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2021-06-03

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Ignore Dogecoin -- These 3 Unique Stocks Are Infinitely Better Buys<blockquote>忽略狗狗币——这3只独特的股票非常值得购买</blockquote>

2021-06-09

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S&P 500 closes little changed as "meme stocks" extend rally<blockquote>随着“模因股”延续涨势，标普500收盘变化不大</blockquote>

2021-05-24

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2021-05-18

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JD Logistics launches Hong Kong IPO to raise up to US$3.4 billion<blockquote>京东物流启动香港IPO募资至多34亿美元</blockquote>

2021-04-12

Wow ok

Why this cannabis giant is betting on Europe to build a war chest ahead of the U.S. legalization bonanza<blockquote>为什么这家大麻巨头押注欧洲在美国合法化热潮之前建立战争基金</blockquote>

2021-05-31

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抱歉，原内容已删除

2021-05-30

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抱歉，原内容已删除

2021-05-22

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抱歉，原内容已删除

2021-05-12

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抱歉，原内容已删除

2021-07-01

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

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comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/808325188","repostId":"2155990524","repostType":4,"isVote":1,"tweetType":1,"viewCount":1830,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808325931,"gmtCreate":1627559353823,"gmtModify":1631887621608,"author":{"id":"3575378189904678","authorId":"3575378189904678","name":"letsgo8","avatar":"https://static.tigerbbs.com/cfa8cd71bc61e78a08bb731667341ac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575378189904678","idStr":"3575378189904678"},"themes":[],"htmlText":"Like n comment for reply","listText":"Like n comment for reply","text":"Like n comment for reply","images":[{"img":"https://static.tigerbbs.com/a9b1ce65aade25a9aa559e40333125c0","width":"1125","height":"3463"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/808325931","isVote":1,"tweetType":1,"viewCount":1385,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":174078083,"gmtCreate":1627054746542,"gmtModify":1631887621617,"author":{"id":"3575378189904678","authorId":"3575378189904678","name":"letsgo8","avatar":"https://static.tigerbbs.com/cfa8cd71bc61e78a08bb731667341ac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575378189904678","idStr":"3575378189904678"},"themes":[],"htmlText":"Ok ok","listText":"Ok ok","text":"Ok ok","images":[{"img":"https://static.tigerbbs.com/5eabe5e9887e2c3c7ea16cfe2b7c9ac0","width":"1125","height":"3213"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/174078083","isVote":1,"tweetType":1,"viewCount":2211,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":158130472,"gmtCreate":1625134742796,"gmtModify":1631887621633,"author":{"id":"3575378189904678","authorId":"3575378189904678","name":"letsgo8","avatar":"https://static.tigerbbs.com/cfa8cd71bc61e78a08bb731667341ac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575378189904678","idStr":"3575378189904678"},"themes":[],"htmlText":"Reply for comment n like","listText":"Reply for comment n like","text":"Reply for comment n like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/158130472","repostId":"1117904279","repostType":4,"isVote":1,"tweetType":1,"viewCount":2999,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158130275,"gmtCreate":1625134727497,"gmtModify":1631887621644,"author":{"id":"3575378189904678","authorId":"3575378189904678","name":"letsgo8","avatar":"https://static.tigerbbs.com/cfa8cd71bc61e78a08bb731667341ac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575378189904678","idStr":"3575378189904678"},"themes":[],"htmlText":"Reply for comment n like","listText":"Reply for comment n like","text":"Reply for comment n like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/158130275","repostId":"1113357649","repostType":4,"repost":{"id":"1113357649","kind":"news","pubTimestamp":1625133776,"share":"https://www.laohu8.com/m/news/1113357649?lang=zh_CN&edition=full","pubTime":"2021-07-01 18:02","market":"us","language":"en","title":"Amazon: Undervalued With Potential Upside Of 25%<blockquote>亚马逊：被低估，潜在上涨空间为25%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1113357649","media":"seekingalpha","summary":"Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.I initiate Amazon with a bullish rating and a fair value of $3576/share .The company's improving top line and bottom line performance  suggests that the stock is currently undervalued by 3.9%.Amazon, a $1.74 trillion company. This is the current market capitalization  of the company and this implies that it is currently 15.18% away from being a $2 trillion company, not bad no?I initiate","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.</li>  <li>I initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share).</li>  <li>The company's improving top line and bottom line performance (which is expected to continue) suggests that the stock is currently undervalued by 3.9%.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/51ce52baed5afae04a384059297465d3\" tg-width=\"1536\" tg-height=\"1024\"><span>Daria Nipot/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>亚马逊是一家独特且不断发展的公司，它利用其颠覆性平台来颠覆其进入的任何新业务。</li><li>我对亚马逊的评级为看涨，公允价值为3576美元/股（当前价格为3443美元/股）。</li><li>该公司营收和利润业绩的改善（预计将持续下去）表明该股目前被低估了3.9%。</li></ul><p class=\"t-img-caption\"><span>Daria Nipot/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Company Overview</b></p><p><blockquote><b>公司概况</b></blockquote></p><p> Amazon(NASDAQ:AMZN), a $1.74 trillion company. This is the current market capitalization (as of 06/29/2021) of the company and this implies that it is currently 15.18% away from being a $2 trillion company, not bad no?</p><p><blockquote>亚马逊（纳斯达克股票代码：AMZN），一家市值1.74万亿美元的公司。这是该公司目前的市值（截至2021年6月29日），这意味着它目前距离成为2万亿美元的公司还有15.18%的距离，还不错吧？</blockquote></p><p> Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters. For example, when Amazon announced the acquisition of Whole Foods, Walmart(NYSE:WMT), Kroger(NYSE:KR), Target(NYSE:TGT)took a&nbsp;nice hit&nbsp;in market value. I believe that the company will be able to keep delivering strong top line growth and continued growth in margins, fueled not only by the company's current business expansion but also by entering into new markets and new businesses.</p><p><blockquote>亚马逊是一家独特且不断发展的公司，它利用其颠覆性平台来颠覆其进入的任何新业务。例如，当亚马逊宣布收购全食超市时，沃尔玛（纽约证券交易所代码：WMT）、克罗格（纽约证券交易所代码：KR）、塔吉特（纽约证券交易所代码：TGT）的市值遭受了巨大打击。我相信，公司将能够继续实现强劲的营收增长和利润率的持续增长，这不仅得益于公司当前的业务扩张，还得益于进入新市场和新业务。</blockquote></p><p> <b>Company Analysis</b></p><p><blockquote><b>公司分析</b></blockquote></p><p> I initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share). The FV is an algorithm-adjusted fair value (the algorithm takes into account fundamental and technical factors, such as DCF FV, momentum, etc.) and it implies that the stock is undervalued by 3.9%.</p><p><blockquote>我对亚马逊的评级为看涨，公允价值为3576美元/股（当前价格为3443美元/股）。FV是算法调整后的公允价值（算法考虑了基本面和技术因素，如DCF FV、动量等。）它意味着股票被低估了3.9%。</blockquote></p><p> To compute the DCF FV, I used the trailing twelve-month numbers and I also restated the financials since I capitalized on R&amp;D expenses with an amortizable life of 3 years. As&nbsp;with Apple(NASDAQ:AAPL), I don't believe that Amazon's R&amp;D is an operating expense, and for this reason, I treat it as CapEx. By taking into account the R&amp;D, the following metrics have been restated (all numbers in $mm).</p><p><blockquote>为了计算DCF FV，我使用了过去12个月的数据，并且我还重述了财务数据，因为我将可摊销期限为3年的研发费用资本化。与苹果（纳斯达克股票代码：AAPL）一样，我不认为亚马逊的研发是一项运营费用，因此，我将其视为资本支出。考虑到研发，以下指标已被重述（所有数字均以百万美元为单位）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb427d462596db1e1cb1ffc99acc90e4\" tg-width=\"571\" tg-height=\"240\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> Capitalizing on R&amp;D expenses, we have now a more clear picture of the company (i.e. the restated operating margin is now 9.03% TTM vs the non-restated operating margin is 6.63% TTM).</p><p><blockquote>利用研发费用，我们现在对公司有了更清晰的了解（即重述营业利润率现在为9.03%TTM，而非重述营业利润率为6.63%TTM）。</blockquote></p><p> <b>Discounted Cash Flow Model</b></p><p><blockquote><b>折现现金流量模型</b></blockquote></p><p> Now, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.</p><p><blockquote>现在，让我们转向贴现现金流估值部分。下面，你可以看到我所做的相对假设的结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e215b21ca0b3be5a5e0e7b62e36fb5f\" tg-width=\"640\" tg-height=\"268\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> In my DCF model, I assume a revenue growth for the Y1 of 21.2%, a CAGR Y2-Y5 of 15% and I assume a terminal year growth rate of 1.48% (or the current yield on 10Y Treasury). The decision of using the current and not expected yield is due to the willingness to remain market neutral (perhaps you can use&nbsp;Goldman Sachs expectations&nbsp;of 1.9%). The current assumptions lead to revenues of $1,253,844 million in Y10.</p><p><blockquote>在我的DCF模型中，我假设Y1的收入增长率为21.2%，Y2-Y5的复合年增长率为15%，并假设最终年增长率为1.48%（或10年期国债的当前收益率）。使用当前而非预期收益率的决定是出于保持市场中性的意愿（或许可以使用高盛1.9%的预期）。目前的假设导致Y10的收入为12,538.44亿美元。</blockquote></p><p> Along the road, I also assume an improving outlook for operating margins with the target operating margin of 13.2% (vs current restated operating margin of 9.03%). If the company will be able to meet this target, it will result in operating margins in Y10 of $163,097 million.</p><p><blockquote>在此过程中，我还假设营业利润率前景有所改善，目标营业利润率为13.2%（当前重述营业利润率为9.03%）。如果公司能够实现这一目标，2010年的营业利润率将达到1630.97亿美元。</blockquote></p><p> Finally, in doing my estimates, I used a WACC of 5.75% and a sales to capital ratio (or how much the company is going to reinvest to keep its business growing) of 2.95.</p><p><blockquote>最后，在进行估计时，我使用了5.75%的WACC和2.95的销售资本比率（或公司将进行多少再投资以保持业务增长）。</blockquote></p><p> By putting it together, I obtain a DCF value of $3328/share.</p><p><blockquote>通过将它们放在一起，我获得了3328美元/股的DCF值。</blockquote></p><p> <b>Monte Carlo Simulation</b></p><p><blockquote><b>蒙特卡罗模拟</b></blockquote></p><p> Rather than showing you only my point estimates, which may be right but also may be wrong, let's use probability distributions for inputs. Simulations allow us to assess the impact of continuous risk (e.g., changes in operating margins). In particular, I would like to focus on what I consider the main inputs of interest to get a bigger picture of the risk in the company. Those inputs are:</p><p><blockquote>与其只向您展示我的点估计，这可能是正确的，也可能是错误的，让我们使用概率分布作为输入。模拟使我们能够评估持续风险的影响（例如，营业利润率的变化）。特别是，我想重点关注我认为感兴趣的主要输入，以更好地了解公司的风险。这些输入是：</blockquote></p><p> <i>1. Revenue Growth:</i></p><p><blockquote><i>1、收入增长：</i></blockquote></p><p></p><p> In my DCF analysis, I assumed an expected CAGR Y2-Y5 of 15% with lower rates going forward. This assumption lead to revenues in Y10 of $1,253,844 million. While it is a reasonable assumption, Amazon is full of surprises, and it may deliver a top line growth well above my expectations. In the latter, I see a possible scenario with a CAGR Y2-Y5 of 24%, resulting in Y10 revenues of $1,989,952 million. However, we all know that regulators represent a big risk for the company. According to&nbsp;WSJ sources, if the \"giant-tech bill\" will pass, the company may be forced to either split into two companies or spin off its private-label product businesses. This represents a big risk that may slow down Amazon's growth, which could translate into a growth rate of 6% (resulting in Y10 revenues of $764,723 million). To sum up, I will assume a uniform distribution with a maximum of 24% and a minimum of 6%. The results are displayed below (this simulation and the next one have been performed 10,000 times).</p><p><blockquote>在我的DCF分析中，我假设Y2-Y5的预期复合年增长率为15%，未来利率较低。这一假设导致2010年的收入为125,384.4亿美元。虽然这是一个合理的假设，但亚马逊充满了惊喜，它可能会实现远高于我预期的营收增长。在后者中，我认为CAGR Y2-Y5为24%，导致Y10收入为1,9899.52亿美元。然而，我们都知道监管机构对公司来说是一个很大的风险。据《华尔街日报》消息人士透露，如果“巨人科技法案”获得通过，该公司可能会被迫拆分为两家公司或剥离其自有品牌产品业务。这是一个很大的风险，可能会减缓亚马逊的增长，这可能会转化为6%的增长率（导致Y10收入为7647.23亿美元）。综上所述，我将假设最大24%，最小6%的均匀分布。结果如下所示（该模拟和下一个模拟已经执行了10,000次）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/893dff753c8ca210759feb31b3966a5c\" tg-width=\"640\" tg-height=\"235\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者估计</span></p></blockquote></p><p> <i>2. Operating Margin</i>:</p><p><blockquote><i>2.营业利润率</i>：</blockquote></p><p> Currently, Amazon has a restated operating margin of 9.03% TTM (vs not restated EBIT margin of 6.83%). In my DCF, I assumed a target operating margin of 13.2%. While this represents my most likely scenario for the company, I cannot close my eyes to the fact that, even if the company is improving its margins, it is following a very slow climb. Below, I display the non-restated EBIT margin for the last 5 years.</p><p><blockquote>目前，亚马逊的重述营业利润率为9.03%TTM（未重述息税前利润率为6.83%）。在我的DCF中，我假设目标营业利润率为13.2%。虽然这代表了我对该公司最有可能的情况，但我不能忽视这样一个事实：即使该公司的利润率正在提高，但它的攀升速度也非常缓慢。下面，我显示了过去5年未经重述的息税前利润率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6d66fcb05f4254b15de278f016121ffa\" tg-width=\"640\" tg-height=\"221\"><span>Source:SeekingAlpha.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SeekingAlpha.com</span></p></blockquote></p><p> However, as I stated at the beginning, Amazon is a disruptive company with the ability to do extraordinary things. For instance, AWS presents a current operating margin of 30% TTM and a revenue growth rate of 29.53% in 2020. A trend which is expected to continue, driven by improving outlook and with new partners joining the party. The last to join the party are Ferrari(NYSE:RACE)and Swisscom(OTCPK:SWZCF)who have chosen AWS as their&nbsp;preferred cloud partner.</p><p><blockquote>然而，正如我在开头所说，亚马逊是一家颠覆性的公司，有能力做出非凡的事情。例如，AWS目前的营业利润率为30%TTM，2020年收入增长率为29.53%。在前景改善和新合作伙伴加入的推动下，这一趋势预计将持续下去。最后加入这一行列的是法拉利(NYSE：RACE)和瑞士电信(OTCPK：SWZCF)，他们选择AWS作为首选云合作伙伴。</blockquote></p><p> In 2020,according to Gartner, AWS generated revenue 2 times bigger than Microsoft(NASDAQ:MSFT). As stated by Gartner:</p><p><blockquote>根据Gartner的数据，2020年AWS的收入是微软（纳斯达克：MSFT）的2倍。如Gartner所述：</blockquote></p><p>   <i>The worldwide</i>&nbsp;  <i>infrastructure as a service(IaaS) market grew 40.7% in 2020 to total $64.3 billion, up from $45.7 billion in 2019, according to Gartner, Inc. Amazon retained the No. 1 position in the IaaS market in 2020, followed by Microsoft, Alibaba, Google and Huawei... Amazon continued to lead the worldwide IaaS market with $26.2 billion of revenue in 2020 and 41% market share.</i>  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ac00a17cbbd930ad6464a63f6d4f98eb\" tg-width=\"640\" tg-height=\"388\"><span>Source:Gartner.com</span></p><p><blockquote><i>世界范围</i> <i>根据Gartner，Inc.的数据，基础设施即服务（IaaS）市场在2020年增长了40.7%，达到643亿美元，高于2019年的457亿美元。亚马逊在2020年保持了IaaS市场的第一名，其次是微软、阿里巴巴-SW、谷歌和华为...亚马逊在2020年以262亿美元的收入和41%的市场份额继续引领全球IaaS市场。</i><p class=\"t-img-caption\"><span>资料来源：Gartner.com</span></p></blockquote></p><p> Finally, to account for my concerns and beliefs, I will assume a triangular distribution with the following limits: the likeliest target operating margin of 13.2%, a maximum of 18.4%, and a minimum of 8% (close to the current company's EBIT margin). The results are displayed below.</p><p><blockquote>最后，为了说明我的担忧和信念，我将假设一个三角形分布，并有以下限制：最可能的目标营业利润率为13.2%，最高为18.4%，最低为8%（接近当前公司的息税前利润率）。结果如下所示。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/054e2db392be500768de741516186013\" tg-width=\"640\" tg-height=\"237\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者估计</span></p></blockquote></p><p> <i>3. Cost of Capital:</i></p><p><blockquote><i>3.资金成本：</i></blockquote></p><p> The last input of interest is the cost of capital. In doing my analysis, I estimated a cost of capital of 5.8% (with the current 10Y rate of 1.48 and an implied ERP of 4.54%). However, I may be wrong due to sector risk estimates or changes in the business mix (or both). To account for the possibility that I made some mistakes along the road, I will rely on a lognormal distribution with the most likely scenario of 5.8%. The results of the simulation are displayed below.</p><p><blockquote>利息的最后一个输入是资本成本。在进行分析时，我估计资本成本为5.8%（当前10年利率为1.48，隐含ERP为4.54%）。然而，由于行业风险估计或业务组合的变化（或两者兼而有之），我可能是错误的。为了说明我在这条路上犯了一些错误的可能性，我将依赖对数正态分布，最有可能的情况是5.8%。模拟结果如下所示。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a7d51740fa35eb9aedbc58c4c49d96eb\" tg-width=\"640\" tg-height=\"235\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者估计</span></p></blockquote></p><p> By putting all of this together, the simulations return the following results.</p><p><blockquote>通过将所有这些放在一起，模拟返回以下结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/139c89300706eab1e37dd1c992286d31\" tg-width=\"640\" tg-height=\"222\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者估计</span></p></blockquote></p><p> For completeness, I also display below the relative and cumulative frequency of the simulation.</p><p><blockquote>为了完整起见，我还在下面显示了模拟的相对频率和累积频率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af7a908e21b8678a775a3e1742161a7d\" tg-width=\"573\" tg-height=\"644\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者估计</span></p></blockquote></p><p> By looking at the results, we can see that the 50th percentile or the median is equal to $3274, close to the expected DCF FV of $3328. While the algorithm-adjusted FV of $3576 is the 60th percentile in my simulations (note also the long right tail).</p><p><blockquote>通过查看结果，我们可以看到第50百分位或中位数等于3274美元，接近预期的DCF FV 3328美元。而算法调整后的FV为3576美元，是我模拟中的第60百分位（也请注意右尾长）。</blockquote></p><p></p><p> Finally, simulation results give us an interesting insight into a potential exit point. I believe that an interesting take profit point may be within the 80th percentile, which implies a potential upside of 24.89%. Why within the 80th percentile? I believe that, after reaching the $2.0 trillion company status, we will see the last climb of euphoria before investors start to take profits.</p><p><blockquote>最后，模拟结果让我们对潜在的退出点有了有趣的了解。我认为一个有趣的止盈点可能在第80百分位内，这意味着24.89%的潜在上涨空间。为什么在第80百分位以内？我相信，在达到2.0万亿美元的公司地位后，我们将看到投资者开始获利了结之前最后一次兴奋的攀升。</blockquote></p><p> <b>Final Thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> Both the algorithm-adjusted fair value and the Monte Carlo simulation suggest and support the bullish rating. The results found suggest that the stock is currently undervalued and that the company has still more room to go. What may drive the price to go higher? Well, there are different factors that may drive it. One of those is for sure corporate news. For instance, the company may introduce new products or announce a stock split (For the latter, I think this is unlikely, at least not now). However, don't forget also the other side, the risks. There are many risks associated with being invested in the company, one of those is represented by antitrust and regulators.</p><p><blockquote>算法调整后的公允价值和蒙特卡罗模拟都建议并支持看涨评级。结果表明，该股目前被低估，该公司仍有更大的发展空间。什么可能会推动价格走高？嗯，有不同的因素可能会驱动它。其中之一肯定是企业新闻。例如，公司可能会推出新产品或宣布股票分割（对于后者，我认为这不太可能，至少现在不太可能）。然而，也不要忘记另一面，风险。投资该公司存在许多风险，其中之一就是反垄断和监管机构。</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>Amazon: Undervalued With Potential Upside Of 25%<blockquote>亚马逊：被低估，潜在上涨空间为25%</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\">\nAmazon: Undervalued With Potential Upside Of 25%<blockquote>亚马逊：被低估，潜在上涨空间为25%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-01 18:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.</li>  <li>I initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share).</li>  <li>The company's improving top line and bottom line performance (which is expected to continue) suggests that the stock is currently undervalued by 3.9%.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/51ce52baed5afae04a384059297465d3\" tg-width=\"1536\" tg-height=\"1024\"><span>Daria Nipot/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>亚马逊是一家独特且不断发展的公司，它利用其颠覆性平台来颠覆其进入的任何新业务。</li><li>我对亚马逊的评级为看涨，公允价值为3576美元/股（当前价格为3443美元/股）。</li><li>该公司营收和利润业绩的改善（预计将持续下去）表明该股目前被低估了3.9%。</li></ul><p class=\"t-img-caption\"><span>Daria Nipot/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Company Overview</b></p><p><blockquote><b>公司概况</b></blockquote></p><p> Amazon(NASDAQ:AMZN), a $1.74 trillion company. This is the current market capitalization (as of 06/29/2021) of the company and this implies that it is currently 15.18% away from being a $2 trillion company, not bad no?</p><p><blockquote>亚马逊（纳斯达克股票代码：AMZN），一家市值1.74万亿美元的公司。这是该公司目前的市值（截至2021年6月29日），这意味着它目前距离成为2万亿美元的公司还有15.18%的距离，还不错吧？</blockquote></p><p> Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters. For example, when Amazon announced the acquisition of Whole Foods, Walmart(NYSE:WMT), Kroger(NYSE:KR), Target(NYSE:TGT)took a&nbsp;nice hit&nbsp;in market value. I believe that the company will be able to keep delivering strong top line growth and continued growth in margins, fueled not only by the company's current business expansion but also by entering into new markets and new businesses.</p><p><blockquote>亚马逊是一家独特且不断发展的公司，它利用其颠覆性平台来颠覆其进入的任何新业务。例如，当亚马逊宣布收购全食超市时，沃尔玛（纽约证券交易所代码：WMT）、克罗格（纽约证券交易所代码：KR）、塔吉特（纽约证券交易所代码：TGT）的市值遭受了巨大打击。我相信，公司将能够继续实现强劲的营收增长和利润率的持续增长，这不仅得益于公司当前的业务扩张，还得益于进入新市场和新业务。</blockquote></p><p> <b>Company Analysis</b></p><p><blockquote><b>公司分析</b></blockquote></p><p> I initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share). The FV is an algorithm-adjusted fair value (the algorithm takes into account fundamental and technical factors, such as DCF FV, momentum, etc.) and it implies that the stock is undervalued by 3.9%.</p><p><blockquote>我对亚马逊的评级为看涨，公允价值为3576美元/股（当前价格为3443美元/股）。FV是算法调整后的公允价值（算法考虑了基本面和技术因素，如DCF FV、动量等。）它意味着股票被低估了3.9%。</blockquote></p><p> To compute the DCF FV, I used the trailing twelve-month numbers and I also restated the financials since I capitalized on R&amp;D expenses with an amortizable life of 3 years. As&nbsp;with Apple(NASDAQ:AAPL), I don't believe that Amazon's R&amp;D is an operating expense, and for this reason, I treat it as CapEx. By taking into account the R&amp;D, the following metrics have been restated (all numbers in $mm).</p><p><blockquote>为了计算DCF FV，我使用了过去12个月的数据，并且我还重述了财务数据，因为我将可摊销期限为3年的研发费用资本化。与苹果（纳斯达克股票代码：AAPL）一样，我不认为亚马逊的研发是一项运营费用，因此，我将其视为资本支出。考虑到研发，以下指标已被重述（所有数字均以百万美元为单位）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb427d462596db1e1cb1ffc99acc90e4\" tg-width=\"571\" tg-height=\"240\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> Capitalizing on R&amp;D expenses, we have now a more clear picture of the company (i.e. the restated operating margin is now 9.03% TTM vs the non-restated operating margin is 6.63% TTM).</p><p><blockquote>利用研发费用，我们现在对公司有了更清晰的了解（即重述营业利润率现在为9.03%TTM，而非重述营业利润率为6.63%TTM）。</blockquote></p><p> <b>Discounted Cash Flow Model</b></p><p><blockquote><b>折现现金流量模型</b></blockquote></p><p> Now, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.</p><p><blockquote>现在，让我们转向贴现现金流估值部分。下面，你可以看到我所做的相对假设的结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e215b21ca0b3be5a5e0e7b62e36fb5f\" tg-width=\"640\" tg-height=\"268\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> In my DCF model, I assume a revenue growth for the Y1 of 21.2%, a CAGR Y2-Y5 of 15% and I assume a terminal year growth rate of 1.48% (or the current yield on 10Y Treasury). The decision of using the current and not expected yield is due to the willingness to remain market neutral (perhaps you can use&nbsp;Goldman Sachs expectations&nbsp;of 1.9%). The current assumptions lead to revenues of $1,253,844 million in Y10.</p><p><blockquote>在我的DCF模型中，我假设Y1的收入增长率为21.2%，Y2-Y5的复合年增长率为15%，并假设最终年增长率为1.48%（或10年期国债的当前收益率）。使用当前而非预期收益率的决定是出于保持市场中性的意愿（或许可以使用高盛1.9%的预期）。目前的假设导致Y10的收入为12,538.44亿美元。</blockquote></p><p> Along the road, I also assume an improving outlook for operating margins with the target operating margin of 13.2% (vs current restated operating margin of 9.03%). If the company will be able to meet this target, it will result in operating margins in Y10 of $163,097 million.</p><p><blockquote>在此过程中，我还假设营业利润率前景有所改善，目标营业利润率为13.2%（当前重述营业利润率为9.03%）。如果公司能够实现这一目标，2010年的营业利润率将达到1630.97亿美元。</blockquote></p><p> Finally, in doing my estimates, I used a WACC of 5.75% and a sales to capital ratio (or how much the company is going to reinvest to keep its business growing) of 2.95.</p><p><blockquote>最后，在进行估计时，我使用了5.75%的WACC和2.95的销售资本比率（或公司将进行多少再投资以保持业务增长）。</blockquote></p><p> By putting it together, I obtain a DCF value of $3328/share.</p><p><blockquote>通过将它们放在一起，我获得了3328美元/股的DCF值。</blockquote></p><p> <b>Monte Carlo Simulation</b></p><p><blockquote><b>蒙特卡罗模拟</b></blockquote></p><p> Rather than showing you only my point estimates, which may be right but also may be wrong, let's use probability distributions for inputs. Simulations allow us to assess the impact of continuous risk (e.g., changes in operating margins). In particular, I would like to focus on what I consider the main inputs of interest to get a bigger picture of the risk in the company. Those inputs are:</p><p><blockquote>与其只向您展示我的点估计，这可能是正确的，也可能是错误的，让我们使用概率分布作为输入。模拟使我们能够评估持续风险的影响（例如，营业利润率的变化）。特别是，我想重点关注我认为感兴趣的主要输入，以更好地了解公司的风险。这些输入是：</blockquote></p><p> <i>1. Revenue Growth:</i></p><p><blockquote><i>1、收入增长：</i></blockquote></p><p></p><p> In my DCF analysis, I assumed an expected CAGR Y2-Y5 of 15% with lower rates going forward. This assumption lead to revenues in Y10 of $1,253,844 million. While it is a reasonable assumption, Amazon is full of surprises, and it may deliver a top line growth well above my expectations. In the latter, I see a possible scenario with a CAGR Y2-Y5 of 24%, resulting in Y10 revenues of $1,989,952 million. However, we all know that regulators represent a big risk for the company. According to&nbsp;WSJ sources, if the \"giant-tech bill\" will pass, the company may be forced to either split into two companies or spin off its private-label product businesses. This represents a big risk that may slow down Amazon's growth, which could translate into a growth rate of 6% (resulting in Y10 revenues of $764,723 million). To sum up, I will assume a uniform distribution with a maximum of 24% and a minimum of 6%. The results are displayed below (this simulation and the next one have been performed 10,000 times).</p><p><blockquote>在我的DCF分析中，我假设Y2-Y5的预期复合年增长率为15%，未来利率较低。这一假设导致2010年的收入为125,384.4亿美元。虽然这是一个合理的假设，但亚马逊充满了惊喜，它可能会实现远高于我预期的营收增长。在后者中，我认为CAGR Y2-Y5为24%，导致Y10收入为1,9899.52亿美元。然而，我们都知道监管机构对公司来说是一个很大的风险。据《华尔街日报》消息人士透露，如果“巨人科技法案”获得通过，该公司可能会被迫拆分为两家公司或剥离其自有品牌产品业务。这是一个很大的风险，可能会减缓亚马逊的增长，这可能会转化为6%的增长率（导致Y10收入为7647.23亿美元）。综上所述，我将假设最大24%，最小6%的均匀分布。结果如下所示（该模拟和下一个模拟已经执行了10,000次）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/893dff753c8ca210759feb31b3966a5c\" tg-width=\"640\" tg-height=\"235\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者估计</span></p></blockquote></p><p> <i>2. Operating Margin</i>:</p><p><blockquote><i>2.营业利润率</i>：</blockquote></p><p> Currently, Amazon has a restated operating margin of 9.03% TTM (vs not restated EBIT margin of 6.83%). In my DCF, I assumed a target operating margin of 13.2%. While this represents my most likely scenario for the company, I cannot close my eyes to the fact that, even if the company is improving its margins, it is following a very slow climb. Below, I display the non-restated EBIT margin for the last 5 years.</p><p><blockquote>目前，亚马逊的重述营业利润率为9.03%TTM（未重述息税前利润率为6.83%）。在我的DCF中，我假设目标营业利润率为13.2%。虽然这代表了我对该公司最有可能的情况，但我不能忽视这样一个事实：即使该公司的利润率正在提高，但它的攀升速度也非常缓慢。下面，我显示了过去5年未经重述的息税前利润率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6d66fcb05f4254b15de278f016121ffa\" tg-width=\"640\" tg-height=\"221\"><span>Source:SeekingAlpha.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SeekingAlpha.com</span></p></blockquote></p><p> However, as I stated at the beginning, Amazon is a disruptive company with the ability to do extraordinary things. For instance, AWS presents a current operating margin of 30% TTM and a revenue growth rate of 29.53% in 2020. A trend which is expected to continue, driven by improving outlook and with new partners joining the party. The last to join the party are Ferrari(NYSE:RACE)and Swisscom(OTCPK:SWZCF)who have chosen AWS as their&nbsp;preferred cloud partner.</p><p><blockquote>然而，正如我在开头所说，亚马逊是一家颠覆性的公司，有能力做出非凡的事情。例如，AWS目前的营业利润率为30%TTM，2020年收入增长率为29.53%。在前景改善和新合作伙伴加入的推动下，这一趋势预计将持续下去。最后加入这一行列的是法拉利(NYSE：RACE)和瑞士电信(OTCPK：SWZCF)，他们选择AWS作为首选云合作伙伴。</blockquote></p><p> In 2020,according to Gartner, AWS generated revenue 2 times bigger than Microsoft(NASDAQ:MSFT). As stated by Gartner:</p><p><blockquote>根据Gartner的数据，2020年AWS的收入是微软（纳斯达克：MSFT）的2倍。如Gartner所述：</blockquote></p><p>   <i>The worldwide</i>&nbsp;  <i>infrastructure as a service(IaaS) market grew 40.7% in 2020 to total $64.3 billion, up from $45.7 billion in 2019, according to Gartner, Inc. Amazon retained the No. 1 position in the IaaS market in 2020, followed by Microsoft, Alibaba, Google and Huawei... Amazon continued to lead the worldwide IaaS market with $26.2 billion of revenue in 2020 and 41% market share.</i>  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ac00a17cbbd930ad6464a63f6d4f98eb\" tg-width=\"640\" tg-height=\"388\"><span>Source:Gartner.com</span></p><p><blockquote><i>世界范围</i> <i>根据Gartner，Inc.的数据，基础设施即服务（IaaS）市场在2020年增长了40.7%，达到643亿美元，高于2019年的457亿美元。亚马逊在2020年保持了IaaS市场的第一名，其次是微软、阿里巴巴-SW、谷歌和华为...亚马逊在2020年以262亿美元的收入和41%的市场份额继续引领全球IaaS市场。</i><p class=\"t-img-caption\"><span>资料来源：Gartner.com</span></p></blockquote></p><p> Finally, to account for my concerns and beliefs, I will assume a triangular distribution with the following limits: the likeliest target operating margin of 13.2%, a maximum of 18.4%, and a minimum of 8% (close to the current company's EBIT margin). The results are displayed below.</p><p><blockquote>最后，为了说明我的担忧和信念，我将假设一个三角形分布，并有以下限制：最可能的目标营业利润率为13.2%，最高为18.4%，最低为8%（接近当前公司的息税前利润率）。结果如下所示。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/054e2db392be500768de741516186013\" tg-width=\"640\" tg-height=\"237\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者估计</span></p></blockquote></p><p> <i>3. Cost of Capital:</i></p><p><blockquote><i>3.资金成本：</i></blockquote></p><p> The last input of interest is the cost of capital. In doing my analysis, I estimated a cost of capital of 5.8% (with the current 10Y rate of 1.48 and an implied ERP of 4.54%). However, I may be wrong due to sector risk estimates or changes in the business mix (or both). To account for the possibility that I made some mistakes along the road, I will rely on a lognormal distribution with the most likely scenario of 5.8%. The results of the simulation are displayed below.</p><p><blockquote>利息的最后一个输入是资本成本。在进行分析时，我估计资本成本为5.8%（当前10年利率为1.48，隐含ERP为4.54%）。然而，由于行业风险估计或业务组合的变化（或两者兼而有之），我可能是错误的。为了说明我在这条路上犯了一些错误的可能性，我将依赖对数正态分布，最有可能的情况是5.8%。模拟结果如下所示。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a7d51740fa35eb9aedbc58c4c49d96eb\" tg-width=\"640\" tg-height=\"235\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者估计</span></p></blockquote></p><p> By putting all of this together, the simulations return the following results.</p><p><blockquote>通过将所有这些放在一起，模拟返回以下结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/139c89300706eab1e37dd1c992286d31\" tg-width=\"640\" tg-height=\"222\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者估计</span></p></blockquote></p><p> For completeness, I also display below the relative and cumulative frequency of the simulation.</p><p><blockquote>为了完整起见，我还在下面显示了模拟的相对频率和累积频率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af7a908e21b8678a775a3e1742161a7d\" tg-width=\"573\" tg-height=\"644\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者估计</span></p></blockquote></p><p> By looking at the results, we can see that the 50th percentile or the median is equal to $3274, close to the expected DCF FV of $3328. While the algorithm-adjusted FV of $3576 is the 60th percentile in my simulations (note also the long right tail).</p><p><blockquote>通过查看结果，我们可以看到第50百分位或中位数等于3274美元，接近预期的DCF FV 3328美元。而算法调整后的FV为3576美元，是我模拟中的第60百分位（也请注意右尾长）。</blockquote></p><p></p><p> Finally, simulation results give us an interesting insight into a potential exit point. I believe that an interesting take profit point may be within the 80th percentile, which implies a potential upside of 24.89%. Why within the 80th percentile? I believe that, after reaching the $2.0 trillion company status, we will see the last climb of euphoria before investors start to take profits.</p><p><blockquote>最后，模拟结果让我们对潜在的退出点有了有趣的了解。我认为一个有趣的止盈点可能在第80百分位内，这意味着24.89%的潜在上涨空间。为什么在第80百分位以内？我相信，在达到2.0万亿美元的公司地位后，我们将看到投资者开始获利了结之前最后一次兴奋的攀升。</blockquote></p><p> <b>Final Thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> Both the algorithm-adjusted fair value and the Monte Carlo simulation suggest and support the bullish rating. The results found suggest that the stock is currently undervalued and that the company has still more room to go. What may drive the price to go higher? Well, there are different factors that may drive it. One of those is for sure corporate news. For instance, the company may introduce new products or announce a stock split (For the latter, I think this is unlikely, at least not now). However, don't forget also the other side, the risks. There are many risks associated with being invested in the company, one of those is represented by antitrust and regulators.</p><p><blockquote>算法调整后的公允价值和蒙特卡罗模拟都建议并支持看涨评级。结果表明，该股目前被低估，该公司仍有更大的发展空间。什么可能会推动价格走高？嗯，有不同的因素可能会驱动它。其中之一肯定是企业新闻。例如，公司可能会推出新产品或宣布股票分割（对于后者，我认为这不太可能，至少现在不太可能）。然而，也不要忘记另一面，风险。投资该公司存在许多风险，其中之一就是反垄断和监管机构。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4437291-amazon-stock-amzn-undervalued-with-potential-upside-of-25-percent\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4437291-amazon-stock-amzn-undervalued-with-potential-upside-of-25-percent","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113357649","content_text":"Summary\n\nAmazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.\nI initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share).\nThe company's improving top line and bottom line performance (which is expected to continue) suggests that the stock is currently undervalued by 3.9%.\n\nDaria Nipot/iStock Editorial via Getty Images\nCompany Overview\nAmazon(NASDAQ:AMZN), a $1.74 trillion company. This is the current market capitalization (as of 06/29/2021) of the company and this implies that it is currently 15.18% away from being a $2 trillion company, not bad no?\nAmazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters. For example, when Amazon announced the acquisition of Whole Foods, Walmart(NYSE:WMT), Kroger(NYSE:KR), Target(NYSE:TGT)took a nice hit in market value. I believe that the company will be able to keep delivering strong top line growth and continued growth in margins, fueled not only by the company's current business expansion but also by entering into new markets and new businesses.\nCompany Analysis\nI initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share). The FV is an algorithm-adjusted fair value (the algorithm takes into account fundamental and technical factors, such as DCF FV, momentum, etc.) and it implies that the stock is undervalued by 3.9%.\nTo compute the DCF FV, I used the trailing twelve-month numbers and I also restated the financials since I capitalized on R&D expenses with an amortizable life of 3 years. As with Apple(NASDAQ:AAPL), I don't believe that Amazon's R&D is an operating expense, and for this reason, I treat it as CapEx. By taking into account the R&D, the following metrics have been restated (all numbers in $mm).\nSource:Author's estimates using data from the latest 10-K report\nCapitalizing on R&D expenses, we have now a more clear picture of the company (i.e. the restated operating margin is now 9.03% TTM vs the non-restated operating margin is 6.63% TTM).\nDiscounted Cash Flow Model\nNow, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.\nSource:Author's estimates using data from the latest 10-K report\nIn my DCF model, I assume a revenue growth for the Y1 of 21.2%, a CAGR Y2-Y5 of 15% and I assume a terminal year growth rate of 1.48% (or the current yield on 10Y Treasury). The decision of using the current and not expected yield is due to the willingness to remain market neutral (perhaps you can use Goldman Sachs expectations of 1.9%). The current assumptions lead to revenues of $1,253,844 million in Y10.\nAlong the road, I also assume an improving outlook for operating margins with the target operating margin of 13.2% (vs current restated operating margin of 9.03%). If the company will be able to meet this target, it will result in operating margins in Y10 of $163,097 million.\nFinally, in doing my estimates, I used a WACC of 5.75% and a sales to capital ratio (or how much the company is going to reinvest to keep its business growing) of 2.95.\nBy putting it together, I obtain a DCF value of $3328/share.\nMonte Carlo Simulation\nRather than showing you only my point estimates, which may be right but also may be wrong, let's use probability distributions for inputs. Simulations allow us to assess the impact of continuous risk (e.g., changes in operating margins). In particular, I would like to focus on what I consider the main inputs of interest to get a bigger picture of the risk in the company. Those inputs are:\n1. Revenue Growth:\nIn my DCF analysis, I assumed an expected CAGR Y2-Y5 of 15% with lower rates going forward. This assumption lead to revenues in Y10 of $1,253,844 million. While it is a reasonable assumption, Amazon is full of surprises, and it may deliver a top line growth well above my expectations. In the latter, I see a possible scenario with a CAGR Y2-Y5 of 24%, resulting in Y10 revenues of $1,989,952 million. However, we all know that regulators represent a big risk for the company. According to WSJ sources, if the \"giant-tech bill\" will pass, the company may be forced to either split into two companies or spin off its private-label product businesses. This represents a big risk that may slow down Amazon's growth, which could translate into a growth rate of 6% (resulting in Y10 revenues of $764,723 million). To sum up, I will assume a uniform distribution with a maximum of 24% and a minimum of 6%. The results are displayed below (this simulation and the next one have been performed 10,000 times).\nSource:Author's estimates\n2. Operating Margin:\nCurrently, Amazon has a restated operating margin of 9.03% TTM (vs not restated EBIT margin of 6.83%). In my DCF, I assumed a target operating margin of 13.2%. While this represents my most likely scenario for the company, I cannot close my eyes to the fact that, even if the company is improving its margins, it is following a very slow climb. Below, I display the non-restated EBIT margin for the last 5 years.\nSource:SeekingAlpha.com\nHowever, as I stated at the beginning, Amazon is a disruptive company with the ability to do extraordinary things. For instance, AWS presents a current operating margin of 30% TTM and a revenue growth rate of 29.53% in 2020. A trend which is expected to continue, driven by improving outlook and with new partners joining the party. The last to join the party are Ferrari(NYSE:RACE)and Swisscom(OTCPK:SWZCF)who have chosen AWS as their preferred cloud partner.\nIn 2020,according to Gartner, AWS generated revenue 2 times bigger than Microsoft(NASDAQ:MSFT). As stated by Gartner:\n\nThe worldwide \n infrastructure as a service(IaaS) market grew 40.7% in 2020 to total $64.3 billion, up from $45.7 billion in 2019, according to Gartner, Inc. Amazon retained the No. 1 position in the IaaS market in 2020, followed by Microsoft, Alibaba, Google and Huawei... Amazon continued to lead the worldwide IaaS market with $26.2 billion of revenue in 2020 and 41% market share.\n\nSource:Gartner.com\nFinally, to account for my concerns and beliefs, I will assume a triangular distribution with the following limits: the likeliest target operating margin of 13.2%, a maximum of 18.4%, and a minimum of 8% (close to the current company's EBIT margin). The results are displayed below.\nSource:Author's estimates\n3. Cost of Capital:\nThe last input of interest is the cost of capital. In doing my analysis, I estimated a cost of capital of 5.8% (with the current 10Y rate of 1.48 and an implied ERP of 4.54%). However, I may be wrong due to sector risk estimates or changes in the business mix (or both). To account for the possibility that I made some mistakes along the road, I will rely on a lognormal distribution with the most likely scenario of 5.8%. The results of the simulation are displayed below.\nSource:Author's estimates\nBy putting all of this together, the simulations return the following results.\nSource:Author's estimates\nFor completeness, I also display below the relative and cumulative frequency of the simulation.\nSource:Author's estimates\nBy looking at the results, we can see that the 50th percentile or the median is equal to $3274, close to the expected DCF FV of $3328. While the algorithm-adjusted FV of $3576 is the 60th percentile in my simulations (note also the long right tail).\nFinally, simulation results give us an interesting insight into a potential exit point. I believe that an interesting take profit point may be within the 80th percentile, which implies a potential upside of 24.89%. Why within the 80th percentile? I believe that, after reaching the $2.0 trillion company status, we will see the last climb of euphoria before investors start to take profits.\nFinal Thoughts\nBoth the algorithm-adjusted fair value and the Monte Carlo simulation suggest and support the bullish rating. The results found suggest that the stock is currently undervalued and that the company has still more room to go. What may drive the price to go higher? Well, there are different factors that may drive it. One of those is for sure corporate news. For instance, the company may introduce new products or announce a stock split (For the latter, I think this is unlikely, at least not now). However, don't forget also the other side, the risks. There are many risks associated with being invested in the company, one of those is represented by antitrust and regulators.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":3981,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158130109,"gmtCreate":1625134712301,"gmtModify":1631887621656,"author":{"id":"3575378189904678","authorId":"3575378189904678","name":"letsgo8","avatar":"https://static.tigerbbs.com/cfa8cd71bc61e78a08bb731667341ac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575378189904678","idStr":"3575378189904678"},"themes":[],"htmlText":"Reply for comment n like","listText":"Reply for comment n like","text":"Reply for comment n like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/158130109","repostId":"1143019742","repostType":4,"isVote":1,"tweetType":1,"viewCount":553,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158130390,"gmtCreate":1625134697310,"gmtModify":1633944425164,"author":{"id":"3575378189904678","authorId":"3575378189904678","name":"letsgo8","avatar":"https://static.tigerbbs.com/cfa8cd71bc61e78a08bb731667341ac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575378189904678","idStr":"3575378189904678"},"themes":[],"htmlText":"Reply for comment n like","listText":"Reply for comment n like","text":"Reply for comment n like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/158130390","repostId":"1178516480","repostType":4,"repost":{"id":"1178516480","kind":"news","pubTimestamp":1625094708,"share":"https://www.laohu8.com/m/news/1178516480?lang=zh_CN&edition=full","pubTime":"2021-07-01 07:11","market":"us","language":"en","title":"S&P 500 notches fifth straight record closing high, fifth straight quarterly gain<blockquote>标普500连续第五次创下收盘新高，连续第五个季度上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178516480","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as inves","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.</p><p><blockquote>纽约（路透社）-标普500周三连续第五次创下收盘新高，投资者在本月和本季度结束时基本上摆脱了积极的经济数据，并期待周五备受期待的就业报告。</blockquote></p><p> In the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.</p><p><blockquote>在2021年上半年的最后一个交易日，股指低迷且区间震荡，蓝筹股道指上涨，而纳斯达克则小幅走低。</blockquote></p><p> All three indexes posted their fifth consecutive quarterly gains, with the S&amp;P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&amp;P 500 registered its second-best first-half performance since 1998, rising 14.5%.</p><p><blockquote>三大指数均连续第五个季度上涨，标准普尔指数上涨8.2%，纳斯达克指数上涨9.5%，道指上涨4.6%。标普500上半年表现为1998年以来第二好，上涨14.5%。</blockquote></p><p> “It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&amp;P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”</p><p><blockquote>“这是一个不错的季度，”康涅狄格州费尔菲尔德Dakota Wealth的高级投资组合经理罗伯特·帕夫利克(Robert Pavlik)表示。“截至昨晚收盘，标普今年迄今已上涨超过14%，超过道指和纳斯达克。这表明股市正在出现广泛反弹。”</blockquote></p><p> For the month, the bellwether S&amp;P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.</p><p><blockquote>本月，领头羊标普500连续第五次上涨，而道琼斯指数结束了四个月的连涨，小幅收低。纳斯达克在6月份也取得了进展。</blockquote></p><p> This month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.</p><p><blockquote>本月，投资者的兴趣从对经济敏感的周期性股票转向成长型股票。</blockquote></p><p> “Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”</p><p><blockquote>“今年迄今为止的领先行业正如你所预期的那样，”帕夫利克补充道。“能源、金融和工业，这表明经济环境正处于周期的早期阶段。”</blockquote></p><p> “(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.</p><p><blockquote>帕夫利克补充道：“在人们开始接受（美联储主席杰罗姆）鲍威尔关注暂时性通胀的言论后，（投资者）开始转向增长（股票）。”</blockquote></p><p> “Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”</p><p><blockquote>“一些重新开放的交易已经持续了一段时间，这正在引导人们恢复增长。”</blockquote></p><p> (Graphic: Growths stocks outperform value in June, narrow YTD gap, )</p><p><blockquote>（图：6月份成长股跑赢价值股，年初至今差距缩小，）</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5b82b4dfdc765d913811f9d8572e60f6\" tg-width=\"964\" tg-height=\"723\" referrerpolicy=\"no-referrer\">“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”</p><p><blockquote>纽约Inverness Counsel首席投资策略师蒂姆·格里斯基(Tim Ghriskey)表示：“整体股市继续上涨，在相当长一段时间内持续上涨。”“虽然按照历史标准来看估值肯定很高，但受益于经济复苏，估值一直处于相当稳定的水平。”</blockquote></p><p> The private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.</p><p><blockquote>根据薪资处理机构ADP的数据，私营部门6月份增加了692,000个就业岗位，轻松超出预期。这一数字比经济学家在劳工部周五发布的更全面的就业报告中预测的私人就业人数高出92,000人。</blockquote></p><p> The Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&amp;P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.</p><p><blockquote>道琼斯工业平均指数上涨210.22点，涨幅0.61%，至34,502.51点；标普500上涨5.7点，涨幅0.13%，至4,297.5点；纳斯达克综合指数下跌24.38点，涨幅0.17%，至14,503.95点。</blockquote></p><p> Among the 11 major sectors in the S&amp;P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.</p><p><blockquote>在标准普尔11个主要板块中，有6个板块收高，其中能源板块涨幅最大。房地产是当天最大的输家。</blockquote></p><p> Boeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.</p><p><blockquote>德国国防部宣布将购买该飞机制造商的五架P-8A海上控制飞机，波音公司股价上涨1.6%，此前联合航空公布了有史以来最大的新飞机订单。</blockquote></p><p> Walmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.</p><p><blockquote>沃尔玛周二宣布将开始销售仅限处方的胰岛素类似物，股价上涨2.7%。</blockquote></p><p> Micron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.</p><p><blockquote>美光科技在季度财报发布前上涨2.5%，但在芯片制造商公布季度业绩后，盘后交易中相对没有变化。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为1.35比1；在纳斯达克，1.19比1的比率有利于下跌股。</blockquote></p><p> The S&amp;P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.</p><p><blockquote>标普500创下20个52周新高，无新低；纳斯达克综合指数录得70个新高和36个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为108.5亿股，而过去20个交易日的平均成交量为110.5亿股。</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>S&P 500 notches fifth straight record closing high, fifth straight quarterly gain<blockquote>标普500连续第五次创下收盘新高，连续第五个季度上涨</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\">\nS&P 500 notches fifth straight record closing high, fifth straight quarterly gain<blockquote>标普500连续第五次创下收盘新高，连续第五个季度上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-01 07:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - The S&amp;P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.</p><p><blockquote>纽约（路透社）-标普500周三连续第五次创下收盘新高，投资者在本月和本季度结束时基本上摆脱了积极的经济数据，并期待周五备受期待的就业报告。</blockquote></p><p> In the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.</p><p><blockquote>在2021年上半年的最后一个交易日，股指低迷且区间震荡，蓝筹股道指上涨，而纳斯达克则小幅走低。</blockquote></p><p> All three indexes posted their fifth consecutive quarterly gains, with the S&amp;P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&amp;P 500 registered its second-best first-half performance since 1998, rising 14.5%.</p><p><blockquote>三大指数均连续第五个季度上涨，标准普尔指数上涨8.2%，纳斯达克指数上涨9.5%，道指上涨4.6%。标普500上半年表现为1998年以来第二好，上涨14.5%。</blockquote></p><p> “It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&amp;P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”</p><p><blockquote>“这是一个不错的季度，”康涅狄格州费尔菲尔德Dakota Wealth的高级投资组合经理罗伯特·帕夫利克(Robert Pavlik)表示。“截至昨晚收盘，标普今年迄今已上涨超过14%，超过道指和纳斯达克。这表明股市正在出现广泛反弹。”</blockquote></p><p> For the month, the bellwether S&amp;P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.</p><p><blockquote>本月，领头羊标普500连续第五次上涨，而道琼斯指数结束了四个月的连涨，小幅收低。纳斯达克在6月份也取得了进展。</blockquote></p><p> This month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.</p><p><blockquote>本月，投资者的兴趣从对经济敏感的周期性股票转向成长型股票。</blockquote></p><p> “Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”</p><p><blockquote>“今年迄今为止的领先行业正如你所预期的那样，”帕夫利克补充道。“能源、金融和工业，这表明经济环境正处于周期的早期阶段。”</blockquote></p><p> “(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.</p><p><blockquote>帕夫利克补充道：“在人们开始接受（美联储主席杰罗姆）鲍威尔关注暂时性通胀的言论后，（投资者）开始转向增长（股票）。”</blockquote></p><p> “Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”</p><p><blockquote>“一些重新开放的交易已经持续了一段时间，这正在引导人们恢复增长。”</blockquote></p><p> (Graphic: Growths stocks outperform value in June, narrow YTD gap, )</p><p><blockquote>（图：6月份成长股跑赢价值股，年初至今差距缩小，）</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5b82b4dfdc765d913811f9d8572e60f6\" tg-width=\"964\" tg-height=\"723\" referrerpolicy=\"no-referrer\">“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”</p><p><blockquote>纽约Inverness Counsel首席投资策略师蒂姆·格里斯基(Tim Ghriskey)表示：“整体股市继续上涨，在相当长一段时间内持续上涨。”“虽然按照历史标准来看估值肯定很高，但受益于经济复苏，估值一直处于相当稳定的水平。”</blockquote></p><p> The private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.</p><p><blockquote>根据薪资处理机构ADP的数据，私营部门6月份增加了692,000个就业岗位，轻松超出预期。这一数字比经济学家在劳工部周五发布的更全面的就业报告中预测的私人就业人数高出92,000人。</blockquote></p><p> The Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&amp;P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.</p><p><blockquote>道琼斯工业平均指数上涨210.22点，涨幅0.61%，至34,502.51点；标普500上涨5.7点，涨幅0.13%，至4,297.5点；纳斯达克综合指数下跌24.38点，涨幅0.17%，至14,503.95点。</blockquote></p><p> Among the 11 major sectors in the S&amp;P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.</p><p><blockquote>在标准普尔11个主要板块中，有6个板块收高，其中能源板块涨幅最大。房地产是当天最大的输家。</blockquote></p><p> Boeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.</p><p><blockquote>德国国防部宣布将购买该飞机制造商的五架P-8A海上控制飞机，波音公司股价上涨1.6%，此前联合航空公布了有史以来最大的新飞机订单。</blockquote></p><p> Walmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.</p><p><blockquote>沃尔玛周二宣布将开始销售仅限处方的胰岛素类似物，股价上涨2.7%。</blockquote></p><p> Micron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.</p><p><blockquote>美光科技在季度财报发布前上涨2.5%，但在芯片制造商公布季度业绩后，盘后交易中相对没有变化。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为1.35比1；在纳斯达克，1.19比1的比率有利于下跌股。</blockquote></p><p> The S&amp;P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.</p><p><blockquote>标普500创下20个52周新高，无新低；纳斯达克综合指数录得70个新高和36个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为108.5亿股，而过去20个交易日的平均成交量为110.5亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178516480","content_text":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.\nIn the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.\nAll three indexes posted their fifth consecutive quarterly gains, with the S&P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&P 500 registered its second-best first-half performance since 1998, rising 14.5%.\n“It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”\nFor the month, the bellwether S&P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.\nThis month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.\n“Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”\n“(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.\n“Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”\n(Graphic: Growths stocks outperform value in June, narrow YTD gap, )\n“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”\nThe private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.\nThe Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.\nAmong the 11 major sectors in the S&P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.\nBoeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.\nWalmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.\nMicron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.\nThe S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.\nVolume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":712,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158130971,"gmtCreate":1625134681893,"gmtModify":1633944425286,"author":{"id":"3575378189904678","authorId":"3575378189904678","name":"letsgo8","avatar":"https://static.tigerbbs.com/cfa8cd71bc61e78a08bb731667341ac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575378189904678","idStr":"3575378189904678"},"themes":[],"htmlText":"Reply for comment n like","listText":"Reply for comment n like","text":"Reply for comment n like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/158130971","repostId":"1178516480","repostType":4,"repost":{"id":"1178516480","kind":"news","pubTimestamp":1625094708,"share":"https://www.laohu8.com/m/news/1178516480?lang=zh_CN&edition=full","pubTime":"2021-07-01 07:11","market":"us","language":"en","title":"S&P 500 notches fifth straight record closing high, fifth straight quarterly gain<blockquote>标普500连续第五次创下收盘新高，连续第五个季度上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178516480","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as inves","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.</p><p><blockquote>纽约（路透社）-标普500周三连续第五次创下收盘新高，投资者在本月和本季度结束时基本上摆脱了积极的经济数据，并期待周五备受期待的就业报告。</blockquote></p><p> In the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.</p><p><blockquote>在2021年上半年的最后一个交易日，股指低迷且区间震荡，蓝筹股道指上涨，而纳斯达克则小幅走低。</blockquote></p><p> All three indexes posted their fifth consecutive quarterly gains, with the S&amp;P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&amp;P 500 registered its second-best first-half performance since 1998, rising 14.5%.</p><p><blockquote>三大指数均连续第五个季度上涨，标准普尔指数上涨8.2%，纳斯达克指数上涨9.5%，道指上涨4.6%。标普500上半年表现为1998年以来第二好，上涨14.5%。</blockquote></p><p> “It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&amp;P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”</p><p><blockquote>“这是一个不错的季度，”康涅狄格州费尔菲尔德Dakota Wealth的高级投资组合经理罗伯特·帕夫利克(Robert Pavlik)表示。“截至昨晚收盘，标普今年迄今已上涨超过14%，超过道指和纳斯达克。这表明股市正在出现广泛反弹。”</blockquote></p><p> For the month, the bellwether S&amp;P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.</p><p><blockquote>本月，领头羊标普500连续第五次上涨，而道琼斯指数结束了四个月的连涨，小幅收低。纳斯达克在6月份也取得了进展。</blockquote></p><p> This month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.</p><p><blockquote>本月，投资者的兴趣从对经济敏感的周期性股票转向成长型股票。</blockquote></p><p> “Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”</p><p><blockquote>“今年迄今为止的领先行业正如你所预期的那样，”帕夫利克补充道。“能源、金融和工业，这表明经济环境正处于周期的早期阶段。”</blockquote></p><p> “(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.</p><p><blockquote>帕夫利克补充道：“在人们开始接受（美联储主席杰罗姆）鲍威尔关注暂时性通胀的言论后，（投资者）开始转向增长（股票）。”</blockquote></p><p> “Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”</p><p><blockquote>“一些重新开放的交易已经持续了一段时间，这正在引导人们恢复增长。”</blockquote></p><p> (Graphic: Growths stocks outperform value in June, narrow YTD gap, )</p><p><blockquote>（图：6月份成长股跑赢价值股，年初至今差距缩小，）</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5b82b4dfdc765d913811f9d8572e60f6\" tg-width=\"964\" tg-height=\"723\" referrerpolicy=\"no-referrer\">“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”</p><p><blockquote>纽约Inverness Counsel首席投资策略师蒂姆·格里斯基(Tim Ghriskey)表示：“整体股市继续上涨，在相当长一段时间内持续上涨。”“虽然按照历史标准来看估值肯定很高，但受益于经济复苏，估值一直处于相当稳定的水平。”</blockquote></p><p> The private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.</p><p><blockquote>根据薪资处理机构ADP的数据，私营部门6月份增加了692,000个就业岗位，轻松超出预期。这一数字比经济学家在劳工部周五发布的更全面的就业报告中预测的私人就业人数高出92,000人。</blockquote></p><p> The Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&amp;P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.</p><p><blockquote>道琼斯工业平均指数上涨210.22点，涨幅0.61%，至34,502.51点；标普500上涨5.7点，涨幅0.13%，至4,297.5点；纳斯达克综合指数下跌24.38点，涨幅0.17%，至14,503.95点。</blockquote></p><p> Among the 11 major sectors in the S&amp;P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.</p><p><blockquote>在标准普尔11个主要板块中，有6个板块收高，其中能源板块涨幅最大。房地产是当天最大的输家。</blockquote></p><p> Boeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.</p><p><blockquote>德国国防部宣布将购买该飞机制造商的五架P-8A海上控制飞机，波音公司股价上涨1.6%，此前联合航空公布了有史以来最大的新飞机订单。</blockquote></p><p> Walmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.</p><p><blockquote>沃尔玛周二宣布将开始销售仅限处方的胰岛素类似物，股价上涨2.7%。</blockquote></p><p> Micron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.</p><p><blockquote>美光科技在季度财报发布前上涨2.5%，但在芯片制造商公布季度业绩后，盘后交易中相对没有变化。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为1.35比1；在纳斯达克，1.19比1的比率有利于下跌股。</blockquote></p><p> The S&amp;P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.</p><p><blockquote>标普500创下20个52周新高，无新低；纳斯达克综合指数录得70个新高和36个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为108.5亿股，而过去20个交易日的平均成交量为110.5亿股。</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>S&P 500 notches fifth straight record closing high, fifth straight quarterly gain<blockquote>标普500连续第五次创下收盘新高，连续第五个季度上涨</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; 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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\">\nS&P 500 notches fifth straight record closing high, fifth straight quarterly gain<blockquote>标普500连续第五次创下收盘新高，连续第五个季度上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-01 07:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - The S&amp;P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.</p><p><blockquote>纽约（路透社）-标普500周三连续第五次创下收盘新高，投资者在本月和本季度结束时基本上摆脱了积极的经济数据，并期待周五备受期待的就业报告。</blockquote></p><p> In the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.</p><p><blockquote>在2021年上半年的最后一个交易日，股指低迷且区间震荡，蓝筹股道指上涨，而纳斯达克则小幅走低。</blockquote></p><p> All three indexes posted their fifth consecutive quarterly gains, with the S&amp;P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&amp;P 500 registered its second-best first-half performance since 1998, rising 14.5%.</p><p><blockquote>三大指数均连续第五个季度上涨，标准普尔指数上涨8.2%，纳斯达克指数上涨9.5%，道指上涨4.6%。标普500上半年表现为1998年以来第二好，上涨14.5%。</blockquote></p><p> “It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&amp;P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”</p><p><blockquote>“这是一个不错的季度，”康涅狄格州费尔菲尔德Dakota Wealth的高级投资组合经理罗伯特·帕夫利克(Robert Pavlik)表示。“截至昨晚收盘，标普今年迄今已上涨超过14%，超过道指和纳斯达克。这表明股市正在出现广泛反弹。”</blockquote></p><p> For the month, the bellwether S&amp;P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.</p><p><blockquote>本月，领头羊标普500连续第五次上涨，而道琼斯指数结束了四个月的连涨，小幅收低。纳斯达克在6月份也取得了进展。</blockquote></p><p> This month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.</p><p><blockquote>本月，投资者的兴趣从对经济敏感的周期性股票转向成长型股票。</blockquote></p><p> “Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”</p><p><blockquote>“今年迄今为止的领先行业正如你所预期的那样，”帕夫利克补充道。“能源、金融和工业，这表明经济环境正处于周期的早期阶段。”</blockquote></p><p> “(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.</p><p><blockquote>帕夫利克补充道：“在人们开始接受（美联储主席杰罗姆）鲍威尔关注暂时性通胀的言论后，（投资者）开始转向增长（股票）。”</blockquote></p><p> “Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”</p><p><blockquote>“一些重新开放的交易已经持续了一段时间，这正在引导人们恢复增长。”</blockquote></p><p> (Graphic: Growths stocks outperform value in June, narrow YTD gap, )</p><p><blockquote>（图：6月份成长股跑赢价值股，年初至今差距缩小，）</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5b82b4dfdc765d913811f9d8572e60f6\" tg-width=\"964\" tg-height=\"723\" referrerpolicy=\"no-referrer\">“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”</p><p><blockquote>纽约Inverness Counsel首席投资策略师蒂姆·格里斯基(Tim Ghriskey)表示：“整体股市继续上涨，在相当长一段时间内持续上涨。”“虽然按照历史标准来看估值肯定很高，但受益于经济复苏，估值一直处于相当稳定的水平。”</blockquote></p><p> The private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.</p><p><blockquote>根据薪资处理机构ADP的数据，私营部门6月份增加了692,000个就业岗位，轻松超出预期。这一数字比经济学家在劳工部周五发布的更全面的就业报告中预测的私人就业人数高出92,000人。</blockquote></p><p> The Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&amp;P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.</p><p><blockquote>道琼斯工业平均指数上涨210.22点，涨幅0.61%，至34,502.51点；标普500上涨5.7点，涨幅0.13%，至4,297.5点；纳斯达克综合指数下跌24.38点，涨幅0.17%，至14,503.95点。</blockquote></p><p> Among the 11 major sectors in the S&amp;P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.</p><p><blockquote>在标准普尔11个主要板块中，有6个板块收高，其中能源板块涨幅最大。房地产是当天最大的输家。</blockquote></p><p> Boeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.</p><p><blockquote>德国国防部宣布将购买该飞机制造商的五架P-8A海上控制飞机，波音公司股价上涨1.6%，此前联合航空公布了有史以来最大的新飞机订单。</blockquote></p><p> Walmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.</p><p><blockquote>沃尔玛周二宣布将开始销售仅限处方的胰岛素类似物，股价上涨2.7%。</blockquote></p><p> Micron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.</p><p><blockquote>美光科技在季度财报发布前上涨2.5%，但在芯片制造商公布季度业绩后，盘后交易中相对没有变化。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为1.35比1；在纳斯达克，1.19比1的比率有利于下跌股。</blockquote></p><p> The S&amp;P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.</p><p><blockquote>标普500创下20个52周新高，无新低；纳斯达克综合指数录得70个新高和36个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为108.5亿股，而过去20个交易日的平均成交量为110.5亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178516480","content_text":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.\nIn the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.\nAll three indexes posted their fifth consecutive quarterly gains, with the S&P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&P 500 registered its second-best first-half performance since 1998, rising 14.5%.\n“It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”\nFor the month, the bellwether S&P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.\nThis month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.\n“Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”\n“(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.\n“Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”\n(Graphic: Growths stocks outperform value in June, narrow YTD gap, )\n“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”\nThe private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.\nThe Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.\nAmong the 11 major sectors in the S&P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.\nBoeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.\nWalmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.\nMicron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.\nThe S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.\nVolume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":394,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158130086,"gmtCreate":1625134666445,"gmtModify":1633944425413,"author":{"id":"3575378189904678","authorId":"3575378189904678","name":"letsgo8","avatar":"https://static.tigerbbs.com/cfa8cd71bc61e78a08bb731667341ac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575378189904678","idStr":"3575378189904678"},"themes":[],"htmlText":"Reply for comment n like","listText":"Reply for comment n like","text":"Reply for comment n like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/158130086","repostId":"1106223449","repostType":4,"repost":{"id":"1106223449","kind":"news","pubTimestamp":1625122086,"share":"https://www.laohu8.com/m/news/1106223449?lang=zh_CN&edition=full","pubTime":"2021-07-01 14:48","market":"us","language":"en","title":"The S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.<blockquote>标普500取得了自互联网泡沫以来第二好的上半年成绩。接下来会发生什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106223449","media":"Barrons","summary":"Since 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year.\nThe S&P 5","content":"<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d70d0323609e9ce596a9a90e475422d1\" tg-width=\"1260\" tg-height=\"840\"><span>Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year.</span></p><p><blockquote><p class=\"t-img-caption\"><span>自1979年以来，标普500上半年涨幅达到或超过10%已有14次。</span></p></blockquote></p><p> The S&amp;P 500 closed its second-best first half since the dot-com bubble. Don’t be surprised if the stock market keeps on rising.</p><p><blockquote>标普500的上半年表现是自互联网泡沫以来第二好的。如果股市继续上涨，不要感到惊讶。</blockquote></p><p> With June coming to an end, the S&amp;P 500 finished the first half of 2021 with a gain of 14.4%. Since 1998, only 2019’s 17.4% first-half surge has been larger.</p><p><blockquote>随着6月接近尾声，标普500以14.4%的涨幅结束了2021年上半年。自1998年以来，只有2019年上半年17.4%的增幅更大。</blockquote></p><p> The market got a boost from Covid-19 vaccinations, which have helped the U.S. economy reopen, while trillions of dollars of fiscal stimulus have helped shore up demand. The gains continued even as concerns about inflation have increased speculation that the Federal Reserve would be forced to take steps to slow the economy.</p><p><blockquote>Covid-19疫苗接种提振了市场，帮助美国经济重新开放，而数万亿美元的财政刺激措施帮助支撑了需求。尽管对通胀的担忧加剧了人们对美联储将被迫采取措施减缓经济增长的猜测，但涨幅仍在继续。</blockquote></p><p> The combination of big gains and a more hawkish Fed have raised concerns that the market has become too complacent. If inflation continues to run hot for long enough, the central bank could be forced to act more quickly than the market expects—and&nbsp;cause stocks to tumble. Others worry that&nbsp;U.S. economic growth could slow faster than investors anticipate, causing a pullback in the process.</p><p><blockquote>大幅上涨和美联储更加鹰派的结合引发了市场过于自满的担忧。如果通胀持续持续足够长的时间，央行可能会被迫以比市场预期更快的速度采取行动，并导致股市暴跌。其他人担心美国。经济增长放缓的速度可能快于投资者的预期，导致经济增长放缓。</blockquote></p><p> For those who take that view, there is no better time to back away from the stock market than the present. History suggests otherwise.</p><p><blockquote>对于持这种观点的人来说，没有比现在更好的退出股市的时机了。历史表明并非如此。</blockquote></p><p> Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year, and the index has gone on to average a 6.3% gain over the second half of the year. What’s more, the index finished the second half of the year higher In 11 of those instances, or 79% of the time.</p><p><blockquote>自1979年以来，标普500上半年涨幅达到或超过10%的有14次，下半年该指数平均涨幅为6.3%。更重要的是，该指数在下半年有11次（即79%的时间）走高。</blockquote></p><p> Even the losses, when they occurred, weren’t all that bad. The S&amp;P 500 dropped 1.9% in the second half of 1983 and 3.5% during the last six months of 1986.</p><p><blockquote>即使是损失，当它们发生时，也没有那么糟糕。标普500在1983年下半年下降了1.9%，在1986年最后六个月下降了3.5%。</blockquote></p><p> The one exception was the last six months of 1987 when the index fell 19% during the second half of the year. That period included Black Monday, when the S&amp;P 500 dropped 20% in one day, still a record loss. While selling linked to so-called&nbsp;portfolio insurance&nbsp;was ultimately blamed for the size and speed of the loss, the second half of 1987 was&nbsp;a period of rising bond yields and high stock-market valuations, just like the first half of 2021.</p><p><blockquote>一个例外是1987年的最后六个月，该指数在下半年下跌了19%。那段时间包括黑色星期一，当时标普500在一天内下跌了20%，仍然是创纪录的跌幅。虽然与所谓投资组合保险相关的抛售最终被归咎于损失的规模和速度，但1987年下半年是债券收益率上升和股市估值高的时期，就像2021年上半年一样。</blockquote></p><p> Still, the market has been acting like it wants to go higher, not lower. Pullbacks, a normal event in the midst of bull runs, have been mild in 2021, with the largest drops being less than 4%. “What the [S&amp;P 500] has done throughout 2021 is pick itself up when and where it has needed to, maintaining an uptrend all along,” writes Frank&nbsp;Cappelleri, chief market technician at Instinet.</p><p><blockquote>尽管如此，市场一直表现得想要走高，而不是走低。回调是牛市中的正常事件，在2021年表现温和，最大跌幅不到4%。Instinet首席市场技术员Frank Cappelleri写道：“[标普500]在2021年所做的就是在需要的时间和地点回升，始终保持上升趋势。”</blockquote></p><p> That 6.3% average second-half rise would push the S&amp;P 500’s full-year gain to around 23%. That would represent a “textbook [market] recovery” from a recession, says Fundstrat’s Tom Lee.</p><p><blockquote>下半年6.3%的平均涨幅将使标普500的全年涨幅达到23%左右。Fundstrat的汤姆·李(Tom Lee)表示，这将代表着从衰退中“教科书式的[市场]复苏”。</blockquote></p><p> For now, at least, the path of least resistance is higher.</p><p><blockquote>至少就目前而言，阻力最小的路径更高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3cb229b2e05d59b9c126d464a7d771bb\" tg-width=\"958\" tg-height=\"647\"></p><p><blockquote></blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.<blockquote>标普500取得了自互联网泡沫以来第二好的上半年成绩。接下来会发生什么。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.<blockquote>标普500取得了自互联网泡沫以来第二好的上半年成绩。接下来会发生什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-01 14:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d70d0323609e9ce596a9a90e475422d1\" tg-width=\"1260\" tg-height=\"840\"><span>Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year.</span></p><p><blockquote><p class=\"t-img-caption\"><span>自1979年以来，标普500上半年涨幅达到或超过10%已有14次。</span></p></blockquote></p><p> The S&amp;P 500 closed its second-best first half since the dot-com bubble. Don’t be surprised if the stock market keeps on rising.</p><p><blockquote>标普500的上半年表现是自互联网泡沫以来第二好的。如果股市继续上涨，不要感到惊讶。</blockquote></p><p> With June coming to an end, the S&amp;P 500 finished the first half of 2021 with a gain of 14.4%. Since 1998, only 2019’s 17.4% first-half surge has been larger.</p><p><blockquote>随着6月接近尾声，标普500以14.4%的涨幅结束了2021年上半年。自1998年以来，只有2019年上半年17.4%的增幅更大。</blockquote></p><p> The market got a boost from Covid-19 vaccinations, which have helped the U.S. economy reopen, while trillions of dollars of fiscal stimulus have helped shore up demand. The gains continued even as concerns about inflation have increased speculation that the Federal Reserve would be forced to take steps to slow the economy.</p><p><blockquote>Covid-19疫苗接种提振了市场，帮助美国经济重新开放，而数万亿美元的财政刺激措施帮助支撑了需求。尽管对通胀的担忧加剧了人们对美联储将被迫采取措施减缓经济增长的猜测，但涨幅仍在继续。</blockquote></p><p> The combination of big gains and a more hawkish Fed have raised concerns that the market has become too complacent. If inflation continues to run hot for long enough, the central bank could be forced to act more quickly than the market expects—and&nbsp;cause stocks to tumble. Others worry that&nbsp;U.S. economic growth could slow faster than investors anticipate, causing a pullback in the process.</p><p><blockquote>大幅上涨和美联储更加鹰派的结合引发了市场过于自满的担忧。如果通胀持续持续足够长的时间，央行可能会被迫以比市场预期更快的速度采取行动，并导致股市暴跌。其他人担心美国。经济增长放缓的速度可能快于投资者的预期，导致经济增长放缓。</blockquote></p><p> For those who take that view, there is no better time to back away from the stock market than the present. History suggests otherwise.</p><p><blockquote>对于持这种观点的人来说，没有比现在更好的退出股市的时机了。历史表明并非如此。</blockquote></p><p> Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year, and the index has gone on to average a 6.3% gain over the second half of the year. What’s more, the index finished the second half of the year higher In 11 of those instances, or 79% of the time.</p><p><blockquote>自1979年以来，标普500上半年涨幅达到或超过10%的有14次，下半年该指数平均涨幅为6.3%。更重要的是，该指数在下半年有11次（即79%的时间）走高。</blockquote></p><p> Even the losses, when they occurred, weren’t all that bad. The S&amp;P 500 dropped 1.9% in the second half of 1983 and 3.5% during the last six months of 1986.</p><p><blockquote>即使是损失，当它们发生时，也没有那么糟糕。标普500在1983年下半年下降了1.9%，在1986年最后六个月下降了3.5%。</blockquote></p><p> The one exception was the last six months of 1987 when the index fell 19% during the second half of the year. That period included Black Monday, when the S&amp;P 500 dropped 20% in one day, still a record loss. While selling linked to so-called&nbsp;portfolio insurance&nbsp;was ultimately blamed for the size and speed of the loss, the second half of 1987 was&nbsp;a period of rising bond yields and high stock-market valuations, just like the first half of 2021.</p><p><blockquote>一个例外是1987年的最后六个月，该指数在下半年下跌了19%。那段时间包括黑色星期一，当时标普500在一天内下跌了20%，仍然是创纪录的跌幅。虽然与所谓投资组合保险相关的抛售最终被归咎于损失的规模和速度，但1987年下半年是债券收益率上升和股市估值高的时期，就像2021年上半年一样。</blockquote></p><p> Still, the market has been acting like it wants to go higher, not lower. Pullbacks, a normal event in the midst of bull runs, have been mild in 2021, with the largest drops being less than 4%. “What the [S&amp;P 500] has done throughout 2021 is pick itself up when and where it has needed to, maintaining an uptrend all along,” writes Frank&nbsp;Cappelleri, chief market technician at Instinet.</p><p><blockquote>尽管如此，市场一直表现得想要走高，而不是走低。回调是牛市中的正常事件，在2021年表现温和，最大跌幅不到4%。Instinet首席市场技术员Frank Cappelleri写道：“[标普500]在2021年所做的就是在需要的时间和地点回升，始终保持上升趋势。”</blockquote></p><p> That 6.3% average second-half rise would push the S&amp;P 500’s full-year gain to around 23%. That would represent a “textbook [market] recovery” from a recession, says Fundstrat’s Tom Lee.</p><p><blockquote>下半年6.3%的平均涨幅将使标普500的全年涨幅达到23%左右。Fundstrat的汤姆·李(Tom Lee)表示，这将代表着从衰退中“教科书式的[市场]复苏”。</blockquote></p><p> For now, at least, the path of least resistance is higher.</p><p><blockquote>至少就目前而言，阻力最小的路径更高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3cb229b2e05d59b9c126d464a7d771bb\" tg-width=\"958\" tg-height=\"647\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stock-market-futures-crash-gains-51625071996?mod=hp_LEAD_1\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/stock-market-futures-crash-gains-51625071996?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106223449","content_text":"Since 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year.\nThe S&P 500 closed its second-best first half since the dot-com bubble. Don’t be surprised if the stock market keeps on rising.\nWith June coming to an end, the S&P 500 finished the first half of 2021 with a gain of 14.4%. Since 1998, only 2019’s 17.4% first-half surge has been larger.\nThe market got a boost from Covid-19 vaccinations, which have helped the U.S. economy reopen, while trillions of dollars of fiscal stimulus have helped shore up demand. The gains continued even as concerns about inflation have increased speculation that the Federal Reserve would be forced to take steps to slow the economy.\nThe combination of big gains and a more hawkish Fed have raised concerns that the market has become too complacent. If inflation continues to run hot for long enough, the central bank could be forced to act more quickly than the market expects—and cause stocks to tumble. Others worry that U.S. economic growth could slow faster than investors anticipate, causing a pullback in the process.\nFor those who take that view, there is no better time to back away from the stock market than the present. History suggests otherwise.\nSince 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year, and the index has gone on to average a 6.3% gain over the second half of the year. What’s more, the index finished the second half of the year higher In 11 of those instances, or 79% of the time.\nEven the losses, when they occurred, weren’t all that bad. The S&P 500 dropped 1.9% in the second half of 1983 and 3.5% during the last six months of 1986.\nThe one exception was the last six months of 1987 when the index fell 19% during the second half of the year. That period included Black Monday, when the S&P 500 dropped 20% in one day, still a record loss. While selling linked to so-called portfolio insurance was ultimately blamed for the size and speed of the loss, the second half of 1987 was a period of rising bond yields and high stock-market valuations, just like the first half of 2021.\nStill, the market has been acting like it wants to go higher, not lower. Pullbacks, a normal event in the midst of bull runs, have been mild in 2021, with the largest drops being less than 4%. “What the [S&P 500] has done throughout 2021 is pick itself up when and where it has needed to, maintaining an uptrend all along,” writes Frank Cappelleri, chief market technician at Instinet.\nThat 6.3% average second-half rise would push the S&P 500’s full-year gain to around 23%. That would represent a “textbook [market] recovery” from a recession, says Fundstrat’s Tom Lee.\nFor now, at least, the path of least resistance is higher.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":562,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158197464,"gmtCreate":1625134641458,"gmtModify":1631885992094,"author":{"id":"3575378189904678","authorId":"3575378189904678","name":"letsgo8","avatar":"https://static.tigerbbs.com/cfa8cd71bc61e78a08bb731667341ac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575378189904678","idStr":"3575378189904678"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/UBS\">$UBS Group AG(UBS)$</a>Ok","listText":"<a href=\"https://laohu8.com/S/UBS\">$UBS Group AG(UBS)$</a>Ok","text":"$UBS Group AG(UBS)$Ok","images":[{"img":"https://static.tigerbbs.com/a15dca170c07921dc6b8591097b747bc","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/158197464","isVote":1,"tweetType":1,"viewCount":602,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":180661533,"gmtCreate":1623202144522,"gmtModify":1634035871333,"author":{"id":"3575378189904678","authorId":"3575378189904678","name":"letsgo8","avatar":"https://static.tigerbbs.com/cfa8cd71bc61e78a08bb731667341ac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575378189904678","idStr":"3575378189904678"},"themes":[],"htmlText":"Reply for comment n like","listText":"Reply for comment n like","text":"Reply for comment n like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/180661533","repostId":"2142296172","repostType":4,"isVote":1,"tweetType":1,"viewCount":549,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180661693,"gmtCreate":1623202127712,"gmtModify":1634035871454,"author":{"id":"3575378189904678","authorId":"3575378189904678","name":"letsgo8","avatar":"https://static.tigerbbs.com/cfa8cd71bc61e78a08bb731667341ac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575378189904678","idStr":"3575378189904678"},"themes":[],"htmlText":"Reply for comment n like","listText":"Reply for comment n like","text":"Reply for comment n like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/180661693","repostId":"2142029589","repostType":4,"isVote":1,"tweetType":1,"viewCount":640,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180661357,"gmtCreate":1623202109579,"gmtModify":1634035871675,"author":{"id":"3575378189904678","authorId":"3575378189904678","name":"letsgo8","avatar":"https://static.tigerbbs.com/cfa8cd71bc61e78a08bb731667341ac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575378189904678","idStr":"3575378189904678"},"themes":[],"htmlText":"Reply for comment n like","listText":"Reply for comment n like","text":"Reply for comment n like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/180661357","repostId":"1164783057","repostType":4,"isVote":1,"tweetType":1,"viewCount":653,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180663341,"gmtCreate":1623202075383,"gmtModify":1634035872365,"author":{"id":"3575378189904678","authorId":"3575378189904678","name":"letsgo8","avatar":"https://static.tigerbbs.com/cfa8cd71bc61e78a08bb731667341ac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575378189904678","idStr":"3575378189904678"},"themes":[],"htmlText":"Reply for comment n like","listText":"Reply for comment n like","text":"Reply for comment n like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/180663341","repostId":"1128909306","repostType":4,"repost":{"id":"1128909306","kind":"news","pubTimestamp":1623193560,"share":"https://www.laohu8.com/m/news/1128909306?lang=zh_CN&edition=full","pubTime":"2021-06-09 07:06","market":"us","language":"en","title":"S&P 500 closes little changed as \"meme stocks\" extend rally<blockquote>随着“模因股”延续涨势，标普500收盘变化不大</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1128909306","media":"reuters","summary":"NEW YORK (Reuters) - Wall Street stocks struggled to eke out closing gains on Tuesday as a lack of c","content":"<p>NEW YORK (Reuters) - Wall Street stocks struggled to eke out closing gains on Tuesday as a lack of clear market catalysts kept institutional investors on the sidelines, while retail traders fueled the ongoing meme stocks rally.</p><p><blockquote>纽约（路透社）-华尔街股市周二难以勉强维持收盘涨幅，因为缺乏明确的市场催化剂使机构投资者保持观望，而散户交易者则推动了模因股的持续上涨。</blockquote></p><p>All three major U.S. stock indexes ended the range-bound session near flat or higher, with the S&amp;P 500 and the Dow closing within about 0.5% of record highs.</p><p><blockquote>美国三大股指均在接近持平或走高的区间震荡时段结束，标普500和道指收盘距离纪录高位约0.5%。</blockquote></p><p>The tech-laded Nasdaq Composite fared best, with Amazon.com Inc and Apple Inc providing the biggest boost.</p><p><blockquote>以科技股为主的纳斯达克综合指数表现最佳，其中亚马逊公司和苹果公司的涨幅最大。</blockquote></p><p>“We’re waiting for inflation numbers, waiting for more from the (Federal Reserve), waiting for earnings season,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “There’s not a lot motivating the market today.”</p><p><blockquote>芝加哥Kingsview资产管理公司的投资组合经理Paul Nolte表示：“我们正在等待通胀数据，等待（美联储）的更多数据，等待财报季。”“今天市场没有太多动力。”</blockquote></p><p>“We’re in this twilight zone until probably right after the Fourth of July, when we see earnings season kick in,” Nolte added.</p><p><blockquote>诺尔特补充道：“我们可能会在7月4日之后才会看到财报季开始。”</blockquote></p><p>The CBOE volatility index, a measure of investor anxiety, touched its lowest level in over a year.</p><p><blockquote>衡量投资者焦虑程度的芝加哥期权交易所波动率指数触及一年多来的最低水平。</blockquote></p><p>Smallcaps, once again buoyed by the ongoing meme stock retail frenzy, were outperforming their larger counterparts.</p><p><blockquote>小型股再次受到持续的模因股票零售狂潮的提振，表现优于大型股。</blockquote></p><p>Clover Health Investments seized top billing among meme stocks, surging 85.8%, the biggest percentage winner in the Nasdaq.</p><p><blockquote>Clover Health Investments在meme股票中占据榜首，飙升85.8%，成为纳斯达克涨幅最大的股票。</blockquote></p><p>Other stocks whose recent explosive trading volumes have been attributed to social media buzz, including GameStop Corp, Bed Bath &amp; Beyond Inc, Workhorse Group and others, ended the session between 7% and 12% higher.</p><p><blockquote>其他近期交易量爆炸性的股票，包括游戏驿站公司、Bed Bath&amp;Beyond Inc、Workhorse Group等，收盘上涨7%至12%。</blockquote></p><p>“(Meme stocks) are where the action is, but you flip it over and look crypto and that’s a mess,” Nolte said. “Now the meme stocks are taking over from crypto as the place to be and it’s all a consequence of very easy monetary policy.”</p><p><blockquote>诺尔特说：“（模因股票）是行动所在，但你把它翻过来，看起来像加密货币，那就一团糟了。”“现在，模因股票正在取代加密货币成为热门，这都是非常宽松的货币政策的结果。”</blockquote></p><p>Reports from the U.S. Labor Department and National Federation of Independent Business appeared to confirm a labor shortage even as demand roars back to life, which could put upward pressure on wages, a precursor to wider inflation.</p><p><blockquote>美国劳工部和全国独立企业联合会的报告似乎证实了劳动力短缺，尽管需求复苏，这可能会给工资带来上行压力，这是更广泛通胀的前兆。</blockquote></p><p>Market participants look to Thursday’s consumer price index data for further clues regarding inflation, and how it could influence the Federal Reserve’s timetable for tightening its monetary policy.</p><p><blockquote>市场参与者从周四的消费者价格指数数据中寻找有关通胀的进一步线索，以及通胀如何影响美联储收紧货币政策的时间表。</blockquote></p><p>The Dow Jones Industrial Average fell 30.42 points, or 0.09%, to 34,599.82; the S&amp;P 500 gained 0.74 points, or 0.02%, at 4,227.26; and the Nasdaq Composite added 43.19 points, or 0.31%, at 13,924.91.</p><p><blockquote>道琼工业指数跌30.42点，或0.09%，报34,599.82点；标普500上涨0.74点，涨幅0.02%，至4,227.26点；纳斯达克综合指数上涨43.19点，涨幅0.31%，至13,924.91点。</blockquote></p><p>Of the 11 major sectors in the S&amp;P 500, consumer discretionary enjoyed the biggest percentage gain, and utilities suffered the largest loss.</p><p><blockquote>标普500 11个主要板块中，非必需消费品涨幅最大，公用事业跌幅最大。</blockquote></p><p>Sales of Tesla Inc’s China-made electric cars jumped in May by 29%, marking a 177% year-on-year increase, according to the China Passenger Car Association. The stock erased initial gains on the news to close down 0.3%.</p><p><blockquote>根据中国乘用车协会的数据，特斯拉公司5月份中国制造的电动汽车销量猛增29%，同比增长177%。受此消息影响，该股抹去了最初的涨幅，收盘下跌0.3%。</blockquote></p><p>Boeing Co shares were boosted by Southwest Airlines’ announcement that it had ordered 34 new 737 MAX aircraft, but the planemaker’s shares pared gains to end the session flat.</p><p><blockquote>西南航空宣布订购34架新737 MAX飞机，提振了波音公司股价，但该飞机制造商股价回吐涨幅，收盘持平。</blockquote></p><p>GameStop, the company most closely associated with the Reddit-driven short squeeze phenomenon, is expected to report quarterly results after markets close on Wednesday.</p><p><blockquote>游戏驿站是与Reddit驱动的轧空现象关系最密切的公司，预计将在周三收盘后公布季度业绩。</blockquote></p><p>Advancing issues outnumbered decliners on the NYSE by a 1.74-to-1 ratio; on Nasdaq, a 1.66-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为1.74比1；在纳斯达克，1.66比1的比率有利于上涨者。</blockquote></p><p>The S&amp;P 500 posted 54 new 52-week highs and one new low; the Nasdaq Composite recorded 172 new highs and 16 new lows.</p><p><blockquote>标普500创下54个52周新高和1个新低；纳斯达克综合指数录得172个新高和16个新低。</blockquote></p><p>Volume on U.S. exchanges was 11.82 billion shares, compared with the 10.75 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为118.2亿股，而过去20个交易日的平均成交量为107.5亿股。</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>S&P 500 closes little changed as \"meme stocks\" extend rally<blockquote>随着“模因股”延续涨势，标普500收盘变化不大</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; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 closes little changed as \"meme stocks\" extend rally<blockquote>随着“模因股”延续涨势，标普500收盘变化不大</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">reuters</strong><span class=\"h-time small\">2021-06-09 07:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - Wall Street stocks struggled to eke out closing gains on Tuesday as a lack of clear market catalysts kept institutional investors on the sidelines, while retail traders fueled the ongoing meme stocks rally.</p><p><blockquote>纽约（路透社）-华尔街股市周二难以勉强维持收盘涨幅，因为缺乏明确的市场催化剂使机构投资者保持观望，而散户交易者则推动了模因股的持续上涨。</blockquote></p><p>All three major U.S. stock indexes ended the range-bound session near flat or higher, with the S&amp;P 500 and the Dow closing within about 0.5% of record highs.</p><p><blockquote>美国三大股指均在接近持平或走高的区间震荡时段结束，标普500和道指收盘距离纪录高位约0.5%。</blockquote></p><p>The tech-laded Nasdaq Composite fared best, with Amazon.com Inc and Apple Inc providing the biggest boost.</p><p><blockquote>以科技股为主的纳斯达克综合指数表现最佳，其中亚马逊公司和苹果公司的涨幅最大。</blockquote></p><p>“We’re waiting for inflation numbers, waiting for more from the (Federal Reserve), waiting for earnings season,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “There’s not a lot motivating the market today.”</p><p><blockquote>芝加哥Kingsview资产管理公司的投资组合经理Paul Nolte表示：“我们正在等待通胀数据，等待（美联储）的更多数据，等待财报季。”“今天市场没有太多动力。”</blockquote></p><p>“We’re in this twilight zone until probably right after the Fourth of July, when we see earnings season kick in,” Nolte added.</p><p><blockquote>诺尔特补充道：“我们可能会在7月4日之后才会看到财报季开始。”</blockquote></p><p>The CBOE volatility index, a measure of investor anxiety, touched its lowest level in over a year.</p><p><blockquote>衡量投资者焦虑程度的芝加哥期权交易所波动率指数触及一年多来的最低水平。</blockquote></p><p>Smallcaps, once again buoyed by the ongoing meme stock retail frenzy, were outperforming their larger counterparts.</p><p><blockquote>小型股再次受到持续的模因股票零售狂潮的提振，表现优于大型股。</blockquote></p><p>Clover Health Investments seized top billing among meme stocks, surging 85.8%, the biggest percentage winner in the Nasdaq.</p><p><blockquote>Clover Health Investments在meme股票中占据榜首，飙升85.8%，成为纳斯达克涨幅最大的股票。</blockquote></p><p>Other stocks whose recent explosive trading volumes have been attributed to social media buzz, including GameStop Corp, Bed Bath &amp; Beyond Inc, Workhorse Group and others, ended the session between 7% and 12% higher.</p><p><blockquote>其他近期交易量爆炸性的股票，包括游戏驿站公司、Bed Bath&amp;Beyond Inc、Workhorse Group等，收盘上涨7%至12%。</blockquote></p><p>“(Meme stocks) are where the action is, but you flip it over and look crypto and that’s a mess,” Nolte said. “Now the meme stocks are taking over from crypto as the place to be and it’s all a consequence of very easy monetary policy.”</p><p><blockquote>诺尔特说：“（模因股票）是行动所在，但你把它翻过来，看起来像加密货币，那就一团糟了。”“现在，模因股票正在取代加密货币成为热门，这都是非常宽松的货币政策的结果。”</blockquote></p><p>Reports from the U.S. Labor Department and National Federation of Independent Business appeared to confirm a labor shortage even as demand roars back to life, which could put upward pressure on wages, a precursor to wider inflation.</p><p><blockquote>美国劳工部和全国独立企业联合会的报告似乎证实了劳动力短缺，尽管需求复苏，这可能会给工资带来上行压力，这是更广泛通胀的前兆。</blockquote></p><p>Market participants look to Thursday’s consumer price index data for further clues regarding inflation, and how it could influence the Federal Reserve’s timetable for tightening its monetary policy.</p><p><blockquote>市场参与者从周四的消费者价格指数数据中寻找有关通胀的进一步线索，以及通胀如何影响美联储收紧货币政策的时间表。</blockquote></p><p>The Dow Jones Industrial Average fell 30.42 points, or 0.09%, to 34,599.82; the S&amp;P 500 gained 0.74 points, or 0.02%, at 4,227.26; and the Nasdaq Composite added 43.19 points, or 0.31%, at 13,924.91.</p><p><blockquote>道琼工业指数跌30.42点，或0.09%，报34,599.82点；标普500上涨0.74点，涨幅0.02%，至4,227.26点；纳斯达克综合指数上涨43.19点，涨幅0.31%，至13,924.91点。</blockquote></p><p>Of the 11 major sectors in the S&amp;P 500, consumer discretionary enjoyed the biggest percentage gain, and utilities suffered the largest loss.</p><p><blockquote>标普500 11个主要板块中，非必需消费品涨幅最大，公用事业跌幅最大。</blockquote></p><p>Sales of Tesla Inc’s China-made electric cars jumped in May by 29%, marking a 177% year-on-year increase, according to the China Passenger Car Association. The stock erased initial gains on the news to close down 0.3%.</p><p><blockquote>根据中国乘用车协会的数据，特斯拉公司5月份中国制造的电动汽车销量猛增29%，同比增长177%。受此消息影响，该股抹去了最初的涨幅，收盘下跌0.3%。</blockquote></p><p>Boeing Co shares were boosted by Southwest Airlines’ announcement that it had ordered 34 new 737 MAX aircraft, but the planemaker’s shares pared gains to end the session flat.</p><p><blockquote>西南航空宣布订购34架新737 MAX飞机，提振了波音公司股价，但该飞机制造商股价回吐涨幅，收盘持平。</blockquote></p><p>GameStop, the company most closely associated with the Reddit-driven short squeeze phenomenon, is expected to report quarterly results after markets close on Wednesday.</p><p><blockquote>游戏驿站是与Reddit驱动的轧空现象关系最密切的公司，预计将在周三收盘后公布季度业绩。</blockquote></p><p>Advancing issues outnumbered decliners on the NYSE by a 1.74-to-1 ratio; on Nasdaq, a 1.66-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为1.74比1；在纳斯达克，1.66比1的比率有利于上涨者。</blockquote></p><p>The S&amp;P 500 posted 54 new 52-week highs and one new low; the Nasdaq Composite recorded 172 new highs and 16 new lows.</p><p><blockquote>标普500创下54个52周新高和1个新低；纳斯达克综合指数录得172个新高和16个新低。</blockquote></p><p>Volume on U.S. exchanges was 11.82 billion shares, compared with the 10.75 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为118.2亿股，而过去20个交易日的平均成交量为107.5亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-closes-little-changed-as-meme-stocks-extend-rally-idUSL2N2NQ2NX\">reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CLOV":"Clover Health Corp",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-closes-little-changed-as-meme-stocks-extend-rally-idUSL2N2NQ2NX","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128909306","content_text":"NEW YORK (Reuters) - Wall Street stocks struggled to eke out closing gains on Tuesday as a lack of clear market catalysts kept institutional investors on the sidelines, while retail traders fueled the ongoing meme stocks rally.All three major U.S. stock indexes ended the range-bound session near flat or higher, with the S&P 500 and the Dow closing within about 0.5% of record highs.The tech-laded Nasdaq Composite fared best, with Amazon.com Inc and Apple Inc providing the biggest boost.“We’re waiting for inflation numbers, waiting for more from the (Federal Reserve), waiting for earnings season,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “There’s not a lot motivating the market today.”“We’re in this twilight zone until probably right after the Fourth of July, when we see earnings season kick in,” Nolte added.The CBOE volatility index, a measure of investor anxiety, touched its lowest level in over a year.Smallcaps, once again buoyed by the ongoing meme stock retail frenzy, were outperforming their larger counterparts.Clover Health Investments seized top billing among meme stocks, surging 85.8%, the biggest percentage winner in the Nasdaq.Other stocks whose recent explosive trading volumes have been attributed to social media buzz, including GameStop Corp, Bed Bath & Beyond Inc, Workhorse Group and others, ended the session between 7% and 12% higher.“(Meme stocks) are where the action is, but you flip it over and look crypto and that’s a mess,” Nolte said. “Now the meme stocks are taking over from crypto as the place to be and it’s all a consequence of very easy monetary policy.”Reports from the U.S. Labor Department and National Federation of Independent Business appeared to confirm a labor shortage even as demand roars back to life, which could put upward pressure on wages, a precursor to wider inflation.Market participants look to Thursday’s consumer price index data for further clues regarding inflation, and how it could influence the Federal Reserve’s timetable for tightening its monetary policy.The Dow Jones Industrial Average fell 30.42 points, or 0.09%, to 34,599.82; the S&P 500 gained 0.74 points, or 0.02%, at 4,227.26; and the Nasdaq Composite added 43.19 points, or 0.31%, at 13,924.91.Of the 11 major sectors in the S&P 500, consumer discretionary enjoyed the biggest percentage gain, and utilities suffered the largest loss.Sales of Tesla Inc’s China-made electric cars jumped in May by 29%, marking a 177% year-on-year increase, according to the China Passenger Car Association. The stock erased initial gains on the news to close down 0.3%.Boeing Co shares were boosted by Southwest Airlines’ announcement that it had ordered 34 new 737 MAX aircraft, but the planemaker’s shares pared gains to end the session flat.GameStop, the company most closely associated with the Reddit-driven short squeeze phenomenon, is expected to report quarterly results after markets close on Wednesday.Advancing issues outnumbered decliners on the NYSE by a 1.74-to-1 ratio; on Nasdaq, a 1.66-to-1 ratio favored advancers.The S&P 500 posted 54 new 52-week highs and one new low; the Nasdaq Composite recorded 172 new highs and 16 new lows.Volume on U.S. exchanges was 11.82 billion shares, compared with the 10.75 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,"CLOV":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":598,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180669166,"gmtCreate":1623202039255,"gmtModify":1634035873191,"author":{"id":"3575378189904678","authorId":"3575378189904678","name":"letsgo8","avatar":"https://static.tigerbbs.com/cfa8cd71bc61e78a08bb731667341ac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575378189904678","idStr":"3575378189904678"},"themes":[],"htmlText":"[Miser]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Miser]&nbsp;","text":"[Miser] [Miser]","images":[{"img":"https://static.tigerbbs.com/a81d1e797daab988bd544c4be77041a5","width":"1125","height":"2618"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/180669166","isVote":1,"tweetType":1,"viewCount":712,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":118011106,"gmtCreate":1622707604305,"gmtModify":1634098942533,"author":{"id":"3575378189904678","authorId":"3575378189904678","name":"letsgo8","avatar":"https://static.tigerbbs.com/cfa8cd71bc61e78a08bb731667341ac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575378189904678","authorIdStr":"3575378189904678"},"themes":[],"htmlText":"Reply&nbsp;for comment and like","listText":"Reply&nbsp;for comment and like","text":"Reply for comment and like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/118011106","repostId":"1146528217","repostType":4,"repost":{"id":"1146528217","kind":"news","pubTimestamp":1622695494,"share":"https://www.laohu8.com/m/news/1146528217?lang=zh_CN&edition=full","pubTime":"2021-06-03 12:44","market":"us","language":"en","title":"Ignore Dogecoin -- These 3 Unique Stocks Are Infinitely Better Buys<blockquote>忽略狗狗币——这3只独特的股票非常值得购买</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1146528217","media":"The motley fool","summary":"These interesting companies are targeting huge market opportunities -- and can help keep your portfolio afloat in any market condition.Dogecoinhas emerged as one of the most hyped assets in the market today. This is understandable, considering that the cryptocurrency is up 7,733% so far this year, far ahead of the benchmarkS&P 500's returns of 11.84% in the same time frame.This makes Dogecoin a highly speculative investment for retail investors -- one that should mostly be avoided. Instead,NVIDI","content":"<p>These interesting companies are targeting huge market opportunities -- and can help keep your portfolio afloat in any market condition.</p><p><blockquote>这些有趣的公司瞄准了巨大的市场机会，可以帮助您的投资组合在任何市场条件下维持运营。</blockquote></p><p><b>Dogecoin</b>(CRYPTO:DOGE)has emerged as one of the most hyped assets in the market today. This is understandable, considering that the cryptocurrency is up 7,733% so far this year, far ahead of the benchmark<b>S&amp;P 500</b>'s returns of 11.84%&nbsp;in the same time frame.</p><p><blockquote><b>狗狗币</b>（CRYPTO：DOGE）已成为当今市场上最受炒作的资产之一。这是可以理解的，考虑到今年迄今为止加密货币上涨了7,733%，远远领先于基准<b>标普500</b>同期回报率为11.84%。</blockquote></p><p>Investors, however, should also consider Dogecoin's high volatility. Dogecoin has tanked by more than 50% from its all-time high of $0.74 in the past month (so, yes, at one point it was up more than 14,000%). This cryptocurrency is not backed by any asset and hardly has anysustainable advantageover rivals in terms of transaction fees or processing and settlement speeds. And with no hard limit to the number of Dogecoins that can be mined, this cryptocurrency is extremely sensitive to headline risk.</p><p><blockquote>然而，投资者还应该考虑狗狗币的高波动性。过去一个月，狗狗币从0.74美元的历史高点下跌了50%以上（所以，是的，它一度上涨了14,000%以上）。这种加密货币没有任何资产支持，在交易费用或处理和结算速度方面几乎没有任何可持续的竞争对手优势。由于对可以开采的狗狗币数量没有硬性限制，这种加密货币对头条风险极其敏感。</blockquote></p><p>This makes Dogecoin a highly speculative investment for retail investors -- one that should mostly be avoided. Instead,<b>NVIDIA</b>(NASDAQ:NVDA),<b>Skillz</b>(NYSE:SKLZ), and<b>Jushi Holdings</b>(OTC:JUSHF)can prove much better portfolio holdings in the long run.</p><p><blockquote>这使得狗狗币成为散户投资者的高度投机性投资——基本上应该避免这种投资。相反，<b>英伟达</b>（纳斯达克：NVDA），<b>斯基尔茨</b>（纽约证券交易所代码：SKLZ），以及<b>巨石控股</b>从长远来看，（场外交易代码：JUSHF）可以证明是更好的投资组合。</blockquote></p><p>1. NVIDIA</p><p><blockquote>1.英伟达</blockquote></p><p>If you want to invest in leading-edge semiconductor technology powering artificial intelligence, cloud computing, autonomous driving, 5G, and several other next-generation trends, then NVIDIA may be exactly the right stock for you.</p><p><blockquote>如果您想投资为人工智能、云计算、自动驾驶、5G和其他几种下一代趋势提供动力的领先半导体技术，那么英伟达可能正是适合您的股票。</blockquote></p><p>In the first quarter of fiscal 2022 (ending May 2), NVIDIA reported stellar performance, despite the ongoing global semiconductor shortage. Revenue jumped 84% year over year to $5.66 billion, and diluted earnings per share (EPS) soared 106% to $3.03. In the first quarter, gaming revenue was up 106% year over year to $2.76 billion, while data center revenue jumped 79% year over year to $2.05 billion.</p><p><blockquote>在2022财年第一季度（截至5月2日），尽管全球半导体短缺持续，英伟达仍报告了出色的业绩。收入同比增长84%至56.6亿美元，稀释后每股收益(EPS)飙升106%至3.03美元。第一季度，游戏收入同比增长106%至27.6亿美元，数据中心收入同比增长79%至20.5亿美元。</blockquote></p><p>Long known as a leader in the gaming space for its graphic processing units (GPUs), NVIDIA further strengthened that position by launching GeForce RTX 30 Series GPUs in September. Since then, GeForce has triggered a massive GPU upgrade cycle in the gaming industry, and demand for NVIDIA-powered laptops and desktops from students, gamers, and creators has been outstripping supply.</p><p><blockquote>长期以来，英伟达因其图形处理单元（GPU）而成为游戏领域的领导者，通过在9月份推出GeForce RTX 30系列GPU，进一步巩固了这一地位。此后，GeForce在游戏行业引发了大规模的GPU升级周期，学生、游戏玩家和创作者对NVIDIA驱动的笔记本电脑和台式机的需求一直供不应求。</blockquote></p><p>In fact, the RTX 30 series has played a pivotal role in helping NVIDIArecapture some shareof the discrete GPU market from<b>Advanced Micro Devices</b>(NASDAQ:AMD). (\"Discrete GPU\" refers to a GPU which is separate from the central processing unit, or CPU.) Subsequently, the company ended 2020 with83% of the discrete GPUmarket share.</p><p><blockquote>事实上，RTX 30系列在帮助Nvidia从<b>先进微设备公司</b>（纳斯达克：AMD）。（“分立GPU”是指独立于中央处理器或CPU的GPU。）随后，该公司在2020年底拥有83%的分立GPU市场份额。</blockquote></p><p>NVIDIA's data center segment is witnessing solid demand from massive data-center customers building infrastructure for providing AI capabilities to their clients. Management has also announced plans to launch their first data center central processing unit (CPU), theARM-based\"Grace\" chip, by 2023. With the capability to work 10 times faster than existing servers, Grace CPU can further strengthen NVIDIA's position in the global data center market.</p><p><blockquote>NVIDIA的数据中心部门正见证着大型数据中心客户构建基础设施以向客户提供人工智能功能的强劲需求。管理层还宣布计划到2023年推出首款数据中心中央处理器(CPU)，即基于ARM的“Grace”芯片。凭借比现有服务器快10倍的工作速度，Grace CPU可以进一步加强NVIDIA在全球数据中心市场的地位。</blockquote></p><p>With this backdrop, although NVIDIA trades at more than 40.8 times forward earnings, the premium valuation seems justified. Investors can earn handsome returns by picking up this market-leading semiconductor stock even at these elevated levels.</p><p><blockquote>在此背景下，尽管英伟达的预期市盈率超过40.8倍，但溢价估值似乎是合理的。即使在如此高的水平下，投资者也可以通过买入这只市场领先的半导体股票来获得可观的回报。</blockquote></p><p>2. Skillz</p><p><blockquote>2.Skillz</blockquote></p><p>Mobile esports platform Skillz has been on a wild ride in the past few months. The company IPOed via the special purpose acquisition company (SPAC) route at an opening price of $17.89 in December, reached as high as $46.30 in February, and then tanked to an all-time low of $12.40 in April. The dramatic drop has been associated with several factors, including investors moving from growth to value stocks, some adverse short-seller reports, ill-timed capital raises, and equity dilution involving significant insider selling.</p><p><blockquote>移动电子竞技平台Skillz在过去几个月里一直在疯狂发展。该公司去年12月通过特殊目的收购公司(SPAC)途径首次公开募股，开盘价为17.89美元，2月份高达46.30美元，然后在4月份跌至12.40美元的历史低点。大幅下跌与多种因素有关，包括投资者从成长型股票转向价值型股票、一些不利的卖空报告、不合时宜的融资以及涉及重大内幕抛售的股权稀释。</blockquote></p><p>The sheer magnitude of Skillz's sell-off, however, seems unjustified. Skillz provides mobile game developers with a platform to organize competitions and then collects15% of the gross proceedspaid by players participating in these competitions. In the first quarter of fiscal 2021 (ending March 31), Skillz's monthly active users rose by 3.8% year over year to 2.7 million, and paying user count jumped by 81% to 467,000.</p><p><blockquote>然而，Skillz的抛售规模似乎是不合理的。Skillz为手机游戏开发商提供了一个组织比赛的平台，然后收取参加这些比赛的玩家支付的总收益的15%。2021财年第一季度（截至3月31日），Skillz的月活跃用户同比增长3.8%至270万，付费用户数量跃升81%至46.7万。</blockquote></p><p>In an open letter to retail investors, Skillz founder and CEO Andrew Paradise highlighted the platform's high engagement level, noting that once users start paying, they stay with the company for the long run. While Skillz is currently focused only on paying users, Paradise's letter noted plans to explore other monetization methods, such as \"non-intrusive advertising\" and \"gamifying other industries and experiences,\" to add new revenue streams in the coming years.</p><p><blockquote>Skillz创始人兼首席执行官Andrew Paradise在致散户投资者的公开信中强调了该平台的高参与度，并指出一旦用户开始付费，他们就会长期留在公司。虽然Skillz目前只专注于付费用户，但Paradise的信中指出，计划探索其他货币化方法，如“非侵入性广告”和“其他行业和体验的游戏化”，以在未来几年增加新的收入来源。</blockquote></p><p></p><p>In the first quarter, Skillz's revenues jumped 92% year over year to $84 million, ahead of its previous guidance of $80 million. The company also bumped up its year-over-year fiscal 2021 revenue growth estimate from 59% to 63%. However, this guidance does not include the potential gains from new game launches or entering new geographies.</p><p><blockquote>第一季度，Skillz的收入同比增长92%，达到8400万美元，高于之前指导的8000万美元。该公司还将2021财年收入同比增长预期从59%上调至63%。然而，该指南不包括新游戏发布或进入新地区的潜在收益。</blockquote></p><p>The company has entered into a multi-year gaming agreement with the National Football League (NFL). While this deal will not add materially to Skillz's top line in fiscal 2021, it will attract more users to the platform. The company also plans to enter India by the end of fiscal 2021, a move expected to grow its addressable market by 65%. Against this backdrop, chances of Skillz reporting a steep revenue growth trajectory in coming quarters remains high.</p><p><blockquote>该公司已与美国国家橄榄球联盟(NFL)签订了多年博彩协议。虽然这笔交易不会大幅增加Skillz 2021财年的营收，但它将吸引更多用户使用该平台。该公司还计划在2021财年末进入印度，此举预计将使其潜在市场增长65%。在此背景下，Skillz在未来几个季度实现收入大幅增长的可能性仍然很高。</blockquote></p><p>Currently trading at 31 times trailing 12-month (TTM) sales, Skillz is still quite expensive, especially given that it's not profitable. However, the company is a solid bet on the growth potential of the mobile gaming market, which has expanded annually at a compounded average growth rate of 23% between 2015 and 2020. With a gross margin of 95%, a cash balance of $613 million, and zero debt, Skillz offers an attractive risk-reward proposition to retail investors.</p><p><blockquote>Skillz目前的交易价格是过去12个月(TTM)销售额的31倍，仍然相当昂贵，特别是考虑到它还没有盈利。然而，该公司坚定地押注于移动游戏市场的增长潜力，该市场在2015年至2020年间以23%的复合平均增长率每年扩张。Skillz的毛利率为95%，现金余额为6.13亿美元，债务为零，为散户投资者提供了有吸引力的风险回报主张。</blockquote></p><p>3. Jushi Holdings</p><p><blockquote>3、巨石控股</blockquote></p><p>Shares of U.S. multi-state cannabis operator Jushi Holdings are up over 450% in the past 12 months -- and for a good reason. Although it's among the smallerU.S. cannabis companies, the company hasstrategically selected marketswith high growth potential and limited competition in which to operate, including Ohio, Pennsylvania, Virginia, Illinois, California, Nevada, and Massachusetts.</p><p><blockquote>美国多州大麻运营商巨石控股的股价在过去12个月内上涨了450%以上，这是有充分理由的。虽然它是美国小国之一。作为大麻公司，该公司战略性地选择了具有高增长潜力且竞争有限的市场进行运营，包括俄亥俄州、宾夕法尼亚州、弗吉尼亚州、伊利诺伊州、加利福尼亚州、内华达州和马萨诸塞州。</blockquote></p><p>Jushi currently operates 11 medical marijuana dispensaries in Pennsylvania and plans to open an additional seven in 2021. This footprint seems even more impressive considering the fact that Pennsylvania's limited licensing structure reduces competition.</p><p><blockquote>巨石目前在宾夕法尼亚州经营着11家医用大麻药房，并计划在2021年再开设7家。考虑到宾夕法尼亚州有限的许可结构减少了竞争，这一足迹似乎更加令人印象深刻。</blockquote></p><p>There are 528,000 registered medical marijuana patients in Pennsylvania, and the market&nbsp;is expected to rake in $1.5 billion in revenues by 2023, meaning that Jushi stands to benefit dramatically in coming months. As Pennsylvania moves toward legalizing recreational marijuana, which is a major topic ahead of 2022 elections, Jushi's extensive presence can help establish its brands rapidly in this new market.</p><p><blockquote>宾夕法尼亚州有528,000名注册医用大麻患者，预计到2023年该市场将获得15亿美元的收入，这意味着巨石将在未来几个月内受益匪浅。随着宾夕法尼亚州走向娱乐性大麻合法化，这是2022年选举前的一个主要话题，巨石的广泛存在可以帮助其在这个新市场迅速建立品牌。</blockquote></p><p>Jushi currently operates four dispensaries in Illinois, a state which legalized sales of recreational cannabis starting Jan. 1, 2020. With an estimated 2021 annual run rate of $1.3 billion, Illinois is well-positioned to be a major revenue driver for the company. The company also holds one of the only five vertically integrated licenses in Virginia -- allowing it to cultivate, process, and sell medical cannabis to customers in a market with limited competition. Virginia is expected to commence recreational cannabis sales in 2024, which will further boost Jushi's addressable market.</p><p><blockquote>巨石目前在伊利诺伊州经营着四家药房，该州从2020年1月1日起将休闲大麻销售合法化。伊利诺伊州预计2021年的年运行率为13亿美元，完全有能力成为该公司的主要收入驱动力。该公司还持有弗吉尼亚州仅有的五个垂直整合许可证之一，允许其在竞争有限的市场中种植、加工和向客户销售医用大麻。弗吉尼亚州预计将于2024年开始销售休闲大麻，这将进一步提振巨石的潜在市场。</blockquote></p><p>In first-quarter 2021 (ending March 31), Jushi's revenues rose 29% sequentially to $41.7 million. The company also has a strong balance sheet with $168 million cash and $82 million debt. Against the backdrop of a robust strategy and solid financials, Jushi could prove to be an attractive investment for retail investors.</p><p><blockquote>2021年第一季度（截至3月31日），巨石收入环比增长29%至4170万美元。该公司还拥有强大的资产负债表，拥有1.68亿美元现金和8200万美元债务。在稳健的战略和稳健的财务状况的背景下，巨石可能对散户投资者来说是一项有吸引力的投资。</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>Ignore Dogecoin -- These 3 Unique Stocks Are Infinitely Better Buys<blockquote>忽略狗狗币——这3只独特的股票非常值得购买</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\">\nIgnore Dogecoin -- These 3 Unique Stocks Are Infinitely Better Buys<blockquote>忽略狗狗币——这3只独特的股票非常值得购买</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The motley fool</strong><span class=\"h-time small\">2021-06-03 12:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>These interesting companies are targeting huge market opportunities -- and can help keep your portfolio afloat in any market condition.</p><p><blockquote>这些有趣的公司瞄准了巨大的市场机会，可以帮助您的投资组合在任何市场条件下维持运营。</blockquote></p><p><b>Dogecoin</b>(CRYPTO:DOGE)has emerged as one of the most hyped assets in the market today. This is understandable, considering that the cryptocurrency is up 7,733% so far this year, far ahead of the benchmark<b>S&amp;P 500</b>'s returns of 11.84%&nbsp;in the same time frame.</p><p><blockquote><b>狗狗币</b>（CRYPTO：DOGE）已成为当今市场上最受炒作的资产之一。这是可以理解的，考虑到今年迄今为止加密货币上涨了7,733%，远远领先于基准<b>标普500</b>同期回报率为11.84%。</blockquote></p><p>Investors, however, should also consider Dogecoin's high volatility. Dogecoin has tanked by more than 50% from its all-time high of $0.74 in the past month (so, yes, at one point it was up more than 14,000%). This cryptocurrency is not backed by any asset and hardly has anysustainable advantageover rivals in terms of transaction fees or processing and settlement speeds. And with no hard limit to the number of Dogecoins that can be mined, this cryptocurrency is extremely sensitive to headline risk.</p><p><blockquote>然而，投资者还应该考虑狗狗币的高波动性。过去一个月，狗狗币从0.74美元的历史高点下跌了50%以上（所以，是的，它一度上涨了14,000%以上）。这种加密货币没有任何资产支持，在交易费用或处理和结算速度方面几乎没有任何可持续的竞争对手优势。由于对可以开采的狗狗币数量没有硬性限制，这种加密货币对头条风险极其敏感。</blockquote></p><p>This makes Dogecoin a highly speculative investment for retail investors -- one that should mostly be avoided. Instead,<b>NVIDIA</b>(NASDAQ:NVDA),<b>Skillz</b>(NYSE:SKLZ), and<b>Jushi Holdings</b>(OTC:JUSHF)can prove much better portfolio holdings in the long run.</p><p><blockquote>这使得狗狗币成为散户投资者的高度投机性投资——基本上应该避免这种投资。相反，<b>英伟达</b>（纳斯达克：NVDA），<b>斯基尔茨</b>（纽约证券交易所代码：SKLZ），以及<b>巨石控股</b>从长远来看，（场外交易代码：JUSHF）可以证明是更好的投资组合。</blockquote></p><p>1. NVIDIA</p><p><blockquote>1.英伟达</blockquote></p><p>If you want to invest in leading-edge semiconductor technology powering artificial intelligence, cloud computing, autonomous driving, 5G, and several other next-generation trends, then NVIDIA may be exactly the right stock for you.</p><p><blockquote>如果您想投资为人工智能、云计算、自动驾驶、5G和其他几种下一代趋势提供动力的领先半导体技术，那么英伟达可能正是适合您的股票。</blockquote></p><p>In the first quarter of fiscal 2022 (ending May 2), NVIDIA reported stellar performance, despite the ongoing global semiconductor shortage. Revenue jumped 84% year over year to $5.66 billion, and diluted earnings per share (EPS) soared 106% to $3.03. In the first quarter, gaming revenue was up 106% year over year to $2.76 billion, while data center revenue jumped 79% year over year to $2.05 billion.</p><p><blockquote>在2022财年第一季度（截至5月2日），尽管全球半导体短缺持续，英伟达仍报告了出色的业绩。收入同比增长84%至56.6亿美元，稀释后每股收益(EPS)飙升106%至3.03美元。第一季度，游戏收入同比增长106%至27.6亿美元，数据中心收入同比增长79%至20.5亿美元。</blockquote></p><p>Long known as a leader in the gaming space for its graphic processing units (GPUs), NVIDIA further strengthened that position by launching GeForce RTX 30 Series GPUs in September. Since then, GeForce has triggered a massive GPU upgrade cycle in the gaming industry, and demand for NVIDIA-powered laptops and desktops from students, gamers, and creators has been outstripping supply.</p><p><blockquote>长期以来，英伟达因其图形处理单元（GPU）而成为游戏领域的领导者，通过在9月份推出GeForce RTX 30系列GPU，进一步巩固了这一地位。此后，GeForce在游戏行业引发了大规模的GPU升级周期，学生、游戏玩家和创作者对NVIDIA驱动的笔记本电脑和台式机的需求一直供不应求。</blockquote></p><p>In fact, the RTX 30 series has played a pivotal role in helping NVIDIArecapture some shareof the discrete GPU market from<b>Advanced Micro Devices</b>(NASDAQ:AMD). (\"Discrete GPU\" refers to a GPU which is separate from the central processing unit, or CPU.) Subsequently, the company ended 2020 with83% of the discrete GPUmarket share.</p><p><blockquote>事实上，RTX 30系列在帮助Nvidia从<b>先进微设备公司</b>（纳斯达克：AMD）。（“分立GPU”是指独立于中央处理器或CPU的GPU。）随后，该公司在2020年底拥有83%的分立GPU市场份额。</blockquote></p><p>NVIDIA's data center segment is witnessing solid demand from massive data-center customers building infrastructure for providing AI capabilities to their clients. Management has also announced plans to launch their first data center central processing unit (CPU), theARM-based\"Grace\" chip, by 2023. With the capability to work 10 times faster than existing servers, Grace CPU can further strengthen NVIDIA's position in the global data center market.</p><p><blockquote>NVIDIA的数据中心部门正见证着大型数据中心客户构建基础设施以向客户提供人工智能功能的强劲需求。管理层还宣布计划到2023年推出首款数据中心中央处理器(CPU)，即基于ARM的“Grace”芯片。凭借比现有服务器快10倍的工作速度，Grace CPU可以进一步加强NVIDIA在全球数据中心市场的地位。</blockquote></p><p>With this backdrop, although NVIDIA trades at more than 40.8 times forward earnings, the premium valuation seems justified. Investors can earn handsome returns by picking up this market-leading semiconductor stock even at these elevated levels.</p><p><blockquote>在此背景下，尽管英伟达的预期市盈率超过40.8倍，但溢价估值似乎是合理的。即使在如此高的水平下，投资者也可以通过买入这只市场领先的半导体股票来获得可观的回报。</blockquote></p><p>2. Skillz</p><p><blockquote>2.Skillz</blockquote></p><p>Mobile esports platform Skillz has been on a wild ride in the past few months. The company IPOed via the special purpose acquisition company (SPAC) route at an opening price of $17.89 in December, reached as high as $46.30 in February, and then tanked to an all-time low of $12.40 in April. The dramatic drop has been associated with several factors, including investors moving from growth to value stocks, some adverse short-seller reports, ill-timed capital raises, and equity dilution involving significant insider selling.</p><p><blockquote>移动电子竞技平台Skillz在过去几个月里一直在疯狂发展。该公司去年12月通过特殊目的收购公司(SPAC)途径首次公开募股，开盘价为17.89美元，2月份高达46.30美元，然后在4月份跌至12.40美元的历史低点。大幅下跌与多种因素有关，包括投资者从成长型股票转向价值型股票、一些不利的卖空报告、不合时宜的融资以及涉及重大内幕抛售的股权稀释。</blockquote></p><p>The sheer magnitude of Skillz's sell-off, however, seems unjustified. Skillz provides mobile game developers with a platform to organize competitions and then collects15% of the gross proceedspaid by players participating in these competitions. In the first quarter of fiscal 2021 (ending March 31), Skillz's monthly active users rose by 3.8% year over year to 2.7 million, and paying user count jumped by 81% to 467,000.</p><p><blockquote>然而，Skillz的抛售规模似乎是不合理的。Skillz为手机游戏开发商提供了一个组织比赛的平台，然后收取参加这些比赛的玩家支付的总收益的15%。2021财年第一季度（截至3月31日），Skillz的月活跃用户同比增长3.8%至270万，付费用户数量跃升81%至46.7万。</blockquote></p><p>In an open letter to retail investors, Skillz founder and CEO Andrew Paradise highlighted the platform's high engagement level, noting that once users start paying, they stay with the company for the long run. While Skillz is currently focused only on paying users, Paradise's letter noted plans to explore other monetization methods, such as \"non-intrusive advertising\" and \"gamifying other industries and experiences,\" to add new revenue streams in the coming years.</p><p><blockquote>Skillz创始人兼首席执行官Andrew Paradise在致散户投资者的公开信中强调了该平台的高参与度，并指出一旦用户开始付费，他们就会长期留在公司。虽然Skillz目前只专注于付费用户，但Paradise的信中指出，计划探索其他货币化方法，如“非侵入性广告”和“其他行业和体验的游戏化”，以在未来几年增加新的收入来源。</blockquote></p><p></p><p>In the first quarter, Skillz's revenues jumped 92% year over year to $84 million, ahead of its previous guidance of $80 million. The company also bumped up its year-over-year fiscal 2021 revenue growth estimate from 59% to 63%. However, this guidance does not include the potential gains from new game launches or entering new geographies.</p><p><blockquote>第一季度，Skillz的收入同比增长92%，达到8400万美元，高于之前指导的8000万美元。该公司还将2021财年收入同比增长预期从59%上调至63%。然而，该指南不包括新游戏发布或进入新地区的潜在收益。</blockquote></p><p>The company has entered into a multi-year gaming agreement with the National Football League (NFL). While this deal will not add materially to Skillz's top line in fiscal 2021, it will attract more users to the platform. The company also plans to enter India by the end of fiscal 2021, a move expected to grow its addressable market by 65%. Against this backdrop, chances of Skillz reporting a steep revenue growth trajectory in coming quarters remains high.</p><p><blockquote>该公司已与美国国家橄榄球联盟(NFL)签订了多年博彩协议。虽然这笔交易不会大幅增加Skillz 2021财年的营收，但它将吸引更多用户使用该平台。该公司还计划在2021财年末进入印度，此举预计将使其潜在市场增长65%。在此背景下，Skillz在未来几个季度实现收入大幅增长的可能性仍然很高。</blockquote></p><p>Currently trading at 31 times trailing 12-month (TTM) sales, Skillz is still quite expensive, especially given that it's not profitable. However, the company is a solid bet on the growth potential of the mobile gaming market, which has expanded annually at a compounded average growth rate of 23% between 2015 and 2020. With a gross margin of 95%, a cash balance of $613 million, and zero debt, Skillz offers an attractive risk-reward proposition to retail investors.</p><p><blockquote>Skillz目前的交易价格是过去12个月(TTM)销售额的31倍，仍然相当昂贵，特别是考虑到它还没有盈利。然而，该公司坚定地押注于移动游戏市场的增长潜力，该市场在2015年至2020年间以23%的复合平均增长率每年扩张。Skillz的毛利率为95%，现金余额为6.13亿美元，债务为零，为散户投资者提供了有吸引力的风险回报主张。</blockquote></p><p>3. Jushi Holdings</p><p><blockquote>3、巨石控股</blockquote></p><p>Shares of U.S. multi-state cannabis operator Jushi Holdings are up over 450% in the past 12 months -- and for a good reason. Although it's among the smallerU.S. cannabis companies, the company hasstrategically selected marketswith high growth potential and limited competition in which to operate, including Ohio, Pennsylvania, Virginia, Illinois, California, Nevada, and Massachusetts.</p><p><blockquote>美国多州大麻运营商巨石控股的股价在过去12个月内上涨了450%以上，这是有充分理由的。虽然它是美国小国之一。作为大麻公司，该公司战略性地选择了具有高增长潜力且竞争有限的市场进行运营，包括俄亥俄州、宾夕法尼亚州、弗吉尼亚州、伊利诺伊州、加利福尼亚州、内华达州和马萨诸塞州。</blockquote></p><p>Jushi currently operates 11 medical marijuana dispensaries in Pennsylvania and plans to open an additional seven in 2021. This footprint seems even more impressive considering the fact that Pennsylvania's limited licensing structure reduces competition.</p><p><blockquote>巨石目前在宾夕法尼亚州经营着11家医用大麻药房，并计划在2021年再开设7家。考虑到宾夕法尼亚州有限的许可结构减少了竞争，这一足迹似乎更加令人印象深刻。</blockquote></p><p>There are 528,000 registered medical marijuana patients in Pennsylvania, and the market&nbsp;is expected to rake in $1.5 billion in revenues by 2023, meaning that Jushi stands to benefit dramatically in coming months. As Pennsylvania moves toward legalizing recreational marijuana, which is a major topic ahead of 2022 elections, Jushi's extensive presence can help establish its brands rapidly in this new market.</p><p><blockquote>宾夕法尼亚州有528,000名注册医用大麻患者，预计到2023年该市场将获得15亿美元的收入，这意味着巨石将在未来几个月内受益匪浅。随着宾夕法尼亚州走向娱乐性大麻合法化，这是2022年选举前的一个主要话题，巨石的广泛存在可以帮助其在这个新市场迅速建立品牌。</blockquote></p><p>Jushi currently operates four dispensaries in Illinois, a state which legalized sales of recreational cannabis starting Jan. 1, 2020. With an estimated 2021 annual run rate of $1.3 billion, Illinois is well-positioned to be a major revenue driver for the company. The company also holds one of the only five vertically integrated licenses in Virginia -- allowing it to cultivate, process, and sell medical cannabis to customers in a market with limited competition. Virginia is expected to commence recreational cannabis sales in 2024, which will further boost Jushi's addressable market.</p><p><blockquote>巨石目前在伊利诺伊州经营着四家药房，该州从2020年1月1日起将休闲大麻销售合法化。伊利诺伊州预计2021年的年运行率为13亿美元，完全有能力成为该公司的主要收入驱动力。该公司还持有弗吉尼亚州仅有的五个垂直整合许可证之一，允许其在竞争有限的市场中种植、加工和向客户销售医用大麻。弗吉尼亚州预计将于2024年开始销售休闲大麻，这将进一步提振巨石的潜在市场。</blockquote></p><p>In first-quarter 2021 (ending March 31), Jushi's revenues rose 29% sequentially to $41.7 million. The company also has a strong balance sheet with $168 million cash and $82 million debt. Against the backdrop of a robust strategy and solid financials, Jushi could prove to be an attractive investment for retail investors.</p><p><blockquote>2021年第一季度（截至3月31日），巨石收入环比增长29%至4170万美元。该公司还拥有强大的资产负债表，拥有1.68亿美元现金和8200万美元债务。在稳健的战略和稳健的财务状况的背景下，巨石可能对散户投资者来说是一项有吸引力的投资。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/06/02/ignore-dogecoin-these-3-unique-stocks-are-infinite/\">The 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":{"NVDA":"英伟达","AMD":"美国超微公司","SKLZ":"Skillz Inc","JUSHF":"Jushi Holdings Inc."},"source_url":"https://www.fool.com/investing/2021/06/02/ignore-dogecoin-these-3-unique-stocks-are-infinite/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146528217","content_text":"These interesting companies are targeting huge market opportunities -- and can help keep your portfolio afloat in any market condition.Dogecoin(CRYPTO:DOGE)has emerged as one of the most hyped assets in the market today. This is understandable, considering that the cryptocurrency is up 7,733% so far this year, far ahead of the benchmarkS&P 500's returns of 11.84% in the same time frame.Investors, however, should also consider Dogecoin's high volatility. Dogecoin has tanked by more than 50% from its all-time high of $0.74 in the past month (so, yes, at one point it was up more than 14,000%). This cryptocurrency is not backed by any asset and hardly has anysustainable advantageover rivals in terms of transaction fees or processing and settlement speeds. And with no hard limit to the number of Dogecoins that can be mined, this cryptocurrency is extremely sensitive to headline risk.This makes Dogecoin a highly speculative investment for retail investors -- one that should mostly be avoided. Instead,NVIDIA(NASDAQ:NVDA),Skillz(NYSE:SKLZ), andJushi Holdings(OTC:JUSHF)can prove much better portfolio holdings in the long run.1. NVIDIAIf you want to invest in leading-edge semiconductor technology powering artificial intelligence, cloud computing, autonomous driving, 5G, and several other next-generation trends, then NVIDIA may be exactly the right stock for you.In the first quarter of fiscal 2022 (ending May 2), NVIDIA reported stellar performance, despite the ongoing global semiconductor shortage. Revenue jumped 84% year over year to $5.66 billion, and diluted earnings per share (EPS) soared 106% to $3.03. In the first quarter, gaming revenue was up 106% year over year to $2.76 billion, while data center revenue jumped 79% year over year to $2.05 billion.Long known as a leader in the gaming space for its graphic processing units (GPUs), NVIDIA further strengthened that position by launching GeForce RTX 30 Series GPUs in September. Since then, GeForce has triggered a massive GPU upgrade cycle in the gaming industry, and demand for NVIDIA-powered laptops and desktops from students, gamers, and creators has been outstripping supply.In fact, the RTX 30 series has played a pivotal role in helping NVIDIArecapture some shareof the discrete GPU market fromAdvanced Micro Devices(NASDAQ:AMD). (\"Discrete GPU\" refers to a GPU which is separate from the central processing unit, or CPU.) Subsequently, the company ended 2020 with83% of the discrete GPUmarket share.NVIDIA's data center segment is witnessing solid demand from massive data-center customers building infrastructure for providing AI capabilities to their clients. Management has also announced plans to launch their first data center central processing unit (CPU), theARM-based\"Grace\" chip, by 2023. With the capability to work 10 times faster than existing servers, Grace CPU can further strengthen NVIDIA's position in the global data center market.With this backdrop, although NVIDIA trades at more than 40.8 times forward earnings, the premium valuation seems justified. Investors can earn handsome returns by picking up this market-leading semiconductor stock even at these elevated levels.2. SkillzMobile esports platform Skillz has been on a wild ride in the past few months. The company IPOed via the special purpose acquisition company (SPAC) route at an opening price of $17.89 in December, reached as high as $46.30 in February, and then tanked to an all-time low of $12.40 in April. The dramatic drop has been associated with several factors, including investors moving from growth to value stocks, some adverse short-seller reports, ill-timed capital raises, and equity dilution involving significant insider selling.The sheer magnitude of Skillz's sell-off, however, seems unjustified. Skillz provides mobile game developers with a platform to organize competitions and then collects15% of the gross proceedspaid by players participating in these competitions. In the first quarter of fiscal 2021 (ending March 31), Skillz's monthly active users rose by 3.8% year over year to 2.7 million, and paying user count jumped by 81% to 467,000.In an open letter to retail investors, Skillz founder and CEO Andrew Paradise highlighted the platform's high engagement level, noting that once users start paying, they stay with the company for the long run. While Skillz is currently focused only on paying users, Paradise's letter noted plans to explore other monetization methods, such as \"non-intrusive advertising\" and \"gamifying other industries and experiences,\" to add new revenue streams in the coming years.In the first quarter, Skillz's revenues jumped 92% year over year to $84 million, ahead of its previous guidance of $80 million. The company also bumped up its year-over-year fiscal 2021 revenue growth estimate from 59% to 63%. However, this guidance does not include the potential gains from new game launches or entering new geographies.The company has entered into a multi-year gaming agreement with the National Football League (NFL). While this deal will not add materially to Skillz's top line in fiscal 2021, it will attract more users to the platform. The company also plans to enter India by the end of fiscal 2021, a move expected to grow its addressable market by 65%. Against this backdrop, chances of Skillz reporting a steep revenue growth trajectory in coming quarters remains high.Currently trading at 31 times trailing 12-month (TTM) sales, Skillz is still quite expensive, especially given that it's not profitable. However, the company is a solid bet on the growth potential of the mobile gaming market, which has expanded annually at a compounded average growth rate of 23% between 2015 and 2020. With a gross margin of 95%, a cash balance of $613 million, and zero debt, Skillz offers an attractive risk-reward proposition to retail investors.3. Jushi HoldingsShares of U.S. multi-state cannabis operator Jushi Holdings are up over 450% in the past 12 months -- and for a good reason. Although it's among the smallerU.S. cannabis companies, the company hasstrategically selected marketswith high growth potential and limited competition in which to operate, including Ohio, Pennsylvania, Virginia, Illinois, California, Nevada, and Massachusetts.Jushi currently operates 11 medical marijuana dispensaries in Pennsylvania and plans to open an additional seven in 2021. This footprint seems even more impressive considering the fact that Pennsylvania's limited licensing structure reduces competition.There are 528,000 registered medical marijuana patients in Pennsylvania, and the market is expected to rake in $1.5 billion in revenues by 2023, meaning that Jushi stands to benefit dramatically in coming months. As Pennsylvania moves toward legalizing recreational marijuana, which is a major topic ahead of 2022 elections, Jushi's extensive presence can help establish its brands rapidly in this new market.Jushi currently operates four dispensaries in Illinois, a state which legalized sales of recreational cannabis starting Jan. 1, 2020. With an estimated 2021 annual run rate of $1.3 billion, Illinois is well-positioned to be a major revenue driver for the company. The company also holds one of the only five vertically integrated licenses in Virginia -- allowing it to cultivate, process, and sell medical cannabis to customers in a market with limited competition. Virginia is expected to commence recreational cannabis sales in 2024, which will further boost Jushi's addressable market.In first-quarter 2021 (ending March 31), Jushi's revenues rose 29% sequentially to $41.7 million. The company also has a strong balance sheet with $168 million cash and $82 million debt. Against the backdrop of a robust strategy and solid financials, Jushi could prove to be an attractive investment for retail investors.","news_type":1,"symbols_score_info":{"NVDA":0.9,"SKLZ":0.9,"AMD":0.9,"JUSHF":0.9}},"isVote":1,"tweetType":1,"viewCount":365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180663341,"gmtCreate":1623202075383,"gmtModify":1634035872365,"author":{"id":"3575378189904678","authorId":"3575378189904678","name":"letsgo8","avatar":"https://static.tigerbbs.com/cfa8cd71bc61e78a08bb731667341ac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575378189904678","authorIdStr":"3575378189904678"},"themes":[],"htmlText":"Reply for comment n like","listText":"Reply for comment n like","text":"Reply for comment n like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/180663341","repostId":"1128909306","repostType":4,"repost":{"id":"1128909306","kind":"news","pubTimestamp":1623193560,"share":"https://www.laohu8.com/m/news/1128909306?lang=zh_CN&edition=full","pubTime":"2021-06-09 07:06","market":"us","language":"en","title":"S&P 500 closes little changed as \"meme stocks\" extend rally<blockquote>随着“模因股”延续涨势，标普500收盘变化不大</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1128909306","media":"reuters","summary":"NEW YORK (Reuters) - Wall Street stocks struggled to eke out closing gains on Tuesday as a lack of c","content":"<p>NEW YORK (Reuters) - Wall Street stocks struggled to eke out closing gains on Tuesday as a lack of clear market catalysts kept institutional investors on the sidelines, while retail traders fueled the ongoing meme stocks rally.</p><p><blockquote>纽约（路透社）-华尔街股市周二难以勉强维持收盘涨幅，因为缺乏明确的市场催化剂使机构投资者保持观望，而散户交易者则推动了模因股的持续上涨。</blockquote></p><p>All three major U.S. stock indexes ended the range-bound session near flat or higher, with the S&amp;P 500 and the Dow closing within about 0.5% of record highs.</p><p><blockquote>美国三大股指均在接近持平或走高的区间震荡时段结束，标普500和道指收盘距离纪录高位约0.5%。</blockquote></p><p>The tech-laded Nasdaq Composite fared best, with Amazon.com Inc and Apple Inc providing the biggest boost.</p><p><blockquote>以科技股为主的纳斯达克综合指数表现最佳，其中亚马逊公司和苹果公司的涨幅最大。</blockquote></p><p>“We’re waiting for inflation numbers, waiting for more from the (Federal Reserve), waiting for earnings season,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “There’s not a lot motivating the market today.”</p><p><blockquote>芝加哥Kingsview资产管理公司的投资组合经理Paul Nolte表示：“我们正在等待通胀数据，等待（美联储）的更多数据，等待财报季。”“今天市场没有太多动力。”</blockquote></p><p>“We’re in this twilight zone until probably right after the Fourth of July, when we see earnings season kick in,” Nolte added.</p><p><blockquote>诺尔特补充道：“我们可能会在7月4日之后才会看到财报季开始。”</blockquote></p><p>The CBOE volatility index, a measure of investor anxiety, touched its lowest level in over a year.</p><p><blockquote>衡量投资者焦虑程度的芝加哥期权交易所波动率指数触及一年多来的最低水平。</blockquote></p><p>Smallcaps, once again buoyed by the ongoing meme stock retail frenzy, were outperforming their larger counterparts.</p><p><blockquote>小型股再次受到持续的模因股票零售狂潮的提振，表现优于大型股。</blockquote></p><p>Clover Health Investments seized top billing among meme stocks, surging 85.8%, the biggest percentage winner in the Nasdaq.</p><p><blockquote>Clover Health Investments在meme股票中占据榜首，飙升85.8%，成为纳斯达克涨幅最大的股票。</blockquote></p><p>Other stocks whose recent explosive trading volumes have been attributed to social media buzz, including GameStop Corp, Bed Bath &amp; Beyond Inc, Workhorse Group and others, ended the session between 7% and 12% higher.</p><p><blockquote>其他近期交易量爆炸性的股票，包括游戏驿站公司、Bed Bath&amp;Beyond Inc、Workhorse Group等，收盘上涨7%至12%。</blockquote></p><p>“(Meme stocks) are where the action is, but you flip it over and look crypto and that’s a mess,” Nolte said. “Now the meme stocks are taking over from crypto as the place to be and it’s all a consequence of very easy monetary policy.”</p><p><blockquote>诺尔特说：“（模因股票）是行动所在，但你把它翻过来，看起来像加密货币，那就一团糟了。”“现在，模因股票正在取代加密货币成为热门，这都是非常宽松的货币政策的结果。”</blockquote></p><p>Reports from the U.S. Labor Department and National Federation of Independent Business appeared to confirm a labor shortage even as demand roars back to life, which could put upward pressure on wages, a precursor to wider inflation.</p><p><blockquote>美国劳工部和全国独立企业联合会的报告似乎证实了劳动力短缺，尽管需求复苏，这可能会给工资带来上行压力，这是更广泛通胀的前兆。</blockquote></p><p>Market participants look to Thursday’s consumer price index data for further clues regarding inflation, and how it could influence the Federal Reserve’s timetable for tightening its monetary policy.</p><p><blockquote>市场参与者从周四的消费者价格指数数据中寻找有关通胀的进一步线索，以及通胀如何影响美联储收紧货币政策的时间表。</blockquote></p><p>The Dow Jones Industrial Average fell 30.42 points, or 0.09%, to 34,599.82; the S&amp;P 500 gained 0.74 points, or 0.02%, at 4,227.26; and the Nasdaq Composite added 43.19 points, or 0.31%, at 13,924.91.</p><p><blockquote>道琼工业指数跌30.42点，或0.09%，报34,599.82点；标普500上涨0.74点，涨幅0.02%，至4,227.26点；纳斯达克综合指数上涨43.19点，涨幅0.31%，至13,924.91点。</blockquote></p><p>Of the 11 major sectors in the S&amp;P 500, consumer discretionary enjoyed the biggest percentage gain, and utilities suffered the largest loss.</p><p><blockquote>标普500 11个主要板块中，非必需消费品涨幅最大，公用事业跌幅最大。</blockquote></p><p>Sales of Tesla Inc’s China-made electric cars jumped in May by 29%, marking a 177% year-on-year increase, according to the China Passenger Car Association. The stock erased initial gains on the news to close down 0.3%.</p><p><blockquote>根据中国乘用车协会的数据，特斯拉公司5月份中国制造的电动汽车销量猛增29%，同比增长177%。受此消息影响，该股抹去了最初的涨幅，收盘下跌0.3%。</blockquote></p><p>Boeing Co shares were boosted by Southwest Airlines’ announcement that it had ordered 34 new 737 MAX aircraft, but the planemaker’s shares pared gains to end the session flat.</p><p><blockquote>西南航空宣布订购34架新737 MAX飞机，提振了波音公司股价，但该飞机制造商股价回吐涨幅，收盘持平。</blockquote></p><p>GameStop, the company most closely associated with the Reddit-driven short squeeze phenomenon, is expected to report quarterly results after markets close on Wednesday.</p><p><blockquote>游戏驿站是与Reddit驱动的轧空现象关系最密切的公司，预计将在周三收盘后公布季度业绩。</blockquote></p><p>Advancing issues outnumbered decliners on the NYSE by a 1.74-to-1 ratio; on Nasdaq, a 1.66-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为1.74比1；在纳斯达克，1.66比1的比率有利于上涨者。</blockquote></p><p>The S&amp;P 500 posted 54 new 52-week highs and one new low; the Nasdaq Composite recorded 172 new highs and 16 new lows.</p><p><blockquote>标普500创下54个52周新高和1个新低；纳斯达克综合指数录得172个新高和16个新低。</blockquote></p><p>Volume on U.S. exchanges was 11.82 billion shares, compared with the 10.75 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为118.2亿股，而过去20个交易日的平均成交量为107.5亿股。</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>S&P 500 closes little changed as \"meme stocks\" extend rally<blockquote>随着“模因股”延续涨势，标普500收盘变化不大</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; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 closes little changed as \"meme stocks\" extend rally<blockquote>随着“模因股”延续涨势，标普500收盘变化不大</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">reuters</strong><span class=\"h-time small\">2021-06-09 07:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - Wall Street stocks struggled to eke out closing gains on Tuesday as a lack of clear market catalysts kept institutional investors on the sidelines, while retail traders fueled the ongoing meme stocks rally.</p><p><blockquote>纽约（路透社）-华尔街股市周二难以勉强维持收盘涨幅，因为缺乏明确的市场催化剂使机构投资者保持观望，而散户交易者则推动了模因股的持续上涨。</blockquote></p><p>All three major U.S. stock indexes ended the range-bound session near flat or higher, with the S&amp;P 500 and the Dow closing within about 0.5% of record highs.</p><p><blockquote>美国三大股指均在接近持平或走高的区间震荡时段结束，标普500和道指收盘距离纪录高位约0.5%。</blockquote></p><p>The tech-laded Nasdaq Composite fared best, with Amazon.com Inc and Apple Inc providing the biggest boost.</p><p><blockquote>以科技股为主的纳斯达克综合指数表现最佳，其中亚马逊公司和苹果公司的涨幅最大。</blockquote></p><p>“We’re waiting for inflation numbers, waiting for more from the (Federal Reserve), waiting for earnings season,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “There’s not a lot motivating the market today.”</p><p><blockquote>芝加哥Kingsview资产管理公司的投资组合经理Paul Nolte表示：“我们正在等待通胀数据，等待（美联储）的更多数据，等待财报季。”“今天市场没有太多动力。”</blockquote></p><p>“We’re in this twilight zone until probably right after the Fourth of July, when we see earnings season kick in,” Nolte added.</p><p><blockquote>诺尔特补充道：“我们可能会在7月4日之后才会看到财报季开始。”</blockquote></p><p>The CBOE volatility index, a measure of investor anxiety, touched its lowest level in over a year.</p><p><blockquote>衡量投资者焦虑程度的芝加哥期权交易所波动率指数触及一年多来的最低水平。</blockquote></p><p>Smallcaps, once again buoyed by the ongoing meme stock retail frenzy, were outperforming their larger counterparts.</p><p><blockquote>小型股再次受到持续的模因股票零售狂潮的提振，表现优于大型股。</blockquote></p><p>Clover Health Investments seized top billing among meme stocks, surging 85.8%, the biggest percentage winner in the Nasdaq.</p><p><blockquote>Clover Health Investments在meme股票中占据榜首，飙升85.8%，成为纳斯达克涨幅最大的股票。</blockquote></p><p>Other stocks whose recent explosive trading volumes have been attributed to social media buzz, including GameStop Corp, Bed Bath &amp; Beyond Inc, Workhorse Group and others, ended the session between 7% and 12% higher.</p><p><blockquote>其他近期交易量爆炸性的股票，包括游戏驿站公司、Bed Bath&amp;Beyond Inc、Workhorse Group等，收盘上涨7%至12%。</blockquote></p><p>“(Meme stocks) are where the action is, but you flip it over and look crypto and that’s a mess,” Nolte said. “Now the meme stocks are taking over from crypto as the place to be and it’s all a consequence of very easy monetary policy.”</p><p><blockquote>诺尔特说：“（模因股票）是行动所在，但你把它翻过来，看起来像加密货币，那就一团糟了。”“现在，模因股票正在取代加密货币成为热门，这都是非常宽松的货币政策的结果。”</blockquote></p><p>Reports from the U.S. Labor Department and National Federation of Independent Business appeared to confirm a labor shortage even as demand roars back to life, which could put upward pressure on wages, a precursor to wider inflation.</p><p><blockquote>美国劳工部和全国独立企业联合会的报告似乎证实了劳动力短缺，尽管需求复苏，这可能会给工资带来上行压力，这是更广泛通胀的前兆。</blockquote></p><p>Market participants look to Thursday’s consumer price index data for further clues regarding inflation, and how it could influence the Federal Reserve’s timetable for tightening its monetary policy.</p><p><blockquote>市场参与者从周四的消费者价格指数数据中寻找有关通胀的进一步线索，以及通胀如何影响美联储收紧货币政策的时间表。</blockquote></p><p>The Dow Jones Industrial Average fell 30.42 points, or 0.09%, to 34,599.82; the S&amp;P 500 gained 0.74 points, or 0.02%, at 4,227.26; and the Nasdaq Composite added 43.19 points, or 0.31%, at 13,924.91.</p><p><blockquote>道琼工业指数跌30.42点，或0.09%，报34,599.82点；标普500上涨0.74点，涨幅0.02%，至4,227.26点；纳斯达克综合指数上涨43.19点，涨幅0.31%，至13,924.91点。</blockquote></p><p>Of the 11 major sectors in the S&amp;P 500, consumer discretionary enjoyed the biggest percentage gain, and utilities suffered the largest loss.</p><p><blockquote>标普500 11个主要板块中，非必需消费品涨幅最大，公用事业跌幅最大。</blockquote></p><p>Sales of Tesla Inc’s China-made electric cars jumped in May by 29%, marking a 177% year-on-year increase, according to the China Passenger Car Association. The stock erased initial gains on the news to close down 0.3%.</p><p><blockquote>根据中国乘用车协会的数据，特斯拉公司5月份中国制造的电动汽车销量猛增29%，同比增长177%。受此消息影响，该股抹去了最初的涨幅，收盘下跌0.3%。</blockquote></p><p>Boeing Co shares were boosted by Southwest Airlines’ announcement that it had ordered 34 new 737 MAX aircraft, but the planemaker’s shares pared gains to end the session flat.</p><p><blockquote>西南航空宣布订购34架新737 MAX飞机，提振了波音公司股价，但该飞机制造商股价回吐涨幅，收盘持平。</blockquote></p><p>GameStop, the company most closely associated with the Reddit-driven short squeeze phenomenon, is expected to report quarterly results after markets close on Wednesday.</p><p><blockquote>游戏驿站是与Reddit驱动的轧空现象关系最密切的公司，预计将在周三收盘后公布季度业绩。</blockquote></p><p>Advancing issues outnumbered decliners on the NYSE by a 1.74-to-1 ratio; on Nasdaq, a 1.66-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为1.74比1；在纳斯达克，1.66比1的比率有利于上涨者。</blockquote></p><p>The S&amp;P 500 posted 54 new 52-week highs and one new low; the Nasdaq Composite recorded 172 new highs and 16 new lows.</p><p><blockquote>标普500创下54个52周新高和1个新低；纳斯达克综合指数录得172个新高和16个新低。</blockquote></p><p>Volume on U.S. exchanges was 11.82 billion shares, compared with the 10.75 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为118.2亿股，而过去20个交易日的平均成交量为107.5亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-closes-little-changed-as-meme-stocks-extend-rally-idUSL2N2NQ2NX\">reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CLOV":"Clover Health Corp",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-closes-little-changed-as-meme-stocks-extend-rally-idUSL2N2NQ2NX","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128909306","content_text":"NEW YORK (Reuters) - Wall Street stocks struggled to eke out closing gains on Tuesday as a lack of clear market catalysts kept institutional investors on the sidelines, while retail traders fueled the ongoing meme stocks rally.All three major U.S. stock indexes ended the range-bound session near flat or higher, with the S&P 500 and the Dow closing within about 0.5% of record highs.The tech-laded Nasdaq Composite fared best, with Amazon.com Inc and Apple Inc providing the biggest boost.“We’re waiting for inflation numbers, waiting for more from the (Federal Reserve), waiting for earnings season,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “There’s not a lot motivating the market today.”“We’re in this twilight zone until probably right after the Fourth of July, when we see earnings season kick in,” Nolte added.The CBOE volatility index, a measure of investor anxiety, touched its lowest level in over a year.Smallcaps, once again buoyed by the ongoing meme stock retail frenzy, were outperforming their larger counterparts.Clover Health Investments seized top billing among meme stocks, surging 85.8%, the biggest percentage winner in the Nasdaq.Other stocks whose recent explosive trading volumes have been attributed to social media buzz, including GameStop Corp, Bed Bath & Beyond Inc, Workhorse Group and others, ended the session between 7% and 12% higher.“(Meme stocks) are where the action is, but you flip it over and look crypto and that’s a mess,” Nolte said. “Now the meme stocks are taking over from crypto as the place to be and it’s all a consequence of very easy monetary policy.”Reports from the U.S. Labor Department and National Federation of Independent Business appeared to confirm a labor shortage even as demand roars back to life, which could put upward pressure on wages, a precursor to wider inflation.Market participants look to Thursday’s consumer price index data for further clues regarding inflation, and how it could influence the Federal Reserve’s timetable for tightening its monetary policy.The Dow Jones Industrial Average fell 30.42 points, or 0.09%, to 34,599.82; the S&P 500 gained 0.74 points, or 0.02%, at 4,227.26; and the Nasdaq Composite added 43.19 points, or 0.31%, at 13,924.91.Of the 11 major sectors in the S&P 500, consumer discretionary enjoyed the biggest percentage gain, and utilities suffered the largest loss.Sales of Tesla Inc’s China-made electric cars jumped in May by 29%, marking a 177% year-on-year increase, according to the China Passenger Car Association. The stock erased initial gains on the news to close down 0.3%.Boeing Co shares were boosted by Southwest Airlines’ announcement that it had ordered 34 new 737 MAX aircraft, but the planemaker’s shares pared gains to end the session flat.GameStop, the company most closely associated with the Reddit-driven short squeeze phenomenon, is expected to report quarterly results after markets close on Wednesday.Advancing issues outnumbered decliners on the NYSE by a 1.74-to-1 ratio; on Nasdaq, a 1.66-to-1 ratio favored advancers.The S&P 500 posted 54 new 52-week highs and one new low; the Nasdaq Composite recorded 172 new highs and 16 new lows.Volume on U.S. exchanges was 11.82 billion shares, compared with the 10.75 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,"CLOV":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":598,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":131294944,"gmtCreate":1621861534188,"gmtModify":1634186025048,"author":{"id":"3575378189904678","authorId":"3575378189904678","name":"letsgo8","avatar":"https://static.tigerbbs.com/cfa8cd71bc61e78a08bb731667341ac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575378189904678","authorIdStr":"3575378189904678"},"themes":[],"htmlText":"Reply for comment","listText":"Reply for comment","text":"Reply for comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/131294944","repostId":"2137213077","repostType":4,"isVote":1,"tweetType":1,"viewCount":314,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194026331,"gmtCreate":1621327607623,"gmtModify":1634192418122,"author":{"id":"3575378189904678","authorId":"3575378189904678","name":"letsgo8","avatar":"https://static.tigerbbs.com/cfa8cd71bc61e78a08bb731667341ac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575378189904678","authorIdStr":"3575378189904678"},"themes":[],"htmlText":"Reply pls","listText":"Reply pls","text":"Reply pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/194026331","repostId":"2136738931","repostType":4,"repost":{"id":"2136738931","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621318800,"share":"https://www.laohu8.com/m/news/2136738931?lang=zh_CN&edition=full","pubTime":"2021-05-18 14:20","market":"hk","language":"en","title":"JD Logistics launches Hong Kong IPO to raise up to US$3.4 billion<blockquote>京东物流启动香港IPO募资至多34亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2136738931","media":"Tiger Newspress","summary":"The logistics arm of Chinese e-commerce giant JD.com started marketing its Hong Kong initial public offering  to retail investors on Monday at a price range of HK$39.36 to HK$43.36 per share, which could see the firm raise as much as HK$26.4 billion  if the deal is priced at the top end.JD Logistics' public offering will run from Monday to Friday. Its shares are expected to begin trading on the Hong Kong bourse's main board on May 28.JD Logistics' offering is expected to be the second multibilli","content":"<p>The logistics arm of Chinese e-commerce giant JD.com started marketing its Hong Kong initial public offering (IPO) to retail investors on Monday at a price range of HK$39.36 to HK$43.36 per share, which could see the firm raise as much as HK$26.4 billion (US$3.4 billion) if the deal is priced at the top end.<a href=\"https://www.itiger.com/mi/ipo?feature=Push\" target=\"_blank\"><b>（Click here To apply for the JD Logistics Shares）</b></a><b></b></p><p><blockquote>中国电子商务巨头京东的物流部门周一开始向散户投资者推销其在香港的首次公开募股（IPO），价格范围为每股39.36港元至43.36港元，如果交易定价在最高端，该公司可能会筹集高达264亿港元（34亿美元）。<a href=\"https://www.itiger.com/mi/ipo?feature=Push\" target=\"_blank\"><b>（点击此处申请京东物流股份）</b></a><b></b></blockquote></p><p>JD Logistics' public offering will run from Monday to Friday. Its shares are expected to begin trading on the Hong Kong bourse's main board on May 28.</p><p><blockquote>京东物流的公开发行将从周一持续到周五。其股票预计将于5月28日在香港交易所主板开始交易。</blockquote></p><p>JD Logistics plans to sell 609.2 million shares, representing 10 per cent of its enlarged share capital. There is an over-allotment option to sell up to 91.4 million more shares if there is a strong demand.</p><p><blockquote>京东物流计划出售6.092亿股股票，占其扩大后股本的10%。如果需求强劲，则有超额配股权可再出售最多9140万股。</blockquote></p><p><img src=\"https://static.tigerbbs.com/cd9320033ea7302952fa2cb6ece8339a\" tg-width=\"958\" tg-height=\"464\"></p><p><blockquote></blockquote></p><p>Your application must be for a minimum of 100 Hong Kong Offer Shares and in one of the numbers set out in the table. You are required to pay the amount next to the number you select.</p><p><blockquote>阁下的申请必须认购最少100股香港发售股份，并按下表所列其中一个数目认购。您需要支付您选择的号码旁边的金额。</blockquote></p><p><img src=\"https://static.tigerbbs.com/b1f72efeb4b54a02dbfe728ebb1099dd\" tg-width=\"958\" tg-height=\"437\"></p><p><blockquote></blockquote></p><p>JD Logistics' offering is expected to be the second multibillion-dollar IPO on the Hong Kong bourse this year, after Tencent-backed short video platform Kuaishou Technology raised US$6.2 billion in January. The Kuaishou offering was the biggest IPO globally so far this year.</p><p><blockquote>京东物流的发行预计将是今年港交所第二笔数十亿美元的IPO，此前腾讯控股支持的短视频平台快手科技在1月份筹集了62亿美元。快手的发行是今年迄今为止全球最大的IPO。</blockquote></p><p>Eight cornerstone investors have committed to buy a total of US$1.5 billion worth of JD Logistics shares, which would account for about 39 per cent of its global offering if the deal is priced at the top end.</p><p><blockquote>八名基石投资者已承诺购买总价值15亿美元的京东物流股票，如果交易定价为最高端，这将占其全球发行的约39%。</blockquote></p><p>The investors include Softbank, Singapore sovereign wealth fund Temasek Holdings, China Structural Reform Fund and asset managers such as Blackstone, Tiger Global Management and others.</p><p><blockquote>投资者包括软银、新加坡主权财富基金淡马锡控股、中国结构性改革基金以及黑石、老虎环球管理等资产管理公司。</blockquote></p><p>BofA Securities, Goldman Sachs and Haitong International are acting as joint sponsors on the transaction, while UBS is serving as a financial adviser.</p><p><blockquote>美银证券、高盛和海通国际担任此次交易的联席保荐人，瑞银则担任财务顾问。</blockquote></p><p>Assuming the deal is priced at the top end, JD Logistics' market capitalisation would be HK$264.1 billion, valuing it higher than ZTO Express.</p><p><blockquote>假设该交易定价为最高端，京东物流的市值将为2641亿港元，估值高于中通快递。</blockquote></p><p>Shanghai-based ZTO, which counts Alibaba Group Holding as one of its shareholders, had a market capitalisation of HK$180.7 billion when it listed in Hong Kong through a secondary listing last September. Alibaba owns the South China Morning Post.</p><p><blockquote>总部位于上海的中通去年9月通过二次上市在港上市时，市值为1807亿港元，阿里巴巴-SW集团是其股东之一。阿里巴巴-SW拥有《南华早报》。</blockquote></p><p>Investors will be keen to learn more about JD Logistics' plan to churn out a profit. The Beijing-based firm said in its prospectus that it expects a bigger net loss for this year, after racking up losses of 2.8 billion yuan (US$435 million) in 2018, 2.2 billion yuan in 2019 and 4 billion yuan in 2020.</p><p><blockquote>投资者将渴望了解更多有关京东物流盈利计划的信息。这家总部位于北京的公司在招股说明书中表示，预计今年的净亏损将更大，此前2018年亏损28亿元人民币（4.35亿美元），2019年亏损22亿元人民币，2020年亏损40亿元人民币。</blockquote></p><p>\"As we currently prioritise growth of our business and expansion of our market share over profitability, there can be significant fluctuations in our profitability profile in the near-to-medium term,\" the company said in its draft prospectus.</p><p><blockquote>该公司在招股说明书草案中表示：“由于我们目前将业务增长和市场份额扩大置于盈利能力之上，因此我们的盈利状况在中短期内可能会出现重大波动。”</blockquote></p><p>JD Logistics is seeking to differentiate itself from other players, such as ZTO and Yunda Holding, by touting itself as a technology-driven logistic services provider using autonomous mobile robots, sorting robots and self-driving vehicles to enhance delivery speed and accuracy.</p><p><blockquote>京东物流正在寻求与中通和韵达控股等其他参与者区分开来，将自己标榜为一家技术驱动的物流服务提供商，使用自主移动机器人、分拣机器人和自动驾驶汽车来提高配送速度和准确性。</blockquote></p><p>Pitching the stock sale with a tech angle could help JD Logistics paint a more positive outlook. This is because competition is particularly keen in the express delivery sector, with reports of some newer players offering services at below cost to grab business.</p><p><blockquote>从技术角度推销股票销售可以帮助京东物流描绘更积极的前景。这是因为快递行业的竞争尤其激烈，有报道称一些新参与者以低于成本的价格提供服务来抢占业务。</blockquote></p><p>Over the past three years, the average revenue per parcel for express delivery companies declined by 50 per cent to 60 per cent owing to intensive market competition, according to Charlie Chen, an analyst at China Renaissance.</p><p><blockquote>华兴资本分析师查理·陈(Charlie Chen)表示，过去三年，由于市场竞争激烈，快递公司每个包裹的平均收入下降了50%至60%。</blockquote></p><p>SF Express, China's top delivery service provider, shocked the market this month after it forecast a first-quarter loss of 1.1 billion yuan, triggering a sell-off of its stock. As of Friday's close, its share price in Shanghai was almost halved from its mid-February peak.</p><p><blockquote>中国最大的快递服务提供商顺丰本月震惊市场，此前该公司预测第一季度亏损11亿元人民币，引发了对其股票的抛售。截至周五收盘，其在上海的股价较2月中旬的峰值几乎腰斩。</blockquote></p><p>Five players - ZTO, YTO Express, STO Express, SF Express and Yunda Holding - account for nearly 80 per cent of China's express delivery service market.</p><p><blockquote>中通、圆通快递、申通快递、顺丰快递和韵达控股这五家公司占据了中国快递服务市场近80%的份额。</blockquote></p><p>China is the biggest logistics market in the world in terms of spending, with total logistics spending reaching 14.9 trillion yuan in 2020. That is expected to increase to 19.3 trillion yuan by 2025, according to data from research firm China Insights Consultancy cited in JD Logistics' prospectus.</p><p><blockquote>就支出而言，中国是全球最大的物流市场，2020年物流总支出达到14.9万亿元。京东物流招股说明书中引用的研究公司灼识咨询的数据显示，预计到2025年，这一数字将增至19.3万亿元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JD Logistics launches Hong Kong IPO to raise up to US$3.4 billion<blockquote>京东物流启动香港IPO募资至多34亿美元</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\">\nJD Logistics launches Hong Kong IPO to raise up to US$3.4 billion<blockquote>京东物流启动香港IPO募资至多34亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-05-18 14:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The logistics arm of Chinese e-commerce giant JD.com started marketing its Hong Kong initial public offering (IPO) to retail investors on Monday at a price range of HK$39.36 to HK$43.36 per share, which could see the firm raise as much as HK$26.4 billion (US$3.4 billion) if the deal is priced at the top end.<a href=\"https://www.itiger.com/mi/ipo?feature=Push\" target=\"_blank\"><b>（Click here To apply for the JD Logistics Shares）</b></a><b></b></p><p><blockquote>中国电子商务巨头京东的物流部门周一开始向散户投资者推销其在香港的首次公开募股（IPO），价格范围为每股39.36港元至43.36港元，如果交易定价在最高端，该公司可能会筹集高达264亿港元（34亿美元）。<a href=\"https://www.itiger.com/mi/ipo?feature=Push\" target=\"_blank\"><b>（点击此处申请京东物流股份）</b></a><b></b></blockquote></p><p>JD Logistics' public offering will run from Monday to Friday. Its shares are expected to begin trading on the Hong Kong bourse's main board on May 28.</p><p><blockquote>京东物流的公开发行将从周一持续到周五。其股票预计将于5月28日在香港交易所主板开始交易。</blockquote></p><p>JD Logistics plans to sell 609.2 million shares, representing 10 per cent of its enlarged share capital. There is an over-allotment option to sell up to 91.4 million more shares if there is a strong demand.</p><p><blockquote>京东物流计划出售6.092亿股股票，占其扩大后股本的10%。如果需求强劲，则有超额配股权可再出售最多9140万股。</blockquote></p><p><img src=\"https://static.tigerbbs.com/cd9320033ea7302952fa2cb6ece8339a\" tg-width=\"958\" tg-height=\"464\"></p><p><blockquote></blockquote></p><p>Your application must be for a minimum of 100 Hong Kong Offer Shares and in one of the numbers set out in the table. You are required to pay the amount next to the number you select.</p><p><blockquote>阁下的申请必须认购最少100股香港发售股份，并按下表所列其中一个数目认购。您需要支付您选择的号码旁边的金额。</blockquote></p><p><img src=\"https://static.tigerbbs.com/b1f72efeb4b54a02dbfe728ebb1099dd\" tg-width=\"958\" tg-height=\"437\"></p><p><blockquote></blockquote></p><p>JD Logistics' offering is expected to be the second multibillion-dollar IPO on the Hong Kong bourse this year, after Tencent-backed short video platform Kuaishou Technology raised US$6.2 billion in January. The Kuaishou offering was the biggest IPO globally so far this year.</p><p><blockquote>京东物流的发行预计将是今年港交所第二笔数十亿美元的IPO，此前腾讯控股支持的短视频平台快手科技在1月份筹集了62亿美元。快手的发行是今年迄今为止全球最大的IPO。</blockquote></p><p>Eight cornerstone investors have committed to buy a total of US$1.5 billion worth of JD Logistics shares, which would account for about 39 per cent of its global offering if the deal is priced at the top end.</p><p><blockquote>八名基石投资者已承诺购买总价值15亿美元的京东物流股票，如果交易定价为最高端，这将占其全球发行的约39%。</blockquote></p><p>The investors include Softbank, Singapore sovereign wealth fund Temasek Holdings, China Structural Reform Fund and asset managers such as Blackstone, Tiger Global Management and others.</p><p><blockquote>投资者包括软银、新加坡主权财富基金淡马锡控股、中国结构性改革基金以及黑石、老虎环球管理等资产管理公司。</blockquote></p><p>BofA Securities, Goldman Sachs and Haitong International are acting as joint sponsors on the transaction, while UBS is serving as a financial adviser.</p><p><blockquote>美银证券、高盛和海通国际担任此次交易的联席保荐人，瑞银则担任财务顾问。</blockquote></p><p>Assuming the deal is priced at the top end, JD Logistics' market capitalisation would be HK$264.1 billion, valuing it higher than ZTO Express.</p><p><blockquote>假设该交易定价为最高端，京东物流的市值将为2641亿港元，估值高于中通快递。</blockquote></p><p>Shanghai-based ZTO, which counts Alibaba Group Holding as one of its shareholders, had a market capitalisation of HK$180.7 billion when it listed in Hong Kong through a secondary listing last September. Alibaba owns the South China Morning Post.</p><p><blockquote>总部位于上海的中通去年9月通过二次上市在港上市时，市值为1807亿港元，阿里巴巴-SW集团是其股东之一。阿里巴巴-SW拥有《南华早报》。</blockquote></p><p>Investors will be keen to learn more about JD Logistics' plan to churn out a profit. The Beijing-based firm said in its prospectus that it expects a bigger net loss for this year, after racking up losses of 2.8 billion yuan (US$435 million) in 2018, 2.2 billion yuan in 2019 and 4 billion yuan in 2020.</p><p><blockquote>投资者将渴望了解更多有关京东物流盈利计划的信息。这家总部位于北京的公司在招股说明书中表示，预计今年的净亏损将更大，此前2018年亏损28亿元人民币（4.35亿美元），2019年亏损22亿元人民币，2020年亏损40亿元人民币。</blockquote></p><p>\"As we currently prioritise growth of our business and expansion of our market share over profitability, there can be significant fluctuations in our profitability profile in the near-to-medium term,\" the company said in its draft prospectus.</p><p><blockquote>该公司在招股说明书草案中表示：“由于我们目前将业务增长和市场份额扩大置于盈利能力之上，因此我们的盈利状况在中短期内可能会出现重大波动。”</blockquote></p><p>JD Logistics is seeking to differentiate itself from other players, such as ZTO and Yunda Holding, by touting itself as a technology-driven logistic services provider using autonomous mobile robots, sorting robots and self-driving vehicles to enhance delivery speed and accuracy.</p><p><blockquote>京东物流正在寻求与中通和韵达控股等其他参与者区分开来，将自己标榜为一家技术驱动的物流服务提供商，使用自主移动机器人、分拣机器人和自动驾驶汽车来提高配送速度和准确性。</blockquote></p><p>Pitching the stock sale with a tech angle could help JD Logistics paint a more positive outlook. This is because competition is particularly keen in the express delivery sector, with reports of some newer players offering services at below cost to grab business.</p><p><blockquote>从技术角度推销股票销售可以帮助京东物流描绘更积极的前景。这是因为快递行业的竞争尤其激烈，有报道称一些新参与者以低于成本的价格提供服务来抢占业务。</blockquote></p><p>Over the past three years, the average revenue per parcel for express delivery companies declined by 50 per cent to 60 per cent owing to intensive market competition, according to Charlie Chen, an analyst at China Renaissance.</p><p><blockquote>华兴资本分析师查理·陈(Charlie Chen)表示，过去三年，由于市场竞争激烈，快递公司每个包裹的平均收入下降了50%至60%。</blockquote></p><p>SF Express, China's top delivery service provider, shocked the market this month after it forecast a first-quarter loss of 1.1 billion yuan, triggering a sell-off of its stock. As of Friday's close, its share price in Shanghai was almost halved from its mid-February peak.</p><p><blockquote>中国最大的快递服务提供商顺丰本月震惊市场，此前该公司预测第一季度亏损11亿元人民币，引发了对其股票的抛售。截至周五收盘，其在上海的股价较2月中旬的峰值几乎腰斩。</blockquote></p><p>Five players - ZTO, YTO Express, STO Express, SF Express and Yunda Holding - account for nearly 80 per cent of China's express delivery service market.</p><p><blockquote>中通、圆通快递、申通快递、顺丰快递和韵达控股这五家公司占据了中国快递服务市场近80%的份额。</blockquote></p><p>China is the biggest logistics market in the world in terms of spending, with total logistics spending reaching 14.9 trillion yuan in 2020. That is expected to increase to 19.3 trillion yuan by 2025, according to data from research firm China Insights Consultancy cited in JD Logistics' prospectus.</p><p><blockquote>就支出而言，中国是全球最大的物流市场，2020年物流总支出达到14.9万亿元。京东物流招股说明书中引用的研究公司灼识咨询的数据显示，预计到2025年，这一数字将增至19.3万亿元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"02618":"京东物流"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2136738931","content_text":"The logistics arm of Chinese e-commerce giant JD.com started marketing its Hong Kong initial public offering (IPO) to retail investors on Monday at a price range of HK$39.36 to HK$43.36 per share, which could see the firm raise as much as HK$26.4 billion (US$3.4 billion) if the deal is priced at the top end.（Click here To apply for the JD Logistics Shares）JD Logistics' public offering will run from Monday to Friday. Its shares are expected to begin trading on the Hong Kong bourse's main board on May 28.JD Logistics plans to sell 609.2 million shares, representing 10 per cent of its enlarged share capital. There is an over-allotment option to sell up to 91.4 million more shares if there is a strong demand.Your application must be for a minimum of 100 Hong Kong Offer Shares and in one of the numbers set out in the table. You are required to pay the amount next to the number you select.JD Logistics' offering is expected to be the second multibillion-dollar IPO on the Hong Kong bourse this year, after Tencent-backed short video platform Kuaishou Technology raised US$6.2 billion in January. The Kuaishou offering was the biggest IPO globally so far this year.Eight cornerstone investors have committed to buy a total of US$1.5 billion worth of JD Logistics shares, which would account for about 39 per cent of its global offering if the deal is priced at the top end.The investors include Softbank, Singapore sovereign wealth fund Temasek Holdings, China Structural Reform Fund and asset managers such as Blackstone, Tiger Global Management and others.BofA Securities, Goldman Sachs and Haitong International are acting as joint sponsors on the transaction, while UBS is serving as a financial adviser.Assuming the deal is priced at the top end, JD Logistics' market capitalisation would be HK$264.1 billion, valuing it higher than ZTO Express.Shanghai-based ZTO, which counts Alibaba Group Holding as one of its shareholders, had a market capitalisation of HK$180.7 billion when it listed in Hong Kong through a secondary listing last September. Alibaba owns the South China Morning Post.Investors will be keen to learn more about JD Logistics' plan to churn out a profit. The Beijing-based firm said in its prospectus that it expects a bigger net loss for this year, after racking up losses of 2.8 billion yuan (US$435 million) in 2018, 2.2 billion yuan in 2019 and 4 billion yuan in 2020.\"As we currently prioritise growth of our business and expansion of our market share over profitability, there can be significant fluctuations in our profitability profile in the near-to-medium term,\" the company said in its draft prospectus.JD Logistics is seeking to differentiate itself from other players, such as ZTO and Yunda Holding, by touting itself as a technology-driven logistic services provider using autonomous mobile robots, sorting robots and self-driving vehicles to enhance delivery speed and accuracy.Pitching the stock sale with a tech angle could help JD Logistics paint a more positive outlook. This is because competition is particularly keen in the express delivery sector, with reports of some newer players offering services at below cost to grab business.Over the past three years, the average revenue per parcel for express delivery companies declined by 50 per cent to 60 per cent owing to intensive market competition, according to Charlie Chen, an analyst at China Renaissance.SF Express, China's top delivery service provider, shocked the market this month after it forecast a first-quarter loss of 1.1 billion yuan, triggering a sell-off of its stock. As of Friday's close, its share price in Shanghai was almost halved from its mid-February peak.Five players - ZTO, YTO Express, STO Express, SF Express and Yunda Holding - account for nearly 80 per cent of China's express delivery service market.China is the biggest logistics market in the world in terms of spending, with total logistics spending reaching 14.9 trillion yuan in 2020. That is expected to increase to 19.3 trillion yuan by 2025, according to data from research firm China Insights Consultancy cited in JD Logistics' prospectus.","news_type":1,"symbols_score_info":{"02618":0.9}},"isVote":1,"tweetType":1,"viewCount":496,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342604065,"gmtCreate":1618205734157,"gmtModify":1634294430174,"author":{"id":"3575378189904678","authorId":"3575378189904678","name":"letsgo8","avatar":"https://static.tigerbbs.com/cfa8cd71bc61e78a08bb731667341ac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575378189904678","authorIdStr":"3575378189904678"},"themes":[],"htmlText":"Wow ok","listText":"Wow ok","text":"Wow ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/342604065","repostId":"2126510890","repostType":4,"repost":{"id":"2126510890","kind":"highlight","pubTimestamp":1618205596,"share":"https://www.laohu8.com/m/news/2126510890?lang=zh_CN&edition=full","pubTime":"2021-04-12 13:33","market":"us","language":"en","title":"Why this cannabis giant is betting on Europe to build a war chest ahead of the U.S. legalization bonanza<blockquote>为什么这家大麻巨头押注欧洲在美国合法化热潮之前建立战争基金</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2126510890","media":"MarketWatch","summary":"High-margin medical pot businesses in Europe are a boost in an industry struggling with profitabilit","content":"<p>High-margin medical pot businesses in Europe are a boost in an industry struggling with profitability</p><p><blockquote>欧洲的高利润医用大麻业务为盈利困难的行业带来了提振</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cc4364e8069f909311dde15cf0e6d052\" tg-width=\"620\" tg-height=\"414\"><span>Aphria is based in Leamington, Ontario. (DON MACKINNON/AGENCE FRANCE-PRESSE/GETTY IMAGES)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Aphria总部位于安大略省利明顿。（唐·麦金农/法新社/盖蒂图片社）</span></p></blockquote></p><p> Cannabis deals in Europe will help pot giant Aphria build up a war chest ahead of an expected frenzy of mergers and acquisitions in the U.S., the company's chair and chief executive told MarketWatch ahead of the group's earnings on Monday.</p><p><blockquote>大麻巨头Aphria董事长兼首席执行官在周一公布财报前对MarketWatch表示，欧洲的大麻交易将帮助该公司在美国预期的并购狂潮之前积累资金。</blockquote></p><p> High-margin medical cannabis agreements in Europe represent critical waypoints on Aphria's (APHA.T) road to conquer the U.S., bolstering the company's balance sheet and putting it on firm footing with European regulators, said Irwin Simon.</p><p><blockquote>欧洲的高利润医用大麻协议是Aphria（APHA.T）征服美国的关键航路点，增强了该公司的资产负债表，并使其在欧洲监管机构中站稳了脚跟，欧文·西蒙说。</blockquote></p><p> As in the U.S., legal recreational cannabis remains on the horizon in Europe, where a combined population of more than 500 million in the U.K. and European Union makes it a lucrative proposition.</p><p><blockquote>与美国一样，合法的娱乐性大麻在欧洲仍处于发展之中，英国和欧盟的总人口超过5亿，这使其成为一项利润丰厚的提议。</blockquote></p><p> Aphria is set to complete its merger with Tilray <a href=\"https://laohu8.com/S/TLRY\">$(TLRY)$</a> this quarter, creating the world's largest cannabis company by revenue. The combined company will push into the U.K., Sweden, Poland, Luxembourg, and China, with deal discussions ongoing in India, Aphria said.</p><p><blockquote>Aphria即将完成与Tilray的合并<a href=\"https://laohu8.com/S/TLRY\">$(TLRY)$</a>本季度，按收入计算，创建了全球最大的大麻公司。Aphria表示，合并后的公司将进军英国、瑞典、波兰、卢森堡和中国，交易讨论正在印度进行。</blockquote></p><p> The expansion in Europe will come in a few weeks at the earliest, when Tilray will begin distributing in Luxembourg, with Aphria and Tilray businesses pushing into Poland by the third quarter of this year.</p><p><blockquote>欧洲的扩张最早将在几周内进行，届时Tilray将开始在卢森堡分销，Aphria和Tilray业务将在今年第三季度进军波兰。</blockquote></p><p> In China, the group will have a distribution agreement for wellness products with CBD -- a non-psychoactive chemical in cannabis that is used to treat pain and anxiety, among other conditions. A similar agreement is under development in India.</p><p><blockquote>在中国，该集团将与CBD签订健康产品分销协议。CBD是大麻中的一种非精神活性化学物质，用于治疗疼痛和焦虑等疾病。印度正在制定一项类似的协议。</blockquote></p><p> Aphria is a key player in global cannabis with a market capitalization of $5.1 billion. The group is favored among analysts for being the first Canadian cannabis company to report a net profit. In December, Aphria agreed to combine with smaller rival Tilray, which has a market cap of $3.5 billion, through a reverse takeover.</p><p><blockquote>Aphria是全球大麻领域的主要参与者，市值为51亿美元。该集团因成为第一家报告净利润的加拿大大麻公司而受到分析师的青睐。去年12月，Aphria同意通过反向收购的方式与市值35亿美元的规模较小的竞争对手Tilray合并。</blockquote></p><p> In return for sharing its comparatively strong balance sheet with Tilray, Aphria would inherit the company's presence across 10 European countries, including the U.K., Germany, France, Spain, and Portugal, where it has a cultivation facility. Added to Aphria's growing site in Germany and European drug distribution business, the combined group would be the most dominant cannabis player in the region.</p><p><blockquote>作为与Tilray分享其相对强劲的资产负债表的回报，Aphria将继承该公司在10个欧洲国家的业务，包括英国、德国、法国、西班牙和葡萄牙，并在这些国家设有种植设施。加上Aphria在德国不断增长的基地和欧洲药品分销业务，合并后的集团将成为该地区最具主导地位的大麻企业。</blockquote></p><p> Since recreational pot remains illegal across Europe and Asia, cannabis companies are able to sell their products in the regulated medical market at far higher prices than in legal recreational markets in the U.S. and Canada. This boosts margins while the nascent industry faces barriers to profits, including price pressure from competing companies and a well-entrenched black market.</p><p><blockquote>由于娱乐性大麻在欧洲和亚洲仍然是非法的，大麻公司能够在受监管的医疗市场上以远高于美国和加拿大合法娱乐市场的价格出售其产品。这提高了利润率，而这个新兴行业面临着利润障碍，包括来自竞争公司的价格压力和根深蒂固的黑市。</blockquote></p><p> Countries in Europe have legalized cannabis for medical purposes, and the drug is decriminalized for recreational use in countries including Italy, Austria, Portugal, and the Netherlands. Many, including Simon, see the legalization of recreational weed as a matter of course in much of the region.</p><p><blockquote>欧洲国家已经将医用大麻合法化，在意大利、奥地利、葡萄牙和荷兰等国家，娱乐用大麻合法化。包括西蒙在内的许多人认为娱乐性大麻合法化在该地区的大部分地区是理所当然的。</blockquote></p><p> \"In many ways, Europe is more progressive,\" Simon said. \"There's a lot of learning to take away from Europe that ultimately we bring to the U.S. once legalization happens here.\"</p><p><blockquote>“在许多方面，欧洲更加进步，”西蒙说。“一旦美国实现合法化，我们最终会从欧洲学到很多东西，这些东西就会带到美国。”</blockquote></p><p> But for now, the drug remains federally illegal in the U.S., though individual states, including most recently New York, have legalized it. Prohibition at the national level has largely kept institutional money out of the sector and is a roadblock for interstate business and pot trade crossing the U.S.-Canada border. It has also ratcheted up stock market volatility with a high percentage of shares held by retail investors.</p><p><blockquote>但目前，这种药物在美国联邦政府仍然是非法的，尽管包括最近的纽约在内的一些州已经将其合法化。国家层面的禁令在很大程度上阻止了机构资金进入该行业，也是跨州商业和跨越美加边境的大麻贸易的障碍。散户投资者持有的股票比例很高，这也加剧了股市波动。</blockquote></p><p> Optimism over federal legalization has increased with the Biden administration, but remains a hypothetical. National decriminalization would be crucial for a U.S. pot bonanza to begin in earnest, but analysts view the passage of the SAFE Banking Act by the Senate as a smaller steppingstone. The act would allow the cannabis industry to engage with U.S. financial services and insurance groups.</p><p><blockquote>拜登政府对联邦合法化的乐观情绪有所增加，但仍是一种假设。全国合法化对于美国大麻热潮的真正开始至关重要，但分析师认为参议院通过《安全银行法》只是一个较小的垫脚石。该法案将允许大麻行业与美国金融服务和保险集团合作。</blockquote></p><p> While some of Aphria's competitors have dipped their toes into M&amp;A in the U.S. through takeovers that are conditional on changes to U.S. law , Simon wants to keep Aphria on the sidelines for now.</p><p><blockquote>虽然Aphria的一些竞争对手已经通过以美国法律修改为条件的收购涉足美国并购，但Simon希望暂时让Aphria保持观望。</blockquote></p><p> Kristoffer Inton, an analyst at Morningstar, told MarketWatch that U.S. assets with positive exposure to legalization are attractive to private equity, alcohol and tobacco, and Canadian cannabis groups alike. These assets are broadly expensive, Inton said, and groups like Aphria must be careful to not overpay in today's optimistic environment or the M&amp;A frenzy expected to come with legalization. \"How are you going to translate optimism into actual exposure without overpaying for assets when everybody else wants in?\" Inton said.</p><p><blockquote>晨星公司分析师克里斯托弗·因顿(Kristoffer Inton)告诉MarketWatch，对合法化有积极敞口的美国资产对私募股权、酒精和烟草以及加拿大大麻集团都很有吸引力。Inton表示，这些资产普遍昂贵，像Aphria这样的集团必须小心，不要在当今乐观的环境或合法化预计将带来的并购狂潮中支付过高的价格。“当其他人都想投资时，你如何将乐观情绪转化为实际风险敞口，而又不为资产支付过高的费用？”英顿说。</blockquote></p><p></p><p> The most ambitious play Aphria made in the U.S. was its acquisition of craft brewer SweetWater last December, which gave the company a reliable extra sales channel from alcohol and exposure to cannabis-infused beverages. Consumable derivatives of the drug are widely viewed as the future of the industry, and Tilray has a partnership with beverage giant AB InBev (ABI.BT).</p><p><blockquote>Aphria在美国做出的最雄心勃勃的举动是去年12月收购了精酿啤酒商SweetWater，这为该公司提供了一个可靠的额外酒精销售渠道和大麻饮料。该药物的消费品衍生物被广泛视为该行业的未来，Tilray与饮料巨头百威英博(ABI.BT)建立了合作伙伴关系。</blockquote></p><p> Ultimately, analysts point to inflated valuations across the cannabis sector as rooted in the market pricing in some level of U.S. legalization. For all the talk of expansion into Europe, Simon recognizes that America is critical to the future of the stock.</p><p><blockquote>最终，分析师指出，整个大麻行业估值过高的根源在于美国某种程度合法化的市场定价。尽管人们都在谈论向欧洲扩张，但西蒙认识到美国对该股的未来至关重要。</blockquote></p><p> His game plan to pounce on the U.S. market largely rests on building upon successes in Canada and Europe. Simon's ambitions are to grow Aphria and Tilray's combined market share in Canada from around 20% to 30% while remaining cash flow positive. He also wants to remain the largest medical cannabis company in Europe, including through finding a strong strategic partner in the region, and leverage relationships with regulators to secure licenses in markets that legalize recreational pot.</p><p><blockquote>他进军美国市场的计划很大程度上取决于在加拿大和欧洲取得的成功。Simon的目标是将Aphria和Tilray在加拿大的市场份额从20%左右增加到30%，同时保持正现金流。他还希望继续成为欧洲最大的医用大麻公司，包括在该地区寻找强大的战略合作伙伴，并利用与监管机构的关系在休闲大麻合法化的市场获得许可证。</blockquote></p><p> If Simon is successful, the company will build up a healthy war chest for the coming battle in the U.S. The SweetWater business is a good start, Simon said, and Tilray's assets include hemp food producer Manitoba Harvest, which is active in the U.S. But it may not be enough, and Simon knows that it could be an expensive fight.</p><p><blockquote>如果西蒙成功，该公司将为即将到来的美国战斗建立健康的战争资金。西蒙表示，SweetWater业务是一个良好的开端，Tilray的资产包括活跃在美国的大麻食品生产商Manitoba Harvest。但这可能还不够，西蒙知道这可能是一场昂贵的战斗。</blockquote></p><p> \"I will look to acquire the right [multistate operator] once I know what the market will legalize or how the market will legalize in the U.S.,\" Irwin said. \"I'd rather have to pay a little more when I can get into a business where the facts are known.\"</p><p><blockquote>欧文说：“一旦我知道市场将使什么合法化或市场将如何在美国合法化，我将寻求收购合适的[多州运营商]。”“当我能够进入一个事实已知的行业时，我宁愿多付一点钱。”</blockquote></p><p> Aphria shareholders will receive 0.8381 Tilray shares for each Aphria share they own when the companies merge, pending shareholder approval in the coming days. The group would operate under Tilray's name with the shares trading via Tilray's listing on the Nasdaq. Simon is to be chair and chief executive of the combined company, of which Aphria shareholders would own 62%.</p><p><blockquote>两家公司合并后，Aphria股东持有的每股Aphria股票将获得0.8381股Tilray股票，等待未来几天的股东批准。该集团将以Tilray的名义运营，股票通过Tilray在纳斯达克上市进行交易。西蒙将担任合并后公司的董事长兼首席执行官，Aphria股东将拥有该公司62%的股份。</blockquote></p><p> Aphria stock is up more than 130% to date, while shares in Tilray have jumped more than 140% since the beginning of the year.</p><p><blockquote>迄今为止，Aphria股价已上涨超过130%，而Tilray股价自年初以来已上涨超过140%。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why this cannabis giant is betting on Europe to build a war chest ahead of the U.S. legalization bonanza<blockquote>为什么这家大麻巨头押注欧洲在美国合法化热潮之前建立战争基金</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy this cannabis giant is betting on Europe to build a war chest ahead of the U.S. legalization bonanza<blockquote>为什么这家大麻巨头押注欧洲在美国合法化热潮之前建立战争基金</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-04-12 13:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p>High-margin medical pot businesses in Europe are a boost in an industry struggling with profitability</p><p><blockquote>欧洲的高利润医用大麻业务为盈利困难的行业带来了提振</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cc4364e8069f909311dde15cf0e6d052\" tg-width=\"620\" tg-height=\"414\"><span>Aphria is based in Leamington, Ontario. (DON MACKINNON/AGENCE FRANCE-PRESSE/GETTY IMAGES)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Aphria总部位于安大略省利明顿。（唐·麦金农/法新社/盖蒂图片社）</span></p></blockquote></p><p> Cannabis deals in Europe will help pot giant Aphria build up a war chest ahead of an expected frenzy of mergers and acquisitions in the U.S., the company's chair and chief executive told MarketWatch ahead of the group's earnings on Monday.</p><p><blockquote>大麻巨头Aphria董事长兼首席执行官在周一公布财报前对MarketWatch表示，欧洲的大麻交易将帮助该公司在美国预期的并购狂潮之前积累资金。</blockquote></p><p> High-margin medical cannabis agreements in Europe represent critical waypoints on Aphria's (APHA.T) road to conquer the U.S., bolstering the company's balance sheet and putting it on firm footing with European regulators, said Irwin Simon.</p><p><blockquote>欧洲的高利润医用大麻协议是Aphria（APHA.T）征服美国的关键航路点，增强了该公司的资产负债表，并使其在欧洲监管机构中站稳了脚跟，欧文·西蒙说。</blockquote></p><p> As in the U.S., legal recreational cannabis remains on the horizon in Europe, where a combined population of more than 500 million in the U.K. and European Union makes it a lucrative proposition.</p><p><blockquote>与美国一样，合法的娱乐性大麻在欧洲仍处于发展之中，英国和欧盟的总人口超过5亿，这使其成为一项利润丰厚的提议。</blockquote></p><p> Aphria is set to complete its merger with Tilray <a href=\"https://laohu8.com/S/TLRY\">$(TLRY)$</a> this quarter, creating the world's largest cannabis company by revenue. The combined company will push into the U.K., Sweden, Poland, Luxembourg, and China, with deal discussions ongoing in India, Aphria said.</p><p><blockquote>Aphria即将完成与Tilray的合并<a href=\"https://laohu8.com/S/TLRY\">$(TLRY)$</a>本季度，按收入计算，创建了全球最大的大麻公司。Aphria表示，合并后的公司将进军英国、瑞典、波兰、卢森堡和中国，交易讨论正在印度进行。</blockquote></p><p> The expansion in Europe will come in a few weeks at the earliest, when Tilray will begin distributing in Luxembourg, with Aphria and Tilray businesses pushing into Poland by the third quarter of this year.</p><p><blockquote>欧洲的扩张最早将在几周内进行，届时Tilray将开始在卢森堡分销，Aphria和Tilray业务将在今年第三季度进军波兰。</blockquote></p><p> In China, the group will have a distribution agreement for wellness products with CBD -- a non-psychoactive chemical in cannabis that is used to treat pain and anxiety, among other conditions. A similar agreement is under development in India.</p><p><blockquote>在中国，该集团将与CBD签订健康产品分销协议。CBD是大麻中的一种非精神活性化学物质，用于治疗疼痛和焦虑等疾病。印度正在制定一项类似的协议。</blockquote></p><p> Aphria is a key player in global cannabis with a market capitalization of $5.1 billion. The group is favored among analysts for being the first Canadian cannabis company to report a net profit. In December, Aphria agreed to combine with smaller rival Tilray, which has a market cap of $3.5 billion, through a reverse takeover.</p><p><blockquote>Aphria是全球大麻领域的主要参与者，市值为51亿美元。该集团因成为第一家报告净利润的加拿大大麻公司而受到分析师的青睐。去年12月，Aphria同意通过反向收购的方式与市值35亿美元的规模较小的竞争对手Tilray合并。</blockquote></p><p> In return for sharing its comparatively strong balance sheet with Tilray, Aphria would inherit the company's presence across 10 European countries, including the U.K., Germany, France, Spain, and Portugal, where it has a cultivation facility. Added to Aphria's growing site in Germany and European drug distribution business, the combined group would be the most dominant cannabis player in the region.</p><p><blockquote>作为与Tilray分享其相对强劲的资产负债表的回报，Aphria将继承该公司在10个欧洲国家的业务，包括英国、德国、法国、西班牙和葡萄牙，并在这些国家设有种植设施。加上Aphria在德国不断增长的基地和欧洲药品分销业务，合并后的集团将成为该地区最具主导地位的大麻企业。</blockquote></p><p> Since recreational pot remains illegal across Europe and Asia, cannabis companies are able to sell their products in the regulated medical market at far higher prices than in legal recreational markets in the U.S. and Canada. This boosts margins while the nascent industry faces barriers to profits, including price pressure from competing companies and a well-entrenched black market.</p><p><blockquote>由于娱乐性大麻在欧洲和亚洲仍然是非法的，大麻公司能够在受监管的医疗市场上以远高于美国和加拿大合法娱乐市场的价格出售其产品。这提高了利润率，而这个新兴行业面临着利润障碍，包括来自竞争公司的价格压力和根深蒂固的黑市。</blockquote></p><p> Countries in Europe have legalized cannabis for medical purposes, and the drug is decriminalized for recreational use in countries including Italy, Austria, Portugal, and the Netherlands. Many, including Simon, see the legalization of recreational weed as a matter of course in much of the region.</p><p><blockquote>欧洲国家已经将医用大麻合法化，在意大利、奥地利、葡萄牙和荷兰等国家，娱乐用大麻合法化。包括西蒙在内的许多人认为娱乐性大麻合法化在该地区的大部分地区是理所当然的。</blockquote></p><p> \"In many ways, Europe is more progressive,\" Simon said. \"There's a lot of learning to take away from Europe that ultimately we bring to the U.S. once legalization happens here.\"</p><p><blockquote>“在许多方面，欧洲更加进步，”西蒙说。“一旦美国实现合法化，我们最终会从欧洲学到很多东西，这些东西就会带到美国。”</blockquote></p><p> But for now, the drug remains federally illegal in the U.S., though individual states, including most recently New York, have legalized it. Prohibition at the national level has largely kept institutional money out of the sector and is a roadblock for interstate business and pot trade crossing the U.S.-Canada border. It has also ratcheted up stock market volatility with a high percentage of shares held by retail investors.</p><p><blockquote>但目前，这种药物在美国联邦政府仍然是非法的，尽管包括最近的纽约在内的一些州已经将其合法化。国家层面的禁令在很大程度上阻止了机构资金进入该行业，也是跨州商业和跨越美加边境的大麻贸易的障碍。散户投资者持有的股票比例很高，这也加剧了股市波动。</blockquote></p><p> Optimism over federal legalization has increased with the Biden administration, but remains a hypothetical. National decriminalization would be crucial for a U.S. pot bonanza to begin in earnest, but analysts view the passage of the SAFE Banking Act by the Senate as a smaller steppingstone. The act would allow the cannabis industry to engage with U.S. financial services and insurance groups.</p><p><blockquote>拜登政府对联邦合法化的乐观情绪有所增加，但仍是一种假设。全国合法化对于美国大麻热潮的真正开始至关重要，但分析师认为参议院通过《安全银行法》只是一个较小的垫脚石。该法案将允许大麻行业与美国金融服务和保险集团合作。</blockquote></p><p> While some of Aphria's competitors have dipped their toes into M&amp;A in the U.S. through takeovers that are conditional on changes to U.S. law , Simon wants to keep Aphria on the sidelines for now.</p><p><blockquote>虽然Aphria的一些竞争对手已经通过以美国法律修改为条件的收购涉足美国并购，但Simon希望暂时让Aphria保持观望。</blockquote></p><p> Kristoffer Inton, an analyst at Morningstar, told MarketWatch that U.S. assets with positive exposure to legalization are attractive to private equity, alcohol and tobacco, and Canadian cannabis groups alike. These assets are broadly expensive, Inton said, and groups like Aphria must be careful to not overpay in today's optimistic environment or the M&amp;A frenzy expected to come with legalization. \"How are you going to translate optimism into actual exposure without overpaying for assets when everybody else wants in?\" Inton said.</p><p><blockquote>晨星公司分析师克里斯托弗·因顿(Kristoffer Inton)告诉MarketWatch，对合法化有积极敞口的美国资产对私募股权、酒精和烟草以及加拿大大麻集团都很有吸引力。Inton表示，这些资产普遍昂贵，像Aphria这样的集团必须小心，不要在当今乐观的环境或合法化预计将带来的并购狂潮中支付过高的价格。“当其他人都想投资时，你如何将乐观情绪转化为实际风险敞口，而又不为资产支付过高的费用？”英顿说。</blockquote></p><p></p><p> The most ambitious play Aphria made in the U.S. was its acquisition of craft brewer SweetWater last December, which gave the company a reliable extra sales channel from alcohol and exposure to cannabis-infused beverages. Consumable derivatives of the drug are widely viewed as the future of the industry, and Tilray has a partnership with beverage giant AB InBev (ABI.BT).</p><p><blockquote>Aphria在美国做出的最雄心勃勃的举动是去年12月收购了精酿啤酒商SweetWater，这为该公司提供了一个可靠的额外酒精销售渠道和大麻饮料。该药物的消费品衍生物被广泛视为该行业的未来，Tilray与饮料巨头百威英博(ABI.BT)建立了合作伙伴关系。</blockquote></p><p> Ultimately, analysts point to inflated valuations across the cannabis sector as rooted in the market pricing in some level of U.S. legalization. For all the talk of expansion into Europe, Simon recognizes that America is critical to the future of the stock.</p><p><blockquote>最终，分析师指出，整个大麻行业估值过高的根源在于美国某种程度合法化的市场定价。尽管人们都在谈论向欧洲扩张，但西蒙认识到美国对该股的未来至关重要。</blockquote></p><p> His game plan to pounce on the U.S. market largely rests on building upon successes in Canada and Europe. Simon's ambitions are to grow Aphria and Tilray's combined market share in Canada from around 20% to 30% while remaining cash flow positive. He also wants to remain the largest medical cannabis company in Europe, including through finding a strong strategic partner in the region, and leverage relationships with regulators to secure licenses in markets that legalize recreational pot.</p><p><blockquote>他进军美国市场的计划很大程度上取决于在加拿大和欧洲取得的成功。Simon的目标是将Aphria和Tilray在加拿大的市场份额从20%左右增加到30%，同时保持正现金流。他还希望继续成为欧洲最大的医用大麻公司，包括在该地区寻找强大的战略合作伙伴，并利用与监管机构的关系在休闲大麻合法化的市场获得许可证。</blockquote></p><p> If Simon is successful, the company will build up a healthy war chest for the coming battle in the U.S. The SweetWater business is a good start, Simon said, and Tilray's assets include hemp food producer Manitoba Harvest, which is active in the U.S. But it may not be enough, and Simon knows that it could be an expensive fight.</p><p><blockquote>如果西蒙成功，该公司将为即将到来的美国战斗建立健康的战争资金。西蒙表示，SweetWater业务是一个良好的开端，Tilray的资产包括活跃在美国的大麻食品生产商Manitoba Harvest。但这可能还不够，西蒙知道这可能是一场昂贵的战斗。</blockquote></p><p> \"I will look to acquire the right [multistate operator] once I know what the market will legalize or how the market will legalize in the U.S.,\" Irwin said. \"I'd rather have to pay a little more when I can get into a business where the facts are known.\"</p><p><blockquote>欧文说：“一旦我知道市场将使什么合法化或市场将如何在美国合法化，我将寻求收购合适的[多州运营商]。”“当我能够进入一个事实已知的行业时，我宁愿多付一点钱。”</blockquote></p><p> Aphria shareholders will receive 0.8381 Tilray shares for each Aphria share they own when the companies merge, pending shareholder approval in the coming days. The group would operate under Tilray's name with the shares trading via Tilray's listing on the Nasdaq. Simon is to be chair and chief executive of the combined company, of which Aphria shareholders would own 62%.</p><p><blockquote>两家公司合并后，Aphria股东持有的每股Aphria股票将获得0.8381股Tilray股票，等待未来几天的股东批准。该集团将以Tilray的名义运营，股票通过Tilray在纳斯达克上市进行交易。西蒙将担任合并后公司的董事长兼首席执行官，Aphria股东将拥有该公司62%的股份。</blockquote></p><p> Aphria stock is up more than 130% to date, while shares in Tilray have jumped more than 140% since the beginning of the year.</p><p><blockquote>迄今为止，Aphria股价已上涨超过130%，而Tilray股价自年初以来已上涨超过140%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/why-this-cannabis-giant-is-betting-on-europe-to-build-a-war-chest-ahead-of-the-u-s-legalization-bonanza-11617990136?cx_testId=22&cx_testVariant=cx_1&cx_artPos=0&mod=home-page-cx#cxrecs_s\">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":{"APHA":"Aphria Inc.","TLRY":"Tilray Inc."},"source_url":"https://www.marketwatch.com/story/why-this-cannabis-giant-is-betting-on-europe-to-build-a-war-chest-ahead-of-the-u-s-legalization-bonanza-11617990136?cx_testId=22&cx_testVariant=cx_1&cx_artPos=0&mod=home-page-cx#cxrecs_s","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2126510890","content_text":"High-margin medical pot businesses in Europe are a boost in an industry struggling with profitability\nAphria is based in Leamington, Ontario. (DON MACKINNON/AGENCE FRANCE-PRESSE/GETTY IMAGES)\nCannabis deals in Europe will help pot giant Aphria build up a war chest ahead of an expected frenzy of mergers and acquisitions in the U.S., the company's chair and chief executive told MarketWatch ahead of the group's earnings on Monday.\nHigh-margin medical cannabis agreements in Europe represent critical waypoints on Aphria's (APHA.T) road to conquer the U.S., bolstering the company's balance sheet and putting it on firm footing with European regulators, said Irwin Simon.\nAs in the U.S., legal recreational cannabis remains on the horizon in Europe, where a combined population of more than 500 million in the U.K. and European Union makes it a lucrative proposition.\nAphria is set to complete its merger with Tilray $(TLRY)$ this quarter, creating the world's largest cannabis company by revenue. The combined company will push into the U.K., Sweden, Poland, Luxembourg, and China, with deal discussions ongoing in India, Aphria said.\nThe expansion in Europe will come in a few weeks at the earliest, when Tilray will begin distributing in Luxembourg, with Aphria and Tilray businesses pushing into Poland by the third quarter of this year.\nIn China, the group will have a distribution agreement for wellness products with CBD -- a non-psychoactive chemical in cannabis that is used to treat pain and anxiety, among other conditions. A similar agreement is under development in India.\nAphria is a key player in global cannabis with a market capitalization of $5.1 billion. The group is favored among analysts for being the first Canadian cannabis company to report a net profit. In December, Aphria agreed to combine with smaller rival Tilray, which has a market cap of $3.5 billion, through a reverse takeover.\nIn return for sharing its comparatively strong balance sheet with Tilray, Aphria would inherit the company's presence across 10 European countries, including the U.K., Germany, France, Spain, and Portugal, where it has a cultivation facility. Added to Aphria's growing site in Germany and European drug distribution business, the combined group would be the most dominant cannabis player in the region.\nSince recreational pot remains illegal across Europe and Asia, cannabis companies are able to sell their products in the regulated medical market at far higher prices than in legal recreational markets in the U.S. and Canada. This boosts margins while the nascent industry faces barriers to profits, including price pressure from competing companies and a well-entrenched black market.\nCountries in Europe have legalized cannabis for medical purposes, and the drug is decriminalized for recreational use in countries including Italy, Austria, Portugal, and the Netherlands. Many, including Simon, see the legalization of recreational weed as a matter of course in much of the region.\n\"In many ways, Europe is more progressive,\" Simon said. \"There's a lot of learning to take away from Europe that ultimately we bring to the U.S. once legalization happens here.\"\nBut for now, the drug remains federally illegal in the U.S., though individual states, including most recently New York, have legalized it. Prohibition at the national level has largely kept institutional money out of the sector and is a roadblock for interstate business and pot trade crossing the U.S.-Canada border. It has also ratcheted up stock market volatility with a high percentage of shares held by retail investors.\nOptimism over federal legalization has increased with the Biden administration, but remains a hypothetical. National decriminalization would be crucial for a U.S. pot bonanza to begin in earnest, but analysts view the passage of the SAFE Banking Act by the Senate as a smaller steppingstone. The act would allow the cannabis industry to engage with U.S. financial services and insurance groups.\nWhile some of Aphria's competitors have dipped their toes into M&A in the U.S. through takeovers that are conditional on changes to U.S. law , Simon wants to keep Aphria on the sidelines for now.\nKristoffer Inton, an analyst at Morningstar, told MarketWatch that U.S. assets with positive exposure to legalization are attractive to private equity, alcohol and tobacco, and Canadian cannabis groups alike. These assets are broadly expensive, Inton said, and groups like Aphria must be careful to not overpay in today's optimistic environment or the M&A frenzy expected to come with legalization. \"How are you going to translate optimism into actual exposure without overpaying for assets when everybody else wants in?\" Inton said.\nThe most ambitious play Aphria made in the U.S. was its acquisition of craft brewer SweetWater last December, which gave the company a reliable extra sales channel from alcohol and exposure to cannabis-infused beverages. Consumable derivatives of the drug are widely viewed as the future of the industry, and Tilray has a partnership with beverage giant AB InBev (ABI.BT).\nUltimately, analysts point to inflated valuations across the cannabis sector as rooted in the market pricing in some level of U.S. legalization. For all the talk of expansion into Europe, Simon recognizes that America is critical to the future of the stock.\nHis game plan to pounce on the U.S. market largely rests on building upon successes in Canada and Europe. Simon's ambitions are to grow Aphria and Tilray's combined market share in Canada from around 20% to 30% while remaining cash flow positive. He also wants to remain the largest medical cannabis company in Europe, including through finding a strong strategic partner in the region, and leverage relationships with regulators to secure licenses in markets that legalize recreational pot.\nIf Simon is successful, the company will build up a healthy war chest for the coming battle in the U.S. The SweetWater business is a good start, Simon said, and Tilray's assets include hemp food producer Manitoba Harvest, which is active in the U.S. But it may not be enough, and Simon knows that it could be an expensive fight.\n\"I will look to acquire the right [multistate operator] once I know what the market will legalize or how the market will legalize in the U.S.,\" Irwin said. \"I'd rather have to pay a little more when I can get into a business where the facts are known.\"\nAphria shareholders will receive 0.8381 Tilray shares for each Aphria share they own when the companies merge, pending shareholder approval in the coming days. The group would operate under Tilray's name with the shares trading via Tilray's listing on the Nasdaq. Simon is to be chair and chief executive of the combined company, of which Aphria shareholders would own 62%.\nAphria stock is up more than 130% to date, while shares in Tilray have jumped more than 140% since the beginning of the year.","news_type":1,"symbols_score_info":{"APHA":0.9,"TLRY":0.9}},"isVote":1,"tweetType":1,"viewCount":402,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110402543,"gmtCreate":1622475377982,"gmtModify":1634101211314,"author":{"id":"3575378189904678","authorId":"3575378189904678","name":"letsgo8","avatar":"https://static.tigerbbs.com/cfa8cd71bc61e78a08bb731667341ac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575378189904678","authorIdStr":"3575378189904678"},"themes":[],"htmlText":"Reply for comment like","listText":"Reply for comment like","text":"Reply for comment like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/110402543","repostId":"1193160046","repostType":4,"isVote":1,"tweetType":1,"viewCount":322,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137491720,"gmtCreate":1622373406660,"gmtModify":1634101965799,"author":{"id":"3575378189904678","authorId":"3575378189904678","name":"letsgo8","avatar":"https://static.tigerbbs.com/cfa8cd71bc61e78a08bb731667341ac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575378189904678","authorIdStr":"3575378189904678"},"themes":[],"htmlText":"ReplyFor comment like reply","listText":"ReplyFor comment like reply","text":"ReplyFor comment like reply","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/137491720","repostId":"2138488778","repostType":4,"isVote":1,"tweetType":1,"viewCount":343,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139664963,"gmtCreate":1621615513752,"gmtModify":1634187621895,"author":{"id":"3575378189904678","authorId":"3575378189904678","name":"letsgo8","avatar":"https://static.tigerbbs.com/cfa8cd71bc61e78a08bb731667341ac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575378189904678","authorIdStr":"3575378189904678"},"themes":[],"htmlText":"Reply for comment like","listText":"Reply for comment like","text":"Reply for comment like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/139664963","repostId":"2137906121","repostType":4,"isVote":1,"tweetType":1,"viewCount":595,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193522303,"gmtCreate":1620801596502,"gmtModify":1634196182574,"author":{"id":"3575378189904678","authorId":"3575378189904678","name":"letsgo8","avatar":"https://static.tigerbbs.com/cfa8cd71bc61e78a08bb731667341ac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575378189904678","authorIdStr":"3575378189904678"},"themes":[],"htmlText":"ReplyPls","listText":"ReplyPls","text":"ReplyPls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/193522303","repostId":"2134696777","repostType":4,"isVote":1,"tweetType":1,"viewCount":370,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158130086,"gmtCreate":1625134666445,"gmtModify":1633944425413,"author":{"id":"3575378189904678","authorId":"3575378189904678","name":"letsgo8","avatar":"https://static.tigerbbs.com/cfa8cd71bc61e78a08bb731667341ac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575378189904678","authorIdStr":"3575378189904678"},"themes":[],"htmlText":"Reply for comment n like","listText":"Reply for comment n like","text":"Reply for comment n like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/158130086","repostId":"1106223449","repostType":4,"repost":{"id":"1106223449","kind":"news","pubTimestamp":1625122086,"share":"https://www.laohu8.com/m/news/1106223449?lang=zh_CN&edition=full","pubTime":"2021-07-01 14:48","market":"us","language":"en","title":"The S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.<blockquote>标普500取得了自互联网泡沫以来第二好的上半年成绩。接下来会发生什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106223449","media":"Barrons","summary":"Since 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year.\nThe S&P 5","content":"<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d70d0323609e9ce596a9a90e475422d1\" tg-width=\"1260\" tg-height=\"840\"><span>Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year.</span></p><p><blockquote><p class=\"t-img-caption\"><span>自1979年以来，标普500上半年涨幅达到或超过10%已有14次。</span></p></blockquote></p><p> The S&amp;P 500 closed its second-best first half since the dot-com bubble. Don’t be surprised if the stock market keeps on rising.</p><p><blockquote>标普500的上半年表现是自互联网泡沫以来第二好的。如果股市继续上涨，不要感到惊讶。</blockquote></p><p> With June coming to an end, the S&amp;P 500 finished the first half of 2021 with a gain of 14.4%. Since 1998, only 2019’s 17.4% first-half surge has been larger.</p><p><blockquote>随着6月接近尾声，标普500以14.4%的涨幅结束了2021年上半年。自1998年以来，只有2019年上半年17.4%的增幅更大。</blockquote></p><p> The market got a boost from Covid-19 vaccinations, which have helped the U.S. economy reopen, while trillions of dollars of fiscal stimulus have helped shore up demand. The gains continued even as concerns about inflation have increased speculation that the Federal Reserve would be forced to take steps to slow the economy.</p><p><blockquote>Covid-19疫苗接种提振了市场，帮助美国经济重新开放，而数万亿美元的财政刺激措施帮助支撑了需求。尽管对通胀的担忧加剧了人们对美联储将被迫采取措施减缓经济增长的猜测，但涨幅仍在继续。</blockquote></p><p> The combination of big gains and a more hawkish Fed have raised concerns that the market has become too complacent. If inflation continues to run hot for long enough, the central bank could be forced to act more quickly than the market expects—and&nbsp;cause stocks to tumble. Others worry that&nbsp;U.S. economic growth could slow faster than investors anticipate, causing a pullback in the process.</p><p><blockquote>大幅上涨和美联储更加鹰派的结合引发了市场过于自满的担忧。如果通胀持续持续足够长的时间，央行可能会被迫以比市场预期更快的速度采取行动，并导致股市暴跌。其他人担心美国。经济增长放缓的速度可能快于投资者的预期，导致经济增长放缓。</blockquote></p><p> For those who take that view, there is no better time to back away from the stock market than the present. History suggests otherwise.</p><p><blockquote>对于持这种观点的人来说，没有比现在更好的退出股市的时机了。历史表明并非如此。</blockquote></p><p> Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year, and the index has gone on to average a 6.3% gain over the second half of the year. What’s more, the index finished the second half of the year higher In 11 of those instances, or 79% of the time.</p><p><blockquote>自1979年以来，标普500上半年涨幅达到或超过10%的有14次，下半年该指数平均涨幅为6.3%。更重要的是，该指数在下半年有11次（即79%的时间）走高。</blockquote></p><p> Even the losses, when they occurred, weren’t all that bad. The S&amp;P 500 dropped 1.9% in the second half of 1983 and 3.5% during the last six months of 1986.</p><p><blockquote>即使是损失，当它们发生时，也没有那么糟糕。标普500在1983年下半年下降了1.9%，在1986年最后六个月下降了3.5%。</blockquote></p><p> The one exception was the last six months of 1987 when the index fell 19% during the second half of the year. That period included Black Monday, when the S&amp;P 500 dropped 20% in one day, still a record loss. While selling linked to so-called&nbsp;portfolio insurance&nbsp;was ultimately blamed for the size and speed of the loss, the second half of 1987 was&nbsp;a period of rising bond yields and high stock-market valuations, just like the first half of 2021.</p><p><blockquote>一个例外是1987年的最后六个月，该指数在下半年下跌了19%。那段时间包括黑色星期一，当时标普500在一天内下跌了20%，仍然是创纪录的跌幅。虽然与所谓投资组合保险相关的抛售最终被归咎于损失的规模和速度，但1987年下半年是债券收益率上升和股市估值高的时期，就像2021年上半年一样。</blockquote></p><p> Still, the market has been acting like it wants to go higher, not lower. Pullbacks, a normal event in the midst of bull runs, have been mild in 2021, with the largest drops being less than 4%. “What the [S&amp;P 500] has done throughout 2021 is pick itself up when and where it has needed to, maintaining an uptrend all along,” writes Frank&nbsp;Cappelleri, chief market technician at Instinet.</p><p><blockquote>尽管如此，市场一直表现得想要走高，而不是走低。回调是牛市中的正常事件，在2021年表现温和，最大跌幅不到4%。Instinet首席市场技术员Frank Cappelleri写道：“[标普500]在2021年所做的就是在需要的时间和地点回升，始终保持上升趋势。”</blockquote></p><p> That 6.3% average second-half rise would push the S&amp;P 500’s full-year gain to around 23%. That would represent a “textbook [market] recovery” from a recession, says Fundstrat’s Tom Lee.</p><p><blockquote>下半年6.3%的平均涨幅将使标普500的全年涨幅达到23%左右。Fundstrat的汤姆·李(Tom Lee)表示，这将代表着从衰退中“教科书式的[市场]复苏”。</blockquote></p><p> For now, at least, the path of least resistance is higher.</p><p><blockquote>至少就目前而言，阻力最小的路径更高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3cb229b2e05d59b9c126d464a7d771bb\" tg-width=\"958\" tg-height=\"647\"></p><p><blockquote></blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.<blockquote>标普500取得了自互联网泡沫以来第二好的上半年成绩。接下来会发生什么。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.<blockquote>标普500取得了自互联网泡沫以来第二好的上半年成绩。接下来会发生什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-01 14:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d70d0323609e9ce596a9a90e475422d1\" tg-width=\"1260\" tg-height=\"840\"><span>Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year.</span></p><p><blockquote><p class=\"t-img-caption\"><span>自1979年以来，标普500上半年涨幅达到或超过10%已有14次。</span></p></blockquote></p><p> The S&amp;P 500 closed its second-best first half since the dot-com bubble. Don’t be surprised if the stock market keeps on rising.</p><p><blockquote>标普500的上半年表现是自互联网泡沫以来第二好的。如果股市继续上涨，不要感到惊讶。</blockquote></p><p> With June coming to an end, the S&amp;P 500 finished the first half of 2021 with a gain of 14.4%. Since 1998, only 2019’s 17.4% first-half surge has been larger.</p><p><blockquote>随着6月接近尾声，标普500以14.4%的涨幅结束了2021年上半年。自1998年以来，只有2019年上半年17.4%的增幅更大。</blockquote></p><p> The market got a boost from Covid-19 vaccinations, which have helped the U.S. economy reopen, while trillions of dollars of fiscal stimulus have helped shore up demand. The gains continued even as concerns about inflation have increased speculation that the Federal Reserve would be forced to take steps to slow the economy.</p><p><blockquote>Covid-19疫苗接种提振了市场，帮助美国经济重新开放，而数万亿美元的财政刺激措施帮助支撑了需求。尽管对通胀的担忧加剧了人们对美联储将被迫采取措施减缓经济增长的猜测，但涨幅仍在继续。</blockquote></p><p> The combination of big gains and a more hawkish Fed have raised concerns that the market has become too complacent. If inflation continues to run hot for long enough, the central bank could be forced to act more quickly than the market expects—and&nbsp;cause stocks to tumble. Others worry that&nbsp;U.S. economic growth could slow faster than investors anticipate, causing a pullback in the process.</p><p><blockquote>大幅上涨和美联储更加鹰派的结合引发了市场过于自满的担忧。如果通胀持续持续足够长的时间，央行可能会被迫以比市场预期更快的速度采取行动，并导致股市暴跌。其他人担心美国。经济增长放缓的速度可能快于投资者的预期，导致经济增长放缓。</blockquote></p><p> For those who take that view, there is no better time to back away from the stock market than the present. History suggests otherwise.</p><p><blockquote>对于持这种观点的人来说，没有比现在更好的退出股市的时机了。历史表明并非如此。</blockquote></p><p> Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year, and the index has gone on to average a 6.3% gain over the second half of the year. What’s more, the index finished the second half of the year higher In 11 of those instances, or 79% of the time.</p><p><blockquote>自1979年以来，标普500上半年涨幅达到或超过10%的有14次，下半年该指数平均涨幅为6.3%。更重要的是，该指数在下半年有11次（即79%的时间）走高。</blockquote></p><p> Even the losses, when they occurred, weren’t all that bad. The S&amp;P 500 dropped 1.9% in the second half of 1983 and 3.5% during the last six months of 1986.</p><p><blockquote>即使是损失，当它们发生时，也没有那么糟糕。标普500在1983年下半年下降了1.9%，在1986年最后六个月下降了3.5%。</blockquote></p><p> The one exception was the last six months of 1987 when the index fell 19% during the second half of the year. That period included Black Monday, when the S&amp;P 500 dropped 20% in one day, still a record loss. While selling linked to so-called&nbsp;portfolio insurance&nbsp;was ultimately blamed for the size and speed of the loss, the second half of 1987 was&nbsp;a period of rising bond yields and high stock-market valuations, just like the first half of 2021.</p><p><blockquote>一个例外是1987年的最后六个月，该指数在下半年下跌了19%。那段时间包括黑色星期一，当时标普500在一天内下跌了20%，仍然是创纪录的跌幅。虽然与所谓投资组合保险相关的抛售最终被归咎于损失的规模和速度，但1987年下半年是债券收益率上升和股市估值高的时期，就像2021年上半年一样。</blockquote></p><p> Still, the market has been acting like it wants to go higher, not lower. Pullbacks, a normal event in the midst of bull runs, have been mild in 2021, with the largest drops being less than 4%. “What the [S&amp;P 500] has done throughout 2021 is pick itself up when and where it has needed to, maintaining an uptrend all along,” writes Frank&nbsp;Cappelleri, chief market technician at Instinet.</p><p><blockquote>尽管如此，市场一直表现得想要走高，而不是走低。回调是牛市中的正常事件，在2021年表现温和，最大跌幅不到4%。Instinet首席市场技术员Frank Cappelleri写道：“[标普500]在2021年所做的就是在需要的时间和地点回升，始终保持上升趋势。”</blockquote></p><p> That 6.3% average second-half rise would push the S&amp;P 500’s full-year gain to around 23%. That would represent a “textbook [market] recovery” from a recession, says Fundstrat’s Tom Lee.</p><p><blockquote>下半年6.3%的平均涨幅将使标普500的全年涨幅达到23%左右。Fundstrat的汤姆·李(Tom Lee)表示，这将代表着从衰退中“教科书式的[市场]复苏”。</blockquote></p><p> For now, at least, the path of least resistance is higher.</p><p><blockquote>至少就目前而言，阻力最小的路径更高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3cb229b2e05d59b9c126d464a7d771bb\" tg-width=\"958\" tg-height=\"647\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stock-market-futures-crash-gains-51625071996?mod=hp_LEAD_1\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/stock-market-futures-crash-gains-51625071996?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106223449","content_text":"Since 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year.\nThe S&P 500 closed its second-best first half since the dot-com bubble. Don’t be surprised if the stock market keeps on rising.\nWith June coming to an end, the S&P 500 finished the first half of 2021 with a gain of 14.4%. Since 1998, only 2019’s 17.4% first-half surge has been larger.\nThe market got a boost from Covid-19 vaccinations, which have helped the U.S. economy reopen, while trillions of dollars of fiscal stimulus have helped shore up demand. The gains continued even as concerns about inflation have increased speculation that the Federal Reserve would be forced to take steps to slow the economy.\nThe combination of big gains and a more hawkish Fed have raised concerns that the market has become too complacent. If inflation continues to run hot for long enough, the central bank could be forced to act more quickly than the market expects—and cause stocks to tumble. Others worry that U.S. economic growth could slow faster than investors anticipate, causing a pullback in the process.\nFor those who take that view, there is no better time to back away from the stock market than the present. History suggests otherwise.\nSince 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year, and the index has gone on to average a 6.3% gain over the second half of the year. What’s more, the index finished the second half of the year higher In 11 of those instances, or 79% of the time.\nEven the losses, when they occurred, weren’t all that bad. The S&P 500 dropped 1.9% in the second half of 1983 and 3.5% during the last six months of 1986.\nThe one exception was the last six months of 1987 when the index fell 19% during the second half of the year. That period included Black Monday, when the S&P 500 dropped 20% in one day, still a record loss. While selling linked to so-called portfolio insurance was ultimately blamed for the size and speed of the loss, the second half of 1987 was a period of rising bond yields and high stock-market valuations, just like the first half of 2021.\nStill, the market has been acting like it wants to go higher, not lower. Pullbacks, a normal event in the midst of bull runs, have been mild in 2021, with the largest drops being less than 4%. “What the [S&P 500] has done throughout 2021 is pick itself up when and where it has needed to, maintaining an uptrend all along,” writes Frank Cappelleri, chief market technician at Instinet.\nThat 6.3% average second-half rise would push the S&P 500’s full-year gain to around 23%. That would represent a “textbook [market] recovery” from a recession, says Fundstrat’s Tom Lee.\nFor now, at least, the path of least resistance is higher.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":562,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}