6和EC6是类似于Model Y的SUV/跨界车。）</blockquote></p><p> In July, the three Chinese electric vehicle producers delivered roughly 24,500 vehicles combined. That’s up almost 10% compared with June and up about 190% over July 2020. The companies are, essentially, selling all the EVs they can make.</p><p><blockquote>7月份，这三家中国电动汽车生产商总共交付了约24,500辆汽车。与6月份相比增长了近10%，比2020年7月增长了约190%。本质上，这些公司正在销售他们能制造的所有电动汽车。</blockquote></p><p> NIO is still the largest, most valuable of the three, but its stock has lagged behind recently. NIO stock is up 12% over the past three months. XPeng stock has added 36%. Li shares have added 69%.</p><p><blockquote>蔚来仍然是三家公司中规模最大、价值最高的公司，但其股价最近落后了。蔚来股价在过去三个月上涨了12%。小鹏汽车股价上涨36%。Li股价上涨了69%。</blockquote></p><p> Closing to Monday trading, NIO shares are down about 8% so far in 2021. XPeng stock has rose 1% year to date. Li shares have added almost 17%.</p><p><blockquote>截至周一收盘，蔚来股价2021年迄今已下跌约8%。小鹏汽车股价今年迄今已上涨1%。Li股价上涨了近17%。</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>Nio Delivered Fewer Cars Than XPeng and Li for the First Time. Blame Tesla.<blockquote>蔚来交付的汽车首次少于小鹏和理想汽车。怪特斯拉。</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\">\nNio Delivered Fewer Cars Than XPeng and Li for the First Time. Blame Tesla.<blockquote>蔚来交付的汽车首次少于小鹏和理想汽车。怪特斯拉。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-03 13:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NIO reported healthy delivery figures for July early Monday morning. But in a first, NIO’s peers delivered more cars in the month than the Chinese electric vehicle maker did.</p><p><blockquote>蔚来周一凌晨公布了7月份健康的交付数据。但蔚来同行本月交付的汽车数量首次超过了这家中国电动汽车制造商。</blockquote></p><p> NIO (ticker: NIO) delivered 7,931 vehicles in July, down a little from the 8,083 vehicles delivered in June. Deliveries in the 8,000-range usually look good, but month-to-month declines are typically problematic for the stock.</p><p><blockquote>蔚来（股票代码：蔚来）7月份交付了7,931辆汽车，比6月份交付的8,083辆略有下降。8,000辆范围内的交付量通常看起来不错，但逐月下降通常会给该股带来问题。</blockquote></p><p> NIO deliveries dropped from January to February, from March to April, and from April to May. The stock dropped each time the sequential delivery drops were disclosed, falling about 13%, 1%, and 2%, respectively.</p><p><blockquote>1-2月、3-4月、4-5月蔚来交付量均有所下降。每次披露连续交付下降时，该股都会下跌，分别下跌约13%、1%和2%。</blockquote></p><p> That might not be the case this time. NIO shares have gained 2.6% on Monday, while&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average futures&nbsp;are down about 0.2% and&nbsp;0.3%. The shares of NIO peers&nbsp;Li Auto(LI) and&nbsp;XPeng(XPEV) are both up between 0.9% and 5% on their own delivery numbers.</p><p><blockquote>这次可能不是这样了。蔚来股价周一上涨2.6%，而标准普尔500指数和道琼斯工业平均指数期货分别下跌约0.2%和0.蔚来同行理想汽车(LI)和小鹏汽车(XPEV)的股价均因各自的交付量上涨了0.9%至5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4ad3ba7f1d0a26ea01f1e803434f7ed1\" tg-width=\"456\" tg-height=\"558\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> July was the first month NIO’s deliveries fell behind Li and XPeng’s totals since delivery numbers have become available, stretching back to May 2020. XPeng delivered&nbsp;8,040 vehicles&nbsp;in July, a new monthly record and up from&nbsp;6,565 vehicles&nbsp;delivered in June. Li delivered&nbsp;8,589 vehicles, a monthly record for Li too, up from7,713 vehiclesdelivered in June.</p><p><blockquote>自2020年5月交付数据公布以来，7月是蔚来交付量首次落后于理想汽车和小鹏汽车的总交付量。小鹏汽车7月份交付了8,040辆汽车，创下月度新纪录，高于6月份的6,565辆。Li交付了8,589辆汽车，也创下了Li的月度纪录，高于6月份的7,713辆。</blockquote></p><p> Citigroup analyst&nbsp;Jeff Chung&nbsp;blamed&nbsp;Tesla(TSLA) for the lackluster month-over-month numbers from NIO. The “trend for ES6 and EC6 is likely due to the recent price cut of Tesla’s Model Y,” wrote Chung in a Monday report. “But the company should be able to achieve our [2021- deliveries estimate of [93,000]units as long as it maintains monthly deliveries of [8,000 to 9,000] units.” Chung rates shares Buy and has a $72 price target for the stock.</p><p><blockquote>花旗集团分析师杰夫·钟(Jeff Chung)将蔚来环比数据低迷归咎于特斯拉(TSLA)。Chung在周一的一份报告中写道，“ES6和EC6的趋势可能是由于特斯拉Model Y最近的降价”。“但只要该公司保持每月交付量[8,000至9,000]台，就应该能够实现我们[2021年交付量[93,000]台的预期。”Chung将该股评级为买入，并将该股的目标价定为72美元。</blockquote></p><p> (The ES6 and EC6 are SUV/crossover vehicles similar to the Model Y.)</p><p><blockquote>（ES6和EC6是类似于Model Y的SUV/跨界车。）</blockquote></p><p> In July, the three Chinese electric vehicle producers delivered roughly 24,500 vehicles combined. That’s up almost 10% compared with June and up about 190% over July 2020. The companies are, essentially, selling all the EVs they can make.</p><p><blockquote>7月份，这三家中国电动汽车生产商总共交付了约24,500辆汽车。与6月份相比增长了近10%，比2020年7月增长了约190%。本质上，这些公司正在销售他们能制造的所有电动汽车。</blockquote></p><p> NIO is still the largest, most valuable of the three, but its stock has lagged behind recently. NIO stock is up 12% over the past three months. XPeng stock has added 36%. Li shares have added 69%.</p><p><blockquote>蔚来仍然是三家公司中规模最大、价值最高的公司，但其股价最近落后了。蔚来股价在过去三个月上涨了12%。小鹏汽车股价上涨36%。Li股价上涨了69%。</blockquote></p><p> Closing to Monday trading, NIO shares are down about 8% so far in 2021. XPeng stock has rose 1% year to date. Li shares have added almost 17%.</p><p><blockquote>截至周一收盘，蔚来股价2021年迄今已下跌约8%。小鹏汽车股价今年迄今已上涨1%。Li股价上涨了近17%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/nio-deliveries-ev-stocks-china-51627903881?mod=hp_DAY_Theme_1_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":{"LI":"理想汽车","NIO":"蔚来","TSLA":"特斯拉","XPEV":"小鹏汽车"},"source_url":"https://www.barrons.com/articles/nio-deliveries-ev-stocks-china-51627903881?mod=hp_DAY_Theme_1_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152834921","content_text":"NIO reported healthy delivery figures for July early Monday morning. But in a first, NIO’s peers delivered more cars in the month than the Chinese electric vehicle maker did.\nNIO (ticker: NIO) delivered 7,931 vehicles in July, down a little from the 8,083 vehicles delivered in June. Deliveries in the 8,000-range usually look good, but month-to-month declines are typically problematic for the stock.\nNIO deliveries dropped from January to February, from March to April, and from April to May. The stock dropped each time the sequential delivery drops were disclosed, falling about 13%, 1%, and 2%, respectively.\nThat might not be the case this time. NIO shares have gained 2.6% on Monday, while S&P 500 and Dow Jones Industrial Average futures are down about 0.2% and 0.3%. The shares of NIO peers Li Auto(LI) and XPeng(XPEV) are both up between 0.9% and 5% on their own delivery numbers.\n\nJuly was the first month NIO’s deliveries fell behind Li and XPeng’s totals since delivery numbers have become available, stretching back to May 2020. XPeng delivered 8,040 vehicles in July, a new monthly record and up from 6,565 vehicles delivered in June. Li delivered 8,589 vehicles, a monthly record for Li too, up from7,713 vehiclesdelivered in June.\nCitigroup analyst Jeff Chung blamed Tesla(TSLA) for the lackluster month-over-month numbers from NIO. The “trend for ES6 and EC6 is likely due to the recent price cut of Tesla’s Model Y,” wrote Chung in a Monday report. “But the company should be able to achieve our [2021- deliveries estimate of [93,000]units as long as it maintains monthly deliveries of [8,000 to 9,000] units.” Chung rates shares Buy and has a $72 price target for the stock.\n(The ES6 and EC6 are SUV/crossover vehicles similar to the Model Y.)\nIn July, the three Chinese electric vehicle producers delivered roughly 24,500 vehicles combined. That’s up almost 10% compared with June and up about 190% over July 2020. The companies are, essentially, selling all the EVs they can make.\nNIO is still the largest, most valuable of the three, but its stock has lagged behind recently. NIO stock is up 12% over the past three months. XPeng stock has added 36%. Li shares have added 69%.\nClosing to Monday trading, NIO shares are down about 8% so far in 2021. XPeng stock has rose 1% year to date. Li shares have added almost 17%.","news_type":1,"symbols_score_info":{"XPEV":0.9,"LI":0.9,"NIO":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":460,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801334870,"gmtCreate":1627482302090,"gmtModify":1631887370429,"author":{"id":"3564041372367572","authorId":"3564041372367572","name":"我会成为小富婆","avatar":"https://static.tigerbbs.com/cc81530dfc76889190c0083ac7558dcb","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564041372367572","idStr":"3564041372367572"},"themes":[],"htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/801334870","repostId":"1144267768","repostType":4,"isVote":1,"tweetType":1,"viewCount":635,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801332208,"gmtCreate":1627482266204,"gmtModify":1631887370435,"author":{"id":"3564041372367572","authorId":"3564041372367572","name":"我会成为小富婆","avatar":"https://static.tigerbbs.com/cc81530dfc76889190c0083ac7558dcb","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564041372367572","idStr":"3564041372367572"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/801332208","repostId":"1102507343","repostType":4,"isVote":1,"tweetType":1,"viewCount":634,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801336253,"gmtCreate":1627482226872,"gmtModify":1631887370447,"author":{"id":"3564041372367572","authorId":"3564041372367572","name":"我会成为小富婆","avatar":"https://static.tigerbbs.com/cc81530dfc76889190c0083ac7558dcb","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564041372367572","idStr":"3564041372367572"},"themes":[],"htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/801336253","repostId":"1154854343","repostType":4,"repost":{"id":"1154854343","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":1627481786,"share":"https://www.laohu8.com/m/news/1154854343?lang=zh_CN&edition=full","pubTime":"2021-07-28 22:16","market":"us","language":"en","title":"Hot Chinese concept stocks continue to rebound<blockquote>热点中概股持续反弹</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154854343","media":"Tiger Newspress","summary":"Hot Chinese concept stocks continue to rebound in Wednesday morning trading.Alibaba,JD.com, Pinduodu","content":"<p>Hot Chinese concept stocks continue to rebound&nbsp;in Wednesday morning trading.Alibaba,JD.com,&nbsp;Pinduoduo,Baidu,DiDi&nbsp;Global,Nio,Xpeng Motors and Li Auto&nbsp;climbed between 3% and 13%.</p><p><blockquote>周三早盘热门中概股继续反弹，阿里巴巴、京东、拼多多、百度、滴滴全球、蔚来、小鹏汽车和理想汽车涨幅在3%至13%之间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8198eadc3c17e2d3fa3226a5348e1bef\" tg-width=\"359\" tg-height=\"603\" width=\"100%\" height=\"auto\"></p><p><blockquote></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>Hot Chinese concept stocks continue to rebound<blockquote>热点中概股持续反弹</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\">\nHot Chinese concept stocks continue to rebound<blockquote>热点中概股持续反弹</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-28 22:16</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Hot Chinese concept stocks continue to rebound&nbsp;in Wednesday morning trading.Alibaba,JD.com,&nbsp;Pinduoduo,Baidu,DiDi&nbsp;Global,Nio,Xpeng Motors and Li Auto&nbsp;climbed between 3% and 13%.</p><p><blockquote>周三早盘热门中概股继续反弹，阿里巴巴、京东、拼多多、百度、滴滴全球、蔚来、小鹏汽车和理想汽车涨幅在3%至13%之间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8198eadc3c17e2d3fa3226a5348e1bef\" tg-width=\"359\" tg-height=\"603\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏汽车","NTES":"网易","BABA":"阿里巴巴","NIO":"蔚来","BIDU":"百度","PDD":"拼多多","DIDI":"滴滴(已退市)","JD":"京东","LI":"理想汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154854343","content_text":"Hot Chinese concept stocks continue to rebound in Wednesday morning trading.Alibaba,JD.com, Pinduoduo,Baidu,DiDi Global,Nio,Xpeng Motors and Li Auto climbed between 3% and 13%.","news_type":1,"symbols_score_info":{"XPEV":0.9,"BIDU":0.9,"NIO":0.9,"DIDI":0.9,"BABA":0.9,"LI":0.9,"PDD":0.9,"NTES":0.9,"JD":0.9}},"isVote":1,"tweetType":1,"viewCount":572,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801338278,"gmtCreate":1627482194194,"gmtModify":1631887370465,"author":{"id":"3564041372367572","authorId":"3564041372367572","name":"我会成为小富婆","avatar":"https://static.tigerbbs.com/cc81530dfc76889190c0083ac7558dcb","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564041372367572","idStr":"3564041372367572"},"themes":[],"htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/801338278","repostId":"2154360923","repostType":4,"isVote":1,"tweetType":1,"viewCount":989,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809797275,"gmtCreate":1627392475997,"gmtModify":1631887370482,"author":{"id":"3564041372367572","authorId":"3564041372367572","name":"我会成为小富婆","avatar":"https://static.tigerbbs.com/cc81530dfc76889190c0083ac7558dcb","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564041372367572","idStr":"3564041372367572"},"themes":[],"htmlText":"Like and comment please&nbsp;","listText":"Like and comment please&nbsp;","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/809797275","repostId":"1128428316","repostType":4,"isVote":1,"tweetType":1,"viewCount":817,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":135383333,"gmtCreate":1622131103422,"gmtModify":1634183553429,"author":{"id":"3564041372367572","authorId":"3564041372367572","name":"我会成为小富婆","avatar":"https://static.tigerbbs.com/cc81530dfc76889190c0083ac7558dcb","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564041372367572","authorIdStr":"3564041372367572"},"themes":[],"htmlText":"wow. Like and comment please&nbsp;","listText":"wow. Like and comment please&nbsp;","text":"wow. Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/135383333","repostId":"1145940037","repostType":4,"repost":{"id":"1145940037","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":1622128786,"share":"https://www.laohu8.com/m/news/1145940037?lang=zh_CN&edition=full","pubTime":"2021-05-27 23:19","market":"us","language":"en","title":"AMC shares once rose 20%，making the growth rate expanded to 1000% so far in 2021<blockquote>AMC股价一度上涨20%，使得2021年至今涨幅扩大至1000%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1145940037","media":"Tiger Newspress","summary":"Today AMC shares once rose 20%，making the growth rate expanded to 1000% so far in 2021.Meme stocks s","content":"<p>Today&nbsp;AMC&nbsp;shares&nbsp;once&nbsp;rose&nbsp;20%，making the growth rate expanded to 1000%&nbsp;so far in 2021.</p><p><blockquote>如今AMC股价一度上涨20%，使得2021年至今涨幅扩大至1000%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/3b8e58d91fa49e69cdf6288d5b6c520a\" tg-width=\"813\" tg-height=\"619\" referrerpolicy=\"no-referrer\">Meme&nbsp;stocks such as GameStop and AMC Entertainmentthat were the focus of retail investors on Reddit’s r/WallStreetBets forum earlier this year are riding another wave higher as the Reddit traders attempt to squeeze the stocks higher.</p><p><blockquote>今年早些时候，游戏驿站和AMC Entertainment等模因股票在Reddit的r/WallStreetBets论坛上成为散户投资者关注的焦点，随着Reddit交易员试图推高股价，它们又迎来了一波上涨。</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>AMC shares once rose 20%，making the growth rate expanded to 1000% so far in 2021<blockquote>AMC股价一度上涨20%，使得2021年至今涨幅扩大至1000%</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\">\nAMC shares once rose 20%，making the growth rate expanded to 1000% so far in 2021<blockquote>AMC股价一度上涨20%，使得2021年至今涨幅扩大至1000%</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\">2021-05-27 23:19</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Today&nbsp;AMC&nbsp;shares&nbsp;once&nbsp;rose&nbsp;20%，making the growth rate expanded to 1000%&nbsp;so far in 2021.</p><p><blockquote>如今AMC股价一度上涨20%，使得2021年至今涨幅扩大至1000%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/3b8e58d91fa49e69cdf6288d5b6c520a\" tg-width=\"813\" tg-height=\"619\" referrerpolicy=\"no-referrer\">Meme&nbsp;stocks such as GameStop and AMC Entertainmentthat were the focus of retail investors on Reddit’s r/WallStreetBets forum earlier this year are riding another wave higher as the Reddit traders attempt to squeeze the stocks higher.</p><p><blockquote>今年早些时候，游戏驿站和AMC Entertainment等模因股票在Reddit的r/WallStreetBets论坛上成为散户投资者关注的焦点，随着Reddit交易员试图推高股价，它们又迎来了一波上涨。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145940037","content_text":"Today AMC shares once rose 20%，making the growth rate expanded to 1000% so far in 2021.Meme stocks such as GameStop and AMC Entertainmentthat were the focus of retail investors on Reddit’s r/WallStreetBets forum earlier this year are riding another wave higher as the Reddit traders attempt to squeeze the stocks higher.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":531,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177200332,"gmtCreate":1627218144526,"gmtModify":1633767101142,"author":{"id":"3564041372367572","authorId":"3564041372367572","name":"我会成为小富婆","avatar":"https://static.tigerbbs.com/cc81530dfc76889190c0083ac7558dcb","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564041372367572","authorIdStr":"3564041372367572"},"themes":[],"htmlText":"Like and comment please&nbsp;","listText":"Like and comment please&nbsp;","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/177200332","repostId":"1176552691","repostType":4,"repost":{"id":"1176552691","kind":"news","pubTimestamp":1627183789,"share":"https://www.laohu8.com/m/news/1176552691?lang=zh_CN&edition=full","pubTime":"2021-07-25 11:29","market":"us","language":"en","title":"Is IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1176552691","media":"seekingalpha","summary":"Summary\n\nIBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>IBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.</li>  <li>Prior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.</li>  <li>More transparency is needed regarding the Kyndryl spinoff.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c798e0536c6804d44b195f6f349fab5\" tg-width=\"1536\" tg-height=\"1044\" width=\"100%\" height=\"auto\"><span>Ethan Miller/Getty Images News</span></p><p><blockquote><ul><li>随着云收入和营业利润率的改善，IBM第二季度盈利超出了分析师的预期。</li><li>在第一季度之前，IBM连续四个季度收入下降，过去34个季度中有30个季度收入下降。</li><li>Kyndryl分拆需要更多透明度。</li></ul><p class=\"t-img-caption\"><span>伊森·米勒/盖蒂图片社新闻</span></p></blockquote></p><p> International Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.</p><p><blockquote>国际商业机器公司（IBM）是一家转型中的公司。不幸的是，对于投资者来说，这种转变已经持续了十年的大部分时间。这些扭亏为盈的努力包括对云计算和人工智能的投资以及剥离遗留业务。虽然现在有绿芽的迹象，但播下的种子是否落在岩石上还有待观察。</blockquote></p><p> Although the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.</p><p><blockquote>尽管该公司在混合云产品方面拥有快速增长的业务，并在量子计算方面拥有潜在的增长引擎，但它面临着前一个行业的激烈竞争和后一个行业的不确定前景。该公司的大多数其他业务都处于低迷状态，因此IBM的增长前景不明朗。</blockquote></p><p> What is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.</p><p><blockquote>可以肯定的是，截至今天，IBM的债务负担合理且不断减少，自由现金流强劲。</blockquote></p><p> Management is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.</p><p><blockquote>管理层正试图通过专注于公司的云产品来部分解决增长问题，同时剥离其托管基础设施业务。该公司将被命名为Kyndryl。然而，新实体将承担的债务以及其将承担的当前股息部分尚未透露。</blockquote></p><p> <b>Recent Quarterly Results</b></p><p><blockquote><b>最近季度业绩</b></blockquote></p><p> IBM&nbsp;reported&nbsp;Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.</p><p><blockquote>IBM上周一公布了第二季度业绩。该公司的非GAAP每股收益为2.33美元，超出预期0.04美元。</blockquote></p><p> Revenue of $18.7 billion was flat when adjusted for currency and divestitures.</p><p><blockquote>经货币和资产剥离调整后，营收为187亿美元，持平。</blockquote></p><p> The negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.</p><p><blockquote>该报告的负面影响是系统收入下降了7%。然而，这主要是由于正常的IBM Z大型机周期，同比下降13%。</blockquote></p><p> The global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.</p><p><blockquote>全球融资部门在总收入中所占比例较低，下降了9%。全球技术服务约占总收入的三分之一，并将主要分拆为Kyndryl，但增长平缓。</blockquote></p><p> The positive side of the report had Cloud &amp; Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.</p><p><blockquote>该报告的积极一面是云和认知软件云收入增长了29%，全球商业服务云收入增长了35%。过去12个月，云总收入为270亿美元，增长了15%，而本季度云收入增长了13%，达到70亿美元。</blockquote></p><p> Net cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.</p><p><blockquote>过去12个月，经营活动产生的净现金达到177亿美元，调整后的自由现金流总计110亿美元。</blockquote></p><p> Since year-end 2020, the company has reduced debt by $6.4 billion.</p><p><blockquote>自2020年底以来，该公司已减少债务64亿美元。</blockquote></p><p> Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021.</p><p><blockquote>2021年调整后自由现金流110亿至120亿美元的管理指南。</blockquote></p><p> <b>Where IBM Stands Tall</b></p><p><blockquote><b>IBM屹立不倒的地方</b></blockquote></p><p> IBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.</p><p><blockquote>许多人认为IBM往好了说是一家三流IT公司，往坏了说是一只濒临灭绝的恐龙。</blockquote></p><p> It is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.</p><p><blockquote>很明显，该公司的收入多年来一直在下降；然而，为了准确评估该股票，投资者必须了解IBM的传统业务有许多优势。</blockquote></p><p> For example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.</p><p><blockquote>例如，IBM是世界上最大的IT服务公司，也是大型机的主要提供商。在财富50强公司中，有47家是IBM的客户。</blockquote></p><p> Half of the world’s wireless connections are handled by the firm.</p><p><blockquote>世界上一半的无线连接由该公司处理。</blockquote></p><p> IBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.</p><p><blockquote>IBM的大型机系统处理全球近90%的信用卡交易，97%的全球最大银行依赖IBM的产品和服务。因此，每年使用IBM系统处理290亿笔ATM交易。</blockquote></p><p> Eight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.</p><p><blockquote>十分之八的全球零售商依赖IBM的产品和服务，而80%的旅游业预订通过IBM系统进行。这导致使用该公司的IT服务处理40亿次航班预订。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ace4f1436fd2697c5ad266b5017e1dd\" tg-width=\"960\" tg-height=\"721\" width=\"100%\" height=\"auto\"><span>Source: Forbes</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：福布斯</span></p></blockquote></p><p> It is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.</p><p><blockquote>很明显，IBM拥有庞大的客户群，提供了大规模的经常性收入。在许多情况下，转向竞争对手的产品意味着冒着敏感信息转移的风险，而许多人不愿意采取这一举措。</blockquote></p><p> However, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.</p><p><blockquote>然而，随着向云服务和开源软件的过渡，越来越多的公司采用混合搭配的IT基础设施。反过来，这正在侵蚀IBM与客户转换成本相关的竞争优势。</blockquote></p><p> <b>The Sources Of Potential Growth</b></p><p><blockquote><b>潜在增长的来源</b></blockquote></p><p></p><p> Investors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh&nbsp;provided insight&nbsp;into how hybrid cloud drives revenue in some of IBM’s other divisions.</p><p><blockquote>投资者普遍了解IBM通过其混合云产品推动增长的努力。然而，在摩根大通最近的投资者会议上，首席财务官吉姆·卡瓦诺（Jim Kavanaugh）就混合云如何推动IBM其他一些部门的收入提供了见解。</blockquote></p><p>   For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall.  Of course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.</p><p><blockquote>我们在混合云平台上每投入1美元（业务），我们就会看到3到5美元的软件拖累和6到8美元的服务拖累。当然，Kavanaugh使用drag来指的是与采用IBM混合云相关的软件和服务收入的增加。如果卡瓦诺的说法准确，这意味着在该公司混合云平台上花费的每一美元都可以从该公司的软件和服务产品中获得9至13美元的额外收入。</blockquote></p><p> Because hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.</p><p><blockquote>由于混合云混合使用内部私有云和公共云服务，因此它为客户提供了一定程度的数据隐私。这是医疗保健和金融服务客户特别关注的问题。因此，我认为IBM在与其他混合云提供商的竞争中可能具有优势，因为它在这些行业中拥有广泛的关系。</blockquote></p><p> I reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm&nbsp;forecasts&nbsp;a CAGR of 18.73% from 2021 through 2026.</p><p><blockquote>我回顾了关于混合云市场预计增长率的各种预测。最近的研究，也属于其他预测的中间，是由魔多情报局进行的。该公司预测2021年至2026年的复合年增长率为18.73%。</blockquote></p><p> Investors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.</p><p><blockquote>投资者应该知道，该领域的主要运营商是思科(CSCO)、惠普(HPE)、亚马逊(AMZN)、思杰系统(CTXS)和IBM。</blockquote></p><p> The following chart provides a record of the firm’s total cloud growth over the last six quarters.</p><p><blockquote>下图提供了该公司过去六个季度的总云增长记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5fc85156e70f6caf8ae809f76126a723\" tg-width=\"576\" tg-height=\"336\" width=\"100%\" height=\"auto\"><span>Source: Company reports / Chart by Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司报告/作者图表</span></p></blockquote></p><p> Aside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.</p><p><blockquote>除了云之外，还有另一个潜在增长的来源，尽管它不太可能很快实现。</blockquote></p><p> Early in 2019, IBM&nbsp;introduced&nbsp;the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.</p><p><blockquote>2019年初，IBM推出了Q System One。IBM Q systems是世界上第一台专为科学和商业用途而设计的量子计算机。</blockquote></p><p> Pardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence&nbsp;forecasts&nbsp;a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.</p><p><blockquote>原谅我的双关语，但量子计算机代表了技术的巨大飞跃。Prescient And Strategic Intelligence预测，到2030年，该行业的CAGR将达到56%，量子计算机市场份额将达到近650亿美元。</blockquote></p><p> For additional insights regarding quantum computing and IBM’s position within that industry, I point you to&nbsp;my article, “IBM: Why My Eye Is Fixed On Big Blue.”</p><p><blockquote>有关量子计算和IBM在该行业中的地位的更多见解，我向您推荐我的文章“IBM：为什么我的眼睛盯着蓝色巨人”。</blockquote></p><p> <b>Understanding Kyndryl</b></p><p><blockquote><b>了解Kyndryl</b></blockquote></p><p> Once&nbsp;Kyndryl&nbsp;is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.</p><p><blockquote>Kyndryl一旦上市，将在115个国家拥有9万多名员工和4600多家客户。新实体的服务积压量为600亿美元，预计收入为190亿美元。该公司的规模是最接近的竞争对手的两倍，将成为全球最大的托管基础设施服务提供商。</blockquote></p><p> The split will&nbsp;transform&nbsp;IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.</p><p><blockquote>此次分拆将使IBM从一家一半收入来自服务的公司转变为一家软件和解决方案业务经常性收入超过一半的公司。</blockquote></p><p> Global Business Services, which currently constitutes 22% of the company’s revenue, will&nbsp;account&nbsp;for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.</p><p><blockquote>全球商业服务目前占公司收入的22%，将占销售额的40%以上。值得注意的是，该部门上季度的收入同比增长了12%。</blockquote></p><p> IBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.</p><p><blockquote>IBM将保留Red Hat及其解决方案提供商业务、系统业务、关键任务公共云服务，以及专注于大数据、人工智能和安全的软件组合。</blockquote></p><p> Initially, the two companies will each be the largest customer of the other.</p><p><blockquote>最初，两家公司将各自成为对方的最大客户。</blockquote></p><p> What remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.</p><p><blockquote>关于分拆，尚待了解的是每家公司将承担多少债务，以及公司将支付的股息份额。克里希纳表示，两家公司将共同努力维持目前的支付水平。</blockquote></p><p> <b>Has IBM Turned The Corner?</b></p><p><blockquote><b>IBM转危为安了吗？</b></blockquote></p><p> Anyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.</p><p><blockquote>任何关注IBM的人都知道该公司经历了长期的糟糕业绩。下图提供了该公司过去十四个季度的季度自由现金流记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60cc8b82052f97dd449205999ee30711\" tg-width=\"577\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Data from ycharts / chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：数据来自ycharts/作者图表</span></p></blockquote></p><p> While this is not proof positive that the company is back on track, the recent trend is at least encouraging.</p><p><blockquote>虽然这并不能证明该公司重回正轨，但最近的趋势至少令人鼓舞。</blockquote></p><p> In 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.</p><p><blockquote>2020年，IBM产生了108亿美元的自由现金流。2021年调整后自由现金流110亿至120亿美元的管理指南。这不包括与Kyndryl分拆相关的30亿美元结构性影响。</blockquote></p><p> The CEO&nbsp;recently stated&nbsp;he expects IBM to generate $12 billion to $13 billion in FCF in 2022.</p><p><blockquote>这位首席执行官最近表示，他预计IBM将在2022年产生120亿至130亿美元的自由现金流。</blockquote></p><p> <b>Debt And Dividend</b></p><p><blockquote><b>债务和股息</b></blockquote></p><p></p><p> While investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.</p><p><blockquote>虽然投资者可以理所当然地抱怨多年来的各种管理层举措，但该公司在进行多项收购的同时保持了合理的债务状况。</blockquote></p><p> The company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.</p><p><blockquote>自2019年年中达到峰值以来，该公司已将债务减少了约180亿美元。IBM维持投资级信用评级，下图记录了该公司最近偿还债务的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b73e613157c486a5f5e8306546121971\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Source: IBM Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：IBM演示文稿</span></p></blockquote></p><p> IBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.</p><p><blockquote>IBM的收益率为4.64%，派息率略低于61%，5年股息增长率为4.26%。如前所述，Kyndryl分拆后，两家公司将合作提供相当于当前股息的派息。</blockquote></p><p> <b>Is IBM Stock Overvalued?</b></p><p><blockquote><b>IBM股票是否被高估？</b></blockquote></p><p> IBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.</p><p><blockquote>IBM股价交易价格为141.13美元。8位分析师的平均12个月目标价为153.50美元。自上次收益报告以来，对该股进行评级的3位分析师的目标价为151.33美元。</blockquote></p><p> IBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.</p><p><blockquote>IBM的市盈率为24.05倍，远期市盈率为17.67倍。相比之下，其五年平均值分别为16.42倍和13.25倍。这远低于行业平均水平，这两个指标都在三十左右。</blockquote></p><p> The 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.</p><p><blockquote>Seeking Alpha Premium提供的3至5年期PEG为1.16倍。嘉信理财计算的PEG为1.49倍，雅虎没有提供PEG比率。</blockquote></p><p> I believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.</p><p><blockquote>我相信该股目前的市盈率反映了投资者对分拆完成后IBM增长加速的预期。PEG比率显示该股票估值合理。</blockquote></p><p> <b>Is IBM Stock A Good Long-Term Investment?</b></p><p><blockquote><b>IBM股票是一项不错的长期投资吗？</b></blockquote></p><p> IBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.</p><p><blockquote>IBM在全球许多最大的公司中有着根深蒂固但不断发展的地位。不幸的是，被视为该公司主要增长途径的云也可能导致该公司一些遗留业务的缓慢恶化。</blockquote></p><p> That the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.</p><p><blockquote>云业务一直在快速增长是显而易见的：IBM现在拥有超过3,200个客户使用该公司的混合云平台。这几乎是收购红帽之前的四倍。</blockquote></p><p> If management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.</p><p><blockquote>如果管理层的说法准确，混合云平台将为软件和服务部门的收入带来强劲增长。结合Kyndryl缓慢增长的托管基础设施服务业务的分拆，有理由相信IBM将见证增长。</blockquote></p><p> IBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.</p><p><blockquote>IBM拥有稳健的资产负债表和强劲的收益率，当使用PEG比率作为股票估值的基础时，该股的交易价格略有折扣。</blockquote></p><p> All considered, I rate IBM as a BUY.</p><p><blockquote>综合考虑，我对IBM的评级为买入。</blockquote></p><p> I think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.</p><p><blockquote>我认为中短期最糟糕的情况是公司增长缓慢，而投资者则获得相当强劲的股息。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-25 11:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>IBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.</li>  <li>Prior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.</li>  <li>More transparency is needed regarding the Kyndryl spinoff.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c798e0536c6804d44b195f6f349fab5\" tg-width=\"1536\" tg-height=\"1044\" width=\"100%\" height=\"auto\"><span>Ethan Miller/Getty Images News</span></p><p><blockquote><ul><li>随着云收入和营业利润率的改善，IBM第二季度盈利超出了分析师的预期。</li><li>在第一季度之前，IBM连续四个季度收入下降，过去34个季度中有30个季度收入下降。</li><li>Kyndryl分拆需要更多透明度。</li></ul><p class=\"t-img-caption\"><span>伊森·米勒/盖蒂图片社新闻</span></p></blockquote></p><p> International Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.</p><p><blockquote>国际商业机器公司（IBM）是一家转型中的公司。不幸的是，对于投资者来说，这种转变已经持续了十年的大部分时间。这些扭亏为盈的努力包括对云计算和人工智能的投资以及剥离遗留业务。虽然现在有绿芽的迹象，但播下的种子是否落在岩石上还有待观察。</blockquote></p><p> Although the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.</p><p><blockquote>尽管该公司在混合云产品方面拥有快速增长的业务，并在量子计算方面拥有潜在的增长引擎，但它面临着前一个行业的激烈竞争和后一个行业的不确定前景。该公司的大多数其他业务都处于低迷状态，因此IBM的增长前景不明朗。</blockquote></p><p> What is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.</p><p><blockquote>可以肯定的是，截至今天，IBM的债务负担合理且不断减少，自由现金流强劲。</blockquote></p><p> Management is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.</p><p><blockquote>管理层正试图通过专注于公司的云产品来部分解决增长问题，同时剥离其托管基础设施业务。该公司将被命名为Kyndryl。然而，新实体将承担的债务以及其将承担的当前股息部分尚未透露。</blockquote></p><p> <b>Recent Quarterly Results</b></p><p><blockquote><b>最近季度业绩</b></blockquote></p><p> IBM&nbsp;reported&nbsp;Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.</p><p><blockquote>IBM上周一公布了第二季度业绩。该公司的非GAAP每股收益为2.33美元，超出预期0.04美元。</blockquote></p><p> Revenue of $18.7 billion was flat when adjusted for currency and divestitures.</p><p><blockquote>经货币和资产剥离调整后，营收为187亿美元，持平。</blockquote></p><p> The negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.</p><p><blockquote>该报告的负面影响是系统收入下降了7%。然而，这主要是由于正常的IBM Z大型机周期，同比下降13%。</blockquote></p><p> The global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.</p><p><blockquote>全球融资部门在总收入中所占比例较低，下降了9%。全球技术服务约占总收入的三分之一，并将主要分拆为Kyndryl，但增长平缓。</blockquote></p><p> The positive side of the report had Cloud &amp; Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.</p><p><blockquote>该报告的积极一面是云和认知软件云收入增长了29%，全球商业服务云收入增长了35%。过去12个月，云总收入为270亿美元，增长了15%，而本季度云收入增长了13%，达到70亿美元。</blockquote></p><p> Net cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.</p><p><blockquote>过去12个月，经营活动产生的净现金达到177亿美元，调整后的自由现金流总计110亿美元。</blockquote></p><p> Since year-end 2020, the company has reduced debt by $6.4 billion.</p><p><blockquote>自2020年底以来，该公司已减少债务64亿美元。</blockquote></p><p> Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021.</p><p><blockquote>2021年调整后自由现金流110亿至120亿美元的管理指南。</blockquote></p><p> <b>Where IBM Stands Tall</b></p><p><blockquote><b>IBM屹立不倒的地方</b></blockquote></p><p> IBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.</p><p><blockquote>许多人认为IBM往好了说是一家三流IT公司，往坏了说是一只濒临灭绝的恐龙。</blockquote></p><p> It is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.</p><p><blockquote>很明显，该公司的收入多年来一直在下降；然而，为了准确评估该股票，投资者必须了解IBM的传统业务有许多优势。</blockquote></p><p> For example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.</p><p><blockquote>例如，IBM是世界上最大的IT服务公司，也是大型机的主要提供商。在财富50强公司中，有47家是IBM的客户。</blockquote></p><p> Half of the world’s wireless connections are handled by the firm.</p><p><blockquote>世界上一半的无线连接由该公司处理。</blockquote></p><p> IBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.</p><p><blockquote>IBM的大型机系统处理全球近90%的信用卡交易，97%的全球最大银行依赖IBM的产品和服务。因此，每年使用IBM系统处理290亿笔ATM交易。</blockquote></p><p> Eight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.</p><p><blockquote>十分之八的全球零售商依赖IBM的产品和服务，而80%的旅游业预订通过IBM系统进行。这导致使用该公司的IT服务处理40亿次航班预订。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ace4f1436fd2697c5ad266b5017e1dd\" tg-width=\"960\" tg-height=\"721\" width=\"100%\" height=\"auto\"><span>Source: Forbes</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：福布斯</span></p></blockquote></p><p> It is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.</p><p><blockquote>很明显，IBM拥有庞大的客户群，提供了大规模的经常性收入。在许多情况下，转向竞争对手的产品意味着冒着敏感信息转移的风险，而许多人不愿意采取这一举措。</blockquote></p><p> However, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.</p><p><blockquote>然而，随着向云服务和开源软件的过渡，越来越多的公司采用混合搭配的IT基础设施。反过来，这正在侵蚀IBM与客户转换成本相关的竞争优势。</blockquote></p><p> <b>The Sources Of Potential Growth</b></p><p><blockquote><b>潜在增长的来源</b></blockquote></p><p></p><p> Investors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh&nbsp;provided insight&nbsp;into how hybrid cloud drives revenue in some of IBM’s other divisions.</p><p><blockquote>投资者普遍了解IBM通过其混合云产品推动增长的努力。然而，在摩根大通最近的投资者会议上，首席财务官吉姆·卡瓦诺（Jim Kavanaugh）就混合云如何推动IBM其他一些部门的收入提供了见解。</blockquote></p><p>   For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall.  Of course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.</p><p><blockquote>我们在混合云平台上每投入1美元（业务），我们就会看到3到5美元的软件拖累和6到8美元的服务拖累。当然，Kavanaugh使用drag来指的是与采用IBM混合云相关的软件和服务收入的增加。如果卡瓦诺的说法准确，这意味着在该公司混合云平台上花费的每一美元都可以从该公司的软件和服务产品中获得9至13美元的额外收入。</blockquote></p><p> Because hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.</p><p><blockquote>由于混合云混合使用内部私有云和公共云服务，因此它为客户提供了一定程度的数据隐私。这是医疗保健和金融服务客户特别关注的问题。因此，我认为IBM在与其他混合云提供商的竞争中可能具有优势，因为它在这些行业中拥有广泛的关系。</blockquote></p><p> I reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm&nbsp;forecasts&nbsp;a CAGR of 18.73% from 2021 through 2026.</p><p><blockquote>我回顾了关于混合云市场预计增长率的各种预测。最近的研究，也属于其他预测的中间，是由魔多情报局进行的。该公司预测2021年至2026年的复合年增长率为18.73%。</blockquote></p><p> Investors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.</p><p><blockquote>投资者应该知道，该领域的主要运营商是思科(CSCO)、惠普(HPE)、亚马逊(AMZN)、思杰系统(CTXS)和IBM。</blockquote></p><p> The following chart provides a record of the firm’s total cloud growth over the last six quarters.</p><p><blockquote>下图提供了该公司过去六个季度的总云增长记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5fc85156e70f6caf8ae809f76126a723\" tg-width=\"576\" tg-height=\"336\" width=\"100%\" height=\"auto\"><span>Source: Company reports / Chart by Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司报告/作者图表</span></p></blockquote></p><p> Aside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.</p><p><blockquote>除了云之外，还有另一个潜在增长的来源，尽管它不太可能很快实现。</blockquote></p><p> Early in 2019, IBM&nbsp;introduced&nbsp;the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.</p><p><blockquote>2019年初，IBM推出了Q System One。IBM Q systems是世界上第一台专为科学和商业用途而设计的量子计算机。</blockquote></p><p> Pardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence&nbsp;forecasts&nbsp;a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.</p><p><blockquote>原谅我的双关语，但量子计算机代表了技术的巨大飞跃。Prescient And Strategic Intelligence预测，到2030年，该行业的CAGR将达到56%，量子计算机市场份额将达到近650亿美元。</blockquote></p><p> For additional insights regarding quantum computing and IBM’s position within that industry, I point you to&nbsp;my article, “IBM: Why My Eye Is Fixed On Big Blue.”</p><p><blockquote>有关量子计算和IBM在该行业中的地位的更多见解，我向您推荐我的文章“IBM：为什么我的眼睛盯着蓝色巨人”。</blockquote></p><p> <b>Understanding Kyndryl</b></p><p><blockquote><b>了解Kyndryl</b></blockquote></p><p> Once&nbsp;Kyndryl&nbsp;is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.</p><p><blockquote>Kyndryl一旦上市，将在115个国家拥有9万多名员工和4600多家客户。新实体的服务积压量为600亿美元，预计收入为190亿美元。该公司的规模是最接近的竞争对手的两倍，将成为全球最大的托管基础设施服务提供商。</blockquote></p><p> The split will&nbsp;transform&nbsp;IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.</p><p><blockquote>此次分拆将使IBM从一家一半收入来自服务的公司转变为一家软件和解决方案业务经常性收入超过一半的公司。</blockquote></p><p> Global Business Services, which currently constitutes 22% of the company’s revenue, will&nbsp;account&nbsp;for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.</p><p><blockquote>全球商业服务目前占公司收入的22%，将占销售额的40%以上。值得注意的是，该部门上季度的收入同比增长了12%。</blockquote></p><p> IBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.</p><p><blockquote>IBM将保留Red Hat及其解决方案提供商业务、系统业务、关键任务公共云服务，以及专注于大数据、人工智能和安全的软件组合。</blockquote></p><p> Initially, the two companies will each be the largest customer of the other.</p><p><blockquote>最初，两家公司将各自成为对方的最大客户。</blockquote></p><p> What remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.</p><p><blockquote>关于分拆，尚待了解的是每家公司将承担多少债务，以及公司将支付的股息份额。克里希纳表示，两家公司将共同努力维持目前的支付水平。</blockquote></p><p> <b>Has IBM Turned The Corner?</b></p><p><blockquote><b>IBM转危为安了吗？</b></blockquote></p><p> Anyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.</p><p><blockquote>任何关注IBM的人都知道该公司经历了长期的糟糕业绩。下图提供了该公司过去十四个季度的季度自由现金流记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60cc8b82052f97dd449205999ee30711\" tg-width=\"577\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Data from ycharts / chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：数据来自ycharts/作者图表</span></p></blockquote></p><p> While this is not proof positive that the company is back on track, the recent trend is at least encouraging.</p><p><blockquote>虽然这并不能证明该公司重回正轨，但最近的趋势至少令人鼓舞。</blockquote></p><p> In 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.</p><p><blockquote>2020年，IBM产生了108亿美元的自由现金流。2021年调整后自由现金流110亿至120亿美元的管理指南。这不包括与Kyndryl分拆相关的30亿美元结构性影响。</blockquote></p><p> The CEO&nbsp;recently stated&nbsp;he expects IBM to generate $12 billion to $13 billion in FCF in 2022.</p><p><blockquote>这位首席执行官最近表示，他预计IBM将在2022年产生120亿至130亿美元的自由现金流。</blockquote></p><p> <b>Debt And Dividend</b></p><p><blockquote><b>债务和股息</b></blockquote></p><p></p><p> While investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.</p><p><blockquote>虽然投资者可以理所当然地抱怨多年来的各种管理层举措，但该公司在进行多项收购的同时保持了合理的债务状况。</blockquote></p><p> The company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.</p><p><blockquote>自2019年年中达到峰值以来，该公司已将债务减少了约180亿美元。IBM维持投资级信用评级，下图记录了该公司最近偿还债务的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b73e613157c486a5f5e8306546121971\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Source: IBM Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：IBM演示文稿</span></p></blockquote></p><p> IBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.</p><p><blockquote>IBM的收益率为4.64%，派息率略低于61%，5年股息增长率为4.26%。如前所述，Kyndryl分拆后，两家公司将合作提供相当于当前股息的派息。</blockquote></p><p> <b>Is IBM Stock Overvalued?</b></p><p><blockquote><b>IBM股票是否被高估？</b></blockquote></p><p> IBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.</p><p><blockquote>IBM股价交易价格为141.13美元。8位分析师的平均12个月目标价为153.50美元。自上次收益报告以来，对该股进行评级的3位分析师的目标价为151.33美元。</blockquote></p><p> IBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.</p><p><blockquote>IBM的市盈率为24.05倍，远期市盈率为17.67倍。相比之下，其五年平均值分别为16.42倍和13.25倍。这远低于行业平均水平，这两个指标都在三十左右。</blockquote></p><p> The 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.</p><p><blockquote>Seeking Alpha Premium提供的3至5年期PEG为1.16倍。嘉信理财计算的PEG为1.49倍，雅虎没有提供PEG比率。</blockquote></p><p> I believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.</p><p><blockquote>我相信该股目前的市盈率反映了投资者对分拆完成后IBM增长加速的预期。PEG比率显示该股票估值合理。</blockquote></p><p> <b>Is IBM Stock A Good Long-Term Investment?</b></p><p><blockquote><b>IBM股票是一项不错的长期投资吗？</b></blockquote></p><p> IBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.</p><p><blockquote>IBM在全球许多最大的公司中有着根深蒂固但不断发展的地位。不幸的是，被视为该公司主要增长途径的云也可能导致该公司一些遗留业务的缓慢恶化。</blockquote></p><p> That the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.</p><p><blockquote>云业务一直在快速增长是显而易见的：IBM现在拥有超过3,200个客户使用该公司的混合云平台。这几乎是收购红帽之前的四倍。</blockquote></p><p> If management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.</p><p><blockquote>如果管理层的说法准确，混合云平台将为软件和服务部门的收入带来强劲增长。结合Kyndryl缓慢增长的托管基础设施服务业务的分拆，有理由相信IBM将见证增长。</blockquote></p><p> IBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.</p><p><blockquote>IBM拥有稳健的资产负债表和强劲的收益率，当使用PEG比率作为股票估值的基础时，该股的交易价格略有折扣。</blockquote></p><p> All considered, I rate IBM as a BUY.</p><p><blockquote>综合考虑，我对IBM的评级为买入。</blockquote></p><p> I think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.</p><p><blockquote>我认为中短期最糟糕的情况是公司增长缓慢，而投资者则获得相当强劲的股息。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4440996-is-ibm-stock-undervalued-overvalued\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IBM":"IBM"},"source_url":"https://seekingalpha.com/article/4440996-is-ibm-stock-undervalued-overvalued","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176552691","content_text":"Summary\n\nIBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.\nPrior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.\nMore transparency is needed regarding the Kyndryl spinoff.\n\nEthan Miller/Getty Images News\nInternational Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.\nAlthough the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.\nWhat is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.\nManagement is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.\nRecent Quarterly Results\nIBM reported Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.\nRevenue of $18.7 billion was flat when adjusted for currency and divestitures.\nThe negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.\nThe global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.\nThe positive side of the report had Cloud & Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.\nNet cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.\nSince year-end 2020, the company has reduced debt by $6.4 billion.\nManagement guides for adjusted free cash flow of $11 billion to $12 billion in 2021.\nWhere IBM Stands Tall\nIBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.\nIt is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.\nFor example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.\nHalf of the world’s wireless connections are handled by the firm.\nIBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.\nEight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.\nSource: Forbes\nIt is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.\nHowever, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.\nThe Sources Of Potential Growth\nInvestors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh provided insight into how hybrid cloud drives revenue in some of IBM’s other divisions.\n\n For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall.\n\nOf course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.\nBecause hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.\nI reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm forecasts a CAGR of 18.73% from 2021 through 2026.\nInvestors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.\nThe following chart provides a record of the firm’s total cloud growth over the last six quarters.\nSource: Company reports / Chart by Author\nAside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.\nEarly in 2019, IBM introduced the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.\nPardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence forecasts a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.\nFor additional insights regarding quantum computing and IBM’s position within that industry, I point you to my article, “IBM: Why My Eye Is Fixed On Big Blue.”\nUnderstanding Kyndryl\nOnce Kyndryl is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.\nThe split will transform IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.\nGlobal Business Services, which currently constitutes 22% of the company’s revenue, will account for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.\nIBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.\nInitially, the two companies will each be the largest customer of the other.\nWhat remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.\nHas IBM Turned The Corner?\nAnyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.\nSource: Data from ycharts / chart by author\nWhile this is not proof positive that the company is back on track, the recent trend is at least encouraging.\nIn 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.\nThe CEO recently stated he expects IBM to generate $12 billion to $13 billion in FCF in 2022.\nDebt And Dividend\nWhile investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.\nThe company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.\nSource: IBM Presentation\nIBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.\nIs IBM Stock Overvalued?\nIBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.\nIBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.\nThe 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.\nI believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.\nIs IBM Stock A Good Long-Term Investment?\nIBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.\nThat the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.\nIf management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.\nIBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.\nAll considered, I rate IBM as a BUY.\nI think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.","news_type":1,"symbols_score_info":{"IBM":0.9}},"isVote":1,"tweetType":1,"viewCount":321,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894421123,"gmtCreate":1628849742062,"gmtModify":1631884907648,"author":{"id":"3564041372367572","authorId":"3564041372367572","name":"我会成为小富婆","avatar":"https://static.tigerbbs.com/cc81530dfc76889190c0083ac7558dcb","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564041372367572","authorIdStr":"3564041372367572"},"themes":[],"htmlText":"Like and comment please","listText":"Like and comment please","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/894421123","repostId":"1131592543","repostType":4,"isVote":1,"tweetType":1,"viewCount":2762,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890924072,"gmtCreate":1628078442896,"gmtModify":1631887370398,"author":{"id":"3564041372367572","authorId":"3564041372367572","name":"我会成为小富婆","avatar":"https://static.tigerbbs.com/cc81530dfc76889190c0083ac7558dcb","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564041372367572","authorIdStr":"3564041372367572"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/890924072","repostId":"2156108972","repostType":4,"isVote":1,"tweetType":1,"viewCount":971,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898572978,"gmtCreate":1628515024994,"gmtModify":1631884907724,"author":{"id":"3564041372367572","authorId":"3564041372367572","name":"我会成为小富婆","avatar":"https://static.tigerbbs.com/cc81530dfc76889190c0083ac7558dcb","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564041372367572","authorIdStr":"3564041372367572"},"themes":[],"htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/898572978","repostId":"1169468024","repostType":4,"repost":{"id":"1169468024","kind":"news","pubTimestamp":1628514601,"share":"https://www.laohu8.com/m/news/1169468024?lang=zh_CN&edition=full","pubTime":"2021-08-09 21:10","market":"us","language":"en","title":"Berkshire Buoyed as U.S. Rebound Fires Up Manufacturers<blockquote>美国经济反弹提振制造商，伯克希尔哈撒韦公司受到提振</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169468024","media":"Bloomberg","summary":"(Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. is reaping the benefits of the U.S. economic","content":"<p>(Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. is reaping the benefits of the U.S. economic recovery.</p><p><blockquote>（彭博社）——沃伦·巴菲特的伯克希尔·哈撒韦公司正在收获美国经济复苏的好处。</blockquote></p><p> The conglomerate’s collection of manufacturers and retailers bounced back during the second quarter after being hit hard as the pandemic ripped through the U.S. last year. That group of businesses posted its second-highest quarterly profit in data going back to the middle of 2009 and helped fuel a 21% gain in Berkshire’s total operating profit during the period.</p><p><blockquote>该集团旗下的制造商和零售商在去年疫情席卷美国时遭受重创后，在第二季度出现反弹。该业务集团公布了自2009年中期以来第二高的季度利润，并帮助伯克希尔哈撒韦公司在此期间的总营业利润增长了21%。</blockquote></p><p> “It’s all of the other old economy, manufacturing, service, retailing, transportation businesses that just really reflect the broad economic recovery driving this performance this quarter,” Jim Shanahan, an analyst at Edward Jones, said in a phone interview. “There’s a housing angle here which I think was a really strong contributor this quarter.”</p><p><blockquote>爱德华·琼斯(Edward Jones)分析师吉姆·沙纳汉(Jim Shanahan)在接受电话采访时表示：“所有其他旧经济、制造业、服务业、零售业、运输业才真正反映了推动本季度业绩的广泛经济复苏。”“这里有一个住房角度，我认为这是本季度的一个非常强大的贡献者。”</blockquote></p><p> Buffett has built Berkshire into a broad business with footholds in industries including insurance, energy and retail. But that exposure to a wide slice of the U.S. economy weighed on it last year with businesses including See’s Candies having to furlough workers at the start of the shutdowns. Now, the outlook appears brighter.</p><p><blockquote>巴菲特将伯克希尔打造成为一家广泛的企业，在保险、能源和零售等行业都有立足点。但去年，这种对美国经济大部分地区的敞口给其带来了压力，包括喜诗糖果在内的企业不得不在停工之初让工人休假。现在，前景似乎更加光明。</blockquote></p><p> “Many of our businesses generated significantly higher earnings over the first half of 2021 compared to 2020, which included significant adverse effects from the pandemic,” Berkshire said in a regulatory filing Saturday. “Earnings of our manufacturing, service and retail businesses in 2021 benefited from higher customer demand in many of our businesses and exceeded earnings in 2019 as well.”</p><p><blockquote>伯克希尔在周六提交的监管文件中表示：“与2020年相比，我们的许多业务在2021年上半年的盈利显着增加，其中包括疫情的重大不利影响。”“2021年，我们制造、服务和零售业务的盈利受益于我们许多业务的客户需求增加，也超过了2019年的盈利。”</blockquote></p><p> Berkshire’s group of building-products companies accounted for a particular source of strength during the quarter. Earnings at those operations were up almost 40%, helped by the boon in housing construction in the U.S. Tom Russo, a Berkshire shareholder, said the strength of those businesses combined with the challenge of disrupting them through technology makes them a good part of Berkshire’s composition.</p><p><blockquote>伯克希尔的建筑产品公司集团是本季度的一个特殊优势来源。在美国住房建设繁荣的帮助下，这些业务的盈利增长了近40%。伯克希尔股东汤姆·鲁索(Tom Russo)表示，这些业务的实力加上通过技术颠覆它们的挑战，使它们成为伯克希尔的重要组成部分。组成。</blockquote></p><p> “The businesses have a certain underlying recurrence that I think makes them attractive,” Russo, who oversees $10 billion including investments in Berkshire shares at Gardner Russo &amp; Quinn LLC, said in a phone interview.</p><p><blockquote>“这些业务具有一定的潜在经常性，我认为这使它们具有吸引力，”Russo在接受电话采访时表示，他在Gardner Russo&amp;Quinn LLC管理着100亿美元的伯克希尔股票投资。</blockquote></p><p> What Bloomberg Intelligence Says</p><p><blockquote>彭博资讯怎么说</blockquote></p><p> “Warren Buffett’s Berkshire Hathaway is on pace for a solid 2H on the back of about 30% operating unit earnings growth in 2Q. This was an easy comparison, but earnings were above 2016-19 averages in all four segments. ”</p><p><blockquote>“沃伦·巴菲特的伯克希尔·哈撒韦公司在第二季度运营部门盈利增长约30%的背景下，有望实现稳健的第二季度业绩。这是一个简单的比较，但所有四个部门的盈利均高于2016-19年的平均水平。”</blockquote></p><p> --Matthew Palazola, a senior industry analyst, and Kylie Towbin, an associate analyst</p><p><blockquote>——高级行业分析师Matthew Palazola和助理分析师Kylie Towbin</blockquote></p><p> Still, Berkshire wasn’t immune to the supply-chain pressures that have been a persistent economic theme since the early days of the outbreak. Higher costs for certain materials such as lumber and steel caused some of those operations to ramp up their own prices, Berkshire said.</p><p><blockquote>尽管如此，伯克希尔也未能幸免于供应链压力，自疫情爆发初期以来，供应链压力一直是一个持续的经济主题。伯克希尔表示，木材和钢铁等某些材料的成本上升导致其中一些业务提高了自身价格。</blockquote></p><p> Not every Berkshire business bounced back fully. Precision Castparts Corp., which makes parts for aircraft and suffered a large writedown last year, reported revenue declines during the period even as earnings climbed slightly due to efforts to restructure the business. And Berkshire warned that supply-chain issues could continue to weigh on that business.</p><p><blockquote>并非伯克希尔的每项业务都完全反弹。Precision Castparts Corp.生产飞机零部件，去年遭受了大量减记，该公司报告称，尽管由于业务重组努力，盈利略有攀升，但在此期间收入下降。伯克希尔警告称，供应链问题可能会继续给该业务带来压力。</blockquote></p><p> “The Covid-19 pandemic contributed to material declines in commercial air travel and aircraft production in 2020,” Berkshire said in the filing. “While air travel in the U.S. is increasing in 2021, we do not expect significant increases in PCC’s aerospace demand to occur in the near term due to the inventory levels currently within the industry supply chain. Consequently, we anticipate PCC’s revenues and earnings in 2021 will be below pre-pandemic levels.”</p><p><blockquote>伯克希尔在文件中表示：“Covid-19大流行导致2020年商业航空旅行和飞机产量大幅下降。”“虽然2021年美国的航空旅行将会增加，但由于行业供应链中目前的库存水平，我们预计PCC的航空航天需求短期内不会大幅增加。因此，我们预计PCC 2021年的收入和盈利将低于大流行前的水平。”</blockquote></p><p> Here are other takeaways from Berkshire’s second-quarter earnings:</p><p><blockquote>以下是伯克希尔第二季度收益的其他要点：</blockquote></p><p> Buybacks</p><p><blockquote>回购</blockquote></p><p> Berkshire pulled back on one of Buffett’s more heavily used capital-deployment levers in recent years. The conglomerate bought back $6 billion of stock, down from the $6.6 billion repurchased during the first three months of the year, with June being the busiest month for repurchases for the company.</p><p><blockquote>伯克希尔哈撒韦公司撤回了巴菲特近年来最常用的资本配置杠杆之一。该集团回购了60亿美元的股票，低于今年前三个月回购的66亿美元，其中6月是该公司回购最繁忙的月份。</blockquote></p><p> That contributed to Berkshire’s cash pile remaining fairly steady at $144 billion, just slightly below its record size. Buffett has struggled in recent years to find attractive ways to put that money to work, and that continued during the second quarter.</p><p><blockquote>这使得伯克希尔的现金储备保持相当稳定，为1440亿美元，略低于其创纪录的规模。近年来，巴菲特一直在努力寻找有吸引力的方式来利用这笔钱，这种情况在第二季度仍在继续。</blockquote></p><p> “He’s very price-sensitive about the buybacks,” said Bill Smead, chief investment officer of Smead Capital Management, which oversees investments including in Berkshire shares.</p><p><blockquote>“他对回购非常敏感，”斯米德资本管理公司首席投资官比尔·斯米德表示，该公司负责监管包括伯克希尔股票在内的投资。</blockquote></p><p> Still, the $6 billion of repurchases was the fourth-highest amount of stock bought back since Berkshire tweaked its policy in 2018. And there are signs the relatively high level of repurchases could continue. Berkshire appears to have bought back at least $1.7 billion of stock from the end of June through July 26, according to the filing.</p><p><blockquote>尽管如此，60亿美元的回购是自伯克希尔2018年调整政策以来第四高的股票回购金额。有迹象表明，相对较高水平的回购可能会持续下去。文件显示，从6月底到7月26日，伯克希尔似乎回购了至少17亿美元的股票。</blockquote></p><p> Stock Sales</p><p><blockquote>库存销售</blockquote></p><p></p><p> Buffett continued to be rather cautious on the U.S. stock market. Berkshire ended up selling $1.1 billion of stocks, on a net basis, during the period, marking its third straight quarter of being a net seller.</p><p><blockquote>巴菲特继续对美国股市持相当谨慎的态度。在此期间，伯克希尔哈撒韦公司最终净出售了11亿美元的股票，这是其连续第三个季度成为净卖家。</blockquote></p><p> The conglomerate is facing even more expensive stock prices as the S&amp;P 500 hit new highs during the quarter. Some of the sales appear to come from a reduction in Berkshire’s industrial, commercial and other stock holdings. The exact investments the company trimmed will appear in a regulatory filing later this month.</p><p><blockquote>随着标普500在本季度创下新高，该集团面临着更昂贵的股价。部分出售似乎来自伯克希尔减持的工业、商业和其他股票。该公司削减的具体投资将在本月晚些时候的监管文件中公布。</blockquote></p><p> “I don’t think stocks are cheap. I think a lot of areas of the market are fully priced or maybe more than fully priced,” said James Armstrong, who manages assets including Berkshire shares as president of Henry H. Armstrong Associates. “There’s no urgency to pile money into stocks that are fully priced or overpriced. So I think you’re just seeing good discipline on Berkshire’s part.”</p><p><blockquote>“我认为股票并不便宜。我认为市场的许多领域都已完全定价，或者可能超过完全定价，”詹姆斯·阿姆斯特朗(James Armstrong)表示，他作为亨利·H·阿姆斯特朗(Henry H.Armstrong Associates)总裁管理包括伯克希尔股票在内的资产。“没有必要将资金投入完全定价或定价过高的股票。所以我认为你只是看到了伯克希尔方面良好的纪律。”</blockquote></p><p> Car Accidents</p><p><blockquote>车祸</blockquote></p><p> Auto insurers have felt the pain from more drivers hitting the road, and Berkshire’s Geico was no exception. The company ended up posting a nearly 70% decline in underwriting profit during the second quarter.</p><p><blockquote>汽车保险公司感受到了更多司机上路带来的痛苦，伯克希尔的Geico也不例外。该公司第二季度承保利润下降了近70%。</blockquote></p><p> It was hurt by an increase in the frequency of losses and the severity of those claims. The frequency was affected by more drivers getting behind the wheel amid reopenings in the U.S.</p><p><blockquote>损失频率的增加和这些索赔的严重性损害了它。随着美国重新开放，更多司机开车，这一频率受到了影响。</blockquote></p><p> “The insurance results were particularly weak,” Cathy Seifert, an analyst at CFRA Research, said. “What we saw from a lot of the carriers was, on a year-over-year basis, the second quarter of 2020, people were on lockdown mode, people weren’t driving, so both frequency and severity were down. Then, we started to see a little bit of a shift. So on a year-over-year basis, claim frequency went up significantly.”</p><p><blockquote>CFRA Research分析师Cathy Seifert表示：“保险业绩尤其疲软。”“我们从许多运营商那里看到的是，与去年同期相比，2020年第二季度，人们处于封锁模式，人们没有开车，因此频率和严重程度都下降了。然后，我们开始看到一点变化。因此，与去年同期相比，索赔频率显着上升。”</blockquote></p><p> Railroad Gains</p><p><blockquote>铁路收益</blockquote></p><p> Berkshire’s railroad, BNSF, posted record quarterly profit helped by its efforts in the past to boost productivity and the economic recovery.</p><p><blockquote>伯克希尔旗下的铁路公司BNSF公布了创纪录的季度利润，这得益于其过去提高生产率和经济复苏的努力。</blockquote></p><p> Freight volumes increased across all of its product categories --- consumer, industrial, agricultural and coal. Consumer-product shipping has benefited from e-commerce activity and auto shipments, Berkshire said.</p><p><blockquote>消费品、工业、农业和煤炭等所有产品类别的货运量均有所增加。伯克希尔表示，消费品运输受益于电子商务活动和汽车运输。</blockquote></p><p> “They reported a pretty strong increase in volumes revenue,” Edward Jones’s Shanahan said. “What is really powerful about the BNSF results is that the margins are really strong.”</p><p><blockquote>“他们报告销量收入增长相当强劲，”爱德华·琼斯的沙纳汉说。“BNSF业绩的真正强大之处在于利润率非常高。”</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>Berkshire Buoyed as U.S. Rebound Fires Up Manufacturers<blockquote>美国经济反弹提振制造商，伯克希尔哈撒韦公司受到提振</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\">\nBerkshire Buoyed as U.S. Rebound Fires Up Manufacturers<blockquote>美国经济反弹提振制造商，伯克希尔哈撒韦公司受到提振</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-08-09 21:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. is reaping the benefits of the U.S. economic recovery.</p><p><blockquote>（彭博社）——沃伦·巴菲特的伯克希尔·哈撒韦公司正在收获美国经济复苏的好处。</blockquote></p><p> The conglomerate’s collection of manufacturers and retailers bounced back during the second quarter after being hit hard as the pandemic ripped through the U.S. last year. That group of businesses posted its second-highest quarterly profit in data going back to the middle of 2009 and helped fuel a 21% gain in Berkshire’s total operating profit during the period.</p><p><blockquote>该集团旗下的制造商和零售商在去年疫情席卷美国时遭受重创后，在第二季度出现反弹。该业务集团公布了自2009年中期以来第二高的季度利润，并帮助伯克希尔哈撒韦公司在此期间的总营业利润增长了21%。</blockquote></p><p> “It’s all of the other old economy, manufacturing, service, retailing, transportation businesses that just really reflect the broad economic recovery driving this performance this quarter,” Jim Shanahan, an analyst at Edward Jones, said in a phone interview. “There’s a housing angle here which I think was a really strong contributor this quarter.”</p><p><blockquote>爱德华·琼斯(Edward Jones)分析师吉姆·沙纳汉(Jim Shanahan)在接受电话采访时表示：“所有其他旧经济、制造业、服务业、零售业、运输业才真正反映了推动本季度业绩的广泛经济复苏。”“这里有一个住房角度，我认为这是本季度的一个非常强大的贡献者。”</blockquote></p><p> Buffett has built Berkshire into a broad business with footholds in industries including insurance, energy and retail. But that exposure to a wide slice of the U.S. economy weighed on it last year with businesses including See’s Candies having to furlough workers at the start of the shutdowns. Now, the outlook appears brighter.</p><p><blockquote>巴菲特将伯克希尔打造成为一家广泛的企业，在保险、能源和零售等行业都有立足点。但去年，这种对美国经济大部分地区的敞口给其带来了压力，包括喜诗糖果在内的企业不得不在停工之初让工人休假。现在，前景似乎更加光明。</blockquote></p><p> “Many of our businesses generated significantly higher earnings over the first half of 2021 compared to 2020, which included significant adverse effects from the pandemic,” Berkshire said in a regulatory filing Saturday. “Earnings of our manufacturing, service and retail businesses in 2021 benefited from higher customer demand in many of our businesses and exceeded earnings in 2019 as well.”</p><p><blockquote>伯克希尔在周六提交的监管文件中表示：“与2020年相比，我们的许多业务在2021年上半年的盈利显着增加，其中包括疫情的重大不利影响。”“2021年，我们制造、服务和零售业务的盈利受益于我们许多业务的客户需求增加，也超过了2019年的盈利。”</blockquote></p><p> Berkshire’s group of building-products companies accounted for a particular source of strength during the quarter. Earnings at those operations were up almost 40%, helped by the boon in housing construction in the U.S. Tom Russo, a Berkshire shareholder, said the strength of those businesses combined with the challenge of disrupting them through technology makes them a good part of Berkshire’s composition.</p><p><blockquote>伯克希尔的建筑产品公司集团是本季度的一个特殊优势来源。在美国住房建设繁荣的帮助下，这些业务的盈利增长了近40%。伯克希尔股东汤姆·鲁索(Tom Russo)表示，这些业务的实力加上通过技术颠覆它们的挑战，使它们成为伯克希尔的重要组成部分。组成。</blockquote></p><p> “The businesses have a certain underlying recurrence that I think makes them attractive,” Russo, who oversees $10 billion including investments in Berkshire shares at Gardner Russo &amp; Quinn LLC, said in a phone interview.</p><p><blockquote>“这些业务具有一定的潜在经常性，我认为这使它们具有吸引力，”Russo在接受电话采访时表示，他在Gardner Russo&amp;Quinn LLC管理着100亿美元的伯克希尔股票投资。</blockquote></p><p> What Bloomberg Intelligence Says</p><p><blockquote>彭博资讯怎么说</blockquote></p><p> “Warren Buffett’s Berkshire Hathaway is on pace for a solid 2H on the back of about 30% operating unit earnings growth in 2Q. This was an easy comparison, but earnings were above 2016-19 averages in all four segments. ”</p><p><blockquote>“沃伦·巴菲特的伯克希尔·哈撒韦公司在第二季度运营部门盈利增长约30%的背景下，有望实现稳健的第二季度业绩。这是一个简单的比较，但所有四个部门的盈利均高于2016-19年的平均水平。”</blockquote></p><p> --Matthew Palazola, a senior industry analyst, and Kylie Towbin, an associate analyst</p><p><blockquote>——高级行业分析师Matthew Palazola和助理分析师Kylie Towbin</blockquote></p><p> Still, Berkshire wasn’t immune to the supply-chain pressures that have been a persistent economic theme since the early days of the outbreak. Higher costs for certain materials such as lumber and steel caused some of those operations to ramp up their own prices, Berkshire said.</p><p><blockquote>尽管如此，伯克希尔也未能幸免于供应链压力，自疫情爆发初期以来，供应链压力一直是一个持续的经济主题。伯克希尔表示，木材和钢铁等某些材料的成本上升导致其中一些业务提高了自身价格。</blockquote></p><p> Not every Berkshire business bounced back fully. Precision Castparts Corp., which makes parts for aircraft and suffered a large writedown last year, reported revenue declines during the period even as earnings climbed slightly due to efforts to restructure the business. And Berkshire warned that supply-chain issues could continue to weigh on that business.</p><p><blockquote>并非伯克希尔的每项业务都完全反弹。Precision Castparts Corp.生产飞机零部件，去年遭受了大量减记，该公司报告称，尽管由于业务重组努力，盈利略有攀升，但在此期间收入下降。伯克希尔警告称，供应链问题可能会继续给该业务带来压力。</blockquote></p><p> “The Covid-19 pandemic contributed to material declines in commercial air travel and aircraft production in 2020,” Berkshire said in the filing. “While air travel in the U.S. is increasing in 2021, we do not expect significant increases in PCC’s aerospace demand to occur in the near term due to the inventory levels currently within the industry supply chain. Consequently, we anticipate PCC’s revenues and earnings in 2021 will be below pre-pandemic levels.”</p><p><blockquote>伯克希尔在文件中表示：“Covid-19大流行导致2020年商业航空旅行和飞机产量大幅下降。”“虽然2021年美国的航空旅行将会增加，但由于行业供应链中目前的库存水平，我们预计PCC的航空航天需求短期内不会大幅增加。因此，我们预计PCC 2021年的收入和盈利将低于大流行前的水平。”</blockquote></p><p> Here are other takeaways from Berkshire’s second-quarter earnings:</p><p><blockquote>以下是伯克希尔第二季度收益的其他要点：</blockquote></p><p> Buybacks</p><p><blockquote>回购</blockquote></p><p> Berkshire pulled back on one of Buffett’s more heavily used capital-deployment levers in recent years. The conglomerate bought back $6 billion of stock, down from the $6.6 billion repurchased during the first three months of the year, with June being the busiest month for repurchases for the company.</p><p><blockquote>伯克希尔哈撒韦公司撤回了巴菲特近年来最常用的资本配置杠杆之一。该集团回购了60亿美元的股票，低于今年前三个月回购的66亿美元，其中6月是该公司回购最繁忙的月份。</blockquote></p><p> That contributed to Berkshire’s cash pile remaining fairly steady at $144 billion, just slightly below its record size. Buffett has struggled in recent years to find attractive ways to put that money to work, and that continued during the second quarter.</p><p><blockquote>这使得伯克希尔的现金储备保持相当稳定，为1440亿美元，略低于其创纪录的规模。近年来，巴菲特一直在努力寻找有吸引力的方式来利用这笔钱，这种情况在第二季度仍在继续。</blockquote></p><p> “He’s very price-sensitive about the buybacks,” said Bill Smead, chief investment officer of Smead Capital Management, which oversees investments including in Berkshire shares.</p><p><blockquote>“他对回购非常敏感，”斯米德资本管理公司首席投资官比尔·斯米德表示，该公司负责监管包括伯克希尔股票在内的投资。</blockquote></p><p> Still, the $6 billion of repurchases was the fourth-highest amount of stock bought back since Berkshire tweaked its policy in 2018. And there are signs the relatively high level of repurchases could continue. Berkshire appears to have bought back at least $1.7 billion of stock from the end of June through July 26, according to the filing.</p><p><blockquote>尽管如此，60亿美元的回购是自伯克希尔2018年调整政策以来第四高的股票回购金额。有迹象表明，相对较高水平的回购可能会持续下去。文件显示，从6月底到7月26日，伯克希尔似乎回购了至少17亿美元的股票。</blockquote></p><p> Stock Sales</p><p><blockquote>库存销售</blockquote></p><p></p><p> Buffett continued to be rather cautious on the U.S. stock market. Berkshire ended up selling $1.1 billion of stocks, on a net basis, during the period, marking its third straight quarter of being a net seller.</p><p><blockquote>巴菲特继续对美国股市持相当谨慎的态度。在此期间，伯克希尔哈撒韦公司最终净出售了11亿美元的股票，这是其连续第三个季度成为净卖家。</blockquote></p><p> The conglomerate is facing even more expensive stock prices as the S&amp;P 500 hit new highs during the quarter. Some of the sales appear to come from a reduction in Berkshire’s industrial, commercial and other stock holdings. The exact investments the company trimmed will appear in a regulatory filing later this month.</p><p><blockquote>随着标普500在本季度创下新高，该集团面临着更昂贵的股价。部分出售似乎来自伯克希尔减持的工业、商业和其他股票。该公司削减的具体投资将在本月晚些时候的监管文件中公布。</blockquote></p><p> “I don’t think stocks are cheap. I think a lot of areas of the market are fully priced or maybe more than fully priced,” said James Armstrong, who manages assets including Berkshire shares as president of Henry H. Armstrong Associates. “There’s no urgency to pile money into stocks that are fully priced or overpriced. So I think you’re just seeing good discipline on Berkshire’s part.”</p><p><blockquote>“我认为股票并不便宜。我认为市场的许多领域都已完全定价，或者可能超过完全定价，”詹姆斯·阿姆斯特朗(James Armstrong)表示，他作为亨利·H·阿姆斯特朗(Henry H.Armstrong Associates)总裁管理包括伯克希尔股票在内的资产。“没有必要将资金投入完全定价或定价过高的股票。所以我认为你只是看到了伯克希尔方面良好的纪律。”</blockquote></p><p> Car Accidents</p><p><blockquote>车祸</blockquote></p><p> Auto insurers have felt the pain from more drivers hitting the road, and Berkshire’s Geico was no exception. The company ended up posting a nearly 70% decline in underwriting profit during the second quarter.</p><p><blockquote>汽车保险公司感受到了更多司机上路带来的痛苦，伯克希尔的Geico也不例外。该公司第二季度承保利润下降了近70%。</blockquote></p><p> It was hurt by an increase in the frequency of losses and the severity of those claims. The frequency was affected by more drivers getting behind the wheel amid reopenings in the U.S.</p><p><blockquote>损失频率的增加和这些索赔的严重性损害了它。随着美国重新开放，更多司机开车，这一频率受到了影响。</blockquote></p><p> “The insurance results were particularly weak,” Cathy Seifert, an analyst at CFRA Research, said. “What we saw from a lot of the carriers was, on a year-over-year basis, the second quarter of 2020, people were on lockdown mode, people weren’t driving, so both frequency and severity were down. Then, we started to see a little bit of a shift. So on a year-over-year basis, claim frequency went up significantly.”</p><p><blockquote>CFRA Research分析师Cathy Seifert表示：“保险业绩尤其疲软。”“我们从许多运营商那里看到的是，与去年同期相比，2020年第二季度，人们处于封锁模式，人们没有开车，因此频率和严重程度都下降了。然后，我们开始看到一点变化。因此，与去年同期相比，索赔频率显着上升。”</blockquote></p><p> Railroad Gains</p><p><blockquote>铁路收益</blockquote></p><p> Berkshire’s railroad, BNSF, posted record quarterly profit helped by its efforts in the past to boost productivity and the economic recovery.</p><p><blockquote>伯克希尔旗下的铁路公司BNSF公布了创纪录的季度利润，这得益于其过去提高生产率和经济复苏的努力。</blockquote></p><p> Freight volumes increased across all of its product categories --- consumer, industrial, agricultural and coal. Consumer-product shipping has benefited from e-commerce activity and auto shipments, Berkshire said.</p><p><blockquote>消费品、工业、农业和煤炭等所有产品类别的货运量均有所增加。伯克希尔表示，消费品运输受益于电子商务活动和汽车运输。</blockquote></p><p> “They reported a pretty strong increase in volumes revenue,” Edward Jones’s Shanahan said. “What is really powerful about the BNSF results is that the margins are really strong.”</p><p><blockquote>“他们报告销量收入增长相当强劲，”爱德华·琼斯的沙纳汉说。“BNSF业绩的真正强大之处在于利润率非常高。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/berkshire-buoyed-u-rebound-fires-130000384.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":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://finance.yahoo.com/news/berkshire-buoyed-u-rebound-fires-130000384.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169468024","content_text":"(Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. is reaping the benefits of the U.S. economic recovery.\nThe conglomerate’s collection of manufacturers and retailers bounced back during the second quarter after being hit hard as the pandemic ripped through the U.S. last year. That group of businesses posted its second-highest quarterly profit in data going back to the middle of 2009 and helped fuel a 21% gain in Berkshire’s total operating profit during the period.\n“It’s all of the other old economy, manufacturing, service, retailing, transportation businesses that just really reflect the broad economic recovery driving this performance this quarter,” Jim Shanahan, an analyst at Edward Jones, said in a phone interview. “There’s a housing angle here which I think was a really strong contributor this quarter.”\nBuffett has built Berkshire into a broad business with footholds in industries including insurance, energy and retail. But that exposure to a wide slice of the U.S. economy weighed on it last year with businesses including See’s Candies having to furlough workers at the start of the shutdowns. Now, the outlook appears brighter.\n“Many of our businesses generated significantly higher earnings over the first half of 2021 compared to 2020, which included significant adverse effects from the pandemic,” Berkshire said in a regulatory filing Saturday. “Earnings of our manufacturing, service and retail businesses in 2021 benefited from higher customer demand in many of our businesses and exceeded earnings in 2019 as well.”\nBerkshire’s group of building-products companies accounted for a particular source of strength during the quarter. Earnings at those operations were up almost 40%, helped by the boon in housing construction in the U.S. Tom Russo, a Berkshire shareholder, said the strength of those businesses combined with the challenge of disrupting them through technology makes them a good part of Berkshire’s composition.\n“The businesses have a certain underlying recurrence that I think makes them attractive,” Russo, who oversees $10 billion including investments in Berkshire shares at Gardner Russo & Quinn LLC, said in a phone interview.\nWhat Bloomberg Intelligence Says\n“Warren Buffett’s Berkshire Hathaway is on pace for a solid 2H on the back of about 30% operating unit earnings growth in 2Q. This was an easy comparison, but earnings were above 2016-19 averages in all four segments. ”\n--Matthew Palazola, a senior industry analyst, and Kylie Towbin, an associate analyst\nStill, Berkshire wasn’t immune to the supply-chain pressures that have been a persistent economic theme since the early days of the outbreak. Higher costs for certain materials such as lumber and steel caused some of those operations to ramp up their own prices, Berkshire said.\nNot every Berkshire business bounced back fully. Precision Castparts Corp., which makes parts for aircraft and suffered a large writedown last year, reported revenue declines during the period even as earnings climbed slightly due to efforts to restructure the business. And Berkshire warned that supply-chain issues could continue to weigh on that business.\n“The Covid-19 pandemic contributed to material declines in commercial air travel and aircraft production in 2020,” Berkshire said in the filing. “While air travel in the U.S. is increasing in 2021, we do not expect significant increases in PCC’s aerospace demand to occur in the near term due to the inventory levels currently within the industry supply chain. Consequently, we anticipate PCC’s revenues and earnings in 2021 will be below pre-pandemic levels.”\nHere are other takeaways from Berkshire’s second-quarter earnings:\nBuybacks\nBerkshire pulled back on one of Buffett’s more heavily used capital-deployment levers in recent years. The conglomerate bought back $6 billion of stock, down from the $6.6 billion repurchased during the first three months of the year, with June being the busiest month for repurchases for the company.\nThat contributed to Berkshire’s cash pile remaining fairly steady at $144 billion, just slightly below its record size. Buffett has struggled in recent years to find attractive ways to put that money to work, and that continued during the second quarter.\n“He’s very price-sensitive about the buybacks,” said Bill Smead, chief investment officer of Smead Capital Management, which oversees investments including in Berkshire shares.\nStill, the $6 billion of repurchases was the fourth-highest amount of stock bought back since Berkshire tweaked its policy in 2018. And there are signs the relatively high level of repurchases could continue. Berkshire appears to have bought back at least $1.7 billion of stock from the end of June through July 26, according to the filing.\nStock Sales\nBuffett continued to be rather cautious on the U.S. stock market. Berkshire ended up selling $1.1 billion of stocks, on a net basis, during the period, marking its third straight quarter of being a net seller.\nThe conglomerate is facing even more expensive stock prices as the S&P 500 hit new highs during the quarter. Some of the sales appear to come from a reduction in Berkshire’s industrial, commercial and other stock holdings. The exact investments the company trimmed will appear in a regulatory filing later this month.\n“I don’t think stocks are cheap. I think a lot of areas of the market are fully priced or maybe more than fully priced,” said James Armstrong, who manages assets including Berkshire shares as president of Henry H. Armstrong Associates. “There’s no urgency to pile money into stocks that are fully priced or overpriced. So I think you’re just seeing good discipline on Berkshire’s part.”\nCar Accidents\nAuto insurers have felt the pain from more drivers hitting the road, and Berkshire’s Geico was no exception. The company ended up posting a nearly 70% decline in underwriting profit during the second quarter.\nIt was hurt by an increase in the frequency of losses and the severity of those claims. The frequency was affected by more drivers getting behind the wheel amid reopenings in the U.S.\n“The insurance results were particularly weak,” Cathy Seifert, an analyst at CFRA Research, said. “What we saw from a lot of the carriers was, on a year-over-year basis, the second quarter of 2020, people were on lockdown mode, people weren’t driving, so both frequency and severity were down. Then, we started to see a little bit of a shift. So on a year-over-year basis, claim frequency went up significantly.”\nRailroad Gains\nBerkshire’s railroad, BNSF, posted record quarterly profit helped by its efforts in the past to boost productivity and the economic recovery.\nFreight volumes increased across all of its product categories --- consumer, industrial, agricultural and coal. Consumer-product shipping has benefited from e-commerce activity and auto shipments, Berkshire said.\n“They reported a pretty strong increase in volumes revenue,” Edward Jones’s Shanahan said. “What is really powerful about the BNSF results is that the margins are really strong.”","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":1919,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":373641225,"gmtCreate":1618844699967,"gmtModify":1634290421249,"author":{"id":"3564041372367572","authorId":"3564041372367572","name":"我会成为小富婆","avatar":"https://static.tigerbbs.com/cc81530dfc76889190c0083ac7558dcb","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564041372367572","authorIdStr":"3564041372367572"},"themes":[],"htmlText":"Comment pleaseeeee","listText":"Comment pleaseeeee","text":"Comment pleaseeeee","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/373641225","repostId":"1114523776","repostType":4,"isVote":1,"tweetType":1,"viewCount":874,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801336253,"gmtCreate":1627482226872,"gmtModify":1631887370447,"author":{"id":"3564041372367572","authorId":"3564041372367572","name":"我会成为小富婆","avatar":"https://static.tigerbbs.com/cc81530dfc76889190c0083ac7558dcb","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564041372367572","authorIdStr":"3564041372367572"},"themes":[],"htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/801336253","repostId":"1154854343","repostType":4,"repost":{"id":"1154854343","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":1627481786,"share":"https://www.laohu8.com/m/news/1154854343?lang=zh_CN&edition=full","pubTime":"2021-07-28 22:16","market":"us","language":"en","title":"Hot Chinese concept stocks continue to rebound<blockquote>热点中概股持续反弹</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154854343","media":"Tiger Newspress","summary":"Hot Chinese concept stocks continue to rebound in Wednesday morning trading.Alibaba,JD.com, Pinduodu","content":"<p>Hot Chinese concept stocks continue to rebound&nbsp;in Wednesday morning trading.Alibaba,JD.com,&nbsp;Pinduoduo,Baidu,DiDi&nbsp;Global,Nio,Xpeng Motors and Li Auto&nbsp;climbed between 3% and 13%.</p><p><blockquote>周三早盘热门中概股继续反弹，阿里巴巴、京东、拼多多、百度、滴滴全球、蔚来、小鹏汽车和理想汽车涨幅在3%至13%之间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8198eadc3c17e2d3fa3226a5348e1bef\" tg-width=\"359\" tg-height=\"603\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nHot Chinese concept stocks continue to rebound<blockquote>热点中概股持续反弹</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-28 22:16</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Hot Chinese concept stocks continue to rebound&nbsp;in Wednesday morning trading.Alibaba,JD.com,&nbsp;Pinduoduo,Baidu,DiDi&nbsp;Global,Nio,Xpeng Motors and Li Auto&nbsp;climbed between 3% and 13%.</p><p><blockquote>周三早盘热门中概股继续反弹，阿里巴巴、京东、拼多多、百度、滴滴全球、蔚来、小鹏汽车和理想汽车涨幅在3%至13%之间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8198eadc3c17e2d3fa3226a5348e1bef\" tg-width=\"359\" tg-height=\"603\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏汽车","NTES":"网易","BABA":"阿里巴巴","NIO":"蔚来","BIDU":"百度","PDD":"拼多多","DIDI":"滴滴(已退市)","JD":"京东","LI":"理想汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154854343","content_text":"Hot Chinese concept stocks continue to rebound in Wednesday morning trading.Alibaba,JD.com, Pinduoduo,Baidu,DiDi Global,Nio,Xpeng Motors and Li Auto climbed between 3% and 13%.","news_type":1,"symbols_score_info":{"XPEV":0.9,"BIDU":0.9,"NIO":0.9,"DIDI":0.9,"BABA":0.9,"LI":0.9,"PDD":0.9,"NTES":0.9,"JD":0.9}},"isVote":1,"tweetType":1,"viewCount":572,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172614942,"gmtCreate":1626958511386,"gmtModify":1633769398203,"author":{"id":"3564041372367572","authorId":"3564041372367572","name":"我会成为小富婆","avatar":"https://static.tigerbbs.com/cc81530dfc76889190c0083ac7558dcb","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564041372367572","authorIdStr":"3564041372367572"},"themes":[],"htmlText":"Like and comment please&nbsp;","listText":"Like and comment please&nbsp;","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/172614942","repostId":"1154266565","repostType":4,"repost":{"id":"1154266565","kind":"news","pubTimestamp":1626955588,"share":"https://www.laohu8.com/m/news/1154266565?lang=zh_CN&edition=full","pubTime":"2021-07-22 20:06","market":"us","language":"en","title":"How to invest as the Delta variant takes hold<blockquote>随着德尔塔变异毒株的到来如何投资</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154266565","media":"cnn","summary":"New York When the market is plunging like it did last Friday and on Monday, it's tempting to throw in the towel and sell. Big drops can be scary.But dumping stocks on days when the Dow is getting whacked is usually the wrong thing to do. Stocks roared back Tuesday and were up again Wednesday.If you're investing for the long haul, the best thing you can do is ride out this wave of volatility.\"Stay invested,\" said Seema Shah, chief strategist at Principal Global Investors. Shah told CNN Business t","content":"<p>New York (CNN Business)When the market is plunging like it did last Friday and on Monday, it's tempting to throw in the towel and sell. Big drops can be scary.</p><p><blockquote>纽约（CNN商业）当市场像上周五和周一那样暴跌时，人们很容易认输并卖出。大跌可能会很可怕。</blockquote></p><p> But dumping stocks on days when the Dow is getting whacked is usually the wrong thing to do. Stocks roared back Tuesday and were up again Wednesday.</p><p><blockquote>但在道琼斯指数遭受重创的日子抛售股票通常是错误的做法。周二股市大幅反弹，周三再次上涨。</blockquote></p><p> Yes, the Delta variant of Covid-19 has led to an alarming uptick in coronavirus cases in the United States and around the globe. But many experts think the massive number of vaccinations that have already taken place will prevent the economy and markets from going into another tailspin.</p><p><blockquote>是的，新冠肺炎的德尔塔变异毒株导致美国和全球冠状病毒病例惊人地上升。但许多专家认为，已经进行的大量疫苗接种将防止经济和市场陷入另一场混乱。</blockquote></p><p> If you're investing for the long haul, the best thing you can do is ride out this wave of volatility.</p><p><blockquote>如果你是长期投资，你能做的最好的事情就是安然度过这波波动。</blockquote></p><p> \"Stay invested,\" said Seema Shah, chief strategist at Principal Global Investors. Shah told CNN Business that the Delta variant is highly unlikely to stop the economic recovery in the US and other parts of the developed world where vaccination rates are high.</p><p><blockquote>信安全球投资者首席策略师Seema Shah表示：“保持投资。”沙阿告诉美国有线电视新闻网商业频道，德尔塔变异毒株不太可能阻止美国和其他疫苗接种率较高的发达国家的经济复苏。</blockquote></p><p> \"The vaccine is effective,\" she said. \"If cases are rising but hospitalization rates remain low, then the reopening measures from governments will continue.\"</p><p><blockquote>“疫苗是有效的，”她说。“如果病例在上升，但住院率仍然很低，那么政府的重新开放措施将继续下去。”</blockquote></p><p> Still, Shah conceded, investors should be more selective. After all, the S&amp;P 500 has nearly doubled from its pandemic lows in March 2020, and not all stocks and sectors will maintain their momentum.</p><p><blockquote>尽管如此，沙阿承认，投资者应该更加挑剔。毕竟，标普500较2020年3月的大流行低点上涨了近一倍，并非所有股票和板块都将保持其势头。</blockquote></p><p> She thinks defensive sectors might start to pull back a bit. Those include utilities, health care and others companies that pay big dividends and are considered good bond proxies.</p><p><blockquote>她认为防御性板块可能会开始小幅回调。其中包括公用事业、医疗保健和其他支付高额股息并被认为是良好债券代理的公司。</blockquote></p><p> The FAANGs and other big tech stocks, many of which have strong earnings momentum and tons of cash, should continue to rally, she said.</p><p><blockquote>她表示，FAANG和其他大型科技股应该会继续上涨，其中许多股拥有强劲的盈利势头和大量现金。</blockquote></p><p> <b>Not the time to bail on the market</b></p><p><blockquote><b>现在不是退出市场的时候</b></blockquote></p><p> So should economic recovery plays in the travel and retail sectors that have pulled back lately on Covid concerns. United (UAL), for example, issued an upbeat outlook after the closing bell Tuesday.</p><p><blockquote>旅游和零售行业的经济复苏也应该如此，这些行业最近因新冠疫情担忧而回落。例如，美联航(UAL)在周二收盘后发布了乐观的前景。</blockquote></p><p> \"Airlines have been beaten up,\" Shah said. \"But if you assume the reopening will continue, they should enjoy a significant bounceback.\"</p><p><blockquote>“航空公司受到了打击，”沙阿说。“但如果你假设重新开放将继续，他们应该会享受显着的反弹。”</blockquote></p><p> Stocks may remain bumpy for the foreseeable future, but that shouldn't dissuade investors from sticking with their longer-term investments.</p><p><blockquote>在可预见的未来，股市可能仍然坎坷，但这不应阻止投资者坚持长期投资。</blockquote></p><p> \"The uncertainty of the past couple of days is warranted for the short term,\" said Peter van der Welle, multi-asset strategist at Robeco. \"But there should be a second leg to the reflation trade.\"</p><p><blockquote>荷宝多资产策略师Peter van der Welle表示：“过去几天的不确定性在短期内是合理的。”“但通货再膨胀交易应该有第二条腿。”</blockquote></p><p> Van der Welle noted that there are many reasons to be optimistic about continued gains in consumer spending and retail sales, despite a recent drop in consumer confidence.</p><p><blockquote>范德韦勒指出，尽管近期消费者信心有所下降，但仍有许多理由对消费者支出和零售额的持续增长持乐观态度。</blockquote></p><p> <b>Buy the dips</b></p><p><blockquote><b>逢低买入</b></blockquote></p><p> Any wariness on the part of consumers — and investors, for that matter — could turn out to be fleeting.</p><p><blockquote>消费者——以及投资者——的任何谨慎都可能转瞬即逝。</blockquote></p><p> \"If you are a long-term investor, take advantage of this volatility and add to positions in companies and sectors you really like,\" said Phil Orlando, chief equity market strategist at Federated Hermes.</p><p><blockquote>Federated Hermes首席股票市场策略师菲尔·奥兰多(Phil Orlando)表示：“如果你是长期投资者，请利用这种波动性，增持你真正喜欢的公司和行业。”</blockquote></p><p> He he belives stocks in cyclical industries that have gotten hit because of Delta variant fears could enjoy the biggest rebounds.</p><p><blockquote>他认为，因德尔塔变异毒株担忧而受到打击的周期性行业股票可能会出现最大的反弹。</blockquote></p><p> \"There are stocks that have hit an air pocket that could be very attractive. We love the economically sensitive sectors,\" Orlando added, saying that banks and other financials, industrial firms, retailers and energy stocks may come roaring back.</p><p><blockquote>奥兰多补充道：“有些股票已经陷入困境，可能非常有吸引力。我们喜欢对经济敏感的行业。”他表示，银行和其他金融股、工业公司、零售商和能源股可能会大幅反弹。</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>How to invest as the Delta variant takes hold<blockquote>随着德尔塔变异毒株的到来如何投资</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\">\nHow to invest as the Delta variant takes hold<blockquote>随着德尔塔变异毒株的到来如何投资</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">cnn</strong><span class=\"h-time small\">2021-07-22 20:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)When the market is plunging like it did last Friday and on Monday, it's tempting to throw in the towel and sell. Big drops can be scary.</p><p><blockquote>纽约（CNN商业）当市场像上周五和周一那样暴跌时，人们很容易认输并卖出。大跌可能会很可怕。</blockquote></p><p> But dumping stocks on days when the Dow is getting whacked is usually the wrong thing to do. Stocks roared back Tuesday and were up again Wednesday.</p><p><blockquote>但在道琼斯指数遭受重创的日子抛售股票通常是错误的做法。周二股市大幅反弹，周三再次上涨。</blockquote></p><p> Yes, the Delta variant of Covid-19 has led to an alarming uptick in coronavirus cases in the United States and around the globe. But many experts think the massive number of vaccinations that have already taken place will prevent the economy and markets from going into another tailspin.</p><p><blockquote>是的，新冠肺炎的德尔塔变异毒株导致美国和全球冠状病毒病例惊人地上升。但许多专家认为，已经进行的大量疫苗接种将防止经济和市场陷入另一场混乱。</blockquote></p><p> If you're investing for the long haul, the best thing you can do is ride out this wave of volatility.</p><p><blockquote>如果你是长期投资，你能做的最好的事情就是安然度过这波波动。</blockquote></p><p> \"Stay invested,\" said Seema Shah, chief strategist at Principal Global Investors. Shah told CNN Business that the Delta variant is highly unlikely to stop the economic recovery in the US and other parts of the developed world where vaccination rates are high.</p><p><blockquote>信安全球投资者首席策略师Seema Shah表示：“保持投资。”沙阿告诉美国有线电视新闻网商业频道，德尔塔变异毒株不太可能阻止美国和其他疫苗接种率较高的发达国家的经济复苏。</blockquote></p><p> \"The vaccine is effective,\" she said. \"If cases are rising but hospitalization rates remain low, then the reopening measures from governments will continue.\"</p><p><blockquote>“疫苗是有效的，”她说。“如果病例在上升，但住院率仍然很低，那么政府的重新开放措施将继续下去。”</blockquote></p><p> Still, Shah conceded, investors should be more selective. After all, the S&amp;P 500 has nearly doubled from its pandemic lows in March 2020, and not all stocks and sectors will maintain their momentum.</p><p><blockquote>尽管如此，沙阿承认，投资者应该更加挑剔。毕竟，标普500较2020年3月的大流行低点上涨了近一倍，并非所有股票和板块都将保持其势头。</blockquote></p><p> She thinks defensive sectors might start to pull back a bit. Those include utilities, health care and others companies that pay big dividends and are considered good bond proxies.</p><p><blockquote>她认为防御性板块可能会开始小幅回调。其中包括公用事业、医疗保健和其他支付高额股息并被认为是良好债券代理的公司。</blockquote></p><p> The FAANGs and other big tech stocks, many of which have strong earnings momentum and tons of cash, should continue to rally, she said.</p><p><blockquote>她表示，FAANG和其他大型科技股应该会继续上涨，其中许多股拥有强劲的盈利势头和大量现金。</blockquote></p><p> <b>Not the time to bail on the market</b></p><p><blockquote><b>现在不是退出市场的时候</b></blockquote></p><p> So should economic recovery plays in the travel and retail sectors that have pulled back lately on Covid concerns. United (UAL), for example, issued an upbeat outlook after the closing bell Tuesday.</p><p><blockquote>旅游和零售行业的经济复苏也应该如此，这些行业最近因新冠疫情担忧而回落。例如，美联航(UAL)在周二收盘后发布了乐观的前景。</blockquote></p><p> \"Airlines have been beaten up,\" Shah said. \"But if you assume the reopening will continue, they should enjoy a significant bounceback.\"</p><p><blockquote>“航空公司受到了打击，”沙阿说。“但如果你假设重新开放将继续，他们应该会享受显着的反弹。”</blockquote></p><p> Stocks may remain bumpy for the foreseeable future, but that shouldn't dissuade investors from sticking with their longer-term investments.</p><p><blockquote>在可预见的未来，股市可能仍然坎坷，但这不应阻止投资者坚持长期投资。</blockquote></p><p> \"The uncertainty of the past couple of days is warranted for the short term,\" said Peter van der Welle, multi-asset strategist at Robeco. \"But there should be a second leg to the reflation trade.\"</p><p><blockquote>荷宝多资产策略师Peter van der Welle表示：“过去几天的不确定性在短期内是合理的。”“但通货再膨胀交易应该有第二条腿。”</blockquote></p><p> Van der Welle noted that there are many reasons to be optimistic about continued gains in consumer spending and retail sales, despite a recent drop in consumer confidence.</p><p><blockquote>范德韦勒指出，尽管近期消费者信心有所下降，但仍有许多理由对消费者支出和零售额的持续增长持乐观态度。</blockquote></p><p> <b>Buy the dips</b></p><p><blockquote><b>逢低买入</b></blockquote></p><p> Any wariness on the part of consumers — and investors, for that matter — could turn out to be fleeting.</p><p><blockquote>消费者——以及投资者——的任何谨慎都可能转瞬即逝。</blockquote></p><p> \"If you are a long-term investor, take advantage of this volatility and add to positions in companies and sectors you really like,\" said Phil Orlando, chief equity market strategist at Federated Hermes.</p><p><blockquote>Federated Hermes首席股票市场策略师菲尔·奥兰多(Phil Orlando)表示：“如果你是长期投资者，请利用这种波动性，增持你真正喜欢的公司和行业。”</blockquote></p><p> He he belives stocks in cyclical industries that have gotten hit because of Delta variant fears could enjoy the biggest rebounds.</p><p><blockquote>他认为，因德尔塔变异毒株担忧而受到打击的周期性行业股票可能会出现最大的反弹。</blockquote></p><p> \"There are stocks that have hit an air pocket that could be very attractive. We love the economically sensitive sectors,\" Orlando added, saying that banks and other financials, industrial firms, retailers and energy stocks may come roaring back.</p><p><blockquote>奥兰多补充道：“有些股票已经陷入困境，可能非常有吸引力。我们喜欢对经济敏感的行业。”他表示，银行和其他金融股、工业公司、零售商和能源股可能会大幅反弹。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/07/21/investing/investing-stock-market-volatility/index.html\">cnn</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":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://edition.cnn.com/2021/07/21/investing/investing-stock-market-volatility/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154266565","content_text":"New York (CNN Business)When the market is plunging like it did last Friday and on Monday, it's tempting to throw in the towel and sell. Big drops can be scary.\nBut dumping stocks on days when the Dow is getting whacked is usually the wrong thing to do. Stocks roared back Tuesday and were up again Wednesday.\nYes, the Delta variant of Covid-19 has led to an alarming uptick in coronavirus cases in the United States and around the globe. But many experts think the massive number of vaccinations that have already taken place will prevent the economy and markets from going into another tailspin.\nIf you're investing for the long haul, the best thing you can do is ride out this wave of volatility.\n\"Stay invested,\" said Seema Shah, chief strategist at Principal Global Investors. Shah told CNN Business that the Delta variant is highly unlikely to stop the economic recovery in the US and other parts of the developed world where vaccination rates are high.\n\"The vaccine is effective,\" she said. \"If cases are rising but hospitalization rates remain low, then the reopening measures from governments will continue.\"\nStill, Shah conceded, investors should be more selective. After all, the S&P 500 has nearly doubled from its pandemic lows in March 2020, and not all stocks and sectors will maintain their momentum.\nShe thinks defensive sectors might start to pull back a bit. Those include utilities, health care and others companies that pay big dividends and are considered good bond proxies.\nThe FAANGs and other big tech stocks, many of which have strong earnings momentum and tons of cash, should continue to rally, she said.\nNot the time to bail on the market\nSo should economic recovery plays in the travel and retail sectors that have pulled back lately on Covid concerns. United (UAL), for example, issued an upbeat outlook after the closing bell Tuesday.\n\"Airlines have been beaten up,\" Shah said. \"But if you assume the reopening will continue, they should enjoy a significant bounceback.\"\nStocks may remain bumpy for the foreseeable future, but that shouldn't dissuade investors from sticking with their longer-term investments.\n\"The uncertainty of the past couple of days is warranted for the short term,\" said Peter van der Welle, multi-asset strategist at Robeco. \"But there should be a second leg to the reflation trade.\"\nVan der Welle noted that there are many reasons to be optimistic about continued gains in consumer spending and retail sales, despite a recent drop in consumer confidence.\nBuy the dips\nAny wariness on the part of consumers — and investors, for that matter — could turn out to be fleeting.\n\"If you are a long-term investor, take advantage of this volatility and add to positions in companies and sectors you really like,\" said Phil Orlando, chief equity market strategist at Federated Hermes.\nHe he belives stocks in cyclical industries that have gotten hit because of Delta variant fears could enjoy the biggest rebounds.\n\"There are stocks that have hit an air pocket that could be very attractive. We love the economically sensitive sectors,\" Orlando added, saying that banks and other financials, industrial firms, retailers and energy stocks may come roaring back.","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":508,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":106558713,"gmtCreate":1620135951632,"gmtModify":1634207559209,"author":{"id":"3564041372367572","authorId":"3564041372367572","name":"我会成为小富婆","avatar":"https://static.tigerbbs.com/cc81530dfc76889190c0083ac7558dcb","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564041372367572","authorIdStr":"3564041372367572"},"themes":[],"htmlText":"OH NOOO","listText":"OH NOOO","text":"OH NOOO","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/106558713","repostId":"1138710102","repostType":4,"repost":{"id":"1138710102","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":1620137100,"share":"https://www.laohu8.com/m/news/1138710102?lang=zh_CN&edition=full","pubTime":"2021-05-04 22:05","market":"us","language":"en","title":"Stocks decline after a solid start to May, Nasdaq drops 2% as tech shares lead losses<blockquote>股市在5月份强劲开局后下跌，科技股领跌，纳斯达克股价下跌2%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138710102","media":"Tiger Newspress","summary":"Stocks decline after a solid start to May, Nasdaq drops 2% as tech shares lead losses.","content":"<p>Stocks decline after a solid start to May, Nasdaq drops 2% as tech shares lead losses.</p><p><blockquote>股市在5月份开局强劲后下跌，纳斯达克股价下跌2%，科技股领跌。</blockquote></p><p><img src=\"https://static.tigerbbs.com/ee4ae8851c5a16e2e3e9d68d897290be\" tg-width=\"911\" tg-height=\"479\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/502df96f55dc73ee648004ce97da0e5c\" tg-width=\"1866\" tg-height=\"894\" referrerpolicy=\"no-referrer\"></p><p><blockquote></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>Stocks decline after a solid start to May, Nasdaq drops 2% as tech shares lead losses<blockquote>股市在5月份强劲开局后下跌，科技股领跌，纳斯达克股价下跌2%</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\">\nStocks decline after a solid start to May, Nasdaq drops 2% as tech shares lead losses<blockquote>股市在5月份强劲开局后下跌，科技股领跌，纳斯达克股价下跌2%</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\">2021-05-04 22:05</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Stocks decline after a solid start to May, Nasdaq drops 2% as tech shares lead losses.</p><p><blockquote>股市在5月份开局强劲后下跌，纳斯达克股价下跌2%，科技股领跌。</blockquote></p><p><img src=\"https://static.tigerbbs.com/ee4ae8851c5a16e2e3e9d68d897290be\" tg-width=\"911\" tg-height=\"479\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/502df96f55dc73ee648004ce97da0e5c\" tg-width=\"1866\" tg-height=\"894\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138710102","content_text":"Stocks decline after a solid start to May, Nasdaq drops 2% as tech shares lead losses.","news_type":1,"symbols_score_info":{".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":483,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370227394,"gmtCreate":1618589056618,"gmtModify":1634291877804,"author":{"id":"3564041372367572","authorId":"3564041372367572","name":"我会成为小富婆","avatar":"https://static.tigerbbs.com/cc81530dfc76889190c0083ac7558dcb","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564041372367572","authorIdStr":"3564041372367572"},"themes":[],"htmlText":"Comment for me please","listText":"Comment for me please","text":"Comment for me please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/370227394","repostId":"1175692875","repostType":4,"repost":{"id":"1175692875","kind":"news","pubTimestamp":1618582708,"share":"https://www.laohu8.com/m/news/1175692875?lang=zh_CN&edition=full","pubTime":"2021-04-16 22:18","market":"us","language":"en","title":"$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175692875","media":"zerohedge","summary":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire","content":"<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><blockquote>虽然这不是四（甚至三）巫术日，但今天的大量每周期权将到期，其中可能一文不值，其他期权将为基础价格提供支持“引脚”。这就是为什么，尽管我们正在享受一个美丽的春季周，高盛指出，单一股票期权交易活动相对于历史水平有所上升。也就是说，4月份每日期权交易量增长了70%，高于3月30日年初至今24亿美元的低点。</blockquote></p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p><blockquote><b>总体而言，单个股票中有5440亿美元的期权将于今天到期，其中包括3050亿美元的评级。</b>因此，今天的到期对于平值（ATM）期权持有大量未平仓合约的股票可能很重要，因为做市商对其异常大的期权投资组合进行delta对冲将会很活跃。这种流动可能会抑制某些股票的波动，同时加剧其他股票的股价波动。</blockquote></p><p>How to trade this?</p><p><blockquote>这个怎么交易？</blockquote></p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p><blockquote>正如高盛的维沙尔·维韦克（Vishal Vivek）所写，在重大到期时，期权交易者会跟踪以下情况：<b>大量未平仓合约即将到期。</b>在平价执行（执行价格等于或非常接近当前股价）中存在大量到期未平仓合约的情况下，delta对冲活动可能会影响标的股票当天的交易。如果做市商或其他对其头寸进行delta对冲的期权交易者是净多头ATM期权，则与到期相关的流量可能会产生抑制股价走势的效果，导致股价以大量未平仓合约在行权附近结算。这种情况通常被称为“pin”，对于试图进入/退出股票头寸的大型投资者来说是理想的情况。或者，如果delta对冲者是ATM期权的净空头（具有“负伽马”头寸），他们的对冲活动可能会加剧股价波动。</blockquote></p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p><blockquote>这意味着与到期相关的交易可能会导致具有大量ATM未平仓合约的股票的交易活动大幅回升。</blockquote></p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><blockquote>因此，为了帮助寻求日内交易机会的交易者，这里有一个表格，列出了今天到期的ATM未平仓合约较大的可能焦点股票，并与标的股票的日均交易量进行了比较。正如高盛所说，“<i>如果未平仓合约占股票交易量的很大一部分，那么与到期相关的活动可能会产生更大的影响。”</i></blockquote></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p><blockquote>最后，值得一提的是，今天早上我们在SpotGamma的朋友写道，这是一个相当奇怪的运营支出周期，“持续的几乎机械的出价推动市场走高。我们以前从未见过看涨期权墙“突破”过很多次，但我们在之前的笔记中提到过其他异常现象，例如净看跌期权销售。我们对此有一些理论，我们将在一篇更长的文章中发布。”</blockquote></p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX&nbsp; (i.e. implied volatility) reversed.</b></p><p><blockquote>根据SG的说法，由于隐含波动率现在已经压缩（即VIX处于新低），现在“长期”波动的潜力更大。回想一下最近市场的任何剧烈下跌都是如何被如此迅速地买入的（见下图）。<b>这些大幅走低与创纪录的VIX飙升同时发生，但随着VIX（即隐含波动率）的逆转，反射性的snap回调将带来同等力度的市场复苏。</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><p><blockquote>SpotGamma的另一个奇怪观察：</blockquote></p><p>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.&nbsp; Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.&nbsp; Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</p><p><blockquote>当隐含波动率非常高时，它对市场走势非常敏感，也表明市场预计未来会有更大的波动。一旦市场暂停或抓住支撑位，隐含波动率就会迅速反转走低。<b>我们经常想到这样一个类比，如果鲨鱼停止游泳，它就会下沉（部分正确！）.如果市场停止下跌，那么隐含波动率就会下降。</b>正如我们经常谈论的那样，较低的隐含波动率（即较低的VIX）表明做市商必须回购空头对冲，从而推动反弹。SG的结论是：目前较低的隐含波动率水平给了市场更多的下行火力。从较低的隐含波动率开始会“减缓”反应性的“snap回”购买机制。此外，当IV较低时，伽马较高，因此伽马翻转可能有更多的果汁。</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>$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</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\">\n$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-04-16 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><blockquote>虽然这不是四（甚至三）巫术日，但今天的大量每周期权将到期，其中可能一文不值，其他期权将为基础价格提供支持“引脚”。这就是为什么，尽管我们正在享受一个美丽的春季周，高盛指出，单一股票期权交易活动相对于历史水平有所上升。也就是说，4月份每日期权交易量增长了70%，高于3月30日年初至今24亿美元的低点。</blockquote></p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p><blockquote><b>总体而言，单个股票中有5440亿美元的期权将于今天到期，其中包括3050亿美元的评级。</b>因此，今天的到期对于平值（ATM）期权持有大量未平仓合约的股票可能很重要，因为做市商对其异常大的期权投资组合进行delta对冲将会很活跃。这种流动可能会抑制某些股票的波动，同时加剧其他股票的股价波动。</blockquote></p><p>How to trade this?</p><p><blockquote>这个怎么交易？</blockquote></p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p><blockquote>正如高盛的维沙尔·维韦克（Vishal Vivek）所写，在重大到期时，期权交易者会跟踪以下情况：<b>大量未平仓合约即将到期。</b>在平价执行（执行价格等于或非常接近当前股价）中存在大量到期未平仓合约的情况下，delta对冲活动可能会影响标的股票当天的交易。如果做市商或其他对其头寸进行delta对冲的期权交易者是净多头ATM期权，则与到期相关的流量可能会产生抑制股价走势的效果，导致股价以大量未平仓合约在行权附近结算。这种情况通常被称为“pin”，对于试图进入/退出股票头寸的大型投资者来说是理想的情况。或者，如果delta对冲者是ATM期权的净空头（具有“负伽马”头寸），他们的对冲活动可能会加剧股价波动。</blockquote></p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p><blockquote>这意味着与到期相关的交易可能会导致具有大量ATM未平仓合约的股票的交易活动大幅回升。</blockquote></p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><blockquote>因此，为了帮助寻求日内交易机会的交易者，这里有一个表格，列出了今天到期的ATM未平仓合约较大的可能焦点股票，并与标的股票的日均交易量进行了比较。正如高盛所说，“<i>如果未平仓合约占股票交易量的很大一部分，那么与到期相关的活动可能会产生更大的影响。”</i></blockquote></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p><blockquote>最后，值得一提的是，今天早上我们在SpotGamma的朋友写道，这是一个相当奇怪的运营支出周期，“持续的几乎机械的出价推动市场走高。我们以前从未见过看涨期权墙“突破”过很多次，但我们在之前的笔记中提到过其他异常现象，例如净看跌期权销售。我们对此有一些理论，我们将在一篇更长的文章中发布。”</blockquote></p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX&nbsp; (i.e. implied volatility) reversed.</b></p><p><blockquote>根据SG的说法，由于隐含波动率现在已经压缩（即VIX处于新低），现在“长期”波动的潜力更大。回想一下最近市场的任何剧烈下跌都是如何被如此迅速地买入的（见下图）。<b>这些大幅走低与创纪录的VIX飙升同时发生，但随着VIX（即隐含波动率）的逆转，反射性的snap回调将带来同等力度的市场复苏。</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><p><blockquote>SpotGamma的另一个奇怪观察：</blockquote></p><p>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.&nbsp; Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.&nbsp; Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</p><p><blockquote>当隐含波动率非常高时，它对市场走势非常敏感，也表明市场预计未来会有更大的波动。一旦市场暂停或抓住支撑位，隐含波动率就会迅速反转走低。<b>我们经常想到这样一个类比，如果鲨鱼停止游泳，它就会下沉（部分正确！）.如果市场停止下跌，那么隐含波动率就会下降。</b>正如我们经常谈论的那样，较低的隐含波动率（即较低的VIX）表明做市商必须回购空头对冲，从而推动反弹。SG的结论是：目前较低的隐含波动率水平给了市场更多的下行火力。从较低的隐含波动率开始会“减缓”反应性的“snap回”购买机制。此外，当IV较低时，伽马较高，因此伽马翻转可能有更多的果汁。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?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":{".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?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":"1175692875","content_text":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.How to trade this?As Goldman's Vishal Vivek writes, at major expirations, options traders track situations wherea large amount of open interest is set to expire.In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX  (i.e. implied volatility) reversed.And one other curious observation from SpotGamma:When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.  Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.  Additionally, gamma is higher when IV is lower so gamma flips may have more juice.","news_type":1,"symbols_score_info":{".IXIC":0.9,"SPY":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":765,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}