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0勋章

2021-06-21

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2021-06-22

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2021-04-16

$Bionano Genomics(BNGO)$There is nothing wrong with this stock. Just wsb trying to lower it as much as possible so they can buyin when impatient people sell. Genomics is important in the future of healthcare. Go read up what they have done and will be doing. Pentagon approves.

2021-10-06

Lol

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2021-06-19

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2021-10-04

Can

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2021-07-04

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2021-06-12

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2021-05-06

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2021-04-28

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08:27","market":"us","language":"en","title":"Professor who called Dow 20,000 says he’s nervous about trends in inflation that could spark a stock-market correction<blockquote>称道琼斯指数为20,000点的教授表示，他对通胀趋势感到紧张，通胀趋势可能引发股市调整</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1124647688","media":"MarketWatch","summary":"Jeremy Siegel, professor of finance at the University of Pennsylvania’s Wharton School of Business, ","content":"<p>Jeremy Siegel, professor of finance at the University of Pennsylvania’s Wharton School of Business, on Wednesday said that a fresh surge in inflation is making him nervous and warned that accelerating pricing pressures could compel the Federal Reserve to raise interest rates at a faster clip than currently anticipated, which could deliver a correction to equity benchmarks.</p><p><blockquote>宾夕法尼亚大学沃顿商学院金融学教授杰里米·西格尔周三表示，通胀的新一轮飙升让他感到紧张，并警告称，加速的定价压力可能会迫使美联储以比目前更快的速度加息。预期，这可能会对股票基准进行修正。</blockquote></p><p> The Wharton professorcredited with calling Dow 20,000&nbsp;in 2015 told CNBC during a Wednesday interview that he is “nervous about the trends I see in inflation currently.”</p><p><blockquote>这位被誉为2015年道琼斯指数20,000点的沃顿商学院教授在周三接受CNBC采访时表示，他“对我目前看到的通胀趋势感到紧张”。</blockquote></p><p> The academic’s comments came as Federal Reserve Chairman Jerome Powell on Wednesday said a bout of high U.S. inflation could be prolonged into early next year because parts and material shortages might be getting worse.</p><p><blockquote>这位学者发表上述言论之际，美联储主席杰罗姆·鲍威尔周三表示，由于零部件和材料短缺可能会恶化，美国的高通胀可能会持续到明年初。</blockquote></p><p> Parts of the financial market are undergoing big price surges, including natural-gas futuresNG00,+1.81%,whichsurged 11% on Monday,reaching levels not seen since 2014 amid tight U.S. supplies and strengthening demand across the globe.</p><p><blockquote>部分金融市场价格正在经历大幅飙升，其中天然气期货NG00,+1.81%，周一飙升11%，达到2014年以来的最高水平，原因是美国供应紧张和全球需求走强。</blockquote></p><p> <b>Read:</b>Inflation in the U.S. is running at the highest level in 30 years</p><p><blockquote><b>阅读：</b>美国通胀处于30年来最高水平</blockquote></p><p> <b>Also:</b>Fed’s Williams predicts the high rate of inflation will cool to 2% in 2022</p><p><blockquote><b>所以：</b>美联储威廉姆斯预计2022年高通胀率将降温至2%</blockquote></p><p> “It’s frustrating to see the supply-chain problems not getting better, in fact they are probably getting worse,” Powell said during a virtual forum with other central bank leaders, including those from the European Central Bank. “It’s very difficult to say how big the effects will be in the meantime and how long they will last.”</p><p><blockquote>鲍威尔在与包括欧洲央行领导人在内的其他央行领导人举行的虚拟论坛上表示：“看到供应链问题没有好转令人沮丧，事实上它们可能会变得更糟。”“很难说在此期间的影响会有多大以及会持续多久。”</blockquote></p><p> The rate of inflation in the U.S., using the Fed’s preferred personal-consumption expenditures price index, rose at a 4.2% pace in the 12 months ended in July. That is the fastest increase in 30 years. Inflation is running even hotter based on the better-known consumer-price index, a measure of the average prices paid by consumers for a common basket of goods and services that serves as a barometer of economic health.</p><p><blockquote>使用美联储首选的个人消费支出价格指数，美国通胀率在截至7月份的12个月中以4.2%的速度上升。这是30年来最快的增长。根据更为人所知的消费者价格指数，通胀甚至更高，该指数衡量消费者为一篮子常见商品和服务支付的平均价格，是经济健康状况的晴雨表。</blockquote></p><p> Powell and others at the Fed have contended for months that the surge in inflation was “transitory.”</p><p><blockquote>鲍威尔和美联储其他人几个月来一直辩称，通胀飙升是“暂时的”。</blockquote></p><p> However, that view is starting to shift and investors are starting to factor in more persistent inflation than previously thought,analysts say.</p><p><blockquote>然而，分析师表示，这种观点正在开始转变，投资者开始考虑比之前想象的更持久的通胀。</blockquote></p><p> Siegel said the anticipated timeline that the Fed will start tapering in November and end it the middle of 2022, with an eye toward starting to raise interest rates sometime next year, is a fair timetable, but he but fears that the surge in inflation could hasten moves, which would drive yields higher and stocks lower.</p><p><blockquote>西格尔表示，美联储将于11月开始缩减规模，并于2022年年中结束，着眼于明年某个时候开始加息，这是一个公平的时间表，但他担心通胀飙升可能会加速举措，这将推动收益率上升和股市下跌。</blockquote></p><p> On Wednesday, the S&amp;P 500 indexSPX,-1.19%ended higher but was still down 3.9% from its Sept. 2 record close, and the Dow Jones Industrial AverageDJIA,-1.59%was off 3.5% from its Aug. 16 record high, following marginal gains on the session. The technology-laden Nasdaq Composite IndexCOMP,-0.44%is down 5.6% from its Sept. 7 closing peak after finishing lower on Wednesday.</p><p><blockquote>周三，标普500指数SPX,-1.19%收高，但仍较9月2日创纪录收盘价下跌3.9%，道琼斯工业平均指数DJIA,-1.59%较8月16日创纪录高点下跌3.5%。盘中小幅上涨。科技含量高的纳斯达克综合指数COMP,-0.44%在周三收低后，较9月7日收盘峰值下跌5.6%。</blockquote></p><p> A correction in an asset is usually defined by market technicians as a fall of at least 10%, but no more than 20%, from a recent peak.</p><p><blockquote>市场技术人员通常将资产的回调定义为较近期峰值下跌至少10%，但不超过20%。</blockquote></p><p> Meanwhile, the benchmark 10-year Treasury noteTMUBMUSD10Y,1.504%,used to price everything from car loans to mortgages, yielded 1.54%, up from 1.534% on Tuesday. The note is up nearly 10 basis points so far this quarter and up 23.7 basis points in September alone, according data compiled by Dow Jones Market Data.</p><p><blockquote>与此同时，用于为从汽车贷款到抵押贷款等各种产品定价的基准10年期国债TMUBMUSD10Y，1.504%，收益率为1.54%，高于周二的1.534%。根据道琼斯市场数据汇编的数据，该票据本季度迄今已上涨近10个基点，仅9月份就上涨了23.7个基点。</blockquote></p><p></p>","source":"market_watch","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>Professor who called Dow 20,000 says he’s nervous about trends in inflation that could spark a stock-market correction<blockquote>称道琼斯指数为20,000点的教授表示，他对通胀趋势感到紧张，通胀趋势可能引发股市调整</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nProfessor who called Dow 20,000 says he’s nervous about trends in inflation that could spark a stock-market correction<blockquote>称道琼斯指数为20,000点的教授表示，他对通胀趋势感到紧张，通胀趋势可能引发股市调整</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-10-01 08:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Jeremy Siegel, professor of finance at the University of Pennsylvania’s Wharton School of Business, on Wednesday said that a fresh surge in inflation is making him nervous and warned that accelerating pricing pressures could compel the Federal Reserve to raise interest rates at a faster clip than currently anticipated, which could deliver a correction to equity benchmarks.</p><p><blockquote>宾夕法尼亚大学沃顿商学院金融学教授杰里米·西格尔周三表示，通胀的新一轮飙升让他感到紧张，并警告称，加速的定价压力可能会迫使美联储以比目前更快的速度加息。预期，这可能会对股票基准进行修正。</blockquote></p><p> The Wharton professorcredited with calling Dow 20,000&nbsp;in 2015 told CNBC during a Wednesday interview that he is “nervous about the trends I see in inflation currently.”</p><p><blockquote>这位被誉为2015年道琼斯指数20,000点的沃顿商学院教授在周三接受CNBC采访时表示，他“对我目前看到的通胀趋势感到紧张”。</blockquote></p><p> The academic’s comments came as Federal Reserve Chairman Jerome Powell on Wednesday said a bout of high U.S. inflation could be prolonged into early next year because parts and material shortages might be getting worse.</p><p><blockquote>这位学者发表上述言论之际，美联储主席杰罗姆·鲍威尔周三表示，由于零部件和材料短缺可能会恶化，美国的高通胀可能会持续到明年初。</blockquote></p><p> Parts of the financial market are undergoing big price surges, including natural-gas futuresNG00,+1.81%,whichsurged 11% on Monday,reaching levels not seen since 2014 amid tight U.S. supplies and strengthening demand across the globe.</p><p><blockquote>部分金融市场价格正在经历大幅飙升，其中天然气期货NG00,+1.81%，周一飙升11%，达到2014年以来的最高水平，原因是美国供应紧张和全球需求走强。</blockquote></p><p> <b>Read:</b>Inflation in the U.S. is running at the highest level in 30 years</p><p><blockquote><b>阅读：</b>美国通胀处于30年来最高水平</blockquote></p><p> <b>Also:</b>Fed’s Williams predicts the high rate of inflation will cool to 2% in 2022</p><p><blockquote><b>所以：</b>美联储威廉姆斯预计2022年高通胀率将降温至2%</blockquote></p><p> “It’s frustrating to see the supply-chain problems not getting better, in fact they are probably getting worse,” Powell said during a virtual forum with other central bank leaders, including those from the European Central Bank. “It’s very difficult to say how big the effects will be in the meantime and how long they will last.”</p><p><blockquote>鲍威尔在与包括欧洲央行领导人在内的其他央行领导人举行的虚拟论坛上表示：“看到供应链问题没有好转令人沮丧，事实上它们可能会变得更糟。”“很难说在此期间的影响会有多大以及会持续多久。”</blockquote></p><p> The rate of inflation in the U.S., using the Fed’s preferred personal-consumption expenditures price index, rose at a 4.2% pace in the 12 months ended in July. That is the fastest increase in 30 years. Inflation is running even hotter based on the better-known consumer-price index, a measure of the average prices paid by consumers for a common basket of goods and services that serves as a barometer of economic health.</p><p><blockquote>使用美联储首选的个人消费支出价格指数，美国通胀率在截至7月份的12个月中以4.2%的速度上升。这是30年来最快的增长。根据更为人所知的消费者价格指数，通胀甚至更高，该指数衡量消费者为一篮子常见商品和服务支付的平均价格，是经济健康状况的晴雨表。</blockquote></p><p> Powell and others at the Fed have contended for months that the surge in inflation was “transitory.”</p><p><blockquote>鲍威尔和美联储其他人几个月来一直辩称，通胀飙升是“暂时的”。</blockquote></p><p> However, that view is starting to shift and investors are starting to factor in more persistent inflation than previously thought,analysts say.</p><p><blockquote>然而，分析师表示，这种观点正在开始转变，投资者开始考虑比之前想象的更持久的通胀。</blockquote></p><p> Siegel said the anticipated timeline that the Fed will start tapering in November and end it the middle of 2022, with an eye toward starting to raise interest rates sometime next year, is a fair timetable, but he but fears that the surge in inflation could hasten moves, which would drive yields higher and stocks lower.</p><p><blockquote>西格尔表示，美联储将于11月开始缩减规模，并于2022年年中结束，着眼于明年某个时候开始加息，这是一个公平的时间表，但他担心通胀飙升可能会加速举措，这将推动收益率上升和股市下跌。</blockquote></p><p> On Wednesday, the S&amp;P 500 indexSPX,-1.19%ended higher but was still down 3.9% from its Sept. 2 record close, and the Dow Jones Industrial AverageDJIA,-1.59%was off 3.5% from its Aug. 16 record high, following marginal gains on the session. The technology-laden Nasdaq Composite IndexCOMP,-0.44%is down 5.6% from its Sept. 7 closing peak after finishing lower on Wednesday.</p><p><blockquote>周三，标普500指数SPX,-1.19%收高，但仍较9月2日创纪录收盘价下跌3.9%，道琼斯工业平均指数DJIA,-1.59%较8月16日创纪录高点下跌3.5%。盘中小幅上涨。科技含量高的纳斯达克综合指数COMP,-0.44%在周三收低后，较9月7日收盘峰值下跌5.6%。</blockquote></p><p> A correction in an asset is usually defined by market technicians as a fall of at least 10%, but no more than 20%, from a recent peak.</p><p><blockquote>市场技术人员通常将资产的回调定义为较近期峰值下跌至少10%，但不超过20%。</blockquote></p><p> Meanwhile, the benchmark 10-year Treasury noteTMUBMUSD10Y,1.504%,used to price everything from car loans to mortgages, yielded 1.54%, up from 1.534% on Tuesday. The note is up nearly 10 basis points so far this quarter and up 23.7 basis points in September alone, according data compiled by Dow Jones Market Data.</p><p><blockquote>与此同时，用于为从汽车贷款到抵押贷款等各种产品定价的基准10年期国债TMUBMUSD10Y，1.504%，收益率为1.54%，高于周二的1.534%。根据道琼斯市场数据汇编的数据，该票据本季度迄今已上涨近10个基点，仅9月份就上涨了23.7个基点。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/professor-who-called-dow-20-000-says-hes-nervous-about-trends-in-inflation-that-could-spark-a-stock-market-correction-11632949212?siteid=yhoof2\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/professor-who-called-dow-20-000-says-hes-nervous-about-trends-in-inflation-that-could-spark-a-stock-market-correction-11632949212?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1124647688","content_text":"Jeremy Siegel, professor of finance at the University of Pennsylvania’s Wharton School of Business, on Wednesday said that a fresh surge in inflation is making him nervous and warned that accelerating pricing pressures could compel the Federal Reserve to raise interest rates at a faster clip than currently anticipated, which could deliver a correction to equity benchmarks.\nThe Wharton professorcredited with calling Dow 20,000 in 2015 told CNBC during a Wednesday interview that he is “nervous about the trends I see in inflation currently.”\nThe academic’s comments came as Federal Reserve Chairman Jerome Powell on Wednesday said a bout of high U.S. inflation could be prolonged into early next year because parts and material shortages might be getting worse.\nParts of the financial market are undergoing big price surges, including natural-gas futuresNG00,+1.81%,whichsurged 11% on Monday,reaching levels not seen since 2014 amid tight U.S. supplies and strengthening demand across the globe.\nRead:Inflation in the U.S. is running at the highest level in 30 years\nAlso:Fed’s Williams predicts the high rate of inflation will cool to 2% in 2022\n“It’s frustrating to see the supply-chain problems not getting better, in fact they are probably getting worse,” Powell said during a virtual forum with other central bank leaders, including those from the European Central Bank. “It’s very difficult to say how big the effects will be in the meantime and how long they will last.”\nThe rate of inflation in the U.S., using the Fed’s preferred personal-consumption expenditures price index, rose at a 4.2% pace in the 12 months ended in July. That is the fastest increase in 30 years. Inflation is running even hotter based on the better-known consumer-price index, a measure of the average prices paid by consumers for a common basket of goods and services that serves as a barometer of economic health.\nPowell and others at the Fed have contended for months that the surge in inflation was “transitory.”\nHowever, that view is starting to shift and investors are starting to factor in more persistent inflation than previously thought,analysts say.\nSiegel said the anticipated timeline that the Fed will start tapering in November and end it the middle of 2022, with an eye toward starting to raise interest rates sometime next year, is a fair timetable, but he but fears that the surge in inflation could hasten moves, which would drive yields higher and stocks lower.\nOn Wednesday, the S&P 500 indexSPX,-1.19%ended higher but was still down 3.9% from its Sept. 2 record close, and the Dow Jones Industrial AverageDJIA,-1.59%was off 3.5% from its Aug. 16 record high, following marginal gains on the session. The technology-laden Nasdaq Composite IndexCOMP,-0.44%is down 5.6% from its Sept. 7 closing peak after finishing lower on Wednesday.\nA correction in an asset is usually defined by market technicians as a fall of at least 10%, but no more than 20%, from a recent peak.\nMeanwhile, the benchmark 10-year Treasury noteTMUBMUSD10Y,1.504%,used to price everything from car loans to mortgages, yielded 1.54%, up from 1.534% on Tuesday. The note is up nearly 10 basis points so far this quarter and up 23.7 basis points in September alone, according data compiled by Dow Jones Market Data.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3821,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":865395511,"gmtCreate":1632949408576,"gmtModify":1632949416537,"author":{"id":"3569227954325701","authorId":"3569227954325701","name":"Seuna","avatar":"https://static.tigerbbs.com/0bfb6c0f011a65d66aae3afb6132a82d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569227954325701","idStr":"3569227954325701"},"themes":[],"htmlText":"Nive","listText":"Nive","text":"Nive","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/865395511","repostId":"2171115602","repostType":4,"repost":{"id":"2171115602","kind":"highlight","pubTimestamp":1632935460,"share":"https://www.laohu8.com/m/news/2171115602?lang=zh_CN&edition=full","pubTime":"2021-09-30 01:11","market":"us","language":"en","title":"Eyewear maker Warby Parker spikes 34% on its first day of trading<blockquote>眼镜制造商Warby Parker首日交易股价飙升34%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2171115602","media":"MarketWatch","summary":"Eyewear maker Warby Parker spikes 34% on its first day of trading.\n\nNYSE assigns reference price of ","content":"<p>Eyewear maker Warby Parker spikes 34% on its first day of trading.</p><p><blockquote>眼镜制造商Warby Parker首日交易股价飙升34%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f145f99950734ec9b0e3b675836a53fb\" tg-width=\"1836\" tg-height=\"901\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> NYSE assigns reference price of $40, trading&nbsp;to begin Wednesday</p><p><blockquote>纽交所指定参考价为40美元，周三开始交易</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5917e3b384716a3bbcfdd5860b35711f\" tg-width=\"700\" tg-height=\"628\" referrerpolicy=\"no-referrer\"><span>Warby Parker is focused on both business and giving back, the prospectus says.</span></p><p><blockquote><p class=\"t-img-caption\"><span>招股说明书称，Warby Parker专注于业务和回馈。</span></p></blockquote></p><p> <a href=\"https://laohu8.com/S/WRBY\">Warby Parker Inc.</a>, the company known for its affordable eyeglasses sold online, through its app and in stores, is begining trading Wednesday in a direct listing.</p><p><blockquote><a href=\"https://laohu8.com/S/WRBY\">沃比·帕克公司。</a>该公司以通过其应用程序和商店在线销售平价眼镜而闻名，将于周三开始直接上市交易。</blockquote></p><p> On Tuesday, the New York Stock Exchange assigned a $40 reference price to the New York City-based company's listing, which is expected to begin trading Wednesday under the ticker symbol \"WRBY\" . The company has about 111.5 million shares outstanding, giving it a valuation around $4.6 billion at that reference price.</p><p><blockquote>周二，纽约证券交易所为这家总部位于纽约市的公司的上市设定了40美元的参考价，预计将于周三开始交易，股票代码为“WRBY”。该公司拥有约1.115亿股已发行股票，按该参考价计算，其估值约为46亿美元。</blockquote></p><p> Reference prices for direct listings are based on trading prices in private markets ahead of companies filing with the Securities and Exchange Commission for a public listing. Direct listings differ from IPOs because there is no capital raised, which is what places a dollar figure on shares in an IPO. Direct listings are largely expected to trade higher than the reference price.</p><p><blockquote>直接上市的参考价格基于公司向美国证券交易委员会提交公开上市申请之前私募市场的交易价格。直接上市不同于首次公开募股，因为没有筹集资金，这就是首次公开募股股票的美元数字。预计直接上市的交易价格大多高于参考价。</blockquote></p><p> Warby Parker will offer class A stock, eligible for one vote per share; class B stock, which entitles shareholders to 10 votes per share and can be converted to class A shares; and class C shares, which carry no voting rights.</p><p><blockquote>Warby Parker将提供A类股票，每股有资格投票；B类股票，赋予股东每股10票的投票权，可转换为A类股票；和C类股票，不具有投票权。</blockquote></p><p> Warby Parker will be an emerging growth company, which means it does not have to make the same disclosures required of bigger public companies. A business remains an emerging growth company until it reaches a number of milestones, including annual revenue of more than $1.07 billion.</p><p><blockquote>Warby Parker将是一家新兴成长型公司，这意味着它不必像大型上市公司那样进行披露。一家企业在达到多个里程碑（包括年收入超过10.7亿美元）之前仍然是一家新兴成长型公司。</blockquote></p><p> Neil Blumenthal and Dave Gilboa, ages 41 and 40 respectively, are co-founders, co-chairs and co-chief executives of the company.</p><p><blockquote>Neil Blumenthal和Dave Gilboa分别为41岁和40岁，是该公司的联合创始人、联合董事长和联合首席执行官。</blockquote></p><p> Prior to Warby Parker, Blumenthal was a director at VisionSpring, a nonprofit that trains men and women in developing countries to sell affordable eyewear. Blumenthal is also a director at Allbirds, which filed to go public this week, at salad chain Sweetgreen and a number of nonprofit organizations including Warby Parker Impact Foundation and RxArt.</p><p><blockquote>在加入Warby Parker之前，Blumenthal是VisionSpring的董事，VisionSpring是一家非营利组织，旨在培训发展中国家的男性和女性销售负担得起的眼镜。布卢门撒尔还是本周申请上市的Allbirds、沙拉连锁店Sweetgreen以及包括Warby Parker Impact Foundation和RxArt在内的许多非营利组织的董事。</blockquote></p><p> Gilboa worked at consulting firm Bain &amp; Company and merchant bank Allen &amp; Co. prior to Warby Parker. He also serves on the board of the Warby Parker Impact Foundation.</p><p><blockquote>在加入Warby Parker之前，Gilboa曾在咨询公司Bain&amp;Company和商业银行Allen&amp;Co.工作。他也是沃比·帕克影响基金会的董事会成员。</blockquote></p><p> Andrew Hunt and Jeffrey Raider, both age 40, are the other two co-founders of Warby Parker and both serve as directors. Also on the board is Ronald Williams, age 71, and former CEO of Aetna from 2006 to 2010.</p><p><blockquote>安德鲁·亨特(Andrew Hunt)和杰弗里·雷德(Jeffrey Raider)均为40岁，是Warby Parker的另外两位联合创始人，两人都担任董事。董事会成员还有71岁的罗纳德·威廉姆斯(Ronald Williams)，他曾于2006年至2010年担任Aetna前首席执行官。</blockquote></p><p> Warby Parker was founded in 2010 and inspired by the founders' concerns that glasses were expensive and the process of buying them inconvenient.</p><p><blockquote>Warby Parker成立于2010年，其灵感来自创始人对眼镜价格昂贵且购买过程不方便的担忧。</blockquote></p><p> In its prospectus, Warby Parker says it is driven to do good and make customers happy. In addition to making glasses more affordable, Warby Parker has distributed more than 8 million pairs of glasses through the Buy a Pair, Give a Pair program. The company is also carbon neutral, which it has achieved through purchasing offsets.</p><p><blockquote>Warby Parker在招股说明书中表示，该公司致力于做好事并让客户满意。除了让眼镜更实惠之外，Warby Parker还通过“买一副，送一副”计划分发了超过800万副眼镜。该公司还实现了碳中和，这是通过购买补偿来实现的。</blockquote></p><p> \"[This motivation] pushes us to defy convention -- and, at times, to forego short-term profits -- but we believe delivering remarkable customer experiences and making a positive impact on all stakeholders will lead to continued long-term sustainable growth and profitability,\" says a letter from the co-CEOs included in the prospectus.</p><p><blockquote>“[这种动机]促使我们打破常规，有时甚至放弃短期利润，但我们相信，提供卓越的客户体验并对所有利益相关者产生积极影响将带来持续的长期可持续增长和盈利能力，”招股说明书中联合首席执行官的一封信中说道。</blockquote></p><p> A pair of Warby Parker spectacles starts at a price of $95 including prescription lenses, and can be purchased digitally, using a free home try-on system or virtual trial system, as well as at145 Warby Parker shops. The company keeps prices low by selling direct-to-consumer and bypassing middlemen.</p><p><blockquote>一副Warby Parker眼镜的起价为95美元，包括处方镜片，可以使用免费的家庭试戴系统或虚拟试戴系统以及145家Warby Parker商店进行数字购买。该公司通过直接向消费者销售并绕过中间商来保持低价。</blockquote></p><p> The company had a net loss of $55.9 million in 2020, after breakeven in 2019 and a loss of $22.9 million in 2018. It chalked up $393.7 million of revenue in 2020, up from $370.5 million in 2019.</p><p><blockquote>该公司在2019年实现盈亏平衡，2018年亏损2290万美元，2020年净亏损5590万美元。2020年，该公司的收入为3.937亿美元，高于2019年的3.705亿美元。</blockquote></p><p> Some 95% of net revenue in 2020 came from the sale of glasses, 2% of revenue was generated by the sale of contact lenses, 1% by eye exams and 2% by eyewear accessories. The company is expecting to expand its customer base for eye exams.</p><p><blockquote>2020年约95%的净收入来自眼镜销售，2%的收入来自隐形眼镜销售，1%来自眼科检查，2%来自眼镜配件。该公司希望扩大眼科检查的客户群。</blockquote></p><p> For the six months ending June 30, 2021, net losses were $7.3 million and revenue totaled $270.5 million. The company has more than two million active customers and nearly 3,000 workers.</p><p><blockquote>截至2021年6月30日的六个月，净亏损为730万美元，收入总计2.705亿美元。该公司拥有超过200万活跃客户和近3000名员工。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3510dd6c717e636f33784d4f89bd9ce3\" tg-width=\"506\" tg-height=\"706\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p><p> About 76% of Americans were using some kind of vision correction in 2020, according to data provided by the prospectus. The number of Americans ages 65 and over will more than double over the next 40 years and at least 84% of people in this older age group wear corrective lenses. Increasing use of screens like mobile devices and computers has contributed to the need for vision correction. Glasses are replaced every two-to-two-and-a-half years.</p><p><blockquote>根据招股说明书提供的数据，2020年约有76%的美国人正在使用某种视力矫正。未来40年，65岁及以上的美国人数量将增加一倍以上，这个年龄组中至少有84%的人佩戴矫正镜片。移动设备和计算机等屏幕的使用增加了对视力矫正的需求。眼镜每两到两年半更换一次。</blockquote></p><p> Warby Parker says that between 2015 and 2019, it had a 50% sales retention rate within two years of the first purchase among customers it acquired. The retention rate was nearly 100% after four years during that same period.</p><p><blockquote>Warby Parker表示，2015年至2019年间，其获得的客户在首次购买后两年内的销售保留率为50%。在同一时期，四年后的保留率接近100%。</blockquote></p><p> The vision care industry is expected to grow at a 9.2% compound annual growth rate (CAGR) between 2020 and 2025, according to Statista data provided in the prospectus.</p><p><blockquote>根据招股说明书中提供的Statista数据，视力保健行业预计将在2020年至2025年间以9.2%的复合年增长率(CAGR)增长。</blockquote></p><p> Here are five other things to know about Warby Parker before it goes public:</p><p><blockquote>以下是Warby Parker上市前需要了解的其他五件事：</blockquote></p><p> <b>Most decision-making power will be in the hands of Warby Parker's co-founders and co-CEOs</b></p><p><blockquote><b>大部分决策权将掌握在Warby Parker的联合创始人和联合首席执行官手中</b></blockquote></p><p> The company's stock structure post-IPO will give the company's founders and top executives considerable control that could last until Oct. 1, 2031.</p><p><blockquote>该公司IPO后的股票结构将为公司创始人和高管提供相当大的控制权，这种控制权可能会持续到2031年10月1日。</blockquote></p><p> \"Because of the ten-to-one voting ratio between our class B and class A common stock, our co-founders and co-CEOs collectively could continue to control a significant percentage of the combined voting power of our common stock and therefore would be able to control all matters submitted to our stockholders for approval until the date of automatic conversion, when all shares outstanding of Class B common stock will convert automatically into shares of Class A common stock,\" the prospectus says.</p><p><blockquote>“由于我们的B类普通股和A类普通股之间的投票权比例为十比一，我们的联合创始人和联合首席执行官可以继续控制我们普通股总投票权的很大一部分，因此将能够控制提交给股东批准的所有事项，直至自动转换之日，届时所有已发行的B类普通股将自动转换为A类普通股，”招股说明书称。</blockquote></p><p> That means other shareholders will have little say in the running of the company and will not influence such decisions as the election of directors, amendments of organizational documents, and any merger, consolidation, or sale of some or all of its assets.</p><p><blockquote>这意味着其他股东对公司的运营几乎没有发言权，也不会影响董事选举、组织文件修订以及任何合并、整合或出售部分或全部资产等决策。</blockquote></p><p> As a loss-making company, it will not pay a dividend for the foreseeable future.</p><p><blockquote>作为一家亏损公司，它在可预见的未来不会支付股息。</blockquote></p><p> <b>Warby Parker does most things in-house -- and that could limit its ability to grow</b></p><p><blockquote><b>Warby Parker的大部分工作都是在内部完成的，这可能会限制其发展能力</b></blockquote></p><p> Warby Parker says its business model, which has it do most things in-house, could cause problems.</p><p><blockquote>沃比·帕克表示，其商业模式让大部分事情都在内部完成，这可能会导致问题。</blockquote></p><p> \"[T]he vertically integrated nature of our business, where we design all of our own glasses in our New York headquarters, contract manufacture all of our glass frames, fulfill the glasses we sell at our own optical and fulfillment laboratories as well as at third-party contract laboratories, sell our products exclusively through our own retail stores, e-commerce site and mobile application, and service our products, exposes us to risk and disruption at many points that are critical to successfully operating our business, and may make it more difficult for us to scale our business,\" the prospectus says.</p><p><blockquote>“我们业务的垂直一体化性质，我们在纽约总部设计自己的所有眼镜，合同制造所有眼镜架，在我们自己的光学和履行实验室以及第三方履行销售的眼镜。第三方合同实验室，通过我们自己的零售店、电子商务网站和移动应用程序专门销售我们的产品，并为我们的产品提供服务，使我们在许多对成功运营业务至关重要的方面面临风险和中断，并可能使我们更难扩大业务规模，”招股说明书称。</blockquote></p><p> <b>Supply chain troubles outside of those caused by COVID-19 could arise</b></p><p><blockquote><b>可能会出现COVID-19引起的供应链问题之外的供应链问题</b></blockquote></p><p> Supply chain problems have plagued companies across the consumer space this year. But the company warns that its operations are vulnerable to other challenges as well.</p><p><blockquote>今年，供应链问题一直困扰着整个消费领域的公司。但该公司警告称，其运营也容易受到其他挑战的影响。</blockquote></p><p> Warby Parker gets more than half of the cellulose acetate used in its frames from a single supplier. Other components are sourced from the U.S., China, Italy, Vietnam, and Japan. The company also uses third-party contractors on certain items, but doesn't have long-term contracts with these suppliers.</p><p><blockquote>Warby Parker镜架中使用的醋酸纤维素一半以上来自单一供应商。其他组件来自美国、中国、意大利、越南和日本。该公司还在某些项目上使用第三方承包商，但与这些供应商没有长期合同。</blockquote></p><p> \"We are therefore subject to the risk of shortages and long lead times in the supply of these components and the risk that our suppliers discontinue or modify components used in our products,\" the prospectus says.</p><p><blockquote>招股说明书称：“因此，我们面临这些组件供应短缺和交付周期长的风险，以及供应商停止或修改我们产品中使用的组件的风险。”</blockquote></p><p> \"We may in the future experience component shortages, and the predictability of the availability of these components may be limited, which may be heightened in light of the ongoing COVID-19 pandemic.\"</p><p><blockquote>“我们未来可能会遇到组件短缺的情况，而且这些组件可用性的可预测性可能有限，鉴于持续的COVID-19大流行，这种情况可能会加剧。”</blockquote></p><p> <b>Warby Parker says customers are slow to adopt e-commerce for eyeglasses</b></p><p><blockquote><b>Warby Parker表示，客户采用眼镜电子商务的速度很慢</b></blockquote></p><p> Warby Parker offers online shopping for eyeglasses, one of the most significant ways the company differentiates itself from a crowded competitive field. But the company says many customers are more comfortable shopping for eyeglasses in person.</p><p><blockquote>Warby Parker提供眼镜在线购物服务，这是该公司从拥挤的竞争领域中脱颖而出的最重要方式之一。但该公司表示，许多顾客更愿意亲自购买眼镜。</blockquote></p><p> \"Improving upon the consumer in-store experience through an online platform is difficult due to broad consumer demands on selection, quality, convenience, and affordability,\" the prospectus says.</p><p><blockquote>招股说明书称：“由于消费者对选择、质量、便利性和可负担性的广泛需求，通过在线平台改善消费者的店内体验很困难。”</blockquote></p><p> When the company first started, less than 2.5% of glasses were purchased online. Even now, the company says it has \"historically generated a significant portion of our revenue from our retail stores, and our growth strategy will depend, in large part, on acquiring customers through the growth of our retail store base and expansion of our existing retail store operations.\"</p><p><blockquote>公司刚起步时，只有不到2.5%的眼镜是在网上购买的。即使是现在，该公司表示，“从历史上看，我们的收入很大一部分来自零售店，我们的增长战略将在很大程度上取决于通过零售店基础的增长和现有零售店的扩张来获取客户。商店运营。”</blockquote></p><p> <b>Warby Parker's business is actually seasonal</b></p><p><blockquote><b>Warby Parker的生意实际上是季节性的</b></blockquote></p><p> Customers eager to use health benefits before the end of a calendar year tend to boost demand in December.</p><p><blockquote>渴望在日历年结束前使用健康福利的客户往往会在12月份提振需求。</blockquote></p><p></p><p> \"Consistent with our policy to recognize revenue upon order delivery, any orders placed at the end of December are recognized as revenue upon delivery which may occur in the following year,\" Warby Parker said.</p><p><blockquote>Warby Parker表示：“根据我们在订单交付时确认收入的政策，12月底下的任何订单都会在下一年交付时确认为收入。”</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Eyewear maker Warby Parker spikes 34% on its first day of trading<blockquote>眼镜制造商Warby Parker首日交易股价飙升34%</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\">\nEyewear maker Warby Parker spikes 34% on its first day of trading<blockquote>眼镜制造商Warby Parker首日交易股价飙升34%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-09-30 01:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Eyewear maker Warby Parker spikes 34% on its first day of trading.</p><p><blockquote>眼镜制造商Warby Parker首日交易股价飙升34%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f145f99950734ec9b0e3b675836a53fb\" tg-width=\"1836\" tg-height=\"901\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> NYSE assigns reference price of $40, trading&nbsp;to begin Wednesday</p><p><blockquote>纽交所指定参考价为40美元，周三开始交易</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5917e3b384716a3bbcfdd5860b35711f\" tg-width=\"700\" tg-height=\"628\" referrerpolicy=\"no-referrer\"><span>Warby Parker is focused on both business and giving back, the prospectus says.</span></p><p><blockquote><p class=\"t-img-caption\"><span>招股说明书称，Warby Parker专注于业务和回馈。</span></p></blockquote></p><p> <a href=\"https://laohu8.com/S/WRBY\">Warby Parker Inc.</a>, the company known for its affordable eyeglasses sold online, through its app and in stores, is begining trading Wednesday in a direct listing.</p><p><blockquote><a href=\"https://laohu8.com/S/WRBY\">沃比·帕克公司。</a>该公司以通过其应用程序和商店在线销售平价眼镜而闻名，将于周三开始直接上市交易。</blockquote></p><p> On Tuesday, the New York Stock Exchange assigned a $40 reference price to the New York City-based company's listing, which is expected to begin trading Wednesday under the ticker symbol \"WRBY\" . The company has about 111.5 million shares outstanding, giving it a valuation around $4.6 billion at that reference price.</p><p><blockquote>周二，纽约证券交易所为这家总部位于纽约市的公司的上市设定了40美元的参考价，预计将于周三开始交易，股票代码为“WRBY”。该公司拥有约1.115亿股已发行股票，按该参考价计算，其估值约为46亿美元。</blockquote></p><p> Reference prices for direct listings are based on trading prices in private markets ahead of companies filing with the Securities and Exchange Commission for a public listing. Direct listings differ from IPOs because there is no capital raised, which is what places a dollar figure on shares in an IPO. Direct listings are largely expected to trade higher than the reference price.</p><p><blockquote>直接上市的参考价格基于公司向美国证券交易委员会提交公开上市申请之前私募市场的交易价格。直接上市不同于首次公开募股，因为没有筹集资金，这就是首次公开募股股票的美元数字。预计直接上市的交易价格大多高于参考价。</blockquote></p><p> Warby Parker will offer class A stock, eligible for one vote per share; class B stock, which entitles shareholders to 10 votes per share and can be converted to class A shares; and class C shares, which carry no voting rights.</p><p><blockquote>Warby Parker将提供A类股票，每股有资格投票；B类股票，赋予股东每股10票的投票权，可转换为A类股票；和C类股票，不具有投票权。</blockquote></p><p> Warby Parker will be an emerging growth company, which means it does not have to make the same disclosures required of bigger public companies. A business remains an emerging growth company until it reaches a number of milestones, including annual revenue of more than $1.07 billion.</p><p><blockquote>Warby Parker将是一家新兴成长型公司，这意味着它不必像大型上市公司那样进行披露。一家企业在达到多个里程碑（包括年收入超过10.7亿美元）之前仍然是一家新兴成长型公司。</blockquote></p><p> Neil Blumenthal and Dave Gilboa, ages 41 and 40 respectively, are co-founders, co-chairs and co-chief executives of the company.</p><p><blockquote>Neil Blumenthal和Dave Gilboa分别为41岁和40岁，是该公司的联合创始人、联合董事长和联合首席执行官。</blockquote></p><p> Prior to Warby Parker, Blumenthal was a director at VisionSpring, a nonprofit that trains men and women in developing countries to sell affordable eyewear. Blumenthal is also a director at Allbirds, which filed to go public this week, at salad chain Sweetgreen and a number of nonprofit organizations including Warby Parker Impact Foundation and RxArt.</p><p><blockquote>在加入Warby Parker之前，Blumenthal是VisionSpring的董事，VisionSpring是一家非营利组织，旨在培训发展中国家的男性和女性销售负担得起的眼镜。布卢门撒尔还是本周申请上市的Allbirds、沙拉连锁店Sweetgreen以及包括Warby Parker Impact Foundation和RxArt在内的许多非营利组织的董事。</blockquote></p><p> Gilboa worked at consulting firm Bain &amp; Company and merchant bank Allen &amp; Co. prior to Warby Parker. He also serves on the board of the Warby Parker Impact Foundation.</p><p><blockquote>在加入Warby Parker之前，Gilboa曾在咨询公司Bain&amp;Company和商业银行Allen&amp;Co.工作。他也是沃比·帕克影响基金会的董事会成员。</blockquote></p><p> Andrew Hunt and Jeffrey Raider, both age 40, are the other two co-founders of Warby Parker and both serve as directors. Also on the board is Ronald Williams, age 71, and former CEO of Aetna from 2006 to 2010.</p><p><blockquote>安德鲁·亨特(Andrew Hunt)和杰弗里·雷德(Jeffrey Raider)均为40岁，是Warby Parker的另外两位联合创始人，两人都担任董事。董事会成员还有71岁的罗纳德·威廉姆斯(Ronald Williams)，他曾于2006年至2010年担任Aetna前首席执行官。</blockquote></p><p> Warby Parker was founded in 2010 and inspired by the founders' concerns that glasses were expensive and the process of buying them inconvenient.</p><p><blockquote>Warby Parker成立于2010年，其灵感来自创始人对眼镜价格昂贵且购买过程不方便的担忧。</blockquote></p><p> In its prospectus, Warby Parker says it is driven to do good and make customers happy. In addition to making glasses more affordable, Warby Parker has distributed more than 8 million pairs of glasses through the Buy a Pair, Give a Pair program. The company is also carbon neutral, which it has achieved through purchasing offsets.</p><p><blockquote>Warby Parker在招股说明书中表示，该公司致力于做好事并让客户满意。除了让眼镜更实惠之外，Warby Parker还通过“买一副，送一副”计划分发了超过800万副眼镜。该公司还实现了碳中和，这是通过购买补偿来实现的。</blockquote></p><p> \"[This motivation] pushes us to defy convention -- and, at times, to forego short-term profits -- but we believe delivering remarkable customer experiences and making a positive impact on all stakeholders will lead to continued long-term sustainable growth and profitability,\" says a letter from the co-CEOs included in the prospectus.</p><p><blockquote>“[这种动机]促使我们打破常规，有时甚至放弃短期利润，但我们相信，提供卓越的客户体验并对所有利益相关者产生积极影响将带来持续的长期可持续增长和盈利能力，”招股说明书中联合首席执行官的一封信中说道。</blockquote></p><p> A pair of Warby Parker spectacles starts at a price of $95 including prescription lenses, and can be purchased digitally, using a free home try-on system or virtual trial system, as well as at145 Warby Parker shops. The company keeps prices low by selling direct-to-consumer and bypassing middlemen.</p><p><blockquote>一副Warby Parker眼镜的起价为95美元，包括处方镜片，可以使用免费的家庭试戴系统或虚拟试戴系统以及145家Warby Parker商店进行数字购买。该公司通过直接向消费者销售并绕过中间商来保持低价。</blockquote></p><p> The company had a net loss of $55.9 million in 2020, after breakeven in 2019 and a loss of $22.9 million in 2018. It chalked up $393.7 million of revenue in 2020, up from $370.5 million in 2019.</p><p><blockquote>该公司在2019年实现盈亏平衡，2018年亏损2290万美元，2020年净亏损5590万美元。2020年，该公司的收入为3.937亿美元，高于2019年的3.705亿美元。</blockquote></p><p> Some 95% of net revenue in 2020 came from the sale of glasses, 2% of revenue was generated by the sale of contact lenses, 1% by eye exams and 2% by eyewear accessories. The company is expecting to expand its customer base for eye exams.</p><p><blockquote>2020年约95%的净收入来自眼镜销售，2%的收入来自隐形眼镜销售，1%来自眼科检查，2%来自眼镜配件。该公司希望扩大眼科检查的客户群。</blockquote></p><p> For the six months ending June 30, 2021, net losses were $7.3 million and revenue totaled $270.5 million. The company has more than two million active customers and nearly 3,000 workers.</p><p><blockquote>截至2021年6月30日的六个月，净亏损为730万美元，收入总计2.705亿美元。该公司拥有超过200万活跃客户和近3000名员工。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3510dd6c717e636f33784d4f89bd9ce3\" tg-width=\"506\" tg-height=\"706\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p><p> About 76% of Americans were using some kind of vision correction in 2020, according to data provided by the prospectus. The number of Americans ages 65 and over will more than double over the next 40 years and at least 84% of people in this older age group wear corrective lenses. Increasing use of screens like mobile devices and computers has contributed to the need for vision correction. Glasses are replaced every two-to-two-and-a-half years.</p><p><blockquote>根据招股说明书提供的数据，2020年约有76%的美国人正在使用某种视力矫正。未来40年，65岁及以上的美国人数量将增加一倍以上，这个年龄组中至少有84%的人佩戴矫正镜片。移动设备和计算机等屏幕的使用增加了对视力矫正的需求。眼镜每两到两年半更换一次。</blockquote></p><p> Warby Parker says that between 2015 and 2019, it had a 50% sales retention rate within two years of the first purchase among customers it acquired. The retention rate was nearly 100% after four years during that same period.</p><p><blockquote>Warby Parker表示，2015年至2019年间，其获得的客户在首次购买后两年内的销售保留率为50%。在同一时期，四年后的保留率接近100%。</blockquote></p><p> The vision care industry is expected to grow at a 9.2% compound annual growth rate (CAGR) between 2020 and 2025, according to Statista data provided in the prospectus.</p><p><blockquote>根据招股说明书中提供的Statista数据，视力保健行业预计将在2020年至2025年间以9.2%的复合年增长率(CAGR)增长。</blockquote></p><p> Here are five other things to know about Warby Parker before it goes public:</p><p><blockquote>以下是Warby Parker上市前需要了解的其他五件事：</blockquote></p><p> <b>Most decision-making power will be in the hands of Warby Parker's co-founders and co-CEOs</b></p><p><blockquote><b>大部分决策权将掌握在Warby Parker的联合创始人和联合首席执行官手中</b></blockquote></p><p> The company's stock structure post-IPO will give the company's founders and top executives considerable control that could last until Oct. 1, 2031.</p><p><blockquote>该公司IPO后的股票结构将为公司创始人和高管提供相当大的控制权，这种控制权可能会持续到2031年10月1日。</blockquote></p><p> \"Because of the ten-to-one voting ratio between our class B and class A common stock, our co-founders and co-CEOs collectively could continue to control a significant percentage of the combined voting power of our common stock and therefore would be able to control all matters submitted to our stockholders for approval until the date of automatic conversion, when all shares outstanding of Class B common stock will convert automatically into shares of Class A common stock,\" the prospectus says.</p><p><blockquote>“由于我们的B类普通股和A类普通股之间的投票权比例为十比一，我们的联合创始人和联合首席执行官可以继续控制我们普通股总投票权的很大一部分，因此将能够控制提交给股东批准的所有事项，直至自动转换之日，届时所有已发行的B类普通股将自动转换为A类普通股，”招股说明书称。</blockquote></p><p> That means other shareholders will have little say in the running of the company and will not influence such decisions as the election of directors, amendments of organizational documents, and any merger, consolidation, or sale of some or all of its assets.</p><p><blockquote>这意味着其他股东对公司的运营几乎没有发言权，也不会影响董事选举、组织文件修订以及任何合并、整合或出售部分或全部资产等决策。</blockquote></p><p> As a loss-making company, it will not pay a dividend for the foreseeable future.</p><p><blockquote>作为一家亏损公司，它在可预见的未来不会支付股息。</blockquote></p><p> <b>Warby Parker does most things in-house -- and that could limit its ability to grow</b></p><p><blockquote><b>Warby Parker的大部分工作都是在内部完成的，这可能会限制其发展能力</b></blockquote></p><p> Warby Parker says its business model, which has it do most things in-house, could cause problems.</p><p><blockquote>沃比·帕克表示，其商业模式让大部分事情都在内部完成，这可能会导致问题。</blockquote></p><p> \"[T]he vertically integrated nature of our business, where we design all of our own glasses in our New York headquarters, contract manufacture all of our glass frames, fulfill the glasses we sell at our own optical and fulfillment laboratories as well as at third-party contract laboratories, sell our products exclusively through our own retail stores, e-commerce site and mobile application, and service our products, exposes us to risk and disruption at many points that are critical to successfully operating our business, and may make it more difficult for us to scale our business,\" the prospectus says.</p><p><blockquote>“我们业务的垂直一体化性质，我们在纽约总部设计自己的所有眼镜，合同制造所有眼镜架，在我们自己的光学和履行实验室以及第三方履行销售的眼镜。第三方合同实验室，通过我们自己的零售店、电子商务网站和移动应用程序专门销售我们的产品，并为我们的产品提供服务，使我们在许多对成功运营业务至关重要的方面面临风险和中断，并可能使我们更难扩大业务规模，”招股说明书称。</blockquote></p><p> <b>Supply chain troubles outside of those caused by COVID-19 could arise</b></p><p><blockquote><b>可能会出现COVID-19引起的供应链问题之外的供应链问题</b></blockquote></p><p> Supply chain problems have plagued companies across the consumer space this year. But the company warns that its operations are vulnerable to other challenges as well.</p><p><blockquote>今年，供应链问题一直困扰着整个消费领域的公司。但该公司警告称，其运营也容易受到其他挑战的影响。</blockquote></p><p> Warby Parker gets more than half of the cellulose acetate used in its frames from a single supplier. Other components are sourced from the U.S., China, Italy, Vietnam, and Japan. The company also uses third-party contractors on certain items, but doesn't have long-term contracts with these suppliers.</p><p><blockquote>Warby Parker镜架中使用的醋酸纤维素一半以上来自单一供应商。其他组件来自美国、中国、意大利、越南和日本。该公司还在某些项目上使用第三方承包商，但与这些供应商没有长期合同。</blockquote></p><p> \"We are therefore subject to the risk of shortages and long lead times in the supply of these components and the risk that our suppliers discontinue or modify components used in our products,\" the prospectus says.</p><p><blockquote>招股说明书称：“因此，我们面临这些组件供应短缺和交付周期长的风险，以及供应商停止或修改我们产品中使用的组件的风险。”</blockquote></p><p> \"We may in the future experience component shortages, and the predictability of the availability of these components may be limited, which may be heightened in light of the ongoing COVID-19 pandemic.\"</p><p><blockquote>“我们未来可能会遇到组件短缺的情况，而且这些组件可用性的可预测性可能有限，鉴于持续的COVID-19大流行，这种情况可能会加剧。”</blockquote></p><p> <b>Warby Parker says customers are slow to adopt e-commerce for eyeglasses</b></p><p><blockquote><b>Warby Parker表示，客户采用眼镜电子商务的速度很慢</b></blockquote></p><p> Warby Parker offers online shopping for eyeglasses, one of the most significant ways the company differentiates itself from a crowded competitive field. But the company says many customers are more comfortable shopping for eyeglasses in person.</p><p><blockquote>Warby Parker提供眼镜在线购物服务，这是该公司从拥挤的竞争领域中脱颖而出的最重要方式之一。但该公司表示，许多顾客更愿意亲自购买眼镜。</blockquote></p><p> \"Improving upon the consumer in-store experience through an online platform is difficult due to broad consumer demands on selection, quality, convenience, and affordability,\" the prospectus says.</p><p><blockquote>招股说明书称：“由于消费者对选择、质量、便利性和可负担性的广泛需求，通过在线平台改善消费者的店内体验很困难。”</blockquote></p><p> When the company first started, less than 2.5% of glasses were purchased online. Even now, the company says it has \"historically generated a significant portion of our revenue from our retail stores, and our growth strategy will depend, in large part, on acquiring customers through the growth of our retail store base and expansion of our existing retail store operations.\"</p><p><blockquote>公司刚起步时，只有不到2.5%的眼镜是在网上购买的。即使是现在，该公司表示，“从历史上看，我们的收入很大一部分来自零售店，我们的增长战略将在很大程度上取决于通过零售店基础的增长和现有零售店的扩张来获取客户。商店运营。”</blockquote></p><p> <b>Warby Parker's business is actually seasonal</b></p><p><blockquote><b>Warby Parker的生意实际上是季节性的</b></blockquote></p><p> Customers eager to use health benefits before the end of a calendar year tend to boost demand in December.</p><p><blockquote>渴望在日历年结束前使用健康福利的客户往往会在12月份提振需求。</blockquote></p><p></p><p> \"Consistent with our policy to recognize revenue upon order delivery, any orders placed at the end of December are recognized as revenue upon delivery which may occur in the following year,\" Warby Parker said.</p><p><blockquote>Warby Parker表示：“根据我们在订单交付时确认收入的政策，12月底下的任何订单都会在下一年交付时确认为收入。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/warby-parker-ipo-5-things-to-know-about-the-affordable-eyeglass-maker-before-its-direct-listing-11630520146?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/warby-parker-ipo-5-things-to-know-about-the-affordable-eyeglass-maker-before-its-direct-listing-11630520146?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2171115602","content_text":"Eyewear maker Warby Parker spikes 34% on its first day of trading.\n\nNYSE assigns reference price of $40, trading to begin Wednesday\nWarby Parker is focused on both business and giving back, the prospectus says.\nWarby Parker Inc., the company known for its affordable eyeglasses sold online, through its app and in stores, is begining trading Wednesday in a direct listing.\nOn Tuesday, the New York Stock Exchange assigned a $40 reference price to the New York City-based company's listing, which is expected to begin trading Wednesday under the ticker symbol \"WRBY\" . The company has about 111.5 million shares outstanding, giving it a valuation around $4.6 billion at that reference price.\nReference prices for direct listings are based on trading prices in private markets ahead of companies filing with the Securities and Exchange Commission for a public listing. Direct listings differ from IPOs because there is no capital raised, which is what places a dollar figure on shares in an IPO. Direct listings are largely expected to trade higher than the reference price.\nWarby Parker will offer class A stock, eligible for one vote per share; class B stock, which entitles shareholders to 10 votes per share and can be converted to class A shares; and class C shares, which carry no voting rights.\nWarby Parker will be an emerging growth company, which means it does not have to make the same disclosures required of bigger public companies. A business remains an emerging growth company until it reaches a number of milestones, including annual revenue of more than $1.07 billion.\nNeil Blumenthal and Dave Gilboa, ages 41 and 40 respectively, are co-founders, co-chairs and co-chief executives of the company.\nPrior to Warby Parker, Blumenthal was a director at VisionSpring, a nonprofit that trains men and women in developing countries to sell affordable eyewear. Blumenthal is also a director at Allbirds, which filed to go public this week, at salad chain Sweetgreen and a number of nonprofit organizations including Warby Parker Impact Foundation and RxArt.\nGilboa worked at consulting firm Bain & Company and merchant bank Allen & Co. prior to Warby Parker. He also serves on the board of the Warby Parker Impact Foundation.\nAndrew Hunt and Jeffrey Raider, both age 40, are the other two co-founders of Warby Parker and both serve as directors. Also on the board is Ronald Williams, age 71, and former CEO of Aetna from 2006 to 2010.\nWarby Parker was founded in 2010 and inspired by the founders' concerns that glasses were expensive and the process of buying them inconvenient.\nIn its prospectus, Warby Parker says it is driven to do good and make customers happy. In addition to making glasses more affordable, Warby Parker has distributed more than 8 million pairs of glasses through the Buy a Pair, Give a Pair program. The company is also carbon neutral, which it has achieved through purchasing offsets.\n\"[This motivation] pushes us to defy convention -- and, at times, to forego short-term profits -- but we believe delivering remarkable customer experiences and making a positive impact on all stakeholders will lead to continued long-term sustainable growth and profitability,\" says a letter from the co-CEOs included in the prospectus.\nA pair of Warby Parker spectacles starts at a price of $95 including prescription lenses, and can be purchased digitally, using a free home try-on system or virtual trial system, as well as at145 Warby Parker shops. The company keeps prices low by selling direct-to-consumer and bypassing middlemen.\nThe company had a net loss of $55.9 million in 2020, after breakeven in 2019 and a loss of $22.9 million in 2018. It chalked up $393.7 million of revenue in 2020, up from $370.5 million in 2019.\nSome 95% of net revenue in 2020 came from the sale of glasses, 2% of revenue was generated by the sale of contact lenses, 1% by eye exams and 2% by eyewear accessories. The company is expecting to expand its customer base for eye exams.\nFor the six months ending June 30, 2021, net losses were $7.3 million and revenue totaled $270.5 million. The company has more than two million active customers and nearly 3,000 workers.\n\nAbout 76% of Americans were using some kind of vision correction in 2020, according to data provided by the prospectus. The number of Americans ages 65 and over will more than double over the next 40 years and at least 84% of people in this older age group wear corrective lenses. Increasing use of screens like mobile devices and computers has contributed to the need for vision correction. Glasses are replaced every two-to-two-and-a-half years.\nWarby Parker says that between 2015 and 2019, it had a 50% sales retention rate within two years of the first purchase among customers it acquired. The retention rate was nearly 100% after four years during that same period.\nThe vision care industry is expected to grow at a 9.2% compound annual growth rate (CAGR) between 2020 and 2025, according to Statista data provided in the prospectus.\nHere are five other things to know about Warby Parker before it goes public:\nMost decision-making power will be in the hands of Warby Parker's co-founders and co-CEOs\nThe company's stock structure post-IPO will give the company's founders and top executives considerable control that could last until Oct. 1, 2031.\n\"Because of the ten-to-one voting ratio between our class B and class A common stock, our co-founders and co-CEOs collectively could continue to control a significant percentage of the combined voting power of our common stock and therefore would be able to control all matters submitted to our stockholders for approval until the date of automatic conversion, when all shares outstanding of Class B common stock will convert automatically into shares of Class A common stock,\" the prospectus says.\nThat means other shareholders will have little say in the running of the company and will not influence such decisions as the election of directors, amendments of organizational documents, and any merger, consolidation, or sale of some or all of its assets.\nAs a loss-making company, it will not pay a dividend for the foreseeable future.\nWarby Parker does most things in-house -- and that could limit its ability to grow\nWarby Parker says its business model, which has it do most things in-house, could cause problems.\n\"[T]he vertically integrated nature of our business, where we design all of our own glasses in our New York headquarters, contract manufacture all of our glass frames, fulfill the glasses we sell at our own optical and fulfillment laboratories as well as at third-party contract laboratories, sell our products exclusively through our own retail stores, e-commerce site and mobile application, and service our products, exposes us to risk and disruption at many points that are critical to successfully operating our business, and may make it more difficult for us to scale our business,\" the prospectus says.\nSupply chain troubles outside of those caused by COVID-19 could arise\nSupply chain problems have plagued companies across the consumer space this year. But the company warns that its operations are vulnerable to other challenges as well.\nWarby Parker gets more than half of the cellulose acetate used in its frames from a single supplier. Other components are sourced from the U.S., China, Italy, Vietnam, and Japan. The company also uses third-party contractors on certain items, but doesn't have long-term contracts with these suppliers.\n\"We are therefore subject to the risk of shortages and long lead times in the supply of these components and the risk that our suppliers discontinue or modify components used in our products,\" the prospectus says.\n\"We may in the future experience component shortages, and the predictability of the availability of these components may be limited, which may be heightened in light of the ongoing COVID-19 pandemic.\"\nWarby Parker says customers are slow to adopt e-commerce for eyeglasses\nWarby Parker offers online shopping for eyeglasses, one of the most significant ways the company differentiates itself from a crowded competitive field. But the company says many customers are more comfortable shopping for eyeglasses in person.\n\"Improving upon the consumer in-store experience through an online platform is difficult due to broad consumer demands on selection, quality, convenience, and affordability,\" the prospectus says.\nWhen the company first started, less than 2.5% of glasses were purchased online. Even now, the company says it has \"historically generated a significant portion of our revenue from our retail stores, and our growth strategy will depend, in large part, on acquiring customers through the growth of our retail store base and expansion of our existing retail store operations.\"\nWarby Parker's business is actually seasonal\nCustomers eager to use health benefits before the end of a calendar year tend to boost demand in December.\n\"Consistent with our policy to recognize revenue upon order delivery, any orders placed at the end of December are recognized as revenue upon delivery which may occur in the following year,\" Warby Parker said.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2879,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862747451,"gmtCreate":1632919914034,"gmtModify":1632919976573,"author":{"id":"3569227954325701","authorId":"3569227954325701","name":"Seuna","avatar":"https://static.tigerbbs.com/0bfb6c0f011a65d66aae3afb6132a82d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569227954325701","idStr":"3569227954325701"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/862747451","repostId":"2171989792","repostType":4,"repost":{"id":"2171989792","kind":"highlight","pubTimestamp":1632918933,"share":"https://www.laohu8.com/m/news/2171989792?lang=zh_CN&edition=full","pubTime":"2021-09-29 20:35","market":"us","language":"en","title":"Tech stocks were just stomped. Here's what to watch next, according to Goldman Sachs.<blockquote>科技股刚刚遭到重挫。高盛表示，以下是接下来值得关注的内容。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2171989792","media":"MarketWatch","summary":"Tech stocks just got pounded as bad as the New York Times restaurant review of Eleven Madison Park. ","content":"<p>Tech stocks just got pounded as bad as the New York Times restaurant review of Eleven Madison Park. (Sample: the beet dish \"tastes like Lemon Pledge and smells like a burning joint.\") The 2.8% downturn for the Nasdaq Composite was the largest <a href=\"https://laohu8.com/S/AONE.U\">one</a>-day percentage drop in six months.</p><p><blockquote>科技股刚刚遭受重创，就像《纽约时报》对麦迪逊公园十一号餐厅的评论一样糟糕。（例如：甜菜菜“尝起来像柠檬誓言，闻起来像燃烧的大麻。”）纳斯达克综合指数2.8%的跌幅是最大的<a href=\"https://laohu8.com/S/AONE.U\">一</a>-六个月内的天数百分比下降。</blockquote></p><p> The sharp rise in interest rates over the last two weeks appears to be the main culprit. According to Goldman Sachs, the 26 basis points rise in the 10-year Treasury yield since Sept. 14 represented a 1.4 standard deviation event, and the 20 basis point rise in the 10-year TIPS yield represents a 1.7 standard deviation event.</p><p><blockquote>过去两周利率的大幅上升似乎是罪魁祸首。高盛表示，自9月14日以来，10年期国债收益率上升26个基点代表1.4标准差事件，10年期TIPS收益率上升20个基点代表1.7标准差事件。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3e4ea8be326537971e62e8118dec0b81\" tg-width=\"700\" tg-height=\"656\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Since 1965, they note, stocks struggle when rates rise by two or more standard deviations. With the long-duration information technology and communication services sector now accounting for 40% of the S&amp;P 500 market cap, the index is even more sensitive to rate shocks.</p><p><blockquote>他们指出，自1965年以来，当利率上升两个或更多标准差时，股市就会陷入困境。由于长期信息技术和通信服务行业目前占标普500市值的40%，该指数对利率冲击更加敏感。</blockquote></p><p> Another issue, say strategists led by Ryan Hammond, is that the backdrop for stocks isn't as favorable as when interest rates initially jumped at the beginning of the year. \"That move largely reflected the ongoing improvement in the economic growth outlook following the vaccine announcements in early November. Today, economic growth is decelerating, the FOMC [Federal Open Market Committee] is expected to announce the start of tapering at its November meeting, and our economists have downgraded China's economic growth forecasts,\" say the economists.</p><p><blockquote>瑞安·哈蒙德(Ryan Hammond)领导的策略师表示，另一个问题是，股市的背景并不像年初利率最初飙升时那么有利。“这一举措在很大程度上反映了11月初宣布疫苗后经济增长前景的持续改善。如今，经济增长正在减速，FOMC（联邦公开市场委员会）预计将在11月会议上宣布开始缩减规模，我们的经济学家下调了中国经济增长预期，”经济学家表示。</blockquote></p><p> So what to look at now? Focus on the speed of the rate moves more than the level. The 10-year yield would have to rise above 2.3% for relative valuations -- the difference between the earnings yield and the bond yield -- to rank above the long-term average.</p><p><blockquote>那么现在看什么呢？关注移动速度而不是水平。10年期国债收益率必须升至2.3%以上，相对估值（盈利收益率与债券收益率之间的差异）才能高于长期平均水平。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a7e0148a36c4317619a03b61b44f9175\" tg-width=\"700\" tg-height=\"655\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The Goldman strategists also aren't as bullish toward short-duration value stocks as they were earlier in the year. \"We expect the magnitude of outperformance for short-duration value stocks will be more muted in today's environment than in the early 2021 experience, given the less favorable current economic backdrop of decelerating growth,\" they say. Maintain longer-term positions in high-quality secular growth stocks, they add.</p><p><blockquote>高盛策略师也不像今年早些时候那样看好短期价值股。他们表示：“鉴于当前增长放缓的经济背景不太有利，我们预计短期价值股在当今环境下的优异表现将比2021年初的经历更加微弱。”他们补充说，保持优质长期成长型股票的长期头寸。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tech stocks were just stomped. Here's what to watch next, according to Goldman Sachs.<blockquote>科技股刚刚遭到重挫。高盛表示，以下是接下来值得关注的内容。</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\">\nTech stocks were just stomped. Here's what to watch next, according to Goldman Sachs.<blockquote>科技股刚刚遭到重挫。高盛表示，以下是接下来值得关注的内容。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-09-29 20:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tech stocks just got pounded as bad as the New York Times restaurant review of Eleven Madison Park. (Sample: the beet dish \"tastes like Lemon Pledge and smells like a burning joint.\") The 2.8% downturn for the Nasdaq Composite was the largest <a href=\"https://laohu8.com/S/AONE.U\">one</a>-day percentage drop in six months.</p><p><blockquote>科技股刚刚遭受重创，就像《纽约时报》对麦迪逊公园十一号餐厅的评论一样糟糕。（例如：甜菜菜“尝起来像柠檬誓言，闻起来像燃烧的大麻。”）纳斯达克综合指数2.8%的跌幅是最大的<a href=\"https://laohu8.com/S/AONE.U\">一</a>-六个月内的天数百分比下降。</blockquote></p><p> The sharp rise in interest rates over the last two weeks appears to be the main culprit. According to Goldman Sachs, the 26 basis points rise in the 10-year Treasury yield since Sept. 14 represented a 1.4 standard deviation event, and the 20 basis point rise in the 10-year TIPS yield represents a 1.7 standard deviation event.</p><p><blockquote>过去两周利率的大幅上升似乎是罪魁祸首。高盛表示，自9月14日以来，10年期国债收益率上升26个基点代表1.4标准差事件，10年期TIPS收益率上升20个基点代表1.7标准差事件。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3e4ea8be326537971e62e8118dec0b81\" tg-width=\"700\" tg-height=\"656\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Since 1965, they note, stocks struggle when rates rise by two or more standard deviations. With the long-duration information technology and communication services sector now accounting for 40% of the S&amp;P 500 market cap, the index is even more sensitive to rate shocks.</p><p><blockquote>他们指出，自1965年以来，当利率上升两个或更多标准差时，股市就会陷入困境。由于长期信息技术和通信服务行业目前占标普500市值的40%，该指数对利率冲击更加敏感。</blockquote></p><p> Another issue, say strategists led by Ryan Hammond, is that the backdrop for stocks isn't as favorable as when interest rates initially jumped at the beginning of the year. \"That move largely reflected the ongoing improvement in the economic growth outlook following the vaccine announcements in early November. Today, economic growth is decelerating, the FOMC [Federal Open Market Committee] is expected to announce the start of tapering at its November meeting, and our economists have downgraded China's economic growth forecasts,\" say the economists.</p><p><blockquote>瑞安·哈蒙德(Ryan Hammond)领导的策略师表示，另一个问题是，股市的背景并不像年初利率最初飙升时那么有利。“这一举措在很大程度上反映了11月初宣布疫苗后经济增长前景的持续改善。如今，经济增长正在减速，FOMC（联邦公开市场委员会）预计将在11月会议上宣布开始缩减规模，我们的经济学家下调了中国经济增长预期，”经济学家表示。</blockquote></p><p> So what to look at now? Focus on the speed of the rate moves more than the level. The 10-year yield would have to rise above 2.3% for relative valuations -- the difference between the earnings yield and the bond yield -- to rank above the long-term average.</p><p><blockquote>那么现在看什么呢？关注移动速度而不是水平。10年期国债收益率必须升至2.3%以上，相对估值（盈利收益率与债券收益率之间的差异）才能高于长期平均水平。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a7e0148a36c4317619a03b61b44f9175\" tg-width=\"700\" tg-height=\"655\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The Goldman strategists also aren't as bullish toward short-duration value stocks as they were earlier in the year. \"We expect the magnitude of outperformance for short-duration value stocks will be more muted in today's environment than in the early 2021 experience, given the less favorable current economic backdrop of decelerating growth,\" they say. Maintain longer-term positions in high-quality secular growth stocks, they add.</p><p><blockquote>高盛策略师也不像今年早些时候那样看好短期价值股。他们表示：“鉴于当前增长放缓的经济背景不太有利，我们预计短期价值股在当今环境下的优异表现将比2021年初的经历更加微弱。”他们补充说，保持优质长期成长型股票的长期头寸。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/tech-stocks-were-just-stomped-heres-what-to-watch-next-according-to-goldman-sachs-11632912648?mod=hp_LATEST&adobe_mc=MCMID%3D03250748340802259633376614514522268876%7CMCORGID%3DCB68E4BA55144CAA0A4C98A5%2540AdobeOrg%7CTS%3D1632918812\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/tech-stocks-were-just-stomped-heres-what-to-watch-next-according-to-goldman-sachs-11632912648?mod=hp_LATEST&adobe_mc=MCMID%3D03250748340802259633376614514522268876%7CMCORGID%3DCB68E4BA55144CAA0A4C98A5%2540AdobeOrg%7CTS%3D1632918812","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2171989792","content_text":"Tech stocks just got pounded as bad as the New York Times restaurant review of Eleven Madison Park. (Sample: the beet dish \"tastes like Lemon Pledge and smells like a burning joint.\") The 2.8% downturn for the Nasdaq Composite was the largest one-day percentage drop in six months.\nThe sharp rise in interest rates over the last two weeks appears to be the main culprit. According to Goldman Sachs, the 26 basis points rise in the 10-year Treasury yield since Sept. 14 represented a 1.4 standard deviation event, and the 20 basis point rise in the 10-year TIPS yield represents a 1.7 standard deviation event.\n\nSince 1965, they note, stocks struggle when rates rise by two or more standard deviations. With the long-duration information technology and communication services sector now accounting for 40% of the S&P 500 market cap, the index is even more sensitive to rate shocks.\nAnother issue, say strategists led by Ryan Hammond, is that the backdrop for stocks isn't as favorable as when interest rates initially jumped at the beginning of the year. \"That move largely reflected the ongoing improvement in the economic growth outlook following the vaccine announcements in early November. Today, economic growth is decelerating, the FOMC [Federal Open Market Committee] is expected to announce the start of tapering at its November meeting, and our economists have downgraded China's economic growth forecasts,\" say the economists.\nSo what to look at now? Focus on the speed of the rate moves more than the level. The 10-year yield would have to rise above 2.3% for relative valuations -- the difference between the earnings yield and the bond yield -- to rank above the long-term average.\n\nThe Goldman strategists also aren't as bullish toward short-duration value stocks as they were earlier in the year. \"We expect the magnitude of outperformance for short-duration value stocks will be more muted in today's environment than in the early 2021 experience, given the less favorable current economic backdrop of decelerating growth,\" they say. Maintain longer-term positions in high-quality secular growth stocks, they add.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":3337,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862747816,"gmtCreate":1632919886161,"gmtModify":1632919967503,"author":{"id":"3569227954325701","authorId":"3569227954325701","name":"Seuna","avatar":"https://static.tigerbbs.com/0bfb6c0f011a65d66aae3afb6132a82d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569227954325701","idStr":"3569227954325701"},"themes":[],"htmlText":"Oike","listText":"Oike","text":"Oike","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/862747816","repostId":"1123110487","repostType":4,"repost":{"id":"1123110487","kind":"news","pubTimestamp":1632919215,"share":"https://www.laohu8.com/m/news/1123110487?lang=zh_CN&edition=full","pubTime":"2021-09-29 20:40","market":"us","language":"en","title":"Walmart: Limited Long-Term Returns Under Current Valuations<blockquote>沃尔玛：当前估值下长期回报有限</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1123110487","media":"Seeking Alpha","summary":"Summary\n\nThis article analyzes Walmart from the perspective of its profit sustainability by the most","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>This article analyzes Walmart from the perspective of its profit sustainability by the most important profit metric: return on capital employed (“ROCE”).</li>  <li>The results show that WMT has been maintaining a respectable level of profitability with remarkable consistency.</li>  <li>However, at its current prices, it has reached its full valuation and offers limited long-term returns under these current valuations.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/70e8f2215d5d0d48a96d96b4323231e0\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>sanfel/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>本文通过最重要的利润指标：已用资本回报率(“ROCE”)，从利润可持续性的角度分析了沃尔玛。</li><li>结果表明，WMT一直保持着可观的盈利水平，并具有显着的一致性。</li><li>然而，按照目前的价格，它已经达到了全部估值，并且在当前估值下提供的长期回报有限。</li></ul><p class=\"t-img-caption\"><span>sanfel/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Thesis and Background</b></p><p><blockquote><b>论文和背景</b></blockquote></p><p> This article analyzes Walmart (WMT) from the perspective of its profit sustainability by the most important profit metric: return on capital employed (“ROCE”). Note that ROCE is different from the return on equity (“ROE”) and is more fundamental and important than ROE. Because ROCE considers the return of capital actually employed, and therefore provides critical insight into how effectively the business uses its capital to earn a profit. A consistent and high ROCE is the hallmark of a business with a sustainable moat.</p><p><blockquote>本文通过最重要的利润指标：已用资本回报率(“ROCE”)，从利润可持续性的角度分析了沃尔玛(WMT)。请注意，ROCE不同于股本回报率（“ROE”），比ROE更基本、更重要。因为ROCE考虑的是实际使用的资本回报，因此为企业如何有效地利用其资本赚取利润提供了重要的见解。持续且高的ROCE是拥有可持续护城河的企业的标志。</blockquote></p><p> The results show that WMT has been maintaining a respectable level of profitability with remarkable consistency. However, at its current prices, it has reached its full valuation and offers limited long-term returns. A long-term return can be expected in the mid single-digit range under these current valuations. Given the consistency of the business, its financial strength, and the current low-yield macroeconomic environment, it is really a good substitute for treasury bonds as argued in my&nbsp;last article.</p><p><blockquote>结果表明，WMT一直保持着可观的盈利水平，并具有显着的一致性。然而，按照目前的价格，它已经达到了全部估值，并且提供的长期回报有限。在目前的估值下，长期回报预计在中个位数范围内。考虑到业务的一致性、财务实力以及当前低收益的宏观经济环境，正如我在上一篇文章中所说，它确实是国债的良好替代品。</blockquote></p><p> <b>Moat and Profitability</b></p><p><blockquote><b>护城河和盈利能力</b></blockquote></p><p> WMT owns the world’s largest retail chain, operating a chain consisting of thousands of stores both in the US and globally. Its US operation consists mainly of 3,570 supercenters, 374 discount stores, 599 Sam’s Clubs, and 799 Neighborhood Markets. And its global operation consists of more than 6,100 stores.</p><p><blockquote>WMT拥有世界上最大的零售连锁店，在美国和全球经营着由数千家商店组成的连锁店。其美国业务主要包括3,570家超级中心、374家折扣店、599家山姆会员店和799家社区市场。其全球业务由6,100多家商店组成。</blockquote></p><p> Its sheer scale forms its most valuable moat. As an example, 70% of the U.S. population live within five miles of a WMT store, and 90% live within 15 minutes drive of one. Such extent of reach and scale provides a level of efficiency, cost-saving, and logistic superiority difficult to match by competitors.</p><p><blockquote>其庞大的规模形成了其最有价值的护城河。例如，70%的美国人口居住在距离WMT商店5英里的范围内，90%的人居住在距离商店15分钟车程的范围内。这种覆盖范围和规模提供了竞争对手难以比拟的效率、成本节约和物流优势。</blockquote></p><p> Protected by such a wide and durable moat, the business has been boasting a remarkable level of consistent profitability as to be elaborated later. And in the short term, the management is very confident and optimistic about the business. As seen from the chart below, management just raised their outlook guidance for the near year in the most recent earnings release. In terms of the topline, they expect WMT U.S. sales to go up 5% to 6% excluding fuel, and Sam’s Club sales go up 7.5% to 8.5% excluding fuel and tobacco.</p><p><blockquote>在如此宽阔而持久的护城河的保护下，该业务一直拥有卓越的持续盈利能力，稍后将详细介绍。而且从短期来看，管理层对业务非常有信心和乐观。如下图所示，管理层刚刚在最近的财报中上调了近一年的前景指引。就营收而言，他们预计WMT美国销售额（不包括燃料）将增长5%至6%，山姆会员店销售额（不包括燃料和烟草）将增长7.5%至8.5%。</blockquote></p><p> In terms of the bottom line, they expect the consolidated operating income to go up by 9% to 11.5% in constant currency and raised the EPS guidance to $6.20 to $6.35. Finally, the business has been investing and growing its eCommerce aggressively in recent years. Sales from eCommerce have more than doubled, up 103%, over the past two years.</p><p><blockquote>就利润而言，他们预计综合营业收入按固定汇率计算将增长9%至11.5%，并将每股收益指引上调至6.20美元至6.35美元。最后，该公司近年来一直在积极投资和发展其电子商务。过去两年，电子商务销售额增长了一倍多，增长了103%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/de9ee9f1cfc2727c374231b29725fc27\" tg-width=\"640\" tg-height=\"340\" width=\"100%\" height=\"auto\"><span>Source: WMT 2022 Q2 earnings releases.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：WMT 2022年第二季度收益发布。</span></p></blockquote></p><p> Long-term return and ROCE</p><p><blockquote>长期回报和ROCE</blockquote></p><p> After addressing the debt concern, let’s move on to analyze potential returns. If you, like this author, are a long-term investor who subscribes to the concepts of owner’s earnings, perpetual growth rate, and equity bond, then the long-term return is simpler. It is “simply” the summation of the owner’s earnings yield (“OEY”) and the perpetual growth rate (“PGR”), i.e.,</p><p><blockquote>解决债务问题后，让我们继续分析潜在回报。如果你和这位作者一样，是一个长期投资者，认同所有者收益、永久增长率和股权债券的概念，那么长期回报就更简单了。它“简单地”是所有者收益率（“OEY”）和永久增长率（“PGR”）的总和，即，</blockquote></p><p> Long-Term ROI = OEY + PGR</p><p><blockquote>长期ROI=OEY+PGR</blockquote></p><p> Because in the long term, all fluctuations in valuation are averaged out (all luck at the end even out). And it doesn’t really matter how the business uses the earnings (payout as dividends, retained in the bank account, or repurchase stocks). As long as used sensibly (as WMT has done in the past), it will be reflected as a return to the business owner.</p><p><blockquote>因为从长期来看，估值的所有波动都被平均掉了（最后所有的运气都被平均掉了）。企业如何使用收益（作为股息支付、保留在银行账户中或回购股票）并不重要。只要明智地使用（就像WMT过去所做的那样），它将反映为对企业主的回报。</blockquote></p><p> OEY is the owner’s earnings divided by the entry price. All the complications are in the estimation of the owner’s earnings - the real economic earnings of the business, not the nominal accounting earnings. Here as a crude and conservative estimate, I will just use the free cash flow (“FCF”) as the owner’s earning. It is conservative in the sense that rigorously speaking, the owner’s earnings should be free cash flow plus the portion of CAPEx that is used to fuel the growth (i.e., the growth CAPEx). At its current price levels, the OEY is ~4.1% for WMT (~24.4x price to FCF).</p><p><blockquote>OEY是所有者的收入除以入场价格。所有的复杂性都在于对所有者收益的估计——企业的实际经济收益，而不是名义上的会计收益。在这里，作为一个粗略和保守的估计，我将使用自由现金流（“FCF”）作为所有者的收入。它是保守的，因为严格来说，所有者的收益应该是自由现金流加上用于推动增长的资本支出部分（即增长资本支出）。按照目前的价格水平，WMT的OEY约为4.1%（价格与FCF之比约为24.4倍）。</blockquote></p><p></p><p> The next and more important item is the PGR. To understand and estimate it, we will need to first estimate the return on capital employed (“ROCE”). Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital actually employed, and therefore provides insight into how much additional capital a business needs to invest in order to earn a given extra amount of income – a key to estimating the PGR. For businesses like WMT, I consider the following items capital actually employed:</p><p><blockquote>下一个也是更重要的项目是PGR。为了理解和估计它，我们需要首先估计已用资本回报率（“ROCE”）。请注意，ROCE不同于股本回报率（在我看来更基本、更重要）。ROCE考虑实际使用的资本回报，因此可以深入了解企业需要投资多少额外资本才能获得给定的额外收入——这是估计PGR的关键。对于像WMT这样的企业，我认为以下项目是实际使用的资本：</blockquote></p><p> 1. Working capital, including payables, receivables, inventory. These are the capitals required for the daily operation of their businesses.</p><p><blockquote>1、营运资金，包括应付账款、应收账款、存货。这些是其业务日常运营所需的资本。</blockquote></p><p> 2. Gross Property, Plant, and Equipment. These are the capitals required to actually conduct business and manufacture their products.</p><p><blockquote>2.不动产、厂房和设备总额。这些是实际开展业务和制造产品所需的资本。</blockquote></p><p> Based on the above considerations, the ROCE of WMT over the past decade is shown below. As seen, WMT was able to maintain a quite respectable ROCE at the beginning of the decade: on average 23%. To put things in perspective, as detailed in my&nbsp;previous articles&nbsp;for Lockheed Martin (LMT) and General Dynamics (GD), ROCEs for these defense business leaders, who almost enjoy a monopoly moat, are also “only” in the range of 20% to 30%. And also note that the ROCE has been remarkably consistent, only fluctuating within a narrow range between 20% and 27.5% most of the time – a hallmark of a business with a stable and durable moat.</p><p><blockquote>基于上述考虑，WMT过去十年的ROCE如下所示。正如所见，WMT在本世纪初能够保持相当可观的ROCE：平均23%。客观地看，正如我之前为洛克希德·马丁公司(LMT)和通用动力公司(GD)撰写的文章中详细介绍的那样，这些几乎享有垄断护城河的国防企业领导者的ROCEs也“仅”在20%的范围内。到30%。另请注意，ROCE非常稳定，大多数时候仅在20%至27.5%之间的狭窄范围内波动——这是拥有稳定持久护城河的企业的标志。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0da638b0331bd2193208f6b80cfdf957\" tg-width=\"640\" tg-height=\"358\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者和Seeking Alpha。</span></p></blockquote></p><p> <b>Reinvestment rate and long-term return</b></p><p><blockquote><b>再投资率与长期回报</b></blockquote></p><p> In the long term, the growth rate is given by: PGR = ROCE * Reinvestment Rate. We’ve examined OEY and ROCE in the above section already. So the last piece of the puzzle to the long-term return is the reinvestment rate, i.e., the fraction of income that business reinvests in itself to fuel future growth. For WMT, the fraction has been about 5-10% in recent years.</p><p><blockquote>从长期来看，增长率由以下公式给出：PGR=ROCE*再投资率。我们已经在上一节中研究了OEY和ROCE。因此，长期回报的最后一块难题是再投资率，即企业为推动未来增长而再投资于自身的收入比例。对于WMT，该分数近年来约为5-10%。</blockquote></p><p> The following chart shows more details of the capital allocation decisions of the business in recent years. The business is in a very strong financial position, as shown in the chart. It is essentially debt-free thanks to its strong cash generation capability. Its interest coverage (EBIT divided by interest expense) is current than 14.7x. In other words, it only takes less than 6.8% of its EBIT income to cover its interest expenses.</p><p><blockquote>下图显示了近年来企业资本配置决策的更多细节。如图所示，该企业的财务状况非常强劲。由于其强大的现金产生能力，它基本上没有债务。其利息覆盖率（息税前利润除以利息支出）是当前的14.7倍。换句话说，它只需要不到6.8%的息税前利润收入来支付利息支出。</blockquote></p><p> In contrast, the interest coverage for the overall market represented by SP500 is about 6x. Also as shown by the orange line in the chart, thanks to its strong profitability (and stable return on capital as aforementioned), it only takes about 57% of the operating income to cover its dividend after covering maintenance CAPEx. As a result, WMT enjoys quite a bit of flexibility in terms of capital allocation. It has plenty of organic cash to fuel future growth and it’s a matter of identifying such growth areas (such as its e-commerce in recent years).</p><p><blockquote>相比之下，以SP500为代表的整体市场的利息覆盖率约为6倍。同样如图中橙线所示，由于其强劲的盈利能力（以及如上所述的稳定的资本回报率），在支付维护资本支出后，它只需要约57%的营业收入来支付股息。因此，WMT在资本配置方面享有相当大的灵活性。它拥有充足的有机现金来推动未来的增长，关键是要确定这些增长领域（例如近年来的电子商务）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ea4856aebfbdb3fb6b38299628cb5fce\" tg-width=\"640\" tg-height=\"364\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者和Seeking Alpha。</span></p></blockquote></p><p> With a 23% ROCE, it means that even if WMT reinvests 10% (the upper range in recent years) of its earnings to expand the capital employed, it could maintain a 2.3% PGR (PGR = ROCE * fraction of earnings reinvested = 10% * 23% = 2.3%).</p><p><blockquote>ROCE为23%，这意味着即使WMT将其收益的10%（近年来的上限）进行再投资以扩大所用资本，它也可以保持2.3%的PGR（PGR=ROCE*再投资收益的比例=10%*23%=2.3%）。</blockquote></p><p> Now we have both pieces of the puzzle in place to estimate the long-term return. At its current price levels, the OEY is estimated to be ~4.1% for WMT, and the PGR is about 2.3%. So the total return in the long term at the current valuation would be a mid-single-digit around 6.4% as shown in the chart below. Also as seen, even when ROCE fluctuates somewhat, the fluctuations wouldn’t change the long-term return dramatically.</p><p><blockquote>现在，我们已经有了估计长期回报的两块拼图。按照目前的价格水平，WMT的OEY估计约为4.1%，PGR约为2.3%。因此，按当前估值计算，长期总回报率将为6.4%左右的中个位数，如下图所示。同样可以看出，即使ROCE有所波动，波动也不会显着改变长期回报。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/532927c81a0982204f5b8f63bd2694a2\" tg-width=\"640\" tg-height=\"423\" width=\"100%\" height=\"auto\"><span>Source: Author and Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者和Seeking Alpha。</span></p></blockquote></p><p> <b>Conclusion and final thoughts</b></p><p><blockquote><b>结论和最后的想法</b></blockquote></p><p> This article examines WMT’s profit sustainability by the most important profit metric: return on capital employed (“ROCE”). ROCE considers the return of capital actually employed, and therefore provides critical insight into how effectively the business uses its capital to earn a profit. A consistent and high ROCE is the hallmark of a business with a sustainable moat.</p><p><blockquote>本文通过最重要的利润指标：已用资本回报率(“ROCE”)来考察WMT的利润可持续性。ROCE考虑实际使用的资本回报，因此为企业如何有效地利用其资本赚取利润提供了重要的见解。持续且高的ROCE是拥有可持续护城河的企业的标志。</blockquote></p><p> The results show that WMT has been maintaining a respectable level of profitability with remarkable consistency. Its ROCE has been remarkably consistent, only fluctuating within a narrow range between 20% and 27.5% most of the time over the years – a hallmark of a business with a stable and durable moat.</p><p><blockquote>结果表明，WMT一直保持着可观的盈利水平，并具有显着的一致性。其ROCE一直非常稳定，多年来大部分时间仅在20%至27.5%之间的狭窄范围内波动——这是拥有稳定持久护城河的企业的标志。</blockquote></p><p></p><p> However, at its current prices, it has reached its full valuation and offers limited long-term returns. A long-term return can be expected in the mid-single-digit range of about 6.4% under these current valuations, consisting of about 4.1% from the owner’s earnings yield and 2.3% from long-term organic growth.</p><p><blockquote>然而，按照目前的价格，它已经达到了全部估值，并且提供的长期回报有限。根据当前估值，长期回报率预计在约6.4%的中个位数范围内，其中约4.1%来自所有者收益率，2.3%来自长期有机增长。</blockquote></p><p> As such, it is certainly not a stock I would recommend to investors mainly seeking capital appreciation. But given the consistency of the business, its financial strength, and the current low-yield macroeconomic environment, it is a solid choice for conservative investors seeking reliable dividend income. In other words, it is a good substitute for treasury bonds as argued in my&nbsp;last article.</p><p><blockquote>因此，我当然不会向主要寻求资本增值的投资者推荐这只股票。但考虑到业务的一致性、财务实力以及当前低收益的宏观经济环境，对于寻求可靠股息收入的保守投资者来说，这是一个可靠的选择。换句话说，正如我在上一篇文章中所说，它是国债的良好替代品。</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>Walmart: Limited Long-Term Returns Under Current Valuations<blockquote>沃尔玛：当前估值下长期回报有限</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\">\nWalmart: Limited Long-Term Returns Under Current Valuations<blockquote>沃尔玛：当前估值下长期回报有限</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-29 20:40</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>This article analyzes Walmart from the perspective of its profit sustainability by the most important profit metric: return on capital employed (“ROCE”).</li>  <li>The results show that WMT has been maintaining a respectable level of profitability with remarkable consistency.</li>  <li>However, at its current prices, it has reached its full valuation and offers limited long-term returns under these current valuations.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/70e8f2215d5d0d48a96d96b4323231e0\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>sanfel/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>本文通过最重要的利润指标：已用资本回报率(“ROCE”)，从利润可持续性的角度分析了沃尔玛。</li><li>结果表明，WMT一直保持着可观的盈利水平，并具有显着的一致性。</li><li>然而，按照目前的价格，它已经达到了全部估值，并且在当前估值下提供的长期回报有限。</li></ul><p class=\"t-img-caption\"><span>sanfel/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Thesis and Background</b></p><p><blockquote><b>论文和背景</b></blockquote></p><p> This article analyzes Walmart (WMT) from the perspective of its profit sustainability by the most important profit metric: return on capital employed (“ROCE”). Note that ROCE is different from the return on equity (“ROE”) and is more fundamental and important than ROE. Because ROCE considers the return of capital actually employed, and therefore provides critical insight into how effectively the business uses its capital to earn a profit. A consistent and high ROCE is the hallmark of a business with a sustainable moat.</p><p><blockquote>本文通过最重要的利润指标：已用资本回报率(“ROCE”)，从利润可持续性的角度分析了沃尔玛(WMT)。请注意，ROCE不同于股本回报率（“ROE”），比ROE更基本、更重要。因为ROCE考虑的是实际使用的资本回报，因此为企业如何有效地利用其资本赚取利润提供了重要的见解。持续且高的ROCE是拥有可持续护城河的企业的标志。</blockquote></p><p> The results show that WMT has been maintaining a respectable level of profitability with remarkable consistency. However, at its current prices, it has reached its full valuation and offers limited long-term returns. A long-term return can be expected in the mid single-digit range under these current valuations. Given the consistency of the business, its financial strength, and the current low-yield macroeconomic environment, it is really a good substitute for treasury bonds as argued in my&nbsp;last article.</p><p><blockquote>结果表明，WMT一直保持着可观的盈利水平，并具有显着的一致性。然而，按照目前的价格，它已经达到了全部估值，并且提供的长期回报有限。在目前的估值下，长期回报预计在中个位数范围内。考虑到业务的一致性、财务实力以及当前低收益的宏观经济环境，正如我在上一篇文章中所说，它确实是国债的良好替代品。</blockquote></p><p> <b>Moat and Profitability</b></p><p><blockquote><b>护城河和盈利能力</b></blockquote></p><p> WMT owns the world’s largest retail chain, operating a chain consisting of thousands of stores both in the US and globally. Its US operation consists mainly of 3,570 supercenters, 374 discount stores, 599 Sam’s Clubs, and 799 Neighborhood Markets. And its global operation consists of more than 6,100 stores.</p><p><blockquote>WMT拥有世界上最大的零售连锁店，在美国和全球经营着由数千家商店组成的连锁店。其美国业务主要包括3,570家超级中心、374家折扣店、599家山姆会员店和799家社区市场。其全球业务由6,100多家商店组成。</blockquote></p><p> Its sheer scale forms its most valuable moat. As an example, 70% of the U.S. population live within five miles of a WMT store, and 90% live within 15 minutes drive of one. Such extent of reach and scale provides a level of efficiency, cost-saving, and logistic superiority difficult to match by competitors.</p><p><blockquote>其庞大的规模形成了其最有价值的护城河。例如，70%的美国人口居住在距离WMT商店5英里的范围内，90%的人居住在距离商店15分钟车程的范围内。这种覆盖范围和规模提供了竞争对手难以比拟的效率、成本节约和物流优势。</blockquote></p><p> Protected by such a wide and durable moat, the business has been boasting a remarkable level of consistent profitability as to be elaborated later. And in the short term, the management is very confident and optimistic about the business. As seen from the chart below, management just raised their outlook guidance for the near year in the most recent earnings release. In terms of the topline, they expect WMT U.S. sales to go up 5% to 6% excluding fuel, and Sam’s Club sales go up 7.5% to 8.5% excluding fuel and tobacco.</p><p><blockquote>在如此宽阔而持久的护城河的保护下，该业务一直拥有卓越的持续盈利能力，稍后将详细介绍。而且从短期来看，管理层对业务非常有信心和乐观。如下图所示，管理层刚刚在最近的财报中上调了近一年的前景指引。就营收而言，他们预计WMT美国销售额（不包括燃料）将增长5%至6%，山姆会员店销售额（不包括燃料和烟草）将增长7.5%至8.5%。</blockquote></p><p> In terms of the bottom line, they expect the consolidated operating income to go up by 9% to 11.5% in constant currency and raised the EPS guidance to $6.20 to $6.35. Finally, the business has been investing and growing its eCommerce aggressively in recent years. Sales from eCommerce have more than doubled, up 103%, over the past two years.</p><p><blockquote>就利润而言，他们预计综合营业收入按固定汇率计算将增长9%至11.5%，并将每股收益指引上调至6.20美元至6.35美元。最后，该公司近年来一直在积极投资和发展其电子商务。过去两年，电子商务销售额增长了一倍多，增长了103%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/de9ee9f1cfc2727c374231b29725fc27\" tg-width=\"640\" tg-height=\"340\" width=\"100%\" height=\"auto\"><span>Source: WMT 2022 Q2 earnings releases.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：WMT 2022年第二季度收益发布。</span></p></blockquote></p><p> Long-term return and ROCE</p><p><blockquote>长期回报和ROCE</blockquote></p><p> After addressing the debt concern, let’s move on to analyze potential returns. If you, like this author, are a long-term investor who subscribes to the concepts of owner’s earnings, perpetual growth rate, and equity bond, then the long-term return is simpler. It is “simply” the summation of the owner’s earnings yield (“OEY”) and the perpetual growth rate (“PGR”), i.e.,</p><p><blockquote>解决债务问题后，让我们继续分析潜在回报。如果你和这位作者一样，是一个长期投资者，认同所有者收益、永久增长率和股权债券的概念，那么长期回报就更简单了。它“简单地”是所有者收益率（“OEY”）和永久增长率（“PGR”）的总和，即，</blockquote></p><p> Long-Term ROI = OEY + PGR</p><p><blockquote>长期ROI=OEY+PGR</blockquote></p><p> Because in the long term, all fluctuations in valuation are averaged out (all luck at the end even out). And it doesn’t really matter how the business uses the earnings (payout as dividends, retained in the bank account, or repurchase stocks). As long as used sensibly (as WMT has done in the past), it will be reflected as a return to the business owner.</p><p><blockquote>因为从长期来看，估值的所有波动都被平均掉了（最后所有的运气都被平均掉了）。企业如何使用收益（作为股息支付、保留在银行账户中或回购股票）并不重要。只要明智地使用（就像WMT过去所做的那样），它将反映为对企业主的回报。</blockquote></p><p> OEY is the owner’s earnings divided by the entry price. All the complications are in the estimation of the owner’s earnings - the real economic earnings of the business, not the nominal accounting earnings. Here as a crude and conservative estimate, I will just use the free cash flow (“FCF”) as the owner’s earning. It is conservative in the sense that rigorously speaking, the owner’s earnings should be free cash flow plus the portion of CAPEx that is used to fuel the growth (i.e., the growth CAPEx). At its current price levels, the OEY is ~4.1% for WMT (~24.4x price to FCF).</p><p><blockquote>OEY是所有者的收入除以入场价格。所有的复杂性都在于对所有者收益的估计——企业的实际经济收益，而不是名义上的会计收益。在这里，作为一个粗略和保守的估计，我将使用自由现金流（“FCF”）作为所有者的收入。它是保守的，因为严格来说，所有者的收益应该是自由现金流加上用于推动增长的资本支出部分（即增长资本支出）。按照目前的价格水平，WMT的OEY约为4.1%（价格与FCF之比约为24.4倍）。</blockquote></p><p></p><p> The next and more important item is the PGR. To understand and estimate it, we will need to first estimate the return on capital employed (“ROCE”). Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital actually employed, and therefore provides insight into how much additional capital a business needs to invest in order to earn a given extra amount of income – a key to estimating the PGR. For businesses like WMT, I consider the following items capital actually employed:</p><p><blockquote>下一个也是更重要的项目是PGR。为了理解和估计它，我们需要首先估计已用资本回报率（“ROCE”）。请注意，ROCE不同于股本回报率（在我看来更基本、更重要）。ROCE考虑实际使用的资本回报，因此可以深入了解企业需要投资多少额外资本才能获得给定的额外收入——这是估计PGR的关键。对于像WMT这样的企业，我认为以下项目是实际使用的资本：</blockquote></p><p> 1. Working capital, including payables, receivables, inventory. These are the capitals required for the daily operation of their businesses.</p><p><blockquote>1、营运资金，包括应付账款、应收账款、存货。这些是其业务日常运营所需的资本。</blockquote></p><p> 2. Gross Property, Plant, and Equipment. These are the capitals required to actually conduct business and manufacture their products.</p><p><blockquote>2.不动产、厂房和设备总额。这些是实际开展业务和制造产品所需的资本。</blockquote></p><p> Based on the above considerations, the ROCE of WMT over the past decade is shown below. As seen, WMT was able to maintain a quite respectable ROCE at the beginning of the decade: on average 23%. To put things in perspective, as detailed in my&nbsp;previous articles&nbsp;for Lockheed Martin (LMT) and General Dynamics (GD), ROCEs for these defense business leaders, who almost enjoy a monopoly moat, are also “only” in the range of 20% to 30%. And also note that the ROCE has been remarkably consistent, only fluctuating within a narrow range between 20% and 27.5% most of the time – a hallmark of a business with a stable and durable moat.</p><p><blockquote>基于上述考虑，WMT过去十年的ROCE如下所示。正如所见，WMT在本世纪初能够保持相当可观的ROCE：平均23%。客观地看，正如我之前为洛克希德·马丁公司(LMT)和通用动力公司(GD)撰写的文章中详细介绍的那样，这些几乎享有垄断护城河的国防企业领导者的ROCEs也“仅”在20%的范围内。到30%。另请注意，ROCE非常稳定，大多数时候仅在20%至27.5%之间的狭窄范围内波动——这是拥有稳定持久护城河的企业的标志。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0da638b0331bd2193208f6b80cfdf957\" tg-width=\"640\" tg-height=\"358\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者和Seeking Alpha。</span></p></blockquote></p><p> <b>Reinvestment rate and long-term return</b></p><p><blockquote><b>再投资率与长期回报</b></blockquote></p><p> In the long term, the growth rate is given by: PGR = ROCE * Reinvestment Rate. We’ve examined OEY and ROCE in the above section already. So the last piece of the puzzle to the long-term return is the reinvestment rate, i.e., the fraction of income that business reinvests in itself to fuel future growth. For WMT, the fraction has been about 5-10% in recent years.</p><p><blockquote>从长期来看，增长率由以下公式给出：PGR=ROCE*再投资率。我们已经在上一节中研究了OEY和ROCE。因此，长期回报的最后一块难题是再投资率，即企业为推动未来增长而再投资于自身的收入比例。对于WMT，该分数近年来约为5-10%。</blockquote></p><p> The following chart shows more details of the capital allocation decisions of the business in recent years. The business is in a very strong financial position, as shown in the chart. It is essentially debt-free thanks to its strong cash generation capability. Its interest coverage (EBIT divided by interest expense) is current than 14.7x. In other words, it only takes less than 6.8% of its EBIT income to cover its interest expenses.</p><p><blockquote>下图显示了近年来企业资本配置决策的更多细节。如图所示，该企业的财务状况非常强劲。由于其强大的现金产生能力，它基本上没有债务。其利息覆盖率（息税前利润除以利息支出）是当前的14.7倍。换句话说，它只需要不到6.8%的息税前利润收入来支付利息支出。</blockquote></p><p> In contrast, the interest coverage for the overall market represented by SP500 is about 6x. Also as shown by the orange line in the chart, thanks to its strong profitability (and stable return on capital as aforementioned), it only takes about 57% of the operating income to cover its dividend after covering maintenance CAPEx. As a result, WMT enjoys quite a bit of flexibility in terms of capital allocation. It has plenty of organic cash to fuel future growth and it’s a matter of identifying such growth areas (such as its e-commerce in recent years).</p><p><blockquote>相比之下，以SP500为代表的整体市场的利息覆盖率约为6倍。同样如图中橙线所示，由于其强劲的盈利能力（以及如上所述的稳定的资本回报率），在支付维护资本支出后，它只需要约57%的营业收入来支付股息。因此，WMT在资本配置方面享有相当大的灵活性。它拥有充足的有机现金来推动未来的增长，关键是要确定这些增长领域（例如近年来的电子商务）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ea4856aebfbdb3fb6b38299628cb5fce\" tg-width=\"640\" tg-height=\"364\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者和Seeking Alpha。</span></p></blockquote></p><p> With a 23% ROCE, it means that even if WMT reinvests 10% (the upper range in recent years) of its earnings to expand the capital employed, it could maintain a 2.3% PGR (PGR = ROCE * fraction of earnings reinvested = 10% * 23% = 2.3%).</p><p><blockquote>ROCE为23%，这意味着即使WMT将其收益的10%（近年来的上限）进行再投资以扩大所用资本，它也可以保持2.3%的PGR（PGR=ROCE*再投资收益的比例=10%*23%=2.3%）。</blockquote></p><p> Now we have both pieces of the puzzle in place to estimate the long-term return. At its current price levels, the OEY is estimated to be ~4.1% for WMT, and the PGR is about 2.3%. So the total return in the long term at the current valuation would be a mid-single-digit around 6.4% as shown in the chart below. Also as seen, even when ROCE fluctuates somewhat, the fluctuations wouldn’t change the long-term return dramatically.</p><p><blockquote>现在，我们已经有了估计长期回报的两块拼图。按照目前的价格水平，WMT的OEY估计约为4.1%，PGR约为2.3%。因此，按当前估值计算，长期总回报率将为6.4%左右的中个位数，如下图所示。同样可以看出，即使ROCE有所波动，波动也不会显着改变长期回报。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/532927c81a0982204f5b8f63bd2694a2\" tg-width=\"640\" tg-height=\"423\" width=\"100%\" height=\"auto\"><span>Source: Author and Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者和Seeking Alpha。</span></p></blockquote></p><p> <b>Conclusion and final thoughts</b></p><p><blockquote><b>结论和最后的想法</b></blockquote></p><p> This article examines WMT’s profit sustainability by the most important profit metric: return on capital employed (“ROCE”). ROCE considers the return of capital actually employed, and therefore provides critical insight into how effectively the business uses its capital to earn a profit. A consistent and high ROCE is the hallmark of a business with a sustainable moat.</p><p><blockquote>本文通过最重要的利润指标：已用资本回报率(“ROCE”)来考察WMT的利润可持续性。ROCE考虑实际使用的资本回报，因此为企业如何有效地利用其资本赚取利润提供了重要的见解。持续且高的ROCE是拥有可持续护城河的企业的标志。</blockquote></p><p> The results show that WMT has been maintaining a respectable level of profitability with remarkable consistency. Its ROCE has been remarkably consistent, only fluctuating within a narrow range between 20% and 27.5% most of the time over the years – a hallmark of a business with a stable and durable moat.</p><p><blockquote>结果表明，WMT一直保持着可观的盈利水平，并具有显着的一致性。其ROCE一直非常稳定，多年来大部分时间仅在20%至27.5%之间的狭窄范围内波动——这是拥有稳定持久护城河的企业的标志。</blockquote></p><p></p><p> However, at its current prices, it has reached its full valuation and offers limited long-term returns. A long-term return can be expected in the mid-single-digit range of about 6.4% under these current valuations, consisting of about 4.1% from the owner’s earnings yield and 2.3% from long-term organic growth.</p><p><blockquote>然而，按照目前的价格，它已经达到了全部估值，并且提供的长期回报有限。根据当前估值，长期回报率预计在约6.4%的中个位数范围内，其中约4.1%来自所有者收益率，2.3%来自长期有机增长。</blockquote></p><p> As such, it is certainly not a stock I would recommend to investors mainly seeking capital appreciation. But given the consistency of the business, its financial strength, and the current low-yield macroeconomic environment, it is a solid choice for conservative investors seeking reliable dividend income. In other words, it is a good substitute for treasury bonds as argued in my&nbsp;last article.</p><p><blockquote>因此，我当然不会向主要寻求资本增值的投资者推荐这只股票。但考虑到业务的一致性、财务实力以及当前低收益的宏观经济环境，对于寻求可靠股息收入的保守投资者来说，这是一个可靠的选择。换句话说，正如我在上一篇文章中所说，它是国债的良好替代品。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4457596-walmart-stock-limited-long-term-returns-under-current-valuations\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WMT":"沃尔玛"},"source_url":"https://seekingalpha.com/article/4457596-walmart-stock-limited-long-term-returns-under-current-valuations","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123110487","content_text":"Summary\n\nThis article analyzes Walmart from the perspective of its profit sustainability by the most important profit metric: return on capital employed (“ROCE”).\nThe results show that WMT has been maintaining a respectable level of profitability with remarkable consistency.\nHowever, at its current prices, it has reached its full valuation and offers limited long-term returns under these current valuations.\n\nsanfel/iStock Editorial via Getty Images\nThesis and Background\nThis article analyzes Walmart (WMT) from the perspective of its profit sustainability by the most important profit metric: return on capital employed (“ROCE”). Note that ROCE is different from the return on equity (“ROE”) and is more fundamental and important than ROE. Because ROCE considers the return of capital actually employed, and therefore provides critical insight into how effectively the business uses its capital to earn a profit. A consistent and high ROCE is the hallmark of a business with a sustainable moat.\nThe results show that WMT has been maintaining a respectable level of profitability with remarkable consistency. However, at its current prices, it has reached its full valuation and offers limited long-term returns. A long-term return can be expected in the mid single-digit range under these current valuations. Given the consistency of the business, its financial strength, and the current low-yield macroeconomic environment, it is really a good substitute for treasury bonds as argued in my last article.\nMoat and Profitability\nWMT owns the world’s largest retail chain, operating a chain consisting of thousands of stores both in the US and globally. Its US operation consists mainly of 3,570 supercenters, 374 discount stores, 599 Sam’s Clubs, and 799 Neighborhood Markets. And its global operation consists of more than 6,100 stores.\nIts sheer scale forms its most valuable moat. As an example, 70% of the U.S. population live within five miles of a WMT store, and 90% live within 15 minutes drive of one. Such extent of reach and scale provides a level of efficiency, cost-saving, and logistic superiority difficult to match by competitors.\nProtected by such a wide and durable moat, the business has been boasting a remarkable level of consistent profitability as to be elaborated later. And in the short term, the management is very confident and optimistic about the business. As seen from the chart below, management just raised their outlook guidance for the near year in the most recent earnings release. In terms of the topline, they expect WMT U.S. sales to go up 5% to 6% excluding fuel, and Sam’s Club sales go up 7.5% to 8.5% excluding fuel and tobacco.\nIn terms of the bottom line, they expect the consolidated operating income to go up by 9% to 11.5% in constant currency and raised the EPS guidance to $6.20 to $6.35. Finally, the business has been investing and growing its eCommerce aggressively in recent years. Sales from eCommerce have more than doubled, up 103%, over the past two years.\nSource: WMT 2022 Q2 earnings releases.\nLong-term return and ROCE\nAfter addressing the debt concern, let’s move on to analyze potential returns. If you, like this author, are a long-term investor who subscribes to the concepts of owner’s earnings, perpetual growth rate, and equity bond, then the long-term return is simpler. It is “simply” the summation of the owner’s earnings yield (“OEY”) and the perpetual growth rate (“PGR”), i.e.,\nLong-Term ROI = OEY + PGR\nBecause in the long term, all fluctuations in valuation are averaged out (all luck at the end even out). And it doesn’t really matter how the business uses the earnings (payout as dividends, retained in the bank account, or repurchase stocks). As long as used sensibly (as WMT has done in the past), it will be reflected as a return to the business owner.\nOEY is the owner’s earnings divided by the entry price. All the complications are in the estimation of the owner’s earnings - the real economic earnings of the business, not the nominal accounting earnings. Here as a crude and conservative estimate, I will just use the free cash flow (“FCF”) as the owner’s earning. It is conservative in the sense that rigorously speaking, the owner’s earnings should be free cash flow plus the portion of CAPEx that is used to fuel the growth (i.e., the growth CAPEx). At its current price levels, the OEY is ~4.1% for WMT (~24.4x price to FCF).\nThe next and more important item is the PGR. To understand and estimate it, we will need to first estimate the return on capital employed (“ROCE”). Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital actually employed, and therefore provides insight into how much additional capital a business needs to invest in order to earn a given extra amount of income – a key to estimating the PGR. For businesses like WMT, I consider the following items capital actually employed:\n1. Working capital, including payables, receivables, inventory. These are the capitals required for the daily operation of their businesses.\n2. Gross Property, Plant, and Equipment. These are the capitals required to actually conduct business and manufacture their products.\nBased on the above considerations, the ROCE of WMT over the past decade is shown below. As seen, WMT was able to maintain a quite respectable ROCE at the beginning of the decade: on average 23%. To put things in perspective, as detailed in my previous articles for Lockheed Martin (LMT) and General Dynamics (GD), ROCEs for these defense business leaders, who almost enjoy a monopoly moat, are also “only” in the range of 20% to 30%. And also note that the ROCE has been remarkably consistent, only fluctuating within a narrow range between 20% and 27.5% most of the time – a hallmark of a business with a stable and durable moat.\nSource: author and Seeking Alpha.\nReinvestment rate and long-term return\nIn the long term, the growth rate is given by: PGR = ROCE * Reinvestment Rate. We’ve examined OEY and ROCE in the above section already. So the last piece of the puzzle to the long-term return is the reinvestment rate, i.e., the fraction of income that business reinvests in itself to fuel future growth. For WMT, the fraction has been about 5-10% in recent years.\nThe following chart shows more details of the capital allocation decisions of the business in recent years. The business is in a very strong financial position, as shown in the chart. It is essentially debt-free thanks to its strong cash generation capability. Its interest coverage (EBIT divided by interest expense) is current than 14.7x. In other words, it only takes less than 6.8% of its EBIT income to cover its interest expenses.\nIn contrast, the interest coverage for the overall market represented by SP500 is about 6x. Also as shown by the orange line in the chart, thanks to its strong profitability (and stable return on capital as aforementioned), it only takes about 57% of the operating income to cover its dividend after covering maintenance CAPEx. As a result, WMT enjoys quite a bit of flexibility in terms of capital allocation. It has plenty of organic cash to fuel future growth and it’s a matter of identifying such growth areas (such as its e-commerce in recent years).\nSource: author and Seeking Alpha.\nWith a 23% ROCE, it means that even if WMT reinvests 10% (the upper range in recent years) of its earnings to expand the capital employed, it could maintain a 2.3% PGR (PGR = ROCE * fraction of earnings reinvested = 10% * 23% = 2.3%).\nNow we have both pieces of the puzzle in place to estimate the long-term return. At its current price levels, the OEY is estimated to be ~4.1% for WMT, and the PGR is about 2.3%. So the total return in the long term at the current valuation would be a mid-single-digit around 6.4% as shown in the chart below. Also as seen, even when ROCE fluctuates somewhat, the fluctuations wouldn’t change the long-term return dramatically.\nSource: Author and Seeking Alpha.\nConclusion and final thoughts\nThis article examines WMT’s profit sustainability by the most important profit metric: return on capital employed (“ROCE”). ROCE considers the return of capital actually employed, and therefore provides critical insight into how effectively the business uses its capital to earn a profit. A consistent and high ROCE is the hallmark of a business with a sustainable moat.\nThe results show that WMT has been maintaining a respectable level of profitability with remarkable consistency. Its ROCE has been remarkably consistent, only fluctuating within a narrow range between 20% and 27.5% most of the time over the years – a hallmark of a business with a stable and durable moat.\nHowever, at its current prices, it has reached its full valuation and offers limited long-term returns. A long-term return can be expected in the mid-single-digit range of about 6.4% under these current valuations, consisting of about 4.1% from the owner’s earnings yield and 2.3% from long-term organic growth.\nAs such, it is certainly not a stock I would recommend to investors mainly seeking capital appreciation. But given the consistency of the business, its financial strength, and the current low-yield macroeconomic environment, it is a solid choice for conservative investors seeking reliable dividend income. In other words, it is a good substitute for treasury bonds as argued in my last article.","news_type":1,"symbols_score_info":{"WMT":0.9}},"isVote":1,"tweetType":1,"viewCount":3096,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862933105,"gmtCreate":1632826832450,"gmtModify":1632826834506,"author":{"id":"3569227954325701","authorId":"3569227954325701","name":"Seuna","avatar":"https://static.tigerbbs.com/0bfb6c0f011a65d66aae3afb6132a82d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569227954325701","idStr":"3569227954325701"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/862933105","repostId":"1165142624","repostType":4,"isVote":1,"tweetType":1,"viewCount":4101,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868334004,"gmtCreate":1632599137808,"gmtModify":1632654233268,"author":{"id":"3569227954325701","authorId":"3569227954325701","name":"Seuna","avatar":"https://static.tigerbbs.com/0bfb6c0f011a65d66aae3afb6132a82d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569227954325701","idStr":"3569227954325701"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/868334004","repostId":"1149730497","repostType":4,"isVote":1,"tweetType":1,"viewCount":762,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861210868,"gmtCreate":1632497091755,"gmtModify":1632715885006,"author":{"id":"3569227954325701","authorId":"3569227954325701","name":"Seuna","avatar":"https://static.tigerbbs.com/0bfb6c0f011a65d66aae3afb6132a82d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569227954325701","idStr":"3569227954325701"},"themes":[],"htmlText":"Cana one","listText":"Cana one","text":"Cana one","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/861210868","repostId":"1114004721","repostType":4,"repost":{"id":"1114004721","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":1632496493,"share":"https://www.laohu8.com/m/news/1114004721?lang=zh_CN&edition=full","pubTime":"2021-09-24 23:14","market":"us","language":"en","title":"IPO opening reminder: Clearwater Analytics opens for trading at $23.8, up about 32% from IPO price<blockquote>IPO开盘提醒：Clearwater Analytics开盘价为23.8美元，较IPO价格上涨约32%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114004721","media":"Tiger Newspress","summary":"(Sept 24) Clearwater Analytics Holdings, Inc. opens for trading at $23.8, up about 32% from IPO pric","content":"<p>(Sept 24)&nbsp;<b><a href=\"https://laohu8.com/S/CWAN\">Clearwater Analytics Holdings, Inc.</a></b> opens for trading at $23.8, up about 32% from IPO price.</p><p><blockquote>（9月24日）<b><a href=\"https://laohu8.com/S/CWAN\">清水分析控股公司。</a></b>开盘价为23.8美元，较IPO价格上涨约32%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/076505c7b70dbe2ad6cfcae8c44f52cb\" tg-width=\"902\" tg-height=\"557\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Company &amp; Technology</b></p><p><blockquote><b>公司与技术</b></blockquote></p><p> Boise, Idaho-based Clearwater was founded to develop a SaaS platform to simplify investment accounting and analysis for asset managers, insurance companies and large corporations.</p><p><blockquote>总部位于爱达荷州博伊西的Clearwater成立的目的是开发一个SaaS平台，为资产管理公司、保险公司和大型企业简化投资会计和分析。</blockquote></p><p> Management is headed by Chief Executive Officer Sandeep Sahai, who has been with the firm since September 2016 and was previously CEO of Solmark, an investment partnership.</p><p><blockquote>管理层由首席执行官Sandeep Sahai领导，他自2016年9月以来一直在该公司工作，此前曾担任投资合伙企业Solmark的首席执行官。</blockquote></p><p> The company’s primary offerings include:</p><p><blockquote>该公司的主要产品包括：</blockquote></p><p> <ul>  <li>Investment accounting and reporting</p><p><blockquote><ul><li>投资会计和报告</li></ul></blockquote></p><p></li>  <li>Performance measurement</p><p><blockquote><li>绩效衡量</li></blockquote></p><p></li>  <li>Compliance monitoring</p><p><blockquote><li>合规监控</li></blockquote></p><p></li>  <li>Risk analysis</p><p><blockquote><li>风险分析</li></blockquote></p><p></li> </ul> Clearwater has received at least $421 million in notes payable in equity investment from investors including Welsh Carson, Permira, Warburg Pincus and Dragoneer.</p><p><blockquote>Clearwater已从Welsh Carson、Permira、Warburg Pincus和Dragoneer等投资者那里获得了至少4.21亿美元的股权投资应付票据。</blockquote></p><p> <b>Customer Acquisition</b></p><p><blockquote><b>客户获取</b></blockquote></p><p> The firm pursues client relationships with asset managers, insurance companies and large corporations via a direct sales and marketing force that is focused on the United States.</p><p><blockquote>该公司通过专注于美国的直销和营销力量寻求与资产管理公司、保险公司和大公司的客户关系。</blockquote></p><p> CWAN also has international clients and will seek to expand its international presence post-IPO.</p><p><blockquote>CWAN还拥有国际客户，并将寻求在IPO后扩大其国际影响力。</blockquote></p><p> Clearwater handles data on over $5.6 trillion in assets between more than 1,000 clients.</p><p><blockquote>Clearwater处理1,000多个客户之间超过5.6万亿美元资产的数据。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenues have increased, as the figures below indicate:</p><p><blockquote>销售及营销开支佔总收入的百分比随收入增加而变化，如下图所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Expenses vs. Revenue</b></p><p><blockquote><td><b>费用与收入</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Percentage</p><p><blockquote><td>百分比</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>13.6%</p><p><blockquote><td>13.6%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>10.9%</p><p><blockquote><td>10.9%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>11.4%</p><p><blockquote><td>11.4%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, dropped to 1.4x in the most recent reporting period, as shown in the table below:</p><p><blockquote>销售和营销效率率（定义为每美元的销售和营销支出产生多少美元的额外新收入）在最近一个报告期下降到1.4倍，如下表所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Efficiency Rate</b></p><p><blockquote><td><b>效率率</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Multiple</p><p><blockquote><td>多个的</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>1.4</p><p><blockquote><td>1.4</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>1.6</p><p><blockquote><td>1.6</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.</p><p><blockquote>40法则是软件行业的经验法则，只要收入增长率和EBITDA百分比等于或超过40%，公司就处于可接受的增长/EBITDA轨迹上。</blockquote></p><p> CWAN’s most recent calculation was 41% during the six months ended June 30, 2021, so the firm has performed well in this regard, per the table below:</p><p><blockquote>截至2021年6月30日的六个月内，CWAN的最新计算结果为41%，因此该公司在这方面表现良好，如下表所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Rule of 40</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>40法则</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Calculation</b></p><p><blockquote><td><b>计算</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Recent Rev. Growth %</p><p><blockquote><tr><td>近期收入增长%</td></tr></blockquote></p><p></td>    <td>24%</p><p><blockquote><td>24%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EBITDA %</p><p><blockquote><tr><td>EBITDA%</td></tr></blockquote></p><p></td>    <td>17%</p><p><blockquote><td>17%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Total</p><p><blockquote><tr><td>总的</td></tr></blockquote></p><p></td>    <td>41%</p><p><blockquote><td>41%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The firm’s dollar-based net revenue retention rate for June 30, 2021 was 109%, a reasonably good result.</p><p><blockquote>截至2021年6月30日，该公司以美元计算的净收入保留率为109%，这是一个相当不错的结果。</blockquote></p><p> The dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.</p><p><blockquote>基于美元的净收入保留率指标衡量随着时间的推移，每个客户群产生了多少额外收入，因此超过100%的数字意味着公司随着时间的推移从同一客户群产生了更多收入，表明良好的产品/市场契合度以及高效的销售和营销工作。</blockquote></p><p> <b>Market &amp; Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2021 marketresearch reportby Market Primes, the global investment management software market was an estimated $3 billion in 2019 and is forecast to reach nearly $4.5 billion by 2025.</p><p><blockquote>根据Market Primes的2021年市场研究报告，2019年全球投资管理软件市场估计为30亿美元，预计到2025年将达到近45亿美元。</blockquote></p><p> This represents a forecast CAGR of 10.2% from 2019 to 2025.</p><p><blockquote>这意味着2019年至2025年的预测复合年增长率为10.2%。</blockquote></p><p> The main drivers for this expected growth are a desire by users to automate repetitive tasks so they can focus on maximizing portfolio performance and creating more sophisticated approaches.</p><p><blockquote>这种预期增长的主要驱动因素是用户希望自动化重复性任务，这样他们就可以专注于最大化投资组合绩效和创建更复杂的方法。</blockquote></p><p> Also, assessing risks and exposures and being able to efficiently report and share the information with stakeholders will drive demand for more capable solutions.</p><p><blockquote>此外，评估风险和暴露以及能够有效地报告和与利益相关者共享信息将推动对更强大解决方案的需求。</blockquote></p><p> Major competitive or other industry participants include:</p><p><blockquote>主要竞争对手或其他行业参与者包括：</blockquote></p><p> <ul>  <li>SS&amp;C</p><p><blockquote><ul><li>SSC</li></ul></blockquote></p><p></li>  <li>State Street</p><p><blockquote><li>道富街</li></blockquote></p><p></li>  <li>SAP</p><p><blockquote><li>SAP</li></blockquote></p><p></li>  <li>BNY Mellon (Eagle)</p><p><blockquote><li>纽约梅隆银行（鹰）</li></blockquote></p><p></li>  <li>Simcorp</p><p><blockquote><li>Simcorp</li></blockquote></p><p></li>  <li>BlackRock</p><p><blockquote><li>贝莱德</li></blockquote></p><p></li>  <li>FIS</p><p><blockquote><li>FIS</li></blockquote></p><p></li>  <li>Northern Trust</p><p><blockquote><li>北方信托</li></blockquote></p><p></li>  <li>Others</p><p><blockquote><li>其他</li></blockquote></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> Clearwater’s recent financial results can be summarized as follows:</p><p><blockquote>Clearwater最近的财务业绩可总结如下：</blockquote></p><p> <ul>  <li>Strong topline revenue growth</p><p><blockquote><ul><li>营收强劲增长</li></ul></blockquote></p><p></li>  <li>Increasing gross profit and gross margin</p><p><blockquote><li>提高毛利及毛利率</li></blockquote></p><p></li>  <li>A swing to operating profit and net profit</p><p><blockquote><li>营业利润和净利润的波动</li></blockquote></p><p></p><p></li>  <li>Uneven cash used in operations</p><p><blockquote><li>经营中使用的现金不均衡</li></blockquote></p><p></li> </ul> Below are relevant financial results derived from the firm’s registration statement:</p><p><blockquote>以下是来自公司注册声明的相关财务业绩：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Total Revenue</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>收入总额</b></td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Total Revenue</p><p><blockquote><td>收入总额</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 117,770,000</p><p><blockquote><td>$117,770,000</td></blockquote></p><p></td>    <td>23.8%</p><p><blockquote><td>23.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 203,222,000</p><p><blockquote><td>$203,222,000</td></blockquote></p><p></td>    <td>21.0%</p><p><blockquote><td>21.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 168,001,000</p><p><blockquote><td>$168,001,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 87,872,000</p><p><blockquote><td>$87,872,000</td></blockquote></p><p></td>    <td>28.8%</p><p><blockquote><td>28.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 149,959,000</p><p><blockquote><td>$149,959,000</td></blockquote></p><p></td>    <td>24.1%</p><p><blockquote><td>24.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 120,856,000</p><p><blockquote><td>$120,856,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>74.61%</p><p><blockquote><td>74.61%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>73.79%</p><p><blockquote><td>73.79%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>71.94%</p><p><blockquote><td>71.94%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>经营溢利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Operating Profit (Loss)</p><p><blockquote><td>经营溢利（亏损）</td></blockquote></p><p></td>    <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 20,544,000</p><p><blockquote><td>$20,544,000</td></blockquote></p><p></td>    <td>17.4%</p><p><blockquote><td>17.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (20,418,000)</p><p><blockquote><td>$(20,418,000)</td></blockquote></p><p></td>    <td>-10.0%</p><p><blockquote><td>-10.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 25,697,000</p><p><blockquote><td>$25,697,000</td></blockquote></p><p></td>    <td>15.3%</p><p><blockquote><td>15.3%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净利润（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Net Income (Loss)</p><p><blockquote><td>净利润（亏损）</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 3,200,000</p><p><blockquote><td>$3,200,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (44,230,000)</p><p><blockquote><td>$(44,230,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 7,732,000</p><p><blockquote><td>$7,732,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营所得现金流量</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Cash Flow From Operations</p><p><blockquote><td>经营所得现金流量</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ (16,352,000)</p><p><blockquote><td>$(16,352,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (6,486,000)</p><p><blockquote><td>$(6,486,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (230,029,000)</p><p><blockquote><td>$(230,029,000)</td></blockquote></p><p></td>   </tr>  </tbody> </table> As of June 30, 2021, Clearwater had $41 million in cash and $450 million in total liabilities.</p><p><blockquote>截至2021年6月30日，Clearwater拥有4100万美元现金和4.5亿美元总负债。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was negative ($38 million).</p><p><blockquote>截至2021年6月30日的12个月内，自由现金流为负（3800万美元）。</blockquote></p><p> Valuation Metrics</p><p><blockquote>估值指标</blockquote></p><p> Below is a table of the firm’s relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:</p><p><blockquote>下表列出了该公司IPO时的相关资本化和估值指标，不包括承销商期权的影响：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Measure [TTM]</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>测量[TTM]</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Amount</b></p><p><blockquote><td><b>数量</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Market Capitalization at IPO</p><p><blockquote><tr><td>IPO时的市值</td></tr></blockquote></p><p></td>    <td>$3,472,178,130</p><p><blockquote><td>$3,472,178,130</td></blockquote></p><p></td>   </tr>   <tr>    <td>Enterprise Value</p><p><blockquote><tr><td>企业价值</td></tr></blockquote></p><p></td>    <td>$3,470,109,130</p><p><blockquote><td>$3,470,109,130</td></blockquote></p><p></td>   </tr>   <tr>    <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td>    <td>15.37</p><p><blockquote><td>15.37</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td>    <td>15.36</p><p><blockquote><td>15.36</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>-141.93</p><p><blockquote><td>-141.93</td></blockquote></p><p></td>   </tr>   <tr>    <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td>    <td>-$0.23</p><p><blockquote><td>-$0.23</td></blockquote></p><p></td>   </tr>   <tr>    <td>Float To Outstanding Shares Ratio</p><p><blockquote><tr><td>流通股与流通股比率</td></tr></blockquote></p><p></td>    <td>12.96%</p><p><blockquote><td>12.96%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Proposed IPO Midpoint Price per Share</p><p><blockquote><tr><td>建议IPO每股中点价格</td></tr></blockquote></p><p></td>    <td>$15.00</p><p><blockquote><td>$15.00</td></blockquote></p><p></td>   </tr>   <tr>    <td>Net Free Cash Flow</p><p><blockquote><tr><td>净自由现金流</td></tr></blockquote></p><p></td>    <td>-$38,024,000</p><p><blockquote><td>-$38,024,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>Free Cash Flow Yield Per Share</p><p><blockquote><tr><td>每股自由现金流收益率</td></tr></blockquote></p><p></td>    <td>-1.10%</p><p><blockquote><td>-1.10%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td>    <td>23.83%</p><p><blockquote><td>23.83%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> CWAN intends to go public to pay down debt and will have a net of $55 million in debt post-IPO.</p><p><blockquote>CWAN打算上市偿还债务，IPO后净债务为5500万美元。</blockquote></p><p> The firm’s financials show strong topline revenue growth and gross profit growth and a rebound to operating profit and net income after negative results in 2020.</p><p><blockquote>该公司的财务数据显示，营收和毛利润增长强劲，营业利润和净利润在2020年出现负面业绩后出现反弹。</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was a decidedly unimpressive negative ($38 million).</p><p><blockquote>截至2021年6月30日的12个月的自由现金流明显为负（3800万美元）。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenue has increased; its Sales and Marketing efficiency rate dropped slightly to 1.4x in the most recent six-month period.</p><p><blockquote>销售和营销费用占总收入的百分比随着收入的增加而变化；最近六个月，其销售和营销效率略有下降至1.4倍。</blockquote></p><p> CWAN's dollar-based net retention rate was 109% for June 30, 2021, a positive result and its Rule of 40 performance was good as well.</p><p><blockquote>截至2021年6月30日，CWAN以美元计算的净保留率为109%，这是一个积极的结果，其40法则表现也不错。</blockquote></p><p> The market opportunity for selling investment management software is large and expected to grow substantially in the years ahead, but the firm has extensive competition.</p><p><blockquote>销售投资管理软件的市场机会很大，预计在未来几年将大幅增长，但该公司面临广泛的竞争。</blockquote></p><p></p><p> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 40.5% since their IPO. This is a middle-tier performance for all major underwriters during the period.</p><p><blockquote>高盛是首席承销商，该公司在过去12个月内牵头的IPO自IPO以来的平均回报率为40.5%。这是期内所有主要承销商的中等业绩。</blockquote></p><p> The primary risk to the company’s outlook is the degree of competition and specialization present in various submarkets in which it competes, as well as the ability for some larger prospects to develop solutions in-house.</p><p><blockquote>该公司前景的主要风险是其竞争的各个子市场中存在的竞争和专业化程度，以及一些较大的潜在客户在内部开发解决方案的能力。</blockquote></p><p> As for valuation, compared to competitor Simcorp, the CWAN IPO is much more highly priced on a revenue multiple basis. In my view, this is justified as the firm is growing revenue at a significantly higher rate of growth.</p><p><blockquote>至于估值，与竞争对手Simcorp相比，CWAN IPO的收入倍数定价要高得多。在我看来，这是合理的，因为该公司的收入增长率要高得多。</blockquote></p><p> After a difficult period during 2020 where the firm produced operating losses, 2021 has seen a return to operating and net profits with impressive growth as well.</p><p><blockquote>在经历了2020年营业亏损的困难时期后，2021年营业利润和净利润也出现了令人印象深刻的增长。</blockquote></p><p> Given CWAN’s growth trajectory and the investment management software industry’s strong growth potential in the years ahead, the IPO is worth a close look.</p><p><blockquote>鉴于CWAN的增长轨迹和投资管理软件行业未来几年的强劲增长潜力，此次IPO值得密切关注。</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>IPO opening reminder: Clearwater Analytics opens for trading at $23.8, up about 32% from IPO price<blockquote>IPO开盘提醒：Clearwater Analytics开盘价为23.8美元，较IPO价格上涨约32%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIPO opening reminder: Clearwater Analytics opens for trading at $23.8, up about 32% from IPO price<blockquote>IPO开盘提醒：Clearwater Analytics开盘价为23.8美元，较IPO价格上涨约32%</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\">2021-09-24 23:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 24)&nbsp;<b><a href=\"https://laohu8.com/S/CWAN\">Clearwater Analytics Holdings, Inc.</a></b> opens for trading at $23.8, up about 32% from IPO price.</p><p><blockquote>（9月24日）<b><a href=\"https://laohu8.com/S/CWAN\">清水分析控股公司。</a></b>开盘价为23.8美元，较IPO价格上涨约32%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/076505c7b70dbe2ad6cfcae8c44f52cb\" tg-width=\"902\" tg-height=\"557\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Company &amp; Technology</b></p><p><blockquote><b>公司与技术</b></blockquote></p><p> Boise, Idaho-based Clearwater was founded to develop a SaaS platform to simplify investment accounting and analysis for asset managers, insurance companies and large corporations.</p><p><blockquote>总部位于爱达荷州博伊西的Clearwater成立的目的是开发一个SaaS平台，为资产管理公司、保险公司和大型企业简化投资会计和分析。</blockquote></p><p> Management is headed by Chief Executive Officer Sandeep Sahai, who has been with the firm since September 2016 and was previously CEO of Solmark, an investment partnership.</p><p><blockquote>管理层由首席执行官Sandeep Sahai领导，他自2016年9月以来一直在该公司工作，此前曾担任投资合伙企业Solmark的首席执行官。</blockquote></p><p> The company’s primary offerings include:</p><p><blockquote>该公司的主要产品包括：</blockquote></p><p> <ul>  <li>Investment accounting and reporting</p><p><blockquote><ul><li>投资会计和报告</li></ul></blockquote></p><p></li>  <li>Performance measurement</p><p><blockquote><li>绩效衡量</li></blockquote></p><p></li>  <li>Compliance monitoring</p><p><blockquote><li>合规监控</li></blockquote></p><p></li>  <li>Risk analysis</p><p><blockquote><li>风险分析</li></blockquote></p><p></li> </ul> Clearwater has received at least $421 million in notes payable in equity investment from investors including Welsh Carson, Permira, Warburg Pincus and Dragoneer.</p><p><blockquote>Clearwater已从Welsh Carson、Permira、Warburg Pincus和Dragoneer等投资者那里获得了至少4.21亿美元的股权投资应付票据。</blockquote></p><p> <b>Customer Acquisition</b></p><p><blockquote><b>客户获取</b></blockquote></p><p> The firm pursues client relationships with asset managers, insurance companies and large corporations via a direct sales and marketing force that is focused on the United States.</p><p><blockquote>该公司通过专注于美国的直销和营销力量寻求与资产管理公司、保险公司和大公司的客户关系。</blockquote></p><p> CWAN also has international clients and will seek to expand its international presence post-IPO.</p><p><blockquote>CWAN还拥有国际客户，并将寻求在IPO后扩大其国际影响力。</blockquote></p><p> Clearwater handles data on over $5.6 trillion in assets between more than 1,000 clients.</p><p><blockquote>Clearwater处理1,000多个客户之间超过5.6万亿美元资产的数据。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenues have increased, as the figures below indicate:</p><p><blockquote>销售及营销开支佔总收入的百分比随收入增加而变化，如下图所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Expenses vs. Revenue</b></p><p><blockquote><td><b>费用与收入</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Percentage</p><p><blockquote><td>百分比</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>13.6%</p><p><blockquote><td>13.6%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>10.9%</p><p><blockquote><td>10.9%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>11.4%</p><p><blockquote><td>11.4%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, dropped to 1.4x in the most recent reporting period, as shown in the table below:</p><p><blockquote>销售和营销效率率（定义为每美元的销售和营销支出产生多少美元的额外新收入）在最近一个报告期下降到1.4倍，如下表所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Efficiency Rate</b></p><p><blockquote><td><b>效率率</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Multiple</p><p><blockquote><td>多个的</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>1.4</p><p><blockquote><td>1.4</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>1.6</p><p><blockquote><td>1.6</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.</p><p><blockquote>40法则是软件行业的经验法则，只要收入增长率和EBITDA百分比等于或超过40%，公司就处于可接受的增长/EBITDA轨迹上。</blockquote></p><p> CWAN’s most recent calculation was 41% during the six months ended June 30, 2021, so the firm has performed well in this regard, per the table below:</p><p><blockquote>截至2021年6月30日的六个月内，CWAN的最新计算结果为41%，因此该公司在这方面表现良好，如下表所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Rule of 40</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>40法则</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Calculation</b></p><p><blockquote><td><b>计算</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Recent Rev. Growth %</p><p><blockquote><tr><td>近期收入增长%</td></tr></blockquote></p><p></td>    <td>24%</p><p><blockquote><td>24%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EBITDA %</p><p><blockquote><tr><td>EBITDA%</td></tr></blockquote></p><p></td>    <td>17%</p><p><blockquote><td>17%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Total</p><p><blockquote><tr><td>总的</td></tr></blockquote></p><p></td>    <td>41%</p><p><blockquote><td>41%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The firm’s dollar-based net revenue retention rate for June 30, 2021 was 109%, a reasonably good result.</p><p><blockquote>截至2021年6月30日，该公司以美元计算的净收入保留率为109%，这是一个相当不错的结果。</blockquote></p><p> The dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.</p><p><blockquote>基于美元的净收入保留率指标衡量随着时间的推移，每个客户群产生了多少额外收入，因此超过100%的数字意味着公司随着时间的推移从同一客户群产生了更多收入，表明良好的产品/市场契合度以及高效的销售和营销工作。</blockquote></p><p> <b>Market &amp; Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2021 marketresearch reportby Market Primes, the global investment management software market was an estimated $3 billion in 2019 and is forecast to reach nearly $4.5 billion by 2025.</p><p><blockquote>根据Market Primes的2021年市场研究报告，2019年全球投资管理软件市场估计为30亿美元，预计到2025年将达到近45亿美元。</blockquote></p><p> This represents a forecast CAGR of 10.2% from 2019 to 2025.</p><p><blockquote>这意味着2019年至2025年的预测复合年增长率为10.2%。</blockquote></p><p> The main drivers for this expected growth are a desire by users to automate repetitive tasks so they can focus on maximizing portfolio performance and creating more sophisticated approaches.</p><p><blockquote>这种预期增长的主要驱动因素是用户希望自动化重复性任务，这样他们就可以专注于最大化投资组合绩效和创建更复杂的方法。</blockquote></p><p> Also, assessing risks and exposures and being able to efficiently report and share the information with stakeholders will drive demand for more capable solutions.</p><p><blockquote>此外，评估风险和暴露以及能够有效地报告和与利益相关者共享信息将推动对更强大解决方案的需求。</blockquote></p><p> Major competitive or other industry participants include:</p><p><blockquote>主要竞争对手或其他行业参与者包括：</blockquote></p><p> <ul>  <li>SS&amp;C</p><p><blockquote><ul><li>SSC</li></ul></blockquote></p><p></li>  <li>State Street</p><p><blockquote><li>道富街</li></blockquote></p><p></li>  <li>SAP</p><p><blockquote><li>SAP</li></blockquote></p><p></li>  <li>BNY Mellon (Eagle)</p><p><blockquote><li>纽约梅隆银行（鹰）</li></blockquote></p><p></li>  <li>Simcorp</p><p><blockquote><li>Simcorp</li></blockquote></p><p></li>  <li>BlackRock</p><p><blockquote><li>贝莱德</li></blockquote></p><p></li>  <li>FIS</p><p><blockquote><li>FIS</li></blockquote></p><p></li>  <li>Northern Trust</p><p><blockquote><li>北方信托</li></blockquote></p><p></li>  <li>Others</p><p><blockquote><li>其他</li></blockquote></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> Clearwater’s recent financial results can be summarized as follows:</p><p><blockquote>Clearwater最近的财务业绩可总结如下：</blockquote></p><p> <ul>  <li>Strong topline revenue growth</p><p><blockquote><ul><li>营收强劲增长</li></ul></blockquote></p><p></li>  <li>Increasing gross profit and gross margin</p><p><blockquote><li>提高毛利及毛利率</li></blockquote></p><p></li>  <li>A swing to operating profit and net profit</p><p><blockquote><li>营业利润和净利润的波动</li></blockquote></p><p></p><p></li>  <li>Uneven cash used in operations</p><p><blockquote><li>经营中使用的现金不均衡</li></blockquote></p><p></li> </ul> Below are relevant financial results derived from the firm’s registration statement:</p><p><blockquote>以下是来自公司注册声明的相关财务业绩：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Total Revenue</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>收入总额</b></td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Total Revenue</p><p><blockquote><td>收入总额</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 117,770,000</p><p><blockquote><td>$117,770,000</td></blockquote></p><p></td>    <td>23.8%</p><p><blockquote><td>23.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 203,222,000</p><p><blockquote><td>$203,222,000</td></blockquote></p><p></td>    <td>21.0%</p><p><blockquote><td>21.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 168,001,000</p><p><blockquote><td>$168,001,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 87,872,000</p><p><blockquote><td>$87,872,000</td></blockquote></p><p></td>    <td>28.8%</p><p><blockquote><td>28.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 149,959,000</p><p><blockquote><td>$149,959,000</td></blockquote></p><p></td>    <td>24.1%</p><p><blockquote><td>24.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 120,856,000</p><p><blockquote><td>$120,856,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>74.61%</p><p><blockquote><td>74.61%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>73.79%</p><p><blockquote><td>73.79%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>71.94%</p><p><blockquote><td>71.94%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>经营溢利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Operating Profit (Loss)</p><p><blockquote><td>经营溢利（亏损）</td></blockquote></p><p></td>    <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 20,544,000</p><p><blockquote><td>$20,544,000</td></blockquote></p><p></td>    <td>17.4%</p><p><blockquote><td>17.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (20,418,000)</p><p><blockquote><td>$(20,418,000)</td></blockquote></p><p></td>    <td>-10.0%</p><p><blockquote><td>-10.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 25,697,000</p><p><blockquote><td>$25,697,000</td></blockquote></p><p></td>    <td>15.3%</p><p><blockquote><td>15.3%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净利润（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Net Income (Loss)</p><p><blockquote><td>净利润（亏损）</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 3,200,000</p><p><blockquote><td>$3,200,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (44,230,000)</p><p><blockquote><td>$(44,230,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 7,732,000</p><p><blockquote><td>$7,732,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营所得现金流量</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Cash Flow From Operations</p><p><blockquote><td>经营所得现金流量</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ (16,352,000)</p><p><blockquote><td>$(16,352,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (6,486,000)</p><p><blockquote><td>$(6,486,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (230,029,000)</p><p><blockquote><td>$(230,029,000)</td></blockquote></p><p></td>   </tr>  </tbody> </table> As of June 30, 2021, Clearwater had $41 million in cash and $450 million in total liabilities.</p><p><blockquote>截至2021年6月30日，Clearwater拥有4100万美元现金和4.5亿美元总负债。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was negative ($38 million).</p><p><blockquote>截至2021年6月30日的12个月内，自由现金流为负（3800万美元）。</blockquote></p><p> Valuation Metrics</p><p><blockquote>估值指标</blockquote></p><p> Below is a table of the firm’s relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:</p><p><blockquote>下表列出了该公司IPO时的相关资本化和估值指标，不包括承销商期权的影响：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Measure [TTM]</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>测量[TTM]</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Amount</b></p><p><blockquote><td><b>数量</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Market Capitalization at IPO</p><p><blockquote><tr><td>IPO时的市值</td></tr></blockquote></p><p></td>    <td>$3,472,178,130</p><p><blockquote><td>$3,472,178,130</td></blockquote></p><p></td>   </tr>   <tr>    <td>Enterprise Value</p><p><blockquote><tr><td>企业价值</td></tr></blockquote></p><p></td>    <td>$3,470,109,130</p><p><blockquote><td>$3,470,109,130</td></blockquote></p><p></td>   </tr>   <tr>    <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td>    <td>15.37</p><p><blockquote><td>15.37</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td>    <td>15.36</p><p><blockquote><td>15.36</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>-141.93</p><p><blockquote><td>-141.93</td></blockquote></p><p></td>   </tr>   <tr>    <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td>    <td>-$0.23</p><p><blockquote><td>-$0.23</td></blockquote></p><p></td>   </tr>   <tr>    <td>Float To Outstanding Shares Ratio</p><p><blockquote><tr><td>流通股与流通股比率</td></tr></blockquote></p><p></td>    <td>12.96%</p><p><blockquote><td>12.96%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Proposed IPO Midpoint Price per Share</p><p><blockquote><tr><td>建议IPO每股中点价格</td></tr></blockquote></p><p></td>    <td>$15.00</p><p><blockquote><td>$15.00</td></blockquote></p><p></td>   </tr>   <tr>    <td>Net Free Cash Flow</p><p><blockquote><tr><td>净自由现金流</td></tr></blockquote></p><p></td>    <td>-$38,024,000</p><p><blockquote><td>-$38,024,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>Free Cash Flow Yield Per Share</p><p><blockquote><tr><td>每股自由现金流收益率</td></tr></blockquote></p><p></td>    <td>-1.10%</p><p><blockquote><td>-1.10%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td>    <td>23.83%</p><p><blockquote><td>23.83%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> CWAN intends to go public to pay down debt and will have a net of $55 million in debt post-IPO.</p><p><blockquote>CWAN打算上市偿还债务，IPO后净债务为5500万美元。</blockquote></p><p> The firm’s financials show strong topline revenue growth and gross profit growth and a rebound to operating profit and net income after negative results in 2020.</p><p><blockquote>该公司的财务数据显示，营收和毛利润增长强劲，营业利润和净利润在2020年出现负面业绩后出现反弹。</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was a decidedly unimpressive negative ($38 million).</p><p><blockquote>截至2021年6月30日的12个月的自由现金流明显为负（3800万美元）。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenue has increased; its Sales and Marketing efficiency rate dropped slightly to 1.4x in the most recent six-month period.</p><p><blockquote>销售和营销费用占总收入的百分比随着收入的增加而变化；最近六个月，其销售和营销效率略有下降至1.4倍。</blockquote></p><p> CWAN's dollar-based net retention rate was 109% for June 30, 2021, a positive result and its Rule of 40 performance was good as well.</p><p><blockquote>截至2021年6月30日，CWAN以美元计算的净保留率为109%，这是一个积极的结果，其40法则表现也不错。</blockquote></p><p> The market opportunity for selling investment management software is large and expected to grow substantially in the years ahead, but the firm has extensive competition.</p><p><blockquote>销售投资管理软件的市场机会很大，预计在未来几年将大幅增长，但该公司面临广泛的竞争。</blockquote></p><p></p><p> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 40.5% since their IPO. This is a middle-tier performance for all major underwriters during the period.</p><p><blockquote>高盛是首席承销商，该公司在过去12个月内牵头的IPO自IPO以来的平均回报率为40.5%。这是期内所有主要承销商的中等业绩。</blockquote></p><p> The primary risk to the company’s outlook is the degree of competition and specialization present in various submarkets in which it competes, as well as the ability for some larger prospects to develop solutions in-house.</p><p><blockquote>该公司前景的主要风险是其竞争的各个子市场中存在的竞争和专业化程度，以及一些较大的潜在客户在内部开发解决方案的能力。</blockquote></p><p> As for valuation, compared to competitor Simcorp, the CWAN IPO is much more highly priced on a revenue multiple basis. In my view, this is justified as the firm is growing revenue at a significantly higher rate of growth.</p><p><blockquote>至于估值，与竞争对手Simcorp相比，CWAN IPO的收入倍数定价要高得多。在我看来，这是合理的，因为该公司的收入增长率要高得多。</blockquote></p><p> After a difficult period during 2020 where the firm produced operating losses, 2021 has seen a return to operating and net profits with impressive growth as well.</p><p><blockquote>在经历了2020年营业亏损的困难时期后，2021年营业利润和净利润也出现了令人印象深刻的增长。</blockquote></p><p> Given CWAN’s growth trajectory and the investment management software industry’s strong growth potential in the years ahead, the IPO is worth a close look.</p><p><blockquote>鉴于CWAN的增长轨迹和投资管理软件行业未来几年的强劲增长潜力，此次IPO值得密切关注。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CWAN":"Clearwater Analytics Holdings, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114004721","content_text":"(Sept 24) Clearwater Analytics Holdings, Inc. opens for trading at $23.8, up about 32% from IPO price.\n\nCompany & Technology\nBoise, Idaho-based Clearwater was founded to develop a SaaS platform to simplify investment accounting and analysis for asset managers, insurance companies and large corporations.\nManagement is headed by Chief Executive Officer Sandeep Sahai, who has been with the firm since September 2016 and was previously CEO of Solmark, an investment partnership.\nThe company’s primary offerings include:\n\nInvestment accounting and reporting\nPerformance measurement\nCompliance monitoring\nRisk analysis\n\nClearwater has received at least $421 million in notes payable in equity investment from investors including Welsh Carson, Permira, Warburg Pincus and Dragoneer.\nCustomer Acquisition\nThe firm pursues client relationships with asset managers, insurance companies and large corporations via a direct sales and marketing force that is focused on the United States.\nCWAN also has international clients and will seek to expand its international presence post-IPO.\nClearwater handles data on over $5.6 trillion in assets between more than 1,000 clients.\nSales and Marketing expenses as a percentage of total revenue have varied as revenues have increased, as the figures below indicate:\n\n\n\n\nSales and Marketing\nExpenses vs. Revenue\n\n\nPeriod\nPercentage\n\n\nSix Mos. Ended June 30, 2021\n13.6%\n\n\n2020\n10.9%\n\n\n2019\n11.4%\n\n\n\nThe Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, dropped to 1.4x in the most recent reporting period, as shown in the table below:\n\n\n\n\nSales and Marketing\nEfficiency Rate\n\n\nPeriod\nMultiple\n\n\nSix Mos. Ended June 30, 2021\n1.4\n\n\n2020\n1.6\n\n\n\nThe Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.\nCWAN’s most recent calculation was 41% during the six months ended June 30, 2021, so the firm has performed well in this regard, per the table below:\n\n\n\n\nRule of 40\nCalculation\n\n\nRecent Rev. Growth %\n24%\n\n\nEBITDA %\n17%\n\n\nTotal\n41%\n\n\n\nThe firm’s dollar-based net revenue retention rate for June 30, 2021 was 109%, a reasonably good result.\nThe dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.\nMarket & Competition\nAccording to a 2021 marketresearch reportby Market Primes, the global investment management software market was an estimated $3 billion in 2019 and is forecast to reach nearly $4.5 billion by 2025.\nThis represents a forecast CAGR of 10.2% from 2019 to 2025.\nThe main drivers for this expected growth are a desire by users to automate repetitive tasks so they can focus on maximizing portfolio performance and creating more sophisticated approaches.\nAlso, assessing risks and exposures and being able to efficiently report and share the information with stakeholders will drive demand for more capable solutions.\nMajor competitive or other industry participants include:\n\nSS&C\nState Street\nSAP\nBNY Mellon (Eagle)\nSimcorp\nBlackRock\nFIS\nNorthern Trust\nOthers\n\nFinancial Performance\nClearwater’s recent financial results can be summarized as follows:\n\nStrong topline revenue growth\nIncreasing gross profit and gross margin\nA swing to operating profit and net profit\nUneven cash used in operations\n\nBelow are relevant financial results derived from the firm’s registration statement:\n\n\n\n\nTotal Revenue\n\n\nPeriod\nTotal Revenue\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 117,770,000\n23.8%\n\n\n2020\n$ 203,222,000\n21.0%\n\n\n2019\n$ 168,001,000\n\n\n\nGross Profit (Loss)\n\n\nPeriod\nGross Profit (Loss)\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 87,872,000\n28.8%\n\n\n2020\n$ 149,959,000\n24.1%\n\n\n2019\n$ 120,856,000\n\n\n\nGross Margin\n\n\nPeriod\nGross Margin\n\n\nSix Mos. Ended June 30, 2021\n74.61%\n\n\n2020\n73.79%\n\n\n2019\n71.94%\n\n\n\nOperating Profit (Loss)\n\n\nPeriod\nOperating Profit (Loss)\nOperating Margin\n\n\nSix Mos. Ended June 30, 2021\n$ 20,544,000\n17.4%\n\n\n2020\n$ (20,418,000)\n-10.0%\n\n\n2019\n$ 25,697,000\n15.3%\n\n\n\nNet Income (Loss)\n\n\nPeriod\nNet Income (Loss)\n\n\nSix Mos. Ended June 30, 2021\n$ 3,200,000\n\n\n2020\n$ (44,230,000)\n\n\n2019\n$ 7,732,000\n\n\n\nCash Flow From Operations\n\n\nPeriod\nCash Flow From Operations\n\n\nSix Mos. Ended June 30, 2021\n$ (16,352,000)\n\n\n2020\n$ (6,486,000)\n\n\n2019\n$ (230,029,000)\n\n\n\nAs of June 30, 2021, Clearwater had $41 million in cash and $450 million in total liabilities.\nFree cash flow during the twelve months ended June 30, 2021, was negative ($38 million).\nValuation Metrics\nBelow is a table of the firm’s relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:\n\n\n\n\nMeasure [TTM]\nAmount\n\n\nMarket Capitalization at IPO\n$3,472,178,130\n\n\nEnterprise Value\n$3,470,109,130\n\n\nPrice / Sales\n15.37\n\n\nEV / Revenue\n15.36\n\n\nEV / EBITDA\n-141.93\n\n\nEarnings Per Share\n-$0.23\n\n\nFloat To Outstanding Shares Ratio\n12.96%\n\n\nProposed IPO Midpoint Price per Share\n$15.00\n\n\nNet Free Cash Flow\n-$38,024,000\n\n\nFree Cash Flow Yield Per Share\n-1.10%\n\n\nRevenue Growth Rate\n23.83%\n\n\n\nCommentary\nCWAN intends to go public to pay down debt and will have a net of $55 million in debt post-IPO.\nThe firm’s financials show strong topline revenue growth and gross profit growth and a rebound to operating profit and net income after negative results in 2020.\nFree cash flow for the twelve months ended June 30, 2021, was a decidedly unimpressive negative ($38 million).\nSales and Marketing expenses as a percentage of total revenue have varied as revenue has increased; its Sales and Marketing efficiency rate dropped slightly to 1.4x in the most recent six-month period.\nCWAN's dollar-based net retention rate was 109% for June 30, 2021, a positive result and its Rule of 40 performance was good as well.\nThe market opportunity for selling investment management software is large and expected to grow substantially in the years ahead, but the firm has extensive competition.\nGoldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 40.5% since their IPO. This is a middle-tier performance for all major underwriters during the period.\nThe primary risk to the company’s outlook is the degree of competition and specialization present in various submarkets in which it competes, as well as the ability for some larger prospects to develop solutions in-house.\nAs for valuation, compared to competitor Simcorp, the CWAN IPO is much more highly priced on a revenue multiple basis. In my view, this is justified as the firm is growing revenue at a significantly higher rate of growth.\nAfter a difficult period during 2020 where the firm produced operating losses, 2021 has seen a return to operating and net profits with impressive growth as well.\nGiven CWAN’s growth trajectory and the investment management software industry’s strong growth potential in the years ahead, the IPO is worth a close look.","news_type":1,"symbols_score_info":{"CWAN":0.9}},"isVote":1,"tweetType":1,"viewCount":914,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":860417148,"gmtCreate":1632197823584,"gmtModify":1632802119646,"author":{"id":"3569227954325701","authorId":"3569227954325701","name":"Seuna","avatar":"https://static.tigerbbs.com/0bfb6c0f011a65d66aae3afb6132a82d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569227954325701","idStr":"3569227954325701"},"themes":[],"htmlText":"Uwu","listText":"Uwu","text":"Uwu","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/860417148","repostId":"2169681424","repostType":4,"isVote":1,"tweetType":1,"viewCount":571,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860336830,"gmtCreate":1632133125120,"gmtModify":1632802640562,"author":{"id":"3569227954325701","authorId":"3569227954325701","name":"Seuna","avatar":"https://static.tigerbbs.com/0bfb6c0f011a65d66aae3afb6132a82d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569227954325701","idStr":"3569227954325701"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/860336830","repostId":"1194891884","repostType":4,"repost":{"id":"1194891884","kind":"news","pubTimestamp":1632091615,"share":"https://www.laohu8.com/m/news/1194891884?lang=zh_CN&edition=full","pubTime":"2021-09-20 06:46","market":"us","language":"en","title":"Nike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce和其他本周值得投资者关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194891884","media":"Barrons","summary":"The main event this week will be the Federal Reserve’s September policy meeting. Investors will also","content":"<p>The main event this week will be the Federal Reserve’s September policy meeting. Investors will also be watching for several corporate earnings releases, investor days, and the latest economic data.</p><p><blockquote>本周重头戏将是美联储9月政策会议。投资者还将关注几家公司的财报发布、投资者日和最新的经济数据。</blockquote></p><p> Lennar reports quarterly earnings on Monday, followed by results from Adobe, AutoZone, and FedEx on Tuesday. General Mills goes on Wednesday, then Nike, Accenture, Costco Wholesale, and Darden Restaurants report&nbsp;on Thursday. Investor days this week include&nbsp;Biogen on Tuesday,&nbsp;Weyerhaeuser on Wednesday, and&nbsp;Salesforce.com on Thursday.</p><p><blockquote>Lennar将于周一公布季度收益，随后Adobe、AutoZone和FedEx将于周二公布业绩。通用磨坊周三上市，然后耐克、埃森哲、好市多批发和达顿餐厅周四上市。本周的投资者日包括周二的Biogen、周三的Weyerhaeuser和周四的Salesforce。</blockquote></p><p> The Federal Reserve’s monetary policy committee meets on Tuesday and Wednesday this week. The central bank is unlikely&nbsp;to change its target interest rate range, but could give an update on its plans to begin reducing its monthly asset purchases. Wednesday afternoon’s&nbsp;press conference with Fed chair Jerome Powell will be closely&nbsp;watched.</p><p><blockquote>美联储货币政策委员会将于本周周二和周三召开会议。央行不太可能改变其目标利率区间，但可能会更新其开始减少每月资产购买的计划。周三下午美联储主席杰罗姆·鲍威尔的新闻发布会将受到密切关注。</blockquote></p><p> Economic data out this week include the Conference Board’s Leading Economic Index for August on Thursday. There will also be several updates on the U.S. housing market including the National Association of Home Builders’ Housing Market Index for September on Monday, the Census Bureau’s new residential construction data for August on Tuesday, and the National Association of Realtors’&nbsp;existing-home sales for August on Wednesday.</p><p><blockquote>本周公布的经济数据包括周四公布的世界大型企业联合会8月份领先经济指数。美国房地产市场还将发布多项更新，包括周一全国住宅建筑商协会9月份住房市场指数、周二人口普查局8月份新住宅建设数据以及全国房地产经纪人协会现房销售数据。周三八月。</blockquote></p><p> <b>Monday 9/20</b></p><p><blockquote><b>星期一9/20</b></blockquote></p><p> Lennar reports third-quarter fiscal-2021 results.</p><p><blockquote>Lennar报告2021财年第三季度业绩。</blockquote></p><p> Merck presents data on its portfolio of cancer drugs, in conjunction with the European Society for Medical Oncology’s 2021 Congress.</p><p><blockquote>默克公司在欧洲肿瘤内科学会2021年大会上展示了其癌症药物组合的数据。</blockquote></p><p> <b>The National Association</b>&nbsp;of Home Builders releases its Housing Market Index for September. Economists forecast a 73 reading, two points below August’s figure, which was the lowest in more than a year.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了9月份的房地产市场指数。经济学家预测为73，比8月份的数据低两个百分点，这是一年多来的最低水平。</blockquote></p><p> <b>Tuesday 9/21</b></p><p><blockquote><b>星期二9/21</b></blockquote></p><p> Adobe, AutoZone, and FedEx release earnings.</p><p><blockquote>Adobe、AutoZone和FedEx发布财报。</blockquote></p><p> Biogen hosts an investor day to discuss its pipeline of neuroscience therapeutics.</p><p><blockquote>百健(Biogen)举办投资者日活动，讨论其神经科学治疗产品线。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports on new residential construction for August. Consensus estimate is for a seasonally adjusted annual rate of 1.55 million housing starts, 1% higher than the July level. Housing starts are down from their post–financial crisis peak of 1.725 million, reached in March of this year.</p><p><blockquote><b>人口普查局</b>八月份新住宅建设报告。市场普遍估计，经季节调整后的新屋开工年率为155万套，比7月份的水平高出1%。新屋开工量较今年3月达到的金融危机后172.5万套的峰值有所下降。</blockquote></p><p> <b>Wednesday 9/22</b></p><p><blockquote><b>9/22星期三</b></blockquote></p><p> <b>The FOMC announces</b>&nbsp;its monetary-policy decision. The Federal Reserve is likely to keep the federal-funds rate unchanged at near zero, but might signal that it will pare its asset purchases later this year.</p><p><blockquote><b>FOMC宣布</b>它的货币政策决定。美联储可能会将联邦基金利率维持在接近零的水平不变，但可能会暗示将在今年晚些时候削减资产购买。</blockquote></p><p> General Mills reports first-quarter fiscal-2022 results.</p><p><blockquote>通用磨坊公布2022财年第一季度业绩。</blockquote></p><p> Boston Scientific,Weyerhaeuser, and&nbsp;Yum China Holdings&nbsp;host their 2021 investor days.</p><p><blockquote>波士顿科学、惠好和百胜中国控股举办2021年投资者日。</blockquote></p><p> <b>TheBank of Japan</b>&nbsp;announces its monetary-policy decision. The BOJ is widely expected to keep its key short-term interest rate unchanged at minus 0.1%, as Tokyo and other regions remain in a state of emergency through the end of September due to the Covid-19 Delta variant.</p><p><blockquote><b>日本银行</b>宣布其货币政策决定。市场普遍预计日本央行将把关键短期利率维持在负0.1%不变，因为由于Covid-19德尔塔变异毒株，东京都和其他地区在9月底之前仍处于紧急状态。</blockquote></p><p> <b>The National Association</b>&nbsp;of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 578,000 homes sold, down 3.5%&nbsp;from July’s 599,000.</p><p><blockquote><b>全国协会</b>房地产经纪人报告8月份现房销售情况。预计经季节调整后的房屋销售量为578,000套，比7月份的599,000套下降3.5%。</blockquote></p><p> <b>Thursday 9/23</b></p><p><blockquote><b>星期四9/23</b></blockquote></p><p> Accenture, Costco Wholesale, Darden Restaurants, and Nike hold conference calls to discuss their quarterly results.</p><p><blockquote>Accenture、Costco Wholesale、Darden Restaurants和Nike在评级召开会议讨论季度业绩。</blockquote></p><p> Salesforce.com holds its 2021 investor day. CEO Marc Benioff and Slack CEO Stewart Butterfield will be among the participants. Salesforce completed its $28 billion acquisition of Slack this summer.</p><p><blockquote>Salesforce.com举办2021年投资者日。首席执行官马克·贝尼奥夫和Slack首席执行官斯图尔特·巴特菲尔德将是参与者之一。Salesforce今年夏天完成了对Slack的280亿美元收购。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for August. Economists forecast a 0.5% month-over-month rise, after a 0.9% increase in July. The Conference Board currently projects 6% gross-domestic-product growth for 2021, and 4% for 2022.</p><p><blockquote><b>世界大型企业联合会</b>发布8月份领先经济指数。经济学家预测环比增长0.5%，7月份增长0.9%。世界大型企业联合会目前预计2021年国内生产总值增长6%，2022年增长4%。</blockquote></p><p> <b>Friday 9/24</b></p><p><blockquote><b>星期五9/24</b></blockquote></p><p> Kansas City Southernhosts a special shareholder meeting to vote on a proposed merger withCanadian Pacific Railway.</p><p><blockquote>堪萨斯城南方铁路公司召开特别股东大会，就与加拿大太平洋铁路公司的合并提案进行投票。</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>Nike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce和其他本周值得投资者关注的股票</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\">\nNike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce和其他本周值得投资者关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-20 06:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The main event this week will be the Federal Reserve’s September policy meeting. Investors will also be watching for several corporate earnings releases, investor days, and the latest economic data.</p><p><blockquote>本周重头戏将是美联储9月政策会议。投资者还将关注几家公司的财报发布、投资者日和最新的经济数据。</blockquote></p><p> Lennar reports quarterly earnings on Monday, followed by results from Adobe, AutoZone, and FedEx on Tuesday. General Mills goes on Wednesday, then Nike, Accenture, Costco Wholesale, and Darden Restaurants report&nbsp;on Thursday. Investor days this week include&nbsp;Biogen on Tuesday,&nbsp;Weyerhaeuser on Wednesday, and&nbsp;Salesforce.com on Thursday.</p><p><blockquote>Lennar将于周一公布季度收益，随后Adobe、AutoZone和FedEx将于周二公布业绩。通用磨坊周三上市，然后耐克、埃森哲、好市多批发和达顿餐厅周四上市。本周的投资者日包括周二的Biogen、周三的Weyerhaeuser和周四的Salesforce。</blockquote></p><p> The Federal Reserve’s monetary policy committee meets on Tuesday and Wednesday this week. The central bank is unlikely&nbsp;to change its target interest rate range, but could give an update on its plans to begin reducing its monthly asset purchases. Wednesday afternoon’s&nbsp;press conference with Fed chair Jerome Powell will be closely&nbsp;watched.</p><p><blockquote>美联储货币政策委员会将于本周周二和周三召开会议。央行不太可能改变其目标利率区间，但可能会更新其开始减少每月资产购买的计划。周三下午美联储主席杰罗姆·鲍威尔的新闻发布会将受到密切关注。</blockquote></p><p> Economic data out this week include the Conference Board’s Leading Economic Index for August on Thursday. There will also be several updates on the U.S. housing market including the National Association of Home Builders’ Housing Market Index for September on Monday, the Census Bureau’s new residential construction data for August on Tuesday, and the National Association of Realtors’&nbsp;existing-home sales for August on Wednesday.</p><p><blockquote>本周公布的经济数据包括周四公布的世界大型企业联合会8月份领先经济指数。美国房地产市场还将发布多项更新，包括周一全国住宅建筑商协会9月份住房市场指数、周二人口普查局8月份新住宅建设数据以及全国房地产经纪人协会现房销售数据。周三八月。</blockquote></p><p> <b>Monday 9/20</b></p><p><blockquote><b>星期一9/20</b></blockquote></p><p> Lennar reports third-quarter fiscal-2021 results.</p><p><blockquote>Lennar报告2021财年第三季度业绩。</blockquote></p><p> Merck presents data on its portfolio of cancer drugs, in conjunction with the European Society for Medical Oncology’s 2021 Congress.</p><p><blockquote>默克公司在欧洲肿瘤内科学会2021年大会上展示了其癌症药物组合的数据。</blockquote></p><p> <b>The National Association</b>&nbsp;of Home Builders releases its Housing Market Index for September. Economists forecast a 73 reading, two points below August’s figure, which was the lowest in more than a year.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了9月份的房地产市场指数。经济学家预测为73，比8月份的数据低两个百分点，这是一年多来的最低水平。</blockquote></p><p> <b>Tuesday 9/21</b></p><p><blockquote><b>星期二9/21</b></blockquote></p><p> Adobe, AutoZone, and FedEx release earnings.</p><p><blockquote>Adobe、AutoZone和FedEx发布财报。</blockquote></p><p> Biogen hosts an investor day to discuss its pipeline of neuroscience therapeutics.</p><p><blockquote>百健(Biogen)举办投资者日活动，讨论其神经科学治疗产品线。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports on new residential construction for August. Consensus estimate is for a seasonally adjusted annual rate of 1.55 million housing starts, 1% higher than the July level. Housing starts are down from their post–financial crisis peak of 1.725 million, reached in March of this year.</p><p><blockquote><b>人口普查局</b>八月份新住宅建设报告。市场普遍估计，经季节调整后的新屋开工年率为155万套，比7月份的水平高出1%。新屋开工量较今年3月达到的金融危机后172.5万套的峰值有所下降。</blockquote></p><p> <b>Wednesday 9/22</b></p><p><blockquote><b>9/22星期三</b></blockquote></p><p> <b>The FOMC announces</b>&nbsp;its monetary-policy decision. The Federal Reserve is likely to keep the federal-funds rate unchanged at near zero, but might signal that it will pare its asset purchases later this year.</p><p><blockquote><b>FOMC宣布</b>它的货币政策决定。美联储可能会将联邦基金利率维持在接近零的水平不变，但可能会暗示将在今年晚些时候削减资产购买。</blockquote></p><p> General Mills reports first-quarter fiscal-2022 results.</p><p><blockquote>通用磨坊公布2022财年第一季度业绩。</blockquote></p><p> Boston Scientific,Weyerhaeuser, and&nbsp;Yum China Holdings&nbsp;host their 2021 investor days.</p><p><blockquote>波士顿科学、惠好和百胜中国控股举办2021年投资者日。</blockquote></p><p> <b>TheBank of Japan</b>&nbsp;announces its monetary-policy decision. The BOJ is widely expected to keep its key short-term interest rate unchanged at minus 0.1%, as Tokyo and other regions remain in a state of emergency through the end of September due to the Covid-19 Delta variant.</p><p><blockquote><b>日本银行</b>宣布其货币政策决定。市场普遍预计日本央行将把关键短期利率维持在负0.1%不变，因为由于Covid-19德尔塔变异毒株，东京都和其他地区在9月底之前仍处于紧急状态。</blockquote></p><p> <b>The National Association</b>&nbsp;of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 578,000 homes sold, down 3.5%&nbsp;from July’s 599,000.</p><p><blockquote><b>全国协会</b>房地产经纪人报告8月份现房销售情况。预计经季节调整后的房屋销售量为578,000套，比7月份的599,000套下降3.5%。</blockquote></p><p> <b>Thursday 9/23</b></p><p><blockquote><b>星期四9/23</b></blockquote></p><p> Accenture, Costco Wholesale, Darden Restaurants, and Nike hold conference calls to discuss their quarterly results.</p><p><blockquote>Accenture、Costco Wholesale、Darden Restaurants和Nike在评级召开会议讨论季度业绩。</blockquote></p><p> Salesforce.com holds its 2021 investor day. CEO Marc Benioff and Slack CEO Stewart Butterfield will be among the participants. Salesforce completed its $28 billion acquisition of Slack this summer.</p><p><blockquote>Salesforce.com举办2021年投资者日。首席执行官马克·贝尼奥夫和Slack首席执行官斯图尔特·巴特菲尔德将是参与者之一。Salesforce今年夏天完成了对Slack的280亿美元收购。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for August. Economists forecast a 0.5% month-over-month rise, after a 0.9% increase in July. The Conference Board currently projects 6% gross-domestic-product growth for 2021, and 4% for 2022.</p><p><blockquote><b>世界大型企业联合会</b>发布8月份领先经济指数。经济学家预测环比增长0.5%，7月份增长0.9%。世界大型企业联合会目前预计2021年国内生产总值增长6%，2022年增长4%。</blockquote></p><p> <b>Friday 9/24</b></p><p><blockquote><b>星期五9/24</b></blockquote></p><p> Kansas City Southernhosts a special shareholder meeting to vote on a proposed merger withCanadian Pacific Railway.</p><p><blockquote>堪萨斯城南方铁路公司召开特别股东大会，就与加拿大太平洋铁路公司的合并提案进行投票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/nike-costco-fedex-salesforce-and-other-stocks-for-investors-to-watch-this-week-51632078208?mod=hp_LEAD_2\">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":{"FDX":"联邦快递","NKE":"耐克","COST":"好市多",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯","CRM":"赛富时","ADBE":"Adobe"},"source_url":"https://www.barrons.com/articles/nike-costco-fedex-salesforce-and-other-stocks-for-investors-to-watch-this-week-51632078208?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194891884","content_text":"The main event this week will be the Federal Reserve’s September policy meeting. Investors will also be watching for several corporate earnings releases, investor days, and the latest economic data.\nLennar reports quarterly earnings on Monday, followed by results from Adobe, AutoZone, and FedEx on Tuesday. General Mills goes on Wednesday, then Nike, Accenture, Costco Wholesale, and Darden Restaurants report on Thursday. Investor days this week include Biogen on Tuesday, Weyerhaeuser on Wednesday, and Salesforce.com on Thursday.\nThe Federal Reserve’s monetary policy committee meets on Tuesday and Wednesday this week. The central bank is unlikely to change its target interest rate range, but could give an update on its plans to begin reducing its monthly asset purchases. Wednesday afternoon’s press conference with Fed chair Jerome Powell will be closely watched.\nEconomic data out this week include the Conference Board’s Leading Economic Index for August on Thursday. There will also be several updates on the U.S. housing market including the National Association of Home Builders’ Housing Market Index for September on Monday, the Census Bureau’s new residential construction data for August on Tuesday, and the National Association of Realtors’ existing-home sales for August on Wednesday.\nMonday 9/20\nLennar reports third-quarter fiscal-2021 results.\nMerck presents data on its portfolio of cancer drugs, in conjunction with the European Society for Medical Oncology’s 2021 Congress.\nThe National Association of Home Builders releases its Housing Market Index for September. Economists forecast a 73 reading, two points below August’s figure, which was the lowest in more than a year.\nTuesday 9/21\nAdobe, AutoZone, and FedEx release earnings.\nBiogen hosts an investor day to discuss its pipeline of neuroscience therapeutics.\nThe Census Bureau reports on new residential construction for August. Consensus estimate is for a seasonally adjusted annual rate of 1.55 million housing starts, 1% higher than the July level. Housing starts are down from their post–financial crisis peak of 1.725 million, reached in March of this year.\nWednesday 9/22\nThe FOMC announces its monetary-policy decision. The Federal Reserve is likely to keep the federal-funds rate unchanged at near zero, but might signal that it will pare its asset purchases later this year.\nGeneral Mills reports first-quarter fiscal-2022 results.\nBoston Scientific,Weyerhaeuser, and Yum China Holdings host their 2021 investor days.\nTheBank of Japan announces its monetary-policy decision. The BOJ is widely expected to keep its key short-term interest rate unchanged at minus 0.1%, as Tokyo and other regions remain in a state of emergency through the end of September due to the Covid-19 Delta variant.\nThe National Association of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 578,000 homes sold, down 3.5% from July’s 599,000.\nThursday 9/23\nAccenture, Costco Wholesale, Darden Restaurants, and Nike hold conference calls to discuss their quarterly results.\nSalesforce.com holds its 2021 investor day. CEO Marc Benioff and Slack CEO Stewart Butterfield will be among the participants. Salesforce completed its $28 billion acquisition of Slack this summer.\nThe Conference Board releases its Leading Economic Index for August. Economists forecast a 0.5% month-over-month rise, after a 0.9% increase in July. The Conference Board currently projects 6% gross-domestic-product growth for 2021, and 4% for 2022.\nFriday 9/24\nKansas City Southernhosts a special shareholder meeting to vote on a proposed merger withCanadian Pacific Railway.","news_type":1,"symbols_score_info":{"CRM":0.9,"NKE":0.9,".SPX":0.9,".IXIC":0.9,"COST":0.9,"FDX":0.9,".DJI":0.9,"ADBE":0.9}},"isVote":1,"tweetType":1,"viewCount":862,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":884654662,"gmtCreate":1631889039556,"gmtModify":1632805545390,"author":{"id":"3569227954325701","authorId":"3569227954325701","name":"Seuna","avatar":"https://static.tigerbbs.com/0bfb6c0f011a65d66aae3afb6132a82d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569227954325701","idStr":"3569227954325701"},"themes":[],"htmlText":"Yay","listText":"Yay","text":"Yay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/884654662","repostId":"2168002520","repostType":4,"isVote":1,"tweetType":1,"viewCount":806,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":885832797,"gmtCreate":1631774343119,"gmtModify":1631891679571,"author":{"id":"3569227954325701","authorId":"3569227954325701","name":"Seuna","avatar":"https://static.tigerbbs.com/0bfb6c0f011a65d66aae3afb6132a82d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569227954325701","idStr":"3569227954325701"},"themes":[],"htmlText":"Lile","listText":"Lile","text":"Lile","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/885832797","repostId":"2167162125","repostType":4,"isVote":1,"tweetType":1,"viewCount":528,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":882354510,"gmtCreate":1631663673430,"gmtModify":1631891679572,"author":{"id":"3569227954325701","authorId":"3569227954325701","name":"Seuna","avatar":"https://static.tigerbbs.com/0bfb6c0f011a65d66aae3afb6132a82d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569227954325701","idStr":"3569227954325701"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/882354510","repostId":"1148341685","repostType":4,"repost":{"id":"1148341685","kind":"news","pubTimestamp":1631660884,"share":"https://www.laohu8.com/m/news/1148341685?lang=zh_CN&edition=full","pubTime":"2021-09-15 07:08","market":"us","language":"en","title":"U.S. stocks close lower on worries over recovery, corporate tax hikes<blockquote>美国股市因对复苏和企业增税的担忧而收低</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148341685","media":"Reuters","summary":"NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing","content":"<p>NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation.</p><p><blockquote>路透纽约-华尔街周二下跌，原因是经济不确定性和企业税率上调的可能性越来越大，抑制了投资者情绪，并引发了广泛的抛售，尽管通胀有缓解的迹象。</blockquote></p><p> Optimism faded throughout the session, reversing an initial rally following the Labor Department’s consumer price index report. All three major U.S. stock indexes ended in negative territory in a reminder that September is a historically rough month for stocks.</p><p><blockquote>整个交易日乐观情绪消退，扭转了劳工部消费者价格指数报告发布后最初的涨势。美国三大股指均收于负值，提醒人们9月份对于股市来说是历史上艰难的一个月。</blockquote></p><p> So far this month the S&amp;P 500 is down nearly 1.8% even as the benchmark index has gained over 18% since the beginning of the year.</p><p><blockquote>本月迄今为止，标普500已下跌近1.8%，尽管基准指数自年初以来已上涨超过18%。</blockquote></p><p> “There is a possibility that the market is simply ready to go through an overdue correction,” said Sam Stovall, chief investment strategist at CFRA Research in New York. “From a seasonality perspective, September tends to be the window dressing period for fund managers.”</p><p><blockquote>纽约CFRA Research首席投资策略师Sam Stovall表示：“市场有可能只是准备好经历一次迟来的调整。”“从季节性来看，9月往往是基金经理的粉饰期。”</blockquote></p><p> The advent of the highly contagious Delta COVID variant has driven an increase in bearish sentiment regarding the recovery from the global health crisis, and many now expect a substantial correction in stock markets by the end of the year.</p><p><blockquote>高度传染性的Delta COVID变种的出现导致人们对从全球健康危机中复苏的看跌情绪增加，许多人现在预计股市将在今年年底前大幅调整。</blockquote></p><p> “We’re still in a corrective mode that people have been calling for months,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “Economic data points have been missing estimates, and that has coincided with the rise in the Delta variant.”</p><p><blockquote>芝加哥Kingsview Asset Management投资组合经理保罗·诺尔特(Paul Nolte)表示：“我们仍处于人们几个月来一直呼吁的纠正模式。”“经济数据点一直低于预期，而这与德尔塔变异毒株的上升同时发生。”</blockquote></p><p> The CPI report delivered a lower-than-consensus August reading, a deceleration that supports Federal Reserve Chairman Jerome Powell’s assertion that spiking inflation is transitory and calms market fears that the central bank will begin tightening monetary policy sooner than expected.</p><p><blockquote>CPI报告公布的8月份读数低于市场普遍预期，这一减速支持了美联储主席杰罗姆·鲍威尔的说法，即通胀飙升是暂时的，并平息了市场对美联储将比预期更早开始收紧货币政策的担忧。</blockquote></p><p> U.S. Treasury yields dropped on the data, which pressured financial stocks, and investor favor pivoted back to growth at the expense of value. [US/]</p><p><blockquote>美国国债收益率因数据而下跌，这给金融股带来压力，投资者的青睐转向增长，而牺牲了价值。[美国/]</blockquote></p><p> The long expected corporate tax hikes, to 26.5% from 21% if Democrats prevail, are coming nearer to fruition with U.S. President Joe Biden’s $3.5 trillion budget package inching closer to passage.</p><p><blockquote>随着美国总统乔·拜登（Joe Biden）的3.5万亿美元预算计划逐渐接近通过，人们期待已久的公司税上调（如果民主党获胜，将从21%上调至26.5%）即将实现。</blockquote></p><p> The Dow Jones Industrial Average fell 292.06 points, or 0.84%, to 34,577.57; the S&amp;P 500 lost 25.68 points, or 0.57%, at 4,443.05; and the Nasdaq Composite dropped 67.82 points, or 0.45%, to 15,037.76.</p><p><blockquote>道琼工业指数跌292.06点，或0.84%，报34577.57点；标普500跌25.68点，跌幅0.57%，报4,443.05点；纳斯达克综合指数下跌67.82点，跌幅0.45%，至15037.76点。</blockquote></p><p> All 11 major sectors in the S&amp;P 500 ended the session red, with energy and financials suffering the largest percentage drops.</p><p><blockquote>标普500 11大板块全部收红，能源和金融板块跌幅最大。</blockquote></p><p> Apple Inc unveiled its iPhone 13 and added new features to its iPad and Apple Watch gadgets in its biggest product launch event of the year as the company faces increased scrutiny in the courts over its business practices. Its shares closed down 1.0% and were the heaviest drag on the S&amp;P 500 and the Nasdaq.</p><p><blockquote>苹果公司在今年最大的产品发布会上推出了iPhone 13，并为其iPad和苹果手表设备添加了新功能，因为该公司面临着法院对其商业行为的更严格审查。其股价收盘下跌1.0%，对标普500和纳斯达克拖累最大。</blockquote></p><p> Intuit Inc gained 1.9% following the TurboTax maker’s announcement that it would acquire digital marketing company Mailchimp for $12 billion.</p><p><blockquote>TurboTax制造商Intuit Inc宣布将以120亿美元收购数字营销公司Mailchimp后，该公司股价上涨1.9%。</blockquote></p><p> CureVac slid 8.0% after the German biotechnology company canceled manufacturing deals for its experimental COVID-19 vaccine.</p><p><blockquote>德国生物技术公司CureVac取消其实验性COVID-19疫苗的生产交易后，股价下跌8.0%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 2.25-to-1 ratio; on Nasdaq, a 2.40-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为2.25比1；在纳斯达克，2.40比1的比率有利于下跌股。</blockquote></p><p> The S&amp;P 500 posted two new 52-week highs and two new lows; the Nasdaq Composite recorded 50 new highs and 107 new lows.</p><p><blockquote>标普500创下两个52周新高和两个新低；纳斯达克综合指数录得50个新高和107个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.07 billion shares, compared with the 9.38 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为100.7亿股，而过去20个交易日的平均成交量为93.8亿股。</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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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\">\nU.S. stocks close lower on worries over recovery, corporate tax hikes<blockquote>美国股市因对复苏和企业增税的担忧而收低</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-09-15 07:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation.</p><p><blockquote>路透纽约-华尔街周二下跌，原因是经济不确定性和企业税率上调的可能性越来越大，抑制了投资者情绪，并引发了广泛的抛售，尽管通胀有缓解的迹象。</blockquote></p><p> Optimism faded throughout the session, reversing an initial rally following the Labor Department’s consumer price index report. All three major U.S. stock indexes ended in negative territory in a reminder that September is a historically rough month for stocks.</p><p><blockquote>整个交易日乐观情绪消退，扭转了劳工部消费者价格指数报告发布后最初的涨势。美国三大股指均收于负值，提醒人们9月份对于股市来说是历史上艰难的一个月。</blockquote></p><p> So far this month the S&amp;P 500 is down nearly 1.8% even as the benchmark index has gained over 18% since the beginning of the year.</p><p><blockquote>本月迄今为止，标普500已下跌近1.8%，尽管基准指数自年初以来已上涨超过18%。</blockquote></p><p> “There is a possibility that the market is simply ready to go through an overdue correction,” said Sam Stovall, chief investment strategist at CFRA Research in New York. “From a seasonality perspective, September tends to be the window dressing period for fund managers.”</p><p><blockquote>纽约CFRA Research首席投资策略师Sam Stovall表示：“市场有可能只是准备好经历一次迟来的调整。”“从季节性来看，9月往往是基金经理的粉饰期。”</blockquote></p><p> The advent of the highly contagious Delta COVID variant has driven an increase in bearish sentiment regarding the recovery from the global health crisis, and many now expect a substantial correction in stock markets by the end of the year.</p><p><blockquote>高度传染性的Delta COVID变种的出现导致人们对从全球健康危机中复苏的看跌情绪增加，许多人现在预计股市将在今年年底前大幅调整。</blockquote></p><p> “We’re still in a corrective mode that people have been calling for months,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “Economic data points have been missing estimates, and that has coincided with the rise in the Delta variant.”</p><p><blockquote>芝加哥Kingsview Asset Management投资组合经理保罗·诺尔特(Paul Nolte)表示：“我们仍处于人们几个月来一直呼吁的纠正模式。”“经济数据点一直低于预期，而这与德尔塔变异毒株的上升同时发生。”</blockquote></p><p> The CPI report delivered a lower-than-consensus August reading, a deceleration that supports Federal Reserve Chairman Jerome Powell’s assertion that spiking inflation is transitory and calms market fears that the central bank will begin tightening monetary policy sooner than expected.</p><p><blockquote>CPI报告公布的8月份读数低于市场普遍预期，这一减速支持了美联储主席杰罗姆·鲍威尔的说法，即通胀飙升是暂时的，并平息了市场对美联储将比预期更早开始收紧货币政策的担忧。</blockquote></p><p> U.S. Treasury yields dropped on the data, which pressured financial stocks, and investor favor pivoted back to growth at the expense of value. [US/]</p><p><blockquote>美国国债收益率因数据而下跌，这给金融股带来压力，投资者的青睐转向增长，而牺牲了价值。[美国/]</blockquote></p><p> The long expected corporate tax hikes, to 26.5% from 21% if Democrats prevail, are coming nearer to fruition with U.S. President Joe Biden’s $3.5 trillion budget package inching closer to passage.</p><p><blockquote>随着美国总统乔·拜登（Joe Biden）的3.5万亿美元预算计划逐渐接近通过，人们期待已久的公司税上调（如果民主党获胜，将从21%上调至26.5%）即将实现。</blockquote></p><p> The Dow Jones Industrial Average fell 292.06 points, or 0.84%, to 34,577.57; the S&amp;P 500 lost 25.68 points, or 0.57%, at 4,443.05; and the Nasdaq Composite dropped 67.82 points, or 0.45%, to 15,037.76.</p><p><blockquote>道琼工业指数跌292.06点，或0.84%，报34577.57点；标普500跌25.68点，跌幅0.57%，报4,443.05点；纳斯达克综合指数下跌67.82点，跌幅0.45%，至15037.76点。</blockquote></p><p> All 11 major sectors in the S&amp;P 500 ended the session red, with energy and financials suffering the largest percentage drops.</p><p><blockquote>标普500 11大板块全部收红，能源和金融板块跌幅最大。</blockquote></p><p> Apple Inc unveiled its iPhone 13 and added new features to its iPad and Apple Watch gadgets in its biggest product launch event of the year as the company faces increased scrutiny in the courts over its business practices. Its shares closed down 1.0% and were the heaviest drag on the S&amp;P 500 and the Nasdaq.</p><p><blockquote>苹果公司在今年最大的产品发布会上推出了iPhone 13，并为其iPad和苹果手表设备添加了新功能，因为该公司面临着法院对其商业行为的更严格审查。其股价收盘下跌1.0%，对标普500和纳斯达克拖累最大。</blockquote></p><p> Intuit Inc gained 1.9% following the TurboTax maker’s announcement that it would acquire digital marketing company Mailchimp for $12 billion.</p><p><blockquote>TurboTax制造商Intuit Inc宣布将以120亿美元收购数字营销公司Mailchimp后，该公司股价上涨1.9%。</blockquote></p><p> CureVac slid 8.0% after the German biotechnology company canceled manufacturing deals for its experimental COVID-19 vaccine.</p><p><blockquote>德国生物技术公司CureVac取消其实验性COVID-19疫苗的生产交易后，股价下跌8.0%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 2.25-to-1 ratio; on Nasdaq, a 2.40-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为2.25比1；在纳斯达克，2.40比1的比率有利于下跌股。</blockquote></p><p> The S&amp;P 500 posted two new 52-week highs and two new lows; the Nasdaq Composite recorded 50 new highs and 107 new lows.</p><p><blockquote>标普500创下两个52周新高和两个新低；纳斯达克综合指数录得50个新高和107个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.07 billion shares, compared with the 9.38 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为100.7亿股，而过去20个交易日的平均成交量为93.8亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-stocks/u-s-stocks-close-lower-on-worries-over-recovery-corporate-tax-hikes-idUSKBN2GA0W9\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.reuters.com/article/usa-stocks/u-s-stocks-close-lower-on-worries-over-recovery-corporate-tax-hikes-idUSKBN2GA0W9","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148341685","content_text":"NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation.\nOptimism faded throughout the session, reversing an initial rally following the Labor Department’s consumer price index report. All three major U.S. stock indexes ended in negative territory in a reminder that September is a historically rough month for stocks.\nSo far this month the S&P 500 is down nearly 1.8% even as the benchmark index has gained over 18% since the beginning of the year.\n“There is a possibility that the market is simply ready to go through an overdue correction,” said Sam Stovall, chief investment strategist at CFRA Research in New York. “From a seasonality perspective, September tends to be the window dressing period for fund managers.”\nThe advent of the highly contagious Delta COVID variant has driven an increase in bearish sentiment regarding the recovery from the global health crisis, and many now expect a substantial correction in stock markets by the end of the year.\n“We’re still in a corrective mode that people have been calling for months,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “Economic data points have been missing estimates, and that has coincided with the rise in the Delta variant.”\nThe CPI report delivered a lower-than-consensus August reading, a deceleration that supports Federal Reserve Chairman Jerome Powell’s assertion that spiking inflation is transitory and calms market fears that the central bank will begin tightening monetary policy sooner than expected.\nU.S. Treasury yields dropped on the data, which pressured financial stocks, and investor favor pivoted back to growth at the expense of value. [US/]\nThe long expected corporate tax hikes, to 26.5% from 21% if Democrats prevail, are coming nearer to fruition with U.S. President Joe Biden’s $3.5 trillion budget package inching closer to passage.\nThe Dow Jones Industrial Average fell 292.06 points, or 0.84%, to 34,577.57; the S&P 500 lost 25.68 points, or 0.57%, at 4,443.05; and the Nasdaq Composite dropped 67.82 points, or 0.45%, to 15,037.76.\nAll 11 major sectors in the S&P 500 ended the session red, with energy and financials suffering the largest percentage drops.\nApple Inc unveiled its iPhone 13 and added new features to its iPad and Apple Watch gadgets in its biggest product launch event of the year as the company faces increased scrutiny in the courts over its business practices. Its shares closed down 1.0% and were the heaviest drag on the S&P 500 and the Nasdaq.\nIntuit Inc gained 1.9% following the TurboTax maker’s announcement that it would acquire digital marketing company Mailchimp for $12 billion.\nCureVac slid 8.0% after the German biotechnology company canceled manufacturing deals for its experimental COVID-19 vaccine.\nDeclining issues outnumbered advancing ones on the NYSE by a 2.25-to-1 ratio; on Nasdaq, a 2.40-to-1 ratio favored decliners.\nThe S&P 500 posted two new 52-week highs and two new lows; the Nasdaq Composite recorded 50 new highs and 107 new lows.\nVolume on U.S. exchanges was 10.07 billion shares, compared with the 9.38 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":613,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886042285,"gmtCreate":1631541223547,"gmtModify":1631891679578,"author":{"id":"3569227954325701","authorId":"3569227954325701","name":"Seuna","avatar":"https://static.tigerbbs.com/0bfb6c0f011a65d66aae3afb6132a82d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569227954325701","idStr":"3569227954325701"},"themes":[],"htmlText":"Likey","listText":"Likey","text":"Likey","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/886042285","repostId":"1112189353","repostType":4,"repost":{"id":"1112189353","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":1631540038,"share":"https://www.laohu8.com/m/news/1112189353?lang=zh_CN&edition=full","pubTime":"2021-09-13 21:33","market":"us","language":"en","title":"U.S. stocks open solidly higher Monday following worst weekly decline in about 3 months<blockquote>继约三个月来最严重单周跌幅后，美国股市周一大幅高开</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112189353","media":"Tiger Newspress","summary":"The Dow Jones Industrial Average gained Monday as U.S. stock indexes rebounded from a losing streak.","content":"<p>The Dow Jones Industrial Average gained Monday as U.S. stock indexes rebounded from a losing streak.</p><p><blockquote>随着美国股指从连跌中反弹，道琼斯工业平均指数周一上涨。</blockquote></p><p> The Dow jumped about 240 points, or 0.7%. The S&amp;P 500 gained 0.7% and the Nasdaq Composite added 0.6%.</p><p><blockquote>道琼斯指数上涨约240点，涨幅0.7%。标普500上涨0.7%，纳斯达克综合指数上涨0.6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/99d05df35cd84a09bab95f1d02ff1457\" tg-width=\"1052\" tg-height=\"446\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The bounce comes after the Dow and S&amp;P posting a fifth straight day of losses, while the Nasdaq Composite registered its third consecutive negative session. For the S&amp;P 500, that was its worst losing streak since February 22.</p><p><blockquote>此次反弹是在道琼斯指数和标准普尔指数连续第五天下跌，而纳斯达克综合指数连续第三个交易日下跌之后发生的。对于标普500来说，这是自2月22日以来最严重的连跌。</blockquote></p><p> \"With supply chain disruptions, COVID-19 variant risk, stickier than expected inflation along with other uncertainties that challenge the present recovery's path toward a sustainable economic expansion the age old adage 'progress not perfection' among current developments appears best suited for investors to focus on for now,\" Oppenheimer's John Stoltzfus said in a note Monday.</p><p><blockquote>“由于供应链中断、COVID-19变种风险、通胀粘性强于预期以及其他挑战当前复苏通往可持续经济扩张之路的不确定性，当前发展中的古老格言‘进步而非完美’似乎最适合投资者关注目前，”奥本海默的约翰·斯托尔茨福斯周一在一份报告中表示。</blockquote></p><p> Covid cases appear to be trending lower in the U.S. with a 7-day average through Friday of about 136,000, down from 157,000 average new cases at the end of August, according to the CDC. Pfizer's Covid vaccine could be&nbsp;authorized for children by the end of next month, sources familiar told Reuters.</p><p><blockquote>根据CDC的数据，美国的Covid病例似乎呈下降趋势，截至周五的7天平均新增病例约为136,000例，低于8月底的平均157,000例。知情人士告诉路透社，辉瑞的Covid疫苗可能会在下月底被授权用于儿童。</blockquote></p><p> Names linked to the reopening led the gains in premarket trading. Delta Air Lines and United Airlines shares gained. Carnival Corp edged higher. Traditional cyclical plays GM and Citigroup rose. MGM shares rose after an&nbsp;upgrade by Bernstein to outperform.</p><p><blockquote>与重新开放相关的名字领涨盘前交易。达美航空和联合航空股价上涨。嘉年华公司小幅走高。传统周期性股票通用汽车和花旗集团上涨。伯恩斯坦将米高梅股价上调至跑赢大盘后上涨。</blockquote></p><p> \"Vaccinations plus immunity should mean cases eventually fall. Full reopening and related spending has been pushed out,\" wrote UBS strategist Keith Parker, who sees the S&amp;P 500 gaining another 4% through year-end.</p><p><blockquote>瑞银策略师基思·帕克(Keith Parker)写道：“疫苗接种加上免疫力应该意味着病例最终会下降。全面重新开放和相关支出已被推迟。”他预计标普500到年底将再上涨4%。</blockquote></p><p> Traditional cyclical plays GM and Citigroup rose Monday. MGM shares rose after an&nbsp;upgrade by Bernstein to outperform.</p><p><blockquote>传统周期性股票通用汽车和花旗集团周一上涨。伯恩斯坦将米高梅股价上调至跑赢大盘后上涨。</blockquote></p><p> Tech shares gained as well. Apple moved higher ahead of a&nbsp;launch event Tuesday&nbsp;where the company is expected to introduce new iPhones.</p><p><blockquote>科技股也上涨。苹果在周二的发布会之前股价走高，预计该公司将在会上推出新款iPhone。</blockquote></p><p> Nike shares ticked lower after&nbsp;BTIG downgraded the stock&nbsp;citing supply chain challenges caused by the pandemic. Production issues could significantly impact Nike’s holiday sales, BTIG said.</p><p><blockquote>BTIG以疫情造成的供应链挑战为由下调耐克股票评级后，耐克股价小幅走低。BTIG表示，生产问题可能会严重影响耐克的假日销售。</blockquote></p><p> “Supply bottlenecks, inventory shortages, higher commodity prices, and higher shipping rates have all contributed to higher input costs,” noted Charlie Ripley, senior investment strategist for Allianz Investment Management.</p><p><blockquote>安联投资管理公司高级投资策略师查理·里普利指出：“供应瓶颈、库存短缺、大宗商品价格上涨和运费上涨都导致了投入成本上升。”</blockquote></p><p> Inflation fears have contributed to the market’s recent losses. Data released Friday showed that&nbsp;producer prices rose&nbsp;0.7% in August and 8.3% year over year, which was the biggest annual increase since records were first kept in November 2010.</p><p><blockquote>通胀担忧导致了市场近期的下跌。周五公布的数据显示，8月份生产者价格上涨0.7%，同比上涨8.3%，这是自2010年11月有记录以来的最大年度涨幅。</blockquote></p><p> ″[Friday’s] data on wholesale prices should be eye-opening for the Fed, as inflation pressures still don’t appear to be easing and will likely continue to be felt by the consumer in the coming months,” Ripley said.</p><p><blockquote>里普利表示：“[周五的]批发价格数据应该会让美联储大开眼界，因为通胀压力似乎仍未缓解，并且消费者可能会在未来几个月继续感受到通胀压力。”</blockquote></p><p> The closely watched consumer price index will be released on Tuesday, at which point the Street will see how much of the heightened costs are being passed along to consumers. Economists surveyed by FactSet are expecting the reading to show that consumer prices jumped&nbsp;5.3% on an annual pacein August. Retail sales data will be released later in the week.</p><p><blockquote>备受关注的消费者价格指数将于周二发布，届时华尔街将看到有多少上涨的成本被转嫁给了消费者。FactSet调查的经济学家预计，8月份消费者价格同比上涨5.零售销售数据将于本周晚些时候公布。</blockquote></p><p> Stocks have been under pressure since&nbsp;August’s jobs report, released by the Labor Department on September 3, missed expectations. Worries are rippling through the market that the pandemic will continue to hamper economic growth while hot inflation will prompt the Federal Reserve to take action.</p><p><blockquote>自美国劳工部9月3日发布的8月份就业报告未达预期以来，股市一直承压。市场普遍担心疫情将继续阻碍经济增长，而高通胀将促使美联储采取行动。</blockquote></p><p> “The negative impact of the delta variant on the cyclical trade is clear,” noted strategists at Jefferies. “It is increasingly evident that the impact of delta has delayed any Federal Reserve attempt at tapering, just as it has given fresh momentum to the Big Tech stocks with growth outperforming value so far this quarter.”</p><p><blockquote>杰富瑞策略师指出：“德尔塔变异毒株对周期性交易的负面影响是显而易见的。”“越来越明显的是，达美航空的影响推迟了美联储缩减规模的任何尝试，正如它为本季度迄今为止增长跑赢价值的大型科技股提供了新的动力一样。”</blockquote></p><p> The Fed will begin its two-day policy meeting on September 21, where investors will be looking for clues about the central bank’s bond-buying program.</p><p><blockquote>美联储将于9月21日开始为期两天的政策会议，届时投资者将寻找有关央行债券购买计划的线索。</blockquote></p><p> Despite last week’s losses, the major averages are still relatively close to their record levels. the Dow is about 2% from its all-time high, while the S&amp;P 500 and Nasdaq Composite are under 2% below their high-water marks.</p><p><blockquote>尽管上周有所下跌，但主要股指仍相对接近创纪录水平。道琼斯指数较历史高点下跌约2%，而标普500和纳斯达克综合指数较高点下跌不到2%。</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>U.S. stocks open solidly higher Monday following worst weekly decline in about 3 months<blockquote>继约三个月来最严重单周跌幅后，美国股市周一大幅高开</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\">\nU.S. stocks open solidly higher Monday following worst weekly decline in about 3 months<blockquote>继约三个月来最严重单周跌幅后，美国股市周一大幅高开</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\">2021-09-13 21:33</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The Dow Jones Industrial Average gained Monday as U.S. stock indexes rebounded from a losing streak.</p><p><blockquote>随着美国股指从连跌中反弹，道琼斯工业平均指数周一上涨。</blockquote></p><p> The Dow jumped about 240 points, or 0.7%. The S&amp;P 500 gained 0.7% and the Nasdaq Composite added 0.6%.</p><p><blockquote>道琼斯指数上涨约240点，涨幅0.7%。标普500上涨0.7%，纳斯达克综合指数上涨0.6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/99d05df35cd84a09bab95f1d02ff1457\" tg-width=\"1052\" tg-height=\"446\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The bounce comes after the Dow and S&amp;P posting a fifth straight day of losses, while the Nasdaq Composite registered its third consecutive negative session. For the S&amp;P 500, that was its worst losing streak since February 22.</p><p><blockquote>此次反弹是在道琼斯指数和标准普尔指数连续第五天下跌，而纳斯达克综合指数连续第三个交易日下跌之后发生的。对于标普500来说，这是自2月22日以来最严重的连跌。</blockquote></p><p> \"With supply chain disruptions, COVID-19 variant risk, stickier than expected inflation along with other uncertainties that challenge the present recovery's path toward a sustainable economic expansion the age old adage 'progress not perfection' among current developments appears best suited for investors to focus on for now,\" Oppenheimer's John Stoltzfus said in a note Monday.</p><p><blockquote>“由于供应链中断、COVID-19变种风险、通胀粘性强于预期以及其他挑战当前复苏通往可持续经济扩张之路的不确定性，当前发展中的古老格言‘进步而非完美’似乎最适合投资者关注目前，”奥本海默的约翰·斯托尔茨福斯周一在一份报告中表示。</blockquote></p><p> Covid cases appear to be trending lower in the U.S. with a 7-day average through Friday of about 136,000, down from 157,000 average new cases at the end of August, according to the CDC. Pfizer's Covid vaccine could be&nbsp;authorized for children by the end of next month, sources familiar told Reuters.</p><p><blockquote>根据CDC的数据，美国的Covid病例似乎呈下降趋势，截至周五的7天平均新增病例约为136,000例，低于8月底的平均157,000例。知情人士告诉路透社，辉瑞的Covid疫苗可能会在下月底被授权用于儿童。</blockquote></p><p> Names linked to the reopening led the gains in premarket trading. Delta Air Lines and United Airlines shares gained. Carnival Corp edged higher. Traditional cyclical plays GM and Citigroup rose. MGM shares rose after an&nbsp;upgrade by Bernstein to outperform.</p><p><blockquote>与重新开放相关的名字领涨盘前交易。达美航空和联合航空股价上涨。嘉年华公司小幅走高。传统周期性股票通用汽车和花旗集团上涨。伯恩斯坦将米高梅股价上调至跑赢大盘后上涨。</blockquote></p><p> \"Vaccinations plus immunity should mean cases eventually fall. Full reopening and related spending has been pushed out,\" wrote UBS strategist Keith Parker, who sees the S&amp;P 500 gaining another 4% through year-end.</p><p><blockquote>瑞银策略师基思·帕克(Keith Parker)写道：“疫苗接种加上免疫力应该意味着病例最终会下降。全面重新开放和相关支出已被推迟。”他预计标普500到年底将再上涨4%。</blockquote></p><p> Traditional cyclical plays GM and Citigroup rose Monday. MGM shares rose after an&nbsp;upgrade by Bernstein to outperform.</p><p><blockquote>传统周期性股票通用汽车和花旗集团周一上涨。伯恩斯坦将米高梅股价上调至跑赢大盘后上涨。</blockquote></p><p> Tech shares gained as well. Apple moved higher ahead of a&nbsp;launch event Tuesday&nbsp;where the company is expected to introduce new iPhones.</p><p><blockquote>科技股也上涨。苹果在周二的发布会之前股价走高，预计该公司将在会上推出新款iPhone。</blockquote></p><p> Nike shares ticked lower after&nbsp;BTIG downgraded the stock&nbsp;citing supply chain challenges caused by the pandemic. Production issues could significantly impact Nike’s holiday sales, BTIG said.</p><p><blockquote>BTIG以疫情造成的供应链挑战为由下调耐克股票评级后，耐克股价小幅走低。BTIG表示，生产问题可能会严重影响耐克的假日销售。</blockquote></p><p> “Supply bottlenecks, inventory shortages, higher commodity prices, and higher shipping rates have all contributed to higher input costs,” noted Charlie Ripley, senior investment strategist for Allianz Investment Management.</p><p><blockquote>安联投资管理公司高级投资策略师查理·里普利指出：“供应瓶颈、库存短缺、大宗商品价格上涨和运费上涨都导致了投入成本上升。”</blockquote></p><p> Inflation fears have contributed to the market’s recent losses. Data released Friday showed that&nbsp;producer prices rose&nbsp;0.7% in August and 8.3% year over year, which was the biggest annual increase since records were first kept in November 2010.</p><p><blockquote>通胀担忧导致了市场近期的下跌。周五公布的数据显示，8月份生产者价格上涨0.7%，同比上涨8.3%，这是自2010年11月有记录以来的最大年度涨幅。</blockquote></p><p> ″[Friday’s] data on wholesale prices should be eye-opening for the Fed, as inflation pressures still don’t appear to be easing and will likely continue to be felt by the consumer in the coming months,” Ripley said.</p><p><blockquote>里普利表示：“[周五的]批发价格数据应该会让美联储大开眼界，因为通胀压力似乎仍未缓解，并且消费者可能会在未来几个月继续感受到通胀压力。”</blockquote></p><p> The closely watched consumer price index will be released on Tuesday, at which point the Street will see how much of the heightened costs are being passed along to consumers. Economists surveyed by FactSet are expecting the reading to show that consumer prices jumped&nbsp;5.3% on an annual pacein August. Retail sales data will be released later in the week.</p><p><blockquote>备受关注的消费者价格指数将于周二发布，届时华尔街将看到有多少上涨的成本被转嫁给了消费者。FactSet调查的经济学家预计，8月份消费者价格同比上涨5.零售销售数据将于本周晚些时候公布。</blockquote></p><p> Stocks have been under pressure since&nbsp;August’s jobs report, released by the Labor Department on September 3, missed expectations. Worries are rippling through the market that the pandemic will continue to hamper economic growth while hot inflation will prompt the Federal Reserve to take action.</p><p><blockquote>自美国劳工部9月3日发布的8月份就业报告未达预期以来，股市一直承压。市场普遍担心疫情将继续阻碍经济增长，而高通胀将促使美联储采取行动。</blockquote></p><p> “The negative impact of the delta variant on the cyclical trade is clear,” noted strategists at Jefferies. “It is increasingly evident that the impact of delta has delayed any Federal Reserve attempt at tapering, just as it has given fresh momentum to the Big Tech stocks with growth outperforming value so far this quarter.”</p><p><blockquote>杰富瑞策略师指出：“德尔塔变异毒株对周期性交易的负面影响是显而易见的。”“越来越明显的是，达美航空的影响推迟了美联储缩减规模的任何尝试，正如它为本季度迄今为止增长跑赢价值的大型科技股提供了新的动力一样。”</blockquote></p><p> The Fed will begin its two-day policy meeting on September 21, where investors will be looking for clues about the central bank’s bond-buying program.</p><p><blockquote>美联储将于9月21日开始为期两天的政策会议，届时投资者将寻找有关央行债券购买计划的线索。</blockquote></p><p> Despite last week’s losses, the major averages are still relatively close to their record levels. the Dow is about 2% from its all-time high, while the S&amp;P 500 and Nasdaq Composite are under 2% below their high-water marks.</p><p><blockquote>尽管上周有所下跌，但主要股指仍相对接近创纪录水平。道琼斯指数较历史高点下跌约2%，而标普500和纳斯达克综合指数较高点下跌不到2%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112189353","content_text":"The Dow Jones Industrial Average gained Monday as U.S. stock indexes rebounded from a losing streak.\nThe Dow jumped about 240 points, or 0.7%. The S&P 500 gained 0.7% and the Nasdaq Composite added 0.6%.\n\nThe bounce comes after the Dow and S&P posting a fifth straight day of losses, while the Nasdaq Composite registered its third consecutive negative session. For the S&P 500, that was its worst losing streak since February 22.\n\"With supply chain disruptions, COVID-19 variant risk, stickier than expected inflation along with other uncertainties that challenge the present recovery's path toward a sustainable economic expansion the age old adage 'progress not perfection' among current developments appears best suited for investors to focus on for now,\" Oppenheimer's John Stoltzfus said in a note Monday.\nCovid cases appear to be trending lower in the U.S. with a 7-day average through Friday of about 136,000, down from 157,000 average new cases at the end of August, according to the CDC. Pfizer's Covid vaccine could be authorized for children by the end of next month, sources familiar told Reuters.\nNames linked to the reopening led the gains in premarket trading. Delta Air Lines and United Airlines shares gained. Carnival Corp edged higher. Traditional cyclical plays GM and Citigroup rose. MGM shares rose after an upgrade by Bernstein to outperform.\n\"Vaccinations plus immunity should mean cases eventually fall. Full reopening and related spending has been pushed out,\" wrote UBS strategist Keith Parker, who sees the S&P 500 gaining another 4% through year-end.\nTraditional cyclical plays GM and Citigroup rose Monday. MGM shares rose after an upgrade by Bernstein to outperform.\nTech shares gained as well. Apple moved higher ahead of a launch event Tuesday where the company is expected to introduce new iPhones.\nNike shares ticked lower after BTIG downgraded the stock citing supply chain challenges caused by the pandemic. Production issues could significantly impact Nike’s holiday sales, BTIG said.\n“Supply bottlenecks, inventory shortages, higher commodity prices, and higher shipping rates have all contributed to higher input costs,” noted Charlie Ripley, senior investment strategist for Allianz Investment Management.\nInflation fears have contributed to the market’s recent losses. Data released Friday showed that producer prices rose 0.7% in August and 8.3% year over year, which was the biggest annual increase since records were first kept in November 2010.\n″[Friday’s] data on wholesale prices should be eye-opening for the Fed, as inflation pressures still don’t appear to be easing and will likely continue to be felt by the consumer in the coming months,” Ripley said.\nThe closely watched consumer price index will be released on Tuesday, at which point the Street will see how much of the heightened costs are being passed along to consumers. Economists surveyed by FactSet are expecting the reading to show that consumer prices jumped 5.3% on an annual pacein August. Retail sales data will be released later in the week.\nStocks have been under pressure since August’s jobs report, released by the Labor Department on September 3, missed expectations. Worries are rippling through the market that the pandemic will continue to hamper economic growth while hot inflation will prompt the Federal Reserve to take action.\n“The negative impact of the delta variant on the cyclical trade is clear,” noted strategists at Jefferies. “It is increasingly evident that the impact of delta has delayed any Federal Reserve attempt at tapering, just as it has given fresh momentum to the Big Tech stocks with growth outperforming value so far this quarter.”\nThe Fed will begin its two-day policy meeting on September 21, where investors will be looking for clues about the central bank’s bond-buying program.\nDespite last week’s losses, the major averages are still relatively close to their record levels. the Dow is about 2% from its all-time high, while the S&P 500 and Nasdaq Composite are under 2% below their high-water marks.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":473,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881416656,"gmtCreate":1631375538575,"gmtModify":1631891679578,"author":{"id":"3569227954325701","authorId":"3569227954325701","name":"Seuna","avatar":"https://static.tigerbbs.com/0bfb6c0f011a65d66aae3afb6132a82d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569227954325701","idStr":"3569227954325701"},"themes":[],"htmlText":"Fome","listText":"Fome","text":"Fome","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/881416656","repostId":"2166375995","repostType":4,"isVote":1,"tweetType":1,"viewCount":917,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881418963,"gmtCreate":1631375460252,"gmtModify":1631891679582,"author":{"id":"3569227954325701","authorId":"3569227954325701","name":"Seuna","avatar":"https://static.tigerbbs.com/0bfb6c0f011a65d66aae3afb6132a82d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569227954325701","idStr":"3569227954325701"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/881418963","repostId":"1151643560","repostType":4,"isVote":1,"tweetType":1,"viewCount":807,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":167695338,"gmtCreate":1624263742524,"gmtModify":1631891710359,"author":{"id":"3569227954325701","authorId":"3569227954325701","name":"Seuna","avatar":"https://static.tigerbbs.com/0bfb6c0f011a65d66aae3afb6132a82d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569227954325701","idStr":"3569227954325701"},"themes":[],"htmlText":"Like and comment please","listText":"Like and comment please","text":"Like and comment please","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":5,"commentSize":17,"repostSize":0,"link":"https://laohu8.com/post/167695338","repostId":"1162827876","repostType":4,"isVote":1,"tweetType":1,"viewCount":576,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129613076,"gmtCreate":1624370711795,"gmtModify":1631891710383,"author":{"id":"3569227954325701","authorId":"3569227954325701","name":"Seuna","avatar":"https://static.tigerbbs.com/0bfb6c0f011a65d66aae3afb6132a82d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569227954325701","idStr":"3569227954325701"},"themes":[],"htmlText":"Like and comment please","listText":"Like and comment please","text":"Like and comment please","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":5,"commentSize":14,"repostSize":0,"link":"https://laohu8.com/post/129613076","repostId":"2145056554","repostType":4,"isVote":1,"tweetType":1,"viewCount":448,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347553832,"gmtCreate":1618503371326,"gmtModify":1631887793962,"author":{"id":"3569227954325701","authorId":"3569227954325701","name":"Seuna","avatar":"https://static.tigerbbs.com/0bfb6c0f011a65d66aae3afb6132a82d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569227954325701","idStr":"3569227954325701"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BNGO\">$Bionano Genomics(BNGO)$</a>There is nothing wrong with this stock. Just wsb trying to lower it as much as possible so they can buyin when impatient people sell. Genomics is important in the future of healthcare. Go read up what they have done and will be doing. Pentagon approves.","listText":"<a href=\"https://laohu8.com/S/BNGO\">$Bionano Genomics(BNGO)$</a>There is nothing wrong with this stock. Just wsb trying to lower it as much as possible so they can buyin when impatient people sell. Genomics is important in the future of healthcare. Go read up what they have done and will be doing. Pentagon approves.","text":"$Bionano Genomics(BNGO)$There is nothing wrong with this stock. Just wsb trying to lower it as much as possible so they can buyin when impatient people sell. Genomics is important in the future of healthcare. Go read up what they have done and will be doing. Pentagon 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