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2021-08-23

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2021-12-03

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Nvidia stock dipped nearly 1% in premarket trading<blockquote>英伟达股价在盘前交易中下跌近1%</blockquote>

2021-12-09

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2021-10-07

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2021-12-12

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2021-11-16

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2021-11-20

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2021-11-23

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Here's what Powell's nomination for 2nd term as Fed chairman means for markets<blockquote>这就是鲍威尔被提名连任美联储主席对市场的意义</blockquote>

2021-10-27

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2021-09-22

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2021-11-17

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2021-11-01

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2021-10-25

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2021-08-10

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2021-08-08

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SEC Moves First DeFi Unregistered Securities Lawsuit<blockquote>SEC提起首起DeFi未注册证券诉讼</blockquote>

2021-07-17

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2021-10-30

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2021-10-11

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2021-10-09

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S&P 500 ends lower after U.S. September jobs miss<blockquote>美国9月就业机会未达预期，标普500收低</blockquote>

2021-10-05

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href=\"https://laohu8.com/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>hold or sell?","listText":"<a href=\"https://laohu8.com/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>hold or sell?","text":"$KEPPEL DC REIT(AJBU.SI)$hold or sell?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/690865437","isVote":1,"tweetType":1,"viewCount":2235,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690380455,"gmtCreate":1639634263034,"gmtModify":1639634799106,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575853370111148","authorIdStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/690380455","repostId":"1151734731","repostType":4,"repost":{"id":"1151734731","kind":"news","pubTimestamp":1639632498,"share":"https://www.laohu8.com/m/news/1151734731?lang=zh_CN&edition=full","pubTime":"2021-12-16 13:28","market":"us","language":"en","title":"In a Bad Year for Biotech Stocks, Deals and Vaccines Were Winners<blockquote>在生物科技股糟糕的一年里，交易和疫苗成为赢家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151734731","media":"WSJ","summary":"Biotech stocks have crumbled this year and a number of prominent hedge funds have suffered deep loss","content":"<p>Biotech stocks have crumbled this year and a number of prominent hedge funds have suffered deep losses.</p><p><blockquote>生物科技股今年暴跌，许多著名的对冲基金也遭受了严重损失。</blockquote></p><p> But some biotech investors are thriving by focusing on mergers, short selling and Covid-19 stocks. Some analysts and investors say these three strategies will prove successful for biotech investors once again in 2022.</p><p><blockquote>但一些生物技术投资者通过关注合并、卖空和Covid-19股票而蓬勃发展。一些分析师和投资者表示，这三种策略将在2022年再次证明对生物技术投资者是成功的。</blockquote></p><p> Hedge funds including Perceptive Advisors, OrbiMed Partners, Logos Capital and Cormorant Asset Management run funds that&nbsp;have suffered double-digit percentage losses&nbsp;this year. The&nbsp;SPDR S&amp;P Biotech ETF, an equal-weighted index of biotech stocks, has fallen nearly 23% so far this year, an indication of how widespread the losses have been.</p><p><blockquote>Perceptive Advisors、OrbiMed Partners、Logos Capital和Cormorant Asset Management等对冲基金运营的基金今年遭受了两位数的百分比损失。SPDR S&amp;P Biotech ETF是生物科技股的等权重指数，今年迄今已下跌近23%，这表明损失有多广泛。</blockquote></p><p> But biotech investors have benefited from some big takeovers in the sector. One popular hedge-fund investment: GW Pharmaceuticals PLC, a British company that develops cannabinoid-based prescription medicines,was acquired&nbsp;by&nbsp;Jazz Pharmaceuticals&nbsp;in May for over $7 billion.&nbsp;Dicerna Pharmaceuticals&nbsp;was another takeover play that worked for investors during the year.</p><p><blockquote>但生物技术投资者从该行业的一些大型收购中受益。一项受欢迎的对冲基金投资：GW Pharmaceuticals PLC是一家开发大麻素处方药的英国公司，于5月份被Jazz Pharmaceuticals以超过70亿美元的价格收购。Dicerna Pharmaceuticals是今年另一项对投资者有效的收购策略。</blockquote></p><p> GW Pharma rose about 90% during 2021, before it was acquired, while Dicerna, which recently announced plans to be acquired, is up about 72%. And this week,Pfizer&nbsp;Inc.announced it would buyArena PharmaceuticalsInc.,&nbsp;news that&nbsp;almost doubled Arena shares.</p><p><blockquote>GW Pharma在被收购之前的2021年上涨了约90%，而最近宣布计划被收购的Dicerna则上涨了约72%。本周，辉瑞公司宣布将收购Arena PharmaceuticalsInc.，这一消息使Arena的股价几乎翻了一番。</blockquote></p><p> There may be more of these kinds of deals in 2022, investors say, as cash-heavy pharmaceutical companies look to buy growing biotech companies. Smaller biotech companies may be more inclined to sell after suffering in 2021, the investors say.</p><p><blockquote>投资者表示，随着现金充裕的制药公司寻求收购成长中的生物技术公司，2022年可能会有更多此类交易。投资者表示，规模较小的生物技术公司在经历了2021年的困境后可能更倾向于出售。</blockquote></p><p> Biotech short sellers profited in 2021, as well. Cancer company&nbsp;Rafael HoldingsInc.,which gained interest among individual investors due to early signs it might develop a drug to combat pancreatic cancer, tumbled after reporting disappointing Phase 3 data for its drug and experiencing some executive departures. Rafael is down about 77% so far in 2021.</p><p><blockquote>生物技术卖空者也在2021年获利。癌症公司Rafael HoldingsInc.因可能开发一种对抗胰腺癌的药物的早期迹象而引起了个人投资者的兴趣，在报告其药物令人失望的3期数据并经历了一些高管离职后，该公司股价暴跌。2021年迄今为止，拉斐尔股价下跌了约77%。</blockquote></p><p> Some traders lost money because they hedged their biotech portfolios with bets against the S&amp;P 500, which is up over 20% on the year.</p><p><blockquote>一些交易员亏损是因为他们通过做空标普500来对冲其生物技术投资组合，该指数今年上涨了20%以上。</blockquote></p><p> Of course, Covid-19 vaccine stocks were the stars of 2021, though many have fallen sharply from recent highs.&nbsp;Moderna&nbsp;started the year over $100, approached $500 in the summer, and now trades around $275, still up sharply on the year.</p><p><blockquote>当然，新冠肺炎疫苗股是2021年的明星，尽管许多疫苗股已从近期高点大幅下跌。Moderna年初超过100美元，夏季接近500美元，现在交易价格约为275美元，仍较去年大幅上涨。</blockquote></p><p> “Anything that’s Covid-related has done well, or at least held up,” says Brad Loncar at Loncar Investments, which created two biotech exchange-traded funds.</p><p><blockquote>Loncar Investments的布拉德·隆卡(Brad Loncar)表示：“任何与新冠病毒相关的投资都表现良好，或者至少保持住了。”该公司创建了两只生物技术交易所交易基金。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/11261b7a0f9858c916f503bddf94a00b\" tg-width=\"833\" tg-height=\"735\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> A new urgency for booster shots, as well as a potential need for reworked vaccines&nbsp;to protect against Omicron, could boost sales for Moderna,Pfizer&nbsp;and other Covid-19 vaccine companies.</p><p><blockquote>加强注射的新紧迫性，以及对返工疫苗以预防奥密克戎病毒的潜在需求，可能会促进Moderna、辉瑞和其他Covid-19疫苗公司的销售。</blockquote></p><p> “There will be a strong and continued push for people to get boosted,” says Michael Yee of Jefferies. He adds that there will be strong consideration from health authorities and others for new versions of an Omicron-specific vaccine.</p><p><blockquote>杰富瑞(Jefferies)的迈克尔·易(Michael Yee)表示：“人们将会得到强劲且持续的推动。”他补充说，卫生当局和其他机构将大力考虑新版本的奥密克戎专用疫苗。</blockquote></p><p> Mr. Yee notes that both Moderna and Pfizer have plans to update their vaccines, if needed. But he has long had a “hold” rating on Moderna, due to what he describes as the stock’s already high valuation, a sign that strong prospects for these companies may not lead to strong gains.</p><p><blockquote>Yee先生指出，如果需要，Moderna和辉瑞都计划更新他们的疫苗。但他长期以来一直对Moderna给予“持有”评级，因为他称该股估值已经很高，这表明这些公司的强劲前景可能不会带来强劲上涨。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>In a Bad Year for Biotech Stocks, Deals and Vaccines Were Winners<blockquote>在生物科技股糟糕的一年里，交易和疫苗成为赢家</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\">\nIn a Bad Year for Biotech Stocks, Deals and Vaccines Were Winners<blockquote>在生物科技股糟糕的一年里，交易和疫苗成为赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-12-16 13:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Biotech stocks have crumbled this year and a number of prominent hedge funds have suffered deep losses.</p><p><blockquote>生物科技股今年暴跌，许多著名的对冲基金也遭受了严重损失。</blockquote></p><p> But some biotech investors are thriving by focusing on mergers, short selling and Covid-19 stocks. Some analysts and investors say these three strategies will prove successful for biotech investors once again in 2022.</p><p><blockquote>但一些生物技术投资者通过关注合并、卖空和Covid-19股票而蓬勃发展。一些分析师和投资者表示，这三种策略将在2022年再次证明对生物技术投资者是成功的。</blockquote></p><p> Hedge funds including Perceptive Advisors, OrbiMed Partners, Logos Capital and Cormorant Asset Management run funds that&nbsp;have suffered double-digit percentage losses&nbsp;this year. The&nbsp;SPDR S&amp;P Biotech ETF, an equal-weighted index of biotech stocks, has fallen nearly 23% so far this year, an indication of how widespread the losses have been.</p><p><blockquote>Perceptive Advisors、OrbiMed Partners、Logos Capital和Cormorant Asset Management等对冲基金运营的基金今年遭受了两位数的百分比损失。SPDR S&amp;P Biotech ETF是生物科技股的等权重指数，今年迄今已下跌近23%，这表明损失有多广泛。</blockquote></p><p> But biotech investors have benefited from some big takeovers in the sector. One popular hedge-fund investment: GW Pharmaceuticals PLC, a British company that develops cannabinoid-based prescription medicines,was acquired&nbsp;by&nbsp;Jazz Pharmaceuticals&nbsp;in May for over $7 billion.&nbsp;Dicerna Pharmaceuticals&nbsp;was another takeover play that worked for investors during the year.</p><p><blockquote>但生物技术投资者从该行业的一些大型收购中受益。一项受欢迎的对冲基金投资：GW Pharmaceuticals PLC是一家开发大麻素处方药的英国公司，于5月份被Jazz Pharmaceuticals以超过70亿美元的价格收购。Dicerna Pharmaceuticals是今年另一项对投资者有效的收购策略。</blockquote></p><p> GW Pharma rose about 90% during 2021, before it was acquired, while Dicerna, which recently announced plans to be acquired, is up about 72%. And this week,Pfizer&nbsp;Inc.announced it would buyArena PharmaceuticalsInc.,&nbsp;news that&nbsp;almost doubled Arena shares.</p><p><blockquote>GW Pharma在被收购之前的2021年上涨了约90%，而最近宣布计划被收购的Dicerna则上涨了约72%。本周，辉瑞公司宣布将收购Arena PharmaceuticalsInc.，这一消息使Arena的股价几乎翻了一番。</blockquote></p><p> There may be more of these kinds of deals in 2022, investors say, as cash-heavy pharmaceutical companies look to buy growing biotech companies. Smaller biotech companies may be more inclined to sell after suffering in 2021, the investors say.</p><p><blockquote>投资者表示，随着现金充裕的制药公司寻求收购成长中的生物技术公司，2022年可能会有更多此类交易。投资者表示，规模较小的生物技术公司在经历了2021年的困境后可能更倾向于出售。</blockquote></p><p> Biotech short sellers profited in 2021, as well. Cancer company&nbsp;Rafael HoldingsInc.,which gained interest among individual investors due to early signs it might develop a drug to combat pancreatic cancer, tumbled after reporting disappointing Phase 3 data for its drug and experiencing some executive departures. Rafael is down about 77% so far in 2021.</p><p><blockquote>生物技术卖空者也在2021年获利。癌症公司Rafael HoldingsInc.因可能开发一种对抗胰腺癌的药物的早期迹象而引起了个人投资者的兴趣，在报告其药物令人失望的3期数据并经历了一些高管离职后，该公司股价暴跌。2021年迄今为止，拉斐尔股价下跌了约77%。</blockquote></p><p> Some traders lost money because they hedged their biotech portfolios with bets against the S&amp;P 500, which is up over 20% on the year.</p><p><blockquote>一些交易员亏损是因为他们通过做空标普500来对冲其生物技术投资组合，该指数今年上涨了20%以上。</blockquote></p><p> Of course, Covid-19 vaccine stocks were the stars of 2021, though many have fallen sharply from recent highs.&nbsp;Moderna&nbsp;started the year over $100, approached $500 in the summer, and now trades around $275, still up sharply on the year.</p><p><blockquote>当然，新冠肺炎疫苗股是2021年的明星，尽管许多疫苗股已从近期高点大幅下跌。Moderna年初超过100美元，夏季接近500美元，现在交易价格约为275美元，仍较去年大幅上涨。</blockquote></p><p> “Anything that’s Covid-related has done well, or at least held up,” says Brad Loncar at Loncar Investments, which created two biotech exchange-traded funds.</p><p><blockquote>Loncar Investments的布拉德·隆卡(Brad Loncar)表示：“任何与新冠病毒相关的投资都表现良好，或者至少保持住了。”该公司创建了两只生物技术交易所交易基金。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/11261b7a0f9858c916f503bddf94a00b\" tg-width=\"833\" tg-height=\"735\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> A new urgency for booster shots, as well as a potential need for reworked vaccines&nbsp;to protect against Omicron, could boost sales for Moderna,Pfizer&nbsp;and other Covid-19 vaccine companies.</p><p><blockquote>加强注射的新紧迫性，以及对返工疫苗以预防奥密克戎病毒的潜在需求，可能会促进Moderna、辉瑞和其他Covid-19疫苗公司的销售。</blockquote></p><p> “There will be a strong and continued push for people to get boosted,” says Michael Yee of Jefferies. He adds that there will be strong consideration from health authorities and others for new versions of an Omicron-specific vaccine.</p><p><blockquote>杰富瑞(Jefferies)的迈克尔·易(Michael Yee)表示：“人们将会得到强劲且持续的推动。”他补充说，卫生当局和其他机构将大力考虑新版本的奥密克戎专用疫苗。</blockquote></p><p> Mr. Yee notes that both Moderna and Pfizer have plans to update their vaccines, if needed. But he has long had a “hold” rating on Moderna, due to what he describes as the stock’s already high valuation, a sign that strong prospects for these companies may not lead to strong gains.</p><p><blockquote>Yee先生指出，如果需要，Moderna和辉瑞都计划更新他们的疫苗。但他长期以来一直对Moderna给予“持有”评级，因为他称该股估值已经很高，这表明这些公司的强劲前景可能不会带来强劲上涨。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/in-a-bad-year-for-biotech-stocks-deals-and-vaccines-were-winners-11639564381?mod=markets_lead_pos5\">WSJ</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":{"MRNA":"Moderna, Inc.","DRNA":"Dicerna Pharmaceuticals, Inc.","PFE":"辉瑞","JAZZ":"爵士制药"},"source_url":"https://www.wsj.com/articles/in-a-bad-year-for-biotech-stocks-deals-and-vaccines-were-winners-11639564381?mod=markets_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151734731","content_text":"Biotech stocks have crumbled this year and a number of prominent hedge funds have suffered deep losses.\nBut some biotech investors are thriving by focusing on mergers, short selling and Covid-19 stocks. Some analysts and investors say these three strategies will prove successful for biotech investors once again in 2022.\nHedge funds including Perceptive Advisors, OrbiMed Partners, Logos Capital and Cormorant Asset Management run funds that have suffered double-digit percentage losses this year. The SPDR S&P Biotech ETF, an equal-weighted index of biotech stocks, has fallen nearly 23% so far this year, an indication of how widespread the losses have been.\nBut biotech investors have benefited from some big takeovers in the sector. One popular hedge-fund investment: GW Pharmaceuticals PLC, a British company that develops cannabinoid-based prescription medicines,was acquired by Jazz Pharmaceuticals in May for over $7 billion. Dicerna Pharmaceuticals was another takeover play that worked for investors during the year.\nGW Pharma rose about 90% during 2021, before it was acquired, while Dicerna, which recently announced plans to be acquired, is up about 72%. And this week,Pfizer Inc.announced it would buyArena PharmaceuticalsInc., news that almost doubled Arena shares.\nThere may be more of these kinds of deals in 2022, investors say, as cash-heavy pharmaceutical companies look to buy growing biotech companies. Smaller biotech companies may be more inclined to sell after suffering in 2021, the investors say.\nBiotech short sellers profited in 2021, as well. Cancer company Rafael HoldingsInc.,which gained interest among individual investors due to early signs it might develop a drug to combat pancreatic cancer, tumbled after reporting disappointing Phase 3 data for its drug and experiencing some executive departures. Rafael is down about 77% so far in 2021.\nSome traders lost money because they hedged their biotech portfolios with bets against the S&P 500, which is up over 20% on the year.\nOf course, Covid-19 vaccine stocks were the stars of 2021, though many have fallen sharply from recent highs. Moderna started the year over $100, approached $500 in the summer, and now trades around $275, still up sharply on the year.\n“Anything that’s Covid-related has done well, or at least held up,” says Brad Loncar at Loncar Investments, which created two biotech exchange-traded funds.\n\nA new urgency for booster shots, as well as a potential need for reworked vaccines to protect against Omicron, could boost sales for Moderna,Pfizer and other Covid-19 vaccine companies.\n“There will be a strong and continued push for people to get boosted,” says Michael Yee of Jefferies. He adds that there will be strong consideration from health authorities and others for new versions of an Omicron-specific vaccine.\nMr. Yee notes that both Moderna and Pfizer have plans to update their vaccines, if needed. But he has long had a “hold” rating on Moderna, due to what he describes as the stock’s already high valuation, a sign that strong prospects for these companies may not lead to strong gains.","news_type":1,"symbols_score_info":{"DRNA":0.9,"JAZZ":0.9,"PFE":0.9,"MRNA":0.9}},"isVote":1,"tweetType":1,"viewCount":3633,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690317781,"gmtCreate":1639634152270,"gmtModify":1639634797141,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575853370111148","authorIdStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/690317781","repostId":"2191916563","repostType":4,"repost":{"id":"2191916563","kind":"news","pubTimestamp":1639633501,"share":"https://www.laohu8.com/m/news/2191916563?lang=zh_CN&edition=full","pubTime":"2021-12-16 13:45","market":"us","language":"en","title":"Airbus unseats Boeing to replace aging fleet of Qantas 737s<blockquote>空客取代波音取代澳航老化的737机队</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2191916563","media":"The Straits Times","summary":"CHICAGO (BLOOMBERG) - Airbus clean swept a multi-billion dollar aircraft deal with Qantas Airways in","content":"<p><div> CHICAGO (BLOOMBERG) - Airbus clean swept a multi-billion dollar aircraft deal with Qantas Airways in a blow to Boeing Co. and its 737 Max narrow-body jet. The Australian carrier said Thursday (Dec 16)...</p><p><blockquote><div>芝加哥（彭博）——空客清洁公司与澳航达成了数十亿美元的飞机交易，对波音公司及其737 Max窄体喷气式飞机造成了打击。这家澳大利亚航空公司周四（12月16日）表示...</div></blockquote></p><p>  <a href=\"http://www.straitstimes.com/business/companies-markets/airbus-unseats-boeing-to-replace-aging-fleet-of-qantas-737s\">网页链接</a>  </div> </p><p><blockquote><a href=\"http://www.straitstimes.com/business/companies-markets/airbus-unseats-boeing-to-replace-aging-fleet-of-qantas-737s\">网页连接</a></blockquote></p><p></p>","source":"straits_highlight","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>Airbus unseats Boeing to replace aging fleet of Qantas 737s<blockquote>空客取代波音取代澳航老化的737机队</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\">\nAirbus unseats Boeing to replace aging fleet of Qantas 737s<blockquote>空客取代波音取代澳航老化的737机队</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Straits Times</strong><span class=\"h-time small\">2021-12-16 13:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> CHICAGO (BLOOMBERG) - Airbus clean swept a multi-billion dollar aircraft deal with Qantas Airways in a blow to Boeing Co. and its 737 Max narrow-body jet. The Australian carrier said Thursday (Dec 16)...</p><p><blockquote><div>芝加哥（彭博）——空客清洁公司与澳航达成了数十亿美元的飞机交易，对波音公司及其737 Max窄体喷气式飞机造成了打击。这家澳大利亚航空公司周四（12月16日）表示...</div></blockquote></p><p>  <a href=\"http://www.straitstimes.com/business/companies-markets/airbus-unseats-boeing-to-replace-aging-fleet-of-qantas-737s\">网页链接</a>  </div> </p><p><blockquote><a href=\"http://www.straitstimes.com/business/companies-markets/airbus-unseats-boeing-to-replace-aging-fleet-of-qantas-737s\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"http://www.straitstimes.com/business/companies-markets/airbus-unseats-boeing-to-replace-aging-fleet-of-qantas-737s\">The Straits Times</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":{"BK4516":"特朗普概念","BK4187":"航天航空与国防","BK4551":"寇图资本持仓","BA":"波音","BK4564":"太空概念"},"source_url":"http://www.straitstimes.com/business/companies-markets/airbus-unseats-boeing-to-replace-aging-fleet-of-qantas-737s","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2191916563","content_text":"CHICAGO (BLOOMBERG) - Airbus clean swept a multi-billion dollar aircraft deal with Qantas Airways in a blow to Boeing Co. and its 737 Max narrow-body jet.\nThe Australian carrier said Thursday (Dec 16) it plans to buy Airbus's A320neo line of aircraft to replace the 75 aging Boeing 737s that serve as Qantas's domestic workhorses. It will also purchase Airbus A220 planes to replace 20 Boeing 717s that ply regional routes inside Australia.\nThe decision is a coup for Airbus as it races to match Boeing's Max order bonanza by year-end. The European planemaker also landed a commitment from Singapore Airlines for its A350 freighter Wednesday and has an opportunity to make headway with Air France-KLM, which is set to announce replacements for its aging Boeing 737s.\nQantas committed to buy 40 planes with a list price of at least US$4.6 billion before discounts. The carrier also has purchase-right options on 94 additional aircraft spanning more than a decade. In total, the order is set to be the largest in Australian aviation history, the airline said.\nThe fleet decision means Qantas and its low-cost Jetstar division are likely to be flying mostly Airbus planes on their domestic and international networks for decades to come. Boeing's Dreamliner, still favored by Qantas on some popular long-haul routes, is now set to be the U.S. company's main model at the Australian airline.\nQantas shares climbed as much as 2.3 per cent in early trading, before reversing gains to be down 1.2 per cent at A$4.81 at 11:03 a.m. in Sydney, giving the airline a market value of about A$9.1 billion.\nIn a statement, Mr Christian Scherer, Airbus Chief Commercial Officer and Head of International, said competition for the deal with Qantas had \"pushed the boundaries\" of \"operational and financial evaluation.\"\nShares of Chicago-based Boeing fell in New York trading before erasing declines in the wake of a Federal Reserve announcement that it expects to raise interest rates in 2022 at a faster pace than expected.\n\"Although we are disappointed, we respect Qantas' decision and look forward to continuing our long-standing partnership,\" Boeing said in a statement.\nQantas is the latest carrier to bet that travel will eventually rebound even with the threat of the new Covid-19 variant omicron hanging over the world. Virgin Australia, a domestic rival emerging from a restructuring, has already unveiled an order for 25 of Boeing's largest 737 Max model.\nAccording to Mr Alan Joyce, Qantas's chief executive officer, it's a great time to buy aircraft because manufacturers are eager to nail down sales and are offering advantageous pricing.\nThe new aircraft will also reduce fuel and maintenance costs, while cutting carbon emissions. \"This is a clear sign of our confidence in the future,\" Joyce said in the statement. \"We've locked in pricing just ahead of what's likely to be a big uptick in demand for next-generation narrow-body aircraft.\"\nThe Australian flag carrier is eyeing even more planes as it pushes ahead with plans to start long-haul flights halfway around the globe. Non-stop services connecting Sydney with New York and London, a project thrown into doubt by Covid, are due to start as soon as 2024.\nQantas has already picked Airbus's A350-1000 as its preferred aircraft for the flights and is due to decide on a firm jet order in early 2022. Separately, Qantas forecast it will post a fiscal first-half loss of A$250 million to A$300 million.\nWith most of Australia's internal borders now open, domestic capacity is expected to exceed pre-Covid levels in the first six months of next year.","news_type":1,"symbols_score_info":{"BA":0.9}},"isVote":1,"tweetType":1,"viewCount":3068,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607260487,"gmtCreate":1639547823205,"gmtModify":1639547823399,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575853370111148","authorIdStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/607260487","repostId":"1181903786","repostType":4,"isVote":1,"tweetType":1,"viewCount":2655,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607019458,"gmtCreate":1639456137571,"gmtModify":1639456137732,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575853370111148","authorIdStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/607019458","repostId":"1120286910","repostType":4,"repost":{"id":"1120286910","kind":"news","pubTimestamp":1639453388,"share":"https://www.laohu8.com/m/news/1120286910?lang=zh_CN&edition=full","pubTime":"2021-12-14 11:43","market":"us","language":"en","title":"PayPal's Recent Price Decline Will Eventually Happen To Nearly All Overvalued Technology Stocks<blockquote>PayPal最近的价格下跌最终将发生在几乎所有被高估的科技股身上</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1120286910","media":"Seeking Alpha","summary":"Summary\n\nPayPal stock is down over -35% off this year's highs, and the stock still isn't cheap.\nI wa","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>PayPal stock is down over -35% off this year's highs, and the stock still isn't cheap.</li>  <li>I warned investors back in February of 2021 that PayPal was extremely overvalued and worth selling.</li>  <li>That warning could have been issued for dozens and dozens of overvalued technology stocks that still have over -50% downside from here within the next 3 years.</li>  <li>PayPal remains a great company that I would like to own, so I analyze the stock in order to establish I price at which I'd be willing to buy it.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/847095b0be294275f55f7e8f700d56b4\" tg-width=\"1536\" tg-height=\"1229\" width=\"100%\" height=\"auto\"><span>BsWei/iStock via Getty Images</span></p><p><blockquote><ul><li>PayPal股价较今年高点下跌超过-35%，而且该股仍然不便宜。</li><li>我早在2021年2月就警告投资者，PayPal的估值被严重高估，值得出售。</li><li>这一警告可能是针对数十只被高估的科技股发出的，这些股在未来3年内仍有超过-50%的下跌空间。</li><li>PayPal仍然是一家我想拥有的伟大公司，因此我分析该股票以确定我愿意购买它的价格。</li></ul><p class=\"t-img-caption\"><span>BsWei/iStock来自Getty Images</span></p></blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> Back on February 6th, 2021, I made a video where I shared with investors why PayPal (PYPL) stock was overvalued enough to sell. I shared that video on my Seeking Alpha bloghere. Since that time, PayPal has performed poorly both on an absolute basis and relative to the S&amp;P 500 (SPY).</p><p><blockquote>早在2021年2月6日，我就制作了一段视频，与投资者分享了为什么PayPal(PYPL)股票被高估到足以出售。我在我的Seeking Alpha bloghere上分享了该视频。自那时以来，PayPal的绝对表现和相对于标普500（SPDR标普500指数ETF）的表现都很差。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8252b7218af36cce8b5a591f56abaecd\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> The stock price is down about -30% since I warned investors and down about -38% off its high price of the year.</p><p><blockquote>自从我向投资者发出警告以来，该股股价已下跌约-30%，较今年的高点下跌约-38%。</blockquote></p><p> The truth is that I could have issued the same warning about many other technology stocks that had become overvalued, but PayPal was one that I actually wanted to buy if the price ever fell to a reasonable level. It was a case where there was absolutely nothing wrong with the company. There was no bad story to tell. The price had simply gotten insanely overvalued. It didn't matter how good the story around PayPal was back in February. Numbers almost always trump narrative over the long-term. And the numbers back then didn't make sense.</p><p><blockquote>事实是，我本可以对许多其他被高估的科技股发出同样的警告，但如果价格跌至合理水平，我实际上想买入PayPal。这是一个公司绝对没有问题的案例。没有什么不好的故事可讲。这个价格被高估了。二月份围绕PayPal的故事有多好并不重要。从长远来看，数字几乎总是胜过叙事。当时的数字没有意义。</blockquote></p><p> This should be an important lesson for medium and long-term investors. If the numbers don't work, it doesn't matter what the story is.</p><p><blockquote>这应该是中长线投资者的重要一课。如果数字不起作用，故事是什么并不重要。</blockquote></p><p> The difficultly for a stock writer like myself is that investors<i>love</i>narratives and stories. It's not our fault. Our human brains are hardwired that way. Since I shared my bearish February PayPal video, out of 62 articles on Seeking Alpha covering PayPal, there hasn't been a single \"Bearish\" article written. The primary reason for that is because PayPal's narrative was so appealing that valuation numbers were either ignored, or the assumptions around the numbers were not realistic.</p><p><blockquote>对于像我这样的股票作家来说，困难的是投资者<i>爱</i>叙事和故事。这不是我们的错。我们人类的大脑天生就是这样。自从我分享了我看跌的2月份PayPal视频以来，Seeking Alpha上报道PayPal的62篇文章中，没有一篇“看跌”文章。主要原因是PayPal的叙述如此吸引人，以至于估值数字要么被忽视，要么围绕这些数字的假设不现实。</blockquote></p><p> In this article, I'm going to share my current PayPal valuation based on earnings and earnings growth projections. I'll also share what I consider to be a fair value range for PayPal stock, and the price I would be looking to buy with a margin of safety. This is the same basic process I used to determine that PayPal stock was overvalued back in February of 2021.</p><p><blockquote>在本文中，我将分享我目前基于盈利和盈利增长预测的PayPal估值。我还将分享我认为PayPal股票的公允价值范围，以及我希望在安全边际的情况下购买的价格。这与我在2021年2月用来确定PayPal股票被高估的基本过程相同。</blockquote></p><p> <b>Full-Cycle Earnings Analysis</b></p><p><blockquote><b>全周期盈利分析</b></blockquote></p><p> As part of the analysis, I calculate what I consider to be the two main drivers of future total returns: Market sentiment returns and business returns. I then combine those expected returns together in the form of a 10-year CAGR expectation and use that to value the stock.</p><p><blockquote>作为分析的一部分，我计算了我认为未来总回报的两个主要驱动因素：市场情绪回报和商业回报。然后，我将这些预期回报以10年复合年增长率预期的形式组合在一起，并用它来评估股票。</blockquote></p><p> Before I begin this analysis, I always check the business's long-term earnings patterns in order to ensure that the business is a proper fit for this sort of analysis. If the historical earnings 1) don't have a long enough history 2) are erratic in nature, or 3) are too cyclical, then I either avoid analyzing the stock altogether or I use a different type of analysis that is more appropriate.</p><p><blockquote>在我开始这种分析之前，我总是检查企业的长期盈利模式，以确保企业适合这种分析。如果历史收益1）没有足够长的历史2）本质上不稳定，或者3）周期性太强，那么我要么完全避免分析股票，要么使用更合适的不同类型的分析。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/70078307e65a5a1d0e37f9e70b726b77\" tg-width=\"640\" tg-height=\"490\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> We can see that since 2015 PayPal's earnings per share have increased every single year. This is a clear secular growth pattern and it makes the stock very attractive as a long-term investment. Since 2015 there haven't been any negative earnings growth years so the stock is likely a good fit for the type of earnings analysis I'm going to perform. One important question to ask, though, is that while we did have a brief recession in 2020, it was a very unusual one. It's possible that PayPal's business could be more economically sensitive during a longer, more drawn-out recession. So, that is a risk. However, when I examined how eBay (EBAY) performed in the 2008/9 recession, its earnings growth was basically flat, and never went negative. If I had to make a guess, I think PayPal's earnings growth rate would probably decline during a \"normal\" recession, but still wouldn't be especially cyclical. For those reasons, I'm going to go ahead with my Full-Cycle Earnings Analysis even though we don't have hard historical data from \"normal\" recession for PayPal.</p><p><blockquote>我们可以看到，自2015年以来，PayPal的每股收益每年都在增长。这是一个明显的长期增长模式，它使该股票作为长期投资非常有吸引力。自2015年以来，没有出现过任何盈利负增长的年份，因此该股票可能非常适合我将要进行的盈利分析类型。不过，要问的一个重要问题是，虽然我们在2020年确实经历了短暂的衰退，但这是一次非常不寻常的衰退。在更长、更持久的经济衰退期间，PayPal的业务可能会对经济更加敏感。所以，这是一个风险。然而，当我考察eBay(EBAY)在2008/9年经济衰退中的表现时，其盈利增长基本持平，从未出现过负增长。如果让我猜的话，我认为PayPal的盈利增长率可能会在“正常”衰退期间下降，但仍然不会特别具有周期性。出于这些原因，尽管我们没有PayPal“正常”衰退的硬历史数据，但我仍将继续进行全周期盈利分析。</blockquote></p><p> <b>Market Sentiment Return Expectations</b></p><p><blockquote><b>市场情绪回归预期</b></blockquote></p><p></p><p> In order to estimate what sort of returns we might expect over the next 10 years, let's begin by examining what return we could expect 10 years from now if the P/E multiple were to revert to its mean from the previous economic cycle. Since we have had a recent recession (albeit an unusual one) I'm starting this cycle in fiscal year 2015 and running it through 2021's estimates.</p><p><blockquote>为了估计未来10年我们可能预期的回报，让我们首先研究一下，如果市盈率倍数恢复到上一个经济周期的平均值，我们从现在起10年后可以预期的回报。由于我们最近经历了一次衰退（尽管是一次不寻常的衰退），我将在2015财年开始这个周期，并通过2021年的估计运行它。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e36d2c3455962a02d96b8c88c32eadce\" tg-width=\"640\" tg-height=\"490\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> PayPal's average P/E from 2015 to the present has been a healthy 34.11 (the blue bar circled in gold on the FAST Graph). Using 2021's forward earnings estimates of $4.60 (also circled in gold), PayPal has a current P/E of 40.73. If that 40.73 P/E were to revert to the average P/E of 34.11 over the course of the next 10 years and everything else was held the same, PayPal's price would fall and it would produce a 10-Year CAGR of<b>-1.75%</b>. That's the annual return we can expect from sentiment mean reversion if it takes ten years to revert. If it takes less time to revert, the price could fall faster.</p><p><blockquote>PayPal从2015年至今的平均市盈率为34.11（快速图上用金色圈出的蓝色条）。使用2021年4.60美元的预期盈利预测（也用金色圈出），PayPal目前的市盈率为40.73。如果40.73市盈率在未来10年恢复到34.11的平均市盈率，而其他条件保持不变，PayPal的股价将会下跌，10年复合年增长率将为<b>-1.75%</b>如果情绪均值回归需要十年时间，这就是我们可以从情绪均值回归中预期的年回报率。如果恢复所需的时间更短，价格可能会下跌得更快。</blockquote></p><p> <b>Business Earnings Expectations</b></p><p><blockquote><b>业务盈利预期</b></blockquote></p><p> We previously examined what would happen if market sentiment reverted to the mean. This is entirely determined by the mood of the market and is quite often disconnected, or only loosely connected, to the performance of the actual business. In this section, we will examine the actual earnings of the business. The goal here is simple: We want to know how much money we would earn (expressed in the form of a CAGR %) over the course of 10 years if we bought the business at today's prices and kept all of the earnings for ourselves.</p><p><blockquote>我们之前研究了如果市场情绪恢复到均值会发生什么。这完全由市场情绪决定，并且通常与实际业务的表现脱节，或者只是松散地联系在一起。在本节中，我们将检查企业的实际收益。这里的目标很简单：我们想知道如果我们以今天的价格收购企业并将所有收益留给自己，我们在10年内会赚多少钱（以CAGR%的形式表示）。</blockquote></p><p> There are two main components of this: the first is the earnings yield and the second is the rate at which the earnings can be expected to grow. Let's start with the earnings yield (which is an inverted P/E ratio, so, the Earnings/Price ratio). The current earnings yield is about +2.46%. The way I like to think about this is, if I bought the company's whole business right now for $100, I would earn $2.46 per year on my investment if earnings remained the same for the next 10 years.</p><p><blockquote>这有两个主要组成部分：第一个是收益收益率，第二个是收益的预期增长率。让我们从收益率（这是一个倒置的市盈率，因此，市盈率）开始。目前的收益率约为+2.46%。我喜欢思考这个问题的方式是，如果我现在以100美元购买公司的整个业务，如果未来10年收益保持不变，我每年的投资将获得2.46美元。</blockquote></p><p> The next step is to estimate the company's earnings growth during this time period. I do that by figuring out at what rate earnings grew during the last cycle and applying that rate to the next 10 years. This involves calculating the EPS growth rate since 2015, taking into account each year's EPS growth or decline, and then backing out any share buybacks that occurred over that time period (because reducing shares will increase the EPS due to fewer shares).</p><p><blockquote>下一步是估计公司在这段时间内的盈利增长。我通过计算上一个周期的收益增长率并将该增长率应用于未来10年来做到这一点。这涉及计算自2015年以来的每股收益增长率，考虑每年的每股收益增长或下降，然后退出该时期发生的任何股票回购（因为减持股票会因股票减少而增加每股收益）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f31b7d8ed5f59c82c2531cc686324d1a\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Due to the scale of the graph, the buybacks look much bigger than they actually are, and there isn't much to adjust here. Additionally, since PayPal has grown earnings every year there are no earnings growth declines to adjust for either. This makes estimating PayPal's earnings growth a relatively straightforward affair, and I estimate PayPal's earnings growth at about +23.65%.</p><p><blockquote>由于图表的规模，回购看起来比实际要大得多，这里没有太多调整。此外，由于PayPal的盈利每年都在增长，因此无需调整盈利增长下降。这使得估计PayPal的盈利增长变得相对简单，我估计PayPal的盈利增长约为+23.65%。</blockquote></p><p> Now, this is the point where my conservatism when it comes to asking myself \"What is a reasonable expectation, for valuation purposes, going forward 10 years?\" It is very, very difficult for businesses to grow earnings over 20% per year for a full decade (particularly if they have already been doing that the previous decade). For that reason, I cap all of my long-term forward earnings growth estimates when using them for valuation purposes at 20%. This is simply a way to help keep me from overpaying for a stock when their P/E multiple is likely to contract over time. So, for this valuation exercise, I am limiting my earnings growth assumption to 20%.</p><p><blockquote>现在，当我问自己“出于估值目的，未来10年的合理预期是什么？”对于企业来说，在整整十年的时间里，收入每年增长超过20%是非常非常困难的（特别是如果他们在过去十年里已经这样做了）。因此，在用于估值目的时，我将所有长期预期盈利增长预测限制在20%。当股票的市盈率可能会随着时间的推移而收缩时，这只是一种帮助我避免为股票支付过高价格的方法。因此，对于这次估值工作，我将盈利增长假设限制在20%。</blockquote></p><p> Next, I'll apply that growth rate to current earnings, looking forward 10 years in order to get a final 10-year CAGR estimate. The way I think about this is, if I bought PayPal's whole business for $100, it would pay me back $2.46 plus +20.00% growth the first year, and that amount would grow at +20.00% per year for 10 years after that. I want to know how much money I would have in total at the end of 10 years on my $100 investment, which I calculate to be about $176.50 (including the original $100). When I plug that growth into a CAGR calculator, that translates to a<b>+5.85%</b>10-year CAGR estimate for the expected business earnings returns.</p><p><blockquote>接下来，我将将该增长率应用于当前收益，展望10年，以获得最终的10年复合年增长率估计。我的想法是，如果我以100美元收购PayPal的整个业务，它将在第一年偿还我2.46美元，外加+20.00%的增长，并且在那之后的10年里，这个数额将以每年+20.00%的速度增长。我想知道我的100美元投资在10年后总共会有多少钱，我计算出大约是176.50美元（包括最初的100美元）。当我将这种增长插入CAGR计算器时，就会转化为<b>+5.85%</b>预期业务盈利回报的10年复合年增长率估计。</blockquote></p><p> <b>10-Year, Full-Cycle CAGR Estimate</b></p><p><blockquote><b>10年全周期复合年增长率估计</b></blockquote></p><p></p><p> Potential future returns can come from two main places: market sentiment returns or business earnings returns. If we assume that market sentiment reverts to the mean from the last cycle over the next 10 years for PayPal, it will produce a -1.75% CAGR. If the earnings yield and growth are similar to the last cycle, the company should produce somewhere around a +5.85% 10-year CAGR. If we put the two together, we get an expected 10-year, full-cycle CAGR of<b>+4.10%</b>at today's price.</p><p><blockquote>潜在的未来回报可以来自两个主要地方：市场情绪回报或业务收益回报。如果我们假设PayPal未来10年的市场情绪恢复到上一个周期的平均值，则复合年增长率将为-1.75%。如果盈利收益率和增长与上一个周期相似，该公司的10年复合年增长率应该在+5.85%左右。如果我们将两者放在一起，我们会得到预期的10年全周期复合年增长率为<b>+4.10%</b>以今天的价格。</blockquote></p><p> My Buy/Sell/Hold range for this category of stocks is: above a 12% CAGR is a Buy, below a 4% expected CAGR is a Sell, and in between 4% and 12% is a Hold. This puts PayPal stock just barely into the \"Hold\" category at today's price level.</p><p><blockquote>我对此类股票的买入/卖出/持有范围是：复合年增长率高于12%为买入，预期复合年增长率低于4%为卖出，4%至12%之间为持有。这使得PayPal股票在今天的价格水平上勉强属于“持有”类别。</blockquote></p><p> <b>Additional Considerations</b></p><p><blockquote><b>其他注意事项</b></blockquote></p><p> I consider PayPal one of the highest quality growth stocks in the market right now, which is why I've been monitoring its valuation relatively closely. In this section I'm going to share my fair value range for PayPal along with the price I would be willing to buy the stock with a margin of safety based on earnings, and also the price I would consider buying using a more aggressive and less conservative valuation approach. So, I'm going to look at PayPal's valuation from a variety of different perspectives to give us a clearer view of what might be an appropriate price to pay for the stock.</p><p><blockquote>我认为PayPal是目前市场上质量最高的成长型股票之一，这就是为什么我一直相对密切地关注其估值。在本节中，我将分享我对PayPal的公允价值范围，以及我愿意在基于收益的安全边际下购买该股票的价格，以及我考虑使用更激进和不太保守的估值方法购买的价格。因此，我将从各种不同的角度来看PayPal的估值，让我们更清楚地了解购买该股票的合适价格。</blockquote></p><p> First, I'll start with my buy price and fair value range using the same assumptions and inputs I used in this article. If we use all of those same inputs my current fair value range for PayPal is about $126.50 to $164.00 per share. My current buy price that includes a margin of safety is $112.10. Investors who buy below that price have very good odds of great returns over the medium-term with the stock.</p><p><blockquote>首先，我将使用本文中使用的相同假设和输入从我的购买价格和公允价值范围开始。如果我们使用所有这些相同的输入，我目前对PayPal的公允价值范围约为每股126.50美元至164.00美元。我目前的买入价格（包括安全边际）是112.10美元。低于该价格买入的投资者在中期内很有可能获得丰厚的回报。</blockquote></p><p> Once we get into the new year and 2022, I'll start pulling forward PayPal's 2022 earnings for my estimates. Right now, analysts expect $5.25 per share from earnings in 2022. That will improve PayPal's valuation a lot if the rest of their metrics remain the same, and it would raise their fair value range up to $145.00 to $187.50 dollars per share with a margin of safety buy price at $128.00 per share. This, of course, assumes analysts keep their estimates for 2022 in place and don't lower them over the next couple of months. It also means, based on future earnings, that in a month or two if PayPal keeps trading near its current price, it is already in the top end of a \"fair value\" price range. This might be a further reason for current owners to keep holding.</p><p><blockquote>一旦我们进入新的一年和2022年，我将开始提前预测PayPal 2022年的盈利。目前，分析师预计2022年每股收益为5.25美元。如果PayPal的其他指标保持不变，这将大大提高其估值，并将其公允价值范围提高至每股145.00美元至187.50美元，安全买入价格为每股128.00美元。当然，这是假设分析师维持对2022年的预期不变，并且在未来几个月内不会降低预期。这也意味着，根据未来的收益，如果PayPal在一两个月内保持接近当前价格的交易，它已经处于“公允价值”价格范围的上限。这可能是当前所有者继续持有的另一个原因。</blockquote></p><p> The Full-Cycle Earnings analysis I used in this article is not the only type of analysis I use. For certain rare businesses with fast profit growth dynamics, I recently developed a new analysis to help identify fast-growing businesses that might never become cheap enough to buy based on earnings alone. The methods of this analysis are exclusive to my private service, The Cyclical Investor's Club, but since PayPal's profit growth is very strong, it actually qualifies for this type of analysis, too, and I thought I would at least share the sort of \"buy price\" that analysis produces because it's a little more aggressive than the earnings-based analysis.</p><p><blockquote>我在本文中使用的全周期收益分析并不是我使用的唯一分析类型。对于某些利润快速增长的罕见企业，我最近开发了一种新的分析方法，以帮助识别仅根据收益可能永远不会变得足够便宜的快速增长企业。这种分析的方法是我的私人服务机构周期性投资者俱乐部独有的，但由于PayPal的利润增长非常强劲，它实际上也有资格进行这种类型的分析，我想我至少会分享这种分析产生的“购买价格”，因为它比基于收益的分析更激进一些。</blockquote></p><p> When I examine PayPal using the profit growth analysis, it produces a buy price of $144.90. I find that interesting because if profits keep growing this quarter that price is likely to rise a little bit and put it pretty close to the middle of fair value using next year's earnings using my earnings-based method. This assumes that PayPal's metrics don't deteriorate between now and then, and there would be some technical requirements PayPal would have to meet as well, but I think the odds are good that by February of 2022 I could be a buyer of PayPal stock, approximately one year after I warned investors about its high valuation. It's going to be very interesting to see how it turns out.</p><p><blockquote>当我使用利润增长分析来检查PayPal时，它得出的买入价格为144.90美元。我觉得这很有趣，因为如果本季度利润继续增长，价格可能会上涨一点，并使用我的基于收益的方法，使用明年的收益，使其非常接近公允价值的中间值。这是假设PayPal的指标从现在到那时不会恶化，而且PayPal也必须满足一些技术要求，但我认为到2022年2月，我很有可能成为PayPal股票的买家，大约在我警告投资者其高估值一年后。看看结果会很有趣。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> I think PayPal's 2021 decline is an interesting and useful case study that goes beyond PayPal itself. The sort of decline we've seen in PayPal's stock price this year was entirely predictable and there are many other richly valued technology stocks that will experience a similar decline, likely in 2022 for most of them. For investors who are overweight these types of stocks, now is probably a time to consider diversifying in order to help keep the gains they have experienced the past couple of years. While there will be some overvalued stocks that simply stagnate for several years and go nowhere, and a rare few that manage to keep rising, the vast majority will experience declines like PayPal has experienced.</p><p><blockquote>我认为PayPal 2021年的衰落是一个有趣且有用的案例研究，超越了PayPal本身。我们今年看到的PayPal股价下跌是完全可以预见的，还有许多其他估值丰厚的科技股也将经历类似的下跌，其中大多数可能在2022年。对于跑赢大盘此类股票的投资者来说，现在可能是考虑多元化的时候了，以帮助保持过去几年的收益。虽然会有一些被高估的股票停滞不前几年，毫无进展，也有极少数股票设法继续上涨，但绝大多数股票将经历像PayPal那样的下跌。</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>PayPal's Recent Price Decline Will Eventually Happen To Nearly All Overvalued Technology Stocks<blockquote>PayPal最近的价格下跌最终将发生在几乎所有被高估的科技股身上</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\">\nPayPal's Recent Price Decline Will Eventually Happen To Nearly All Overvalued Technology Stocks<blockquote>PayPal最近的价格下跌最终将发生在几乎所有被高估的科技股身上</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-14 11:43</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>PayPal stock is down over -35% off this year's highs, and the stock still isn't cheap.</li>  <li>I warned investors back in February of 2021 that PayPal was extremely overvalued and worth selling.</li>  <li>That warning could have been issued for dozens and dozens of overvalued technology stocks that still have over -50% downside from here within the next 3 years.</li>  <li>PayPal remains a great company that I would like to own, so I analyze the stock in order to establish I price at which I'd be willing to buy it.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/847095b0be294275f55f7e8f700d56b4\" tg-width=\"1536\" tg-height=\"1229\" width=\"100%\" height=\"auto\"><span>BsWei/iStock via Getty Images</span></p><p><blockquote><ul><li>PayPal股价较今年高点下跌超过-35%，而且该股仍然不便宜。</li><li>我早在2021年2月就警告投资者，PayPal的估值被严重高估，值得出售。</li><li>这一警告可能是针对数十只被高估的科技股发出的，这些股在未来3年内仍有超过-50%的下跌空间。</li><li>PayPal仍然是一家我想拥有的伟大公司，因此我分析该股票以确定我愿意购买它的价格。</li></ul><p class=\"t-img-caption\"><span>BsWei/iStock来自Getty Images</span></p></blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> Back on February 6th, 2021, I made a video where I shared with investors why PayPal (PYPL) stock was overvalued enough to sell. I shared that video on my Seeking Alpha bloghere. Since that time, PayPal has performed poorly both on an absolute basis and relative to the S&amp;P 500 (SPY).</p><p><blockquote>早在2021年2月6日，我就制作了一段视频，与投资者分享了为什么PayPal(PYPL)股票被高估到足以出售。我在我的Seeking Alpha bloghere上分享了该视频。自那时以来，PayPal的绝对表现和相对于标普500（SPDR标普500指数ETF）的表现都很差。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8252b7218af36cce8b5a591f56abaecd\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> The stock price is down about -30% since I warned investors and down about -38% off its high price of the year.</p><p><blockquote>自从我向投资者发出警告以来，该股股价已下跌约-30%，较今年的高点下跌约-38%。</blockquote></p><p> The truth is that I could have issued the same warning about many other technology stocks that had become overvalued, but PayPal was one that I actually wanted to buy if the price ever fell to a reasonable level. It was a case where there was absolutely nothing wrong with the company. There was no bad story to tell. The price had simply gotten insanely overvalued. It didn't matter how good the story around PayPal was back in February. Numbers almost always trump narrative over the long-term. And the numbers back then didn't make sense.</p><p><blockquote>事实是，我本可以对许多其他被高估的科技股发出同样的警告，但如果价格跌至合理水平，我实际上想买入PayPal。这是一个公司绝对没有问题的案例。没有什么不好的故事可讲。这个价格被高估了。二月份围绕PayPal的故事有多好并不重要。从长远来看，数字几乎总是胜过叙事。当时的数字没有意义。</blockquote></p><p> This should be an important lesson for medium and long-term investors. If the numbers don't work, it doesn't matter what the story is.</p><p><blockquote>这应该是中长线投资者的重要一课。如果数字不起作用，故事是什么并不重要。</blockquote></p><p> The difficultly for a stock writer like myself is that investors<i>love</i>narratives and stories. It's not our fault. Our human brains are hardwired that way. Since I shared my bearish February PayPal video, out of 62 articles on Seeking Alpha covering PayPal, there hasn't been a single \"Bearish\" article written. The primary reason for that is because PayPal's narrative was so appealing that valuation numbers were either ignored, or the assumptions around the numbers were not realistic.</p><p><blockquote>对于像我这样的股票作家来说，困难的是投资者<i>爱</i>叙事和故事。这不是我们的错。我们人类的大脑天生就是这样。自从我分享了我看跌的2月份PayPal视频以来，Seeking Alpha上报道PayPal的62篇文章中，没有一篇“看跌”文章。主要原因是PayPal的叙述如此吸引人，以至于估值数字要么被忽视，要么围绕这些数字的假设不现实。</blockquote></p><p> In this article, I'm going to share my current PayPal valuation based on earnings and earnings growth projections. I'll also share what I consider to be a fair value range for PayPal stock, and the price I would be looking to buy with a margin of safety. This is the same basic process I used to determine that PayPal stock was overvalued back in February of 2021.</p><p><blockquote>在本文中，我将分享我目前基于盈利和盈利增长预测的PayPal估值。我还将分享我认为PayPal股票的公允价值范围，以及我希望在安全边际的情况下购买的价格。这与我在2021年2月用来确定PayPal股票被高估的基本过程相同。</blockquote></p><p> <b>Full-Cycle Earnings Analysis</b></p><p><blockquote><b>全周期盈利分析</b></blockquote></p><p> As part of the analysis, I calculate what I consider to be the two main drivers of future total returns: Market sentiment returns and business returns. I then combine those expected returns together in the form of a 10-year CAGR expectation and use that to value the stock.</p><p><blockquote>作为分析的一部分，我计算了我认为未来总回报的两个主要驱动因素：市场情绪回报和商业回报。然后，我将这些预期回报以10年复合年增长率预期的形式组合在一起，并用它来评估股票。</blockquote></p><p> Before I begin this analysis, I always check the business's long-term earnings patterns in order to ensure that the business is a proper fit for this sort of analysis. If the historical earnings 1) don't have a long enough history 2) are erratic in nature, or 3) are too cyclical, then I either avoid analyzing the stock altogether or I use a different type of analysis that is more appropriate.</p><p><blockquote>在我开始这种分析之前，我总是检查企业的长期盈利模式，以确保企业适合这种分析。如果历史收益1）没有足够长的历史2）本质上不稳定，或者3）周期性太强，那么我要么完全避免分析股票，要么使用更合适的不同类型的分析。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/70078307e65a5a1d0e37f9e70b726b77\" tg-width=\"640\" tg-height=\"490\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> We can see that since 2015 PayPal's earnings per share have increased every single year. This is a clear secular growth pattern and it makes the stock very attractive as a long-term investment. Since 2015 there haven't been any negative earnings growth years so the stock is likely a good fit for the type of earnings analysis I'm going to perform. One important question to ask, though, is that while we did have a brief recession in 2020, it was a very unusual one. It's possible that PayPal's business could be more economically sensitive during a longer, more drawn-out recession. So, that is a risk. However, when I examined how eBay (EBAY) performed in the 2008/9 recession, its earnings growth was basically flat, and never went negative. If I had to make a guess, I think PayPal's earnings growth rate would probably decline during a \"normal\" recession, but still wouldn't be especially cyclical. For those reasons, I'm going to go ahead with my Full-Cycle Earnings Analysis even though we don't have hard historical data from \"normal\" recession for PayPal.</p><p><blockquote>我们可以看到，自2015年以来，PayPal的每股收益每年都在增长。这是一个明显的长期增长模式，它使该股票作为长期投资非常有吸引力。自2015年以来，没有出现过任何盈利负增长的年份，因此该股票可能非常适合我将要进行的盈利分析类型。不过，要问的一个重要问题是，虽然我们在2020年确实经历了短暂的衰退，但这是一次非常不寻常的衰退。在更长、更持久的经济衰退期间，PayPal的业务可能会对经济更加敏感。所以，这是一个风险。然而，当我考察eBay(EBAY)在2008/9年经济衰退中的表现时，其盈利增长基本持平，从未出现过负增长。如果让我猜的话，我认为PayPal的盈利增长率可能会在“正常”衰退期间下降，但仍然不会特别具有周期性。出于这些原因，尽管我们没有PayPal“正常”衰退的硬历史数据，但我仍将继续进行全周期盈利分析。</blockquote></p><p> <b>Market Sentiment Return Expectations</b></p><p><blockquote><b>市场情绪回归预期</b></blockquote></p><p></p><p> In order to estimate what sort of returns we might expect over the next 10 years, let's begin by examining what return we could expect 10 years from now if the P/E multiple were to revert to its mean from the previous economic cycle. Since we have had a recent recession (albeit an unusual one) I'm starting this cycle in fiscal year 2015 and running it through 2021's estimates.</p><p><blockquote>为了估计未来10年我们可能预期的回报，让我们首先研究一下，如果市盈率倍数恢复到上一个经济周期的平均值，我们从现在起10年后可以预期的回报。由于我们最近经历了一次衰退（尽管是一次不寻常的衰退），我将在2015财年开始这个周期，并通过2021年的估计运行它。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e36d2c3455962a02d96b8c88c32eadce\" tg-width=\"640\" tg-height=\"490\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> PayPal's average P/E from 2015 to the present has been a healthy 34.11 (the blue bar circled in gold on the FAST Graph). Using 2021's forward earnings estimates of $4.60 (also circled in gold), PayPal has a current P/E of 40.73. If that 40.73 P/E were to revert to the average P/E of 34.11 over the course of the next 10 years and everything else was held the same, PayPal's price would fall and it would produce a 10-Year CAGR of<b>-1.75%</b>. That's the annual return we can expect from sentiment mean reversion if it takes ten years to revert. If it takes less time to revert, the price could fall faster.</p><p><blockquote>PayPal从2015年至今的平均市盈率为34.11（快速图上用金色圈出的蓝色条）。使用2021年4.60美元的预期盈利预测（也用金色圈出），PayPal目前的市盈率为40.73。如果40.73市盈率在未来10年恢复到34.11的平均市盈率，而其他条件保持不变，PayPal的股价将会下跌，10年复合年增长率将为<b>-1.75%</b>如果情绪均值回归需要十年时间，这就是我们可以从情绪均值回归中预期的年回报率。如果恢复所需的时间更短，价格可能会下跌得更快。</blockquote></p><p> <b>Business Earnings Expectations</b></p><p><blockquote><b>业务盈利预期</b></blockquote></p><p> We previously examined what would happen if market sentiment reverted to the mean. This is entirely determined by the mood of the market and is quite often disconnected, or only loosely connected, to the performance of the actual business. In this section, we will examine the actual earnings of the business. The goal here is simple: We want to know how much money we would earn (expressed in the form of a CAGR %) over the course of 10 years if we bought the business at today's prices and kept all of the earnings for ourselves.</p><p><blockquote>我们之前研究了如果市场情绪恢复到均值会发生什么。这完全由市场情绪决定，并且通常与实际业务的表现脱节，或者只是松散地联系在一起。在本节中，我们将检查企业的实际收益。这里的目标很简单：我们想知道如果我们以今天的价格收购企业并将所有收益留给自己，我们在10年内会赚多少钱（以CAGR%的形式表示）。</blockquote></p><p> There are two main components of this: the first is the earnings yield and the second is the rate at which the earnings can be expected to grow. Let's start with the earnings yield (which is an inverted P/E ratio, so, the Earnings/Price ratio). The current earnings yield is about +2.46%. The way I like to think about this is, if I bought the company's whole business right now for $100, I would earn $2.46 per year on my investment if earnings remained the same for the next 10 years.</p><p><blockquote>这有两个主要组成部分：第一个是收益收益率，第二个是收益的预期增长率。让我们从收益率（这是一个倒置的市盈率，因此，市盈率）开始。目前的收益率约为+2.46%。我喜欢思考这个问题的方式是，如果我现在以100美元购买公司的整个业务，如果未来10年收益保持不变，我每年的投资将获得2.46美元。</blockquote></p><p> The next step is to estimate the company's earnings growth during this time period. I do that by figuring out at what rate earnings grew during the last cycle and applying that rate to the next 10 years. This involves calculating the EPS growth rate since 2015, taking into account each year's EPS growth or decline, and then backing out any share buybacks that occurred over that time period (because reducing shares will increase the EPS due to fewer shares).</p><p><blockquote>下一步是估计公司在这段时间内的盈利增长。我通过计算上一个周期的收益增长率并将该增长率应用于未来10年来做到这一点。这涉及计算自2015年以来的每股收益增长率，考虑每年的每股收益增长或下降，然后退出该时期发生的任何股票回购（因为减持股票会因股票减少而增加每股收益）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f31b7d8ed5f59c82c2531cc686324d1a\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Due to the scale of the graph, the buybacks look much bigger than they actually are, and there isn't much to adjust here. Additionally, since PayPal has grown earnings every year there are no earnings growth declines to adjust for either. This makes estimating PayPal's earnings growth a relatively straightforward affair, and I estimate PayPal's earnings growth at about +23.65%.</p><p><blockquote>由于图表的规模，回购看起来比实际要大得多，这里没有太多调整。此外，由于PayPal的盈利每年都在增长，因此无需调整盈利增长下降。这使得估计PayPal的盈利增长变得相对简单，我估计PayPal的盈利增长约为+23.65%。</blockquote></p><p> Now, this is the point where my conservatism when it comes to asking myself \"What is a reasonable expectation, for valuation purposes, going forward 10 years?\" It is very, very difficult for businesses to grow earnings over 20% per year for a full decade (particularly if they have already been doing that the previous decade). For that reason, I cap all of my long-term forward earnings growth estimates when using them for valuation purposes at 20%. This is simply a way to help keep me from overpaying for a stock when their P/E multiple is likely to contract over time. So, for this valuation exercise, I am limiting my earnings growth assumption to 20%.</p><p><blockquote>现在，当我问自己“出于估值目的，未来10年的合理预期是什么？”对于企业来说，在整整十年的时间里，收入每年增长超过20%是非常非常困难的（特别是如果他们在过去十年里已经这样做了）。因此，在用于估值目的时，我将所有长期预期盈利增长预测限制在20%。当股票的市盈率可能会随着时间的推移而收缩时，这只是一种帮助我避免为股票支付过高价格的方法。因此，对于这次估值工作，我将盈利增长假设限制在20%。</blockquote></p><p> Next, I'll apply that growth rate to current earnings, looking forward 10 years in order to get a final 10-year CAGR estimate. The way I think about this is, if I bought PayPal's whole business for $100, it would pay me back $2.46 plus +20.00% growth the first year, and that amount would grow at +20.00% per year for 10 years after that. I want to know how much money I would have in total at the end of 10 years on my $100 investment, which I calculate to be about $176.50 (including the original $100). When I plug that growth into a CAGR calculator, that translates to a<b>+5.85%</b>10-year CAGR estimate for the expected business earnings returns.</p><p><blockquote>接下来，我将将该增长率应用于当前收益，展望10年，以获得最终的10年复合年增长率估计。我的想法是，如果我以100美元收购PayPal的整个业务，它将在第一年偿还我2.46美元，外加+20.00%的增长，并且在那之后的10年里，这个数额将以每年+20.00%的速度增长。我想知道我的100美元投资在10年后总共会有多少钱，我计算出大约是176.50美元（包括最初的100美元）。当我将这种增长插入CAGR计算器时，就会转化为<b>+5.85%</b>预期业务盈利回报的10年复合年增长率估计。</blockquote></p><p> <b>10-Year, Full-Cycle CAGR Estimate</b></p><p><blockquote><b>10年全周期复合年增长率估计</b></blockquote></p><p></p><p> Potential future returns can come from two main places: market sentiment returns or business earnings returns. If we assume that market sentiment reverts to the mean from the last cycle over the next 10 years for PayPal, it will produce a -1.75% CAGR. If the earnings yield and growth are similar to the last cycle, the company should produce somewhere around a +5.85% 10-year CAGR. If we put the two together, we get an expected 10-year, full-cycle CAGR of<b>+4.10%</b>at today's price.</p><p><blockquote>潜在的未来回报可以来自两个主要地方：市场情绪回报或业务收益回报。如果我们假设PayPal未来10年的市场情绪恢复到上一个周期的平均值，则复合年增长率将为-1.75%。如果盈利收益率和增长与上一个周期相似，该公司的10年复合年增长率应该在+5.85%左右。如果我们将两者放在一起，我们会得到预期的10年全周期复合年增长率为<b>+4.10%</b>以今天的价格。</blockquote></p><p> My Buy/Sell/Hold range for this category of stocks is: above a 12% CAGR is a Buy, below a 4% expected CAGR is a Sell, and in between 4% and 12% is a Hold. This puts PayPal stock just barely into the \"Hold\" category at today's price level.</p><p><blockquote>我对此类股票的买入/卖出/持有范围是：复合年增长率高于12%为买入，预期复合年增长率低于4%为卖出，4%至12%之间为持有。这使得PayPal股票在今天的价格水平上勉强属于“持有”类别。</blockquote></p><p> <b>Additional Considerations</b></p><p><blockquote><b>其他注意事项</b></blockquote></p><p> I consider PayPal one of the highest quality growth stocks in the market right now, which is why I've been monitoring its valuation relatively closely. In this section I'm going to share my fair value range for PayPal along with the price I would be willing to buy the stock with a margin of safety based on earnings, and also the price I would consider buying using a more aggressive and less conservative valuation approach. So, I'm going to look at PayPal's valuation from a variety of different perspectives to give us a clearer view of what might be an appropriate price to pay for the stock.</p><p><blockquote>我认为PayPal是目前市场上质量最高的成长型股票之一，这就是为什么我一直相对密切地关注其估值。在本节中，我将分享我对PayPal的公允价值范围，以及我愿意在基于收益的安全边际下购买该股票的价格，以及我考虑使用更激进和不太保守的估值方法购买的价格。因此，我将从各种不同的角度来看PayPal的估值，让我们更清楚地了解购买该股票的合适价格。</blockquote></p><p> First, I'll start with my buy price and fair value range using the same assumptions and inputs I used in this article. If we use all of those same inputs my current fair value range for PayPal is about $126.50 to $164.00 per share. My current buy price that includes a margin of safety is $112.10. Investors who buy below that price have very good odds of great returns over the medium-term with the stock.</p><p><blockquote>首先，我将使用本文中使用的相同假设和输入从我的购买价格和公允价值范围开始。如果我们使用所有这些相同的输入，我目前对PayPal的公允价值范围约为每股126.50美元至164.00美元。我目前的买入价格（包括安全边际）是112.10美元。低于该价格买入的投资者在中期内很有可能获得丰厚的回报。</blockquote></p><p> Once we get into the new year and 2022, I'll start pulling forward PayPal's 2022 earnings for my estimates. Right now, analysts expect $5.25 per share from earnings in 2022. That will improve PayPal's valuation a lot if the rest of their metrics remain the same, and it would raise their fair value range up to $145.00 to $187.50 dollars per share with a margin of safety buy price at $128.00 per share. This, of course, assumes analysts keep their estimates for 2022 in place and don't lower them over the next couple of months. It also means, based on future earnings, that in a month or two if PayPal keeps trading near its current price, it is already in the top end of a \"fair value\" price range. This might be a further reason for current owners to keep holding.</p><p><blockquote>一旦我们进入新的一年和2022年，我将开始提前预测PayPal 2022年的盈利。目前，分析师预计2022年每股收益为5.25美元。如果PayPal的其他指标保持不变，这将大大提高其估值，并将其公允价值范围提高至每股145.00美元至187.50美元，安全买入价格为每股128.00美元。当然，这是假设分析师维持对2022年的预期不变，并且在未来几个月内不会降低预期。这也意味着，根据未来的收益，如果PayPal在一两个月内保持接近当前价格的交易，它已经处于“公允价值”价格范围的上限。这可能是当前所有者继续持有的另一个原因。</blockquote></p><p> The Full-Cycle Earnings analysis I used in this article is not the only type of analysis I use. For certain rare businesses with fast profit growth dynamics, I recently developed a new analysis to help identify fast-growing businesses that might never become cheap enough to buy based on earnings alone. The methods of this analysis are exclusive to my private service, The Cyclical Investor's Club, but since PayPal's profit growth is very strong, it actually qualifies for this type of analysis, too, and I thought I would at least share the sort of \"buy price\" that analysis produces because it's a little more aggressive than the earnings-based analysis.</p><p><blockquote>我在本文中使用的全周期收益分析并不是我使用的唯一分析类型。对于某些利润快速增长的罕见企业，我最近开发了一种新的分析方法，以帮助识别仅根据收益可能永远不会变得足够便宜的快速增长企业。这种分析的方法是我的私人服务机构周期性投资者俱乐部独有的，但由于PayPal的利润增长非常强劲，它实际上也有资格进行这种类型的分析，我想我至少会分享这种分析产生的“购买价格”，因为它比基于收益的分析更激进一些。</blockquote></p><p> When I examine PayPal using the profit growth analysis, it produces a buy price of $144.90. I find that interesting because if profits keep growing this quarter that price is likely to rise a little bit and put it pretty close to the middle of fair value using next year's earnings using my earnings-based method. This assumes that PayPal's metrics don't deteriorate between now and then, and there would be some technical requirements PayPal would have to meet as well, but I think the odds are good that by February of 2022 I could be a buyer of PayPal stock, approximately one year after I warned investors about its high valuation. It's going to be very interesting to see how it turns out.</p><p><blockquote>当我使用利润增长分析来检查PayPal时，它得出的买入价格为144.90美元。我觉得这很有趣，因为如果本季度利润继续增长，价格可能会上涨一点，并使用我的基于收益的方法，使用明年的收益，使其非常接近公允价值的中间值。这是假设PayPal的指标从现在到那时不会恶化，而且PayPal也必须满足一些技术要求，但我认为到2022年2月，我很有可能成为PayPal股票的买家，大约在我警告投资者其高估值一年后。看看结果会很有趣。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> I think PayPal's 2021 decline is an interesting and useful case study that goes beyond PayPal itself. The sort of decline we've seen in PayPal's stock price this year was entirely predictable and there are many other richly valued technology stocks that will experience a similar decline, likely in 2022 for most of them. For investors who are overweight these types of stocks, now is probably a time to consider diversifying in order to help keep the gains they have experienced the past couple of years. While there will be some overvalued stocks that simply stagnate for several years and go nowhere, and a rare few that manage to keep rising, the vast majority will experience declines like PayPal has experienced.</p><p><blockquote>我认为PayPal 2021年的衰落是一个有趣且有用的案例研究，超越了PayPal本身。我们今年看到的PayPal股价下跌是完全可以预见的，还有许多其他估值丰厚的科技股也将经历类似的下跌，其中大多数可能在2022年。对于跑赢大盘此类股票的投资者来说，现在可能是考虑多元化的时候了，以帮助保持过去几年的收益。虽然会有一些被高估的股票停滞不前几年，毫无进展，也有极少数股票设法继续上涨，但绝大多数股票将经历像PayPal那样的下跌。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4474960-paypal-share-price-decline-overvalued-technology-stocks\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PYPL":"PayPal"},"source_url":"https://seekingalpha.com/article/4474960-paypal-share-price-decline-overvalued-technology-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120286910","content_text":"Summary\n\nPayPal stock is down over -35% off this year's highs, and the stock still isn't cheap.\nI warned investors back in February of 2021 that PayPal was extremely overvalued and worth selling.\nThat warning could have been issued for dozens and dozens of overvalued technology stocks that still have over -50% downside from here within the next 3 years.\nPayPal remains a great company that I would like to own, so I analyze the stock in order to establish I price at which I'd be willing to buy it.\n\nBsWei/iStock via Getty Images\nIntroduction\nBack on February 6th, 2021, I made a video where I shared with investors why PayPal (PYPL) stock was overvalued enough to sell. I shared that video on my Seeking Alpha bloghere. Since that time, PayPal has performed poorly both on an absolute basis and relative to the S&P 500 (SPY).\nData by YCharts\nThe stock price is down about -30% since I warned investors and down about -38% off its high price of the year.\nThe truth is that I could have issued the same warning about many other technology stocks that had become overvalued, but PayPal was one that I actually wanted to buy if the price ever fell to a reasonable level. It was a case where there was absolutely nothing wrong with the company. There was no bad story to tell. The price had simply gotten insanely overvalued. It didn't matter how good the story around PayPal was back in February. Numbers almost always trump narrative over the long-term. And the numbers back then didn't make sense.\nThis should be an important lesson for medium and long-term investors. If the numbers don't work, it doesn't matter what the story is.\nThe difficultly for a stock writer like myself is that investorslovenarratives and stories. It's not our fault. Our human brains are hardwired that way. Since I shared my bearish February PayPal video, out of 62 articles on Seeking Alpha covering PayPal, there hasn't been a single \"Bearish\" article written. The primary reason for that is because PayPal's narrative was so appealing that valuation numbers were either ignored, or the assumptions around the numbers were not realistic.\nIn this article, I'm going to share my current PayPal valuation based on earnings and earnings growth projections. I'll also share what I consider to be a fair value range for PayPal stock, and the price I would be looking to buy with a margin of safety. This is the same basic process I used to determine that PayPal stock was overvalued back in February of 2021.\nFull-Cycle Earnings Analysis\nAs part of the analysis, I calculate what I consider to be the two main drivers of future total returns: Market sentiment returns and business returns. I then combine those expected returns together in the form of a 10-year CAGR expectation and use that to value the stock.\nBefore I begin this analysis, I always check the business's long-term earnings patterns in order to ensure that the business is a proper fit for this sort of analysis. If the historical earnings 1) don't have a long enough history 2) are erratic in nature, or 3) are too cyclical, then I either avoid analyzing the stock altogether or I use a different type of analysis that is more appropriate.\n\nWe can see that since 2015 PayPal's earnings per share have increased every single year. This is a clear secular growth pattern and it makes the stock very attractive as a long-term investment. Since 2015 there haven't been any negative earnings growth years so the stock is likely a good fit for the type of earnings analysis I'm going to perform. One important question to ask, though, is that while we did have a brief recession in 2020, it was a very unusual one. It's possible that PayPal's business could be more economically sensitive during a longer, more drawn-out recession. So, that is a risk. However, when I examined how eBay (EBAY) performed in the 2008/9 recession, its earnings growth was basically flat, and never went negative. If I had to make a guess, I think PayPal's earnings growth rate would probably decline during a \"normal\" recession, but still wouldn't be especially cyclical. For those reasons, I'm going to go ahead with my Full-Cycle Earnings Analysis even though we don't have hard historical data from \"normal\" recession for PayPal.\nMarket Sentiment Return Expectations\nIn order to estimate what sort of returns we might expect over the next 10 years, let's begin by examining what return we could expect 10 years from now if the P/E multiple were to revert to its mean from the previous economic cycle. Since we have had a recent recession (albeit an unusual one) I'm starting this cycle in fiscal year 2015 and running it through 2021's estimates.\n\nPayPal's average P/E from 2015 to the present has been a healthy 34.11 (the blue bar circled in gold on the FAST Graph). Using 2021's forward earnings estimates of $4.60 (also circled in gold), PayPal has a current P/E of 40.73. If that 40.73 P/E were to revert to the average P/E of 34.11 over the course of the next 10 years and everything else was held the same, PayPal's price would fall and it would produce a 10-Year CAGR of-1.75%. That's the annual return we can expect from sentiment mean reversion if it takes ten years to revert. If it takes less time to revert, the price could fall faster.\nBusiness Earnings Expectations\nWe previously examined what would happen if market sentiment reverted to the mean. This is entirely determined by the mood of the market and is quite often disconnected, or only loosely connected, to the performance of the actual business. In this section, we will examine the actual earnings of the business. The goal here is simple: We want to know how much money we would earn (expressed in the form of a CAGR %) over the course of 10 years if we bought the business at today's prices and kept all of the earnings for ourselves.\nThere are two main components of this: the first is the earnings yield and the second is the rate at which the earnings can be expected to grow. Let's start with the earnings yield (which is an inverted P/E ratio, so, the Earnings/Price ratio). The current earnings yield is about +2.46%. The way I like to think about this is, if I bought the company's whole business right now for $100, I would earn $2.46 per year on my investment if earnings remained the same for the next 10 years.\nThe next step is to estimate the company's earnings growth during this time period. I do that by figuring out at what rate earnings grew during the last cycle and applying that rate to the next 10 years. This involves calculating the EPS growth rate since 2015, taking into account each year's EPS growth or decline, and then backing out any share buybacks that occurred over that time period (because reducing shares will increase the EPS due to fewer shares).\nData by YCharts\nDue to the scale of the graph, the buybacks look much bigger than they actually are, and there isn't much to adjust here. Additionally, since PayPal has grown earnings every year there are no earnings growth declines to adjust for either. This makes estimating PayPal's earnings growth a relatively straightforward affair, and I estimate PayPal's earnings growth at about +23.65%.\nNow, this is the point where my conservatism when it comes to asking myself \"What is a reasonable expectation, for valuation purposes, going forward 10 years?\" It is very, very difficult for businesses to grow earnings over 20% per year for a full decade (particularly if they have already been doing that the previous decade). For that reason, I cap all of my long-term forward earnings growth estimates when using them for valuation purposes at 20%. This is simply a way to help keep me from overpaying for a stock when their P/E multiple is likely to contract over time. So, for this valuation exercise, I am limiting my earnings growth assumption to 20%.\nNext, I'll apply that growth rate to current earnings, looking forward 10 years in order to get a final 10-year CAGR estimate. The way I think about this is, if I bought PayPal's whole business for $100, it would pay me back $2.46 plus +20.00% growth the first year, and that amount would grow at +20.00% per year for 10 years after that. I want to know how much money I would have in total at the end of 10 years on my $100 investment, which I calculate to be about $176.50 (including the original $100). When I plug that growth into a CAGR calculator, that translates to a+5.85%10-year CAGR estimate for the expected business earnings returns.\n10-Year, Full-Cycle CAGR Estimate\nPotential future returns can come from two main places: market sentiment returns or business earnings returns. If we assume that market sentiment reverts to the mean from the last cycle over the next 10 years for PayPal, it will produce a -1.75% CAGR. If the earnings yield and growth are similar to the last cycle, the company should produce somewhere around a +5.85% 10-year CAGR. If we put the two together, we get an expected 10-year, full-cycle CAGR of+4.10%at today's price.\nMy Buy/Sell/Hold range for this category of stocks is: above a 12% CAGR is a Buy, below a 4% expected CAGR is a Sell, and in between 4% and 12% is a Hold. This puts PayPal stock just barely into the \"Hold\" category at today's price level.\nAdditional Considerations\nI consider PayPal one of the highest quality growth stocks in the market right now, which is why I've been monitoring its valuation relatively closely. In this section I'm going to share my fair value range for PayPal along with the price I would be willing to buy the stock with a margin of safety based on earnings, and also the price I would consider buying using a more aggressive and less conservative valuation approach. So, I'm going to look at PayPal's valuation from a variety of different perspectives to give us a clearer view of what might be an appropriate price to pay for the stock.\nFirst, I'll start with my buy price and fair value range using the same assumptions and inputs I used in this article. If we use all of those same inputs my current fair value range for PayPal is about $126.50 to $164.00 per share. My current buy price that includes a margin of safety is $112.10. Investors who buy below that price have very good odds of great returns over the medium-term with the stock.\nOnce we get into the new year and 2022, I'll start pulling forward PayPal's 2022 earnings for my estimates. Right now, analysts expect $5.25 per share from earnings in 2022. That will improve PayPal's valuation a lot if the rest of their metrics remain the same, and it would raise their fair value range up to $145.00 to $187.50 dollars per share with a margin of safety buy price at $128.00 per share. This, of course, assumes analysts keep their estimates for 2022 in place and don't lower them over the next couple of months. It also means, based on future earnings, that in a month or two if PayPal keeps trading near its current price, it is already in the top end of a \"fair value\" price range. This might be a further reason for current owners to keep holding.\nThe Full-Cycle Earnings analysis I used in this article is not the only type of analysis I use. For certain rare businesses with fast profit growth dynamics, I recently developed a new analysis to help identify fast-growing businesses that might never become cheap enough to buy based on earnings alone. The methods of this analysis are exclusive to my private service, The Cyclical Investor's Club, but since PayPal's profit growth is very strong, it actually qualifies for this type of analysis, too, and I thought I would at least share the sort of \"buy price\" that analysis produces because it's a little more aggressive than the earnings-based analysis.\nWhen I examine PayPal using the profit growth analysis, it produces a buy price of $144.90. I find that interesting because if profits keep growing this quarter that price is likely to rise a little bit and put it pretty close to the middle of fair value using next year's earnings using my earnings-based method. This assumes that PayPal's metrics don't deteriorate between now and then, and there would be some technical requirements PayPal would have to meet as well, but I think the odds are good that by February of 2022 I could be a buyer of PayPal stock, approximately one year after I warned investors about its high valuation. It's going to be very interesting to see how it turns out.\nConclusion\nI think PayPal's 2021 decline is an interesting and useful case study that goes beyond PayPal itself. The sort of decline we've seen in PayPal's stock price this year was entirely predictable and there are many other richly valued technology stocks that will experience a similar decline, likely in 2022 for most of them. For investors who are overweight these types of stocks, now is probably a time to consider diversifying in order to help keep the gains they have experienced the past couple of years. While there will be some overvalued stocks that simply stagnate for several years and go nowhere, and a rare few that manage to keep rising, the vast majority will experience declines like PayPal has experienced.","news_type":1,"symbols_score_info":{"PYPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2252,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":604058059,"gmtCreate":1639287378922,"gmtModify":1639287379086,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575853370111148","authorIdStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/604058059","repostId":"2190679207","repostType":4,"isVote":1,"tweetType":1,"viewCount":2974,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":605552006,"gmtCreate":1639196770822,"gmtModify":1639196771026,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575853370111148","authorIdStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/605552006","repostId":"2190767366","repostType":4,"isVote":1,"tweetType":1,"viewCount":3862,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":605322826,"gmtCreate":1639117817439,"gmtModify":1639117817649,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575853370111148","authorIdStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like 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please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/602224009","repostId":"2190169579","repostType":4,"isVote":1,"tweetType":1,"viewCount":4121,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":602029246,"gmtCreate":1638943503983,"gmtModify":1638943504125,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575853370111148","authorIdStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/602029246","repostId":"2189719656","repostType":4,"isVote":1,"tweetType":1,"viewCount":2515,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":602066740,"gmtCreate":1638942413949,"gmtModify":1638942414123,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575853370111148","authorIdStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/602066740","repostId":"1184814514","repostType":4,"repost":{"id":"1184814514","kind":"news","pubTimestamp":1638941987,"share":"https://www.laohu8.com/m/news/1184814514?lang=zh_CN&edition=full","pubTime":"2021-12-08 13:39","market":"us","language":"en","title":"Cathie Wood Continues To Load Up On Blade Air Mobility Stock<blockquote>Cathie Wood继续增持Blade Air Mobility股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184814514","media":"benzinga","summary":"Closely-followed investor Cathie Wood’s investment management firm Ark Invest snapped up more shares","content":"<p><div> Closely-followed investor Cathie Wood’s investment management firm Ark Invest snapped up more shares in Blade Air Mobility In, a provider of luxury on-demand private helicopter and seaplane services, ...</p><p><blockquote><div>备受关注的投资者Cathie Wood的投资管理公司Ark Invest抢购了Blade Air Mobility的更多股份，该公司是一家豪华按需私人直升机和水上飞机服务提供商，...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24494049/cathie-wood-continues-to-load-up-on-blade-air-mobility-stock\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24494049/cathie-wood-continues-to-load-up-on-blade-air-mobility-stock\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cathie Wood Continues To Load Up On Blade Air Mobility Stock<blockquote>Cathie Wood继续增持Blade Air Mobility股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCathie Wood Continues To Load Up On Blade Air Mobility Stock<blockquote>Cathie Wood继续增持Blade Air Mobility股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">benzinga</strong><span class=\"h-time small\">2021-12-08 13:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Closely-followed investor Cathie Wood’s investment management firm Ark Invest snapped up more shares in Blade Air Mobility In, a provider of luxury on-demand private helicopter and seaplane services, ...</p><p><blockquote><div>备受关注的投资者Cathie Wood的投资管理公司Ark Invest抢购了Blade Air Mobility的更多股份，该公司是一家豪华按需私人直升机和水上飞机服务提供商，...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24494049/cathie-wood-continues-to-load-up-on-blade-air-mobility-stock\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24494049/cathie-wood-continues-to-load-up-on-blade-air-mobility-stock\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24494049/cathie-wood-continues-to-load-up-on-blade-air-mobility-stock\">benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏汽车"},"source_url":"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24494049/cathie-wood-continues-to-load-up-on-blade-air-mobility-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184814514","content_text":"Closely-followed investor Cathie Wood’s investment management firm Ark Invest snapped up more shares in Blade Air Mobility In, a provider of luxury on-demand private helicopter and seaplane services, on Tuesday.\n\nThe St. Petersburg, Florida-based Ark Invest picked up 11,926 shares — estimated to be worth $98,270 — in Blade Air, a company that went public last year via a blank-check acquisition.\n\nBlade Air had in November revealed in a filing that Ark Invest has already built up over 10% stake in the company. The investment firm has since been piling up more shares in the company that is looking to introduce electric vertical aircrafts in 2024.\n\nBlade Air stock closed 3.39% higher at $8.24 a share on Tuesday. The New York-based Blade Air Mobility stock is down 26.4% so far this year.\n\nArk Invest bought shares in the company via the Ark Autonomous Technology & Robotics ETF and also owns the stock via the Ark Space Exploration & Innovation ETF.\n\nThe two ETFs held 7.9 million shares — worth about $65.2 million — in Blade Air ahead of Tuesday’s trades.\n\nArk Invest also owns shares in Joby Aviation Inc, a stock in which it has far less exposure. The Californian venture-backed Joby Aviation is developing an electric vertical takeoff and landing aircraft that it aims to run as an air taxi service.\n\nWood's firm on Monday further trimmed its position in Tesla Inc, while piling up shares in rival Chinese electric-vehicle maker Xpeng Inc.","news_type":1,"symbols_score_info":{"BLDE":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":896,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":606863049,"gmtCreate":1638857542096,"gmtModify":1638857542236,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575853370111148","authorIdStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/606863049","repostId":"1117540330","repostType":4,"repost":{"id":"1117540330","kind":"news","pubTimestamp":1638857002,"share":"https://www.laohu8.com/m/news/1117540330?lang=zh_CN&edition=full","pubTime":"2021-12-07 14:03","market":"us","language":"en","title":"Nubank IPO: Warren Buffet’s Fintech Play Is Going Public<blockquote>Nubank IPO：沃伦·巴菲特的金融科技业务即将上市</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117540330","media":"TheStreet","summary":"Brazilian fintech giant Nubank is going public on December 8 under ticker “(NU)”. Shares should be t","content":"<p>Brazilian fintech giant Nubank is going public on December 8 under ticker “(<b>NU</b>)”. Shares should be traded between $10 to $11, depending on demand. The fintech is currently the largest digital bank in the world by number of member accounts. In June 2021, the companyraised$500 million from Berkshire Hathaway to become one of Mr. Warren Buffet &amp; Co.’s holdings.</p><p><blockquote>巴西金融科技巨头Nubank将于12月8日上市，股票代码为“（<b>裸体</b>)”.股票交易价格应在10美元至11美元之间，具体取决于需求。按会员账户数量计算，这家金融科技公司目前是全球最大的数字银行。2021年6月，该公司从伯克希尔哈撒韦公司筹集了5亿美元，成为沃伦·巴菲特公司的持股之一。</blockquote></p><p> Ahead of the big event, should investors consider jumping into this fintech IPO? Here is what they should know ahead of Nubank’s debut in the public markets.</p><p><blockquote>在重大事件之前，投资者是否应该考虑参与这次金融科技IPO？以下是Nubank在公开市场首次亮相之前他们应该了解的信息。</blockquote></p><p> <b>Largest fintech in the world</b></p><p><blockquote><b>全球最大的金融科技</b></blockquote></p><p> Founded in 2013, Sao Paulo-based Nubank is a “neobank” that offers digital accounts and international credit cards without fees. Nubank stands out in the Brazilian market as customers have full control of their accounts through a mobile app. Also, the company offers personal loans, insurance, and investments services.</p><p><blockquote>总部位于圣保罗的Nubank成立于2013年，是一家免费提供数字账户和国际信用卡的“新银行”。Nubank在巴西市场脱颖而出，因为客户可以通过移动应用程序完全控制自己的账户。此外，该公司还提供个人贷款、保险和投资服务。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2696728726bb39a2abeb7441f08e68e2\" tg-width=\"1200\" tg-height=\"635\" width=\"100%\" height=\"auto\"><span>Figure 2:Nubank's services and solutions.Nubank</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：Nubank的服务和解决方案。Nubank</span></p></blockquote></p><p> Nubank has&nbsp;reported&nbsp;that it currently has 48 million members, with an average of 40,000 new accounts being opened each day. This is 25% more than the same period in 2020 and represents a CAGR of 110% since the third quarter of 2018.</p><p><blockquote>Nubank报告称，其目前拥有4800万会员，平均每天开设4万个新账户。这比2020年同期增加了25%，自2018年第三季度以来的复合年增长率为110%。</blockquote></p><p> Regarding Nubank’s financial results, the company has been posting strong revenue growth as well as steady gross margin expansion (see chart below). As opex also keeps climbing to support growth, however, Nubank has consistently incurred net losses.</p><p><blockquote>关于Nubank的财务业绩，该公司一直保持强劲的收入增长以及稳定的毛利率扩张（见下图）。然而，由于运营支出也不断攀升以支持增长，Nubank一直出现净亏损。</blockquote></p><p> Lastly, Nubank was&nbsp;considered&nbsp;one of the top 100 most influential companies in the world by TIME magazine and one of 50namesin CNBC’s 2021 Disruptor list.</p><p><blockquote>最后，Nubank被《时代》杂志评为全球最具影响力的100家公司之一，也是CNBC 2021年颠覆者名单中的50家公司之一。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ba613f960acda1a01165847a6cd8b3dd\" tg-width=\"1200\" tg-height=\"657\" width=\"100%\" height=\"auto\"><span>Figure 3:Nubank's revenue, operating costs, total loss and gross margin data. PitchBook</span></p><p><blockquote><p class=\"t-img-caption\"><span>图3：Nubank的营收、运营成本、总亏损和毛利率数据。PitchBook</span></p></blockquote></p><p> <b>Nubank’s IPO</b></p><p><blockquote><b>Nubank首次公开募股</b></blockquote></p><p> On December 8, the company&nbsp;expects&nbsp;to go public at a valuation a little over 40 billion. The company expects its stock to be priced at $10-$11 per share for a capital raise of $3.3 billion. However, in the case of extra lots being offered, this number could reach $4.9 billion.</p><p><blockquote>12月8日，该公司预计以略高于400亿的估值上市。该公司预计其股票定价为每股10-11美元，融资33亿美元。然而，如果提供额外拍品，这一数字可能会达到49亿美元。</blockquote></p><p> Nubank’s IPO will be unique in a couple of ways. For example, the company may offer free shares to active customers, maybe to catch the attention and attract more users to the platform. Second, only Nubank customers will&nbsp;qualify&nbsp;for the retail offer, shutting out competitors like XP&nbsp;(<b>XP</b>)and BTG.</p><p><blockquote>Nubank的IPO在几个方面都是独一无二的。例如，该公司可能会向活跃客户提供免费股票，也许是为了吸引注意力并吸引更多用户使用该平台。其次，只有Nubank客户才有资格享受零售优惠，将XP等竞争对手拒之门外（<b>XP</b>）和BTG。</blockquote></p><p> <b>The Warren Buffet seal of approval</b></p><p><blockquote><b>沃伦·巴菲特的批准印章</b></blockquote></p><p> Berkhsire Hathaway, Warren Buffet’s holding company,&nbsp;announced&nbsp;in July 2021 that it owned a $500 million stake in Nubank’s equity. The investment made Nubank the most valuable fintech in the world, at an estimated $30 billion, and one of the largest financial institutions in Latin America.</p><p><blockquote>沃伦·巴菲特的控股公司伯克希尔·哈撒韦公司于2021年7月宣布，其持有Nubank价值5亿美元的股权。这项投资使Nubank成为世界上最有价值的金融科技公司，估计价值300亿美元，也是拉丁美洲最大的金融机构之一。</blockquote></p><p> Buffet’s investment philosophy is a value one: i.e. companies that have solid fundamentals, strong earnings power, the potential for continued growth, and reasonable valuations. Berkshire Hathaway’s investment in Nubank can help to reinforce retail investors’ confidence in the stock, given Warren Buffet and his team’s well-regarded track record.</p><p><blockquote>巴菲特的投资理念是价值理念：即基本面坚实、盈利能力强、有持续增长潜力、估值合理的公司。鉴于沃伦·巴菲特及其团队备受推崇的业绩记录，伯克希尔·哈撒韦公司对Nubank的投资有助于增强散户投资者对该股的信心。</blockquote></p><p> <b>Fintech’s profitability challenge</b></p><p><blockquote><b>金融科技的盈利挑战</b></blockquote></p><p> As an alternative to large banks in Latin America, fintech companies offer user-friendly services with little bureaucracy and low fees. As the industry gains scale, large financial institutions will be forced to rethink their business models. Third-party&nbsp;surveys&nbsp;show that the sector is expected to grow 25% by 2022.</p><p><blockquote>作为拉丁美洲大型银行的替代方案，金融科技公司提供用户友好的服务，几乎没有官僚主义，费用也很低。随着行业规模的扩大，大型金融机构将被迫重新思考其商业模式。第三方调查显示，到2022年，该行业预计将增长25%。</blockquote></p><p> The big challenge for fintech today is to reach profitability. Superior user experience and low fees come at a price: large numbers of active users, but low op margins. Companies that can figure out how to balance growth and profitability will likely reap the benefits.</p><p><blockquote>当今金融科技面临的最大挑战是实现盈利。卓越的用户体验和低费用是有代价的：大量活跃用户，但运营利润低。能够弄清楚如何平衡增长和盈利能力的公司可能会从中受益。</blockquote></p><p> Nubank turned a profit for the first time in the first half of 2021, when the company delivered net income equivalent to $14.7 million. The battle for sustainable profits has not been won yet, however, as the company’s management team stated in the IPO filling:</p><p><blockquote>Nubank在2021年上半年首次扭亏为盈，当时公司净利润相当于1470万美元。然而，正如公司管理团队在IPO申报中所说，可持续利润之战尚未获胜：</blockquote></p><p>   <i>\"We need to generate and maintain a revenue growth level and decrease the costs proportionally in the future to reach profitability. We anticipate that we will keep incurring losses in the short term as a result of significant investments expected in our business.\"</i> </p><p><blockquote><i>“我们需要创造并维持收入增长水平，并在未来按比例降低成本，以实现盈利。我们预计，由于预计对我们的业务进行重大投资，我们将在短期内继续遭受损失。”</i></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>Nubank IPO: Warren Buffet’s Fintech Play Is Going Public<blockquote>Nubank IPO：沃伦·巴菲特的金融科技业务即将上市</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\">\nNubank IPO: Warren Buffet’s Fintech Play Is Going Public<blockquote>Nubank IPO：沃伦·巴菲特的金融科技业务即将上市</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-12-07 14:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Brazilian fintech giant Nubank is going public on December 8 under ticker “(<b>NU</b>)”. Shares should be traded between $10 to $11, depending on demand. The fintech is currently the largest digital bank in the world by number of member accounts. In June 2021, the companyraised$500 million from Berkshire Hathaway to become one of Mr. Warren Buffet &amp; Co.’s holdings.</p><p><blockquote>巴西金融科技巨头Nubank将于12月8日上市，股票代码为“（<b>裸体</b>)”.股票交易价格应在10美元至11美元之间，具体取决于需求。按会员账户数量计算，这家金融科技公司目前是全球最大的数字银行。2021年6月，该公司从伯克希尔哈撒韦公司筹集了5亿美元，成为沃伦·巴菲特公司的持股之一。</blockquote></p><p> Ahead of the big event, should investors consider jumping into this fintech IPO? Here is what they should know ahead of Nubank’s debut in the public markets.</p><p><blockquote>在重大事件之前，投资者是否应该考虑参与这次金融科技IPO？以下是Nubank在公开市场首次亮相之前他们应该了解的信息。</blockquote></p><p> <b>Largest fintech in the world</b></p><p><blockquote><b>全球最大的金融科技</b></blockquote></p><p> Founded in 2013, Sao Paulo-based Nubank is a “neobank” that offers digital accounts and international credit cards without fees. Nubank stands out in the Brazilian market as customers have full control of their accounts through a mobile app. Also, the company offers personal loans, insurance, and investments services.</p><p><blockquote>总部位于圣保罗的Nubank成立于2013年，是一家免费提供数字账户和国际信用卡的“新银行”。Nubank在巴西市场脱颖而出，因为客户可以通过移动应用程序完全控制自己的账户。此外，该公司还提供个人贷款、保险和投资服务。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2696728726bb39a2abeb7441f08e68e2\" tg-width=\"1200\" tg-height=\"635\" width=\"100%\" height=\"auto\"><span>Figure 2:Nubank's services and solutions.Nubank</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：Nubank的服务和解决方案。Nubank</span></p></blockquote></p><p> Nubank has&nbsp;reported&nbsp;that it currently has 48 million members, with an average of 40,000 new accounts being opened each day. This is 25% more than the same period in 2020 and represents a CAGR of 110% since the third quarter of 2018.</p><p><blockquote>Nubank报告称，其目前拥有4800万会员，平均每天开设4万个新账户。这比2020年同期增加了25%，自2018年第三季度以来的复合年增长率为110%。</blockquote></p><p> Regarding Nubank’s financial results, the company has been posting strong revenue growth as well as steady gross margin expansion (see chart below). As opex also keeps climbing to support growth, however, Nubank has consistently incurred net losses.</p><p><blockquote>关于Nubank的财务业绩，该公司一直保持强劲的收入增长以及稳定的毛利率扩张（见下图）。然而，由于运营支出也不断攀升以支持增长，Nubank一直出现净亏损。</blockquote></p><p> Lastly, Nubank was&nbsp;considered&nbsp;one of the top 100 most influential companies in the world by TIME magazine and one of 50namesin CNBC’s 2021 Disruptor list.</p><p><blockquote>最后，Nubank被《时代》杂志评为全球最具影响力的100家公司之一，也是CNBC 2021年颠覆者名单中的50家公司之一。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ba613f960acda1a01165847a6cd8b3dd\" tg-width=\"1200\" tg-height=\"657\" width=\"100%\" height=\"auto\"><span>Figure 3:Nubank's revenue, operating costs, total loss and gross margin data. PitchBook</span></p><p><blockquote><p class=\"t-img-caption\"><span>图3：Nubank的营收、运营成本、总亏损和毛利率数据。PitchBook</span></p></blockquote></p><p> <b>Nubank’s IPO</b></p><p><blockquote><b>Nubank首次公开募股</b></blockquote></p><p> On December 8, the company&nbsp;expects&nbsp;to go public at a valuation a little over 40 billion. The company expects its stock to be priced at $10-$11 per share for a capital raise of $3.3 billion. However, in the case of extra lots being offered, this number could reach $4.9 billion.</p><p><blockquote>12月8日，该公司预计以略高于400亿的估值上市。该公司预计其股票定价为每股10-11美元，融资33亿美元。然而，如果提供额外拍品，这一数字可能会达到49亿美元。</blockquote></p><p> Nubank’s IPO will be unique in a couple of ways. For example, the company may offer free shares to active customers, maybe to catch the attention and attract more users to the platform. Second, only Nubank customers will&nbsp;qualify&nbsp;for the retail offer, shutting out competitors like XP&nbsp;(<b>XP</b>)and BTG.</p><p><blockquote>Nubank的IPO在几个方面都是独一无二的。例如，该公司可能会向活跃客户提供免费股票，也许是为了吸引注意力并吸引更多用户使用该平台。其次，只有Nubank客户才有资格享受零售优惠，将XP等竞争对手拒之门外（<b>XP</b>）和BTG。</blockquote></p><p> <b>The Warren Buffet seal of approval</b></p><p><blockquote><b>沃伦·巴菲特的批准印章</b></blockquote></p><p> Berkhsire Hathaway, Warren Buffet’s holding company,&nbsp;announced&nbsp;in July 2021 that it owned a $500 million stake in Nubank’s equity. The investment made Nubank the most valuable fintech in the world, at an estimated $30 billion, and one of the largest financial institutions in Latin America.</p><p><blockquote>沃伦·巴菲特的控股公司伯克希尔·哈撒韦公司于2021年7月宣布，其持有Nubank价值5亿美元的股权。这项投资使Nubank成为世界上最有价值的金融科技公司，估计价值300亿美元，也是拉丁美洲最大的金融机构之一。</blockquote></p><p> Buffet’s investment philosophy is a value one: i.e. companies that have solid fundamentals, strong earnings power, the potential for continued growth, and reasonable valuations. Berkshire Hathaway’s investment in Nubank can help to reinforce retail investors’ confidence in the stock, given Warren Buffet and his team’s well-regarded track record.</p><p><blockquote>巴菲特的投资理念是价值理念：即基本面坚实、盈利能力强、有持续增长潜力、估值合理的公司。鉴于沃伦·巴菲特及其团队备受推崇的业绩记录，伯克希尔·哈撒韦公司对Nubank的投资有助于增强散户投资者对该股的信心。</blockquote></p><p> <b>Fintech’s profitability challenge</b></p><p><blockquote><b>金融科技的盈利挑战</b></blockquote></p><p> As an alternative to large banks in Latin America, fintech companies offer user-friendly services with little bureaucracy and low fees. As the industry gains scale, large financial institutions will be forced to rethink their business models. Third-party&nbsp;surveys&nbsp;show that the sector is expected to grow 25% by 2022.</p><p><blockquote>作为拉丁美洲大型银行的替代方案，金融科技公司提供用户友好的服务，几乎没有官僚主义，费用也很低。随着行业规模的扩大，大型金融机构将被迫重新思考其商业模式。第三方调查显示，到2022年，该行业预计将增长25%。</blockquote></p><p> The big challenge for fintech today is to reach profitability. Superior user experience and low fees come at a price: large numbers of active users, but low op margins. Companies that can figure out how to balance growth and profitability will likely reap the benefits.</p><p><blockquote>当今金融科技面临的最大挑战是实现盈利。卓越的用户体验和低费用是有代价的：大量活跃用户，但运营利润低。能够弄清楚如何平衡增长和盈利能力的公司可能会从中受益。</blockquote></p><p> Nubank turned a profit for the first time in the first half of 2021, when the company delivered net income equivalent to $14.7 million. The battle for sustainable profits has not been won yet, however, as the company’s management team stated in the IPO filling:</p><p><blockquote>Nubank在2021年上半年首次扭亏为盈，当时公司净利润相当于1470万美元。然而，正如公司管理团队在IPO申报中所说，可持续利润之战尚未获胜：</blockquote></p><p>   <i>\"We need to generate and maintain a revenue growth level and decrease the costs proportionally in the future to reach profitability. We anticipate that we will keep incurring losses in the short term as a result of significant investments expected in our business.\"</i> </p><p><blockquote><i>“我们需要创造并维持收入增长水平，并在未来按比例降低成本，以实现盈利。我们预计，由于预计对我们的业务进行重大投资，我们将在短期内继续遭受损失。”</i></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/memestocks/reddit-trends/nubank-ipo-warren-buffets-fintech-play-is-going-public\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NU":"Nu Holdings Ltd."},"source_url":"https://www.thestreet.com/memestocks/reddit-trends/nubank-ipo-warren-buffets-fintech-play-is-going-public","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117540330","content_text":"Brazilian fintech giant Nubank is going public on December 8 under ticker “(NU)”. Shares should be traded between $10 to $11, depending on demand. The fintech is currently the largest digital bank in the world by number of member accounts. In June 2021, the companyraised$500 million from Berkshire Hathaway to become one of Mr. Warren Buffet & Co.’s holdings.\nAhead of the big event, should investors consider jumping into this fintech IPO? Here is what they should know ahead of Nubank’s debut in the public markets.\nLargest fintech in the world\nFounded in 2013, Sao Paulo-based Nubank is a “neobank” that offers digital accounts and international credit cards without fees. Nubank stands out in the Brazilian market as customers have full control of their accounts through a mobile app. Also, the company offers personal loans, insurance, and investments services.\nFigure 2:Nubank's services and solutions.Nubank\nNubank has reported that it currently has 48 million members, with an average of 40,000 new accounts being opened each day. This is 25% more than the same period in 2020 and represents a CAGR of 110% since the third quarter of 2018.\nRegarding Nubank’s financial results, the company has been posting strong revenue growth as well as steady gross margin expansion (see chart below). As opex also keeps climbing to support growth, however, Nubank has consistently incurred net losses.\nLastly, Nubank was considered one of the top 100 most influential companies in the world by TIME magazine and one of 50namesin CNBC’s 2021 Disruptor list.\nFigure 3:Nubank's revenue, operating costs, total loss and gross margin data. PitchBook\nNubank’s IPO\nOn December 8, the company expects to go public at a valuation a little over 40 billion. The company expects its stock to be priced at $10-$11 per share for a capital raise of $3.3 billion. However, in the case of extra lots being offered, this number could reach $4.9 billion.\nNubank’s IPO will be unique in a couple of ways. For example, the company may offer free shares to active customers, maybe to catch the attention and attract more users to the platform. Second, only Nubank customers will qualify for the retail offer, shutting out competitors like XP (XP)and BTG.\nThe Warren Buffet seal of approval\nBerkhsire Hathaway, Warren Buffet’s holding company, announced in July 2021 that it owned a $500 million stake in Nubank’s equity. The investment made Nubank the most valuable fintech in the world, at an estimated $30 billion, and one of the largest financial institutions in Latin America.\nBuffet’s investment philosophy is a value one: i.e. companies that have solid fundamentals, strong earnings power, the potential for continued growth, and reasonable valuations. Berkshire Hathaway’s investment in Nubank can help to reinforce retail investors’ confidence in the stock, given Warren Buffet and his team’s well-regarded track record.\nFintech’s profitability challenge\nAs an alternative to large banks in Latin America, fintech companies offer user-friendly services with little bureaucracy and low fees. As the industry gains scale, large financial institutions will be forced to rethink their business models. Third-party surveys show that the sector is expected to grow 25% by 2022.\nThe big challenge for fintech today is to reach profitability. Superior user experience and low fees come at a price: large numbers of active users, but low op margins. Companies that can figure out how to balance growth and profitability will likely reap the benefits.\nNubank turned a profit for the first time in the first half of 2021, when the company delivered net income equivalent to $14.7 million. The battle for sustainable profits has not been won yet, however, as the company’s management team stated in the IPO filling:\n\n\"We need to generate and maintain a revenue growth level and decrease the costs proportionally in the future to reach profitability. We anticipate that we will keep incurring losses in the short term as a result of significant investments expected in our business.\"","news_type":1,"symbols_score_info":{"NU":0.9}},"isVote":1,"tweetType":1,"viewCount":1376,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":608869576,"gmtCreate":1638682801499,"gmtModify":1638682801592,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575853370111148","authorIdStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/608869576","repostId":"1140678193","repostType":4,"isVote":1,"tweetType":1,"viewCount":1299,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":601688246,"gmtCreate":1638522711835,"gmtModify":1638522711916,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575853370111148","authorIdStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/601688246","repostId":"1109887617","repostType":4,"repost":{"id":"1109887617","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":1638522546,"share":"https://www.laohu8.com/m/news/1109887617?lang=zh_CN&edition=full","pubTime":"2021-12-03 17:09","market":"us","language":"en","title":"Nvidia stock dipped nearly 1% in premarket trading<blockquote>英伟达股价在盘前交易中下跌近1%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109887617","media":"Tiger Newspress","summary":"Nvidia stock dipped nearly 1% in premarket trading after U.S. FTC sued to block Nvidia deal to buy A","content":"<p>Nvidia stock dipped nearly 1% in premarket trading&nbsp;after&nbsp;U.S. FTC sued to block Nvidia deal to buy Arm.</p><p><blockquote>英伟达股价在美国股市盘前交易中下跌近1%。FTC起诉阻止英伟达收购Arm的交易。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/485024ba3a708fd42977c8eae5b7804d\" tg-width=\"853\" tg-height=\"621\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The U.S. Federal Trade Commission on Thursday sued to block U.S. chip company Nvidia Corp's&nbsp;more than $80 billion planned acquisition of British chip technology provider Arm, adding to already significant global regulatory challenges of the deal.</p><p><blockquote>美国联邦贸易委员会周四提起诉讼，阻止美国芯片公司英伟达公司以超过800亿美元收购英国芯片技术提供商Arm的计划，这增加了该交易本已重大的全球监管挑战。</blockquote></p><p> The FTC said the proposed deal would give one of the largest chip companies control over computing technology and designs that competitors rely on to develop their own competing chips.</p><p><blockquote>FTC表示，拟议中的交易将使最大的芯片公司之一控制计算技术和设计，竞争对手依靠这些技术和设计来开发自己的竞争芯片。</blockquote></p><p> The deal has been widely expected to fall apart after facing opposition in the chip industry. British regulators said last month they would launch an in-depth probe of the deal, and it is also under scrutiny in the European Union.</p><p><blockquote>在面临芯片行业的反对后，人们普遍预计该交易将破裂。英国监管机构上个月表示，他们将对该交易展开深入调查，该交易也在欧盟接受审查。</blockquote></p><p> Arm licenses its chip architecture and blueprints to major chipmakers Apple Inc, Qualcomm Inc&nbsp;and Samsung Electronics Co Ltd, underpinning the global smartphone ecosystem. Arm was sold to Japan's SoftBank&nbsp;in 2016.</p><p><blockquote>Arm将其芯片架构和蓝图授权给主要芯片制造商苹果公司、高通公司和三星电子有限公司，支撑着全球智能手机生态系统。Arm于2016年被出售给日本软银。</blockquote></p><p> Nvidia said it would \"work to demonstrate that this transaction will benefit the industry and promote competition.\"</p><p><blockquote>英伟达表示，将“努力证明这笔交易将有利于行业并促进竞争”。</blockquote></p><p> Arm declined to comment.</p><p><blockquote>Arm拒绝置评。</blockquote></p><p> The stock-heavy deal has more than doubled in value since it was announced in September 2020 as Nvidia shares have risen on the performance of its data center business. Nvidia will owe only a $1.25 billion breakup fee if the deal does not close, and its shares closed up 2.2% at $321.26 on Thursday.</p><p><blockquote>自2020年9月宣布以来，随着英伟达股价因其数据中心业务的表现而上涨，这笔股票交易的价值已增加了一倍多。如果交易没有完成，英伟达将只欠12.5亿美元的分手费，其股价周四收涨2.2%，报321.26美元。</blockquote></p><p> \"Nobody thinks the deal is going to close,\" said Stacy Rasgon, an analyst with Bernstein. \"The data center story has been really playing out. The software narrative has become a bigger piece of the story. I would love to see this deal, but I don't think they need it.\"</p><p><blockquote>伯恩斯坦分析师斯泰西·拉斯贡(Stacy Rasgon)表示：“没有人认为这笔交易会完成。”“数据中心的故事确实在上演。软件叙事已经成为故事中更大的一部分。我很想看到这笔交易，但我认为他们不需要它。”</blockquote></p><p> Before Nvidia's offer, Softbank had planned to file for an initial public offering for Arm. While Arm's revenue is growing briskly, rising 56.3% to $1.46 billion in the six months ended Sept. 30, it is unclear whether Arm, in an IPO, would fetch anything close to the $80 billion in value offered by Nvidia.</p><p><blockquote>在英伟达提出要约之前，软银曾计划为Arm申请首次公开募股。尽管Arm的收入增长迅速，在截至9月30日的六个月内增长了56.3%，达到14.6亿美元，但目前尚不清楚Arm在IPO中的估值是否会接近Nvidia提供的800亿美元。</blockquote></p><p> The FTC, which is made up of two Republicans and two Democrats, voted 4-0 to approve the challenge to the planned merger.</p><p><blockquote>由两名共和党人和两名民主党人组成的联邦贸易委员会以4比0的投票结果批准了对合并计划的挑战。</blockquote></p><p> <b>'HIGHER PRICES AND LESS CHOICE'</b></p><p><blockquote><b>“价格更高，选择更少”</b></blockquote></p><p> The FTC alleged \"the proposed merger would give Nvidia the ability and incentive to use its control of this technology to undermine its competitors, reducing competition and ultimately resulting in reduced product quality, reduced innovation, higher prices, and less choice, harming the millions of Americans who benefit from Arm-based products.\"</p><p><blockquote>FTC声称，“拟议的合并将使英伟达有能力和动机利用其对这项技术的控制来削弱其竞争对手，从而减少竞争，最终导致产品质量下降、创新减少、价格上涨和选择减少，从而损害数百万受益于基于Arm的产品的美国人。”</blockquote></p><p> The FTC added the combined firm \"would have the means and incentive to stifle innovative next-generation technologies, including those used to run datacenters and driver-assistance systems in cars.\"</p><p><blockquote>联邦贸易委员会补充说，合并后的公司“将有手段和激励来扼杀创新的下一代技术，包括那些用于运行数据中心和汽车驾驶辅助系统的技术。”</blockquote></p><p> Some semiconductor firms such as MediaTek Inc&nbsp;and Broadcom Inc&nbsp;have voiced support for the deal. But other firms such as Qualcomm have opposed it over concerns that Nvidia would have a first look at key technologies that they depend on and could then have better insights into their future products.</p><p><blockquote>联发科和博通等一些半导体公司已表示支持该交易。但高通等其他公司表示反对，担心英伟达会首先了解他们所依赖的关键技术，然后可以更好地了解他们未来的产品。</blockquote></p><p> Qualcomm did not immediately respond to a request for comment.</p><p><blockquote>高通没有立即回应置评请求。</blockquote></p><p> Nvidia's chief executive, Jensen Huang, made a biting comment at an industry dinner last month, saying that Qualcomm Chief Executive Cristiano Amon, who recently took the helm of an industry trade group, had proven to be a master advocate in the battle over Arm. Qualcomm had its own extensive battles with global regulators, including the FTC, which Qualcomm prevailed over after the regulator brought an antitrust lawsuit against it.</p><p><blockquote>英伟达首席执行官黄仁勋（Elon Musk）在上个月的一次行业晚宴上发表了尖锐的评论，称最近执掌行业贸易小组的高通首席执行官克里斯蒂亚诺·阿蒙（Cristiano Amon）已被证明是Arm之争的主要倡导者。高通与包括联邦贸易委员会在内的全球监管机构进行了广泛的斗争，在监管机构对其提起反垄断诉讼后，高通获胜。</blockquote></p><p> \"He's the perfect person to advocate for our industry,\" Huang said from a stage as Amon sat in the audience. \"I was trying to figure out, how is it possible that Cristiano knew every single regulator on the planet, and by the time I got there to tell them about my story on Arm, he was already there advocating against it?\" Huang said, to stunned laughter from the crowd.</p><p><blockquote>“他是倡导我们行业的最佳人选，”当阿蒙坐在观众席上时，黄在舞台上说道。“我试图弄清楚，克里斯蒂亚诺怎么可能认识这个星球上的每一个监管机构，而当我到达那里向他们讲述我在Arm上的故事时，他已经在那里主张反对它了？”荒说着，引来众人一阵惊愕的笑声。</blockquote></p><p> The FTC said it has cooperated closely with staff of the competition agencies in the European Union, United Kingdom, Japan, and South Korea.</p><p><blockquote>联邦贸易委员会表示，它已与欧盟、英国、日本和韩国竞争机构的工作人员密切合作。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNvidia stock dipped nearly 1% in premarket trading<blockquote>英伟达股价在盘前交易中下跌近1%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-03 17:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Nvidia stock dipped nearly 1% in premarket trading&nbsp;after&nbsp;U.S. FTC sued to block Nvidia deal to buy Arm.</p><p><blockquote>英伟达股价在美国股市盘前交易中下跌近1%。FTC起诉阻止英伟达收购Arm的交易。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/485024ba3a708fd42977c8eae5b7804d\" tg-width=\"853\" tg-height=\"621\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The U.S. Federal Trade Commission on Thursday sued to block U.S. chip company Nvidia Corp's&nbsp;more than $80 billion planned acquisition of British chip technology provider Arm, adding to already significant global regulatory challenges of the deal.</p><p><blockquote>美国联邦贸易委员会周四提起诉讼，阻止美国芯片公司英伟达公司以超过800亿美元收购英国芯片技术提供商Arm的计划，这增加了该交易本已重大的全球监管挑战。</blockquote></p><p> The FTC said the proposed deal would give one of the largest chip companies control over computing technology and designs that competitors rely on to develop their own competing chips.</p><p><blockquote>FTC表示，拟议中的交易将使最大的芯片公司之一控制计算技术和设计，竞争对手依靠这些技术和设计来开发自己的竞争芯片。</blockquote></p><p> The deal has been widely expected to fall apart after facing opposition in the chip industry. British regulators said last month they would launch an in-depth probe of the deal, and it is also under scrutiny in the European Union.</p><p><blockquote>在面临芯片行业的反对后，人们普遍预计该交易将破裂。英国监管机构上个月表示，他们将对该交易展开深入调查，该交易也在欧盟接受审查。</blockquote></p><p> Arm licenses its chip architecture and blueprints to major chipmakers Apple Inc, Qualcomm Inc&nbsp;and Samsung Electronics Co Ltd, underpinning the global smartphone ecosystem. Arm was sold to Japan's SoftBank&nbsp;in 2016.</p><p><blockquote>Arm将其芯片架构和蓝图授权给主要芯片制造商苹果公司、高通公司和三星电子有限公司，支撑着全球智能手机生态系统。Arm于2016年被出售给日本软银。</blockquote></p><p> Nvidia said it would \"work to demonstrate that this transaction will benefit the industry and promote competition.\"</p><p><blockquote>英伟达表示，将“努力证明这笔交易将有利于行业并促进竞争”。</blockquote></p><p> Arm declined to comment.</p><p><blockquote>Arm拒绝置评。</blockquote></p><p> The stock-heavy deal has more than doubled in value since it was announced in September 2020 as Nvidia shares have risen on the performance of its data center business. Nvidia will owe only a $1.25 billion breakup fee if the deal does not close, and its shares closed up 2.2% at $321.26 on Thursday.</p><p><blockquote>自2020年9月宣布以来，随着英伟达股价因其数据中心业务的表现而上涨，这笔股票交易的价值已增加了一倍多。如果交易没有完成，英伟达将只欠12.5亿美元的分手费，其股价周四收涨2.2%，报321.26美元。</blockquote></p><p> \"Nobody thinks the deal is going to close,\" said Stacy Rasgon, an analyst with Bernstein. \"The data center story has been really playing out. The software narrative has become a bigger piece of the story. I would love to see this deal, but I don't think they need it.\"</p><p><blockquote>伯恩斯坦分析师斯泰西·拉斯贡(Stacy Rasgon)表示：“没有人认为这笔交易会完成。”“数据中心的故事确实在上演。软件叙事已经成为故事中更大的一部分。我很想看到这笔交易，但我认为他们不需要它。”</blockquote></p><p> Before Nvidia's offer, Softbank had planned to file for an initial public offering for Arm. While Arm's revenue is growing briskly, rising 56.3% to $1.46 billion in the six months ended Sept. 30, it is unclear whether Arm, in an IPO, would fetch anything close to the $80 billion in value offered by Nvidia.</p><p><blockquote>在英伟达提出要约之前，软银曾计划为Arm申请首次公开募股。尽管Arm的收入增长迅速，在截至9月30日的六个月内增长了56.3%，达到14.6亿美元，但目前尚不清楚Arm在IPO中的估值是否会接近Nvidia提供的800亿美元。</blockquote></p><p> The FTC, which is made up of two Republicans and two Democrats, voted 4-0 to approve the challenge to the planned merger.</p><p><blockquote>由两名共和党人和两名民主党人组成的联邦贸易委员会以4比0的投票结果批准了对合并计划的挑战。</blockquote></p><p> <b>'HIGHER PRICES AND LESS CHOICE'</b></p><p><blockquote><b>“价格更高，选择更少”</b></blockquote></p><p> The FTC alleged \"the proposed merger would give Nvidia the ability and incentive to use its control of this technology to undermine its competitors, reducing competition and ultimately resulting in reduced product quality, reduced innovation, higher prices, and less choice, harming the millions of Americans who benefit from Arm-based products.\"</p><p><blockquote>FTC声称，“拟议的合并将使英伟达有能力和动机利用其对这项技术的控制来削弱其竞争对手，从而减少竞争，最终导致产品质量下降、创新减少、价格上涨和选择减少，从而损害数百万受益于基于Arm的产品的美国人。”</blockquote></p><p> The FTC added the combined firm \"would have the means and incentive to stifle innovative next-generation technologies, including those used to run datacenters and driver-assistance systems in cars.\"</p><p><blockquote>联邦贸易委员会补充说，合并后的公司“将有手段和激励来扼杀创新的下一代技术，包括那些用于运行数据中心和汽车驾驶辅助系统的技术。”</blockquote></p><p> Some semiconductor firms such as MediaTek Inc&nbsp;and Broadcom Inc&nbsp;have voiced support for the deal. But other firms such as Qualcomm have opposed it over concerns that Nvidia would have a first look at key technologies that they depend on and could then have better insights into their future products.</p><p><blockquote>联发科和博通等一些半导体公司已表示支持该交易。但高通等其他公司表示反对，担心英伟达会首先了解他们所依赖的关键技术，然后可以更好地了解他们未来的产品。</blockquote></p><p> Qualcomm did not immediately respond to a request for comment.</p><p><blockquote>高通没有立即回应置评请求。</blockquote></p><p> Nvidia's chief executive, Jensen Huang, made a biting comment at an industry dinner last month, saying that Qualcomm Chief Executive Cristiano Amon, who recently took the helm of an industry trade group, had proven to be a master advocate in the battle over Arm. Qualcomm had its own extensive battles with global regulators, including the FTC, which Qualcomm prevailed over after the regulator brought an antitrust lawsuit against it.</p><p><blockquote>英伟达首席执行官黄仁勋（Elon Musk）在上个月的一次行业晚宴上发表了尖锐的评论，称最近执掌行业贸易小组的高通首席执行官克里斯蒂亚诺·阿蒙（Cristiano Amon）已被证明是Arm之争的主要倡导者。高通与包括联邦贸易委员会在内的全球监管机构进行了广泛的斗争，在监管机构对其提起反垄断诉讼后，高通获胜。</blockquote></p><p> \"He's the perfect person to advocate for our industry,\" Huang said from a stage as Amon sat in the audience. \"I was trying to figure out, how is it possible that Cristiano knew every single regulator on the planet, and by the time I got there to tell them about my story on Arm, he was already there advocating against it?\" Huang said, to stunned laughter from the crowd.</p><p><blockquote>“他是倡导我们行业的最佳人选，”当阿蒙坐在观众席上时，黄在舞台上说道。“我试图弄清楚，克里斯蒂亚诺怎么可能认识这个星球上的每一个监管机构，而当我到达那里向他们讲述我在Arm上的故事时，他已经在那里主张反对它了？”荒说着，引来众人一阵惊愕的笑声。</blockquote></p><p> The FTC said it has cooperated closely with staff of the competition agencies in the European Union, United Kingdom, Japan, and South Korea.</p><p><blockquote>联邦贸易委员会表示，它已与欧盟、英国、日本和韩国竞争机构的工作人员密切合作。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109887617","content_text":"Nvidia stock dipped nearly 1% in premarket trading after U.S. FTC sued to block Nvidia deal to buy Arm.\n\nThe U.S. Federal Trade Commission on Thursday sued to block U.S. chip company Nvidia Corp's more than $80 billion planned acquisition of British chip technology provider Arm, adding to already significant global regulatory challenges of the deal.\nThe FTC said the proposed deal would give one of the largest chip companies control over computing technology and designs that competitors rely on to develop their own competing chips.\nThe deal has been widely expected to fall apart after facing opposition in the chip industry. British regulators said last month they would launch an in-depth probe of the deal, and it is also under scrutiny in the European Union.\nArm licenses its chip architecture and blueprints to major chipmakers Apple Inc, Qualcomm Inc and Samsung Electronics Co Ltd, underpinning the global smartphone ecosystem. Arm was sold to Japan's SoftBank in 2016.\nNvidia said it would \"work to demonstrate that this transaction will benefit the industry and promote competition.\"\nArm declined to comment.\nThe stock-heavy deal has more than doubled in value since it was announced in September 2020 as Nvidia shares have risen on the performance of its data center business. Nvidia will owe only a $1.25 billion breakup fee if the deal does not close, and its shares closed up 2.2% at $321.26 on Thursday.\n\"Nobody thinks the deal is going to close,\" said Stacy Rasgon, an analyst with Bernstein. \"The data center story has been really playing out. The software narrative has become a bigger piece of the story. I would love to see this deal, but I don't think they need it.\"\nBefore Nvidia's offer, Softbank had planned to file for an initial public offering for Arm. While Arm's revenue is growing briskly, rising 56.3% to $1.46 billion in the six months ended Sept. 30, it is unclear whether Arm, in an IPO, would fetch anything close to the $80 billion in value offered by Nvidia.\nThe FTC, which is made up of two Republicans and two Democrats, voted 4-0 to approve the challenge to the planned merger.\n'HIGHER PRICES AND LESS CHOICE'\nThe FTC alleged \"the proposed merger would give Nvidia the ability and incentive to use its control of this technology to undermine its competitors, reducing competition and ultimately resulting in reduced product quality, reduced innovation, higher prices, and less choice, harming the millions of Americans who benefit from Arm-based products.\"\nThe FTC added the combined firm \"would have the means and incentive to stifle innovative next-generation technologies, including those used to run datacenters and driver-assistance systems in cars.\"\nSome semiconductor firms such as MediaTek Inc and Broadcom Inc have voiced support for the deal. But other firms such as Qualcomm have opposed it over concerns that Nvidia would have a first look at key technologies that they depend on and could then have better insights into their future products.\nQualcomm did not immediately respond to a request for comment.\nNvidia's chief executive, Jensen Huang, made a biting comment at an industry dinner last month, saying that Qualcomm Chief Executive Cristiano Amon, who recently took the helm of an industry trade group, had proven to be a master advocate in the battle over Arm. Qualcomm had its own extensive battles with global regulators, including the FTC, which Qualcomm prevailed over after the regulator brought an antitrust lawsuit against it.\n\"He's the perfect person to advocate for our industry,\" Huang said from a stage as Amon sat in the audience. \"I was trying to figure out, how is it possible that Cristiano knew every single regulator on the planet, and by the time I got there to tell them about my story on Arm, he was already there advocating against it?\" Huang said, to stunned laughter from the crowd.\nThe FTC said it has cooperated closely with staff of the competition agencies in the European Union, United Kingdom, Japan, and South Korea.","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":996,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":603511951,"gmtCreate":1638425510370,"gmtModify":1638425510607,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575853370111148","authorIdStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/603511951","repostId":"1144919825","repostType":4,"repost":{"id":"1144919825","kind":"news","pubTimestamp":1638424139,"share":"https://www.laohu8.com/m/news/1144919825?lang=zh_CN&edition=full","pubTime":"2021-12-02 13:48","market":"us","language":"en","title":"Cathie Wood Trims $5M In Coinbase And Loads Up On This Stock<blockquote>Cathie Wood减持Coinbase 500万美元并增持这只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1144919825","media":"Benzinga","summary":"Cathie Wood’s money managing firm Ark Invest on Wednesday sold more shares in Coinbase Global Inc as","content":"<p><div> Cathie Wood’s money managing firm Ark Invest on Wednesday sold more shares in Coinbase Global Inc as the largest U.S. cryptocurrency exchange's stock continued to fall weeks after reporting third ...</p><p><blockquote><div>凯西·伍德(Cathie Wood)的资金管理公司方舟投资(Ark Invest)周三出售了更多比特币基地全球公司(Coinbase Global Inc.)的股票，这家美国最大的加密货币交易所的股价在报告第三季度后几周继续下跌...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/markets/cryptocurrency/21/12/24397326/cathie-wood-trims-5m-in-coinbase-and-loads-up-on-this-stock\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/cryptocurrency/21/12/24397326/cathie-wood-trims-5m-in-coinbase-and-loads-up-on-this-stock\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cathie Wood Trims $5M In Coinbase And Loads Up On This Stock<blockquote>Cathie Wood减持Coinbase 500万美元并增持这只股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; 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The stock has plummeted 12.4% in the past one month.\nCoinbase CEO Brian Armstrong reminded investors three weeks ago at the earnings call conference that the company is focused on long-term growth instead of a quarter-to-quarter investment as it grows the cryptocurrency economy.\nThe company reported that Bitcoin was 19% of trading volume in the third quarter, compared to 24% in the second quarter.EthereumETHwas 22% of trading volume in the third quarter, compared to 26% in the second quarter.\nArk Invest sold the COIN shares via the Ark Fintech Innovation ETF on Wednesday. It also owns the stock via the Ark Innovation ETF and the Ark Next Generation Internet ETF.\nArk Invest has been selling shares inCoinbasesince Oct. 12, after months of piling up shares in the U.S. cryptocurrency exchange's stock after its direct listing on NASDAQ in April this year.\nThe popular managing firm still held 5.23 million shares — worth $1.65 billion — in Coinbase via the three ETFs ahead of Wednesday’s trades.\nHere are a few of the other key trades for Ark on Wednesday:\n\nBought 165,622 shares — estimated to be worth $33.74 million — in Zoom Video Communications Inc on the dip. Stock closed 6.48% lower at $197.71 a shrew on Wednesday.\nSold 1,992 shares — estimated to be worth $6.85 million — in Amazon.com Inc. Stock closed 1.81% lower at $3,443.72 a share on Wednesday.","news_type":1,"symbols_score_info":{"AMZN":0.9,"COIN":0.9,"ZM":0.9}},"isVote":1,"tweetType":1,"viewCount":1384,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":603534801,"gmtCreate":1638424783922,"gmtModify":1638424784158,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575853370111148","authorIdStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/603534801","repostId":"1196358645","repostType":2,"isVote":1,"tweetType":1,"viewCount":1025,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":603019538,"gmtCreate":1638337545668,"gmtModify":1638337545788,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575853370111148","authorIdStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/603019538","repostId":"1157895589","repostType":4,"isVote":1,"tweetType":1,"viewCount":1150,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":609197951,"gmtCreate":1638248806787,"gmtModify":1638248806868,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575853370111148","authorIdStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/609197951","repostId":"1164197088","repostType":4,"isVote":1,"tweetType":1,"viewCount":1225,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":600597077,"gmtCreate":1638169357493,"gmtModify":1638169357582,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575853370111148","authorIdStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/600597077","repostId":"1124072014","repostType":4,"repost":{"id":"1124072014","kind":"news","pubTimestamp":1638140765,"share":"https://www.laohu8.com/m/news/1124072014?lang=zh_CN&edition=full","pubTime":"2021-11-29 07:06","market":"us","language":"en","title":"November jobs report: What to know this week<blockquote>11月就业报告：本周需要了解什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1124072014","media":"yahoo","summary":"As investors return from the Thanksgiving-shortened trading week, focus will shift to the U.S. labor","content":"<p>As investors return from the Thanksgiving-shortened trading week, focus will shift to the U.S. labor market.</p><p><blockquote>随着投资者从感恩节缩短的交易周回归，焦点将转向美国劳动力市场。</blockquote></p><p> The Labor Department's monthly jobs report due for release on Friday is set to provide an updated snapshot of the strength in hiring and labor force participation in the U.S. economy. Consensus economists are looking for a half-million jobs to have returned in November, with the pace of hiring slowing only slightly from October's 531,000 gain. The unemployment rate is also expected to improve further to 4.5% from October's 4.6%, reaching the lowest level since March 2020.</p><p><blockquote>美国劳工部将于周五发布的月度就业报告将提供美国经济中招聘和劳动力参与实力的最新快照。经济学家一致认为，11月份将有50万个工作岗位回归，招聘速度仅较10月份的531,000个略有放缓。失业率也有望从10月的4.6%进一步改善至4.5%，达到2020年3月以来的最低水平。</blockquote></p><p> \"We expect non-farm payrolls to have risen by 500,000 in November, but the growing risk of a winter COVID wave and a dwindling supply of available workers will weigh on jobs growth soon,\" wrote Paul Ashworth, chief North America economist for Capital Economics, in a note last week.</p><p><blockquote>凯投宏观(Capital Economics)首席北美经济学家保罗·阿什沃斯(Paul Ashworth)写道：“我们预计11月份非农就业人数将增加50万人，但冬季新冠疫情风险不断增加以及可用工人供应减少将很快拖累就业增长。”，在上周的一份报告中。</blockquote></p><p> \"Employment growth can’t continue at this pace for much longer unless the labor force stages a more notable recovery. If anything, labor supply could<i>worsen</i>over the coming months as the federal vaccine mandate covering 100 [million] workers begins on January 4,\" Ashworth added. \"That suggests wage growth will remain strong, and we expect a 0.4% [month-over-month] rise in average hourly earnings in October.\"</p><p><blockquote>“除非劳动力出现更显著的复苏，否则就业增长不可能以这种速度持续太久。如果说有什么不同的话，那就是劳动力供应可以<i>恶化</i>随着覆盖1亿工人的联邦疫苗授权于1月4日开始，未来几个月，”阿什沃斯补充道。“这表明工资增长将保持强劲，我们预计10月份平均时薪将[环比]增长0.4%。”</blockquote></p><p> On a year-over-year basis, average hourly earnings are expected to rise by 5.0%, accelerating even further after October's already marked 4.9% rise and representing the fastest wage growth rate since February.</p><p><blockquote>与去年同期相比，平均时薪预计将增长5.0%，继10月份已经显着增长4.9%之后进一步加速，这是自2月份以来最快的工资增长率。</blockquote></p><p> Growing average wages and a tight labor market — while a positive for consumers and their ability to spend — has also stoked concerns over persistent inflation. Last week's Personal Consumption Expenditures (PCE) deflator from the Bureau of Economic Analysis for October showed an annual jump of 5.0% in the index, or the biggest rise since 1990. And the core PCE, or the Fed's preferred inflation gauge stripping out volatile food and energy prices, rose by 4.1% year-over-year — the most in three decades.</p><p><blockquote>平均工资增长和劳动力市场紧张虽然对消费者及其消费能力有利，但也引发了人们对持续通胀的担忧。上周经济分析局公布的10月份个人消费支出(PCE)平减指数显示，该指数年率上涨5.0%，创1990年以来最大涨幅。核心PCE（即美联储首选的剔除波动较大的食品和能源价格的通胀指标）同比上涨4.1%，为三十年来的最高水平。</blockquote></p><p> Other recent data have homed in on the tight labor market and presaged a potentially strong November jobs report. Last week'sinitial jobless claims fell to a 52-year low of 199,000, taking out both the prior pandemic-era low and pre-pandemic average for new first-time filings. This served as yet another point underscoring the steep competition for labor among U.S. employers, with companies attempting to hire and retain their existing workforces amid widespread labor shortages.</p><p><blockquote>最近的其他数据集中在紧张的劳动力市场上，并预示着11月份就业报告可能强劲。上周首次申请失业救济人数降至19.9万人的52年低点，打破了之前大流行时期的低点和大流行前新首次申请失业救济人数的平均值。这再次凸显了美国雇主之间对劳动力的激烈竞争，在劳动力普遍短缺的情况下，公司试图雇用和留住现有劳动力。</blockquote></p><p> Even given these lingering scarcities, the labor force participation rate has yet to return to pre-pandemic levels. The civilian labor force was still down by nearly 3 million participants compared to February 2020, with lingering concerns over the virus and adesire by many working-age individuals to seek out new roles with better flexibility and benefitsstill keeping many individuals on the sidelines of the workforce. Consensus economists expect the labor force participation rate to tick up only slightly in November to reach 61.7%, growing from October's 61.6% but coming in well below the 63.3% rate from February 2020.</p><p><blockquote>即使考虑到这些挥之不去的短缺，劳动力参与率仍未恢复到大流行前的水平。与2020年2月相比，平民劳动力仍减少了近300万参与者，对病毒的担忧挥之不去，许多工作年龄的人渴望寻找具有更好灵活性和福利的新角色，这仍然使许多人处于劳动力的边缘。经济学家普遍预计，11月份劳动力参与率仅略有上升，达到61.7%，高于10月份的61.6%，但远低于2020年2月的63.3%。</blockquote></p><p> Returning the economy back to pre-pandemic labor force participation levels and ensuring job gains are seen equitably across different groups has become a key focus for the Federal Reserve. And the distance still left to make up on these fronts has also been the biggest factor keeping the Fed ultra-accommodative with its monetary policy support, even after a parade of hotter-than-expected inflation reports that would appear to warrant a more hawkish policy tilt and a quicker-than-expected hike to interest rates.Fed Chair Jerome Powell's renomination to remain as head of the central bankfurther suggests the Fed's focus on the labor market as a critical informing factor for monetary policy will remain.</p><p><blockquote>让经济回到大流行前的劳动力参与水平，并确保不同群体公平地看到就业增长，已成为美联储的一个重点关注点。在这些方面仍有待弥补的距离也是美联储货币政策支持保持超宽松的最大因素，即使在一系列高于预期的通胀报告似乎需要采取更强硬的政策倾斜美联储主席杰罗姆·鲍威尔再次被提名继续担任央行行长进一步表明，美联储将继续关注劳动力市场，将其作为货币政策的关键信息因素。</blockquote></p><p> \"Market views for future Fed rate increases have been pulled forward aggressively in response to evidence that elevated inflation pressures are likely to persist for longer,\" wrote Deutsche Bank economist Justin Weidner in a note last week. \"However, as Chair Powell's November press conference made evident, prospects for the labor market to return to maximum employment remain a critical consideration for when the Fed will eventually begin to actively tighten monetary policy.\"</p><p><blockquote>德意志银行经济学家贾斯汀·魏德纳(Justin Weidner)上周在一份报告中写道：“由于有证据表明通胀压力上升可能会持续更长时间，市场对美联储未来加息的看法已大幅提前。”“然而，正如鲍威尔主席11月新闻发布会所表明的那样，劳动力市场恢复最大就业的前景仍然是美联储最终何时开始积极收紧货币政策的关键考虑因素。”</blockquote></p><p> Economic calendar</p><p><blockquote>经济日历</blockquote></p><p> <ul>  <li><b>Monday:</b>Pending home sales, month-over-month, October (0.7% expected, -2.3% in September); Dallas Federal Reserve Manufacturing Activity Index, November (17.0 expected, 14.6 in October)</p><p><blockquote><ul><li><b>星期一：</b>10月份待售房屋环比（预期0.7%，9月份-2.3%）；11月达拉斯联储制造业活动指数（预期17.0，10月14.6）</li></ul></blockquote></p><p></p><p></li>  <li><b>Tuesday:</b>FHFA House Price Index, month-over-month, September (1.2% expected, 1.0% in August); S&amp;P CoreLogic Case-Shiller 20-City Composite Index, month-over-month, September (1.30% expected, 1.17% in August); S&amp;P CoreLogic Case-Shiller 20-City Composite Index, September (19.66% during prior month); MNI Chicago PMI, November (67.0 expected, 68.4 in October); Conference Board Consumer Confidence Index, November (110.0 expected, 113.8 in October)</p><p><blockquote><li><b>星期二：</b>9月FHFA房价指数环比（预期为1.2%，8月为1.0%）；S&amp;P CoreLogic Case-Shiller 20城综合指数，9月环比（预期1.30%，8月1.17%）；S&amp;P CoreLogic Case-Shiller 20城市综合指数，9月（上月为19.66%）；11月MNI芝加哥PMI（预期67.0，10月68.4）；世界大型企业联合会11月消费者信心指数（预期110.0，10月113.8）</li></blockquote></p><p></li>  <li><b>Wednesday:</b>MBA Mortgage Applications, November 26 (1.8% during prior week); ADP Employment Change, November (515,000 expected, 571,000 in October); Markit U.S. Manufacturing PMI, November final (59.1 during prior month); Construction Spending, month-over-month, October (0.5% expected, -0.5% in September); ISM Manufacturing, November (61.0 expected, 60.8 in October); Federal Reserve releases Beige Book</p><p><blockquote><li><b>星期三：</b>MBA抵押贷款申请，11月26日（前一周为1.8%）；11月ADP就业变化（预期51.5万人，10月57.1万人）；Markit美国制造业PMI，11月终值（上月为59.1）；10月份建筑支出环比（预期0.5%，9月份-0.5%）；ISM制造业，11月（预期61.0，10月60.8）；美联储发布褐皮书</li></blockquote></p><p></li>  <li><b>Thursday:</b>Challenger job cuts, November (-71.7% in October); Initial jobless claims, week ended Nov. 27 (199,000 during prior week); Continuing claims, Nov. 20 (2.049 during prior week)</p><p><blockquote><li><b>星期四：</b>挑战者裁员，11月（10月-71.7%）；截至11月27日当周首次申请失业救济人数（前一周为199,000人）；11月20日持续申请失业救济人数（前一周为2.049）</li></blockquote></p><p></li>  <li><b>Friday:</b>Change in non-farm payrolls, November (500,000 expected, 531,000 in October); Unemployment rate, November (4.5% expected, 4.6% in October); Average Hourly Earnings, month-over-month, November (0.4% expected, 0.4% in October); Average Hourly Earnings, year-over-year, November (5.0% expected, 4.9% in October); Markit U.S. Services PMI, November final (57.0 in prior print); Markit U.S. Composite PMI, November final (56.5 in prior print); ISM Services Index, November (65.0 expected, 66.7 in October); Factory Orders, October (0.5% expected, 0.2% in September); Durable Goods Orders, October final (-0.5% in prior print)</p><p><blockquote><li><b>星期五：</b>11月非农就业人数变化（预期50万，10月53.1万）；11月失业率（预期4.5%，10月4.6%）；11月平均时薪环比（预期0.4%，10月0.4%）；11月平均时薪同比（预期5.0%，10月4.9%）；Markit美国服务业PMI，11月最终数据（上一期为57.0）；Markit美国综合PMI，11月最终数据（上一期为56.5）；ISM服务业指数，11月（预期65.0，10月66.7）；10月工厂订单（预期0.5%，9月0.2%）；耐用品订单，10月份最终（上次打印为-0.5%）</li></blockquote></p><p></li> </ul> Earnings calendar</p><p><blockquote>盈利日历</blockquote></p><p> <ul>  <li><b>Monday:</b><i>No notable reports scheduled for release</i></p><p><blockquote><ul><li><b>星期一：</b><i>没有计划发布值得注意的报告</i></li></ul></blockquote></p><p></li>  <li><b>Tuesday:</b>Salesforce.com (CRM) after market close</p><p><blockquote><li><b>星期二：</b>Salesforce.com(CRM)收盘后</li></blockquote></p><p></li>  <li><b>Wednesday:</b>PVH Corp. (PVH) after market close</p><p><blockquote><li><b>星期三：</b>PVH Corp.(PVH)收盘后</li></blockquote></p><p></li>  <li><b>Thursday:</b>Dollar General (DG), Kroger (KR) before market open; Ulta Beauty (ULTA) after market close</p><p><blockquote><li><b>星期四：</b>Dollar General(DG)、Kroger(KR)开盘前；Ulta Beauty(ULTA)收盘后</li></blockquote></p><p></li>  <li><b>Friday:</b><i>No notable reports scheduled for release</i></p><p><blockquote><li><b>星期五：</b><i>没有计划发布值得注意的报告</i></li></blockquote></p><p></li> </ul></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>November jobs report: What to know this week<blockquote>11月就业报告：本周需要了解什么</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\">\nNovember jobs report: What to know this week<blockquote>11月就业报告：本周需要了解什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">yahoo</strong><span class=\"h-time small\">2021-11-29 07:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As investors return from the Thanksgiving-shortened trading week, focus will shift to the U.S. labor market.</p><p><blockquote>随着投资者从感恩节缩短的交易周回归，焦点将转向美国劳动力市场。</blockquote></p><p> The Labor Department's monthly jobs report due for release on Friday is set to provide an updated snapshot of the strength in hiring and labor force participation in the U.S. economy. Consensus economists are looking for a half-million jobs to have returned in November, with the pace of hiring slowing only slightly from October's 531,000 gain. The unemployment rate is also expected to improve further to 4.5% from October's 4.6%, reaching the lowest level since March 2020.</p><p><blockquote>美国劳工部将于周五发布的月度就业报告将提供美国经济中招聘和劳动力参与实力的最新快照。经济学家一致认为，11月份将有50万个工作岗位回归，招聘速度仅较10月份的531,000个略有放缓。失业率也有望从10月的4.6%进一步改善至4.5%，达到2020年3月以来的最低水平。</blockquote></p><p> \"We expect non-farm payrolls to have risen by 500,000 in November, but the growing risk of a winter COVID wave and a dwindling supply of available workers will weigh on jobs growth soon,\" wrote Paul Ashworth, chief North America economist for Capital Economics, in a note last week.</p><p><blockquote>凯投宏观(Capital Economics)首席北美经济学家保罗·阿什沃斯(Paul Ashworth)写道：“我们预计11月份非农就业人数将增加50万人，但冬季新冠疫情风险不断增加以及可用工人供应减少将很快拖累就业增长。”，在上周的一份报告中。</blockquote></p><p> \"Employment growth can’t continue at this pace for much longer unless the labor force stages a more notable recovery. If anything, labor supply could<i>worsen</i>over the coming months as the federal vaccine mandate covering 100 [million] workers begins on January 4,\" Ashworth added. \"That suggests wage growth will remain strong, and we expect a 0.4% [month-over-month] rise in average hourly earnings in October.\"</p><p><blockquote>“除非劳动力出现更显著的复苏，否则就业增长不可能以这种速度持续太久。如果说有什么不同的话，那就是劳动力供应可以<i>恶化</i>随着覆盖1亿工人的联邦疫苗授权于1月4日开始，未来几个月，”阿什沃斯补充道。“这表明工资增长将保持强劲，我们预计10月份平均时薪将[环比]增长0.4%。”</blockquote></p><p> On a year-over-year basis, average hourly earnings are expected to rise by 5.0%, accelerating even further after October's already marked 4.9% rise and representing the fastest wage growth rate since February.</p><p><blockquote>与去年同期相比，平均时薪预计将增长5.0%，继10月份已经显着增长4.9%之后进一步加速，这是自2月份以来最快的工资增长率。</blockquote></p><p> Growing average wages and a tight labor market — while a positive for consumers and their ability to spend — has also stoked concerns over persistent inflation. Last week's Personal Consumption Expenditures (PCE) deflator from the Bureau of Economic Analysis for October showed an annual jump of 5.0% in the index, or the biggest rise since 1990. And the core PCE, or the Fed's preferred inflation gauge stripping out volatile food and energy prices, rose by 4.1% year-over-year — the most in three decades.</p><p><blockquote>平均工资增长和劳动力市场紧张虽然对消费者及其消费能力有利，但也引发了人们对持续通胀的担忧。上周经济分析局公布的10月份个人消费支出(PCE)平减指数显示，该指数年率上涨5.0%，创1990年以来最大涨幅。核心PCE（即美联储首选的剔除波动较大的食品和能源价格的通胀指标）同比上涨4.1%，为三十年来的最高水平。</blockquote></p><p> Other recent data have homed in on the tight labor market and presaged a potentially strong November jobs report. Last week'sinitial jobless claims fell to a 52-year low of 199,000, taking out both the prior pandemic-era low and pre-pandemic average for new first-time filings. This served as yet another point underscoring the steep competition for labor among U.S. employers, with companies attempting to hire and retain their existing workforces amid widespread labor shortages.</p><p><blockquote>最近的其他数据集中在紧张的劳动力市场上，并预示着11月份就业报告可能强劲。上周首次申请失业救济人数降至19.9万人的52年低点，打破了之前大流行时期的低点和大流行前新首次申请失业救济人数的平均值。这再次凸显了美国雇主之间对劳动力的激烈竞争，在劳动力普遍短缺的情况下，公司试图雇用和留住现有劳动力。</blockquote></p><p> Even given these lingering scarcities, the labor force participation rate has yet to return to pre-pandemic levels. The civilian labor force was still down by nearly 3 million participants compared to February 2020, with lingering concerns over the virus and adesire by many working-age individuals to seek out new roles with better flexibility and benefitsstill keeping many individuals on the sidelines of the workforce. Consensus economists expect the labor force participation rate to tick up only slightly in November to reach 61.7%, growing from October's 61.6% but coming in well below the 63.3% rate from February 2020.</p><p><blockquote>即使考虑到这些挥之不去的短缺，劳动力参与率仍未恢复到大流行前的水平。与2020年2月相比，平民劳动力仍减少了近300万参与者，对病毒的担忧挥之不去，许多工作年龄的人渴望寻找具有更好灵活性和福利的新角色，这仍然使许多人处于劳动力的边缘。经济学家普遍预计，11月份劳动力参与率仅略有上升，达到61.7%，高于10月份的61.6%，但远低于2020年2月的63.3%。</blockquote></p><p> Returning the economy back to pre-pandemic labor force participation levels and ensuring job gains are seen equitably across different groups has become a key focus for the Federal Reserve. And the distance still left to make up on these fronts has also been the biggest factor keeping the Fed ultra-accommodative with its monetary policy support, even after a parade of hotter-than-expected inflation reports that would appear to warrant a more hawkish policy tilt and a quicker-than-expected hike to interest rates.Fed Chair Jerome Powell's renomination to remain as head of the central bankfurther suggests the Fed's focus on the labor market as a critical informing factor for monetary policy will remain.</p><p><blockquote>让经济回到大流行前的劳动力参与水平，并确保不同群体公平地看到就业增长，已成为美联储的一个重点关注点。在这些方面仍有待弥补的距离也是美联储货币政策支持保持超宽松的最大因素，即使在一系列高于预期的通胀报告似乎需要采取更强硬的政策倾斜美联储主席杰罗姆·鲍威尔再次被提名继续担任央行行长进一步表明，美联储将继续关注劳动力市场，将其作为货币政策的关键信息因素。</blockquote></p><p> \"Market views for future Fed rate increases have been pulled forward aggressively in response to evidence that elevated inflation pressures are likely to persist for longer,\" wrote Deutsche Bank economist Justin Weidner in a note last week. \"However, as Chair Powell's November press conference made evident, prospects for the labor market to return to maximum employment remain a critical consideration for when the Fed will eventually begin to actively tighten monetary policy.\"</p><p><blockquote>德意志银行经济学家贾斯汀·魏德纳(Justin Weidner)上周在一份报告中写道：“由于有证据表明通胀压力上升可能会持续更长时间，市场对美联储未来加息的看法已大幅提前。”“然而，正如鲍威尔主席11月新闻发布会所表明的那样，劳动力市场恢复最大就业的前景仍然是美联储最终何时开始积极收紧货币政策的关键考虑因素。”</blockquote></p><p> Economic calendar</p><p><blockquote>经济日历</blockquote></p><p> <ul>  <li><b>Monday:</b>Pending home sales, month-over-month, October (0.7% expected, -2.3% in September); Dallas Federal Reserve Manufacturing Activity Index, November (17.0 expected, 14.6 in October)</p><p><blockquote><ul><li><b>星期一：</b>10月份待售房屋环比（预期0.7%，9月份-2.3%）；11月达拉斯联储制造业活动指数（预期17.0，10月14.6）</li></ul></blockquote></p><p></p><p></li>  <li><b>Tuesday:</b>FHFA House Price Index, month-over-month, September (1.2% expected, 1.0% in August); S&amp;P CoreLogic Case-Shiller 20-City Composite Index, month-over-month, September (1.30% expected, 1.17% in August); S&amp;P CoreLogic Case-Shiller 20-City Composite Index, September (19.66% during prior month); MNI Chicago PMI, November (67.0 expected, 68.4 in October); Conference Board Consumer Confidence Index, November (110.0 expected, 113.8 in October)</p><p><blockquote><li><b>星期二：</b>9月FHFA房价指数环比（预期为1.2%，8月为1.0%）；S&amp;P CoreLogic Case-Shiller 20城综合指数，9月环比（预期1.30%，8月1.17%）；S&amp;P CoreLogic Case-Shiller 20城市综合指数，9月（上月为19.66%）；11月MNI芝加哥PMI（预期67.0，10月68.4）；世界大型企业联合会11月消费者信心指数（预期110.0，10月113.8）</li></blockquote></p><p></li>  <li><b>Wednesday:</b>MBA Mortgage Applications, November 26 (1.8% during prior week); ADP Employment Change, November (515,000 expected, 571,000 in October); Markit U.S. Manufacturing PMI, November final (59.1 during prior month); Construction Spending, month-over-month, October (0.5% expected, -0.5% in September); ISM Manufacturing, November (61.0 expected, 60.8 in October); Federal Reserve releases Beige Book</p><p><blockquote><li><b>星期三：</b>MBA抵押贷款申请，11月26日（前一周为1.8%）；11月ADP就业变化（预期51.5万人，10月57.1万人）；Markit美国制造业PMI，11月终值（上月为59.1）；10月份建筑支出环比（预期0.5%，9月份-0.5%）；ISM制造业，11月（预期61.0，10月60.8）；美联储发布褐皮书</li></blockquote></p><p></li>  <li><b>Thursday:</b>Challenger job cuts, November (-71.7% in October); Initial jobless claims, week ended Nov. 27 (199,000 during prior week); Continuing claims, Nov. 20 (2.049 during prior week)</p><p><blockquote><li><b>星期四：</b>挑战者裁员，11月（10月-71.7%）；截至11月27日当周首次申请失业救济人数（前一周为199,000人）；11月20日持续申请失业救济人数（前一周为2.049）</li></blockquote></p><p></li>  <li><b>Friday:</b>Change in non-farm payrolls, November (500,000 expected, 531,000 in October); Unemployment rate, November (4.5% expected, 4.6% in October); Average Hourly Earnings, month-over-month, November (0.4% expected, 0.4% in October); Average Hourly Earnings, year-over-year, November (5.0% expected, 4.9% in October); Markit U.S. Services PMI, November final (57.0 in prior print); Markit U.S. Composite PMI, November final (56.5 in prior print); ISM Services Index, November (65.0 expected, 66.7 in October); Factory Orders, October (0.5% expected, 0.2% in September); Durable Goods Orders, October final (-0.5% in prior print)</p><p><blockquote><li><b>星期五：</b>11月非农就业人数变化（预期50万，10月53.1万）；11月失业率（预期4.5%，10月4.6%）；11月平均时薪环比（预期0.4%，10月0.4%）；11月平均时薪同比（预期5.0%，10月4.9%）；Markit美国服务业PMI，11月最终数据（上一期为57.0）；Markit美国综合PMI，11月最终数据（上一期为56.5）；ISM服务业指数，11月（预期65.0，10月66.7）；10月工厂订单（预期0.5%，9月0.2%）；耐用品订单，10月份最终（上次打印为-0.5%）</li></blockquote></p><p></li> </ul> Earnings calendar</p><p><blockquote>盈利日历</blockquote></p><p> <ul>  <li><b>Monday:</b><i>No notable reports scheduled for release</i></p><p><blockquote><ul><li><b>星期一：</b><i>没有计划发布值得注意的报告</i></li></ul></blockquote></p><p></li>  <li><b>Tuesday:</b>Salesforce.com (CRM) after market close</p><p><blockquote><li><b>星期二：</b>Salesforce.com(CRM)收盘后</li></blockquote></p><p></li>  <li><b>Wednesday:</b>PVH Corp. (PVH) after market close</p><p><blockquote><li><b>星期三：</b>PVH Corp.(PVH)收盘后</li></blockquote></p><p></li>  <li><b>Thursday:</b>Dollar General (DG), Kroger (KR) before market open; Ulta Beauty (ULTA) after market close</p><p><blockquote><li><b>星期四：</b>Dollar General(DG)、Kroger(KR)开盘前；Ulta Beauty(ULTA)收盘后</li></blockquote></p><p></li>  <li><b>Friday:</b><i>No notable reports scheduled for release</i></p><p><blockquote><li><b>星期五：</b><i>没有计划发布值得注意的报告</i></li></blockquote></p><p></li> </ul></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/november-jobs-report-what-to-know-this-week-144428419.html\">yahoo</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":{"CRM":"赛富时"},"source_url":"https://finance.yahoo.com/news/november-jobs-report-what-to-know-this-week-144428419.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124072014","content_text":"As investors return from the Thanksgiving-shortened trading week, focus will shift to the U.S. labor market.\nThe Labor Department's monthly jobs report due for release on Friday is set to provide an updated snapshot of the strength in hiring and labor force participation in the U.S. economy. Consensus economists are looking for a half-million jobs to have returned in November, with the pace of hiring slowing only slightly from October's 531,000 gain. The unemployment rate is also expected to improve further to 4.5% from October's 4.6%, reaching the lowest level since March 2020.\n\"We expect non-farm payrolls to have risen by 500,000 in November, but the growing risk of a winter COVID wave and a dwindling supply of available workers will weigh on jobs growth soon,\" wrote Paul Ashworth, chief North America economist for Capital Economics, in a note last week.\n\"Employment growth can’t continue at this pace for much longer unless the labor force stages a more notable recovery. If anything, labor supply couldworsenover the coming months as the federal vaccine mandate covering 100 [million] workers begins on January 4,\" Ashworth added. \"That suggests wage growth will remain strong, and we expect a 0.4% [month-over-month] rise in average hourly earnings in October.\"\nOn a year-over-year basis, average hourly earnings are expected to rise by 5.0%, accelerating even further after October's already marked 4.9% rise and representing the fastest wage growth rate since February.\nGrowing average wages and a tight labor market — while a positive for consumers and their ability to spend — has also stoked concerns over persistent inflation. Last week's Personal Consumption Expenditures (PCE) deflator from the Bureau of Economic Analysis for October showed an annual jump of 5.0% in the index, or the biggest rise since 1990. And the core PCE, or the Fed's preferred inflation gauge stripping out volatile food and energy prices, rose by 4.1% year-over-year — the most in three decades.\nOther recent data have homed in on the tight labor market and presaged a potentially strong November jobs report. Last week'sinitial jobless claims fell to a 52-year low of 199,000, taking out both the prior pandemic-era low and pre-pandemic average for new first-time filings. This served as yet another point underscoring the steep competition for labor among U.S. employers, with companies attempting to hire and retain their existing workforces amid widespread labor shortages.\nEven given these lingering scarcities, the labor force participation rate has yet to return to pre-pandemic levels. The civilian labor force was still down by nearly 3 million participants compared to February 2020, with lingering concerns over the virus and adesire by many working-age individuals to seek out new roles with better flexibility and benefitsstill keeping many individuals on the sidelines of the workforce. Consensus economists expect the labor force participation rate to tick up only slightly in November to reach 61.7%, growing from October's 61.6% but coming in well below the 63.3% rate from February 2020.\nReturning the economy back to pre-pandemic labor force participation levels and ensuring job gains are seen equitably across different groups has become a key focus for the Federal Reserve. And the distance still left to make up on these fronts has also been the biggest factor keeping the Fed ultra-accommodative with its monetary policy support, even after a parade of hotter-than-expected inflation reports that would appear to warrant a more hawkish policy tilt and a quicker-than-expected hike to interest rates.Fed Chair Jerome Powell's renomination to remain as head of the central bankfurther suggests the Fed's focus on the labor market as a critical informing factor for monetary policy will remain.\n\"Market views for future Fed rate increases have been pulled forward aggressively in response to evidence that elevated inflation pressures are likely to persist for longer,\" wrote Deutsche Bank economist Justin Weidner in a note last week. \"However, as Chair Powell's November press conference made evident, prospects for the labor market to return to maximum employment remain a critical consideration for when the Fed will eventually begin to actively tighten monetary policy.\"\nEconomic calendar\n\nMonday:Pending home sales, month-over-month, October (0.7% expected, -2.3% in September); Dallas Federal Reserve Manufacturing Activity Index, November (17.0 expected, 14.6 in October)\nTuesday:FHFA House Price Index, month-over-month, September (1.2% expected, 1.0% in August); S&P CoreLogic Case-Shiller 20-City Composite Index, month-over-month, September (1.30% expected, 1.17% in August); S&P CoreLogic Case-Shiller 20-City Composite Index, September (19.66% during prior month); MNI Chicago PMI, November (67.0 expected, 68.4 in October); Conference Board Consumer Confidence Index, November (110.0 expected, 113.8 in October)\nWednesday:MBA Mortgage Applications, November 26 (1.8% during prior week); ADP Employment Change, November (515,000 expected, 571,000 in October); Markit U.S. Manufacturing PMI, November final (59.1 during prior month); Construction Spending, month-over-month, October (0.5% expected, -0.5% in September); ISM Manufacturing, November (61.0 expected, 60.8 in October); Federal Reserve releases Beige Book\nThursday:Challenger job cuts, November (-71.7% in October); Initial jobless claims, week ended Nov. 27 (199,000 during prior week); Continuing claims, Nov. 20 (2.049 during prior week)\nFriday:Change in non-farm payrolls, November (500,000 expected, 531,000 in October); Unemployment rate, November (4.5% expected, 4.6% in October); Average Hourly Earnings, month-over-month, November (0.4% expected, 0.4% in October); Average Hourly Earnings, year-over-year, November (5.0% expected, 4.9% in October); Markit U.S. Services PMI, November final (57.0 in prior print); Markit U.S. Composite PMI, November final (56.5 in prior print); ISM Services Index, November (65.0 expected, 66.7 in October); Factory Orders, October (0.5% expected, 0.2% in September); Durable Goods Orders, October final (-0.5% in prior print)\n\nEarnings calendar\n\nMonday:No notable reports scheduled for release\nTuesday:Salesforce.com (CRM) after market close\nWednesday:PVH Corp. (PVH) after market close\nThursday:Dollar General (DG), Kroger (KR) before market open; Ulta Beauty (ULTA) after market close\nFriday:No notable reports scheduled for release","news_type":1,"symbols_score_info":{"CRM":0.9}},"isVote":1,"tweetType":1,"viewCount":1012,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":600375961,"gmtCreate":1638077029025,"gmtModify":1638077029101,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575853370111148","authorIdStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/600375961","repostId":"2186432895","repostType":4,"isVote":1,"tweetType":1,"viewCount":829,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":835058443,"gmtCreate":1629681911982,"gmtModify":1633683276584,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575853370111148","idStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/835058443","repostId":"2161747692","repostType":4,"isVote":1,"tweetType":1,"viewCount":551,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":601688246,"gmtCreate":1638522711835,"gmtModify":1638522711916,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575853370111148","idStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/601688246","repostId":"1109887617","repostType":4,"repost":{"id":"1109887617","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":1638522546,"share":"https://www.laohu8.com/m/news/1109887617?lang=zh_CN&edition=full","pubTime":"2021-12-03 17:09","market":"us","language":"en","title":"Nvidia stock dipped nearly 1% in premarket trading<blockquote>英伟达股价在盘前交易中下跌近1%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109887617","media":"Tiger Newspress","summary":"Nvidia stock dipped nearly 1% in premarket trading after U.S. FTC sued to block Nvidia deal to buy A","content":"<p>Nvidia stock dipped nearly 1% in premarket trading&nbsp;after&nbsp;U.S. FTC sued to block Nvidia deal to buy Arm.</p><p><blockquote>英伟达股价在美国股市盘前交易中下跌近1%。FTC起诉阻止英伟达收购Arm的交易。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/485024ba3a708fd42977c8eae5b7804d\" tg-width=\"853\" tg-height=\"621\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The U.S. Federal Trade Commission on Thursday sued to block U.S. chip company Nvidia Corp's&nbsp;more than $80 billion planned acquisition of British chip technology provider Arm, adding to already significant global regulatory challenges of the deal.</p><p><blockquote>美国联邦贸易委员会周四提起诉讼，阻止美国芯片公司英伟达公司以超过800亿美元收购英国芯片技术提供商Arm的计划，这增加了该交易本已重大的全球监管挑战。</blockquote></p><p> The FTC said the proposed deal would give one of the largest chip companies control over computing technology and designs that competitors rely on to develop their own competing chips.</p><p><blockquote>FTC表示，拟议中的交易将使最大的芯片公司之一控制计算技术和设计，竞争对手依靠这些技术和设计来开发自己的竞争芯片。</blockquote></p><p> The deal has been widely expected to fall apart after facing opposition in the chip industry. British regulators said last month they would launch an in-depth probe of the deal, and it is also under scrutiny in the European Union.</p><p><blockquote>在面临芯片行业的反对后，人们普遍预计该交易将破裂。英国监管机构上个月表示，他们将对该交易展开深入调查，该交易也在欧盟接受审查。</blockquote></p><p> Arm licenses its chip architecture and blueprints to major chipmakers Apple Inc, Qualcomm Inc&nbsp;and Samsung Electronics Co Ltd, underpinning the global smartphone ecosystem. Arm was sold to Japan's SoftBank&nbsp;in 2016.</p><p><blockquote>Arm将其芯片架构和蓝图授权给主要芯片制造商苹果公司、高通公司和三星电子有限公司，支撑着全球智能手机生态系统。Arm于2016年被出售给日本软银。</blockquote></p><p> Nvidia said it would \"work to demonstrate that this transaction will benefit the industry and promote competition.\"</p><p><blockquote>英伟达表示，将“努力证明这笔交易将有利于行业并促进竞争”。</blockquote></p><p> Arm declined to comment.</p><p><blockquote>Arm拒绝置评。</blockquote></p><p> The stock-heavy deal has more than doubled in value since it was announced in September 2020 as Nvidia shares have risen on the performance of its data center business. Nvidia will owe only a $1.25 billion breakup fee if the deal does not close, and its shares closed up 2.2% at $321.26 on Thursday.</p><p><blockquote>自2020年9月宣布以来，随着英伟达股价因其数据中心业务的表现而上涨，这笔股票交易的价值已增加了一倍多。如果交易没有完成，英伟达将只欠12.5亿美元的分手费，其股价周四收涨2.2%，报321.26美元。</blockquote></p><p> \"Nobody thinks the deal is going to close,\" said Stacy Rasgon, an analyst with Bernstein. \"The data center story has been really playing out. The software narrative has become a bigger piece of the story. I would love to see this deal, but I don't think they need it.\"</p><p><blockquote>伯恩斯坦分析师斯泰西·拉斯贡(Stacy Rasgon)表示：“没有人认为这笔交易会完成。”“数据中心的故事确实在上演。软件叙事已经成为故事中更大的一部分。我很想看到这笔交易，但我认为他们不需要它。”</blockquote></p><p> Before Nvidia's offer, Softbank had planned to file for an initial public offering for Arm. While Arm's revenue is growing briskly, rising 56.3% to $1.46 billion in the six months ended Sept. 30, it is unclear whether Arm, in an IPO, would fetch anything close to the $80 billion in value offered by Nvidia.</p><p><blockquote>在英伟达提出要约之前，软银曾计划为Arm申请首次公开募股。尽管Arm的收入增长迅速，在截至9月30日的六个月内增长了56.3%，达到14.6亿美元，但目前尚不清楚Arm在IPO中的估值是否会接近Nvidia提供的800亿美元。</blockquote></p><p> The FTC, which is made up of two Republicans and two Democrats, voted 4-0 to approve the challenge to the planned merger.</p><p><blockquote>由两名共和党人和两名民主党人组成的联邦贸易委员会以4比0的投票结果批准了对合并计划的挑战。</blockquote></p><p> <b>'HIGHER PRICES AND LESS CHOICE'</b></p><p><blockquote><b>“价格更高，选择更少”</b></blockquote></p><p> The FTC alleged \"the proposed merger would give Nvidia the ability and incentive to use its control of this technology to undermine its competitors, reducing competition and ultimately resulting in reduced product quality, reduced innovation, higher prices, and less choice, harming the millions of Americans who benefit from Arm-based products.\"</p><p><blockquote>FTC声称，“拟议的合并将使英伟达有能力和动机利用其对这项技术的控制来削弱其竞争对手，从而减少竞争，最终导致产品质量下降、创新减少、价格上涨和选择减少，从而损害数百万受益于基于Arm的产品的美国人。”</blockquote></p><p> The FTC added the combined firm \"would have the means and incentive to stifle innovative next-generation technologies, including those used to run datacenters and driver-assistance systems in cars.\"</p><p><blockquote>联邦贸易委员会补充说，合并后的公司“将有手段和激励来扼杀创新的下一代技术，包括那些用于运行数据中心和汽车驾驶辅助系统的技术。”</blockquote></p><p> Some semiconductor firms such as MediaTek Inc&nbsp;and Broadcom Inc&nbsp;have voiced support for the deal. But other firms such as Qualcomm have opposed it over concerns that Nvidia would have a first look at key technologies that they depend on and could then have better insights into their future products.</p><p><blockquote>联发科和博通等一些半导体公司已表示支持该交易。但高通等其他公司表示反对，担心英伟达会首先了解他们所依赖的关键技术，然后可以更好地了解他们未来的产品。</blockquote></p><p> Qualcomm did not immediately respond to a request for comment.</p><p><blockquote>高通没有立即回应置评请求。</blockquote></p><p> Nvidia's chief executive, Jensen Huang, made a biting comment at an industry dinner last month, saying that Qualcomm Chief Executive Cristiano Amon, who recently took the helm of an industry trade group, had proven to be a master advocate in the battle over Arm. Qualcomm had its own extensive battles with global regulators, including the FTC, which Qualcomm prevailed over after the regulator brought an antitrust lawsuit against it.</p><p><blockquote>英伟达首席执行官黄仁勋（Elon Musk）在上个月的一次行业晚宴上发表了尖锐的评论，称最近执掌行业贸易小组的高通首席执行官克里斯蒂亚诺·阿蒙（Cristiano Amon）已被证明是Arm之争的主要倡导者。高通与包括联邦贸易委员会在内的全球监管机构进行了广泛的斗争，在监管机构对其提起反垄断诉讼后，高通获胜。</blockquote></p><p> \"He's the perfect person to advocate for our industry,\" Huang said from a stage as Amon sat in the audience. \"I was trying to figure out, how is it possible that Cristiano knew every single regulator on the planet, and by the time I got there to tell them about my story on Arm, he was already there advocating against it?\" Huang said, to stunned laughter from the crowd.</p><p><blockquote>“他是倡导我们行业的最佳人选，”当阿蒙坐在观众席上时，黄在舞台上说道。“我试图弄清楚，克里斯蒂亚诺怎么可能认识这个星球上的每一个监管机构，而当我到达那里向他们讲述我在Arm上的故事时，他已经在那里主张反对它了？”荒说着，引来众人一阵惊愕的笑声。</blockquote></p><p> The FTC said it has cooperated closely with staff of the competition agencies in the European Union, United Kingdom, Japan, and South Korea.</p><p><blockquote>联邦贸易委员会表示，它已与欧盟、英国、日本和韩国竞争机构的工作人员密切合作。</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>Nvidia stock dipped nearly 1% in premarket trading<blockquote>英伟达股价在盘前交易中下跌近1%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNvidia stock dipped nearly 1% in premarket trading<blockquote>英伟达股价在盘前交易中下跌近1%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-03 17:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Nvidia stock dipped nearly 1% in premarket trading&nbsp;after&nbsp;U.S. FTC sued to block Nvidia deal to buy Arm.</p><p><blockquote>英伟达股价在美国股市盘前交易中下跌近1%。FTC起诉阻止英伟达收购Arm的交易。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/485024ba3a708fd42977c8eae5b7804d\" tg-width=\"853\" tg-height=\"621\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The U.S. Federal Trade Commission on Thursday sued to block U.S. chip company Nvidia Corp's&nbsp;more than $80 billion planned acquisition of British chip technology provider Arm, adding to already significant global regulatory challenges of the deal.</p><p><blockquote>美国联邦贸易委员会周四提起诉讼，阻止美国芯片公司英伟达公司以超过800亿美元收购英国芯片技术提供商Arm的计划，这增加了该交易本已重大的全球监管挑战。</blockquote></p><p> The FTC said the proposed deal would give one of the largest chip companies control over computing technology and designs that competitors rely on to develop their own competing chips.</p><p><blockquote>FTC表示，拟议中的交易将使最大的芯片公司之一控制计算技术和设计，竞争对手依靠这些技术和设计来开发自己的竞争芯片。</blockquote></p><p> The deal has been widely expected to fall apart after facing opposition in the chip industry. British regulators said last month they would launch an in-depth probe of the deal, and it is also under scrutiny in the European Union.</p><p><blockquote>在面临芯片行业的反对后，人们普遍预计该交易将破裂。英国监管机构上个月表示，他们将对该交易展开深入调查，该交易也在欧盟接受审查。</blockquote></p><p> Arm licenses its chip architecture and blueprints to major chipmakers Apple Inc, Qualcomm Inc&nbsp;and Samsung Electronics Co Ltd, underpinning the global smartphone ecosystem. Arm was sold to Japan's SoftBank&nbsp;in 2016.</p><p><blockquote>Arm将其芯片架构和蓝图授权给主要芯片制造商苹果公司、高通公司和三星电子有限公司，支撑着全球智能手机生态系统。Arm于2016年被出售给日本软银。</blockquote></p><p> Nvidia said it would \"work to demonstrate that this transaction will benefit the industry and promote competition.\"</p><p><blockquote>英伟达表示，将“努力证明这笔交易将有利于行业并促进竞争”。</blockquote></p><p> Arm declined to comment.</p><p><blockquote>Arm拒绝置评。</blockquote></p><p> The stock-heavy deal has more than doubled in value since it was announced in September 2020 as Nvidia shares have risen on the performance of its data center business. Nvidia will owe only a $1.25 billion breakup fee if the deal does not close, and its shares closed up 2.2% at $321.26 on Thursday.</p><p><blockquote>自2020年9月宣布以来，随着英伟达股价因其数据中心业务的表现而上涨，这笔股票交易的价值已增加了一倍多。如果交易没有完成，英伟达将只欠12.5亿美元的分手费，其股价周四收涨2.2%，报321.26美元。</blockquote></p><p> \"Nobody thinks the deal is going to close,\" said Stacy Rasgon, an analyst with Bernstein. \"The data center story has been really playing out. The software narrative has become a bigger piece of the story. I would love to see this deal, but I don't think they need it.\"</p><p><blockquote>伯恩斯坦分析师斯泰西·拉斯贡(Stacy Rasgon)表示：“没有人认为这笔交易会完成。”“数据中心的故事确实在上演。软件叙事已经成为故事中更大的一部分。我很想看到这笔交易，但我认为他们不需要它。”</blockquote></p><p> Before Nvidia's offer, Softbank had planned to file for an initial public offering for Arm. While Arm's revenue is growing briskly, rising 56.3% to $1.46 billion in the six months ended Sept. 30, it is unclear whether Arm, in an IPO, would fetch anything close to the $80 billion in value offered by Nvidia.</p><p><blockquote>在英伟达提出要约之前，软银曾计划为Arm申请首次公开募股。尽管Arm的收入增长迅速，在截至9月30日的六个月内增长了56.3%，达到14.6亿美元，但目前尚不清楚Arm在IPO中的估值是否会接近Nvidia提供的800亿美元。</blockquote></p><p> The FTC, which is made up of two Republicans and two Democrats, voted 4-0 to approve the challenge to the planned merger.</p><p><blockquote>由两名共和党人和两名民主党人组成的联邦贸易委员会以4比0的投票结果批准了对合并计划的挑战。</blockquote></p><p> <b>'HIGHER PRICES AND LESS CHOICE'</b></p><p><blockquote><b>“价格更高，选择更少”</b></blockquote></p><p> The FTC alleged \"the proposed merger would give Nvidia the ability and incentive to use its control of this technology to undermine its competitors, reducing competition and ultimately resulting in reduced product quality, reduced innovation, higher prices, and less choice, harming the millions of Americans who benefit from Arm-based products.\"</p><p><blockquote>FTC声称，“拟议的合并将使英伟达有能力和动机利用其对这项技术的控制来削弱其竞争对手，从而减少竞争，最终导致产品质量下降、创新减少、价格上涨和选择减少，从而损害数百万受益于基于Arm的产品的美国人。”</blockquote></p><p> The FTC added the combined firm \"would have the means and incentive to stifle innovative next-generation technologies, including those used to run datacenters and driver-assistance systems in cars.\"</p><p><blockquote>联邦贸易委员会补充说，合并后的公司“将有手段和激励来扼杀创新的下一代技术，包括那些用于运行数据中心和汽车驾驶辅助系统的技术。”</blockquote></p><p> Some semiconductor firms such as MediaTek Inc&nbsp;and Broadcom Inc&nbsp;have voiced support for the deal. But other firms such as Qualcomm have opposed it over concerns that Nvidia would have a first look at key technologies that they depend on and could then have better insights into their future products.</p><p><blockquote>联发科和博通等一些半导体公司已表示支持该交易。但高通等其他公司表示反对，担心英伟达会首先了解他们所依赖的关键技术，然后可以更好地了解他们未来的产品。</blockquote></p><p> Qualcomm did not immediately respond to a request for comment.</p><p><blockquote>高通没有立即回应置评请求。</blockquote></p><p> Nvidia's chief executive, Jensen Huang, made a biting comment at an industry dinner last month, saying that Qualcomm Chief Executive Cristiano Amon, who recently took the helm of an industry trade group, had proven to be a master advocate in the battle over Arm. Qualcomm had its own extensive battles with global regulators, including the FTC, which Qualcomm prevailed over after the regulator brought an antitrust lawsuit against it.</p><p><blockquote>英伟达首席执行官黄仁勋（Elon Musk）在上个月的一次行业晚宴上发表了尖锐的评论，称最近执掌行业贸易小组的高通首席执行官克里斯蒂亚诺·阿蒙（Cristiano Amon）已被证明是Arm之争的主要倡导者。高通与包括联邦贸易委员会在内的全球监管机构进行了广泛的斗争，在监管机构对其提起反垄断诉讼后，高通获胜。</blockquote></p><p> \"He's the perfect person to advocate for our industry,\" Huang said from a stage as Amon sat in the audience. \"I was trying to figure out, how is it possible that Cristiano knew every single regulator on the planet, and by the time I got there to tell them about my story on Arm, he was already there advocating against it?\" Huang said, to stunned laughter from the crowd.</p><p><blockquote>“他是倡导我们行业的最佳人选，”当阿蒙坐在观众席上时，黄在舞台上说道。“我试图弄清楚，克里斯蒂亚诺怎么可能认识这个星球上的每一个监管机构，而当我到达那里向他们讲述我在Arm上的故事时，他已经在那里主张反对它了？”荒说着，引来众人一阵惊愕的笑声。</blockquote></p><p> The FTC said it has cooperated closely with staff of the competition agencies in the European Union, United Kingdom, Japan, and South Korea.</p><p><blockquote>联邦贸易委员会表示，它已与欧盟、英国、日本和韩国竞争机构的工作人员密切合作。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109887617","content_text":"Nvidia stock dipped nearly 1% in premarket trading after U.S. FTC sued to block Nvidia deal to buy Arm.\n\nThe U.S. Federal Trade Commission on Thursday sued to block U.S. chip company Nvidia Corp's more than $80 billion planned acquisition of British chip technology provider Arm, adding to already significant global regulatory challenges of the deal.\nThe FTC said the proposed deal would give one of the largest chip companies control over computing technology and designs that competitors rely on to develop their own competing chips.\nThe deal has been widely expected to fall apart after facing opposition in the chip industry. British regulators said last month they would launch an in-depth probe of the deal, and it is also under scrutiny in the European Union.\nArm licenses its chip architecture and blueprints to major chipmakers Apple Inc, Qualcomm Inc and Samsung Electronics Co Ltd, underpinning the global smartphone ecosystem. Arm was sold to Japan's SoftBank in 2016.\nNvidia said it would \"work to demonstrate that this transaction will benefit the industry and promote competition.\"\nArm declined to comment.\nThe stock-heavy deal has more than doubled in value since it was announced in September 2020 as Nvidia shares have risen on the performance of its data center business. Nvidia will owe only a $1.25 billion breakup fee if the deal does not close, and its shares closed up 2.2% at $321.26 on Thursday.\n\"Nobody thinks the deal is going to close,\" said Stacy Rasgon, an analyst with Bernstein. \"The data center story has been really playing out. The software narrative has become a bigger piece of the story. I would love to see this deal, but I don't think they need it.\"\nBefore Nvidia's offer, Softbank had planned to file for an initial public offering for Arm. While Arm's revenue is growing briskly, rising 56.3% to $1.46 billion in the six months ended Sept. 30, it is unclear whether Arm, in an IPO, would fetch anything close to the $80 billion in value offered by Nvidia.\nThe FTC, which is made up of two Republicans and two Democrats, voted 4-0 to approve the challenge to the planned merger.\n'HIGHER PRICES AND LESS CHOICE'\nThe FTC alleged \"the proposed merger would give Nvidia the ability and incentive to use its control of this technology to undermine its competitors, reducing competition and ultimately resulting in reduced product quality, reduced innovation, higher prices, and less choice, harming the millions of Americans who benefit from Arm-based products.\"\nThe FTC added the combined firm \"would have the means and incentive to stifle innovative next-generation technologies, including those used to run datacenters and driver-assistance systems in cars.\"\nSome semiconductor firms such as MediaTek Inc and Broadcom Inc have voiced support for the deal. But other firms such as Qualcomm have opposed it over concerns that Nvidia would have a first look at key technologies that they depend on and could then have better insights into their future products.\nQualcomm did not immediately respond to a request for comment.\nNvidia's chief executive, Jensen Huang, made a biting comment at an industry dinner last month, saying that Qualcomm Chief Executive Cristiano Amon, who recently took the helm of an industry trade group, had proven to be a master advocate in the battle over Arm. Qualcomm had its own extensive battles with global regulators, including the FTC, which Qualcomm prevailed over after the regulator brought an antitrust lawsuit against it.\n\"He's the perfect person to advocate for our industry,\" Huang said from a stage as Amon sat in the audience. \"I was trying to figure out, how is it possible that Cristiano knew every single regulator on the planet, and by the time I got there to tell them about my story on Arm, he was already there advocating against it?\" Huang said, to stunned laughter from the crowd.\nThe FTC said it has cooperated closely with staff of the competition agencies in the European Union, United Kingdom, Japan, and South 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please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/872995165","repostId":"2184842262","repostType":4,"isVote":1,"tweetType":1,"viewCount":760,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":875689686,"gmtCreate":1637642517741,"gmtModify":1637642517815,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575853370111148","idStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/875689686","repostId":"2185808120","repostType":4,"repost":{"id":"2185808120","kind":"highlight","pubTimestamp":1637625517,"share":"https://www.laohu8.com/m/news/2185808120?lang=zh_CN&edition=full","pubTime":"2021-11-23 07:58","market":"us","language":"en","title":"Here's what Powell's nomination for 2nd term as Fed chairman means for markets<blockquote>这就是鲍威尔被提名连任美联储主席对市场的意义</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2185808120","media":"MarketWatch","summary":"Investors buoyed by 'continuity' as rival Brainard gets No. 2 spot, analysts say\nMarketWatch photo i","content":"<p>Investors buoyed by 'continuity' as rival Brainard gets No. 2 spot, analysts say</p><p><blockquote>分析师称，竞争对手布雷纳德获得第二名，投资者受到“连续性”的鼓舞</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/96d3ac1d26d057b0dd795501f245715c\" tg-width=\"700\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><span>MarketWatch photo illustration/Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>MarketWatch照片插图/盖蒂图片社</span></p></blockquote></p><p> Stock-market investors appeared to be cheering President Joe Biden's decision Monday to nominate Jerome Powell to serve a second four-year term as Federal Reserve chairman.</p><p><blockquote>股市投资者似乎对乔·拜登总统周一提名杰罗姆·鲍威尔担任美联储主席第二个四年任期的决定感到高兴。</blockquote></p><p> The move had been widely anticipated by many, including betting markets.</p><p><blockquote>此举受到了包括博彩市场在内的许多人的广泛预期。</blockquote></p><p> Some questions about Powell being renamed to the helm of the central had been lingering as markets have been anxious about a surge in inflation in the aftermath of the pandemic, and some have argued that the central bank needs to employ more aggressive tactics or risk a 1970s-style surge in the price of goods and services amid supply-chain bottlenecks and a surge in demand.</p><p><blockquote>由于市场对大流行后通胀飙升感到焦虑，有关鲍威尔被重新任命为央行行长的一些问题一直挥之不去，一些人认为央行需要采取更激进的策略，否则就会面临20世纪70年代的风险。供应链瓶颈和需求激增导致商品和服务价格飙升。</blockquote></p><p> Biden's choice was seen as coming down to Powell or Fed Gov. Lael Brainard, who was viewed by analysts as potentially more dovish on inflation. Biden nominated Brainard to a term as vice chairwoman, succeeding Richard Clarida, whose term as the central bank's No. 2 official expires on Jan. 31.</p><p><blockquote>拜登的选择被视为取决于鲍威尔或美联储理事莱尔·布雷纳德，分析师认为后者在通胀问题上可能更加鸽派。拜登提名布雷纳德担任副主席，接替理查德·克拉里达，后者作为央行二号官员的任期将于1月31日到期。</blockquote></p><p> \"Both were great candidates but sticking with Powell provided valuable continuity as the Fed seeks to implement its new framework and continue to put employment alongside price stability as a core mandate,\" said Kathryn Judge, a professor at Columbia Law School. \"Particularly with recent price increases and growing concerns about inflation, there are benefits from standing by a trusted and widely respected leader.\"</p><p><blockquote>哥伦比亚法学院教授凯瑟琳·贾奇表示：“两人都是很好的候选人，但在美联储寻求实施其新框架并继续将就业和价格稳定作为核心任务时，坚持鲍威尔提供了宝贵的连续性。”“特别是在最近物价上涨和对通胀日益担忧的情况下，支持一位值得信赖且广受尊重的领导人是有好处的。”</blockquote></p><p> The Dow Jones Industrial Average , the S&amp;P 500 index and the Nasdaq Composite Index were all trading at or near records.</p><p><blockquote>道琼斯工业平均指数、标普500指数和纳斯达克综合指数均处于或接近历史新高。</blockquote></p><p> \"The reappointment of Chairman Powell is a very positive development for markets and the economy because it provides continuity at a critical time,\" wrote Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, in emailed comments.</p><p><blockquote>独立顾问联盟首席投资官克里斯·扎卡雷利(Chris Zaccarelli)在电子邮件评论中写道：“鲍威尔主席的连任对市场和经济来说是一个非常积极的发展，因为它在关键时刻提供了连续性。”</blockquote></p><p> Powell's nomination also comes as the Fed has begun to taper its monthly purchases of Treasurys and mortgage-backed securities, on a timetable to wind down the program by June. Many also are anticipating that the Fed also might look to raise rates two or three times in 2022 as it attempts to rein in the surge in inflation and normalize interest rates in the aftermath of the worst pandemic in over a century.</p><p><blockquote>鲍威尔获得提名之际，美联储已开始缩减每月购买美国国债和抵押贷款支持证券的规模，并计划在6月前结束该计划。许多人还预计，美联储也可能在2022年加息两到三次，试图在一个多世纪以来最严重的疫情之后遏制通胀飙升并使利率正常化。</blockquote></p><p> \"The economy is experiencing an increase in inflation and the Fed has already taken steps to reduce their extraordinary stimulus measures (tapering), but they will need to move more quickly in addressing the inflation threats so that they don't become entrenched,\" Zaccarelli writes.</p><p><blockquote>“经济正在经历通胀上升，美联储已经采取措施减少非常规刺激措施（缩减），但他们需要更快地应对通胀威胁，以免它们变得根深蒂固，”扎卡雷利写道。</blockquote></p><p> The nominations end months of uncertainty and speculation about the leadership of the Fed at what is viewed as a crucial time in the recovery phase of the economy. Markets have been climbing to all-time highs even as yields for long-dated Treasurys were receding, suggesting that doubts remain about the economic outlook.</p><p><blockquote>在被视为经济复苏阶段的关键时刻，这些提名结束了数月来对美联储领导层的不确定性和猜测。尽管长期国债收益率下降，但市场仍在攀升至历史高位，这表明人们对经济前景仍存疑虑。</blockquote></p><p> The yield for the 10-year Treasury note was hovering just below 1.60%, after climbing over 5 basis points, while the S&amp;P 500 and the Nasdaq Composite indexes touched record intraday highs on Monday, the start of a historically solid period for equities in the week of Thanksgiving.</p><p><blockquote>10年期国债收益率在攀升超过5个基点后徘徊在略低于1.60%的水平，而标普500和纳斯达克综合指数周一触及盘中历史新高，这是股市历史上稳定时期的开始。感恩节的一周。</blockquote></p><p> On top of that, the Fed appears split about monetary-policy next steps, with some advocating for a go-slow approach to tapering and interest-rate raises, while others have been championing a faster rate of normalization moves to beat back inflation. The pace of consumer inflation over the past year marched to 6.2% in October from 5.4% in the prior month. That is more than triple the Federal Reserve's 2% target and is the highest rate since November 1990.</p><p><blockquote>最重要的是，美联储在货币政策下一步措施上似乎存在分歧，一些人主张采取缓慢的缩减和加息方式，而另一些人则主张加快正常化步伐以抑制通胀。过去一年的消费者通胀率从上月的5.4%升至10月份的6.2%。这是美联储2%目标的三倍多，也是自1990年11月以来的最高利率。</blockquote></p><p> The outlook for inflation seems uncertain, with some betting that pricing pressures will intensify, while others are making the case that inflation is in the process of peaking.</p><p><blockquote>通胀前景似乎不确定，一些人押注定价压力将加剧，而另一些人则认为通胀正在见顶。</blockquote></p><p> For his part, Powell has been viewed by supporters within the administration as a steady hand, The Wall Street Journal reported, citing sources, describing him as helping \"restore bipartisan support for the central bank one decade after its reputation was badly bruised by the 2008 financial crisis.\"</p><p><blockquote>《华尔街日报》援引消息人士的话报道称，鲍威尔被政府内部的支持者视为一只稳定的手，称他帮助“在央行声誉因2008年金融危机而严重受损十年后恢复了两党对央行的支持”。危机。”</blockquote></p><p> \"I have full confidence after their trial by fire over the last 20 months that Chair Powell and Dr. Brainard will provide the strong leadership our country needs,\" Biden said in a statement.</p><p><blockquote>拜登在一份声明中表示：“经过过去20个月的考验，我完全相信鲍威尔主席和布雷纳德博士将提供我们国家所需的强有力的领导。”</blockquote></p><p> The Senate is expected to confirm Powell, 68, before his first term expires in February.</p><p><blockquote>预计参议院将在68岁的鲍威尔的第一个任期于2月份到期之前确认他的身份。</blockquote></p><p> The Journal report said that putting Brainard as the Fed No. 2 represents a compromise for Biden with progressives in his party who had criticized Powell. Indeed, Democratic Sen. Elizabeth Warren of Massachusetts, accused Powell of watering down financial safeguards put in place after the panic of 2008 and called him a \"dangerous man.\"</p><p><blockquote>《华尔街日报》报道称，让布雷纳德担任美联储二号人物代表了拜登与党内批评鲍威尔的进步人士的妥协。事实上，马萨诸塞州民主党参议员伊丽莎白·沃伦(Elizabeth Warren)指责鲍威尔淡化了2008年恐慌后实施的金融保障措施，并称他为“危险人物”。</blockquote></p><p></p><p> Ryan Detrick, chief market strategist for LPL Financial, Powell's renomination represents \"one less worry now,\" for markets participants.</p><p><blockquote>LPL Financial首席市场策略师瑞安·德特里克(Ryan Detrick)表示，鲍威尔的再次提名代表着市场参与者“现在少了一个担忧”。</blockquote></p><p> Jeff Klingelhofer, co-head of investments at Thornburg Investment Management, said that \"with elevating inflation concerns on just about everyone's mind, Brainard would have been more difficult for the market to digest as chair.\"</p><p><blockquote>Thornburg Investment Management投资联席主管杰夫·克林格霍弗(Jeff Klingelhofer)表示，“随着几乎每个人都对通胀担忧加剧，布雷纳德担任主席会更难让市场消化。”</blockquote></p><p> \"Her appointment to vice chair offers Democrats a ballast to Powell and a likely regulatory win,\" he wrote, in emailed remarks.</p><p><blockquote>他在电子邮件中写道：“她被任命为副主席为民主党人提供了对鲍威尔的压舱石，并可能在监管方面取得胜利。”</blockquote></p><p> Biden will still oversee three other nominations for the Fed, including a replacement for Federal Reserve Gov. Randal Quarles, after a number of members announcement early retirements. Quarles said that he would resign at the end of December.</p><p><blockquote>在一些成员宣布提前退休后，拜登仍将监督美联储的其他三项提名，包括美联储理事兰德尔·夸尔斯的继任者。夸尔斯表示，他将在12月底辞职。</blockquote></p><p> Meanwhile, Powell's pick is likely to be a positive for digital assets like bitcoin , which the central banker has said that he would not move to restrict. The Fed also has been working on its own central bank digital currency, or CBDC.</p><p><blockquote>与此同时，鲍威尔的选择可能对比特币等数字资产有利，鲍威尔曾表示不会采取行动限制这些资产。美联储也一直在研究自己的央行数字货币（CBDC）。</blockquote></p><p> Bank stocks also were climbing reports, MarketWatch's Steve Gelsi. He notes that Brainard's name had come up as someone who might take bank regulator to replace the position being vacated by Trump nominee Quarles. The position could be vacated for some time, with potential candidates including Atlanta Fed President Raphael Bostic, former Fed Gov. Sarah Bloom Raskin and acting comptroller of the currency Michael Hsu in the mix.</p><p><blockquote>MarketWatch的Steve Gelsi报告称，银行股也在攀升。他指出，布雷纳德的名字可能会接替特朗普提名人夸尔斯空出的职位。该职位可能会空缺一段时间，潜在候选人包括亚特兰大联储主席拉斐尔·博斯蒂克、前美联储理事莎拉·布鲁姆·拉斯金和代理货币审计长迈克尔·许。</blockquote></p><p> The financial sectors&nbsp;rose 1.4% on Monday, among the best performing among the S&amp;P 500's 11 sectors on Monday. The SPDR S&amp;P Bank ETF&nbsp;rose 1.3%, while the Invesco KBW Bank ETF&nbsp;rose 1.8%, as Treasury yields climbed on the session.</p><p><blockquote>金融板块周一上涨1.4%，在周一标普500 11个板块中表现最好。SPDR S&amp;P Bank ETF上涨1.3%，Invesco KBW Bank ETF上涨1.8%，因国债收益率盘中攀升。</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>Here's what Powell's nomination for 2nd term as Fed chairman means for markets<blockquote>这就是鲍威尔被提名连任美联储主席对市场的意义</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\">\nHere's what Powell's nomination for 2nd term as Fed chairman means for markets<blockquote>这就是鲍威尔被提名连任美联储主席对市场的意义</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-11-23 07:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Investors buoyed by 'continuity' as rival Brainard gets No. 2 spot, analysts say</p><p><blockquote>分析师称，竞争对手布雷纳德获得第二名，投资者受到“连续性”的鼓舞</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/96d3ac1d26d057b0dd795501f245715c\" tg-width=\"700\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><span>MarketWatch photo illustration/Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>MarketWatch照片插图/盖蒂图片社</span></p></blockquote></p><p> Stock-market investors appeared to be cheering President Joe Biden's decision Monday to nominate Jerome Powell to serve a second four-year term as Federal Reserve chairman.</p><p><blockquote>股市投资者似乎对乔·拜登总统周一提名杰罗姆·鲍威尔担任美联储主席第二个四年任期的决定感到高兴。</blockquote></p><p> The move had been widely anticipated by many, including betting markets.</p><p><blockquote>此举受到了包括博彩市场在内的许多人的广泛预期。</blockquote></p><p> Some questions about Powell being renamed to the helm of the central had been lingering as markets have been anxious about a surge in inflation in the aftermath of the pandemic, and some have argued that the central bank needs to employ more aggressive tactics or risk a 1970s-style surge in the price of goods and services amid supply-chain bottlenecks and a surge in demand.</p><p><blockquote>由于市场对大流行后通胀飙升感到焦虑，有关鲍威尔被重新任命为央行行长的一些问题一直挥之不去，一些人认为央行需要采取更激进的策略，否则就会面临20世纪70年代的风险。供应链瓶颈和需求激增导致商品和服务价格飙升。</blockquote></p><p> Biden's choice was seen as coming down to Powell or Fed Gov. Lael Brainard, who was viewed by analysts as potentially more dovish on inflation. Biden nominated Brainard to a term as vice chairwoman, succeeding Richard Clarida, whose term as the central bank's No. 2 official expires on Jan. 31.</p><p><blockquote>拜登的选择被视为取决于鲍威尔或美联储理事莱尔·布雷纳德，分析师认为后者在通胀问题上可能更加鸽派。拜登提名布雷纳德担任副主席，接替理查德·克拉里达，后者作为央行二号官员的任期将于1月31日到期。</blockquote></p><p> \"Both were great candidates but sticking with Powell provided valuable continuity as the Fed seeks to implement its new framework and continue to put employment alongside price stability as a core mandate,\" said Kathryn Judge, a professor at Columbia Law School. \"Particularly with recent price increases and growing concerns about inflation, there are benefits from standing by a trusted and widely respected leader.\"</p><p><blockquote>哥伦比亚法学院教授凯瑟琳·贾奇表示：“两人都是很好的候选人，但在美联储寻求实施其新框架并继续将就业和价格稳定作为核心任务时，坚持鲍威尔提供了宝贵的连续性。”“特别是在最近物价上涨和对通胀日益担忧的情况下，支持一位值得信赖且广受尊重的领导人是有好处的。”</blockquote></p><p> The Dow Jones Industrial Average , the S&amp;P 500 index and the Nasdaq Composite Index were all trading at or near records.</p><p><blockquote>道琼斯工业平均指数、标普500指数和纳斯达克综合指数均处于或接近历史新高。</blockquote></p><p> \"The reappointment of Chairman Powell is a very positive development for markets and the economy because it provides continuity at a critical time,\" wrote Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, in emailed comments.</p><p><blockquote>独立顾问联盟首席投资官克里斯·扎卡雷利(Chris Zaccarelli)在电子邮件评论中写道：“鲍威尔主席的连任对市场和经济来说是一个非常积极的发展，因为它在关键时刻提供了连续性。”</blockquote></p><p> Powell's nomination also comes as the Fed has begun to taper its monthly purchases of Treasurys and mortgage-backed securities, on a timetable to wind down the program by June. Many also are anticipating that the Fed also might look to raise rates two or three times in 2022 as it attempts to rein in the surge in inflation and normalize interest rates in the aftermath of the worst pandemic in over a century.</p><p><blockquote>鲍威尔获得提名之际，美联储已开始缩减每月购买美国国债和抵押贷款支持证券的规模，并计划在6月前结束该计划。许多人还预计，美联储也可能在2022年加息两到三次，试图在一个多世纪以来最严重的疫情之后遏制通胀飙升并使利率正常化。</blockquote></p><p> \"The economy is experiencing an increase in inflation and the Fed has already taken steps to reduce their extraordinary stimulus measures (tapering), but they will need to move more quickly in addressing the inflation threats so that they don't become entrenched,\" Zaccarelli writes.</p><p><blockquote>“经济正在经历通胀上升，美联储已经采取措施减少非常规刺激措施（缩减），但他们需要更快地应对通胀威胁，以免它们变得根深蒂固，”扎卡雷利写道。</blockquote></p><p> The nominations end months of uncertainty and speculation about the leadership of the Fed at what is viewed as a crucial time in the recovery phase of the economy. Markets have been climbing to all-time highs even as yields for long-dated Treasurys were receding, suggesting that doubts remain about the economic outlook.</p><p><blockquote>在被视为经济复苏阶段的关键时刻，这些提名结束了数月来对美联储领导层的不确定性和猜测。尽管长期国债收益率下降，但市场仍在攀升至历史高位，这表明人们对经济前景仍存疑虑。</blockquote></p><p> The yield for the 10-year Treasury note was hovering just below 1.60%, after climbing over 5 basis points, while the S&amp;P 500 and the Nasdaq Composite indexes touched record intraday highs on Monday, the start of a historically solid period for equities in the week of Thanksgiving.</p><p><blockquote>10年期国债收益率在攀升超过5个基点后徘徊在略低于1.60%的水平，而标普500和纳斯达克综合指数周一触及盘中历史新高，这是股市历史上稳定时期的开始。感恩节的一周。</blockquote></p><p> On top of that, the Fed appears split about monetary-policy next steps, with some advocating for a go-slow approach to tapering and interest-rate raises, while others have been championing a faster rate of normalization moves to beat back inflation. The pace of consumer inflation over the past year marched to 6.2% in October from 5.4% in the prior month. That is more than triple the Federal Reserve's 2% target and is the highest rate since November 1990.</p><p><blockquote>最重要的是，美联储在货币政策下一步措施上似乎存在分歧，一些人主张采取缓慢的缩减和加息方式，而另一些人则主张加快正常化步伐以抑制通胀。过去一年的消费者通胀率从上月的5.4%升至10月份的6.2%。这是美联储2%目标的三倍多，也是自1990年11月以来的最高利率。</blockquote></p><p> The outlook for inflation seems uncertain, with some betting that pricing pressures will intensify, while others are making the case that inflation is in the process of peaking.</p><p><blockquote>通胀前景似乎不确定，一些人押注定价压力将加剧，而另一些人则认为通胀正在见顶。</blockquote></p><p> For his part, Powell has been viewed by supporters within the administration as a steady hand, The Wall Street Journal reported, citing sources, describing him as helping \"restore bipartisan support for the central bank one decade after its reputation was badly bruised by the 2008 financial crisis.\"</p><p><blockquote>《华尔街日报》援引消息人士的话报道称，鲍威尔被政府内部的支持者视为一只稳定的手，称他帮助“在央行声誉因2008年金融危机而严重受损十年后恢复了两党对央行的支持”。危机。”</blockquote></p><p> \"I have full confidence after their trial by fire over the last 20 months that Chair Powell and Dr. Brainard will provide the strong leadership our country needs,\" Biden said in a statement.</p><p><blockquote>拜登在一份声明中表示：“经过过去20个月的考验，我完全相信鲍威尔主席和布雷纳德博士将提供我们国家所需的强有力的领导。”</blockquote></p><p> The Senate is expected to confirm Powell, 68, before his first term expires in February.</p><p><blockquote>预计参议院将在68岁的鲍威尔的第一个任期于2月份到期之前确认他的身份。</blockquote></p><p> The Journal report said that putting Brainard as the Fed No. 2 represents a compromise for Biden with progressives in his party who had criticized Powell. Indeed, Democratic Sen. Elizabeth Warren of Massachusetts, accused Powell of watering down financial safeguards put in place after the panic of 2008 and called him a \"dangerous man.\"</p><p><blockquote>《华尔街日报》报道称，让布雷纳德担任美联储二号人物代表了拜登与党内批评鲍威尔的进步人士的妥协。事实上，马萨诸塞州民主党参议员伊丽莎白·沃伦(Elizabeth Warren)指责鲍威尔淡化了2008年恐慌后实施的金融保障措施，并称他为“危险人物”。</blockquote></p><p></p><p> Ryan Detrick, chief market strategist for LPL Financial, Powell's renomination represents \"one less worry now,\" for markets participants.</p><p><blockquote>LPL Financial首席市场策略师瑞安·德特里克(Ryan Detrick)表示，鲍威尔的再次提名代表着市场参与者“现在少了一个担忧”。</blockquote></p><p> Jeff Klingelhofer, co-head of investments at Thornburg Investment Management, said that \"with elevating inflation concerns on just about everyone's mind, Brainard would have been more difficult for the market to digest as chair.\"</p><p><blockquote>Thornburg Investment Management投资联席主管杰夫·克林格霍弗(Jeff Klingelhofer)表示，“随着几乎每个人都对通胀担忧加剧，布雷纳德担任主席会更难让市场消化。”</blockquote></p><p> \"Her appointment to vice chair offers Democrats a ballast to Powell and a likely regulatory win,\" he wrote, in emailed remarks.</p><p><blockquote>他在电子邮件中写道：“她被任命为副主席为民主党人提供了对鲍威尔的压舱石，并可能在监管方面取得胜利。”</blockquote></p><p> Biden will still oversee three other nominations for the Fed, including a replacement for Federal Reserve Gov. Randal Quarles, after a number of members announcement early retirements. Quarles said that he would resign at the end of December.</p><p><blockquote>在一些成员宣布提前退休后，拜登仍将监督美联储的其他三项提名，包括美联储理事兰德尔·夸尔斯的继任者。夸尔斯表示，他将在12月底辞职。</blockquote></p><p> Meanwhile, Powell's pick is likely to be a positive for digital assets like bitcoin , which the central banker has said that he would not move to restrict. The Fed also has been working on its own central bank digital currency, or CBDC.</p><p><blockquote>与此同时，鲍威尔的选择可能对比特币等数字资产有利，鲍威尔曾表示不会采取行动限制这些资产。美联储也一直在研究自己的央行数字货币（CBDC）。</blockquote></p><p> Bank stocks also were climbing reports, MarketWatch's Steve Gelsi. He notes that Brainard's name had come up as someone who might take bank regulator to replace the position being vacated by Trump nominee Quarles. The position could be vacated for some time, with potential candidates including Atlanta Fed President Raphael Bostic, former Fed Gov. Sarah Bloom Raskin and acting comptroller of the currency Michael Hsu in the mix.</p><p><blockquote>MarketWatch的Steve Gelsi报告称，银行股也在攀升。他指出，布雷纳德的名字可能会接替特朗普提名人夸尔斯空出的职位。该职位可能会空缺一段时间，潜在候选人包括亚特兰大联储主席拉斐尔·博斯蒂克、前美联储理事莎拉·布鲁姆·拉斯金和代理货币审计长迈克尔·许。</blockquote></p><p> The financial sectors&nbsp;rose 1.4% on Monday, among the best performing among the S&amp;P 500's 11 sectors on Monday. The SPDR S&amp;P Bank ETF&nbsp;rose 1.3%, while the Invesco KBW Bank ETF&nbsp;rose 1.8%, as Treasury yields climbed on the session.</p><p><blockquote>金融板块周一上涨1.4%，在周一标普500 11个板块中表现最好。SPDR S&amp;P Bank ETF上涨1.3%，Invesco KBW Bank ETF上涨1.8%，因国债收益率盘中攀升。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/heres-what-powells-nomination-for-2nd-term-as-fed-chairman-means-for-markets-11637599539?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XLF":"金融ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/heres-what-powells-nomination-for-2nd-term-as-fed-chairman-means-for-markets-11637599539?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2185808120","content_text":"Investors buoyed by 'continuity' as rival Brainard gets No. 2 spot, analysts say\nMarketWatch photo illustration/Getty Images\nStock-market investors appeared to be cheering President Joe Biden's decision Monday to nominate Jerome Powell to serve a second four-year term as Federal Reserve chairman.\nThe move had been widely anticipated by many, including betting markets.\nSome questions about Powell being renamed to the helm of the central had been lingering as markets have been anxious about a surge in inflation in the aftermath of the pandemic, and some have argued that the central bank needs to employ more aggressive tactics or risk a 1970s-style surge in the price of goods and services amid supply-chain bottlenecks and a surge in demand.\nBiden's choice was seen as coming down to Powell or Fed Gov. Lael Brainard, who was viewed by analysts as potentially more dovish on inflation. Biden nominated Brainard to a term as vice chairwoman, succeeding Richard Clarida, whose term as the central bank's No. 2 official expires on Jan. 31.\n\"Both were great candidates but sticking with Powell provided valuable continuity as the Fed seeks to implement its new framework and continue to put employment alongside price stability as a core mandate,\" said Kathryn Judge, a professor at Columbia Law School. \"Particularly with recent price increases and growing concerns about inflation, there are benefits from standing by a trusted and widely respected leader.\"\nThe Dow Jones Industrial Average , the S&P 500 index and the Nasdaq Composite Index were all trading at or near records.\n\"The reappointment of Chairman Powell is a very positive development for markets and the economy because it provides continuity at a critical time,\" wrote Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, in emailed comments.\nPowell's nomination also comes as the Fed has begun to taper its monthly purchases of Treasurys and mortgage-backed securities, on a timetable to wind down the program by June. Many also are anticipating that the Fed also might look to raise rates two or three times in 2022 as it attempts to rein in the surge in inflation and normalize interest rates in the aftermath of the worst pandemic in over a century.\n\"The economy is experiencing an increase in inflation and the Fed has already taken steps to reduce their extraordinary stimulus measures (tapering), but they will need to move more quickly in addressing the inflation threats so that they don't become entrenched,\" Zaccarelli writes.\nThe nominations end months of uncertainty and speculation about the leadership of the Fed at what is viewed as a crucial time in the recovery phase of the economy. Markets have been climbing to all-time highs even as yields for long-dated Treasurys were receding, suggesting that doubts remain about the economic outlook.\nThe yield for the 10-year Treasury note was hovering just below 1.60%, after climbing over 5 basis points, while the S&P 500 and the Nasdaq Composite indexes touched record intraday highs on Monday, the start of a historically solid period for equities in the week of Thanksgiving.\nOn top of that, the Fed appears split about monetary-policy next steps, with some advocating for a go-slow approach to tapering and interest-rate raises, while others have been championing a faster rate of normalization moves to beat back inflation. The pace of consumer inflation over the past year marched to 6.2% in October from 5.4% in the prior month. That is more than triple the Federal Reserve's 2% target and is the highest rate since November 1990.\nThe outlook for inflation seems uncertain, with some betting that pricing pressures will intensify, while others are making the case that inflation is in the process of peaking.\nFor his part, Powell has been viewed by supporters within the administration as a steady hand, The Wall Street Journal reported, citing sources, describing him as helping \"restore bipartisan support for the central bank one decade after its reputation was badly bruised by the 2008 financial crisis.\"\n\"I have full confidence after their trial by fire over the last 20 months that Chair Powell and Dr. Brainard will provide the strong leadership our country needs,\" Biden said in a statement.\nThe Senate is expected to confirm Powell, 68, before his first term expires in February.\nThe Journal report said that putting Brainard as the Fed No. 2 represents a compromise for Biden with progressives in his party who had criticized Powell. Indeed, Democratic Sen. Elizabeth Warren of Massachusetts, accused Powell of watering down financial safeguards put in place after the panic of 2008 and called him a \"dangerous man.\"\nRyan Detrick, chief market strategist for LPL Financial, Powell's renomination represents \"one less worry now,\" for markets participants.\nJeff Klingelhofer, co-head of investments at Thornburg Investment Management, said that \"with elevating inflation concerns on just about everyone's mind, Brainard would have been more difficult for the market to digest as chair.\"\n\"Her appointment to vice chair offers Democrats a ballast to Powell and a likely regulatory win,\" he wrote, in emailed remarks.\nBiden will still oversee three other nominations for the Fed, including a replacement for Federal Reserve Gov. Randal Quarles, after a number of members announcement early retirements. Quarles said that he would resign at the end of December.\nMeanwhile, Powell's pick is likely to be a positive for digital assets like bitcoin , which the central banker has said that he would not move to restrict. The Fed also has been working on its own central bank digital currency, or CBDC.\nBank stocks also were climbing reports, MarketWatch's Steve Gelsi. He notes that Brainard's name had come up as someone who might take bank regulator to replace the position being vacated by Trump nominee Quarles. The position could be vacated for some time, with potential candidates including Atlanta Fed President Raphael Bostic, former Fed Gov. Sarah Bloom Raskin and acting comptroller of the currency Michael Hsu in the mix.\nThe financial sectors rose 1.4% on Monday, among the best performing among the S&P 500's 11 sectors on Monday. The SPDR S&P Bank ETF rose 1.3%, while the Invesco KBW Bank ETF rose 1.8%, as Treasury yields climbed on the session.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9,"XLF":0.9}},"isVote":1,"tweetType":1,"viewCount":653,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":852472884,"gmtCreate":1635299912087,"gmtModify":1635300009783,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575853370111148","idStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like 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please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/896356605","repostId":"1196813173","repostType":4,"isVote":1,"tweetType":1,"viewCount":547,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891568076,"gmtCreate":1628400807895,"gmtModify":1633747333712,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575853370111148","idStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/891568076","repostId":"1180529438","repostType":4,"repost":{"id":"1180529438","kind":"news","pubTimestamp":1628386129,"share":"https://www.laohu8.com/m/news/1180529438?lang=zh_CN&edition=full","pubTime":"2021-08-08 09:28","market":"us","language":"en","title":"SEC Moves First DeFi Unregistered Securities Lawsuit<blockquote>SEC提起首起DeFi未注册证券诉讼</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180529438","media":"Benzinga","summary":"The United States Securities and Exchange Commission  sued the organization responsible for the development of a decentralized finance  protocol over activities involved with the project for the first time.What Happened: According to a Friday SEC announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purported","content":"<p><div> The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project ...</p><p><blockquote><div>美国证券交易委员会（SEC）就该项目涉及的活动起诉了负责开发分散金融（DeFi）协议的组织...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SEC Moves First DeFi Unregistered Securities Lawsuit<blockquote>SEC提起首起DeFi未注册证券诉讼</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\">\nSEC Moves First DeFi Unregistered Securities Lawsuit<blockquote>SEC提起首起DeFi未注册证券诉讼</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-08-08 09:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project ...</p><p><blockquote><div>美国证券交易委员会（SEC）就该项目涉及的活动起诉了负责开发分散金融（DeFi）协议的组织...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180529438","content_text":"The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project for the first time.\nWhat Happened: According to a Friday SEC announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purportedly sold over $30 million worth of two types of tokens that the SEC deemed to be securities that should have been registered as such.\nThe SEC notes that Blockchain Credit Partners founders Gregory Keough and Derek Acree will have to pay fines of $125,000 while the company itself also agreed to pay $12.8 million in disgorgement. The settlement does not indicate an admition or denial the accusations.\nNew Game, Old Rules?\nSEC Enforcement Director Gurbir Grewal explained that \"full and honest disclosure remains the cornerstone of our securities laws — no matter what technologies are used to offer and sell those securities.\" This comment makes it very clear that slapping the DeFi label on a project and hoping to avoid regulation this way works no better than calling it a \"utility token\" prevented falling under the SEC's scrutiny during 2017's initial coin offering craze.\nThe SEC is trying to send the clear rule that the new kind of financial organizations that operate on blockchains have to still play by the old rules that govern traditional finance. At the same time, market onlookers are not sure if the regulator is actually right.\nIn a way, it is a tour de force where the regulator wins every time it has a way to take enforcement action, but these new organizations potentially have a very real way to make enforcement impossible — or at the very least impractical. The only protection against enforcement by the SEC and other regulators is decentralization and the only reason why the SEC was able to act in this case is that a centralized organization such as Blockchain Credit Partners exists.\nWhat's Next:If no company exists and all that there is to a DeFi protocol is a set of smart contracts deployed on a blockchain by a group of anonymous developers scattered around the world there is very little that the SEC can do short of attacking the blockchain itself. This is where the decentralization of the underlying blockchain comes into play: will the regulators for instance be able to force Ethereum's (CRYPTO: ETH) core development team to write an update stopping such a project?\nIf the regulators would actually be able to force the blockchain's developers to write such an update, would node operators and miners or stakers adopt this software or would they refuse to? Such situations will be the real test of the decentralization and reliability of any blockchain that many are waiting to happen. Regulators are seeing power slipping away between their fingers like sand, and they are going to try to grab it.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":503,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179111393,"gmtCreate":1626492369012,"gmtModify":1633926263834,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575853370111148","idStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/179111393","repostId":"1198202103","repostType":4,"isVote":1,"tweetType":1,"viewCount":563,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":857765761,"gmtCreate":1635561810168,"gmtModify":1635561810272,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575853370111148","idStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/857765761","repostId":"2179424781","repostType":4,"isVote":1,"tweetType":1,"viewCount":507,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":828231610,"gmtCreate":1633915244475,"gmtModify":1633915244576,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575853370111148","idStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/828231610","repostId":"1199866742","repostType":4,"isVote":1,"tweetType":1,"viewCount":514,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":821223484,"gmtCreate":1633749279635,"gmtModify":1633749279812,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575853370111148","idStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/821223484","repostId":"1100565546","repostType":4,"repost":{"id":"1100565546","kind":"news","pubTimestamp":1633734823,"share":"https://www.laohu8.com/m/news/1100565546?lang=zh_CN&edition=full","pubTime":"2021-10-09 07:13","market":"us","language":"en","title":"S&P 500 ends lower after U.S. September jobs miss<blockquote>美国9月就业机会未达预期，标普500收低</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1100565546","media":"Reuters","summary":" - The S&P 500 ended lower on Friday after data showed weaker jobs growth than expected in September, yet investors still expected the Federal Reserve to begin tapering asset purchases this year.Wall Street’s three main indexes were mixed for much of the session before losing ground toward the end. All three indexes posted weekly gains.Comcast Corp tumbled after Wells Fargo cut its price target on the media company, while Charter Communications Inc fell after Wells Fargo downgraded that cable op","content":"<p>(Reuters) - The S&amp;P 500 ended lower on Friday after data showed weaker jobs growth than expected in September, yet investors still expected the Federal Reserve to begin tapering asset purchases this year.</p><p><blockquote>路透标普500周五收低，此前数据显示9月就业增长弱于预期，但投资者仍预计美联储今年将开始缩减资产购买规模。</blockquote></p><p> Wall Street’s three main indexes were mixed for much of the session before losing ground toward the end. All three indexes posted weekly gains.</p><p><blockquote>华尔街三大主要股指在盘中大部分时间涨跌互现，但在接近尾声时有所下跌。三个指数均录得周线上涨。</blockquote></p><p> Comcast Corp tumbled after Wells Fargo cut its price target on the media company, while Charter Communications Inc fell after Wells Fargo downgraded that cable operator to “underweight” from “overweight”.</p><p><blockquote>富国银行下调康卡斯特公司的目标股价后，康卡斯特公司股价暴跌；富国银行将有线电视运营商的评级从“跑赢大盘”下调至“跑输大盘”后，Charter Communications Inc股价下跌。</blockquote></p><p> Both companies were among the biggest drags on the S&amp;P 500 and Nasdaq.</p><p><blockquote>这两家公司都是标普500和纳斯达克最大的拖累之一。</blockquote></p><p> Real estate and utilities were the poorest performers among 11 S&amp;P 500 sector indexes, down 1.1% and 0.7%, respectively.</p><p><blockquote>在11个标普500行业指数中，房地产和公用事业表现最差，分别下跌1.1%和0.7%。</blockquote></p><p> The S&amp;P 500 energy sector index jumped 3.1%, with oil up more than 4% on the week as a global energy crunch has boosted prices to their highest since 2014.</p><p><blockquote>标普500能源板块指数上涨3.1%，油价本周上涨超过4%，因全球能源紧缩将价格推高至2014年以来的最高水平。</blockquote></p><p> Chevron and Exxon Mobil rallied more than 2% and were among the companies giving the S&amp;P 500 the greatest lift.</p><p><blockquote>雪佛龙和埃克森美孚股价上涨超过2%，是对标普500提振最大的公司之一。</blockquote></p><p> The Labor Department’s nonfarm payrolls report showed the U.S. economy in September created the fewest jobs in nine months as hiring dropped at schools and some businesses were short of workers. The unemployment rate fell to 4.8% from 5.2% in August and average hourly earnings rose 0.6%, which was more than expected.</p><p><blockquote>美国劳工部的非农就业报告显示，美国经济9月份创造的就业岗位为九个月来最少，原因是学校招聘人数下降，一些企业缺乏工人。失业率从8月份的5.2%降至4.8%，平均时薪增长0.6%，超出预期。</blockquote></p><p> “I think that the Federal Reserve made it very clear that they don’t need a blockbuster jobs report to taper in November,” said Kathy Lien, Managing Director at BK Asset Management in New York. “I think the Fed remains on track.”</p><p><blockquote>纽约BK资产管理公司董事总经理凯西·连恩(Kathy Lien)表示：“我认为美联储非常明确地表示，他们不需要一份重磅的就业报告就可以在11月份缩减规模。”“我认为美联储仍在正轨上。”</blockquote></p><p> Futures on the federal funds rate priced in a quarter-point tightening by the Federal Reserve by November or December next year.</p><p><blockquote>联邦基金利率期货预计美联储将在明年11月或12月收紧25个基点。</blockquote></p><p> The Dow Jones Industrial Average dipped 0.03% to end at 34,746.25 points, while the S&amp;P 500 lost 0.19% to 4,391.35.</p><p><blockquote>道琼斯工业平均指数下跌0.03%，收于34,746.25点；标普500下跌0.19%，收于4,391.35点。</blockquote></p><p> The Nasdaq Composite dropped 0.51% to 14,579.54.</p><p><blockquote>纳斯达克综合指数下跌0.51%，至14,579.54点。</blockquote></p><p> For the week, the S&amp;P 500 rose 0.8%, the Dow added 1.2% and the Nasdaq gained 0.1%.</p><p><blockquote>本周，标普500上涨0.8%，道琼斯指数上涨1.2%，纳斯达克上涨0.1%。</blockquote></p><p> Third-quarter reporting season kicks off next week, with JPMorgan Chase and other big banks among the first to post results. Investors are focused on global supply chain problems and labor shortages.</p><p><blockquote>第三季度财报季将于下周拉开帷幕，摩根大通和其他大银行将率先公布业绩。投资者关注全球供应链问题和劳动力短缺。</blockquote></p><p> Analysts see Q3 U.S. earnings growth of 30%:</p><p><blockquote>分析师预计美国第三季度盈利增长30%：</blockquote></p><p> Analysts on average expect S&amp;P 500 earnings per share for the quarter to be up almost 30%, according to Refinitiv.</p><p><blockquote>根据Refinitiv的数据，分析师平均预计标普500本季度每股收益将增长近30%。</blockquote></p><p> “I think it’s going to be a dicey earnings season,” warned Liz Young, head of investment strategy at SoFi in New York. “If supply-chain issues are driving up costs, a company with strong pricing power can pass through those rising costs. But you can’t pass through a labor shortage if you can’t find workers to hire.”</p><p><blockquote>纽约SoFi投资策略主管Liz Young警告说：“我认为这将是一个充满风险的财报季。”“如果供应链问题推高了成本，拥有强大定价权的公司可以转嫁这些上涨的成本。但如果你找不到工人来雇佣，你就无法转嫁劳动力短缺。”</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.24-to-1 ratio; on Nasdaq, a 1.52-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.24比1；在纳斯达克，1.52比1的比率有利于下跌股。</blockquote></p><p> The S&amp;P 500 posted 26 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 86 new highs and 113 new lows.</p><p><blockquote>标普500创下26个52周新高和3个新低；纳斯达克综合指数录得86个新高和113个新低。</blockquote></p><p> Volume on U.S. exchanges was 9.2 billion shares, compared with the 11 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为92亿股，而过去20个交易日的平均成交量为110亿股。</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 ends lower after U.S. September jobs miss<blockquote>美国9月就业机会未达预期，标普500收低</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 ends lower after U.S. September jobs miss<blockquote>美国9月就业机会未达预期，标普500收低</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-10-09 07:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) - The S&amp;P 500 ended lower on Friday after data showed weaker jobs growth than expected in September, yet investors still expected the Federal Reserve to begin tapering asset purchases this year.</p><p><blockquote>路透标普500周五收低，此前数据显示9月就业增长弱于预期，但投资者仍预计美联储今年将开始缩减资产购买规模。</blockquote></p><p> Wall Street’s three main indexes were mixed for much of the session before losing ground toward the end. All three indexes posted weekly gains.</p><p><blockquote>华尔街三大主要股指在盘中大部分时间涨跌互现，但在接近尾声时有所下跌。三个指数均录得周线上涨。</blockquote></p><p> Comcast Corp tumbled after Wells Fargo cut its price target on the media company, while Charter Communications Inc fell after Wells Fargo downgraded that cable operator to “underweight” from “overweight”.</p><p><blockquote>富国银行下调康卡斯特公司的目标股价后，康卡斯特公司股价暴跌；富国银行将有线电视运营商的评级从“跑赢大盘”下调至“跑输大盘”后，Charter Communications Inc股价下跌。</blockquote></p><p> Both companies were among the biggest drags on the S&amp;P 500 and Nasdaq.</p><p><blockquote>这两家公司都是标普500和纳斯达克最大的拖累之一。</blockquote></p><p> Real estate and utilities were the poorest performers among 11 S&amp;P 500 sector indexes, down 1.1% and 0.7%, respectively.</p><p><blockquote>在11个标普500行业指数中，房地产和公用事业表现最差，分别下跌1.1%和0.7%。</blockquote></p><p> The S&amp;P 500 energy sector index jumped 3.1%, with oil up more than 4% on the week as a global energy crunch has boosted prices to their highest since 2014.</p><p><blockquote>标普500能源板块指数上涨3.1%，油价本周上涨超过4%，因全球能源紧缩将价格推高至2014年以来的最高水平。</blockquote></p><p> Chevron and Exxon Mobil rallied more than 2% and were among the companies giving the S&amp;P 500 the greatest lift.</p><p><blockquote>雪佛龙和埃克森美孚股价上涨超过2%，是对标普500提振最大的公司之一。</blockquote></p><p> The Labor Department’s nonfarm payrolls report showed the U.S. economy in September created the fewest jobs in nine months as hiring dropped at schools and some businesses were short of workers. The unemployment rate fell to 4.8% from 5.2% in August and average hourly earnings rose 0.6%, which was more than expected.</p><p><blockquote>美国劳工部的非农就业报告显示，美国经济9月份创造的就业岗位为九个月来最少，原因是学校招聘人数下降，一些企业缺乏工人。失业率从8月份的5.2%降至4.8%，平均时薪增长0.6%，超出预期。</blockquote></p><p> “I think that the Federal Reserve made it very clear that they don’t need a blockbuster jobs report to taper in November,” said Kathy Lien, Managing Director at BK Asset Management in New York. “I think the Fed remains on track.”</p><p><blockquote>纽约BK资产管理公司董事总经理凯西·连恩(Kathy Lien)表示：“我认为美联储非常明确地表示，他们不需要一份重磅的就业报告就可以在11月份缩减规模。”“我认为美联储仍在正轨上。”</blockquote></p><p> Futures on the federal funds rate priced in a quarter-point tightening by the Federal Reserve by November or December next year.</p><p><blockquote>联邦基金利率期货预计美联储将在明年11月或12月收紧25个基点。</blockquote></p><p> The Dow Jones Industrial Average dipped 0.03% to end at 34,746.25 points, while the S&amp;P 500 lost 0.19% to 4,391.35.</p><p><blockquote>道琼斯工业平均指数下跌0.03%，收于34,746.25点；标普500下跌0.19%，收于4,391.35点。</blockquote></p><p> The Nasdaq Composite dropped 0.51% to 14,579.54.</p><p><blockquote>纳斯达克综合指数下跌0.51%，至14,579.54点。</blockquote></p><p> For the week, the S&amp;P 500 rose 0.8%, the Dow added 1.2% and the Nasdaq gained 0.1%.</p><p><blockquote>本周，标普500上涨0.8%，道琼斯指数上涨1.2%，纳斯达克上涨0.1%。</blockquote></p><p> Third-quarter reporting season kicks off next week, with JPMorgan Chase and other big banks among the first to post results. Investors are focused on global supply chain problems and labor shortages.</p><p><blockquote>第三季度财报季将于下周拉开帷幕，摩根大通和其他大银行将率先公布业绩。投资者关注全球供应链问题和劳动力短缺。</blockquote></p><p> Analysts see Q3 U.S. earnings growth of 30%:</p><p><blockquote>分析师预计美国第三季度盈利增长30%：</blockquote></p><p> Analysts on average expect S&amp;P 500 earnings per share for the quarter to be up almost 30%, according to Refinitiv.</p><p><blockquote>根据Refinitiv的数据，分析师平均预计标普500本季度每股收益将增长近30%。</blockquote></p><p> “I think it’s going to be a dicey earnings season,” warned Liz Young, head of investment strategy at SoFi in New York. “If supply-chain issues are driving up costs, a company with strong pricing power can pass through those rising costs. But you can’t pass through a labor shortage if you can’t find workers to hire.”</p><p><blockquote>纽约SoFi投资策略主管Liz Young警告说：“我认为这将是一个充满风险的财报季。”“如果供应链问题推高了成本，拥有强大定价权的公司可以转嫁这些上涨的成本。但如果你找不到工人来雇佣，你就无法转嫁劳动力短缺。”</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.24-to-1 ratio; on Nasdaq, a 1.52-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.24比1；在纳斯达克，1.52比1的比率有利于下跌股。</blockquote></p><p> The S&amp;P 500 posted 26 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 86 new highs and 113 new lows.</p><p><blockquote>标普500创下26个52周新高和3个新低；纳斯达克综合指数录得86个新高和113个新低。</blockquote></p><p> Volume on U.S. exchanges was 9.2 billion shares, compared with the 11 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为92亿股，而过去20个交易日的平均成交量为110亿股。</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-ends-lower-after-u-s-september-jobs-miss-idUSL1N2R42C9\">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/usa-stocks/us-stocks-sp-500-ends-lower-after-u-s-september-jobs-miss-idUSL1N2R42C9","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100565546","content_text":"(Reuters) - The S&P 500 ended lower on Friday after data showed weaker jobs growth than expected in September, yet investors still expected the Federal Reserve to begin tapering asset purchases this year.\nWall Street’s three main indexes were mixed for much of the session before losing ground toward the end. All three indexes posted weekly gains.\nComcast Corp tumbled after Wells Fargo cut its price target on the media company, while Charter Communications Inc fell after Wells Fargo downgraded that cable operator to “underweight” from “overweight”.\nBoth companies were among the biggest drags on the S&P 500 and Nasdaq.\nReal estate and utilities were the poorest performers among 11 S&P 500 sector indexes, down 1.1% and 0.7%, respectively.\nThe S&P 500 energy sector index jumped 3.1%, with oil up more than 4% on the week as a global energy crunch has boosted prices to their highest since 2014.\nChevron and Exxon Mobil rallied more than 2% and were among the companies giving the S&P 500 the greatest lift.\nThe Labor Department’s nonfarm payrolls report showed the U.S. economy in September created the fewest jobs in nine months as hiring dropped at schools and some businesses were short of workers. The unemployment rate fell to 4.8% from 5.2% in August and average hourly earnings rose 0.6%, which was more than expected.\n“I think that the Federal Reserve made it very clear that they don’t need a blockbuster jobs report to taper in November,” said Kathy Lien, Managing Director at BK Asset Management in New York. “I think the Fed remains on track.”\nFutures on the federal funds rate priced in a quarter-point tightening by the Federal Reserve by November or December next year.\nThe Dow Jones Industrial Average dipped 0.03% to end at 34,746.25 points, while the S&P 500 lost 0.19% to 4,391.35.\nThe Nasdaq Composite dropped 0.51% to 14,579.54.\nFor the week, the S&P 500 rose 0.8%, the Dow added 1.2% and the Nasdaq gained 0.1%.\nThird-quarter reporting season kicks off next week, with JPMorgan Chase and other big banks among the first to post results. Investors are focused on global supply chain problems and labor shortages.\nAnalysts see Q3 U.S. earnings growth of 30%:\nAnalysts on average expect S&P 500 earnings per share for the quarter to be up almost 30%, according to Refinitiv.\n“I think it’s going to be a dicey earnings season,” warned Liz Young, head of investment strategy at SoFi in New York. “If supply-chain issues are driving up costs, a company with strong pricing power can pass through those rising costs. But you can’t pass through a labor shortage if you can’t find workers to hire.”\nDeclining issues outnumbered advancing ones on the NYSE by a 1.24-to-1 ratio; on Nasdaq, a 1.52-to-1 ratio favored decliners.\nThe S&P 500 posted 26 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 86 new highs and 113 new lows.\nVolume on U.S. exchanges was 9.2 billion shares, compared with the 11 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":406,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":820246184,"gmtCreate":1633397911565,"gmtModify":1633397911728,"author":{"id":"3575853370111148","authorId":"3575853370111148","name":"Investforget","avatar":"https://static.tigerbbs.com/91a64305a0450ab84353543effbdf867","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575853370111148","idStr":"3575853370111148"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/820246184","repostId":"2172968917","repostType":4,"isVote":1,"tweetType":1,"viewCount":638,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}