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2021-03-10

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2021-05-15

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Why AMC Entertainment Stock Jumped Again Friday<blockquote>为什么AMC院线股价周五再次上涨</blockquote>

2021-04-15

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2021-05-30

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2021-03-19

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Six ‘reopening’ stocks, including Bumble and Wayfair, that company insiders absolutely love<blockquote>公司内部人士绝对喜爱的 Bumble 和 Wayfair 等六只 “重新开盘 ”股票</blockquote>

2021-02-19

$Palantir Technologies Inc.(PLTR)$do u think tdy will be better?

2021-07-11

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The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote>

2021-06-17

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2021-06-28

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2021-05-27

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09:15","market":"us","language":"en","title":"The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112201050","media":"Barrons","summary":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the de","content":"<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达的干涸尸体在一月份突然复活时，它们何时会再次坠毁的时间已经在流逝。会是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经过去半年了，核心 “备忘录股票 ”的交易价格仍然处于研究这些股票多年的人认为离谱的水平。Clover Health Investments (CLOV) 和 Newegg Commerce (NEGG) 等新名称最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易员--长期以来被嘲笑为 “哑巴钱 ”--的集体努力成功地让股市飙升，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型的迹象，也没有表现出足以证明其估值的利润，但情况确实如此。黑莓在最近一个季度烧钱，并警告称其关键的网络安全部门将达到收入指导的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>虽然大型经纪商的交易量较 2 月份的峰值略有下降，但仍高于疫情爆发前的两到三倍。数量惊人的这种活动发生在散户交易者青睐的股票中。例如，AMC院线控股公司（AMC）6 月份的日均交易额达到 131 亿美元，超过了苹果（AAPL）的 95 亿美元和亚马逊（AMZN）的 103 亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍然致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多的交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉捏酸面团面包；交易者只会变得越来越饥饿。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种食欲，就像互联网泡沫破裂时一样。目前，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“美国海军电子技术员布兰登-卢切克（Brandon Luczek）在给《巴伦周刊》的一封电子邮件中写道：”我看到'逢低买入'的情绪一刻也没有减弱。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>迷因股票飙升是由散户投资者交易的增加推动的。2020年，在线经纪商以创纪录的速度签约客户，超过1000万人开设了新账户。这一记录几乎肯定会在2021年被打破。一些顶级公司透露，在今年不到一半的时间里，经纪商已经增加了超过 1000 万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这种现象的推车，也是马。他们的价格突然飙升是由新投资者推动的，然后这一行动推动更多的新人投资。数百万人在 1 月底和 2 月初下载了投资应用程序，只是为了享受乐趣。嘉信理财（SCHW）最近的一项调查发现，15%的现有交易者在2020年后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>激增中最突出的参与者是 Robinhood，该公司表示仅在第一季度就增加了 550 万个资金账户。但它并不孤单。例如，富达宣布，第一季度吸引了 160 万 35 岁以下的新客户，比去年同期增长了 223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在 Robinhood 零佣金模式的压力下，所有主要经纪商都在 2019 年将佣金降至零。这为新客户群体打开了闸门——他们可能没有那么多闲置现金进行交易，但比前辈更加活跃和多样化。经纪人正在套现。富达希望在投资者获得驾照之前就吸引他们，允许年仅 13 岁的儿童开设交易账户。Robinhood 正在乘势而上进行首次公开募股，分析师预计其估值将超过其收入的 10 倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与他们的老同行不同。E*Trade 交易主管克里斯-拉金（Chris Larkin）说，多年来，“ETF 一直备受青睐”，E*Trade 现归摩根士丹利（MS）所有。但挑选个股显然是 “2021 年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，随着世界各地的投资者押注疫情复苏并避免疲软的债券收益率，股票交易所交易基金仍然表现良好。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但 ETF 不像股票那样点亮留言板。这并不是说顶级公司的单行道。游戏驿站二月份确实下跌，华尔街享受了幸灾乐祸的时刻。它并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>“盈透证券（Interactive Brokers）首席策略师史蒂夫-索斯尼克（Steve Sosnick）写道：”就像蝉一样，备忘录交易者在表面上隐匿了几个月后又重新活跃起来。索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种货币转向另一种货币。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>“他写道：”我不认为，在比特币和其他加密货币大幅回调后，备忘录股票卷土重来完全是巧合。</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为备忘录股票是一个 “独立的板块”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对备忘录股票革命的反应一直是孤立专业人士认为不理性的市场部分。大多数卖空者不会碰这些股票，分析师也在放弃报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样把零售大军赶走，也不能指望它们在未来 17 年内消失。股票交易已经发生了永久性的变化。今年，零售活动占股本量的 24%，高于 2019 年的 15%。新信条的追随者不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>“哥伦比亚法学院（Columbia Law School）专门研究证券市场的教授约书亚-米茨（Joshua Mitts）说：”这实际上反映了我们所看到的趋势的逆转，即与个别公司的接触越来越少。“技术正在拉近普通投资者与他或她所投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>— Matt Kohrs，26 岁，每天在 YouTube 上直播股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早早加入的人的生活，并且仍然在更高的名字上。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯为例，他很早就投资了AMC院线。今年2月，他辞去了纽约程序员的工作，搬到了费城，并开始在YouTube上每天7个小时直播股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>YouTube 拥有 35 万粉丝，它正在支付账单。科尔斯说，凭借广告和股票的收入，他可以拿到与以前大致相同的工资。但他也知道，像这样依赖股票收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“他说：”你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给迷因学家来理解新华尔街充满表情符号的语言，这样他们就可以阻止他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC 甚至在上周取消了一项拟议的股权融资，因为该公司显然不喜欢 Reddit 人群的反响。过去一年，AMC 的股票数量已经增加了五倍。首席执行官亚当-阿伦（Adam Aron）在推特上表示，他看到了 “许多人赞成，许多人反对 ”对他增发 2500 万股股票的提议的反应，因此该提议将被取消，而不是在本月晚些时候的 AMC 年会上进行表决。该公司没有回答有关如何调查股东的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室里决定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者正在花费更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕零售行动进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在 “阿尔法”，但要实现这一目标可能需要一些紧张的数字运算。当然，并不是所有的留言板聊天都会导致价格持续上涨，如果没有大量的数据分析，零售订单流很难与机构流分开。对于拥有工具来确定散户投资者正在购买哪些股票和正在出售哪些股票的投资者来说，摩根大通建议做多买入兴趣最高的 20% 的股票，做空卖出兴趣最高的 20% 的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他说：”他们认为这几乎就像一份保险，以限制他们的下行风险。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于零售商来说，这种方法并不总是科学的。这一行动是由社区精神支撑的。其背后的力量既是情感上的，也是道德上的，也是经济上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是希望证明自己，并像利润一样惩罚保守派。他们互相学习市场，有时会放大或揭穿关于华尔街的阴谋论。一些人将模因股票运动与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“26 岁的科尔斯说：”华尔街让我们的经济陷入困境，但没有人因此惹上麻烦。“所以，我认为他们认为我们不仅可以赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格 (Claire Hirschberg) 是一名 28 岁的工会组织者，她在 1 月份从朋友那里听说 Robinhood 上购买了价值约 50 美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他是一名长期的资金经理。“她笑着说：”他很生气我买了游戏驿站，还不肯卖。“这让我想永远拿着它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像老华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，在你成为合伙人之前，你不会打菲拉格慕领带。在总经理离开之前，你从不离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而且不是按顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万散户交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认财务损失是一种勇敢的行为，是内部坚韧和对本集团信念的证明。你不把自己当回事，也不规范语言。你是 “猿类 ”或 “弱智 ”大军的一员。你坚持住，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>集体行动不仅仅是为了精神支持。交易策略取决于人们保持买入压力，迫使做空，或买入看涨期权，从而引发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔 (Keith Gill) 在二月份众议院金融服务委员会听证会上虚拟露面，成为 Reddit 散户交易员大军推高游戏驿站股价的代言人。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来给备忘录运动注入氧气。6 月中旬，AMC 的空头权益占该股流通量的 17%，低于 1 月份的 28%，但降幅不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格上涨，空头们也控制不住自己。多年来一直关注游戏驿站的韦德布什证券分析师迈克尔-帕切特（Michael Pachter）说，他们开始 “流口水，耳朵里冒出火焰”。“他说：”让我感到震惊的是精神错乱的定义，就是一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头却不断出现。“[游戏驿站公牛]基思-吉尔（Keith Gill）和他的 Reddit raiders 一直在挤压他们，而且一直在起作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit 人群需要团结起来，但该社区有时会出现裂缝。拥有最坚定粉丝群的两只模因股票——游戏驿站和 AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更善变的支持者。几只陷入迷因疯狂的股票已经崩溃。 Bed Bath &amp; Beyond (BBBY) 在 1 月底和 6 月初两次飙升，但现在的交易价格仅略高于 1 月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心 wallstreetbets——激发游戏驿站狂热的最初 Reddit 留言板——发展如此之快，以至于它已经失去了最初的精神，并可能变得容易受到操纵。有些人搬到了其他留言板，如 r/superstonk，希望能重现老社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司 Hype Equity 的创始人特拉维斯·雷尔 (Travis Rehl) 表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常由代表网上谈论的公司的公关公司雇佣。现在，他看到了一种不断增长的趋势，即股票突然出现在留言板上，收到积极的聊天，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“他说：”这让人怀疑什么是真正的讨论，什么是某人只想炒作的东西。wallstreetbets 的版主禁止在该平台上操纵市场，Rehl 表示，他们似乎正在努力遏制错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>“索斯尼克说：”如果你能制造足够的轰动效应，让一只股票在短时间内上涨 10%、20%，甚至 50%，那么你就有巨大的动力去做这件事。</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>美国证券交易委员会正在关注留言板上的有趣交易。美国证券交易委员会主席加里·詹斯勒（Gary Gensler）和一些国会议员讨论了改变市场规则，目的是增加保护散户交易者的透明度——尽管如果这些变化减缓交易速度或使交易成本更高，也可能激怒零售人群。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一能遏制这一趋势的因素。fintech Betterment 行为金融和投资副总裁丹·伊根 (Dan Egan) 认为，这种势头可能会在 9 月份耗尽。即使是 “猿猴 ”也有责任。“他说：”孩子们开始重返校园；家长们也可以自由地再次上班了。“那是下一次从房间里抽出氧气的时候了。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金引发的暂时疯狂。但那将是一个错误。如果零佣金经纪和游戏驿站乐趣打破了数百万新投资者开户的障碍，那么只要大多数人用他们并不立即需要的钱下注，这几乎肯定是一件好事。许多新零售商表示，他们正在自学如何交易，并开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>无论如何，这是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授亨德里克-贝森宾德（Hendrik Bessembinder）在2018年发表了一项开创性的研究，发现“在随机选择的月份随机选择的股票，亏损的可能性大于赚钱的可能性”。简而言之，挑选单只股票并持有集中投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是对新一波交易感到鼓舞。“贝森宾德说：”我欢迎零售交易的增加，欢迎股票市场成为一个广泛参与的地方。“经济学家不能告诉人们他们不应该找点乐子”。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</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\">\nThe Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-11 09:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达的干涸尸体在一月份突然复活时，它们何时会再次坠毁的时间已经在流逝。会是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经过去半年了，核心 “备忘录股票 ”的交易价格仍然处于研究这些股票多年的人认为离谱的水平。Clover Health Investments (CLOV) 和 Newegg Commerce (NEGG) 等新名称最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易员--长期以来被嘲笑为 “哑巴钱 ”--的集体努力成功地让股市飙升，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型的迹象，也没有表现出足以证明其估值的利润，但情况确实如此。黑莓在最近一个季度烧钱，并警告称其关键的网络安全部门将达到收入指导的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>虽然大型经纪商的交易量较 2 月份的峰值略有下降，但仍高于疫情爆发前的两到三倍。数量惊人的这种活动发生在散户交易者青睐的股票中。例如，AMC院线控股公司（AMC）6 月份的日均交易额达到 131 亿美元，超过了苹果（AAPL）的 95 亿美元和亚马逊（AMZN）的 103 亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍然致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多的交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉捏酸面团面包；交易者只会变得越来越饥饿。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种食欲，就像互联网泡沫破裂时一样。目前，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“美国海军电子技术员布兰登-卢切克（Brandon Luczek）在给《巴伦周刊》的一封电子邮件中写道：”我看到'逢低买入'的情绪一刻也没有减弱。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>迷因股票飙升是由散户投资者交易的增加推动的。2020年，在线经纪商以创纪录的速度签约客户，超过1000万人开设了新账户。这一记录几乎肯定会在2021年被打破。一些顶级公司透露，在今年不到一半的时间里，经纪商已经增加了超过 1000 万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这种现象的推车，也是马。他们的价格突然飙升是由新投资者推动的，然后这一行动推动更多的新人投资。数百万人在 1 月底和 2 月初下载了投资应用程序，只是为了享受乐趣。嘉信理财（SCHW）最近的一项调查发现，15%的现有交易者在2020年后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>激增中最突出的参与者是 Robinhood，该公司表示仅在第一季度就增加了 550 万个资金账户。但它并不孤单。例如，富达宣布，第一季度吸引了 160 万 35 岁以下的新客户，比去年同期增长了 223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在 Robinhood 零佣金模式的压力下，所有主要经纪商都在 2019 年将佣金降至零。这为新客户群体打开了闸门——他们可能没有那么多闲置现金进行交易，但比前辈更加活跃和多样化。经纪人正在套现。富达希望在投资者获得驾照之前就吸引他们，允许年仅 13 岁的儿童开设交易账户。Robinhood 正在乘势而上进行首次公开募股，分析师预计其估值将超过其收入的 10 倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与他们的老同行不同。E*Trade 交易主管克里斯-拉金（Chris Larkin）说，多年来，“ETF 一直备受青睐”，E*Trade 现归摩根士丹利（MS）所有。但挑选个股显然是 “2021 年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，随着世界各地的投资者押注疫情复苏并避免疲软的债券收益率，股票交易所交易基金仍然表现良好。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但 ETF 不像股票那样点亮留言板。这并不是说顶级公司的单行道。游戏驿站二月份确实下跌，华尔街享受了幸灾乐祸的时刻。它并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>“盈透证券（Interactive Brokers）首席策略师史蒂夫-索斯尼克（Steve Sosnick）写道：”就像蝉一样，备忘录交易者在表面上隐匿了几个月后又重新活跃起来。索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种货币转向另一种货币。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>“他写道：”我不认为，在比特币和其他加密货币大幅回调后，备忘录股票卷土重来完全是巧合。</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为备忘录股票是一个 “独立的板块”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对备忘录股票革命的反应一直是孤立专业人士认为不理性的市场部分。大多数卖空者不会碰这些股票，分析师也在放弃报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样把零售大军赶走，也不能指望它们在未来 17 年内消失。股票交易已经发生了永久性的变化。今年，零售活动占股本量的 24%，高于 2019 年的 15%。新信条的追随者不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>“哥伦比亚法学院（Columbia Law School）专门研究证券市场的教授约书亚-米茨（Joshua Mitts）说：”这实际上反映了我们所看到的趋势的逆转，即与个别公司的接触越来越少。“技术正在拉近普通投资者与他或她所投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>— Matt Kohrs，26 岁，每天在 YouTube 上直播股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早早加入的人的生活，并且仍然在更高的名字上。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯为例，他很早就投资了AMC院线。今年2月，他辞去了纽约程序员的工作，搬到了费城，并开始在YouTube上每天7个小时直播股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>YouTube 拥有 35 万粉丝，它正在支付账单。科尔斯说，凭借广告和股票的收入，他可以拿到与以前大致相同的工资。但他也知道，像这样依赖股票收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“他说：”你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给迷因学家来理解新华尔街充满表情符号的语言，这样他们就可以阻止他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC 甚至在上周取消了一项拟议的股权融资，因为该公司显然不喜欢 Reddit 人群的反响。过去一年，AMC 的股票数量已经增加了五倍。首席执行官亚当-阿伦（Adam Aron）在推特上表示，他看到了 “许多人赞成，许多人反对 ”对他增发 2500 万股股票的提议的反应，因此该提议将被取消，而不是在本月晚些时候的 AMC 年会上进行表决。该公司没有回答有关如何调查股东的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室里决定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者正在花费更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕零售行动进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在 “阿尔法”，但要实现这一目标可能需要一些紧张的数字运算。当然，并不是所有的留言板聊天都会导致价格持续上涨，如果没有大量的数据分析，零售订单流很难与机构流分开。对于拥有工具来确定散户投资者正在购买哪些股票和正在出售哪些股票的投资者来说，摩根大通建议做多买入兴趣最高的 20% 的股票，做空卖出兴趣最高的 20% 的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他说：”他们认为这几乎就像一份保险，以限制他们的下行风险。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于零售商来说，这种方法并不总是科学的。这一行动是由社区精神支撑的。其背后的力量既是情感上的，也是道德上的，也是经济上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是希望证明自己，并像利润一样惩罚保守派。他们互相学习市场，有时会放大或揭穿关于华尔街的阴谋论。一些人将模因股票运动与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“26 岁的科尔斯说：”华尔街让我们的经济陷入困境，但没有人因此惹上麻烦。“所以，我认为他们认为我们不仅可以赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格 (Claire Hirschberg) 是一名 28 岁的工会组织者，她在 1 月份从朋友那里听说 Robinhood 上购买了价值约 50 美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他是一名长期的资金经理。“她笑着说：”他很生气我买了游戏驿站，还不肯卖。“这让我想永远拿着它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像老华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，在你成为合伙人之前，你不会打菲拉格慕领带。在总经理离开之前，你从不离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而且不是按顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万散户交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认财务损失是一种勇敢的行为，是内部坚韧和对本集团信念的证明。你不把自己当回事，也不规范语言。你是 “猿类 ”或 “弱智 ”大军的一员。你坚持住，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>集体行动不仅仅是为了精神支持。交易策略取决于人们保持买入压力，迫使做空，或买入看涨期权，从而引发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔 (Keith Gill) 在二月份众议院金融服务委员会听证会上虚拟露面，成为 Reddit 散户交易员大军推高游戏驿站股价的代言人。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来给备忘录运动注入氧气。6 月中旬，AMC 的空头权益占该股流通量的 17%，低于 1 月份的 28%，但降幅不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格上涨，空头们也控制不住自己。多年来一直关注游戏驿站的韦德布什证券分析师迈克尔-帕切特（Michael Pachter）说，他们开始 “流口水，耳朵里冒出火焰”。“他说：”让我感到震惊的是精神错乱的定义，就是一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头却不断出现。“[游戏驿站公牛]基思-吉尔（Keith Gill）和他的 Reddit raiders 一直在挤压他们，而且一直在起作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit 人群需要团结起来，但该社区有时会出现裂缝。拥有最坚定粉丝群的两只模因股票——游戏驿站和 AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更善变的支持者。几只陷入迷因疯狂的股票已经崩溃。 Bed Bath &amp; Beyond (BBBY) 在 1 月底和 6 月初两次飙升，但现在的交易价格仅略高于 1 月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心 wallstreetbets——激发游戏驿站狂热的最初 Reddit 留言板——发展如此之快，以至于它已经失去了最初的精神，并可能变得容易受到操纵。有些人搬到了其他留言板，如 r/superstonk，希望能重现老社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司 Hype Equity 的创始人特拉维斯·雷尔 (Travis Rehl) 表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常由代表网上谈论的公司的公关公司雇佣。现在，他看到了一种不断增长的趋势，即股票突然出现在留言板上，收到积极的聊天，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“他说：”这让人怀疑什么是真正的讨论，什么是某人只想炒作的东西。wallstreetbets 的版主禁止在该平台上操纵市场，Rehl 表示，他们似乎正在努力遏制错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>“索斯尼克说：”如果你能制造足够的轰动效应，让一只股票在短时间内上涨 10%、20%，甚至 50%，那么你就有巨大的动力去做这件事。</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>美国证券交易委员会正在关注留言板上的有趣交易。美国证券交易委员会主席加里·詹斯勒（Gary Gensler）和一些国会议员讨论了改变市场规则，目的是增加保护散户交易者的透明度——尽管如果这些变化减缓交易速度或使交易成本更高，也可能激怒零售人群。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一能遏制这一趋势的因素。fintech Betterment 行为金融和投资副总裁丹·伊根 (Dan Egan) 认为，这种势头可能会在 9 月份耗尽。即使是 “猿猴 ”也有责任。“他说：”孩子们开始重返校园；家长们也可以自由地再次上班了。“那是下一次从房间里抽出氧气的时候了。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金引发的暂时疯狂。但那将是一个错误。如果零佣金经纪和游戏驿站乐趣打破了数百万新投资者开户的障碍，那么只要大多数人用他们并不立即需要的钱下注，这几乎肯定是一件好事。许多新零售商表示，他们正在自学如何交易，并开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>无论如何，这是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授亨德里克-贝森宾德（Hendrik Bessembinder）在2018年发表了一项开创性的研究，发现“在随机选择的月份随机选择的股票，亏损的可能性大于赚钱的可能性”。简而言之，挑选单只股票并持有集中投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是对新一波交易感到鼓舞。“贝森宾德说：”我欢迎零售交易的增加，欢迎股票市场成为一个广泛参与的地方。“经济学家不能告诉人们他们不应该找点乐子”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO\">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":{"CARV":"卡弗储蓄","AMC":"AMC院线","SCHW":"嘉信理财","NEGG":"Newegg Comm Inc.","CLOV":"Clover Health Corp","WKHS":"Workhorse Group, Inc.","BB":"黑莓","GME":"游戏驿站"},"source_url":"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112201050","content_text":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?\nIt has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like Clover Health Investments(CLOV) and Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.\nThe collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.\nThat is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.\nWhile trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.\nEven as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.\nA sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.\n\n“I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to Barron’s.\nThe meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.\nMeme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.\n\nThe most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.\nUnder pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.\nThese new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”\nTo be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.\nBut ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.\n“Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.\n“I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.\nSosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.\nIndeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.\nBut Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.\n\n“What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”\nThe swings you get can definitely make you feel some sort of way.\n— Matt Kohrs, 26, who streams stock analysis daily on YouTube\nIt is now changing the lives of those who got in early and are still riding the names higher.\nTake Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming stock analysis on YouTube for seven hours a day.\nWith 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.\n“The swings you get can definitely make you feel some sort of way,” he says.\nCompanies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.\nAMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.\nForget the boardroom. Corporate policy is now being determined in the chat room.\nBig investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.\nIn the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.\nThere can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.\nFor now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.\nFor retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.\nNew investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.\n“Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”\nClaire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”\nJust like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.\nThe new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.\nThe group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.\nKeith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.\nMany short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.\nAs the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”\nTo beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath & Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.\nDistrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.\nTravis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.\n“It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from Barron’s for comment.\n“If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.\nThe Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.\nRegulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”\nTraditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.\nIn one form or another, this is the future client base of Wall Street.\nArizona State University professor Hendrik Bessembinder published groundbreaking research in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.\nEven so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some 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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":1624621822,"share":"https://www.laohunote.com/m/news/1123235741?lang=zh_CN&edition=full","pubTime":"2021-06-25 19:50","market":"us","language":"en","title":"Toplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的顶线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1123235741","media":"Tiger Newspress","summary":"(Update: June 25, 2021 at 08:33 a.m. ET)\n\nKey inflation indicator rises 3.4% in May from a year earl","content":"<p><i><b>(Update: June 25, 2021 at 08:33 a.m. ET)</b></i></p><p><blockquote><i><b>（更新：美国东部时间 2021 年 6 月 25 日上午 08:33）</b></i></blockquote></p><p> <ul>  <li><b>Key inflation indicator rises 3.4% in May from a year earlier, as expected.</b></li>  <li>S&amp;P, Nasdaq futures at peaks ahead of crucial inflation report.</li>  <li>Nike, CarMax, Virgin Galactic &amp; more made the biggest moves in the premarket.</li> </ul> (June&nbsp;25)&nbsp;<b>The core personal consumption expenditures price index for May was expected to rise 3.4% on a year-over-year basis, according to economists surveyed by Dow Jones.</b>&nbsp;</p><p><blockquote><ul><li><b>正如预期的那样，5月份关键通胀指标同比上升3.4%。</b></li><li>标准普尔和纳斯达克期货在关键通胀报告发布前达到峰值。</li><li>耐克、CarMax、维珍银河等在盘前做出了最大的动作。</li></ul>（6月25日）<b>道琼斯调查的经济学家表示，5月份核心个人消费支出价格指数预计同比上涨3.4%。</b> </blockquote></p><p> <i>Related:&nbsp;</i><a href=\"https://laohu8.com/NW/1107282210\" target=\"_blank\"><i>Key inflation indicator posts biggest year-over-year gain in nearly three decades</i></a></p><p><blockquote><i>相关：</i><a href=\"https://laohu8.com/NW/1107282210\" target=\"_blank\"><i>关键通胀指标创下近三十年来最大同比涨幅</i></a></blockquote></p><p> <a href=\"https://laohu8.com/NW/1166582624\" target=\"_blank\"><i>Fed's Favorite Inflation Indicator Surges To Highest Since 1991 As Savings Rate Slumps</i></a><i></i></p><p><blockquote><a href=\"https://laohu8.com/NW/1166582624\" target=\"_blank\"><i>随着储蓄率暴跌，美联储最喜欢的通胀指标飙升至 1991 年以来的最高水平</i></a><i></i></blockquote></p><p> S&amp;P futures traded at record highs, tracking strong gains in Asian markets, as investors braced for the Fed's preferred inflation data following a tentative bipartisan agreement on infrastructure spending, while U.S. lenders rose after clearing stress tests.</p><p><blockquote>标准普尔期货交易创历史新高，追踪亚洲市场强劲上涨，投资者在两党就基础设施支出达成初步协议后为美联储首选通胀数据做好准备，而美国银行在通过压力测试后上涨。</blockquote></p><p> At 7:58&nbsp;am ET S&amp;P futures were up 5pts or 0.12%, Dow Jones futs were up&nbsp;120 or 0.35% and Nasdaq futs were up 10.5 or +0.07%.&nbsp;<b>Global stocks are poised for their biggest weekly advance since April, extending their fifth monthly gain.</b></p><p><blockquote>美国东部时间上午 7:58，标准普尔期货上涨 5 点或 0.12%，道琼斯 futs 上涨 120 点或 0.35%，纳斯达克 futs 上涨 10.5 点或 +0.07%。<b>全球股市有望实现自 4 月份以来的最大单周涨幅，延续第五个月涨幅。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/3595ef2646654cdba23a65657d7cb0d5\" tg-width=\"1242\" tg-height=\"532\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> In a sign of the ongoing recovery still under way in the U.S., the Labor Department'sweekly jobless claims report out Thursday morningshowed a drop in new filings, even as the margin of improvement came in slightly weaker than expected. <b>And on Friday, investors will be closely watching the Bureau of Economic Analysis' reported on core personal consumption expenditures (PCE), which serves as the Federal Reserve's preferred inflation gauge. This is expected to have risen by 3.4% in May over last year, marking the fastest increase since 1992.</b></p><p><blockquote>劳工部周四上午发布的每周失业救济申请报告显示，新申请人数有所下降，尽管改善幅度略低于预期，但这表明美国仍在持续复苏。<b>周五，投资者将密切关注经济分析局关于核心个人消费支出（PCE）的报告，该报告是美联储首选的通胀指标。预计 5 月份这一数字将比去年增长 3.4%，创下 1992 年以来的最快增幅。</b></blockquote></p><p> On Thursday, the Nasdaq and the S&amp;P 500 indexes closed at record highs, while the Dow jumped almost 1% after Joe Biden embraced the $1.2 trillion bipartisan Senate spending deal and as data showed a labor market recovery was on track, albeit at a slower pace. Major US banks such as Bank of America, JPMorgan Chase and Citigroup were all higher in premarket trading after all Wall Street banks&nbsp;passed&nbsp;the Federal Reserve’s stress tests, paving the way for over $140 billion in payouts. Nike surged 12% in premarket trading after sneaker maker forecast fiscal full-year sales ahead of Wall Street estimates prompting several analysts to raise their price projections, and helping Dow futures rise 0.3%. In sympathy, Adidas jumped 5.1% to 17-month high, while electricity producer Iberdrola dropped 2.1% to the lowest since early March. The latest evidence of a labor shortage came from FedEx Corp as the U.S. delivery firm missed 2022 earnings forecast due to hiring difficulties. Its shares shed 3.8%.</p><p><blockquote>周四，纳斯达克和标普500指数收盘创下历史新高，而道琼斯指数上涨近1%，此前乔·拜登接受了1.2万亿美元的两党参议院支出协议，数据显示劳动力市场复苏步入正轨，尽管速度较慢。美国银行、摩根大通和花旗集团等美国主要银行在盘前交易中均走高，此前所有华尔街银行都通过了美联储的压力测试，为超过 1400 亿美元的派息铺平了道路。耐克在盘前交易中飙升 12%，此前这家运动鞋制造商预测全财年销售额高于华尔街预期，促使几位分析师上调了价格预测，并帮助道琼斯指数期货上涨 0.3%。阿迪达斯股价上涨 5.1%，至 17 个月高点，而电力生产商 Iberdrola 股价下跌 2.1%，至 3 月初以来的最低水平。劳动力短缺的最新证据来自联邦快递公司，这家美国快递公司因招聘困难未能达到 2022 年盈利预测。其股价下跌 3.8%。</blockquote></p><p> Here are some of the other big premarket U.S. movers today:</p><p><blockquote>以下是当今美国盘前的一些其他主要推动者：</blockquote></p><p> <ul>  <li>Blank-check firm Property Solutions Acquisition (PSAC) rises 16% after it said the registration statement on its merger with electric vehicle maker Faraday Future had been declared effective by the SEC.</li>  <li>Cannabidiol product seller Grove (GRVI) surges 35% rising further above yesterday’s IPO price of $5 per share.</li>  <li>Netflix (NFLX) gains 1.3% after Credit Suisse upgraded the stock to outperform, with subscriber growth expected to normalize in 4Q21. A survey by CS of U.S. consumers reinforced the stream platform’s strong competitive position and high user satisfaction.</li>  <li>Nokia’s U.S. ADRs (NOK) rise 2.9% after Goldman Sachs upgrades the telecom equipment maker to buy from neutral and raises price targets.</li> </ul> <b>Stocks making the biggest moves in the premarket: Nike, CarMax, Virgin Galactic &amp; more</b></p><p><blockquote><ul><li>空白支票公司 Property Solutions Acquisition (PSAC) 表示，美国证券交易委员会已宣布其与电动汽车制造商法拉第未来合并的注册声明生效，股价上涨 16%。</li><li>大麻二酚产品销售商 Grove (GRVI) 股价飙升 35%，进一步高于昨天每股 5 美元的 IPO 价格。</li><li>瑞士信贷将 Netflix (NFLX) 股价上涨 1.3%，此前瑞士信贷将该股评级上调至跑赢大盘，预计2021年第四季度用户增长将恢复正常。CS 对美国消费者的调查证实了该流媒体平台强大的竞争地位和较高的用户满意度。</li><li>诺基亚的美国存托凭证（NOK）上涨 2.9%，此前高盛将这家电信设备制造商的评级从中性上调至买入，并上调了目标价。</li></ul><b>盘前涨幅最大的股票：耐克、CarMax、维珍银河等</b></blockquote></p><p> <b>1)&nbsp;Nike(NKE)</b> – Nikereported quarterly earnings of 93 cents per share, well above the 51 cents a share consensus estimate. Revenue beat forecasts by a wide margin and exceeded $12 billion for the first time. Nike benefited from pent-up demand for its shoes and apparel, and saw a 73% jump in direct sales through its apps and websites. Nike shares soared 12.5% in the premarket.</p><p><blockquote><b>1）耐克（NKE）</b>– 耐克公布的季度收益为每股 93 美分，远高于每股 51 美分的普遍预期。收入大幅超出预期，首次超过120亿美元。耐克受益于对其鞋类和服装被压抑的需求，通过其应用程序和网站的直接销售额增长了 73%。耐克股价在盘前飙升 12.5%。</blockquote></p><p> <b>2)&nbsp;CarMax(KMX) </b>– CarMax shares rallied 5.9% in premarket trading after the auto retailer reported better-than-expected sales and profit for its latest quarter. CarMax beat the consensus estimate by $1 a share, with quarterly profit of $2.63, helped by a pandemic-induced preference for cars over public transport.</p><p><blockquote><b>2)CarMax(KMX)</b>– 汽车零售商 CarMax 公布最新季度销售额和利润好于预期，该公司股价在盘前交易中上涨 5.9%。CarMax 的每股股价超出市场普遍预期 1 美元，季度利润为 2.63 美元，这得益于大流行引发的人们对汽车而不是公共交通的偏好。</blockquote></p><p></p><p> <b>3)&nbsp;Virgin Galactic(SPCE) </b>– Virgin shares surged 11.5% in the premarket after the Federal Aviation Administration granted approval for Virgin to fly paying customers into space. It’s the first such approval granted by the FAA, and follows a successful test flight by Virgin Galactic in May.</p><p><blockquote><b>3) 维珍银河 (SPCE)</b>– 美国联邦航空管理局批准维珍航空将付费客户送入太空后，维珍航空股价在盘前飙升 11.5%。这是美国联邦航空局首次批准此类飞行，此前维珍银河公司已于 5 月份成功进行了试飞。</blockquote></p><p> <b>4)&nbsp;FedEx(FDX) </b>– FedEx beat estimates by 2 cents a share, with quarterly earnings of $5.01 per share. The delivery service’s revenue also topped forecasts. CEO Fred Smith said operations are being crimped by an inability to find enough workers, however, and the company will ramp up capital spending by 22% this year to deal with delivery delays. The stock slid 3.9% in premarket trading.</p><p><blockquote><b>4）联邦快递（FDX）</b>– 联邦快递每股收益超出预期 2 美分，季度收益为每股 5.01 美元。送货服务的收入也超出了预期。首席执行官弗雷德·史密斯表示，由于无法找到足够的工人，运营受到了限制，公司今年将把资本支出增加 22%，以应对交付延迟。该股在盘前交易中下跌 3.9%。</blockquote></p><p> <b>5)&nbsp;Tesla(TSLA) </b>– Japanese electronics giant Panasonic sold its entire stake in Tesla for about $3.6 billion during the most recent fiscal year, according to a Panasonic spokesperson. Panasonic was an early investor in Tesla, and is a major battery supplier for the automaker.</p><p><blockquote><b>5）特斯拉（TSLA）</b>– 据松下发言人称，日本电子巨头松下在最近一个财年以约 36 亿美元的价格出售了其在特斯拉的全部股份。松下是特斯拉的早期投资者，也是该汽车制造商的主要电池供应商。</blockquote></p><p> <b>6)&nbsp;Netflix(NFLX)</b> – Netflix rose 1.3% in the premarket following an upgrade to “outperform” from “neutral” at Credit Suisse. The bank said it expects subscriber growth to normalize and that its recent consumer survey reinforced Netflix’s strong competitive position.</p><p><blockquote><b>6）Netflix（NFLX）</b>- 瑞士信贷将 Netflix 评级从 “中性 ”上调至 “跑赢大盘”，盘前上涨 1.3%。该银行表示，预计用户增长将恢复正常，最近的消费者调查巩固了 Netflix 的强大竞争地位。</blockquote></p><p> <b>7)&nbsp;BlackBerry(BB) </b>– BlackBerry shares added 1.3% in premarket trading after it reported a smaller-than-expected loss for its latest quarter. The security and communications software maker also saw better-than-expected revenue, as a jump in electric vehicle sales boosted demand for BlackBerry’s QNX software.</p><p><blockquote><b>7) 黑莓(BB)</b>– 黑莓公布最新季度亏损小于预期，股价在盘前交易中上涨 1.3%。这家安全和通信软件制造商的收入也好于预期，因为电动汽车销量的激增提振了对黑莓 QNX 软件的需求。</blockquote></p><p> <b>8)&nbsp;JPMorgan Chase(JPM),Wells Fargo(WFC),Bank of America(BAC),Citigroup(C)</b> – Big bank stocks are on watch today after the Federal Reservegave passing marksto all 23 banks that were subjected to the latest round of stress tests. Following those results, the Fed said it would lift temporary restrictions on dividends and share buybacks.</p><p><blockquote><b>8) 摩根大通(JPM)、富国银行(WFC)、美国银行(BAC)、花旗集团(C)</b>– 美联储通过了所有接受最新一轮压力测试的 23 家银行的评级后，大银行股今天受到关注。这些结果公布后，美联储表示将取消对股息和股票回购的临时限制。</blockquote></p><p> <b>9)&nbsp;Twilio(TWLO),Asana(ASAN)</b> – Twilio and Asana have agreed to list their shares on the Long-Term Stock Exchange, a Silicon Valley-based operation that is designed to focus on long-term investing. They will continue to list on the New York Stock Exchange as well. The two cloud software companies were early investors in the Long-Term Exchange. Asana jumped 3.3% in premarket trading.</p><p><blockquote><b>9) Twilio(TWLO)、Asana(ASAN)</b>– Twilio 和 Asana 已同意在长期证券交易所上市，这是一家总部位于硅谷的机构，旨在专注于长期投资。他们也将继续在纽约证券交易所上市。这两家云软件公司是长期交易所的早期投资者。Asana 在盘前交易中上涨 3.3%。</blockquote></p><p> <b>10)&nbsp;Credit Suisse(CS)</b> – Credit Suisse is mulling various overhaul plans including a possible merger with rival European bankUBS(UBS), according to people familiar with the bank’s thinking who spoke to Reuters. Credit Suisse rose 1.2% in the premarket.</p><p><blockquote><b>10) 瑞士信贷(CS)</b>- 据熟悉瑞士信贷想法的人士向路透社透露，瑞士信贷正在考虑各种改革计划，包括可能与竞争对手欧洲银行（UBS）合并。瑞士信贷盘前上涨1.2%。</blockquote></p><p> <b>11)&nbsp;Doximity(DOCS) </b>– The social network for doctors saw its stock slide 3.9% in the premarket, after going public at $26 per share and closing its first day of trading at $53.</p><p><blockquote><b>11) 粘性（文档）</b>– 这家医生社交网络以每股 26 美元的价格上市，首日收盘价为 53 美元，盘前股价下跌 3.9%。</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>Toplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的顶线</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\">\nToplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的顶线</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\">2021-06-25 19:50</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><i><b>(Update: June 25, 2021 at 08:33 a.m. ET)</b></i></p><p><blockquote><i><b>（更新：美国东部时间 2021 年 6 月 25 日上午 08:33）</b></i></blockquote></p><p> <ul>  <li><b>Key inflation indicator rises 3.4% in May from a year earlier, as expected.</b></li>  <li>S&amp;P, Nasdaq futures at peaks ahead of crucial inflation report.</li>  <li>Nike, CarMax, Virgin Galactic &amp; more made the biggest moves in the premarket.</li> </ul> (June&nbsp;25)&nbsp;<b>The core personal consumption expenditures price index for May was expected to rise 3.4% on a year-over-year basis, according to economists surveyed by Dow Jones.</b>&nbsp;</p><p><blockquote><ul><li><b>正如预期的那样，5月份关键通胀指标同比上升3.4%。</b></li><li>标准普尔和纳斯达克期货在关键通胀报告发布前达到峰值。</li><li>耐克、CarMax、维珍银河等在盘前做出了最大的动作。</li></ul>（6月25日）<b>道琼斯调查的经济学家表示，5月份核心个人消费支出价格指数预计同比上涨3.4%。</b> </blockquote></p><p> <i>Related:&nbsp;</i><a href=\"https://laohu8.com/NW/1107282210\" target=\"_blank\"><i>Key inflation indicator posts biggest year-over-year gain in nearly three decades</i></a></p><p><blockquote><i>相关：</i><a href=\"https://laohu8.com/NW/1107282210\" target=\"_blank\"><i>关键通胀指标创下近三十年来最大同比涨幅</i></a></blockquote></p><p> <a href=\"https://laohu8.com/NW/1166582624\" target=\"_blank\"><i>Fed's Favorite Inflation Indicator Surges To Highest Since 1991 As Savings Rate Slumps</i></a><i></i></p><p><blockquote><a href=\"https://laohu8.com/NW/1166582624\" target=\"_blank\"><i>随着储蓄率暴跌，美联储最喜欢的通胀指标飙升至 1991 年以来的最高水平</i></a><i></i></blockquote></p><p> S&amp;P futures traded at record highs, tracking strong gains in Asian markets, as investors braced for the Fed's preferred inflation data following a tentative bipartisan agreement on infrastructure spending, while U.S. lenders rose after clearing stress tests.</p><p><blockquote>标准普尔期货交易创历史新高，追踪亚洲市场强劲上涨，投资者在两党就基础设施支出达成初步协议后为美联储首选通胀数据做好准备，而美国银行在通过压力测试后上涨。</blockquote></p><p> At 7:58&nbsp;am ET S&amp;P futures were up 5pts or 0.12%, Dow Jones futs were up&nbsp;120 or 0.35% and Nasdaq futs were up 10.5 or +0.07%.&nbsp;<b>Global stocks are poised for their biggest weekly advance since April, extending their fifth monthly gain.</b></p><p><blockquote>美国东部时间上午 7:58，标准普尔期货上涨 5 点或 0.12%，道琼斯 futs 上涨 120 点或 0.35%，纳斯达克 futs 上涨 10.5 点或 +0.07%。<b>全球股市有望实现自 4 月份以来的最大单周涨幅，延续第五个月涨幅。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/3595ef2646654cdba23a65657d7cb0d5\" tg-width=\"1242\" tg-height=\"532\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> In a sign of the ongoing recovery still under way in the U.S., the Labor Department'sweekly jobless claims report out Thursday morningshowed a drop in new filings, even as the margin of improvement came in slightly weaker than expected. <b>And on Friday, investors will be closely watching the Bureau of Economic Analysis' reported on core personal consumption expenditures (PCE), which serves as the Federal Reserve's preferred inflation gauge. This is expected to have risen by 3.4% in May over last year, marking the fastest increase since 1992.</b></p><p><blockquote>劳工部周四上午发布的每周失业救济申请报告显示，新申请人数有所下降，尽管改善幅度略低于预期，但这表明美国仍在持续复苏。<b>周五，投资者将密切关注经济分析局关于核心个人消费支出（PCE）的报告，该报告是美联储首选的通胀指标。预计 5 月份这一数字将比去年增长 3.4%，创下 1992 年以来的最快增幅。</b></blockquote></p><p> On Thursday, the Nasdaq and the S&amp;P 500 indexes closed at record highs, while the Dow jumped almost 1% after Joe Biden embraced the $1.2 trillion bipartisan Senate spending deal and as data showed a labor market recovery was on track, albeit at a slower pace. Major US banks such as Bank of America, JPMorgan Chase and Citigroup were all higher in premarket trading after all Wall Street banks&nbsp;passed&nbsp;the Federal Reserve’s stress tests, paving the way for over $140 billion in payouts. Nike surged 12% in premarket trading after sneaker maker forecast fiscal full-year sales ahead of Wall Street estimates prompting several analysts to raise their price projections, and helping Dow futures rise 0.3%. In sympathy, Adidas jumped 5.1% to 17-month high, while electricity producer Iberdrola dropped 2.1% to the lowest since early March. The latest evidence of a labor shortage came from FedEx Corp as the U.S. delivery firm missed 2022 earnings forecast due to hiring difficulties. Its shares shed 3.8%.</p><p><blockquote>周四，纳斯达克和标普500指数收盘创下历史新高，而道琼斯指数上涨近1%，此前乔·拜登接受了1.2万亿美元的两党参议院支出协议，数据显示劳动力市场复苏步入正轨，尽管速度较慢。美国银行、摩根大通和花旗集团等美国主要银行在盘前交易中均走高，此前所有华尔街银行都通过了美联储的压力测试，为超过 1400 亿美元的派息铺平了道路。耐克在盘前交易中飙升 12%，此前这家运动鞋制造商预测全财年销售额高于华尔街预期，促使几位分析师上调了价格预测，并帮助道琼斯指数期货上涨 0.3%。阿迪达斯股价上涨 5.1%，至 17 个月高点，而电力生产商 Iberdrola 股价下跌 2.1%，至 3 月初以来的最低水平。劳动力短缺的最新证据来自联邦快递公司，这家美国快递公司因招聘困难未能达到 2022 年盈利预测。其股价下跌 3.8%。</blockquote></p><p> Here are some of the other big premarket U.S. movers today:</p><p><blockquote>以下是当今美国盘前的一些其他主要推动者：</blockquote></p><p> <ul>  <li>Blank-check firm Property Solutions Acquisition (PSAC) rises 16% after it said the registration statement on its merger with electric vehicle maker Faraday Future had been declared effective by the SEC.</li>  <li>Cannabidiol product seller Grove (GRVI) surges 35% rising further above yesterday’s IPO price of $5 per share.</li>  <li>Netflix (NFLX) gains 1.3% after Credit Suisse upgraded the stock to outperform, with subscriber growth expected to normalize in 4Q21. A survey by CS of U.S. consumers reinforced the stream platform’s strong competitive position and high user satisfaction.</li>  <li>Nokia’s U.S. ADRs (NOK) rise 2.9% after Goldman Sachs upgrades the telecom equipment maker to buy from neutral and raises price targets.</li> </ul> <b>Stocks making the biggest moves in the premarket: Nike, CarMax, Virgin Galactic &amp; more</b></p><p><blockquote><ul><li>空白支票公司 Property Solutions Acquisition (PSAC) 表示，美国证券交易委员会已宣布其与电动汽车制造商法拉第未来合并的注册声明生效，股价上涨 16%。</li><li>大麻二酚产品销售商 Grove (GRVI) 股价飙升 35%，进一步高于昨天每股 5 美元的 IPO 价格。</li><li>瑞士信贷将 Netflix (NFLX) 股价上涨 1.3%，此前瑞士信贷将该股评级上调至跑赢大盘，预计2021年第四季度用户增长将恢复正常。CS 对美国消费者的调查证实了该流媒体平台强大的竞争地位和较高的用户满意度。</li><li>诺基亚的美国存托凭证（NOK）上涨 2.9%，此前高盛将这家电信设备制造商的评级从中性上调至买入，并上调了目标价。</li></ul><b>盘前涨幅最大的股票：耐克、CarMax、维珍银河等</b></blockquote></p><p> <b>1)&nbsp;Nike(NKE)</b> – Nikereported quarterly earnings of 93 cents per share, well above the 51 cents a share consensus estimate. Revenue beat forecasts by a wide margin and exceeded $12 billion for the first time. Nike benefited from pent-up demand for its shoes and apparel, and saw a 73% jump in direct sales through its apps and websites. Nike shares soared 12.5% in the premarket.</p><p><blockquote><b>1）耐克（NKE）</b>– 耐克公布的季度收益为每股 93 美分，远高于每股 51 美分的普遍预期。收入大幅超出预期，首次超过120亿美元。耐克受益于对其鞋类和服装被压抑的需求，通过其应用程序和网站的直接销售额增长了 73%。耐克股价在盘前飙升 12.5%。</blockquote></p><p> <b>2)&nbsp;CarMax(KMX) </b>– CarMax shares rallied 5.9% in premarket trading after the auto retailer reported better-than-expected sales and profit for its latest quarter. CarMax beat the consensus estimate by $1 a share, with quarterly profit of $2.63, helped by a pandemic-induced preference for cars over public transport.</p><p><blockquote><b>2)CarMax(KMX)</b>– 汽车零售商 CarMax 公布最新季度销售额和利润好于预期，该公司股价在盘前交易中上涨 5.9%。CarMax 的每股股价超出市场普遍预期 1 美元，季度利润为 2.63 美元，这得益于大流行引发的人们对汽车而不是公共交通的偏好。</blockquote></p><p></p><p> <b>3)&nbsp;Virgin Galactic(SPCE) </b>– Virgin shares surged 11.5% in the premarket after the Federal Aviation Administration granted approval for Virgin to fly paying customers into space. It’s the first such approval granted by the FAA, and follows a successful test flight by Virgin Galactic in May.</p><p><blockquote><b>3) 维珍银河 (SPCE)</b>– 美国联邦航空管理局批准维珍航空将付费客户送入太空后，维珍航空股价在盘前飙升 11.5%。这是美国联邦航空局首次批准此类飞行，此前维珍银河公司已于 5 月份成功进行了试飞。</blockquote></p><p> <b>4)&nbsp;FedEx(FDX) </b>– FedEx beat estimates by 2 cents a share, with quarterly earnings of $5.01 per share. The delivery service’s revenue also topped forecasts. CEO Fred Smith said operations are being crimped by an inability to find enough workers, however, and the company will ramp up capital spending by 22% this year to deal with delivery delays. The stock slid 3.9% in premarket trading.</p><p><blockquote><b>4）联邦快递（FDX）</b>– 联邦快递每股收益超出预期 2 美分，季度收益为每股 5.01 美元。送货服务的收入也超出了预期。首席执行官弗雷德·史密斯表示，由于无法找到足够的工人，运营受到了限制，公司今年将把资本支出增加 22%，以应对交付延迟。该股在盘前交易中下跌 3.9%。</blockquote></p><p> <b>5)&nbsp;Tesla(TSLA) </b>– Japanese electronics giant Panasonic sold its entire stake in Tesla for about $3.6 billion during the most recent fiscal year, according to a Panasonic spokesperson. Panasonic was an early investor in Tesla, and is a major battery supplier for the automaker.</p><p><blockquote><b>5）特斯拉（TSLA）</b>– 据松下发言人称，日本电子巨头松下在最近一个财年以约 36 亿美元的价格出售了其在特斯拉的全部股份。松下是特斯拉的早期投资者，也是该汽车制造商的主要电池供应商。</blockquote></p><p> <b>6)&nbsp;Netflix(NFLX)</b> – Netflix rose 1.3% in the premarket following an upgrade to “outperform” from “neutral” at Credit Suisse. The bank said it expects subscriber growth to normalize and that its recent consumer survey reinforced Netflix’s strong competitive position.</p><p><blockquote><b>6）Netflix（NFLX）</b>- 瑞士信贷将 Netflix 评级从 “中性 ”上调至 “跑赢大盘”，盘前上涨 1.3%。该银行表示，预计用户增长将恢复正常，最近的消费者调查巩固了 Netflix 的强大竞争地位。</blockquote></p><p> <b>7)&nbsp;BlackBerry(BB) </b>– BlackBerry shares added 1.3% in premarket trading after it reported a smaller-than-expected loss for its latest quarter. The security and communications software maker also saw better-than-expected revenue, as a jump in electric vehicle sales boosted demand for BlackBerry’s QNX software.</p><p><blockquote><b>7) 黑莓(BB)</b>– 黑莓公布最新季度亏损小于预期，股价在盘前交易中上涨 1.3%。这家安全和通信软件制造商的收入也好于预期，因为电动汽车销量的激增提振了对黑莓 QNX 软件的需求。</blockquote></p><p> <b>8)&nbsp;JPMorgan Chase(JPM),Wells Fargo(WFC),Bank of America(BAC),Citigroup(C)</b> – Big bank stocks are on watch today after the Federal Reservegave passing marksto all 23 banks that were subjected to the latest round of stress tests. Following those results, the Fed said it would lift temporary restrictions on dividends and share buybacks.</p><p><blockquote><b>8) 摩根大通(JPM)、富国银行(WFC)、美国银行(BAC)、花旗集团(C)</b>– 美联储通过了所有接受最新一轮压力测试的 23 家银行的评级后，大银行股今天受到关注。这些结果公布后，美联储表示将取消对股息和股票回购的临时限制。</blockquote></p><p> <b>9)&nbsp;Twilio(TWLO),Asana(ASAN)</b> – Twilio and Asana have agreed to list their shares on the Long-Term Stock Exchange, a Silicon Valley-based operation that is designed to focus on long-term investing. They will continue to list on the New York Stock Exchange as well. The two cloud software companies were early investors in the Long-Term Exchange. Asana jumped 3.3% in premarket trading.</p><p><blockquote><b>9) Twilio(TWLO)、Asana(ASAN)</b>– Twilio 和 Asana 已同意在长期证券交易所上市，这是一家总部位于硅谷的机构，旨在专注于长期投资。他们也将继续在纽约证券交易所上市。这两家云软件公司是长期交易所的早期投资者。Asana 在盘前交易中上涨 3.3%。</blockquote></p><p> <b>10)&nbsp;Credit Suisse(CS)</b> – Credit Suisse is mulling various overhaul plans including a possible merger with rival European bankUBS(UBS), according to people familiar with the bank’s thinking who spoke to Reuters. Credit Suisse rose 1.2% in the premarket.</p><p><blockquote><b>10) 瑞士信贷(CS)</b>- 据熟悉瑞士信贷想法的人士向路透社透露，瑞士信贷正在考虑各种改革计划，包括可能与竞争对手欧洲银行（UBS）合并。瑞士信贷盘前上涨1.2%。</blockquote></p><p> <b>11)&nbsp;Doximity(DOCS) </b>– The social network for doctors saw its stock slide 3.9% in the premarket, after going public at $26 per share and closing its first day of trading at $53.</p><p><blockquote><b>11) 粘性（文档）</b>– 这家医生社交网络以每股 26 美元的价格上市，首日收盘价为 53 美元，盘前股价下跌 3.9%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123235741","content_text":"(Update: June 25, 2021 at 08:33 a.m. ET)\n\nKey inflation indicator rises 3.4% in May from a year earlier, as expected.\nS&P, Nasdaq futures at peaks ahead of crucial inflation report.\nNike, CarMax, Virgin Galactic & more made the biggest moves in the premarket.\n\n(June 25) The core personal consumption expenditures price index for May was expected to rise 3.4% on a year-over-year basis, according to economists surveyed by Dow Jones. \nRelated: Key inflation indicator posts biggest year-over-year gain in nearly three decades\nFed's Favorite Inflation Indicator Surges To Highest Since 1991 As Savings Rate Slumps\nS&P futures traded at record highs, tracking strong gains in Asian markets, as investors braced for the Fed's preferred inflation data following a tentative bipartisan agreement on infrastructure spending, while U.S. lenders rose after clearing stress tests.\nAt 7:58 am ET S&P futures were up 5pts or 0.12%, Dow Jones futs were up 120 or 0.35% and Nasdaq futs were up 10.5 or +0.07%. Global stocks are poised for their biggest weekly advance since April, extending their fifth monthly gain.\n\nIn a sign of the ongoing recovery still under way in the U.S., the Labor Department'sweekly jobless claims report out Thursday morningshowed a drop in new filings, even as the margin of improvement came in slightly weaker than expected. And on Friday, investors will be closely watching the Bureau of Economic Analysis' reported on core personal consumption expenditures (PCE), which serves as the Federal Reserve's preferred inflation gauge. This is expected to have risen by 3.4% in May over last year, marking the fastest increase since 1992.\nOn Thursday, the Nasdaq and the S&P 500 indexes closed at record highs, while the Dow jumped almost 1% after Joe Biden embraced the $1.2 trillion bipartisan Senate spending deal and as data showed a labor market recovery was on track, albeit at a slower pace. Major US banks such as Bank of America, JPMorgan Chase and Citigroup were all higher in premarket trading after all Wall Street banks passed the Federal Reserve’s stress tests, paving the way for over $140 billion in payouts. Nike surged 12% in premarket trading after sneaker maker forecast fiscal full-year sales ahead of Wall Street estimates prompting several analysts to raise their price projections, and helping Dow futures rise 0.3%. In sympathy, Adidas jumped 5.1% to 17-month high, while electricity producer Iberdrola dropped 2.1% to the lowest since early March. The latest evidence of a labor shortage came from FedEx Corp as the U.S. delivery firm missed 2022 earnings forecast due to hiring difficulties. Its shares shed 3.8%.\nHere are some of the other big premarket U.S. movers today:\n\nBlank-check firm Property Solutions Acquisition (PSAC) rises 16% after it said the registration statement on its merger with electric vehicle maker Faraday Future had been declared effective by the SEC.\nCannabidiol product seller Grove (GRVI) surges 35% rising further above yesterday’s IPO price of $5 per share.\nNetflix (NFLX) gains 1.3% after Credit Suisse upgraded the stock to outperform, with subscriber growth expected to normalize in 4Q21. A survey by CS of U.S. consumers reinforced the stream platform’s strong competitive position and high user satisfaction.\nNokia’s U.S. ADRs (NOK) rise 2.9% after Goldman Sachs upgrades the telecom equipment maker to buy from neutral and raises price targets.\n\nStocks making the biggest moves in the premarket: Nike, CarMax, Virgin Galactic & more\n1) Nike(NKE) – Nikereported quarterly earnings of 93 cents per share, well above the 51 cents a share consensus estimate. Revenue beat forecasts by a wide margin and exceeded $12 billion for the first time. Nike benefited from pent-up demand for its shoes and apparel, and saw a 73% jump in direct sales through its apps and websites. Nike shares soared 12.5% in the premarket.\n2) CarMax(KMX) – CarMax shares rallied 5.9% in premarket trading after the auto retailer reported better-than-expected sales and profit for its latest quarter. CarMax beat the consensus estimate by $1 a share, with quarterly profit of $2.63, helped by a pandemic-induced preference for cars over public transport.\n3) Virgin Galactic(SPCE) – Virgin shares surged 11.5% in the premarket after the Federal Aviation Administration granted approval for Virgin to fly paying customers into space. It’s the first such approval granted by the FAA, and follows a successful test flight by Virgin Galactic in May.\n4) FedEx(FDX) – FedEx beat estimates by 2 cents a share, with quarterly earnings of $5.01 per share. The delivery service’s revenue also topped forecasts. CEO Fred Smith said operations are being crimped by an inability to find enough workers, however, and the company will ramp up capital spending by 22% this year to deal with delivery delays. The stock slid 3.9% in premarket trading.\n5) Tesla(TSLA) – Japanese electronics giant Panasonic sold its entire stake in Tesla for about $3.6 billion during the most recent fiscal year, according to a Panasonic spokesperson. Panasonic was an early investor in Tesla, and is a major battery supplier for the automaker.\n6) Netflix(NFLX) – Netflix rose 1.3% in the premarket following an upgrade to “outperform” from “neutral” at Credit Suisse. The bank said it expects subscriber growth to normalize and that its recent consumer survey reinforced Netflix’s strong competitive position.\n7) BlackBerry(BB) – BlackBerry shares added 1.3% in premarket trading after it reported a smaller-than-expected loss for its latest quarter. The security and communications software maker also saw better-than-expected revenue, as a jump in electric vehicle sales boosted demand for BlackBerry’s QNX software.\n8) JPMorgan Chase(JPM),Wells Fargo(WFC),Bank of America(BAC),Citigroup(C) – Big bank stocks are on watch today after the Federal Reservegave passing marksto all 23 banks that were subjected to the latest round of stress tests. Following those results, the Fed said it would lift temporary restrictions on dividends and share buybacks.\n9) Twilio(TWLO),Asana(ASAN) – Twilio and Asana have agreed to list their shares on the Long-Term Stock Exchange, a Silicon Valley-based operation that is designed to focus on long-term investing. They will continue to list on the New York Stock Exchange as well. The two cloud software companies were early investors in the Long-Term Exchange. Asana jumped 3.3% in premarket trading.\n10) Credit Suisse(CS) – Credit Suisse is mulling various overhaul plans including a possible merger with rival European bankUBS(UBS), according to people familiar with the bank’s thinking who spoke to Reuters. Credit Suisse rose 1.2% in the premarket.\n11) Doximity(DOCS) – The social network for doctors saw its stock slide 3.9% in the premarket, after going public at $26 per share and closing its first day of trading at $53.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":611,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128608277,"gmtCreate":1624512229099,"gmtModify":1631889686646,"author":{"id":"3573522320275090","authorId":"3573522320275090","name":"brandsdssd","avatar":"https://static.tigerbbs.com/8d60877e255e383ff5532758edb01937","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573522320275090","authorIdStr":"3573522320275090"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/QTT\">$Qutoutiao(QTT)$</a>.....","listText":"<a 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comment(:","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/323636185","repostId":"1167989655","repostType":4,"isVote":1,"tweetType":1,"viewCount":851,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":196557215,"gmtCreate":1621081276837,"gmtModify":1634194113482,"author":{"id":"3573522320275090","authorId":"3573522320275090","name":"brandsdssd","avatar":"https://static.tigerbbs.com/8d60877e255e383ff5532758edb01937","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573522320275090","authorIdStr":"3573522320275090"},"themes":[],"title":"","htmlText":".&nbsp;","listText":".&nbsp;","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/196557215","repostId":"1163454382","repostType":4,"repost":{"id":"1163454382","kind":"news","pubTimestamp":1621004581,"share":"https://www.laohunote.com/m/news/1163454382?lang=zh_CN&edition=full","pubTime":"2021-05-14 23:03","market":"us","language":"en","title":"Why AMC Entertainment Stock Jumped Again Friday<blockquote>为什么AMC院线股价周五再次上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1163454382","media":"Motley Fool","summary":"AMC investors have reason for more optimism on the heels of another capital raise.Yesterday's jump came after the company announcedit raised $428 million. First, the Centers for Disease Control and Prevention  issued a new statement on current health and safety protocols saying that fully vaccinated people can resume activities without wearing a mask or physically distancing, including indoors.This should allow theaters to open back up at full capacity and be a desirable destination for vaccinat","content":"<p>  <b>AMC investors have reason for more optimism on the heels of another capital raise.</b>  <b>What happened</b></p><p><blockquote><b>AMC 投资者有理由在再次融资后更加乐观。</b><b>发生了什么事</b></blockquote></p><p> A day after<b>AMC Entertainment Holdings</b>(NYSE:AMC)</p><p><blockquote>一天后<b>AMC院线控股</b>（纽约证券交易所代码：AMC）</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Yesterday's jump came after the company announcedit raised $428 million</p><p><blockquote>昨天的上涨是在该公司宣布筹集 4.28 亿美元之后发生的</blockquote></p><p> First, the Centers for Disease Control and Prevention (CDC) issued a new statement on current health and safety protocols saying that fully vaccinated people can resume activities without wearing a mask or physically distancing, including indoors.</p><p><blockquote>首先，疾病控制和预防中心（CDC）就当前的健康和安全协议发表了一份新声明，称完全接种疫苗的人可以在不戴口罩或保持物理距离的情况下恢复活动，包括在室内。</blockquote></p><p> This should allow theaters to open back up at full capacity and be a desirable destination for vaccinated movie patrons. Also yesterday,<b>Walt Disney</b>(NYSE:DIS)announced its quarterly earnings report, and CEO Bob Chapek noted \"increased production at our studios.\" While that is a positive for theater operators, Disney also reported disappointing subscriber growth in itsstreaming services.</p><p><blockquote>这应该可以让电影院满负荷重新开放，并成为接种疫苗的电影观众的理想目的地。也是昨天，<b>华特·迪士尼</b>（纽约证券交易所代码：DIS）公布了季度收益报告，首席执行官鲍勃·查佩克 (Bob Chapek) 指出“我们工作室的产量有所增加”。虽然这对影院运营商来说是个好消息，但迪士尼也报告了其流媒体服务的用户增长令人失望。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p> Lower streaming subscriptions could be a positive sign for the theater business. As vaccinations continue to roll out, and with the CDC now officially giving its approval to gather indoors with crowds and without masks, theater attendance may resume quickly.</p><p><blockquote>较低的流媒体订阅可能是影院业务的一个积极迹象。随着疫苗接种的继续推广，随着疾病预防控制中心现在正式批准在室内聚集人群，不戴口罩，剧院上座率可能会很快恢复。</blockquote></p><p> Vaccinations are going to drive people back to activities outside the home. Movie theaters are likely to be a favorite destination after more than a year of mostly watching at home. On the heels of another capital raise, AMC investors may be thinking this company finally has a promising path ahead.</p><p><blockquote>疫苗接种将促使人们回到户外活动中。经过一年多的在家观看，电影院可能会成为最受欢迎的目的地。在再次融资之后，AMC 投资者可能认为这家公司终于有了一条充满希望的道路。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why AMC Entertainment Stock Jumped Again Friday<blockquote>为什么AMC院线股价周五再次上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy AMC Entertainment Stock Jumped Again Friday<blockquote>为什么AMC院线股价周五再次上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-05-14 23:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>AMC investors have reason for more optimism on the heels of another capital raise.</b>  <b>What happened</b></p><p><blockquote><b>AMC 投资者有理由在再次融资后更加乐观。</b><b>发生了什么事</b></blockquote></p><p> A day after<b>AMC Entertainment Holdings</b>(NYSE:AMC)</p><p><blockquote>一天后<b>AMC院线控股</b>（纽约证券交易所代码：AMC）</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Yesterday's jump came after the company announcedit raised $428 million</p><p><blockquote>昨天的上涨是在该公司宣布筹集 4.28 亿美元之后发生的</blockquote></p><p> First, the Centers for Disease Control and Prevention (CDC) issued a new statement on current health and safety protocols saying that fully vaccinated people can resume activities without wearing a mask or physically distancing, including indoors.</p><p><blockquote>首先，疾病控制和预防中心（CDC）就当前的健康和安全协议发表了一份新声明，称完全接种疫苗的人可以在不戴口罩或保持物理距离的情况下恢复活动，包括在室内。</blockquote></p><p> This should allow theaters to open back up at full capacity and be a desirable destination for vaccinated movie patrons. Also yesterday,<b>Walt Disney</b>(NYSE:DIS)announced its quarterly earnings report, and CEO Bob Chapek noted \"increased production at our studios.\" While that is a positive for theater operators, Disney also reported disappointing subscriber growth in itsstreaming services.</p><p><blockquote>这应该可以让电影院满负荷重新开放，并成为接种疫苗的电影观众的理想目的地。也是昨天，<b>华特·迪士尼</b>（纽约证券交易所代码：DIS）公布了季度收益报告，首席执行官鲍勃·查佩克 (Bob Chapek) 指出“我们工作室的产量有所增加”。虽然这对影院运营商来说是个好消息，但迪士尼也报告了其流媒体服务的用户增长令人失望。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p> Lower streaming subscriptions could be a positive sign for the theater business. As vaccinations continue to roll out, and with the CDC now officially giving its approval to gather indoors with crowds and without masks, theater attendance may resume quickly.</p><p><blockquote>较低的流媒体订阅可能是影院业务的一个积极迹象。随着疫苗接种的继续推广，随着疾病预防控制中心现在正式批准在室内聚集人群，不戴口罩，剧院上座率可能会很快恢复。</blockquote></p><p> Vaccinations are going to drive people back to activities outside the home. Movie theaters are likely to be a favorite destination after more than a year of mostly watching at home. On the heels of another capital raise, AMC investors may be thinking this company finally has a promising path ahead.</p><p><blockquote>疫苗接种将促使人们回到户外活动中。经过一年多的在家观看，电影院可能会成为最受欢迎的目的地。在再次融资之后，AMC 投资者可能认为这家公司终于有了一条充满希望的道路。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/05/14/why-amc-entertainment-stock-jumped-again-friday/\">Motley Fool</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":{"AMC":"AMC院线"},"source_url":"https://www.fool.com/investing/2021/05/14/why-amc-entertainment-stock-jumped-again-friday/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163454382","content_text":"AMC investors have reason for more optimism on the heels of another capital raise.\n\nWhat happened\nA day afterAMC Entertainment Holdings(NYSE:AMC)\nSo what\nYesterday's jump came after the company announcedit raised $428 million\nFirst, the Centers for Disease Control and Prevention (CDC) issued a new statement on current health and safety protocols saying that fully vaccinated people can resume activities without wearing a mask or physically distancing, including indoors.\nThis should allow theaters to open back up at full capacity and be a desirable destination for vaccinated movie patrons. Also yesterday,Walt Disney(NYSE:DIS)announced its quarterly earnings report, and CEO Bob Chapek noted \"increased production at our studios.\" While that is a positive for theater operators, Disney also reported disappointing subscriber growth in itsstreaming services.\nNow what\nLower streaming subscriptions could be a positive sign for the theater business. As vaccinations continue to roll out, and with the CDC now officially giving its approval to gather indoors with crowds and without masks, theater attendance may resume quickly.\nVaccinations are going to drive people back to activities outside the home. Movie theaters are likely to be a favorite destination after more than a year of mostly watching at home. On the heels of another capital raise, AMC investors may be thinking this company finally has a promising path ahead.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":538,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347335448,"gmtCreate":1618463773384,"gmtModify":1634292757858,"author":{"id":"3573522320275090","authorId":"3573522320275090","name":"brandsdssd","avatar":"https://static.tigerbbs.com/8d60877e255e383ff5532758edb01937","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573522320275090","authorIdStr":"3573522320275090"},"themes":[],"title":"","htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/347335448","repostId":"1150469902","repostType":4,"isVote":1,"tweetType":1,"viewCount":433,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137515847,"gmtCreate":1622361448689,"gmtModify":1634102030998,"author":{"id":"3573522320275090","authorId":"3573522320275090","name":"brandsdssd","avatar":"https://static.tigerbbs.com/8d60877e255e383ff5532758edb01937","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573522320275090","authorIdStr":"3573522320275090"},"themes":[],"title":"","htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/137515847","repostId":"2138948877","repostType":4,"isVote":1,"tweetType":1,"viewCount":655,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350008674,"gmtCreate":1616132612498,"gmtModify":1634527064121,"author":{"id":"3573522320275090","authorId":"3573522320275090","name":"brandsdssd","avatar":"https://static.tigerbbs.com/8d60877e255e383ff5532758edb01937","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573522320275090","authorIdStr":"3573522320275090"},"themes":[],"title":"","htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/350008674","repostId":"1133615560","repostType":4,"repost":{"id":"1133615560","kind":"news","pubTimestamp":1616132176,"share":"https://www.laohunote.com/m/news/1133615560?lang=zh_CN&edition=full","pubTime":"2021-03-19 13:36","market":"us","language":"en","title":"Six ‘reopening’ stocks, including Bumble and Wayfair, that company insiders absolutely love<blockquote>公司内部人士绝对喜爱的 Bumble 和 Wayfair 等六只 “重新开盘 ”股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1133615560","media":"MarketWatch","summary":"Executives are snapping up shares of their own companies, which is typically a bullish sign.\nWith va","content":"<p>Executives are snapping up shares of their own companies, which is typically a bullish sign.</p><p><blockquote>高管们正在抢购自己公司的股票，这通常是一个看涨的迹象。</blockquote></p><p> With vaccine rollouts progressing and personal savings rising to record highs, “reopening” plays in the stock market are all the rage. Even Jim Cramer has jumped aboard.</p><p><blockquote>随着疫苗的推广和个人储蓄屡创新高，股市的 “重新开放 ”风靡一时。甚至吉姆·克莱默也加入了进来。</blockquote></p><p> As a contrarian, I’ve been suggesting reopening plays in&nbsp;this column&nbsp;and my stock letter (the link is in the bio below) for upwards of a year. They’ve doubled, or more, in many cases. Now it makes me nervous to see the crowd come in. Often that’s a sign a theme is on its last legs.</p><p><blockquote>作为一名反向投资者，一年多来，我一直在本专栏和我的股票信中建议重新开盘（链接在下面的简历中）。在许多情况下，它们的数量翻了一番，甚至更多。现在看到人群进来让我很紧张。这往往是一个主题走到最后的标志。</blockquote></p><p> Wait, how could the reopening theme be spent even before reopening happens? That’s easy. Often markets price events in six months in advance.</p><p><blockquote>等等，重新开放的主题怎么会在重新开放发生之前就花掉呢？这很简单。通常提前六个月营销价格事件。</blockquote></p><p> But I think this one has more to go for a simple reason. I watch corporate insiders closely, and in the past few weeks they have been huge buyers of quintessential reopening plays in dating, travel and retail.</p><p><blockquote>但我认为这个还有更多的事情要做，原因很简单。我密切关注企业内部人士，在过去的几周里，他们一直是约会、旅游和零售领域典型重新开放游戏的巨大买家。</blockquote></p><p> Here’s a roundup of the purchases that tell me the theme still has legs. The insider buying also suggests these six stocks could extend their outperformance.</p><p><blockquote>以下是购买情况的综述，告诉我这个主题还有发展空间。内部买入还表明这六只股票可能会延长其优异表现。</blockquote></p><p> <b>Dating is making a comeback</b></p><p><blockquote><b>约会正在卷土重来</b></blockquote></p><p> Millions of people cut back on dating because of fears about contracting Covid-19. That’ll change big time during the reopening, providing a boost to the dating app company Bumble.</p><p><blockquote>由于担心感染 Covid-19，数百万人减少了约会。这将在重新开业期间发生巨大变化，为约会应用公司 Bumble 提供推动力。</blockquote></p><p> We’re already seeing early signs that singles really want to mingle — and not only in the huge spring break gatherings in Florida. Fourth-quarter revenue at Bumble increased 31% compared to a more sluggish 10% growth for all of 2020, weighed down by peak Covid-19 fears during the second and third quarters. Users paying for premium versions of the service increased 32.5% in the fourth quarter, compared to 22.2% growth for the full year.</p><p><blockquote>我们已经看到了单身人士真正想要交往的早期迹象--而且不仅仅是在佛罗里达州的大型春假聚会上。受第二和第三季度 Covid-19 担忧高峰的拖累，Bumble 第四季度收入增长了 31%，而 2020 年全年增长较为缓慢的 10%。第四季度，为高级版本服务付费的用户增长了 32.5%，而全年增长了 22.2%。</blockquote></p><p> Bumble is a dating app with a twist in that only women can initiate contact after parties both indicate an interest by swiping right on profiles. Premium features on the company’s Bumble and Badoo apps allow users to see who swiped right on them, post more personal information and spotlight profiles. Online dating apps are now the most common way for new couples to meet in the U.S., according to a study published in Proceedings of the National Academy of Sciences of the United States of America (PNAS).</p><p><blockquote>Bumble是一款约会应用，它有一个转折，那就是只有女性才能在双方都表示有兴趣后，通过在个人资料上向右滑动来发起联系。该公司的 Bumble 和 Badoo 应用程序上的高级功能允许用户看到谁在他们身上滑动，发布更多个人信息，并突出个人资料。根据发表在《美国国家科学院院刊》（PNAS）上的一项研究，在线约会应用程序现在是美国新婚夫妇见面的最常见方式。</blockquote></p><p> Director Pamela Thomas-Graham bought $498,000 worth of stock at $76.23 in mid-February as Bumble came public, and CEO Whitney Wolfe Herd&nbsp;bought $21 million worth at $43.</p><p><blockquote>2月中旬，Bumble上市时，董事帕梅拉·托马斯-格雷厄姆（Pamela Thomas-Graham）以76.23美元的价格购买了价值49.8万美元的股票，首席执行官惠特尼·沃尔夫·赫德（Whitney Wolfe Herd）以43美元的价格购买了价值2100万美元的股票。</blockquote></p><p> <b>Wanderlust returns</b></p><p><blockquote><b>旅行癖回归</b></blockquote></p><p> I’ve been suggesting Avis Budget Group&nbsp;in my stock letter since it traded at $31 in early October last year. It’s now up 122% to $69, but I recently suggested subscribers should continue holding. Yes, the pandemic crushed rentals. But people really want to get out and travel. So business at this company will really pick up this year. Avis, which runs the Budget and Zipcar rental brands, is an air travel play.&nbsp; It has a huge presence around airports in North America, Europe and Australasia. Avis has more than 10,600 rental locations.</p><p><blockquote>自从去年 10 月初 Avis Budget Group 的交易价格为 31 美元以来，我就一直在我的股票信中推荐它。现在价格上涨了 122%，达到 69 美元，但我最近建议用户继续持有。是的，疫情压垮了租金。但是人们真的很想出去旅行。所以这家公司的生意今年真的会好转。Avis经营着Budget和Zipcar租赁品牌，是一家航空旅行公司。它在北美、欧洲和澳大拉西亚的机场拥有巨大的影响力。Avis拥有超过10,600个租赁地点。</blockquote></p><p> Avis did a commendable job of reducing costs during the pandemic by cutting its fleet by 19%. So even though revenue fell 41%, it was not a bankruptcy risk.</p><p><blockquote>安飞士在疫情期间削减了19%的机队，在降低成本方面做了值得称赞的工作。因此，尽管收入下降了 41%，但这并不是破产风险。</blockquote></p><p> The big buyer who first got me interested in this stock was director Karthik&nbsp;Sarma. His SRS&nbsp;Investment Management bought steadily in size last May-December at $18.57 to $39.20. Avis now represents 11.4% of his portfolio. More recently, CFO Brian Choi took over as the big buyer, purchasing $1.64 million worth of stock at $46-$56 a share in February. Insiders don’t buy for short-term trades so this purchase — along with the reopening travel craze ahead — tells me the stock remains a hold.</p><p><blockquote>第一个让我对这只股票感兴趣的大买家是导演卡尔西克·萨尔马。他的 SRS Investment Management 去年 5 月至 12 月以 18.57 美元至 39.20 美元的价格稳步买入。Avis 目前占他投资组合的 11.4%。最近，首席财务官 Brian Choi 接任大买家，于 2 月份以每股 46-56 美元的价格购买了价值 164 万美元的股票。业内人士不会在短期交易中买入，因此这次买入--再加上即将重新开放的旅游热潮--告诉我，该股仍需持有。</blockquote></p><p> <b>Fast-food binge</b></p><p><blockquote><b>快餐狂欢</b></blockquote></p><p> As the second-largest fast-food burger chain in the U.S., Wendy’s&nbsp;will see a big boost in sales as consumers come out of hiding. Sure, Wendy’s digital business was robust during the pandemic. But improved foot traffic will still drive sales at the chain that specializes in “fresh and crave-able” food at a competitive price, according to CEO Todd Penegor.</p><p><blockquote>作为美国第二大快餐汉堡连锁店，Wendy's 的销售额将随着消费者走出隐秘状态而大幅提升。当然，温迪的数字业务在大流行病期间表现强劲。但首席执行官托德-佩内戈尔（Todd Penegor）表示，客流量的改善仍将推动这家以具有竞争力的价格专营 “新鲜且令人垂涎 ”食品的连锁店的销售额。</blockquote></p><p> From small beginnings in Columbus, Ohio, in 1969, Wendy’s has grown into the third-largest burger chain in the world, with over 6,800 restaurants. Most of them are franchises, which boosts profit margins. Despite the pandemic, Wendy’s opened 35 restaurants last year, net of closings. That was down from 77 net openings in 2019. But it’ll make up for lost ground in 2021 with around 170 new restaurants, net, to take the total over 7,000.</p><p><blockquote>Wendy's 于 1969 年在俄亥俄州哥伦布市成立，现已发展成为全球第三大汉堡连锁店，拥有 6800 多家餐厅。其中大部分是特许经营，这提高了利润率。尽管大流行病肆虐，温迪餐厅去年还是开设了 35 家餐厅，没有关门。这一数字低于 2019 年的 77 个净开业数。但它将在 2021 年弥补失地，净增约 170 家新餐厅，使餐厅总数超过 7000 家。</blockquote></p><p> Last year, Wendy’s new breakfast menu was a hit, and it expects this to be a growth driver again in 2021. It projects the breakfast business will grow 30% this year, and that it will hit 10% of overall sales by the end of 2022, up from 7% last year.</p><p><blockquote>去年，Wendy 的新早餐菜单大受欢迎，预计这将在 2021 年再次成为增长动力。该公司预计早餐业务今年将增长 30%，到 2022 年底将达到总销售额的 10%，高于去年的 7%。</blockquote></p><p> Wendy’s expects same-restaurant sales to grow 10% this year, driving 19% earnings growth to $0.67 to $0.69 per share, and 12.5% operating cash flow growth to $320 million at the midpoint of guidance.</p><p><blockquote>Wendy's 预计今年同店销售额将增长 10%，推动每股收益增长 19%，达到 0.67 美元至 0.69 美元，运营现金流增长 12.5%，达到指导中点 3.2 亿美元。</blockquote></p><p></p><p> All of this no doubt helps explain why chief legal officer E.J. Wunsch recently bought $142,300 worth of stock at $18.98.</p><p><blockquote>所有这些无疑有助于解释为什么首席法律官E.J。Wunsch 最近以 18.98 美元的价格购买了价值 142,300 美元的股票。</blockquote></p><p> <b>The h</b><b>ousing boom isn’t over yet</b></p><p><blockquote><b>h</b><b>唤醒热潮尚未结束</b></blockquote></p><p> With interest rates going up, the home sector is supposedly going to cool off, according to another popular meme these days. But insiders disagree. Recently there was large insider buying at two of the biggest home-related retailers, Wayfair&nbsp;and Lowe’s.Sure, there are company trends that help explain this. But since a third of a stock’s move typically comes from sector performance, this is a statement on housing trends, too. (The other two-thirds of any stock move come from company trends and overall stock market trends.)</p><p><blockquote>根据最近另一个流行的迷因，随着利率上升，房地产行业应该会降温。但业内人士不同意。最近，两家最大的家居相关零售商 Wayfair 和 Lowe's 发生了大量内幕交易。当然，有一些公司趋势有助于解释这一点。但由于股票三分之一的变动通常来自行业表现，因此这也是对房地产趋势的一种说明。（其他三分之二的股票走势来自公司趋势和整体股票市场趋势。）</blockquote></p><p> Here’s the 30-year mortgage rate. As you can see, it’s still very low compared with historical averages.</p><p><blockquote>以下是 30 年期抵押贷款利率。如您所见，与历史平均水平相比，这一数字仍然很低。</blockquote></p><p> The bullishness makes sense because mortgage rates remain historically low, points out Jim Paulsen, market strategist at the Leuthold group. That means ongoing interest in home buying and related retailers.</p><p><blockquote>Leuthold group 市场策略师吉姆·保尔森 (Jim Paulsen) 指出，这种看涨情绪是有道理的，因为抵押贷款利率仍处于历史低位。这意味着人们对购房和相关零售商的持续兴趣。</blockquote></p><p> Insiders certainly buy into this thinking. There was recently a mega-purchase of $13.6 million worth of stock at the home retailer Wayfair, by director Michael Andrew Kumin&nbsp;at around $287 per share. Wayfair has done a great job of connecting with consumers. Sales grew 55% last year in the U.S. and 65% abroad. Customer count grew 54% to 31.2 million in the fourth quarter. Repeat purchases represent more than 70% of its business. Wayfair also works closely with suppliers, helping with logistics, merchandising and marketing, to keep them happy.</p><p><blockquote>业内人士当然认同这种想法。最近，首席执行官迈克尔·安德鲁·库明 (Michael Andrew Kumin) 以每股约 287 美元的价格购买了家居零售商 Wayfair 价值 1360 万美元的股票。Wayfair在与消费者的联系方面做得很好。去年美国销售额增长了 55%，海外销售额增长了 65%。第四季度客户数量增长 54%，达到 3120 万。重复采购占其业务的70%以上。Wayfair还与供应商密切合作，帮助他们进行物流、销售和营销，让他们满意。</blockquote></p><p> At Lowe’s, director David Batchelder recently bought about $1 million worth of stock at $159.47. The second-largest home-improvement retailer globally after Home Depot,Lowe’s has been improving profit margins, merchandising and inventory since CEO Marvin Ellison took over in 2018, bringing in a new team. But the gains are not over. The company says operating margin will surpass 11% in 2021 and eventually hit 13%, compared to 9% in 2019.</p><p><blockquote>在 Lowe's，董事 David Batchelder 最近以 159.47 美元的价格购买了价值约 100 万美元的股票。劳氏是仅次于家得宝（Home Depot）的全球第二大家装零售商，自首席执行官马文-埃里森（Marvin Ellison）于2018年接任并引入新团队以来，劳氏一直在提高利润率、商品销售和库存。但收益还没有结束。该公司表示，2021 年营业利润率将超过 11%，最终达到 13%，而 2019 年为 9%。</blockquote></p><p> <b>The big get bigger</b></p><p><blockquote><b>大的变大</b></blockquote></p><p> As the nation’s largest retailer, Walmart&nbsp;stands to benefit from reopening, and all the pent-up demand that will be unleashed as consumers feel more confident and chip away at their record-high savings. This helps explain why Walmart director and former AT&amp;T&nbsp;CEO Randall Stephenson recently put $1 million into this retailer’s stock at $129.63.</p><p><blockquote>作为美国最大的零售商，沃尔玛将从重新开业中受益，随着消费者信心增强，所有被压抑的需求都将被释放出来，消费者将从创纪录的高储蓄中获益。这有助于解释为什么沃尔玛董事、美国电话电报公司前首席执行官兰德尔-斯蒂芬森（Randall Stephenson）最近以 129.63 美元的价格向这家零售商的股票投入了 100 万美元。</blockquote></p><p> Walmart is also investing heavily in automation, which should improve productivity and profit margins.</p><p><blockquote>沃尔玛还在自动化方面投入巨资，这应该会提高生产率和利润率。</blockquote></p><p> Morningstar analyst Zain Akbari forecasts low-single-digit sales growth this year, and over the next decade.</p><p><blockquote>晨星分析师 Zain Akbari 预测今年以及未来十年的销售额增长将达到低个位数。</blockquote></p><p> Walmart is so big that it negotiates favorable terms with vendors to stay competitive, supporting the retailer’s wide moat, says Akbari. If a national $15-an-hour minimum wage ever gets passed, it won’t be devastating to Walmart. It already pays sales associates more than that, on average. And Walmart offers investors a 1.6% dividend yield.</p><p><blockquote>阿克巴里说，沃尔玛规模如此之大，以至于它与供应商谈判有利条件，以保持竞争力，从而支持零售商的广泛护城河。如果全国每小时 15 美元的最低工资标准获得通过，对沃尔玛来说也不会是毁灭性的。平均而言，它支付给销售助理的工资已经超过了这个数字。沃尔玛为投资者提供 1.6% 的股息收益率。</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>Six ‘reopening’ stocks, including Bumble and Wayfair, that company insiders absolutely love<blockquote>公司内部人士绝对喜爱的 Bumble 和 Wayfair 等六只 “重新开盘 ”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\">\nSix ‘reopening’ stocks, including Bumble and Wayfair, that company insiders absolutely love<blockquote>公司内部人士绝对喜爱的 Bumble 和 Wayfair 等六只 “重新开盘 ”股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-03-19 13:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Executives are snapping up shares of their own companies, which is typically a bullish sign.</p><p><blockquote>高管们正在抢购自己公司的股票，这通常是一个看涨的迹象。</blockquote></p><p> With vaccine rollouts progressing and personal savings rising to record highs, “reopening” plays in the stock market are all the rage. Even Jim Cramer has jumped aboard.</p><p><blockquote>随着疫苗的推广和个人储蓄屡创新高，股市的 “重新开放 ”风靡一时。甚至吉姆·克莱默也加入了进来。</blockquote></p><p> As a contrarian, I’ve been suggesting reopening plays in&nbsp;this column&nbsp;and my stock letter (the link is in the bio below) for upwards of a year. They’ve doubled, or more, in many cases. Now it makes me nervous to see the crowd come in. Often that’s a sign a theme is on its last legs.</p><p><blockquote>作为一名反向投资者，一年多来，我一直在本专栏和我的股票信中建议重新开盘（链接在下面的简历中）。在许多情况下，它们的数量翻了一番，甚至更多。现在看到人群进来让我很紧张。这往往是一个主题走到最后的标志。</blockquote></p><p> Wait, how could the reopening theme be spent even before reopening happens? That’s easy. Often markets price events in six months in advance.</p><p><blockquote>等等，重新开放的主题怎么会在重新开放发生之前就花掉呢？这很简单。通常提前六个月营销价格事件。</blockquote></p><p> But I think this one has more to go for a simple reason. I watch corporate insiders closely, and in the past few weeks they have been huge buyers of quintessential reopening plays in dating, travel and retail.</p><p><blockquote>但我认为这个还有更多的事情要做，原因很简单。我密切关注企业内部人士，在过去的几周里，他们一直是约会、旅游和零售领域典型重新开放游戏的巨大买家。</blockquote></p><p> Here’s a roundup of the purchases that tell me the theme still has legs. The insider buying also suggests these six stocks could extend their outperformance.</p><p><blockquote>以下是购买情况的综述，告诉我这个主题还有发展空间。内部买入还表明这六只股票可能会延长其优异表现。</blockquote></p><p> <b>Dating is making a comeback</b></p><p><blockquote><b>约会正在卷土重来</b></blockquote></p><p> Millions of people cut back on dating because of fears about contracting Covid-19. That’ll change big time during the reopening, providing a boost to the dating app company Bumble.</p><p><blockquote>由于担心感染 Covid-19，数百万人减少了约会。这将在重新开业期间发生巨大变化，为约会应用公司 Bumble 提供推动力。</blockquote></p><p> We’re already seeing early signs that singles really want to mingle — and not only in the huge spring break gatherings in Florida. Fourth-quarter revenue at Bumble increased 31% compared to a more sluggish 10% growth for all of 2020, weighed down by peak Covid-19 fears during the second and third quarters. Users paying for premium versions of the service increased 32.5% in the fourth quarter, compared to 22.2% growth for the full year.</p><p><blockquote>我们已经看到了单身人士真正想要交往的早期迹象--而且不仅仅是在佛罗里达州的大型春假聚会上。受第二和第三季度 Covid-19 担忧高峰的拖累，Bumble 第四季度收入增长了 31%，而 2020 年全年增长较为缓慢的 10%。第四季度，为高级版本服务付费的用户增长了 32.5%，而全年增长了 22.2%。</blockquote></p><p> Bumble is a dating app with a twist in that only women can initiate contact after parties both indicate an interest by swiping right on profiles. Premium features on the company’s Bumble and Badoo apps allow users to see who swiped right on them, post more personal information and spotlight profiles. Online dating apps are now the most common way for new couples to meet in the U.S., according to a study published in Proceedings of the National Academy of Sciences of the United States of America (PNAS).</p><p><blockquote>Bumble是一款约会应用，它有一个转折，那就是只有女性才能在双方都表示有兴趣后，通过在个人资料上向右滑动来发起联系。该公司的 Bumble 和 Badoo 应用程序上的高级功能允许用户看到谁在他们身上滑动，发布更多个人信息，并突出个人资料。根据发表在《美国国家科学院院刊》（PNAS）上的一项研究，在线约会应用程序现在是美国新婚夫妇见面的最常见方式。</blockquote></p><p> Director Pamela Thomas-Graham bought $498,000 worth of stock at $76.23 in mid-February as Bumble came public, and CEO Whitney Wolfe Herd&nbsp;bought $21 million worth at $43.</p><p><blockquote>2月中旬，Bumble上市时，董事帕梅拉·托马斯-格雷厄姆（Pamela Thomas-Graham）以76.23美元的价格购买了价值49.8万美元的股票，首席执行官惠特尼·沃尔夫·赫德（Whitney Wolfe Herd）以43美元的价格购买了价值2100万美元的股票。</blockquote></p><p> <b>Wanderlust returns</b></p><p><blockquote><b>旅行癖回归</b></blockquote></p><p> I’ve been suggesting Avis Budget Group&nbsp;in my stock letter since it traded at $31 in early October last year. It’s now up 122% to $69, but I recently suggested subscribers should continue holding. Yes, the pandemic crushed rentals. But people really want to get out and travel. So business at this company will really pick up this year. Avis, which runs the Budget and Zipcar rental brands, is an air travel play.&nbsp; It has a huge presence around airports in North America, Europe and Australasia. Avis has more than 10,600 rental locations.</p><p><blockquote>自从去年 10 月初 Avis Budget Group 的交易价格为 31 美元以来，我就一直在我的股票信中推荐它。现在价格上涨了 122%，达到 69 美元，但我最近建议用户继续持有。是的，疫情压垮了租金。但是人们真的很想出去旅行。所以这家公司的生意今年真的会好转。Avis经营着Budget和Zipcar租赁品牌，是一家航空旅行公司。它在北美、欧洲和澳大拉西亚的机场拥有巨大的影响力。Avis拥有超过10,600个租赁地点。</blockquote></p><p> Avis did a commendable job of reducing costs during the pandemic by cutting its fleet by 19%. So even though revenue fell 41%, it was not a bankruptcy risk.</p><p><blockquote>安飞士在疫情期间削减了19%的机队，在降低成本方面做了值得称赞的工作。因此，尽管收入下降了 41%，但这并不是破产风险。</blockquote></p><p> The big buyer who first got me interested in this stock was director Karthik&nbsp;Sarma. His SRS&nbsp;Investment Management bought steadily in size last May-December at $18.57 to $39.20. Avis now represents 11.4% of his portfolio. More recently, CFO Brian Choi took over as the big buyer, purchasing $1.64 million worth of stock at $46-$56 a share in February. Insiders don’t buy for short-term trades so this purchase — along with the reopening travel craze ahead — tells me the stock remains a hold.</p><p><blockquote>第一个让我对这只股票感兴趣的大买家是导演卡尔西克·萨尔马。他的 SRS Investment Management 去年 5 月至 12 月以 18.57 美元至 39.20 美元的价格稳步买入。Avis 目前占他投资组合的 11.4%。最近，首席财务官 Brian Choi 接任大买家，于 2 月份以每股 46-56 美元的价格购买了价值 164 万美元的股票。业内人士不会在短期交易中买入，因此这次买入--再加上即将重新开放的旅游热潮--告诉我，该股仍需持有。</blockquote></p><p> <b>Fast-food binge</b></p><p><blockquote><b>快餐狂欢</b></blockquote></p><p> As the second-largest fast-food burger chain in the U.S., Wendy’s&nbsp;will see a big boost in sales as consumers come out of hiding. Sure, Wendy’s digital business was robust during the pandemic. But improved foot traffic will still drive sales at the chain that specializes in “fresh and crave-able” food at a competitive price, according to CEO Todd Penegor.</p><p><blockquote>作为美国第二大快餐汉堡连锁店，Wendy's 的销售额将随着消费者走出隐秘状态而大幅提升。当然，温迪的数字业务在大流行病期间表现强劲。但首席执行官托德-佩内戈尔（Todd Penegor）表示，客流量的改善仍将推动这家以具有竞争力的价格专营 “新鲜且令人垂涎 ”食品的连锁店的销售额。</blockquote></p><p> From small beginnings in Columbus, Ohio, in 1969, Wendy’s has grown into the third-largest burger chain in the world, with over 6,800 restaurants. Most of them are franchises, which boosts profit margins. Despite the pandemic, Wendy’s opened 35 restaurants last year, net of closings. That was down from 77 net openings in 2019. But it’ll make up for lost ground in 2021 with around 170 new restaurants, net, to take the total over 7,000.</p><p><blockquote>Wendy's 于 1969 年在俄亥俄州哥伦布市成立，现已发展成为全球第三大汉堡连锁店，拥有 6800 多家餐厅。其中大部分是特许经营，这提高了利润率。尽管大流行病肆虐，温迪餐厅去年还是开设了 35 家餐厅，没有关门。这一数字低于 2019 年的 77 个净开业数。但它将在 2021 年弥补失地，净增约 170 家新餐厅，使餐厅总数超过 7000 家。</blockquote></p><p> Last year, Wendy’s new breakfast menu was a hit, and it expects this to be a growth driver again in 2021. It projects the breakfast business will grow 30% this year, and that it will hit 10% of overall sales by the end of 2022, up from 7% last year.</p><p><blockquote>去年，Wendy 的新早餐菜单大受欢迎，预计这将在 2021 年再次成为增长动力。该公司预计早餐业务今年将增长 30%，到 2022 年底将达到总销售额的 10%，高于去年的 7%。</blockquote></p><p> Wendy’s expects same-restaurant sales to grow 10% this year, driving 19% earnings growth to $0.67 to $0.69 per share, and 12.5% operating cash flow growth to $320 million at the midpoint of guidance.</p><p><blockquote>Wendy's 预计今年同店销售额将增长 10%，推动每股收益增长 19%，达到 0.67 美元至 0.69 美元，运营现金流增长 12.5%，达到指导中点 3.2 亿美元。</blockquote></p><p></p><p> All of this no doubt helps explain why chief legal officer E.J. Wunsch recently bought $142,300 worth of stock at $18.98.</p><p><blockquote>所有这些无疑有助于解释为什么首席法律官E.J。Wunsch 最近以 18.98 美元的价格购买了价值 142,300 美元的股票。</blockquote></p><p> <b>The h</b><b>ousing boom isn’t over yet</b></p><p><blockquote><b>h</b><b>唤醒热潮尚未结束</b></blockquote></p><p> With interest rates going up, the home sector is supposedly going to cool off, according to another popular meme these days. But insiders disagree. Recently there was large insider buying at two of the biggest home-related retailers, Wayfair&nbsp;and Lowe’s.Sure, there are company trends that help explain this. But since a third of a stock’s move typically comes from sector performance, this is a statement on housing trends, too. (The other two-thirds of any stock move come from company trends and overall stock market trends.)</p><p><blockquote>根据最近另一个流行的迷因，随着利率上升，房地产行业应该会降温。但业内人士不同意。最近，两家最大的家居相关零售商 Wayfair 和 Lowe's 发生了大量内幕交易。当然，有一些公司趋势有助于解释这一点。但由于股票三分之一的变动通常来自行业表现，因此这也是对房地产趋势的一种说明。（其他三分之二的股票走势来自公司趋势和整体股票市场趋势。）</blockquote></p><p> Here’s the 30-year mortgage rate. As you can see, it’s still very low compared with historical averages.</p><p><blockquote>以下是 30 年期抵押贷款利率。如您所见，与历史平均水平相比，这一数字仍然很低。</blockquote></p><p> The bullishness makes sense because mortgage rates remain historically low, points out Jim Paulsen, market strategist at the Leuthold group. That means ongoing interest in home buying and related retailers.</p><p><blockquote>Leuthold group 市场策略师吉姆·保尔森 (Jim Paulsen) 指出，这种看涨情绪是有道理的，因为抵押贷款利率仍处于历史低位。这意味着人们对购房和相关零售商的持续兴趣。</blockquote></p><p> Insiders certainly buy into this thinking. There was recently a mega-purchase of $13.6 million worth of stock at the home retailer Wayfair, by director Michael Andrew Kumin&nbsp;at around $287 per share. Wayfair has done a great job of connecting with consumers. Sales grew 55% last year in the U.S. and 65% abroad. Customer count grew 54% to 31.2 million in the fourth quarter. Repeat purchases represent more than 70% of its business. Wayfair also works closely with suppliers, helping with logistics, merchandising and marketing, to keep them happy.</p><p><blockquote>业内人士当然认同这种想法。最近，首席执行官迈克尔·安德鲁·库明 (Michael Andrew Kumin) 以每股约 287 美元的价格购买了家居零售商 Wayfair 价值 1360 万美元的股票。Wayfair在与消费者的联系方面做得很好。去年美国销售额增长了 55%，海外销售额增长了 65%。第四季度客户数量增长 54%，达到 3120 万。重复采购占其业务的70%以上。Wayfair还与供应商密切合作，帮助他们进行物流、销售和营销，让他们满意。</blockquote></p><p> At Lowe’s, director David Batchelder recently bought about $1 million worth of stock at $159.47. The second-largest home-improvement retailer globally after Home Depot,Lowe’s has been improving profit margins, merchandising and inventory since CEO Marvin Ellison took over in 2018, bringing in a new team. But the gains are not over. The company says operating margin will surpass 11% in 2021 and eventually hit 13%, compared to 9% in 2019.</p><p><blockquote>在 Lowe's，董事 David Batchelder 最近以 159.47 美元的价格购买了价值约 100 万美元的股票。劳氏是仅次于家得宝（Home Depot）的全球第二大家装零售商，自首席执行官马文-埃里森（Marvin Ellison）于2018年接任并引入新团队以来，劳氏一直在提高利润率、商品销售和库存。但收益还没有结束。该公司表示，2021 年营业利润率将超过 11%，最终达到 13%，而 2019 年为 9%。</blockquote></p><p> <b>The big get bigger</b></p><p><blockquote><b>大的变大</b></blockquote></p><p> As the nation’s largest retailer, Walmart&nbsp;stands to benefit from reopening, and all the pent-up demand that will be unleashed as consumers feel more confident and chip away at their record-high savings. This helps explain why Walmart director and former AT&amp;T&nbsp;CEO Randall Stephenson recently put $1 million into this retailer’s stock at $129.63.</p><p><blockquote>作为美国最大的零售商，沃尔玛将从重新开业中受益，随着消费者信心增强，所有被压抑的需求都将被释放出来，消费者将从创纪录的高储蓄中获益。这有助于解释为什么沃尔玛董事、美国电话电报公司前首席执行官兰德尔-斯蒂芬森（Randall Stephenson）最近以 129.63 美元的价格向这家零售商的股票投入了 100 万美元。</blockquote></p><p> Walmart is also investing heavily in automation, which should improve productivity and profit margins.</p><p><blockquote>沃尔玛还在自动化方面投入巨资，这应该会提高生产率和利润率。</blockquote></p><p> Morningstar analyst Zain Akbari forecasts low-single-digit sales growth this year, and over the next decade.</p><p><blockquote>晨星分析师 Zain Akbari 预测今年以及未来十年的销售额增长将达到低个位数。</blockquote></p><p> Walmart is so big that it negotiates favorable terms with vendors to stay competitive, supporting the retailer’s wide moat, says Akbari. If a national $15-an-hour minimum wage ever gets passed, it won’t be devastating to Walmart. It already pays sales associates more than that, on average. And Walmart offers investors a 1.6% dividend yield.</p><p><blockquote>阿克巴里说，沃尔玛规模如此之大，以至于它与供应商谈判有利条件，以保持竞争力，从而支持零售商的广泛护城河。如果全国每小时 15 美元的最低工资标准获得通过，对沃尔玛来说也不会是毁灭性的。平均而言，它支付给销售助理的工资已经超过了这个数字。沃尔玛为投资者提供 1.6% 的股息收益率。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/six-reopening-stocks-including-bumble-and-wayfair-that-company-insiders-absolutely-love-11616082045?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":{"CAR":"安飞士","W":"Wayfair","WEN":"温蒂汉堡","WMT":"沃尔玛","BMBL":"Bumble Inc.","T":"At&T","LOW":"劳氏","HD":"家得宝"},"source_url":"https://www.marketwatch.com/story/six-reopening-stocks-including-bumble-and-wayfair-that-company-insiders-absolutely-love-11616082045?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1133615560","content_text":"Executives are snapping up shares of their own companies, which is typically a bullish sign.\nWith vaccine rollouts progressing and personal savings rising to record highs, “reopening” plays in the stock market are all the rage. Even Jim Cramer has jumped aboard.\nAs a contrarian, I’ve been suggesting reopening plays in this column and my stock letter (the link is in the bio below) for upwards of a year. They’ve doubled, or more, in many cases. Now it makes me nervous to see the crowd come in. Often that’s a sign a theme is on its last legs.\nWait, how could the reopening theme be spent even before reopening happens? That’s easy. Often markets price events in six months in advance.\nBut I think this one has more to go for a simple reason. I watch corporate insiders closely, and in the past few weeks they have been huge buyers of quintessential reopening plays in dating, travel and retail.\nHere’s a roundup of the purchases that tell me the theme still has legs. The insider buying also suggests these six stocks could extend their outperformance.\nDating is making a comeback\nMillions of people cut back on dating because of fears about contracting Covid-19. That’ll change big time during the reopening, providing a boost to the dating app company Bumble.\nWe’re already seeing early signs that singles really want to mingle — and not only in the huge spring break gatherings in Florida. Fourth-quarter revenue at Bumble increased 31% compared to a more sluggish 10% growth for all of 2020, weighed down by peak Covid-19 fears during the second and third quarters. Users paying for premium versions of the service increased 32.5% in the fourth quarter, compared to 22.2% growth for the full year.\nBumble is a dating app with a twist in that only women can initiate contact after parties both indicate an interest by swiping right on profiles. Premium features on the company’s Bumble and Badoo apps allow users to see who swiped right on them, post more personal information and spotlight profiles. Online dating apps are now the most common way for new couples to meet in the U.S., according to a study published in Proceedings of the National Academy of Sciences of the United States of America (PNAS).\nDirector Pamela Thomas-Graham bought $498,000 worth of stock at $76.23 in mid-February as Bumble came public, and CEO Whitney Wolfe Herd bought $21 million worth at $43.\nWanderlust returns\nI’ve been suggesting Avis Budget Group in my stock letter since it traded at $31 in early October last year. It’s now up 122% to $69, but I recently suggested subscribers should continue holding. Yes, the pandemic crushed rentals. But people really want to get out and travel. So business at this company will really pick up this year. Avis, which runs the Budget and Zipcar rental brands, is an air travel play.  It has a huge presence around airports in North America, Europe and Australasia. Avis has more than 10,600 rental locations.\nAvis did a commendable job of reducing costs during the pandemic by cutting its fleet by 19%. So even though revenue fell 41%, it was not a bankruptcy risk.\nThe big buyer who first got me interested in this stock was director Karthik Sarma. His SRS Investment Management bought steadily in size last May-December at $18.57 to $39.20. Avis now represents 11.4% of his portfolio. More recently, CFO Brian Choi took over as the big buyer, purchasing $1.64 million worth of stock at $46-$56 a share in February. Insiders don’t buy for short-term trades so this purchase — along with the reopening travel craze ahead — tells me the stock remains a hold.\nFast-food binge\nAs the second-largest fast-food burger chain in the U.S., Wendy’s will see a big boost in sales as consumers come out of hiding. Sure, Wendy’s digital business was robust during the pandemic. But improved foot traffic will still drive sales at the chain that specializes in “fresh and crave-able” food at a competitive price, according to CEO Todd Penegor.\nFrom small beginnings in Columbus, Ohio, in 1969, Wendy’s has grown into the third-largest burger chain in the world, with over 6,800 restaurants. Most of them are franchises, which boosts profit margins. Despite the pandemic, Wendy’s opened 35 restaurants last year, net of closings. That was down from 77 net openings in 2019. But it’ll make up for lost ground in 2021 with around 170 new restaurants, net, to take the total over 7,000.\nLast year, Wendy’s new breakfast menu was a hit, and it expects this to be a growth driver again in 2021. It projects the breakfast business will grow 30% this year, and that it will hit 10% of overall sales by the end of 2022, up from 7% last year.\nWendy’s expects same-restaurant sales to grow 10% this year, driving 19% earnings growth to $0.67 to $0.69 per share, and 12.5% operating cash flow growth to $320 million at the midpoint of guidance.\nAll of this no doubt helps explain why chief legal officer E.J. Wunsch recently bought $142,300 worth of stock at $18.98.\nThe housing boom isn’t over yet\nWith interest rates going up, the home sector is supposedly going to cool off, according to another popular meme these days. But insiders disagree. Recently there was large insider buying at two of the biggest home-related retailers, Wayfair and Lowe’s.Sure, there are company trends that help explain this. But since a third of a stock’s move typically comes from sector performance, this is a statement on housing trends, too. (The other two-thirds of any stock move come from company trends and overall stock market trends.)\nHere’s the 30-year mortgage rate. As you can see, it’s still very low compared with historical averages.\nThe bullishness makes sense because mortgage rates remain historically low, points out Jim Paulsen, market strategist at the Leuthold group. That means ongoing interest in home buying and related retailers.\nInsiders certainly buy into this thinking. There was recently a mega-purchase of $13.6 million worth of stock at the home retailer Wayfair, by director Michael Andrew Kumin at around $287 per share. Wayfair has done a great job of connecting with consumers. Sales grew 55% last year in the U.S. and 65% abroad. Customer count grew 54% to 31.2 million in the fourth quarter. Repeat purchases represent more than 70% of its business. Wayfair also works closely with suppliers, helping with logistics, merchandising and marketing, to keep them happy.\nAt Lowe’s, director David Batchelder recently bought about $1 million worth of stock at $159.47. The second-largest home-improvement retailer globally after Home Depot,Lowe’s has been improving profit margins, merchandising and inventory since CEO Marvin Ellison took over in 2018, bringing in a new team. But the gains are not over. The company says operating margin will surpass 11% in 2021 and eventually hit 13%, compared to 9% in 2019.\nThe big get bigger\nAs the nation’s largest retailer, Walmart stands to benefit from reopening, and all the pent-up demand that will be unleashed as consumers feel more confident and chip away at their record-high savings. This helps explain why Walmart director and former AT&T CEO Randall Stephenson recently put $1 million into this retailer’s stock at $129.63.\nWalmart is also investing heavily in automation, which should improve productivity and profit margins.\nMorningstar analyst Zain Akbari forecasts low-single-digit sales growth this year, and over the next decade.\nWalmart is so big that it negotiates favorable terms with vendors to stay competitive, supporting the retailer’s wide moat, says Akbari. If a national $15-an-hour minimum wage ever gets passed, it won’t be devastating to Walmart. It already pays sales associates more than that, on average. And Walmart offers investors a 1.6% dividend yield.","news_type":1,"symbols_score_info":{"WMT":0.9,"CAR":0.9,"WEN":0.9,"HD":0.9,"T":0.9,"W":0.9,"LOW":0.9,"BMBL":0.9}},"isVote":1,"tweetType":1,"viewCount":299,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":387332631,"gmtCreate":1613720336123,"gmtModify":1634552515621,"author":{"id":"3573522320275090","authorId":"3573522320275090","name":"brandsdssd","avatar":"https://static.tigerbbs.com/8d60877e255e383ff5532758edb01937","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573522320275090","authorIdStr":"3573522320275090"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>do u think tdy will be better?","listText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>do u think tdy will be better?","text":"$Palantir Technologies Inc.(PLTR)$do u think tdy will be better?","images":[{"img":"https://static.tigerbbs.com/fceae0e69fc4b3ff2fc18299c2d56f33","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/387332631","isVote":1,"tweetType":1,"viewCount":1411,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":148538822,"gmtCreate":1625985808766,"gmtModify":1631891557315,"author":{"id":"3573522320275090","authorId":"3573522320275090","name":"brandsdssd","avatar":"https://static.tigerbbs.com/8d60877e255e383ff5532758edb01937","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573522320275090","authorIdStr":"3573522320275090"},"themes":[],"title":"","htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/148538822","repostId":"1112201050","repostType":4,"repost":{"id":"1112201050","kind":"news","pubTimestamp":1625966101,"share":"https://www.laohunote.com/m/news/1112201050?lang=zh_CN&edition=full","pubTime":"2021-07-11 09:15","market":"us","language":"en","title":"The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112201050","media":"Barrons","summary":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the de","content":"<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达的干涸尸体在一月份突然复活时，它们何时会再次坠毁的时间已经在流逝。会是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经过去半年了，核心 “备忘录股票 ”的交易价格仍然处于研究这些股票多年的人认为离谱的水平。Clover Health Investments (CLOV) 和 Newegg Commerce (NEGG) 等新名称最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易员--长期以来被嘲笑为 “哑巴钱 ”--的集体努力成功地让股市飙升，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型的迹象，也没有表现出足以证明其估值的利润，但情况确实如此。黑莓在最近一个季度烧钱，并警告称其关键的网络安全部门将达到收入指导的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>虽然大型经纪商的交易量较 2 月份的峰值略有下降，但仍高于疫情爆发前的两到三倍。数量惊人的这种活动发生在散户交易者青睐的股票中。例如，AMC院线控股公司（AMC）6 月份的日均交易额达到 131 亿美元，超过了苹果（AAPL）的 95 亿美元和亚马逊（AMZN）的 103 亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍然致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多的交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉捏酸面团面包；交易者只会变得越来越饥饿。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种食欲，就像互联网泡沫破裂时一样。目前，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“美国海军电子技术员布兰登-卢切克（Brandon Luczek）在给《巴伦周刊》的一封电子邮件中写道：”我看到'逢低买入'的情绪一刻也没有减弱。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>迷因股票飙升是由散户投资者交易的增加推动的。2020年，在线经纪商以创纪录的速度签约客户，超过1000万人开设了新账户。这一记录几乎肯定会在2021年被打破。一些顶级公司透露，在今年不到一半的时间里，经纪商已经增加了超过 1000 万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这种现象的推车，也是马。他们的价格突然飙升是由新投资者推动的，然后这一行动推动更多的新人投资。数百万人在 1 月底和 2 月初下载了投资应用程序，只是为了享受乐趣。嘉信理财（SCHW）最近的一项调查发现，15%的现有交易者在2020年后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>激增中最突出的参与者是 Robinhood，该公司表示仅在第一季度就增加了 550 万个资金账户。但它并不孤单。例如，富达宣布，第一季度吸引了 160 万 35 岁以下的新客户，比去年同期增长了 223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在 Robinhood 零佣金模式的压力下，所有主要经纪商都在 2019 年将佣金降至零。这为新客户群体打开了闸门——他们可能没有那么多闲置现金进行交易，但比前辈更加活跃和多样化。经纪人正在套现。富达希望在投资者获得驾照之前就吸引他们，允许年仅 13 岁的儿童开设交易账户。Robinhood 正在乘势而上进行首次公开募股，分析师预计其估值将超过其收入的 10 倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与他们的老同行不同。E*Trade 交易主管克里斯-拉金（Chris Larkin）说，多年来，“ETF 一直备受青睐”，E*Trade 现归摩根士丹利（MS）所有。但挑选个股显然是 “2021 年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，随着世界各地的投资者押注疫情复苏并避免疲软的债券收益率，股票交易所交易基金仍然表现良好。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但 ETF 不像股票那样点亮留言板。这并不是说顶级公司的单行道。游戏驿站二月份确实下跌，华尔街享受了幸灾乐祸的时刻。它并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>“盈透证券（Interactive Brokers）首席策略师史蒂夫-索斯尼克（Steve Sosnick）写道：”就像蝉一样，备忘录交易者在表面上隐匿了几个月后又重新活跃起来。索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种货币转向另一种货币。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>“他写道：”我不认为，在比特币和其他加密货币大幅回调后，备忘录股票卷土重来完全是巧合。</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为备忘录股票是一个 “独立的板块”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对备忘录股票革命的反应一直是孤立专业人士认为不理性的市场部分。大多数卖空者不会碰这些股票，分析师也在放弃报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样把零售大军赶走，也不能指望它们在未来 17 年内消失。股票交易已经发生了永久性的变化。今年，零售活动占股本量的 24%，高于 2019 年的 15%。新信条的追随者不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>“哥伦比亚法学院（Columbia Law School）专门研究证券市场的教授约书亚-米茨（Joshua Mitts）说：”这实际上反映了我们所看到的趋势的逆转，即与个别公司的接触越来越少。“技术正在拉近普通投资者与他或她所投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>— Matt Kohrs，26 岁，每天在 YouTube 上直播股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早早加入的人的生活，并且仍然在更高的名字上。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯为例，他很早就投资了AMC院线。今年2月，他辞去了纽约程序员的工作，搬到了费城，并开始在YouTube上每天7个小时直播股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>YouTube 拥有 35 万粉丝，它正在支付账单。科尔斯说，凭借广告和股票的收入，他可以拿到与以前大致相同的工资。但他也知道，像这样依赖股票收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“他说：”你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给迷因学家来理解新华尔街充满表情符号的语言，这样他们就可以阻止他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC 甚至在上周取消了一项拟议的股权融资，因为该公司显然不喜欢 Reddit 人群的反响。过去一年，AMC 的股票数量已经增加了五倍。首席执行官亚当-阿伦（Adam Aron）在推特上表示，他看到了 “许多人赞成，许多人反对 ”对他增发 2500 万股股票的提议的反应，因此该提议将被取消，而不是在本月晚些时候的 AMC 年会上进行表决。该公司没有回答有关如何调查股东的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室里决定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者正在花费更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕零售行动进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在 “阿尔法”，但要实现这一目标可能需要一些紧张的数字运算。当然，并不是所有的留言板聊天都会导致价格持续上涨，如果没有大量的数据分析，零售订单流很难与机构流分开。对于拥有工具来确定散户投资者正在购买哪些股票和正在出售哪些股票的投资者来说，摩根大通建议做多买入兴趣最高的 20% 的股票，做空卖出兴趣最高的 20% 的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他说：”他们认为这几乎就像一份保险，以限制他们的下行风险。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于零售商来说，这种方法并不总是科学的。这一行动是由社区精神支撑的。其背后的力量既是情感上的，也是道德上的，也是经济上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是希望证明自己，并像利润一样惩罚保守派。他们互相学习市场，有时会放大或揭穿关于华尔街的阴谋论。一些人将模因股票运动与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“26 岁的科尔斯说：”华尔街让我们的经济陷入困境，但没有人因此惹上麻烦。“所以，我认为他们认为我们不仅可以赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格 (Claire Hirschberg) 是一名 28 岁的工会组织者，她在 1 月份从朋友那里听说 Robinhood 上购买了价值约 50 美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他是一名长期的资金经理。“她笑着说：”他很生气我买了游戏驿站，还不肯卖。“这让我想永远拿着它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像老华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，在你成为合伙人之前，你不会打菲拉格慕领带。在总经理离开之前，你从不离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而且不是按顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万散户交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认财务损失是一种勇敢的行为，是内部坚韧和对本集团信念的证明。你不把自己当回事，也不规范语言。你是 “猿类 ”或 “弱智 ”大军的一员。你坚持住，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>集体行动不仅仅是为了精神支持。交易策略取决于人们保持买入压力，迫使做空，或买入看涨期权，从而引发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔 (Keith Gill) 在二月份众议院金融服务委员会听证会上虚拟露面，成为 Reddit 散户交易员大军推高游戏驿站股价的代言人。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来给备忘录运动注入氧气。6 月中旬，AMC 的空头权益占该股流通量的 17%，低于 1 月份的 28%，但降幅不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格上涨，空头们也控制不住自己。多年来一直关注游戏驿站的韦德布什证券分析师迈克尔-帕切特（Michael Pachter）说，他们开始 “流口水，耳朵里冒出火焰”。“他说：”让我感到震惊的是精神错乱的定义，就是一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头却不断出现。“[游戏驿站公牛]基思-吉尔（Keith Gill）和他的 Reddit raiders 一直在挤压他们，而且一直在起作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit 人群需要团结起来，但该社区有时会出现裂缝。拥有最坚定粉丝群的两只模因股票——游戏驿站和 AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更善变的支持者。几只陷入迷因疯狂的股票已经崩溃。 Bed Bath &amp; Beyond (BBBY) 在 1 月底和 6 月初两次飙升，但现在的交易价格仅略高于 1 月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心 wallstreetbets——激发游戏驿站狂热的最初 Reddit 留言板——发展如此之快，以至于它已经失去了最初的精神，并可能变得容易受到操纵。有些人搬到了其他留言板，如 r/superstonk，希望能重现老社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司 Hype Equity 的创始人特拉维斯·雷尔 (Travis Rehl) 表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常由代表网上谈论的公司的公关公司雇佣。现在，他看到了一种不断增长的趋势，即股票突然出现在留言板上，收到积极的聊天，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“他说：”这让人怀疑什么是真正的讨论，什么是某人只想炒作的东西。wallstreetbets 的版主禁止在该平台上操纵市场，Rehl 表示，他们似乎正在努力遏制错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>“索斯尼克说：”如果你能制造足够的轰动效应，让一只股票在短时间内上涨 10%、20%，甚至 50%，那么你就有巨大的动力去做这件事。</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>美国证券交易委员会正在关注留言板上的有趣交易。美国证券交易委员会主席加里·詹斯勒（Gary Gensler）和一些国会议员讨论了改变市场规则，目的是增加保护散户交易者的透明度——尽管如果这些变化减缓交易速度或使交易成本更高，也可能激怒零售人群。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一能遏制这一趋势的因素。fintech Betterment 行为金融和投资副总裁丹·伊根 (Dan Egan) 认为，这种势头可能会在 9 月份耗尽。即使是 “猿猴 ”也有责任。“他说：”孩子们开始重返校园；家长们也可以自由地再次上班了。“那是下一次从房间里抽出氧气的时候了。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金引发的暂时疯狂。但那将是一个错误。如果零佣金经纪和游戏驿站乐趣打破了数百万新投资者开户的障碍，那么只要大多数人用他们并不立即需要的钱下注，这几乎肯定是一件好事。许多新零售商表示，他们正在自学如何交易，并开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>无论如何，这是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授亨德里克-贝森宾德（Hendrik Bessembinder）在2018年发表了一项开创性的研究，发现“在随机选择的月份随机选择的股票，亏损的可能性大于赚钱的可能性”。简而言之，挑选单只股票并持有集中投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是对新一波交易感到鼓舞。“贝森宾德说：”我欢迎零售交易的增加，欢迎股票市场成为一个广泛参与的地方。“经济学家不能告诉人们他们不应该找点乐子”。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</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\">\nThe Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-11 09:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达的干涸尸体在一月份突然复活时，它们何时会再次坠毁的时间已经在流逝。会是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经过去半年了，核心 “备忘录股票 ”的交易价格仍然处于研究这些股票多年的人认为离谱的水平。Clover Health Investments (CLOV) 和 Newegg Commerce (NEGG) 等新名称最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易员--长期以来被嘲笑为 “哑巴钱 ”--的集体努力成功地让股市飙升，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型的迹象，也没有表现出足以证明其估值的利润，但情况确实如此。黑莓在最近一个季度烧钱，并警告称其关键的网络安全部门将达到收入指导的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>虽然大型经纪商的交易量较 2 月份的峰值略有下降，但仍高于疫情爆发前的两到三倍。数量惊人的这种活动发生在散户交易者青睐的股票中。例如，AMC院线控股公司（AMC）6 月份的日均交易额达到 131 亿美元，超过了苹果（AAPL）的 95 亿美元和亚马逊（AMZN）的 103 亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍然致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多的交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉捏酸面团面包；交易者只会变得越来越饥饿。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种食欲，就像互联网泡沫破裂时一样。目前，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“美国海军电子技术员布兰登-卢切克（Brandon Luczek）在给《巴伦周刊》的一封电子邮件中写道：”我看到'逢低买入'的情绪一刻也没有减弱。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>迷因股票飙升是由散户投资者交易的增加推动的。2020年，在线经纪商以创纪录的速度签约客户，超过1000万人开设了新账户。这一记录几乎肯定会在2021年被打破。一些顶级公司透露，在今年不到一半的时间里，经纪商已经增加了超过 1000 万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这种现象的推车，也是马。他们的价格突然飙升是由新投资者推动的，然后这一行动推动更多的新人投资。数百万人在 1 月底和 2 月初下载了投资应用程序，只是为了享受乐趣。嘉信理财（SCHW）最近的一项调查发现，15%的现有交易者在2020年后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>激增中最突出的参与者是 Robinhood，该公司表示仅在第一季度就增加了 550 万个资金账户。但它并不孤单。例如，富达宣布，第一季度吸引了 160 万 35 岁以下的新客户，比去年同期增长了 223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在 Robinhood 零佣金模式的压力下，所有主要经纪商都在 2019 年将佣金降至零。这为新客户群体打开了闸门——他们可能没有那么多闲置现金进行交易，但比前辈更加活跃和多样化。经纪人正在套现。富达希望在投资者获得驾照之前就吸引他们，允许年仅 13 岁的儿童开设交易账户。Robinhood 正在乘势而上进行首次公开募股，分析师预计其估值将超过其收入的 10 倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与他们的老同行不同。E*Trade 交易主管克里斯-拉金（Chris Larkin）说，多年来，“ETF 一直备受青睐”，E*Trade 现归摩根士丹利（MS）所有。但挑选个股显然是 “2021 年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，随着世界各地的投资者押注疫情复苏并避免疲软的债券收益率，股票交易所交易基金仍然表现良好。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但 ETF 不像股票那样点亮留言板。这并不是说顶级公司的单行道。游戏驿站二月份确实下跌，华尔街享受了幸灾乐祸的时刻。它并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>“盈透证券（Interactive Brokers）首席策略师史蒂夫-索斯尼克（Steve Sosnick）写道：”就像蝉一样，备忘录交易者在表面上隐匿了几个月后又重新活跃起来。索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种货币转向另一种货币。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>“他写道：”我不认为，在比特币和其他加密货币大幅回调后，备忘录股票卷土重来完全是巧合。</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为备忘录股票是一个 “独立的板块”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对备忘录股票革命的反应一直是孤立专业人士认为不理性的市场部分。大多数卖空者不会碰这些股票，分析师也在放弃报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样把零售大军赶走，也不能指望它们在未来 17 年内消失。股票交易已经发生了永久性的变化。今年，零售活动占股本量的 24%，高于 2019 年的 15%。新信条的追随者不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>“哥伦比亚法学院（Columbia Law School）专门研究证券市场的教授约书亚-米茨（Joshua Mitts）说：”这实际上反映了我们所看到的趋势的逆转，即与个别公司的接触越来越少。“技术正在拉近普通投资者与他或她所投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>— Matt Kohrs，26 岁，每天在 YouTube 上直播股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早早加入的人的生活，并且仍然在更高的名字上。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯为例，他很早就投资了AMC院线。今年2月，他辞去了纽约程序员的工作，搬到了费城，并开始在YouTube上每天7个小时直播股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>YouTube 拥有 35 万粉丝，它正在支付账单。科尔斯说，凭借广告和股票的收入，他可以拿到与以前大致相同的工资。但他也知道，像这样依赖股票收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“他说：”你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给迷因学家来理解新华尔街充满表情符号的语言，这样他们就可以阻止他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC 甚至在上周取消了一项拟议的股权融资，因为该公司显然不喜欢 Reddit 人群的反响。过去一年，AMC 的股票数量已经增加了五倍。首席执行官亚当-阿伦（Adam Aron）在推特上表示，他看到了 “许多人赞成，许多人反对 ”对他增发 2500 万股股票的提议的反应，因此该提议将被取消，而不是在本月晚些时候的 AMC 年会上进行表决。该公司没有回答有关如何调查股东的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室里决定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者正在花费更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕零售行动进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在 “阿尔法”，但要实现这一目标可能需要一些紧张的数字运算。当然，并不是所有的留言板聊天都会导致价格持续上涨，如果没有大量的数据分析，零售订单流很难与机构流分开。对于拥有工具来确定散户投资者正在购买哪些股票和正在出售哪些股票的投资者来说，摩根大通建议做多买入兴趣最高的 20% 的股票，做空卖出兴趣最高的 20% 的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他说：”他们认为这几乎就像一份保险，以限制他们的下行风险。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于零售商来说，这种方法并不总是科学的。这一行动是由社区精神支撑的。其背后的力量既是情感上的，也是道德上的，也是经济上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是希望证明自己，并像利润一样惩罚保守派。他们互相学习市场，有时会放大或揭穿关于华尔街的阴谋论。一些人将模因股票运动与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“26 岁的科尔斯说：”华尔街让我们的经济陷入困境，但没有人因此惹上麻烦。“所以，我认为他们认为我们不仅可以赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格 (Claire Hirschberg) 是一名 28 岁的工会组织者，她在 1 月份从朋友那里听说 Robinhood 上购买了价值约 50 美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他是一名长期的资金经理。“她笑着说：”他很生气我买了游戏驿站，还不肯卖。“这让我想永远拿着它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像老华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，在你成为合伙人之前，你不会打菲拉格慕领带。在总经理离开之前，你从不离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而且不是按顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万散户交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认财务损失是一种勇敢的行为，是内部坚韧和对本集团信念的证明。你不把自己当回事，也不规范语言。你是 “猿类 ”或 “弱智 ”大军的一员。你坚持住，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>集体行动不仅仅是为了精神支持。交易策略取决于人们保持买入压力，迫使做空，或买入看涨期权，从而引发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔 (Keith Gill) 在二月份众议院金融服务委员会听证会上虚拟露面，成为 Reddit 散户交易员大军推高游戏驿站股价的代言人。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来给备忘录运动注入氧气。6 月中旬，AMC 的空头权益占该股流通量的 17%，低于 1 月份的 28%，但降幅不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格上涨，空头们也控制不住自己。多年来一直关注游戏驿站的韦德布什证券分析师迈克尔-帕切特（Michael Pachter）说，他们开始 “流口水，耳朵里冒出火焰”。“他说：”让我感到震惊的是精神错乱的定义，就是一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头却不断出现。“[游戏驿站公牛]基思-吉尔（Keith Gill）和他的 Reddit raiders 一直在挤压他们，而且一直在起作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit 人群需要团结起来，但该社区有时会出现裂缝。拥有最坚定粉丝群的两只模因股票——游戏驿站和 AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更善变的支持者。几只陷入迷因疯狂的股票已经崩溃。 Bed Bath &amp; Beyond (BBBY) 在 1 月底和 6 月初两次飙升，但现在的交易价格仅略高于 1 月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心 wallstreetbets——激发游戏驿站狂热的最初 Reddit 留言板——发展如此之快，以至于它已经失去了最初的精神，并可能变得容易受到操纵。有些人搬到了其他留言板，如 r/superstonk，希望能重现老社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司 Hype Equity 的创始人特拉维斯·雷尔 (Travis Rehl) 表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常由代表网上谈论的公司的公关公司雇佣。现在，他看到了一种不断增长的趋势，即股票突然出现在留言板上，收到积极的聊天，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“他说：”这让人怀疑什么是真正的讨论，什么是某人只想炒作的东西。wallstreetbets 的版主禁止在该平台上操纵市场，Rehl 表示，他们似乎正在努力遏制错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>“索斯尼克说：”如果你能制造足够的轰动效应，让一只股票在短时间内上涨 10%、20%，甚至 50%，那么你就有巨大的动力去做这件事。</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>美国证券交易委员会正在关注留言板上的有趣交易。美国证券交易委员会主席加里·詹斯勒（Gary Gensler）和一些国会议员讨论了改变市场规则，目的是增加保护散户交易者的透明度——尽管如果这些变化减缓交易速度或使交易成本更高，也可能激怒零售人群。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一能遏制这一趋势的因素。fintech Betterment 行为金融和投资副总裁丹·伊根 (Dan Egan) 认为，这种势头可能会在 9 月份耗尽。即使是 “猿猴 ”也有责任。“他说：”孩子们开始重返校园；家长们也可以自由地再次上班了。“那是下一次从房间里抽出氧气的时候了。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金引发的暂时疯狂。但那将是一个错误。如果零佣金经纪和游戏驿站乐趣打破了数百万新投资者开户的障碍，那么只要大多数人用他们并不立即需要的钱下注，这几乎肯定是一件好事。许多新零售商表示，他们正在自学如何交易，并开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>无论如何，这是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授亨德里克-贝森宾德（Hendrik Bessembinder）在2018年发表了一项开创性的研究，发现“在随机选择的月份随机选择的股票，亏损的可能性大于赚钱的可能性”。简而言之，挑选单只股票并持有集中投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是对新一波交易感到鼓舞。“贝森宾德说：”我欢迎零售交易的增加，欢迎股票市场成为一个广泛参与的地方。“经济学家不能告诉人们他们不应该找点乐子”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO\">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":{"CARV":"卡弗储蓄","AMC":"AMC院线","SCHW":"嘉信理财","NEGG":"Newegg Comm Inc.","CLOV":"Clover Health Corp","WKHS":"Workhorse Group, Inc.","BB":"黑莓","GME":"游戏驿站"},"source_url":"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112201050","content_text":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?\nIt has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like Clover Health Investments(CLOV) and Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.\nThe collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.\nThat is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.\nWhile trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.\nEven as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.\nA sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.\n\n“I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to Barron’s.\nThe meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.\nMeme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.\n\nThe most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.\nUnder pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.\nThese new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”\nTo be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.\nBut ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.\n“Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.\n“I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.\nSosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.\nIndeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.\nBut Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.\n\n“What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”\nThe swings you get can definitely make you feel some sort of way.\n— Matt Kohrs, 26, who streams stock analysis daily on YouTube\nIt is now changing the lives of those who got in early and are still riding the names higher.\nTake Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming stock analysis on YouTube for seven hours a day.\nWith 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.\n“The swings you get can definitely make you feel some sort of way,” he says.\nCompanies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.\nAMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.\nForget the boardroom. Corporate policy is now being determined in the chat room.\nBig investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.\nIn the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.\nThere can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.\nFor now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.\nFor retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.\nNew investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.\n“Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”\nClaire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”\nJust like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.\nThe new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.\nThe group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.\nKeith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.\nMany short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.\nAs the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”\nTo beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath & Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.\nDistrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.\nTravis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.\n“It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from Barron’s for comment.\n“If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.\nThe Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.\nRegulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”\nTraditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.\nIn one form or another, this is the future client base of Wall Street.\nArizona State University professor Hendrik Bessembinder published groundbreaking research in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.\nEven so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”","news_type":1,"symbols_score_info":{"MRIN":0.9,"NEGG":0.9,"BBBY":0.9,"BB":0.9,"CARV":0.9,"AMC":0.9,"GME":0.9,"CLOV":0.9,"WKHS":0.9,"SCHW":0.9}},"isVote":1,"tweetType":1,"viewCount":2644,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161050027,"gmtCreate":1623897480169,"gmtModify":1634026178357,"author":{"id":"3573522320275090","authorId":"3573522320275090","name":"brandsdssd","avatar":"https://static.tigerbbs.com/8d60877e255e383ff5532758edb01937","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573522320275090","authorIdStr":"3573522320275090"},"themes":[],"title":"","htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/161050027","repostId":"2144713861","repostType":4,"isVote":1,"tweetType":1,"viewCount":715,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127739062,"gmtCreate":1624868253156,"gmtModify":1631891557349,"author":{"id":"3573522320275090","authorId":"3573522320275090","name":"brandsdssd","avatar":"https://static.tigerbbs.com/8d60877e255e383ff5532758edb01937","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573522320275090","authorIdStr":"3573522320275090"},"themes":[],"title":"","htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/127739062","repostId":"2146007118","repostType":4,"isVote":1,"tweetType":1,"viewCount":3816,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":132258690,"gmtCreate":1622093872610,"gmtModify":1634183886158,"author":{"id":"3573522320275090","authorId":"3573522320275090","name":"brandsdssd","avatar":"https://static.tigerbbs.com/8d60877e255e383ff5532758edb01937","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573522320275090","authorIdStr":"3573522320275090"},"themes":[],"title":"","htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/132258690","repostId":"2138149518","repostType":4,"isVote":1,"tweetType":1,"viewCount":720,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}