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Jack_Chen_qy

Jack_Chen_qy

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2021-07-03

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The Jobs Report Was Strong. Why Investors Should Be Skeptical.<blockquote>就业报告强劲。为什么投资者应该持怀疑态度。</blockquote>

2021-07-15

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2021-08-24

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2021-08-20

Sad

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2021-07-23

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2021-06-27

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2021-08-03

What does this means??

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2021-07-10

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2021-07-03

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2021-08-29

Nice

This Unloved Tech Stock Could Make You Rich One Day<blockquote>这只不受欢迎的科技股有一天会让你变得富有</blockquote>

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09:41","market":"us","language":"en","title":"This Unloved Tech Stock Could Make You Rich One Day<blockquote>这只不受欢迎的科技股有一天会让你变得富有</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129129956","media":"Motley Fool","summary":"The iBuying business is a race to grow larger, and Opendoor is winning.The company is growing at a rate that is two years ahead of what management projected just a year earlier.The market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.Real estate iBuying company Opendoor Technologieshas been executing at a high level in the three quarters since coming public via a special purpose acquisition company  merger. In a race to disrupt residential ","content":"<p>Key Points</p><p><blockquote>要点</blockquote></p><p> <ul>  <li>The iBuying business is a race to grow larger, and Opendoor is winning.</li>  <li>The company is growing at a rate that is two years ahead of what management projected just a year earlier.</li>  <li>The market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.</li> </ul> </p><p><blockquote><ul><li>iBuying业务是一场做大的竞赛，Opendoor正在获胜。</li><li>该公司的增长速度比管理层一年前的预测提前了两年。</li><li>市场对几乎所有SPAC都持悲观态度，这使得Opendoor成为最终可能带来巨额回报的便宜货。</li></ul></blockquote></p><p> Real estate iBuying company&nbsp;<b>Opendoor Technologies</b>(NASDAQ:OPEN)has been executing at a high level in the three quarters since coming public via a special purpose acquisition company (SPAC) merger. In a race to disrupt residential real estate, one of the largest markets in the world, Opendoor's long-term potential could bring big returns for patient investors.</p><p><blockquote>房地产iBuying公司<b>开门技术</b>（纳斯达克：OPEN）自通过特殊目的收购公司（SPAC）合并上市以来，三个季度的执行情况一直处于高水平。在颠覆全球最大市场之一住宅房地产的竞赛中，Opendoor的长期潜力可能会为耐心的投资者带来丰厚的回报。</blockquote></p><p> Despite the upside, the market hasn't yet appreciated Opendoor's accomplishments; the stock is down more than 50% from its highs. There are three important clues that Opendoor could be a compelling investment idea for bold investors.</p><p><blockquote>尽管有上行空间，市场尚未欣赏Opendoor的成就；该股较高点下跌超过50%。有三个重要线索表明，对于大胆的投资者来说，Opendoor可能是一个引人注目的投资理念。</blockquote></p><p> <h3>1. Opendoor is winning the iBuying battle</h3> The traditional home-buying process in the United States is slow and handled by multiple parties, including agents, lawyers, inspectors, and bankers. This creates a lot of back and forth paperwork and drags the process out to more than 30 days, on average.</p><p><blockquote><h3>1.Opendoor正在赢得iBuying之战</h3>美国传统的购房流程缓慢，由多方处理，包括代理人、律师、检查员和银行家。这造成了大量来回的文书工作，平均将流程拖到30多天。</blockquote></p><p> Opendoor pioneered the concept of \"iBuying,\" where the buying and selling of a house are digitized, and a company like Opendoor works directly with sellers to provide them with a cash offer and a digital closing process. The company then resells the house on the market. The iBuying process cuts out agents and some of the fees associated with traditional closings, such as agent commissions. Opendoor then resells the house on the market and charges a service fee of up to 5% on the transaction.</p><p><blockquote>Opendoor开创了“iBuying”的概念，即房屋的买卖是数字化的，像Opendoor这样的公司直接与卖家合作，为他们提供现金报价和数字化成交流程。然后公司在市场上转售房子。iBuying流程省去了代理商和一些与传统成交相关的费用，如代理商佣金。然后Opendoor在市场上转售房屋，并收取高达5%的交易服务费。</blockquote></p><p> After seeing Opendoor steadily grow with its iBuying concept, competitors have also begun to offer iBuying services, including&nbsp;<b>Zillow Group</b>&nbsp;and Offerpad. Because of how capital intensive the business is (a lot of money is needed to buy and sell thousands of houses) and how price competitive the housing market is, these companies are racing to get as big as possible. As the companies buy and sell more homes, they have the ability to become more profitable by leveraging outsourced contractors to save money, and its pricing algorithm improves as it sees more transactions.</p><p><blockquote>在看到Opendoor凭借iBuying概念稳步增长后，竞争对手也开始提供iBuying服务，包括<b>Zillow集团</b>和Offerpad。由于该业务的资本密集型程度（买卖数千套房屋需要大量资金）以及房地产市场的价格竞争力，这些公司都在竞相做大。随着公司买卖更多房屋，他们有能力通过利用外包承包商来节省资金来获得更多利润，并且随着交易数量的增加，其定价算法也会改进。</blockquote></p><p> According to iBuyerStats, a website dedicated to tracking the competitors found in iBuying, Opendoor has consistently had the most housing inventory available for sale. It currently has roughly 3,300 houses for sale, 53% more than Zillow and more than four times as many as Offerpad.</p><p><blockquote>根据专门跟踪iBuying竞争对手的网站iBuyerStats的数据，Opendoor一直拥有最多的待售房屋库存。该公司目前约有3,300套待售房屋，比Zillow多53%，是Offerpad的四倍多。</blockquote></p><p> <h3>2. Revenue growth is ahead of schedule</h3> When companies go public viaSPACmerger, they lay out a public presentation of their business, often including long-term growth projections. Opendoor laid out its pre-merger investor presentation about a year ago, in September 2020.</p><p><blockquote><h3>2、营收增速提前</h3>当公司通过SpacMerger上市时，他们会公开介绍自己的业务，通常包括长期增长预测。大约一年前，即2020年9月，Opendoor发布了合并前投资者演示文稿。</blockquote></p><p> Fast forward to the company's recent 2021 Q2 earnings call. CEO and founder Eric Wu said on the earnings call, \"... based on our current progress, our second half revenue run rate is on track to exceed our 2023 target, a full two years ahead of plan.\"</p><p><blockquote>快进到该公司最近的2021年第二季度收益看涨期权。首席执行官兼创始人Eric Wu在财报看涨期权上表示，“……根据我们目前的进展，我们下半年的收入运行率有望超过2023年的目标，比计划提前了整整两年。”</blockquote></p><p> In other words, if Opendoor were to operate for 12 months at the level the business currently is, it would surpass the $9.8 billion in revenue it projected for 2023. This is an underlooked point because if Opendoor is already two years ahead of its original growth curve, where will it be by 2023? Sure, a dip in the housing market or other events could disrupt the company's speed of growth, but Opendoor is showing the world that the business is operating at a high level.</p><p><blockquote>换句话说，如果Opendoor按照目前的业务水平运营12个月，它将超过2023年预计的98亿美元收入。这是一个被忽视的点，因为如果Opendoor已经比其最初的增长曲线提前了两年，那么到2023年它会在哪里？当然，房地产市场下滑或其他事件可能会扰乱公司的增长速度，但Opendoor正在向世界展示该业务正在高水平运营。</blockquote></p><p> <h3>3. SPACs are out of favor with the market... opportunity?</h3> Investors have overlooked this strong performance, focusing instead on the fact that Opendoor joined the public market via SPAC merger. It has hardly mattered what operating results or earnings have looked like for former SPACs; the stock market has been selling off virtually all SPAC-based stocks for several months now.</p><p><blockquote><h3>3、SPAC失宠于市场……机会？</h3>投资者忽略了这一强劲表现，而是关注Opendoor通过SPAC合并加入公开市场的事实。对于前SPAC来说，经营业绩或收益如何并不重要；几个月来，股市几乎一直在抛售所有基于SPAC的股票。</blockquote></p><p> Investors have been spooked by a handful of \"bad apple\" companies turning up fraudulent, and other companies have wildly missed on the projections they made before going public. These instances have burned those involved, and investors have taken a much more cautious attitude toward SPACs as a whole.</p><p><blockquote>投资者对少数“不良苹果”公司的欺诈行为感到震惊，而其他公司也严重未能实现上市前的预测。这些事件激怒了相关人员，投资者对SPAC整体采取了更加谨慎的态度。</blockquote></p><p> But if companies like Opendoor keep blowing away estimates, the market is likely to come around eventually. When it does, the stock price could move aggressively. If we take Eric Wu's comments about revenue and assume that Opendoor does sales of $10 billion in 2022 (in other words, Opendoor stops growing and maintains its current pace over the following year), the stock currently trades at aprice-to-sales(P/S) ratio of just 1.0. That's a bargain-bin valuation.</p><p><blockquote>但如果像Opendoor这样的公司继续超出预期，市场最终可能会好转。当这种情况发生时，股价可能会大幅波动。如果我们采纳Eric Wu对收入的评论，并假设Opendoor在2022年的销售额为100亿美元（换句话说，Opendoor在接下来的一年里停止增长并保持目前的速度），那么该股目前的市销率(P/S)比率仅为1.0。这是一个便宜的估值。</blockquote></p><p> Competitor Zillow Group trades at a P/S ratio of more than 3, reflecting Opendoor's discount as a former SPAC.</p><p><blockquote>竞争对手Zillow Group的市盈率超过3，反映了Opendoor作为前SPAC的折扣。</blockquote></p><p></p><p> <h3>Here's the bottom line</h3> Real estate is a huge market, and it's a complicated industry because of the clash between traditional agents and the \"new kids\" on the block trying to bring technology into homebuying. It's too early to say that Opendoor will become the \"<b>Amazon</b>\" of home buying, but what seems certain is that the company is&nbsp;poised to be a big player&nbsp;in real estate's future if it keeps performing like this.</p><p><blockquote><h3>这是底线</h3>房地产是一个巨大的市场，也是一个复杂的行业，因为传统代理商和试图将技术引入购房的“新人”之间存在冲突。现在说Opendoor将成为“<b>亚马逊</b>“但似乎可以肯定的是，如果该公司继续保持这样的表现，它将成为房地产未来的重要参与者。</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>This Unloved Tech Stock Could Make You Rich One Day<blockquote>这只不受欢迎的科技股有一天会让你变得富有</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\">\nThis Unloved Tech Stock Could Make You Rich One Day<blockquote>这只不受欢迎的科技股有一天会让你变得富有</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-08-29 09:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Key Points</p><p><blockquote>要点</blockquote></p><p> <ul>  <li>The iBuying business is a race to grow larger, and Opendoor is winning.</li>  <li>The company is growing at a rate that is two years ahead of what management projected just a year earlier.</li>  <li>The market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.</li> </ul> </p><p><blockquote><ul><li>iBuying业务是一场做大的竞赛，Opendoor正在获胜。</li><li>该公司的增长速度比管理层一年前的预测提前了两年。</li><li>市场对几乎所有SPAC都持悲观态度，这使得Opendoor成为最终可能带来巨额回报的便宜货。</li></ul></blockquote></p><p> Real estate iBuying company&nbsp;<b>Opendoor Technologies</b>(NASDAQ:OPEN)has been executing at a high level in the three quarters since coming public via a special purpose acquisition company (SPAC) merger. In a race to disrupt residential real estate, one of the largest markets in the world, Opendoor's long-term potential could bring big returns for patient investors.</p><p><blockquote>房地产iBuying公司<b>开门技术</b>（纳斯达克：OPEN）自通过特殊目的收购公司（SPAC）合并上市以来，三个季度的执行情况一直处于高水平。在颠覆全球最大市场之一住宅房地产的竞赛中，Opendoor的长期潜力可能会为耐心的投资者带来丰厚的回报。</blockquote></p><p> Despite the upside, the market hasn't yet appreciated Opendoor's accomplishments; the stock is down more than 50% from its highs. There are three important clues that Opendoor could be a compelling investment idea for bold investors.</p><p><blockquote>尽管有上行空间，市场尚未欣赏Opendoor的成就；该股较高点下跌超过50%。有三个重要线索表明，对于大胆的投资者来说，Opendoor可能是一个引人注目的投资理念。</blockquote></p><p> <h3>1. Opendoor is winning the iBuying battle</h3> The traditional home-buying process in the United States is slow and handled by multiple parties, including agents, lawyers, inspectors, and bankers. This creates a lot of back and forth paperwork and drags the process out to more than 30 days, on average.</p><p><blockquote><h3>1.Opendoor正在赢得iBuying之战</h3>美国传统的购房流程缓慢，由多方处理，包括代理人、律师、检查员和银行家。这造成了大量来回的文书工作，平均将流程拖到30多天。</blockquote></p><p> Opendoor pioneered the concept of \"iBuying,\" where the buying and selling of a house are digitized, and a company like Opendoor works directly with sellers to provide them with a cash offer and a digital closing process. The company then resells the house on the market. The iBuying process cuts out agents and some of the fees associated with traditional closings, such as agent commissions. Opendoor then resells the house on the market and charges a service fee of up to 5% on the transaction.</p><p><blockquote>Opendoor开创了“iBuying”的概念，即房屋的买卖是数字化的，像Opendoor这样的公司直接与卖家合作，为他们提供现金报价和数字化成交流程。然后公司在市场上转售房子。iBuying流程省去了代理商和一些与传统成交相关的费用，如代理商佣金。然后Opendoor在市场上转售房屋，并收取高达5%的交易服务费。</blockquote></p><p> After seeing Opendoor steadily grow with its iBuying concept, competitors have also begun to offer iBuying services, including&nbsp;<b>Zillow Group</b>&nbsp;and Offerpad. Because of how capital intensive the business is (a lot of money is needed to buy and sell thousands of houses) and how price competitive the housing market is, these companies are racing to get as big as possible. As the companies buy and sell more homes, they have the ability to become more profitable by leveraging outsourced contractors to save money, and its pricing algorithm improves as it sees more transactions.</p><p><blockquote>在看到Opendoor凭借iBuying概念稳步增长后，竞争对手也开始提供iBuying服务，包括<b>Zillow集团</b>和Offerpad。由于该业务的资本密集型程度（买卖数千套房屋需要大量资金）以及房地产市场的价格竞争力，这些公司都在竞相做大。随着公司买卖更多房屋，他们有能力通过利用外包承包商来节省资金来获得更多利润，并且随着交易数量的增加，其定价算法也会改进。</blockquote></p><p> According to iBuyerStats, a website dedicated to tracking the competitors found in iBuying, Opendoor has consistently had the most housing inventory available for sale. It currently has roughly 3,300 houses for sale, 53% more than Zillow and more than four times as many as Offerpad.</p><p><blockquote>根据专门跟踪iBuying竞争对手的网站iBuyerStats的数据，Opendoor一直拥有最多的待售房屋库存。该公司目前约有3,300套待售房屋，比Zillow多53%，是Offerpad的四倍多。</blockquote></p><p> <h3>2. Revenue growth is ahead of schedule</h3> When companies go public viaSPACmerger, they lay out a public presentation of their business, often including long-term growth projections. Opendoor laid out its pre-merger investor presentation about a year ago, in September 2020.</p><p><blockquote><h3>2、营收增速提前</h3>当公司通过SpacMerger上市时，他们会公开介绍自己的业务，通常包括长期增长预测。大约一年前，即2020年9月，Opendoor发布了合并前投资者演示文稿。</blockquote></p><p> Fast forward to the company's recent 2021 Q2 earnings call. CEO and founder Eric Wu said on the earnings call, \"... based on our current progress, our second half revenue run rate is on track to exceed our 2023 target, a full two years ahead of plan.\"</p><p><blockquote>快进到该公司最近的2021年第二季度收益看涨期权。首席执行官兼创始人Eric Wu在财报看涨期权上表示，“……根据我们目前的进展，我们下半年的收入运行率有望超过2023年的目标，比计划提前了整整两年。”</blockquote></p><p> In other words, if Opendoor were to operate for 12 months at the level the business currently is, it would surpass the $9.8 billion in revenue it projected for 2023. This is an underlooked point because if Opendoor is already two years ahead of its original growth curve, where will it be by 2023? Sure, a dip in the housing market or other events could disrupt the company's speed of growth, but Opendoor is showing the world that the business is operating at a high level.</p><p><blockquote>换句话说，如果Opendoor按照目前的业务水平运营12个月，它将超过2023年预计的98亿美元收入。这是一个被忽视的点，因为如果Opendoor已经比其最初的增长曲线提前了两年，那么到2023年它会在哪里？当然，房地产市场下滑或其他事件可能会扰乱公司的增长速度，但Opendoor正在向世界展示该业务正在高水平运营。</blockquote></p><p> <h3>3. SPACs are out of favor with the market... opportunity?</h3> Investors have overlooked this strong performance, focusing instead on the fact that Opendoor joined the public market via SPAC merger. It has hardly mattered what operating results or earnings have looked like for former SPACs; the stock market has been selling off virtually all SPAC-based stocks for several months now.</p><p><blockquote><h3>3、SPAC失宠于市场……机会？</h3>投资者忽略了这一强劲表现，而是关注Opendoor通过SPAC合并加入公开市场的事实。对于前SPAC来说，经营业绩或收益如何并不重要；几个月来，股市几乎一直在抛售所有基于SPAC的股票。</blockquote></p><p> Investors have been spooked by a handful of \"bad apple\" companies turning up fraudulent, and other companies have wildly missed on the projections they made before going public. These instances have burned those involved, and investors have taken a much more cautious attitude toward SPACs as a whole.</p><p><blockquote>投资者对少数“不良苹果”公司的欺诈行为感到震惊，而其他公司也严重未能实现上市前的预测。这些事件激怒了相关人员，投资者对SPAC整体采取了更加谨慎的态度。</blockquote></p><p> But if companies like Opendoor keep blowing away estimates, the market is likely to come around eventually. When it does, the stock price could move aggressively. If we take Eric Wu's comments about revenue and assume that Opendoor does sales of $10 billion in 2022 (in other words, Opendoor stops growing and maintains its current pace over the following year), the stock currently trades at aprice-to-sales(P/S) ratio of just 1.0. That's a bargain-bin valuation.</p><p><blockquote>但如果像Opendoor这样的公司继续超出预期，市场最终可能会好转。当这种情况发生时，股价可能会大幅波动。如果我们采纳Eric Wu对收入的评论，并假设Opendoor在2022年的销售额为100亿美元（换句话说，Opendoor在接下来的一年里停止增长并保持目前的速度），那么该股目前的市销率(P/S)比率仅为1.0。这是一个便宜的估值。</blockquote></p><p> Competitor Zillow Group trades at a P/S ratio of more than 3, reflecting Opendoor's discount as a former SPAC.</p><p><blockquote>竞争对手Zillow Group的市盈率超过3，反映了Opendoor作为前SPAC的折扣。</blockquote></p><p></p><p> <h3>Here's the bottom line</h3> Real estate is a huge market, and it's a complicated industry because of the clash between traditional agents and the \"new kids\" on the block trying to bring technology into homebuying. It's too early to say that Opendoor will become the \"<b>Amazon</b>\" of home buying, but what seems certain is that the company is&nbsp;poised to be a big player&nbsp;in real estate's future if it keeps performing like this.</p><p><blockquote><h3>这是底线</h3>房地产是一个巨大的市场，也是一个复杂的行业，因为传统代理商和试图将技术引入购房的“新人”之间存在冲突。现在说Opendoor将成为“<b>亚马逊</b>“但似乎可以肯定的是，如果该公司继续保持这样的表现，它将成为房地产未来的重要参与者。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/28/this-unloved-tech-stock-may-make-you-rich-one-day/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"OPEN":"Opendoor Technologies Inc"},"source_url":"https://www.fool.com/investing/2021/08/28/this-unloved-tech-stock-may-make-you-rich-one-day/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129129956","content_text":"Key Points\n\nThe iBuying business is a race to grow larger, and Opendoor is winning.\nThe company is growing at a rate that is two years ahead of what management projected just a year earlier.\nThe market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.\n\n\nReal estate iBuying company Opendoor Technologies(NASDAQ:OPEN)has been executing at a high level in the three quarters since coming public via a special purpose acquisition company (SPAC) merger. In a race to disrupt residential real estate, one of the largest markets in the world, Opendoor's long-term potential could bring big returns for patient investors.\nDespite the upside, the market hasn't yet appreciated Opendoor's accomplishments; the stock is down more than 50% from its highs. There are three important clues that Opendoor could be a compelling investment idea for bold investors.\n1. Opendoor is winning the iBuying battle\nThe traditional home-buying process in the United States is slow and handled by multiple parties, including agents, lawyers, inspectors, and bankers. This creates a lot of back and forth paperwork and drags the process out to more than 30 days, on average.\nOpendoor pioneered the concept of \"iBuying,\" where the buying and selling of a house are digitized, and a company like Opendoor works directly with sellers to provide them with a cash offer and a digital closing process. The company then resells the house on the market. The iBuying process cuts out agents and some of the fees associated with traditional closings, such as agent commissions. Opendoor then resells the house on the market and charges a service fee of up to 5% on the transaction.\nAfter seeing Opendoor steadily grow with its iBuying concept, competitors have also begun to offer iBuying services, including Zillow Group and Offerpad. Because of how capital intensive the business is (a lot of money is needed to buy and sell thousands of houses) and how price competitive the housing market is, these companies are racing to get as big as possible. As the companies buy and sell more homes, they have the ability to become more profitable by leveraging outsourced contractors to save money, and its pricing algorithm improves as it sees more transactions.\nAccording to iBuyerStats, a website dedicated to tracking the competitors found in iBuying, Opendoor has consistently had the most housing inventory available for sale. It currently has roughly 3,300 houses for sale, 53% more than Zillow and more than four times as many as Offerpad.\n2. Revenue growth is ahead of schedule\nWhen companies go public viaSPACmerger, they lay out a public presentation of their business, often including long-term growth projections. Opendoor laid out its pre-merger investor presentation about a year ago, in September 2020.\nFast forward to the company's recent 2021 Q2 earnings call. CEO and founder Eric Wu said on the earnings call, \"... based on our current progress, our second half revenue run rate is on track to exceed our 2023 target, a full two years ahead of plan.\"\nIn other words, if Opendoor were to operate for 12 months at the level the business currently is, it would surpass the $9.8 billion in revenue it projected for 2023. This is an underlooked point because if Opendoor is already two years ahead of its original growth curve, where will it be by 2023? Sure, a dip in the housing market or other events could disrupt the company's speed of growth, but Opendoor is showing the world that the business is operating at a high level.\n3. SPACs are out of favor with the market... opportunity?\nInvestors have overlooked this strong performance, focusing instead on the fact that Opendoor joined the public market via SPAC merger. It has hardly mattered what operating results or earnings have looked like for former SPACs; the stock market has been selling off virtually all SPAC-based stocks for several months now.\nInvestors have been spooked by a handful of \"bad apple\" companies turning up fraudulent, and other companies have wildly missed on the projections they made before going public. These instances have burned those involved, and investors have taken a much more cautious attitude toward SPACs as a whole.\nBut if companies like Opendoor keep blowing away estimates, the market is likely to come around eventually. When it does, the stock price could move aggressively. If we take Eric Wu's comments about revenue and assume that Opendoor does sales of $10 billion in 2022 (in other words, Opendoor stops growing and maintains its current pace over the following year), the stock currently trades at aprice-to-sales(P/S) ratio of just 1.0. That's a bargain-bin valuation.\nCompetitor Zillow Group trades at a P/S ratio of more than 3, reflecting Opendoor's discount as a former SPAC.\nHere's the bottom line\nReal estate is a huge market, and it's a complicated industry because of the clash between traditional agents and the \"new kids\" on the block trying to bring technology into homebuying. It's too early to say that Opendoor will become the \"Amazon\" of home buying, but what seems certain is that the company is poised to be a big player in real estate's future if it keeps performing like this.","news_type":1,"symbols_score_info":{"OPEN":0.9}},"isVote":1,"tweetType":1,"viewCount":1477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":834122400,"gmtCreate":1629782191500,"gmtModify":1633682462032,"author":{"id":"3576899111877903","authorId":"3576899111877903","name":"Jack_Chen_qy","avatar":"https://static.tigerbbs.com/d7857d3bb380dd24f38771faa0cbd29c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576899111877903","idStr":"3576899111877903"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/834122400","repostId":"1104413070","repostType":4,"isVote":1,"tweetType":1,"viewCount":3042,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835667160,"gmtCreate":1629712971350,"gmtModify":1633683016212,"author":{"id":"3576899111877903","authorId":"3576899111877903","name":"Jack_Chen_qy","avatar":"https://static.tigerbbs.com/d7857d3bb380dd24f38771faa0cbd29c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576899111877903","idStr":"3576899111877903"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/835667160","repostId":"1186610391","repostType":4,"isVote":1,"tweetType":1,"viewCount":2823,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832132127,"gmtCreate":1629597661769,"gmtModify":1633683884927,"author":{"id":"3576899111877903","authorId":"3576899111877903","name":"Jack_Chen_qy","avatar":"https://static.tigerbbs.com/d7857d3bb380dd24f38771faa0cbd29c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576899111877903","idStr":"3576899111877903"},"themes":[],"htmlText":"Hmmm…","listText":"Hmmm…","text":"Hmmm…","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/832132127","repostId":"1107075259","repostType":4,"repost":{"id":"1107075259","kind":"news","pubTimestamp":1629509852,"share":"https://www.laohu8.com/m/news/1107075259?lang=zh_CN&edition=full","pubTime":"2021-08-21 09:37","market":"us","language":"en","title":"Ignore Elon Musk’s dancing distraction and face the dangers ahead for Tesla<blockquote>忽略Elon Musk跳舞的干扰，面对特斯拉未来的危险</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107075259","media":"MarketWatch","summary":"Investigations into automated-driving systems and the statements made about it by the electric-car company and its chief executive deserve more attention than their latest fanciful technology aspirations and timelines.$Investors$ should ignore Elon Musk’s latest dance and focus instead on the growing issues Tesla is facing because of its chief executive’s exaggerated claims about his company’s technological capabilities.At $Tesla Motors$’s AI Day late Thursday, self-named Technoking Musk said th","content":"<p>  <b>Investigations into automated-driving systems and the statements made about it by the electric-car company and its chief executive deserve more attention than their latest fanciful technology aspirations and timelines.</b>  <a href=\"https://laohu8.com/S/ISBC\">Investors</a> should ignore Elon Musk’s latest dance and focus instead on the growing issues Tesla is facing because of its chief executive’s exaggerated claims about his company’s technological capabilities.</p><p><blockquote><b>对自动驾驶系统的调查以及这家电动汽车公司及其首席执行官就此发表的声明比他们最新的异想天开的技术愿望和时间表更值得关注。</b><a href=\"https://laohu8.com/S/ISBC\">投资者</a>应该忽略Elon Musk的最新舞蹈，而是关注特斯拉因首席执行官夸大其公司技术能力而面临的日益严重的问题。</blockquote></p><p> At <a href=\"https://laohu8.com/S/TSLA\">Tesla Motors</a>’s&nbsp;AI Day late Thursday, self-named Technoking Musk said that the company is working on a humanoid robot as “Tesla is arguably the world’s biggest robotics company because our cars are like semi-sentient robots on wheels.”</p><p><blockquote>在<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>周四晚些时候，自称Technoking Musk的马斯克表示，该公司正在开发一款人形机器人，因为“特斯拉可以说是世界上最大的机器人公司，因为我们的汽车就像轮子上的半感知机器人。”</blockquote></p><p> After a white-suited human did a brief dance for the believers in the audience and on a livestream, Musk came on the stage and showed only computer-generated images of a 5’8″ humanoid robot thathe claimed Tesla will produce a prototype of sometime next year. He inferred it could be used for manufacturing or boring repetitive tasks, like grocery shopping and will have a full self-driving computer.</p><p><blockquote>在一名身穿白色西装的人类为观众和直播中的信徒跳了一支简短的舞蹈后，马斯克走上舞台，只展示了一个5英尺8英寸的人形机器人的计算机生成图像，马斯克声称特斯拉将在明年的某个时候生产出一个原型。他推断它可以用于制造或无聊的重复性任务，例如杂货店购物，并且将配备全自动驾驶计算机。</blockquote></p><p> As always with Musk and Tesla, the timeline is highly doubtful to anyone with basic knowledge of the technology in question. Fortunately, the antics did not fool everyone on Wall Street, some of whom may be getting tired of his shenanigans.</p><p><blockquote>和马斯克和特斯拉一样，对于任何对相关技术有基本了解的人来说，时间表都是非常值得怀疑的。幸运的是，这些滑稽动作并没有愚弄华尔街的所有人，其中一些人可能已经厌倦了他的恶作剧。</blockquote></p><p> “Unfortunately, as we have seen with robotaxis and other future sci-fi projects for Musk, we view this&nbsp;Tesla&nbsp;Bot as an absolute head scratcher that will further agitate investors at a time the Street is showing growing concern around rising EV competition and safety issues for&nbsp;Tesla,” said Dan Ives, a Wedbush Securities analyst, in a note to clients early Friday.</p><p><blockquote>“不幸的是，正如我们在机器人出租车和马斯克未来的其他科幻项目中所看到的那样，我们认为这款特斯拉机器人绝对令人挠头，在华尔街对电动汽车竞争和安全日益担忧之际，它将进一步激怒投资者。特斯拉的问题，”韦德布什证券分析师Dan Ives在周五早些时候给客户的一份报告中表示。</blockquote></p><p> The safety issues Ives mentions are what investors should be attuned to right now, because it appears the government is finally stepping up and taking note of a problem this column has long pointed out: Musk repeatedly oversells the current and near-term potential for his automotive autonomy advanced technology.</p><p><blockquote>艾夫斯提到的安全问题是投资者现在应该关注的问题，因为政府似乎终于站出来并注意到本专栏长期以来指出的一个问题：马斯克一再高估其汽车自动驾驶先进技术的当前和近期潜力。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> a day before Thursday’s “AI Day” spectacle,two U.S. senators asked the Federal Trade Commission to investigate both Tesla’s and Musk’s “repeated overstatements of their vehicles’ capabilities”in regards to the marketing of Tesla’s “Full Self Driving” product. Tesla charges thousands of dollars at purchase (or as little as $100 a month) for software that is nowhere near full self-driving, a practice that has already led toa recent review by California Department of Motor Vehiclesanda German ruling that Tesla could not market the product as such.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>在周四“人工智能日”奇观的前一天，两名美国参议员要求联邦贸易委员会调查特斯拉和马斯克在特斯拉“全自动驾驶”产品营销方面“一再夸大其车辆功能”的行为。特斯拉对远未完全自动驾驶的软件在购买时收取数千美元（或每月低至100美元）的费用，这种做法已经导致加州机动车辆管理局最近进行审查，德国裁定特斯拉不能销售该产品本身。</blockquote></p><p> “Language matters,” said Selika Talbott, a professorial lecturer in the department of public administration and policy at <a href=\"https://laohu8.com/S/AFG\">American</a> University in <a href=\"https://laohu8.com/S/WASH\">Washington</a> DC. “The use of this terminology is false and misleading and unsafe for the general public. The notions of assisted driving and autonomous vehicles and their differences are not fully understood by the general public.”</p><p><blockquote>“语言很重要，”塞利卡·塔尔博特(Selika Talbott)说。<a href=\"https://laohu8.com/S/AFG\">美国的</a>大学在<a href=\"https://laohu8.com/S/WASH\">华盛顿州</a>直流电。“这个术语的使用是错误的、误导性的，对公众来说是不安全的。辅助驾驶和自动驾驶汽车的概念及其区别并没有被公众完全理解。”</blockquote></p><p> “Tesla has highly assisted technology in their vehicle, but at no point should anyone behind the wheel think that vehicle can drive itself, because it can’t,” Talbott said.</p><p><blockquote>塔尔博特说：“特斯拉在他们的车辆中配备了高度辅助技术，但任何驾驶人员都不应该认为车辆可以自动驾驶，因为它不能。”</blockquote></p><p> The week began with news of a federal investigation into Tesla’s Autopilot system after cars using the feature crashed into stopped emergency vehicles.The <a href=\"https://laohu8.com/S/NHLD\">National</a> <a href=\"https://laohu8.com/S/HIHO\">Highway</a> Traffic Safety Administration is looking into a series of crashesby Tesla cars that had the advanced driver-assistance system enabled. NHTSA said that itopened an inquiry into 11 Tesla crashesthat involved emergency vehicles, while still investigating a series of collisions involving cars enabled with <a href=\"https://laohu8.com/S/AEIS\">Advanced</a> Driver Assistance Systems (ADAS) and tractor-trailers.</p><p><blockquote>本周伊始，有消息称，使用该功能的汽车撞上了停下来的紧急车辆，联邦政府对特斯拉的自动驾驶系统进行了调查。<a href=\"https://laohu8.com/S/NHLD\">国家的</a><a href=\"https://laohu8.com/S/HIHO\">公路</a>交通安全管理局正在调查一系列启用了高级驾驶员辅助系统的特斯拉汽车发生的撞车事故。NHTSA表示，已对11起涉及紧急车辆的特斯拉事故展开调查，同时仍在调查一系列涉及启用紧急车辆的汽车的碰撞事故<a href=\"https://laohu8.com/S/AEIS\">先进的</a>驾驶员辅助系统（ADAS）和牵引车拖车。</blockquote></p><p> The latest outcry on Capitol <a href=\"https://laohu8.com/S/HIL\">Hill</a> follows a stream of news reports and/or social media posts and YouTube videos of drivers engaging in extremely risky behavior while testing the so-called self-driving features of their Tesla. In May, Steven Michael Hendrickson,a 35-year-old father of two in Fontana, Calif., died when his Tesla hit an overturned semitruck. Earlier he had posted videos of driving without his hands on the wheel of his car on the freeway, but the NHTSA was still investigating the role of Autopilot in the crash.</p><p><blockquote>国会大厦的最新抗议<a href=\"https://laohu8.com/S/HIL\">山丘</a>关注一系列新闻报道和/或社交媒体帖子和YouTube视频，这些视频显示司机在测试特斯拉的所谓自动驾驶功能时做出了极其危险的行为。今年5月，加利福尼亚州丰塔纳市35岁的两个孩子的父亲Steven Michael Hendrickson在他的特斯拉撞上一辆翻倒的半挂卡车时死亡。早些时候，他发布了在高速公路上双手不放在方向盘上驾驶的视频，但NHTSA仍在调查自动驾驶仪在事故中的作用。</blockquote></p><p> “The vehicles that Tesla is producing are driver-assisted systems,” said Bryan Reimer, a research scientist at the MIT Center for Transportation and Logistics. “They are assisting the driver, and the driver needs to maintain vigilance.”</p><p><blockquote>“特斯拉正在生产的车辆是驾驶辅助系统，”麻省理工学院运输和物流中心的研究科学家布莱恩·赖默说。“他们在协助司机，司机需要保持警惕。”</blockquote></p><p></p><p> It is important to note the difference between Tesla’s dual products with misleading names. “Autopilot” is an ADAS system, a highly advanced version of cruise control meant for highway driving that enables “your car to steer, accelerate and brake automatically within its lane under your active supervision, assisting with the most burdensome parts of driving,” according to Tesla’s website. Tesla also offers the “FSD” package, now available by a subscription of $99 to $199 a month, which it describes as “access to a suite of more advanced driver assistance features, designed to provide more active guidance and assisted driving under your active supervision.”</p><p><blockquote>值得注意的是，特斯拉具有误导性名称的双产品之间的差异。“Autopilot”是一种ADAS系统，是一种高度先进的巡航控制版本，适用于高速公路驾驶，使“您的汽车能够在您的主动监督下在车道内自动转向、加速和制动，协助驾驶中最繁重的部分”。特斯拉的网站。特斯拉还提供“FSD”套餐，现在每月订阅费用为99至199美元，其将其描述为“访问一套更先进的驾驶员辅助功能，旨在在您的主动监督下提供更主动的指导和辅助驾驶。”</blockquote></p><p> If only Musk described these systems in a similar manner to the official website. In analyst conference calls and in Tesla’s multi-hour long presentations to its fan base, Musk has been proclaiming that with this software, full autonomy is around the corner.</p><p><blockquote>要是马斯克用和官网类似的方式描述这些系统就好了。在评级分析师会议上以及特斯拉向其粉丝群进行的长达数小时的演示中，马斯克一直宣称，有了这款软件，完全自主指日可待。</blockquote></p><p> “We&nbsp;basically&nbsp;have&nbsp;to&nbsp;solve&nbsp;real-world vision AI and we are,” he said in an earnings call in April. “And the key to solving this is also having some massive data set. So just having well over <a href=\"https://laohu8.com/S/AONE.U\">one</a> million cars on the road that are collecting data… But I am highly confident that we&nbsp;will&nbsp;get&nbsp;this&nbsp;done.”</p><p><blockquote>“我们基本上必须解决现实世界的视觉人工智能，我们确实做到了，”他在4月份的财报看涨期权上表示。“解决这个问题的关键还在于拥有一些大规模的数据集。所以只要有足够的数据集<a href=\"https://laohu8.com/S/AONE.U\">一</a>道路上有数百万辆汽车正在收集数据……但我非常有信心我们能够完成这项工作。”</blockquote></p><p> But for all of Musk’s bluster and huge fan base, investors are starting to note that the company’s tactics involving full self-driving technology are dangerous, as opposed to the other companies that are testing autonomous vehicles.</p><p><blockquote>但尽管马斯克夸夸其谈，拥有庞大的粉丝群，但投资者开始注意到，与其他正在测试自动驾驶汽车的公司相比，该公司涉及全自动驾驶技术的策略是危险的。</blockquote></p><p> For example, <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> Inc.’sGOOGGOOGLWaymo, the company with the most hours of autonomous vehicle driving, is currently operating a small scale robotaxi service in parts of Arizona around Phoenix that are not densely populated, without human drivers. It is the only one of its kind in the U.S. In California, Waymo has permits from the DMV to conduct AV testing with a human driver behind the wheel.</p><p><blockquote>例如，<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>Inc.旗下的GOOGGOOGLWaymo是自动驾驶汽车时间最长的公司，目前正在亚利桑那州凤凰城周围人口不稠密的地区运营小规模机器人出租车服务，没有人类司机。这是美国唯一一家此类公司。在加利福尼亚州，Waymo获得了DMV的许可，可以在人类驾驶员驾驶的情况下进行AV测试。</blockquote></p><p> “Waymo cannot just start selling their AVs to anyone, and they can’t just drive them on the roadway, our regulatory system does not allow for that,” Talbott of <a href=\"https://laohu8.com/S/AMSWA\">American</a> University said. “You can test them but no publicly available self-driving car is on the market for purchase because it doesn’t exist.”</p><p><blockquote>“Waymo不能开始向任何人出售他们的自动驾驶汽车，他们也不能只是在道路上驾驶它们，我们的监管体系不允许这样做，”<a href=\"https://laohu8.com/S/AMSWA\">美国的</a>大学表示。“你可以测试它们，但市场上没有公开的自动驾驶汽车可供购买，因为它不存在。”</blockquote></p><p> With FSD testing being done in the real world with untrained drivers, Tesla is conducting the equivalent of clinical trials of a new drug without any professional hourly or daily monitoring of the patient.</p><p><blockquote>随着FSD测试在现实世界中由未经训练的驾驶员进行，特斯拉正在进行相当于新药临床试验的试验，而无需对患者进行任何专业的每小时或每天监测。</blockquote></p><p> “They are calling it beta, it is a beta system, they are exposing people to substantive risk,” Reimer said.</p><p><blockquote>“他们称之为测试版，这是一个测试版系统，他们让人们面临重大风险，”赖默说。</blockquote></p><p> Musk’s latest bot is yet another distraction, much like the flame thrower in 2018 sold by his Boring Company, his unwanted assistance to try and help the boys stuck in a cave in Thailand, and other projects. Investors should not let these distractions get in the way of the real issues that Musk seems to be refusing to acknowledge as he continues to oversell his company’s technological abilities.</p><p><blockquote>马斯克的最新机器人是另一个干扰，就像他的Boring Company在2018年出售的火焰喷射器、他试图帮助被困在泰国洞穴中的男孩的不必要的帮助以及其他项目一样。投资者不应该让这些干扰妨碍马斯克似乎拒绝承认的真正问题，因为他继续夸大公司的技术能力。</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ignore Elon Musk’s dancing distraction and face the dangers ahead for Tesla<blockquote>忽略Elon Musk跳舞的干扰，面对特斯拉未来的危险</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\">\nIgnore Elon Musk’s dancing distraction and face the dangers ahead for Tesla<blockquote>忽略Elon Musk跳舞的干扰，面对特斯拉未来的危险</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-21 09:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Investigations into automated-driving systems and the statements made about it by the electric-car company and its chief executive deserve more attention than their latest fanciful technology aspirations and timelines.</b>  <a href=\"https://laohu8.com/S/ISBC\">Investors</a> should ignore Elon Musk’s latest dance and focus instead on the growing issues Tesla is facing because of its chief executive’s exaggerated claims about his company’s technological capabilities.</p><p><blockquote><b>对自动驾驶系统的调查以及这家电动汽车公司及其首席执行官就此发表的声明比他们最新的异想天开的技术愿望和时间表更值得关注。</b><a href=\"https://laohu8.com/S/ISBC\">投资者</a>应该忽略Elon Musk的最新舞蹈，而是关注特斯拉因首席执行官夸大其公司技术能力而面临的日益严重的问题。</blockquote></p><p> At <a href=\"https://laohu8.com/S/TSLA\">Tesla Motors</a>’s&nbsp;AI Day late Thursday, self-named Technoking Musk said that the company is working on a humanoid robot as “Tesla is arguably the world’s biggest robotics company because our cars are like semi-sentient robots on wheels.”</p><p><blockquote>在<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>周四晚些时候，自称Technoking Musk的马斯克表示，该公司正在开发一款人形机器人，因为“特斯拉可以说是世界上最大的机器人公司，因为我们的汽车就像轮子上的半感知机器人。”</blockquote></p><p> After a white-suited human did a brief dance for the believers in the audience and on a livestream, Musk came on the stage and showed only computer-generated images of a 5’8″ humanoid robot thathe claimed Tesla will produce a prototype of sometime next year. He inferred it could be used for manufacturing or boring repetitive tasks, like grocery shopping and will have a full self-driving computer.</p><p><blockquote>在一名身穿白色西装的人类为观众和直播中的信徒跳了一支简短的舞蹈后，马斯克走上舞台，只展示了一个5英尺8英寸的人形机器人的计算机生成图像，马斯克声称特斯拉将在明年的某个时候生产出一个原型。他推断它可以用于制造或无聊的重复性任务，例如杂货店购物，并且将配备全自动驾驶计算机。</blockquote></p><p> As always with Musk and Tesla, the timeline is highly doubtful to anyone with basic knowledge of the technology in question. Fortunately, the antics did not fool everyone on Wall Street, some of whom may be getting tired of his shenanigans.</p><p><blockquote>和马斯克和特斯拉一样，对于任何对相关技术有基本了解的人来说，时间表都是非常值得怀疑的。幸运的是，这些滑稽动作并没有愚弄华尔街的所有人，其中一些人可能已经厌倦了他的恶作剧。</blockquote></p><p> “Unfortunately, as we have seen with robotaxis and other future sci-fi projects for Musk, we view this&nbsp;Tesla&nbsp;Bot as an absolute head scratcher that will further agitate investors at a time the Street is showing growing concern around rising EV competition and safety issues for&nbsp;Tesla,” said Dan Ives, a Wedbush Securities analyst, in a note to clients early Friday.</p><p><blockquote>“不幸的是，正如我们在机器人出租车和马斯克未来的其他科幻项目中所看到的那样，我们认为这款特斯拉机器人绝对令人挠头，在华尔街对电动汽车竞争和安全日益担忧之际，它将进一步激怒投资者。特斯拉的问题，”韦德布什证券分析师Dan Ives在周五早些时候给客户的一份报告中表示。</blockquote></p><p> The safety issues Ives mentions are what investors should be attuned to right now, because it appears the government is finally stepping up and taking note of a problem this column has long pointed out: Musk repeatedly oversells the current and near-term potential for his automotive autonomy advanced technology.</p><p><blockquote>艾夫斯提到的安全问题是投资者现在应该关注的问题，因为政府似乎终于站出来并注意到本专栏长期以来指出的一个问题：马斯克一再高估其汽车自动驾驶先进技术的当前和近期潜力。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> a day before Thursday’s “AI Day” spectacle,two U.S. senators asked the Federal Trade Commission to investigate both Tesla’s and Musk’s “repeated overstatements of their vehicles’ capabilities”in regards to the marketing of Tesla’s “Full Self Driving” product. Tesla charges thousands of dollars at purchase (or as little as $100 a month) for software that is nowhere near full self-driving, a practice that has already led toa recent review by California Department of Motor Vehiclesanda German ruling that Tesla could not market the product as such.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>在周四“人工智能日”奇观的前一天，两名美国参议员要求联邦贸易委员会调查特斯拉和马斯克在特斯拉“全自动驾驶”产品营销方面“一再夸大其车辆功能”的行为。特斯拉对远未完全自动驾驶的软件在购买时收取数千美元（或每月低至100美元）的费用，这种做法已经导致加州机动车辆管理局最近进行审查，德国裁定特斯拉不能销售该产品本身。</blockquote></p><p> “Language matters,” said Selika Talbott, a professorial lecturer in the department of public administration and policy at <a href=\"https://laohu8.com/S/AFG\">American</a> University in <a href=\"https://laohu8.com/S/WASH\">Washington</a> DC. “The use of this terminology is false and misleading and unsafe for the general public. The notions of assisted driving and autonomous vehicles and their differences are not fully understood by the general public.”</p><p><blockquote>“语言很重要，”塞利卡·塔尔博特(Selika Talbott)说。<a href=\"https://laohu8.com/S/AFG\">美国的</a>大学在<a href=\"https://laohu8.com/S/WASH\">华盛顿州</a>直流电。“这个术语的使用是错误的、误导性的，对公众来说是不安全的。辅助驾驶和自动驾驶汽车的概念及其区别并没有被公众完全理解。”</blockquote></p><p> “Tesla has highly assisted technology in their vehicle, but at no point should anyone behind the wheel think that vehicle can drive itself, because it can’t,” Talbott said.</p><p><blockquote>塔尔博特说：“特斯拉在他们的车辆中配备了高度辅助技术，但任何驾驶人员都不应该认为车辆可以自动驾驶，因为它不能。”</blockquote></p><p> The week began with news of a federal investigation into Tesla’s Autopilot system after cars using the feature crashed into stopped emergency vehicles.The <a href=\"https://laohu8.com/S/NHLD\">National</a> <a href=\"https://laohu8.com/S/HIHO\">Highway</a> Traffic Safety Administration is looking into a series of crashesby Tesla cars that had the advanced driver-assistance system enabled. NHTSA said that itopened an inquiry into 11 Tesla crashesthat involved emergency vehicles, while still investigating a series of collisions involving cars enabled with <a href=\"https://laohu8.com/S/AEIS\">Advanced</a> Driver Assistance Systems (ADAS) and tractor-trailers.</p><p><blockquote>本周伊始，有消息称，使用该功能的汽车撞上了停下来的紧急车辆，联邦政府对特斯拉的自动驾驶系统进行了调查。<a href=\"https://laohu8.com/S/NHLD\">国家的</a><a href=\"https://laohu8.com/S/HIHO\">公路</a>交通安全管理局正在调查一系列启用了高级驾驶员辅助系统的特斯拉汽车发生的撞车事故。NHTSA表示，已对11起涉及紧急车辆的特斯拉事故展开调查，同时仍在调查一系列涉及启用紧急车辆的汽车的碰撞事故<a href=\"https://laohu8.com/S/AEIS\">先进的</a>驾驶员辅助系统（ADAS）和牵引车拖车。</blockquote></p><p> The latest outcry on Capitol <a href=\"https://laohu8.com/S/HIL\">Hill</a> follows a stream of news reports and/or social media posts and YouTube videos of drivers engaging in extremely risky behavior while testing the so-called self-driving features of their Tesla. In May, Steven Michael Hendrickson,a 35-year-old father of two in Fontana, Calif., died when his Tesla hit an overturned semitruck. Earlier he had posted videos of driving without his hands on the wheel of his car on the freeway, but the NHTSA was still investigating the role of Autopilot in the crash.</p><p><blockquote>国会大厦的最新抗议<a href=\"https://laohu8.com/S/HIL\">山丘</a>关注一系列新闻报道和/或社交媒体帖子和YouTube视频，这些视频显示司机在测试特斯拉的所谓自动驾驶功能时做出了极其危险的行为。今年5月，加利福尼亚州丰塔纳市35岁的两个孩子的父亲Steven Michael Hendrickson在他的特斯拉撞上一辆翻倒的半挂卡车时死亡。早些时候，他发布了在高速公路上双手不放在方向盘上驾驶的视频，但NHTSA仍在调查自动驾驶仪在事故中的作用。</blockquote></p><p> “The vehicles that Tesla is producing are driver-assisted systems,” said Bryan Reimer, a research scientist at the MIT Center for Transportation and Logistics. “They are assisting the driver, and the driver needs to maintain vigilance.”</p><p><blockquote>“特斯拉正在生产的车辆是驾驶辅助系统，”麻省理工学院运输和物流中心的研究科学家布莱恩·赖默说。“他们在协助司机，司机需要保持警惕。”</blockquote></p><p></p><p> It is important to note the difference between Tesla’s dual products with misleading names. “Autopilot” is an ADAS system, a highly advanced version of cruise control meant for highway driving that enables “your car to steer, accelerate and brake automatically within its lane under your active supervision, assisting with the most burdensome parts of driving,” according to Tesla’s website. Tesla also offers the “FSD” package, now available by a subscription of $99 to $199 a month, which it describes as “access to a suite of more advanced driver assistance features, designed to provide more active guidance and assisted driving under your active supervision.”</p><p><blockquote>值得注意的是，特斯拉具有误导性名称的双产品之间的差异。“Autopilot”是一种ADAS系统，是一种高度先进的巡航控制版本，适用于高速公路驾驶，使“您的汽车能够在您的主动监督下在车道内自动转向、加速和制动，协助驾驶中最繁重的部分”。特斯拉的网站。特斯拉还提供“FSD”套餐，现在每月订阅费用为99至199美元，其将其描述为“访问一套更先进的驾驶员辅助功能，旨在在您的主动监督下提供更主动的指导和辅助驾驶。”</blockquote></p><p> If only Musk described these systems in a similar manner to the official website. In analyst conference calls and in Tesla’s multi-hour long presentations to its fan base, Musk has been proclaiming that with this software, full autonomy is around the corner.</p><p><blockquote>要是马斯克用和官网类似的方式描述这些系统就好了。在评级分析师会议上以及特斯拉向其粉丝群进行的长达数小时的演示中，马斯克一直宣称，有了这款软件，完全自主指日可待。</blockquote></p><p> “We&nbsp;basically&nbsp;have&nbsp;to&nbsp;solve&nbsp;real-world vision AI and we are,” he said in an earnings call in April. “And the key to solving this is also having some massive data set. So just having well over <a href=\"https://laohu8.com/S/AONE.U\">one</a> million cars on the road that are collecting data… But I am highly confident that we&nbsp;will&nbsp;get&nbsp;this&nbsp;done.”</p><p><blockquote>“我们基本上必须解决现实世界的视觉人工智能，我们确实做到了，”他在4月份的财报看涨期权上表示。“解决这个问题的关键还在于拥有一些大规模的数据集。所以只要有足够的数据集<a href=\"https://laohu8.com/S/AONE.U\">一</a>道路上有数百万辆汽车正在收集数据……但我非常有信心我们能够完成这项工作。”</blockquote></p><p> But for all of Musk’s bluster and huge fan base, investors are starting to note that the company’s tactics involving full self-driving technology are dangerous, as opposed to the other companies that are testing autonomous vehicles.</p><p><blockquote>但尽管马斯克夸夸其谈，拥有庞大的粉丝群，但投资者开始注意到，与其他正在测试自动驾驶汽车的公司相比，该公司涉及全自动驾驶技术的策略是危险的。</blockquote></p><p> For example, <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> Inc.’sGOOGGOOGLWaymo, the company with the most hours of autonomous vehicle driving, is currently operating a small scale robotaxi service in parts of Arizona around Phoenix that are not densely populated, without human drivers. It is the only one of its kind in the U.S. In California, Waymo has permits from the DMV to conduct AV testing with a human driver behind the wheel.</p><p><blockquote>例如，<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>Inc.旗下的GOOGGOOGLWaymo是自动驾驶汽车时间最长的公司，目前正在亚利桑那州凤凰城周围人口不稠密的地区运营小规模机器人出租车服务，没有人类司机。这是美国唯一一家此类公司。在加利福尼亚州，Waymo获得了DMV的许可，可以在人类驾驶员驾驶的情况下进行AV测试。</blockquote></p><p> “Waymo cannot just start selling their AVs to anyone, and they can’t just drive them on the roadway, our regulatory system does not allow for that,” Talbott of <a href=\"https://laohu8.com/S/AMSWA\">American</a> University said. “You can test them but no publicly available self-driving car is on the market for purchase because it doesn’t exist.”</p><p><blockquote>“Waymo不能开始向任何人出售他们的自动驾驶汽车，他们也不能只是在道路上驾驶它们，我们的监管体系不允许这样做，”<a href=\"https://laohu8.com/S/AMSWA\">美国的</a>大学表示。“你可以测试它们，但市场上没有公开的自动驾驶汽车可供购买，因为它不存在。”</blockquote></p><p> With FSD testing being done in the real world with untrained drivers, Tesla is conducting the equivalent of clinical trials of a new drug without any professional hourly or daily monitoring of the patient.</p><p><blockquote>随着FSD测试在现实世界中由未经训练的驾驶员进行，特斯拉正在进行相当于新药临床试验的试验，而无需对患者进行任何专业的每小时或每天监测。</blockquote></p><p> “They are calling it beta, it is a beta system, they are exposing people to substantive risk,” Reimer said.</p><p><blockquote>“他们称之为测试版，这是一个测试版系统，他们让人们面临重大风险，”赖默说。</blockquote></p><p> Musk’s latest bot is yet another distraction, much like the flame thrower in 2018 sold by his Boring Company, his unwanted assistance to try and help the boys stuck in a cave in Thailand, and other projects. Investors should not let these distractions get in the way of the real issues that Musk seems to be refusing to acknowledge as he continues to oversell his company’s technological abilities.</p><p><blockquote>马斯克的最新机器人是另一个干扰，就像他的Boring Company在2018年出售的火焰喷射器、他试图帮助被困在泰国洞穴中的男孩的不必要的帮助以及其他项目一样。投资者不应该让这些干扰妨碍马斯克似乎拒绝承认的真正问题，因为他继续夸大公司的技术能力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/ignore-elon-musks-dancing-distraction-and-face-the-dangers-ahead-for-tesla-11629488276?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":{"TSLA":"特斯拉"},"source_url":"https://www.marketwatch.com/story/ignore-elon-musks-dancing-distraction-and-face-the-dangers-ahead-for-tesla-11629488276?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1107075259","content_text":"Investigations into automated-driving systems and the statements made about it by the electric-car company and its chief executive deserve more attention than their latest fanciful technology aspirations and timelines.\n\nInvestors should ignore Elon Musk’s latest dance and focus instead on the growing issues Tesla is facing because of its chief executive’s exaggerated claims about his company’s technological capabilities.\nAt Tesla Motors’s AI Day late Thursday, self-named Technoking Musk said that the company is working on a humanoid robot as “Tesla is arguably the world’s biggest robotics company because our cars are like semi-sentient robots on wheels.”\nAfter a white-suited human did a brief dance for the believers in the audience and on a livestream, Musk came on the stage and showed only computer-generated images of a 5’8″ humanoid robot thathe claimed Tesla will produce a prototype of sometime next year. He inferred it could be used for manufacturing or boring repetitive tasks, like grocery shopping and will have a full self-driving computer.\nAs always with Musk and Tesla, the timeline is highly doubtful to anyone with basic knowledge of the technology in question. Fortunately, the antics did not fool everyone on Wall Street, some of whom may be getting tired of his shenanigans.\n“Unfortunately, as we have seen with robotaxis and other future sci-fi projects for Musk, we view this Tesla Bot as an absolute head scratcher that will further agitate investors at a time the Street is showing growing concern around rising EV competition and safety issues for Tesla,” said Dan Ives, a Wedbush Securities analyst, in a note to clients early Friday.\nThe safety issues Ives mentions are what investors should be attuned to right now, because it appears the government is finally stepping up and taking note of a problem this column has long pointed out: Musk repeatedly oversells the current and near-term potential for his automotive autonomy advanced technology.\nJust a day before Thursday’s “AI Day” spectacle,two U.S. senators asked the Federal Trade Commission to investigate both Tesla’s and Musk’s “repeated overstatements of their vehicles’ capabilities”in regards to the marketing of Tesla’s “Full Self Driving” product. Tesla charges thousands of dollars at purchase (or as little as $100 a month) for software that is nowhere near full self-driving, a practice that has already led toa recent review by California Department of Motor Vehiclesanda German ruling that Tesla could not market the product as such.\n“Language matters,” said Selika Talbott, a professorial lecturer in the department of public administration and policy at American University in Washington DC. “The use of this terminology is false and misleading and unsafe for the general public. The notions of assisted driving and autonomous vehicles and their differences are not fully understood by the general public.”\n“Tesla has highly assisted technology in their vehicle, but at no point should anyone behind the wheel think that vehicle can drive itself, because it can’t,” Talbott said.\nThe week began with news of a federal investigation into Tesla’s Autopilot system after cars using the feature crashed into stopped emergency vehicles.The National Highway Traffic Safety Administration is looking into a series of crashesby Tesla cars that had the advanced driver-assistance system enabled. NHTSA said that itopened an inquiry into 11 Tesla crashesthat involved emergency vehicles, while still investigating a series of collisions involving cars enabled with Advanced Driver Assistance Systems (ADAS) and tractor-trailers.\nThe latest outcry on Capitol Hill follows a stream of news reports and/or social media posts and YouTube videos of drivers engaging in extremely risky behavior while testing the so-called self-driving features of their Tesla. In May, Steven Michael Hendrickson,a 35-year-old father of two in Fontana, Calif., died when his Tesla hit an overturned semitruck. Earlier he had posted videos of driving without his hands on the wheel of his car on the freeway, but the NHTSA was still investigating the role of Autopilot in the crash.\n“The vehicles that Tesla is producing are driver-assisted systems,” said Bryan Reimer, a research scientist at the MIT Center for Transportation and Logistics. “They are assisting the driver, and the driver needs to maintain vigilance.”\nIt is important to note the difference between Tesla’s dual products with misleading names. “Autopilot” is an ADAS system, a highly advanced version of cruise control meant for highway driving that enables “your car to steer, accelerate and brake automatically within its lane under your active supervision, assisting with the most burdensome parts of driving,” according to Tesla’s website. Tesla also offers the “FSD” package, now available by a subscription of $99 to $199 a month, which it describes as “access to a suite of more advanced driver assistance features, designed to provide more active guidance and assisted driving under your active supervision.”\nIf only Musk described these systems in a similar manner to the official website. In analyst conference calls and in Tesla’s multi-hour long presentations to its fan base, Musk has been proclaiming that with this software, full autonomy is around the corner.\n“We basically have to solve real-world vision AI and we are,” he said in an earnings call in April. “And the key to solving this is also having some massive data set. So just having well over one million cars on the road that are collecting data… But I am highly confident that we will get this done.”\nBut for all of Musk’s bluster and huge fan base, investors are starting to note that the company’s tactics involving full self-driving technology are dangerous, as opposed to the other companies that are testing autonomous vehicles.\nFor example, Alphabet Inc.’sGOOGGOOGLWaymo, the company with the most hours of autonomous vehicle driving, is currently operating a small scale robotaxi service in parts of Arizona around Phoenix that are not densely populated, without human drivers. It is the only one of its kind in the U.S. In California, Waymo has permits from the DMV to conduct AV testing with a human driver behind the wheel.\n“Waymo cannot just start selling their AVs to anyone, and they can’t just drive them on the roadway, our regulatory system does not allow for that,” Talbott of American University said. “You can test them but no publicly available self-driving car is on the market for purchase because it doesn’t exist.”\nWith FSD testing being done in the real world with untrained drivers, Tesla is conducting the equivalent of clinical trials of a new drug without any professional hourly or daily monitoring of the patient.\n“They are calling it beta, it is a beta system, they are exposing people to substantive risk,” Reimer said.\nMusk’s latest bot is yet another distraction, much like the flame thrower in 2018 sold by his Boring Company, his unwanted assistance to try and help the boys stuck in a cave in Thailand, and other projects. Investors should not let these distractions get in the way of the real issues that Musk seems to be refusing to acknowledge as he continues to oversell his company’s technological abilities.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2731,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836380611,"gmtCreate":1629455253133,"gmtModify":1633684727106,"author":{"id":"3576899111877903","authorId":"3576899111877903","name":"Jack_Chen_qy","avatar":"https://static.tigerbbs.com/d7857d3bb380dd24f38771faa0cbd29c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576899111877903","idStr":"3576899111877903"},"themes":[],"htmlText":"Sad","listText":"Sad","text":"Sad","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/836380611","repostId":"2160716324","repostType":4,"isVote":1,"tweetType":1,"viewCount":1904,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":839493494,"gmtCreate":1629171154618,"gmtModify":1633686837983,"author":{"id":"3576899111877903","authorId":"3576899111877903","name":"Jack_Chen_qy","avatar":"https://static.tigerbbs.com/d7857d3bb380dd24f38771faa0cbd29c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576899111877903","idStr":"3576899111877903"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/839493494","repostId":"1155687461","repostType":4,"repost":{"id":"1155687461","kind":"news","pubTimestamp":1629166865,"share":"https://www.laohu8.com/m/news/1155687461?lang=zh_CN&edition=full","pubTime":"2021-08-17 10:21","market":"us","language":"en","title":"FuboTV: Continued Progress On The March To Profitability<blockquote>FuboTV：在迈向盈利的道路上不断取得进展</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155687461","media":"seekingalpha","summary":"Summary\n\nfuboTV expects to achieve profitability through virtual MVPD subscriptions, CTV advertising","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>fuboTV expects to achieve profitability through virtual MVPD subscriptions, CTV advertising,&nbsp;and the eventual launch of real-money wagering.</li>  <li>The company had triple-digit year-over-year growth in both total paid subscribers and revenue growth.</li>  <li>fuboTV had an&nbsp;Adjusted Contribution Margin of positive 8.3%, up 316 bps YoY from 5.1%, thereby showing improved operating leverage.</li>  <li>The company is on schedule to launch Fubo Sportsbook app in the fourth quarter of this year and fubo added a&nbsp;market access agreement for their fourth state, Pennsylvania in Q2.</li>  <li>fubo is a buy for aggressive growth investors.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af7296f7a2085a34994d7c485a529563\" tg-width=\"768\" tg-height=\"432\" width=\"100%\" height=\"auto\"><span>RightFramePhotoVideo/iStock via Getty Images</span></p><p><blockquote><ul><li>fuboTV预计将通过虚拟MVPD订阅、CTV广告以及最终推出真钱赌博来实现盈利。</li><li>该公司的付费用户总数和收入增长均实现了三位数的同比增长。</li><li>fuboTV调整后的贡献率为正8.3%，较5.1%同比增长316个基点，从而显示出运营杠杆的改善。</li><li>该公司计划于今年第四季度推出Fubo Sportsbook应用程序，Fubo在第二季度为其第四个州宾夕法尼亚州增加了市场准入协议。</li><li>fubo适合激进的成长型投资者。</li></ul><p class=\"t-img-caption\"><span>RightFramePhotoVideo/iStock来自Getty Images</span></p></blockquote></p><p> The&nbsp;last time I posted&nbsp;about fuboTV(NYSE:FUBO)in May, the stock was trading at $21.72 and was coming off a strong Q1 earnings report that sent the stock up +10% the day after earnings were released. Each quarter, fuboTV has only continued to prove critics wrong as the company maintains putting up numbers showing a strong march toward profitability.</p><p><blockquote>我上次在5月份发布有关fuboTV（纽约证券交易所股票代码：FUBO）的帖子时，该股的交易价格为21.72美元，并且刚刚发布了强劲的第一季度收益报告，该股在收益发布后的第二天上涨了10%。每个季度，fuboTV都在继续证明批评者是错误的，因为该公司不断公布的数据显示其正在强劲迈向盈利。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/10c059c77020997d84e21eeff219cba5\" 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> Fubo's investing thesis is based on the company producing both strong revenue growth and eventually reaching profitability through the contribution from at least three major revenue sources which currently are:virtual MVPD&nbsp;subscriptions, CTV advertising, and the eventual launch of real-money wagering.</p><p><blockquote>富博的投资论点是基于该公司通过至少三个主要收入来源的贡献实现强劲的收入增长并最终实现盈利，这三个收入来源目前是：虚拟MVPD订阅、CTV广告和最终推出的真钱赌博。</blockquote></p><p>   As we've cited previously, our strategy is rooted in the intersection of 3 megatrends: the secular decline of traditional television, the shift of TV ad dollars to connected devices; and online sports wagering, a market opportunity which we believe complements our sports-first live TV streaming platform. We are laser-focused on staying ahead of these trends.    Source: fuboTV CEO David Gandler -Q2 2021 Earnings Call  The key things investors should look for in fuboTV's quarterly results to determine whether the company is on the path of maintaining strong growth and eventually scaling to profitability are:</p><p><blockquote>正如我们之前提到的，我们的战略植根于三个大趋势的交集：传统电视的长期衰落，电视广告收入向联网设备的转移；和在线体育博彩，我们相信这是一个市场机会，可以补充我们的体育第一直播电视流媒体平台。我们专注于保持领先于这些趋势。资料来源：fuboTV首席执行官David Gandler-2021年第二季度收益看涨期权投资者应该在fuboTV的季度业绩中寻找关键因素，以确定该公司是否走上保持强劲增长并最终实现盈利的道路：</blockquote></p><p> <ul>  <li>Strong Paid subscriber growth</li>  <li>Strong vMVPD market share growth</li>  <li>Strong Advertising ARPU (Average Revenue Per User) growth</li>  <li>Strong Total ARPU (Average Revenue Per User) growth</li>  <li>Continued growth in the Contribution Margin</li>  <li>The successful launch of Fubo Sportsbook with real-money wagering.</li> </ul> This article will go through fuboTV's latest earnings and showing how the company is making tangible progress on all three revenue fronts.</p><p><blockquote><ul><li>付费用户增长强劲</li><li>vMVPD市场份额强劲增长</li><li>广告ARPU（每用户平均收入）强劲增长</li><li>总ARPU（每用户平均收入）强劲增长</li><li>贡献率持续增长</li><li>富博真钱博彩的成功推出。</li></ul>本文将介绍fuboTV的最新收益，并展示该公司如何在所有三个收入方面取得切实进展。</blockquote></p><p> <b>Figuring Out the Secret Sauce</b></p><p><blockquote><b>找出秘方</b></blockquote></p><p> Ever since Dish&nbsp;(NASDAQ:DISH)&nbsp;started the concept of the \"skinny bundle\" with the first&nbsp;vMPVD&nbsp;called SlingTV, companies have been searching for ways to make the concept profitable.</p><p><blockquote>自从DISH（纳斯达克：DISH）通过第一个名为SlingTV的vMPVD开始了“瘦捆绑”的概念以来，公司一直在寻找使这一概念盈利的方法。</blockquote></p><p> Part of the problem with vMVPDs is that they all have high variable costs, in the form of high content expenses, that cause very low gross margins. Most vMVPDs are structurally unprofitable because the variable (content) costs are sometimes even greater than the price of their subscription fees, consequently, even at scale most vMVPDs would have a profitability problem because scaling the business would only cover costs that are fixed.</p><p><blockquote>vMVPDs的部分问题在于它们都有很高的可变成本，以高内容费用的形式出现，导致毛利率非常低。大多数VMVPD在结构上是无利可图的，因为可变（内容）成本有时甚至高于其订阅费的价格，因此，即使在规模上，大多数VMVPD也会有盈利问题，因为扩展业务只能覆盖固定成本。</blockquote></p><p> In order for most vMVPDs to become profitable, they would have to lower content costs or raise subscription prices. Lowering content costs, more often than not, involves getting rid of expensive content. The problem is the most expensive content is often what the viewers most want to see and when that content is eliminated, it often causes churn and costs the vMVPDs a loss of subscribers.</p><p><blockquote>为了让大多数VMVPD盈利，他们必须降低内容成本或提高订阅价格。降低内容成本通常包括摆脱昂贵的内容。问题是最昂贵的内容通常是观众最想看到的，当这些内容被删除时，通常会导致客户流失，并使vMVPDs失去订户。</blockquote></p><p> If a vMVPD goes the other route and raises subscription prices, many are finding out that they don't have a lot of pricing power for the content that they are offering. Maybe only two companies, in the general entertainment space in Connected TV, have pricing power and that is Netflix(NASDAQ:NFLX)and Disney(NYSE:DIS). So many vMVPDs are stuck between a rock and a hard place.</p><p><blockquote>如果vMVPD走另一条路，提高订阅价格，许多人会发现他们对自己提供的内容没有太多的定价权。在联网电视的一般娱乐领域，也许只有两家公司拥有定价权，那就是Netflix（纳斯达克股票代码：NFLX）和Disney（纽约证券交易所股票代码：DIS）。如此多的VMVPD进退两难。</blockquote></p><p> So, what's the solution?</p><p><blockquote>那么，有什么解决办法呢？</blockquote></p><p> I don't know if fuboTV management logically thought it out or just simply accidently discovered it but the viewing public does have a thirst for live TV. When Netflix first arose as a streaming phenomenon, they pretty much began to dominate every category of TV viewing but the one area Netflix left alone was live TV, made up primarily of sports and news.</p><p><blockquote>我不知道fuboTV管理层是逻辑上想出来的，还是只是偶然发现的，但观众确实渴望直播电视。当网飞第一次作为一种流媒体现象出现时，他们几乎开始主导电视观看的每一个类别，但网飞独自留下的一个领域是电视直播，主要由体育和新闻组成。</blockquote></p><p></p><p> FuboTV started as a soccer streaming service, and then changed to an all-sports service in 2017. So, fuboTV was born as a live streaming service and while fuboTV does offer general scripted entertainment today, they still brand themselves as a \"Sports First\" and a live TV service. In Q2, 94% of Fubo's content was viewed on a big-screen connected TV and 89% of that viewing was for live content.</p><p><blockquote>FuboTV最初是一项足球流媒体服务，然后在2017年改为全体育服务。因此，fuboTV是作为一种直播服务诞生的，虽然fuboTV今天确实提供一般的脚本娱乐，但他们仍然将自己标榜为“体育第一”和直播电视服务。在第二季度，富博94%的内容是在大屏幕联网电视上观看的，其中89%的观看是直播内容。</blockquote></p><p> One reason why live content is important for fuboTV is that there is a ton of competition among vMVPDs that offer mostly scripted content. There is a lot less competition among vMVPDs that have a focus on providing more live content for sports and news.</p><p><blockquote>直播内容对fuboTV很重要的一个原因是，主要提供脚本内容的VMVPD之间存在大量竞争。专注于提供更多体育和新闻直播内容的VMVPD之间的竞争要少得多。</blockquote></p><p> So, fuboTV fits right into an opening that Netflix left wide open. Also, unlike more general entertainment, there is some emerging evidence that sports viewing has some pricing power and the popularity of sports (especially the NFL and Soccer) is also helping&nbsp;fuboTV gain market share&nbsp;against other vMVPDs.</p><p><blockquote>因此，富波电视正好适合网飞留下的空缺。此外，与更一般的娱乐不同，有一些新的证据表明，体育观看具有一定的定价权，体育（尤其是NFL和足球）的受欢迎程度也有助于fuboTV相对于其他VMVPD获得市场份额。</blockquote></p><p> Investors that have read&nbsp;FuboTV's S-1, might realize that the company had a plan from the beginning to pay a majority of their variable (content) costs through subscription revenue and then later become profitable through adding a combination of higher margin revenue sources that include advertising, real money wagering and other additional services/content. The company is still in the relative early stages of implementing that plan, which is why I still consider fuboTV a speculative stock.</p><p><blockquote>读过fuboTV S-1的投资者可能会意识到，该公司从一开始就有一个计划，通过订阅收入支付大部分可变（内容）成本，然后通过增加包括广告、真钱赌博和其他附加服务/内容在内的更高利润收入来源来实现盈利。该公司仍处于实施该计划的相对早期阶段，这就是为什么我仍然认为fuboTV是一只投机性股票。</blockquote></p><p> <b>FuboTV Q2 2021 Earnings Report</b></p><p><blockquote><b>fuboTV 2021年第二季度收益报告</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b001cc03e46cb7bef17b78ec5e028615\" tg-width=\"640\" tg-height=\"353\" width=\"100%\" height=\"auto\"><span>Source:FuboTV Q2 2021 Earnings Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：fuboTV 2021年第二季度收益幻灯片</span></p></blockquote></p><p> FuboTV delivered triple-digit year-over-year growth in total paid subscribers, which was up 138% to 681,721 compared to just 31% growth for the entire virtual MVPD market over the same period. Overall, subscriber growth was driven by cord cutters increasingly choosing fuboTV over more expensive legacy pay-TV services or other vMVPDs.</p><p><blockquote>FuboTV的付费用户总数实现了三位数的同比增长，增长了138%，达到681,721人，而同期整个虚拟MVPD市场的增长率仅为31%。总体而言，用户增长是由越来越多的脐带切割者选择fuboTV而不是更昂贵的传统付费电视服务或其他VMVPD推动的。</blockquote></p><p> Secondarily, Q2 2021 subscriber growth was driven by a heavy sports calendar and expanded smart TV distribution which helped increase the net subscriber additions by 91,291, compared to last year's Q2 sequential decline of approximately 1,000 subscribers, a number that last year was largely affected by the pandemic shutting down most sporting events. This year's heavy sports calendar includedfuboTV's exclusive streamsof the South American Qatar World Cup qualifying matches (CONMEBOL).</p><p><blockquote>其次，2021年第二季度的订户增长是由大量的体育赛事和智能电视分销的扩大推动的，这有助于净订户增加91,291人，而去年第二季度的订户数量环比下降约1,000人，这一数字去年在很大程度上受到了疫情关闭大多数体育赛事的影响。今年的体育赛事日程包括fuboTV独家直播南美卡塔尔世界杯预选赛(CONMEBOL)。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b6ff85451655b7867e1030f5b2b36c26\" tg-width=\"640\" tg-height=\"412\" width=\"100%\" height=\"auto\"><span>Source:fuboTV Q2 2021 Shareholder Letter</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：fuboTV 2021年第二季度股东信</span></p></blockquote></p><p> FuboTV also showed&nbsp;<b>strong increases in engagement</b>&nbsp;with users (both paid and trial) streaming over 245 million hours, up 148% year-over-year. Fubo MAUs (Monthly Active Users) watched a total of 134 hours per month per user on average in the quarter. According to management, the strong engagement numbers were driven by product enhancements, content personalization and improvements to fuboTV's technology and platform infrastructure.</p><p><blockquote>FuboTV还显示<b>参与度强劲增长</b>用户（付费和试用）的流媒体播放时间超过2.45亿小时，同比增长148%。富博MAU（月活跃用户）本季度平均每个用户每月观看134小时。据管理层称，强劲的参与度是由产品增强、内容个性化以及fuboTV技术和平台基础设施的改进推动的。</blockquote></p><p>   Our&nbsp;  <b>impressive engagement metrics</b>, particularly the number of hours viewed, indicate that consumers prefer a holistic content bundle with a wide assortment of premium content. In our view, we are still in the early days for virtual MVPDs, and our category will continue to gain popularity.    Source: fuboTV CEO David Gandler -Q2 2021 Earnings Call  Among the reasons that David Gandler thinks it is early days for vMVPDs is because he believes that there will be a major shift in the TV industry back to content \"bundling\". Gandler believes that the proliferation of SVOD or&nbsp;Subscriber Video on Demand&nbsp;services (Ex. Netflix, Disney+) will become increasingly too costly for consumers. There is already some evidence of that particular sentiment becoming true. According to a&nbsp;global survey from Apester, 60.1% of people are sick of so many streaming services.</p><p><blockquote>我们的<b>令人印象深刻的参与度指标</b>特别是观看的小时数，表明消费者更喜欢具有广泛分类的优质内容的整体内容捆绑。在我们看来，虚拟MVPD仍处于早期阶段，我们的类别将继续受到欢迎。资料来源：fuboTV首席执行官David Gandler-2021年第二季度收益看涨期权David Gandler认为vMVPDs还处于早期阶段的原因之一是，他相信电视行业将发生重大转变，回归内容“捆绑”。甘德勒认为，SVOD或订户视频点播服务（如网飞、迪士尼+）对消费者来说成本将越来越高。已经有一些证据表明这种特殊的情绪正在成为现实。根据Apester的一项全球调查，60.1%的人厌倦了如此多的流媒体服务。</blockquote></p><p> In the earnings call, David Gandler mentions that consumers are&nbsp;experiencing fatigue&nbsp;from managing too many subscriptions, which is some cases cost more than the original legacy cable bundle that forced consumers to cut the cord in the first place. In my opinion, I believe the TV industry will increasingly consolidate content and/or the concept of \"bundling\" will return, only it will be this time on CTV, instead of cable.</p><p><blockquote>在收益看涨期权中，David Gandler提到，消费者因管理太多订阅而感到疲劳，在某些情况下，这比最初迫使消费者切断电源线的传统电缆捆绑包的成本还要高。在我看来，我相信电视行业将日益整合内容和/或“捆绑”的概念将会回归，只是这次是在CTV，而不是有线电视。</blockquote></p><p> FuboTV's&nbsp;<b>total Q2 revenue growth was up 196% YoY</b>&nbsp;to $130.9 million and advertising revenue was up 281% to $16.5 million. FuboTV has increased their total revenue YoY growth number in every quarter since the company gave their&nbsp;first pro-forma Q3 2020 revenue growth&nbsp;numbers of 71%.</p><p><blockquote>富波电视的<b>第二季度总收入同比增长196%</b>至1.309亿美元，广告收入增长281%至1,650万美元。自FuboTV首次给出2020年第三季度71%的预计收入增长数据以来，每个季度的总收入同比增长都有所增加。</blockquote></p><p></p><p> Growth in advertising revenue is also an important aspect for Fubo because capturing the shift of&nbsp;<b>higher margin</b>&nbsp;TV advertising dollars from&nbsp;Linear TV&nbsp;to connected devices is part of the second leg of fuboTV's overall strategy to eventually become profitable.</p><p><blockquote>广告收入的增长也是阜博的一个重要方面，因为抓住了<b>更高的利润</b>从线性电视到联网设备的电视广告收入是fuboTV最终实现盈利的整体战略第二步的一部分。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6c0253ae9912e4bfe8e06a6e80a4cb0f\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source:FuboTV Q2 2021 Earnings Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：fuboTV 2021年第二季度收益幻灯片</span></p></blockquote></p><p> Advertising accounted for 13% of total revenue in the Q2 2021, compared to 10% in the Q2 2020. Fubo's advertising ARPU was up 62% year-over-year to $8.70, and increased 22% sequentially. This is absolutely spectacular growth in ARPU. Rising advertising ARPU for a company like Fubo is an indication that the company's viewers are being seen as being more valuable by advertisers.</p><p><blockquote>广告占2021年第二季度总收入的13%，而2020年第二季度为10%。Fubo的广告ARPU同比增长62%至8.70美元，环比增长22%。这绝对是ARPU的惊人增长。像Fubo这样的公司的广告ARPU上升表明该公司的观众被广告商视为更有价值。</blockquote></p><p> FuboTV is currently growing their national ad sales team to address what the company calls \"significant demand in the marketplace\". FuboTV's advertiser base consists of Fortune 500 companies and blue-chip national brands that have observed that FUBO has attracted a very&nbsp;<b>highly engaged premium audience</b>. Advertisers like the fact that they can highly target a growing premium audience with Fubo'sfirst-partyaddressable data. Brands also find advertising on the Fubo platform very attractive because&nbsp;CTV allows&nbsp;the effectiveness of ads on the platform to be precisely measured, which is an advantage over cable TV.</p><p><blockquote>富波电视目前正在扩大他们的全国广告销售团队，以满足该公司评级“市场的巨大需求”。FuboTV的广告主群由财富500强公司和蓝筹国家品牌组成，他们观察到FuboTV吸引了非常<b>高度参与的优质受众</b>.广告商喜欢这样一个事实，即他们可以利用Fubo的第一方可寻址数据高度锁定不断增长的优质受众。品牌也发现富博平台上的广告非常有吸引力，因为CTV可以精确衡量平台上广告的效果，这是相对于有线电视的优势。</blockquote></p><p> <b>Expenses</b></p><p><blockquote><b>费用</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d48c1682b13fb5b019a05ec4ca1bfc25\" tg-width=\"640\" tg-height=\"263\" width=\"100%\" height=\"auto\"><span>Source:FuboTV Q2 2021 Shareholder Letter</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：fuboTV 2021年第二季度股东信</span></p></blockquote></p><p> Fubo's&nbsp;<b>subscriber-related expenses</b>, which&nbsp;<b>primarily consist of content cost</b>, accounted for 92% of total revenue in the quarter, an improvement of 28 percentage points compared to the year prior. This shows that FUBO has gotten better about managing content costs over the past year.</p><p><blockquote>富博的<b>订户相关费用</b>，哪个<b>主要包括内容成本</b>占本季度总收入的92%，较上年同期提高28个百分点。这表明富博在过去一年中在管理内容成本方面做得更好。</blockquote></p><p> Subscriber-related expenses can also be considered cost of sales or cost of revenues. Using the formula,<b>Gross Profit = Revenue - Cost of Sales</b>, FUBO had a Gross Profit of $10.38 million, making Gross margins around 8%.</p><p><blockquote>与订户相关的费用也可以被视为销售成本或收入成本。使用公式，<b>毛利=收入-销售成本</b>富博的毛利润为1038万美元，毛利率在8%左右。</blockquote></p><p> These low gross margins are among the things critics don't like about fuboTV. The vMVPD subscriber revenue portion of the business carries very low gross margins and the situation won't markedly improve until the company increases its percentage of product revenue that have much higher gross margins, like the advertising, interactive products and the real-money wagering portions of the business.</p><p><blockquote>这些低毛利率是评论家不喜欢fuboTV的原因之一。该业务的vMVPD用户收入部分的毛利率非常低，除非该公司增加其毛利率高得多的产品收入的百分比，如广告、互动产品和真钱赌博业务的部分，否则情况不会明显改善。</blockquote></p><p> FuboTV's operating expenses in Q2 was $211.95 million. Operating expenses as a percentage of revenue in the second quarter improved 97 percentage points from 252% in Q2 2020 to 155% in 2Q 2021, showing that the company is improving its operating leverage.</p><p><blockquote>FuboTV第二季度运营费用为2.1195亿美元。第二季度运营费用占收入的百分比从2020年第二季度的252%提高到2021年第二季度的155%，提高了97个百分点，表明该公司正在提高其运营杠杆。</blockquote></p><p> One important aspect of the operating expenses is Fubo's investment in S&amp;M, which came in at $21.51 million in Q2 or 16% of revenue, down sequentially from 18% of revenue in the first quarter of 2021. So, the company is also becoming more efficient in how they deploy sales and marketing dollars, while still achieving strong subscriber growth and lowering churn by 203 basis points year-over-year.</p><p><blockquote>运营费用的一个重要方面是富博对S&amp;M的投资，第二季度投资为2151万美元，占收入的16%，低于2021年第一季度占收入的18%。因此，该公司在部署销售和营销资金方面也变得更加高效，同时仍实现了强劲的用户增长，并将客户流失率同比降低了203个基点。</blockquote></p><p> Currently, fuboTV shows an operating loss of $81.07 million in Q2 2021, compared to an operating loss of $67.29 million in Q2 2020. Investors should be aware that in the companiesS-1, the very first risk factor that fuboTV management included is this one:</p><p><blockquote>目前，fuboTV显示2021年Q2的运营亏损为8107万美元，而2020年Q2的运营亏损为6729万美元。投资者应该知道，在companiesS-1中，fuboTV管理层包含的第一个风险因素是：</blockquote></p><p>   We have incurred operating losses in the past, expect to incur operating losses in the future and may never achieve or maintain profitability.    Source:FuboTV S-1  Profitability is the major risk with FUBO and the progress toward profitability should be closely monitored by anyone investing in this company. However, the overall operating revenue numbers is not the best way to measure fuboTV's path to profitability, instead FuboTV uses a metric called Adjusted Contribution Margin.</p><p><blockquote>我们过去曾产生经营亏损，预计未来将产生经营亏损，并且可能永远无法实现或保持盈利。资料来源：FuboTV S-1盈利能力是FUBO的主要风险，任何投资该公司的人都应密切关注盈利进展。然而，总体营业收入数据并不是衡量fuboTV盈利之路的最佳方式，相反，fuboTV使用了一种称为调整后贡献率的指标。</blockquote></p><p> I first learned of the concept of Contribution Margin whenNetflix first started using the metricto better manage their content expenses (variable costs).Contribution margin analysisis a measure ofoperating leverage; it measures how growth in sales translates to growth in profits.</p><p><blockquote>当Netflix首次开始使用该指标来更好地管理其内容费用（可变成本）时，我第一次了解到贡献边际的概念。贡献边际分析是衡量运营杠杆的指标；它衡量销售额的增长如何转化为利润的增长。</blockquote></p><p> FuboTV is essentially following Netflix's playbook with their use of the contribution margin both to measure their operating leverage and to better manage content expenses. In Q2, FuboTV had an Adjusted Contribution Margin of positive 8.3%, up 316 bps YoY from 5.1%. So Fubo's Adjusted Contribution Margin has been showing constant improvement over the last two years, another confirmation of improving operating leverage.</p><p><blockquote>FuboTV基本上遵循了Netflix的剧本，使用贡献率来衡量其运营杠杆并更好地管理内容支出。第二季度，FuboTV调整后的贡献率为正8.3%，较5.1%同比增长316个基点。因此，富博调整后的贡献率在过去两年中一直在不断改善，这再次证实了运营杠杆的改善。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/83025af4aa71f3ff8461f828279aa80e\" tg-width=\"640\" tg-height=\"350\" width=\"100%\" height=\"auto\"><span>Source:FuboTV Q2 2021 Earnings Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：fuboTV 2021年第二季度收益幻灯片</span></p></blockquote></p><p> In addition to an expanding Adjusted Contribution Margin, fuboTV has grown their overall Average Revenue Per User (ARPU) 30% YoY to an impressive&nbsp;<b>$71.43,</b>which is a strong monetization number. Many people consider Roku's ARPU number as impressive andRoku grew their ARPU 46%to only&nbsp;<b>$36.46</b>&nbsp;(on a trailing 12-month basis) in their second quarter.</p><p><blockquote>除了调整后的贡献利润率不断扩大外，fuboTV的整体平均每用户收入(ARPU)同比增长30%，达到令人印象深刻的水平<b>$71.43,</b>这是一个强大的货币化数字。许多人认为Roku的ARPU数字令人印象深刻andRoku将他们的ARPU增长了46%，仅<b>$36.46</b>（以过去12个月为基础）在第二季度。</blockquote></p><p> Adjusted EBITDA margin improved YoY from minus 95% to minus 36%. Net loss in Q2 was $94.9 million and EPS in the quarter was negative $0.68 compared to a loss of $2.08 in the second quarter of 2020. This missed analyst estimates by $0.18.</p><p><blockquote>调整后EBITDA利润率同比从-95%提高至-36%。第二季度净亏损为9490万美元，该季度每股收益为负0.68美元，而2020年第二季度为亏损2.08美元。这比分析师预期低0.18美元。</blockquote></p><p> Adjusted EPS in the second quarter 2021 was a loss of $0.38 beat analyst estimates by $0.11. Expenses incurred for the launch of the wagering business impacted EPS and adjusted EPS by $0.02 in the quarter.</p><p><blockquote>2021年第二季度调整后每股收益为亏损0.38美元，比分析师预期高出0.11美元。推出博彩业务所产生的费用影响了每股收益，并使本季度每股收益调整了0.02美元。</blockquote></p><p> <b>Balance Sheet</b></p><p><blockquote><b>资产负债表</b></blockquote></p><p> FUBO ended the quarter with $412 million in cash, cash equivalent and restricted cash.</p><p><blockquote>富博本季度末拥有4.12亿美元的现金、现金等价物和限制性现金。</blockquote></p><p> FUBO has aquick ratioof 2.332. A company with a quick ratio of 1.0 and above can easily pay current liabilities.</p><p><blockquote>富博的速动比率为2.332。速动比率为1.0及以上的公司可以轻松支付流动负债。</blockquote></p><p> FUBO has aDebt-to-Equity ratioof 0.476, which is a measure of the ability to pay long term liabilities. Companies with a Debt-to-Equity ratio of less than 1.0, means a company tends to use more equity than debt to finance operations which is generally less risky than firms whose Debt-to-Equity ratio is greater than 1.0.</p><p><blockquote>富博的债务股本比率为0.476，这是衡量支付长期负债能力的指标。债务股本比率低于1.0的公司意味着公司倾向于使用更多的股权而不是债务来为运营融资，这通常比债务股本比率高于1.0的公司风险更小。</blockquote></p><p> Operating cash flow in the quarter was negative $33.6 million, improving $20 million compared to the first quarter of 2021 and the number includes a $4.3 million negative impact from a payment associated with the buildup of the wagering business.</p><p><blockquote>本季度运营现金流为负3360万美元，比2021年第一季度增加了2000万美元，其中包括与博彩业务建设相关的付款产生的430万美元负面影响。</blockquote></p><p> <b>Guidance</b></p><p><blockquote><b>指导</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/86f71e24685f80b82bdf502aafb3e065\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>Source:FuboTV Q2 2021 Shareholder Letter</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：fuboTV 2021年第二季度股东信</span></p></blockquote></p><p> One important take-away from this guidance is that it doesn't include any revenue from the Fubo Sportsbook that's still expected to launch in Q4 and even without that addition, fuboTV increased their revenue and subscriber guidance for the full year 2021.</p><p><blockquote>该指导的一个重要结论是，它不包括预计仍将在第四季度推出的Fubo Sportsbook的任何收入，即使没有增加，fuboTV也增加了2021年全年的收入和用户指导。</blockquote></p><p> <b>More On Advertising</b></p><p><blockquote><b>有关广告的更多信息</b></blockquote></p><p> Two things mentioned in the Q2 2021 Shareholder Letter that occurred in the quarter, was the launch of theBranded Content studioand the start of a first-party datapartnership with LiveRamp(NYSE:RAMP). Both news items were first announced beforethis year upfronts.</p><p><blockquote>2021年第二季度股东信中提到了本季度发生的两件事，即品牌内容工作室的推出以及与LiveRamp（纽约证券交易所股票代码：RAMP）建立第一方数据合作伙伴关系。这两条新闻都是在今年之前首次宣布的。</blockquote></p><p> The Branded Content Studio allows advertisers to be able to collaborate with fuboTV's creative team to build short or long form custom branded content to air on the Fubo Sports Network.</p><p><blockquote>品牌内容工作室允许广告商与富波电视的创意团队合作，制作或短或长形式的定制品牌内容，在富波体育网上播出。</blockquote></p><p> The new data partnership with LiveRamp is designed to improve Fubo's existing addressable targeting capabilities by enabling advertisers to combine Fubo's first party data with LiveRamp's Advanced TV products, which include subscriber file matching, viewership and measurement with Data Plus Math.Data Plus Mathprovides media measurement and analytics to streaming services like FuboTV along with its advertising brand customers to determine which people are watching the ads, and matching it with other consumer behavior data.</p><p><blockquote>与LiveRamp的新数据合作伙伴关系旨在通过使广告商能够将Fubo的第一方数据与LiveRamp的高级电视产品相结合来提高Fubo现有的可寻址定位能力，其中包括订户文件匹配、收视率以及使用Data Plus Math进行测量。Data Plus Math提供媒体测量和分析FuboTV等流媒体服务及其广告品牌客户，以确定哪些人正在观看广告，并将其与其他消费者行为数据进行匹配。</blockquote></p><p>   We capitalized on the high demand for CTV in this year's upfront, with buyers seeking to reach our valuable cord-cutting audience of premium paying subscribers that can't be accessed via linear TV. FuboTV's concentration of live sports content also drove outperformance on advertising in the quarter.    Source:FuboTV Q2 2021 Shareholder Letter  <b>Wagering &amp; Interactivity</b></p><p><blockquote>我们利用了今年前期对CTV的高需求，买家寻求接触到我们宝贵的付费订阅者，这些付费订阅者无法通过线性电视访问。FuboTV对体育直播内容的集中也推动了本季度广告业务的优异表现。资料来源：fuboTV 2021年第二季度股东信<b>投注和互动</b></blockquote></p><p> Fubo indicated in their Shareholder Letter that are on schedule to launch Fubo Sportsbook app in the fourth quarter of this year and the CEO David Gandler also announced during the earnings call that Fubo added amarket access agreementfor their fourth state, Pennsylvania, through a partnership with theCordish Companies, a highly respected international developer of large-scale projects.</p><p><blockquote>Fubo在股东信中表示，他们计划于今年第四季度推出Fubo Sportsbook应用程序，首席执行官David Gandler也在财报看涨期权上宣布，Fubo通过与Cordish Companies的合作，为他们的第四个州宾夕法尼亚州增加了市场准入协议，Cordish Companies是一家备受尊敬的国际大型项目开发商。</blockquote></p><p> CEO David Gandler also revealed a video on the company'sQ2 2021 Earnings Live Video Webinaron how the Sportsbook app is designed to synch with what the user is watching on fuboTV at every moment. The app is designed this way, in order to provide a highly personalized interactive betting experience for the user.</p><p><blockquote>首席执行官David Gandler还在该公司2021年第二季度收益直播视频网络研讨会上透露了一段视频，介绍了Sportsbook应用程序如何与用户每时每刻在fuboTV上观看的内容同步。该应用程序是这样设计的，以便为用户提供高度个性化的互动投注体验。</blockquote></p><p> FuboTV is all about enhancing interactivity and one of the ways that they have already done that is with their launch of predictive, free-to-play games.</p><p><blockquote>富波电视致力于增强互动性，他们已经做到的方法之一就是推出预测性的免费游戏。</blockquote></p><p> In the Q2 Shareholder Letter, FUBO highlighted the fact that these free-to-play games are a key component of the company's overall wagering strategy because it is considered a potential customer on-ramp to the Sportsbook app and fuboTV, in general.</p><p><blockquote>在第二季度股东信中，FUBO强调了这样一个事实，即这些免费游戏是公司整体博彩战略的关键组成部分，因为它被认为是Sportsbook应用程序和fuboTV的潜在客户入口。</blockquote></p><p></p><p> The company also plans to use the interactive, free-to-play games to measure the likelihood of customers to engage in even greater levels of interactivity on the Fubo platform. Additionally, free-to-play games have the potential to drive greater levels of adoption of the future wagering product.</p><p><blockquote>该公司还计划使用交互式免费游戏来衡量客户在Fubo平台上参与更高水平互动的可能性。此外，免费游戏有可能推动未来赌博产品的更高水平的采用。</blockquote></p><p> Fubo's first stab at a free-to-play predictive game is theCONMEBOL Predictive Challengewhich tested a user's sports knowledge by presenting questions to be answered about each match in the South American Football Confederation (CONMEBOL) that occurred on June 3rd, 4th and 8th. The Challenge provided a chance to win a free year of fuboTV service<b>.</b></p><p><blockquote>富博首次尝试免费预测游戏是CONMEBOL预测挑战赛，该挑战赛通过提出有关6月3日、4日和8日举行的南美足球联合会（CONMEBOL）每场比赛的问题来测试用户的体育知识。此次挑战提供了赢得一年免费fuboTV服务的机会<b>.</b></blockquote></p><p> Fubo used their exclusive CONMEBOL coverage to beta test their interactive game, which Fubo had integrated into their core vMVPD platform. Like most beta tests, Fubo tested this gaming experience on a select group of users to gather data on usability and to optimize the experience ahead of launching the gaming experience to a wider audience.</p><p><blockquote>富博利用他们独家的CONMEBOL报道来测试他们的互动游戏，富博已经将其集成到他们的核心vMVPD平台中。与大多数beta测试一样，Fubo在一组选定的用户身上测试了这种游戏体验，以收集可用性数据，并在向更广泛的受众推出游戏体验之前优化体验。</blockquote></p><p> Another beta test that Fubo conducted was the new FanView feature, which is a user-initiated feature that shows supplemental, interactive information, like live game stats and scores. FanView screens are located next to and under a reduced-size video player.</p><p><blockquote>富博进行的另一个测试是新的FanView功能，这是一个用户发起的功能，显示补充的交互式信息，如现场游戏统计和分数。FanView屏幕位于缩小尺寸的视频播放器旁边和下方。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b0620209ed3727c3f6307fd4eb9dd720\" tg-width=\"640\" tg-height=\"357\" width=\"100%\" height=\"auto\"><span>Source:FuboTV</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FuboTV</span></p></blockquote></p><p>   As expected, gaming proved extremely popular across the subset of users with whom we conducted our test. We saw a nice lift in viewership, with subscribers who engaged in free gaming watching CONMEBOL content for&nbsp;  <b>significantly more time per user</b>&nbsp;than those that did not play.    Source:FuboTV Q2 2021 Shareholder Letter  Fubo also indicated that they plan on launching the above features of interactive, free-to-play gaming and FanView to all fuboTV subscribers on multiple sports this fall. I also don't think this will be the last innovative \"first mover\" type features that fuboTV will release in the future either.</p><p><blockquote>正如预期的那样，游戏在我们进行测试的用户子集中非常受欢迎。我们看到收视率大幅提升，参与免费游戏的订阅者观看CONMEBOL内容<b>每个用户花费的时间显著增加</b>而不是那些不玩的人。资料来源：fuboTV 2021年第二季度股东信Fubo还表示，他们计划在今年秋季向所有fuboTV订阅者推出上述互动、免费游戏和粉丝视图功能。我也不认为这将是fuboTV未来发布的最后一个创新的“先行者”类型的功能。</blockquote></p><p> Fubo management has made commentary since theirS-1, that they were focused on building applications in traditional entertainment, sports entertainment, live events, social networking, mixed reality (AR/VR) and artificial intelligence. That focus has led the company to currently building a personalized and interactive streaming experience that the company credits for their current ability to capture market share.</p><p><blockquote>富博管理层自第一届以来一直评论说，他们专注于构建传统娱乐、体育娱乐、现场活动、社交网络、混合现实（AR/VR）和人工智能的应用。这种关注导致该公司目前正在构建个性化和交互式流媒体体验，该公司将其目前占领市场份额的能力归功于这种体验。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> <table>  <tbody>   <tr>    <td>Company</td>    <td>Mkt Cap (BIL)</td>    <td>Price/Sales</p><p><blockquote><table><tbody><tr><td>公司</td><td>市场上限(BIL)</td><td>价格/销售额</td></tr></tbody></table></blockquote></p><p></td>    <td>Free Cash Flow Margin %</td>    <td>EV/Sales (FWD)</td>    <td>Revenue Growth (Y/Y) %</td>    <td>Gross Margins %</td>    <td>Operating Margins %</td>   </tr>   <tr>    <td>Roku (ROKU)</td>    <td>$50.61B</td>    <td>21.70</td>    <td>6.01%</td>    <td>16.73</td>    <td>81.18%</td>    <td>52.43%</td>    <td>10.71%</td>   </tr>   <tr>    <td>DISH Network (DISH)</td>    <td>$22.78B</td>    <td>1.46</td>    <td>16.63%</td>    <td>1.93</td>    <td>40.79%</td>    <td>35.68%</td>    <td>20.21%</td>   </tr>   <tr>    <td>DraftKings (DKNG)</td>    <td>$20.97B</td>    <td>19.86</td>    <td>-40.04%</td>    <td>15.27</td>    <td>319.6%</td>    <td>37.16%</td>    <td>-108%</td>   </tr>   <tr>    <td>fuboTV (FUBO)</td>    <td>$4.05B</td>    <td>6.90</td>    <td>-32.76</td>    <td>7.87</td>    <td>196%</td>    <td>8%</td>    <td>-61.93%</td>   </tr>  </tbody> </table> Fubo makes for a very interesting comparison with Roku. Fubo is currently growing faster than Roku and has a much better ARPU. The primary reason that Roku is valued so much more highly than Fubo is that there are very real worries about Fubo ever becoming profitable, while Roku is already profitable.</p><p><blockquote><td>自由现金流利润率%</td><td>EV/销售额(FWD)</td><td>收入增长（同比）%</td><td>毛利率%</td><td>营业利润率%</td><tr><td>Roku(Roku)</td><td>$50.61 B</td><td>21.70</td><td>6.01%</td><td>16.73</td><td>81.18%</td><td>52.43%</td><td>10.71%</td></tr><tr><td>碟形网络(DISH)</td><td>$22.78 B</td><td>1.46</td><td>16.63%</td><td>1.93</td><td>40.79%</td><td>35.68%</td><td>20.21%</td></tr><tr><td>DraftKings(DKNG)</td><td>$20.97 B</td><td>19.86</td><td>-40.04%</td><td>15.27</td><td>319.6%</td><td>37.16%</td><td>-108%</td></tr><tr><td>fuboTV（富博）</td><td>$4.05 B</td><td>6.90</td><td>-32.76</td><td>7.87</td><td>196%</td><td>8%</td><td>-61.93%</td></tr>富博与Roku进行了一个非常有趣的比较。富博目前的增长速度比Roku快，ARPU也要好得多。Roku的估值比富博高得多的主要原因是，人们非常担心富博是否会盈利，而Roku已经盈利了。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/39250f37532ed7be4c37a6da2e78aa9e\" tg-width=\"475\" tg-height=\"389\" width=\"100%\" height=\"auto\"><span>Source: Yahoo Finance</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：雅虎财经</span></p></blockquote></p><p> The above is based on 8 Wall Street analysts offering 12-month price targets for fuboTV in the last 3 months. The average price target is $39.50 with a high forecast of $60.00 and a low forecast of $26.00. The average price target represents a 37% increase from the last price of $28.83.</p><p><blockquote>以上是基于8位华尔街分析师在过去3个月内为fuboTV提供的12个月目标价。平均目标价为39.50美元，高预测为60.00美元，低预测为26.00美元。平均目标价较上次28.83美元上涨37%。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> The results from the latest quarter seems to have the Bears on the run, although as I write this the stock is down 10% in reaction to news that the company plans a$500 million stock offering.</p><p><blockquote>最近一个季度的业绩似乎让空头们陷入了困境，尽管在我撰写本文时，该公司计划发行5亿美元股票的消息传出后，该公司股价下跌了10%。</blockquote></p><p> FuboTV is still a speculative stock but each quarter of results makes it look increasingly more likely that the company will both be able to sustain growth and eventually become profitable. If Fubo also successfully launches its wagering business in Q4, then the stock could wind up one of the better performers in 2021, as it could force many short sellers to concede defeat.</p><p><blockquote>FuboTV仍然是一只投机性股票，但每个季度的业绩都表明该公司越来越有可能既能够维持增长又最终实现盈利。如果Fubo也在第四季度成功推出博彩业务，那么该股可能会成为2021年表现较好的股票之一，因为它可能会迫使许多卖空者承认失败。</blockquote></p><p></p><p> I look at the pullback in stock price as a reason for aggressive growth investors to buy Fubo after such an excellent quarter that shows progress on all fronts and includes an increase of full year guidance.</p><p><blockquote>我认为股价回调是激进的成长型投资者在经历了如此出色的季度后购买Fubo的原因，该季度在各方面都取得了进展，并包括全年指引的增加。</blockquote></p><p> Fubo was once a company that I only had a little conviction about but I am becoming increasingly more confident in the company's long-term prospects, as Fubo does nothing but strongly execute on its business plan that was first laid out in itsS-1filing.</p><p><blockquote>Fubo曾经是一家我对公司只有一点信心的公司，但我对公司的长期前景越来越有信心，因为Fubo除了强有力地执行其在ITSS-1文件中首次制定的商业计划外，什么也没做。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFuboTV: Continued Progress On The March To Profitability<blockquote>FuboTV：在迈向盈利的道路上不断取得进展</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-17 10:21</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>fuboTV expects to achieve profitability through virtual MVPD subscriptions, CTV advertising,&nbsp;and the eventual launch of real-money wagering.</li>  <li>The company had triple-digit year-over-year growth in both total paid subscribers and revenue growth.</li>  <li>fuboTV had an&nbsp;Adjusted Contribution Margin of positive 8.3%, up 316 bps YoY from 5.1%, thereby showing improved operating leverage.</li>  <li>The company is on schedule to launch Fubo Sportsbook app in the fourth quarter of this year and fubo added a&nbsp;market access agreement for their fourth state, Pennsylvania in Q2.</li>  <li>fubo is a buy for aggressive growth investors.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af7296f7a2085a34994d7c485a529563\" tg-width=\"768\" tg-height=\"432\" width=\"100%\" height=\"auto\"><span>RightFramePhotoVideo/iStock via Getty Images</span></p><p><blockquote><ul><li>fuboTV预计将通过虚拟MVPD订阅、CTV广告以及最终推出真钱赌博来实现盈利。</li><li>该公司的付费用户总数和收入增长均实现了三位数的同比增长。</li><li>fuboTV调整后的贡献率为正8.3%，较5.1%同比增长316个基点，从而显示出运营杠杆的改善。</li><li>该公司计划于今年第四季度推出Fubo Sportsbook应用程序，Fubo在第二季度为其第四个州宾夕法尼亚州增加了市场准入协议。</li><li>fubo适合激进的成长型投资者。</li></ul><p class=\"t-img-caption\"><span>RightFramePhotoVideo/iStock来自Getty Images</span></p></blockquote></p><p> The&nbsp;last time I posted&nbsp;about fuboTV(NYSE:FUBO)in May, the stock was trading at $21.72 and was coming off a strong Q1 earnings report that sent the stock up +10% the day after earnings were released. Each quarter, fuboTV has only continued to prove critics wrong as the company maintains putting up numbers showing a strong march toward profitability.</p><p><blockquote>我上次在5月份发布有关fuboTV（纽约证券交易所股票代码：FUBO）的帖子时，该股的交易价格为21.72美元，并且刚刚发布了强劲的第一季度收益报告，该股在收益发布后的第二天上涨了10%。每个季度，fuboTV都在继续证明批评者是错误的，因为该公司不断公布的数据显示其正在强劲迈向盈利。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/10c059c77020997d84e21eeff219cba5\" 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> Fubo's investing thesis is based on the company producing both strong revenue growth and eventually reaching profitability through the contribution from at least three major revenue sources which currently are:virtual MVPD&nbsp;subscriptions, CTV advertising, and the eventual launch of real-money wagering.</p><p><blockquote>富博的投资论点是基于该公司通过至少三个主要收入来源的贡献实现强劲的收入增长并最终实现盈利，这三个收入来源目前是：虚拟MVPD订阅、CTV广告和最终推出的真钱赌博。</blockquote></p><p>   As we've cited previously, our strategy is rooted in the intersection of 3 megatrends: the secular decline of traditional television, the shift of TV ad dollars to connected devices; and online sports wagering, a market opportunity which we believe complements our sports-first live TV streaming platform. We are laser-focused on staying ahead of these trends.    Source: fuboTV CEO David Gandler -Q2 2021 Earnings Call  The key things investors should look for in fuboTV's quarterly results to determine whether the company is on the path of maintaining strong growth and eventually scaling to profitability are:</p><p><blockquote>正如我们之前提到的，我们的战略植根于三个大趋势的交集：传统电视的长期衰落，电视广告收入向联网设备的转移；和在线体育博彩，我们相信这是一个市场机会，可以补充我们的体育第一直播电视流媒体平台。我们专注于保持领先于这些趋势。资料来源：fuboTV首席执行官David Gandler-2021年第二季度收益看涨期权投资者应该在fuboTV的季度业绩中寻找关键因素，以确定该公司是否走上保持强劲增长并最终实现盈利的道路：</blockquote></p><p> <ul>  <li>Strong Paid subscriber growth</li>  <li>Strong vMVPD market share growth</li>  <li>Strong Advertising ARPU (Average Revenue Per User) growth</li>  <li>Strong Total ARPU (Average Revenue Per User) growth</li>  <li>Continued growth in the Contribution Margin</li>  <li>The successful launch of Fubo Sportsbook with real-money wagering.</li> </ul> This article will go through fuboTV's latest earnings and showing how the company is making tangible progress on all three revenue fronts.</p><p><blockquote><ul><li>付费用户增长强劲</li><li>vMVPD市场份额强劲增长</li><li>广告ARPU（每用户平均收入）强劲增长</li><li>总ARPU（每用户平均收入）强劲增长</li><li>贡献率持续增长</li><li>富博真钱博彩的成功推出。</li></ul>本文将介绍fuboTV的最新收益，并展示该公司如何在所有三个收入方面取得切实进展。</blockquote></p><p> <b>Figuring Out the Secret Sauce</b></p><p><blockquote><b>找出秘方</b></blockquote></p><p> Ever since Dish&nbsp;(NASDAQ:DISH)&nbsp;started the concept of the \"skinny bundle\" with the first&nbsp;vMPVD&nbsp;called SlingTV, companies have been searching for ways to make the concept profitable.</p><p><blockquote>自从DISH（纳斯达克：DISH）通过第一个名为SlingTV的vMPVD开始了“瘦捆绑”的概念以来，公司一直在寻找使这一概念盈利的方法。</blockquote></p><p> Part of the problem with vMVPDs is that they all have high variable costs, in the form of high content expenses, that cause very low gross margins. Most vMVPDs are structurally unprofitable because the variable (content) costs are sometimes even greater than the price of their subscription fees, consequently, even at scale most vMVPDs would have a profitability problem because scaling the business would only cover costs that are fixed.</p><p><blockquote>vMVPDs的部分问题在于它们都有很高的可变成本，以高内容费用的形式出现，导致毛利率非常低。大多数VMVPD在结构上是无利可图的，因为可变（内容）成本有时甚至高于其订阅费的价格，因此，即使在规模上，大多数VMVPD也会有盈利问题，因为扩展业务只能覆盖固定成本。</blockquote></p><p> In order for most vMVPDs to become profitable, they would have to lower content costs or raise subscription prices. Lowering content costs, more often than not, involves getting rid of expensive content. The problem is the most expensive content is often what the viewers most want to see and when that content is eliminated, it often causes churn and costs the vMVPDs a loss of subscribers.</p><p><blockquote>为了让大多数VMVPD盈利，他们必须降低内容成本或提高订阅价格。降低内容成本通常包括摆脱昂贵的内容。问题是最昂贵的内容通常是观众最想看到的，当这些内容被删除时，通常会导致客户流失，并使vMVPDs失去订户。</blockquote></p><p> If a vMVPD goes the other route and raises subscription prices, many are finding out that they don't have a lot of pricing power for the content that they are offering. Maybe only two companies, in the general entertainment space in Connected TV, have pricing power and that is Netflix(NASDAQ:NFLX)and Disney(NYSE:DIS). So many vMVPDs are stuck between a rock and a hard place.</p><p><blockquote>如果vMVPD走另一条路，提高订阅价格，许多人会发现他们对自己提供的内容没有太多的定价权。在联网电视的一般娱乐领域，也许只有两家公司拥有定价权，那就是Netflix（纳斯达克股票代码：NFLX）和Disney（纽约证券交易所股票代码：DIS）。如此多的VMVPD进退两难。</blockquote></p><p> So, what's the solution?</p><p><blockquote>那么，有什么解决办法呢？</blockquote></p><p> I don't know if fuboTV management logically thought it out or just simply accidently discovered it but the viewing public does have a thirst for live TV. When Netflix first arose as a streaming phenomenon, they pretty much began to dominate every category of TV viewing but the one area Netflix left alone was live TV, made up primarily of sports and news.</p><p><blockquote>我不知道fuboTV管理层是逻辑上想出来的，还是只是偶然发现的，但观众确实渴望直播电视。当网飞第一次作为一种流媒体现象出现时，他们几乎开始主导电视观看的每一个类别，但网飞独自留下的一个领域是电视直播，主要由体育和新闻组成。</blockquote></p><p></p><p> FuboTV started as a soccer streaming service, and then changed to an all-sports service in 2017. So, fuboTV was born as a live streaming service and while fuboTV does offer general scripted entertainment today, they still brand themselves as a \"Sports First\" and a live TV service. In Q2, 94% of Fubo's content was viewed on a big-screen connected TV and 89% of that viewing was for live content.</p><p><blockquote>FuboTV最初是一项足球流媒体服务，然后在2017年改为全体育服务。因此，fuboTV是作为一种直播服务诞生的，虽然fuboTV今天确实提供一般的脚本娱乐，但他们仍然将自己标榜为“体育第一”和直播电视服务。在第二季度，富博94%的内容是在大屏幕联网电视上观看的，其中89%的观看是直播内容。</blockquote></p><p> One reason why live content is important for fuboTV is that there is a ton of competition among vMVPDs that offer mostly scripted content. There is a lot less competition among vMVPDs that have a focus on providing more live content for sports and news.</p><p><blockquote>直播内容对fuboTV很重要的一个原因是，主要提供脚本内容的VMVPD之间存在大量竞争。专注于提供更多体育和新闻直播内容的VMVPD之间的竞争要少得多。</blockquote></p><p> So, fuboTV fits right into an opening that Netflix left wide open. Also, unlike more general entertainment, there is some emerging evidence that sports viewing has some pricing power and the popularity of sports (especially the NFL and Soccer) is also helping&nbsp;fuboTV gain market share&nbsp;against other vMVPDs.</p><p><blockquote>因此，富波电视正好适合网飞留下的空缺。此外，与更一般的娱乐不同，有一些新的证据表明，体育观看具有一定的定价权，体育（尤其是NFL和足球）的受欢迎程度也有助于fuboTV相对于其他VMVPD获得市场份额。</blockquote></p><p> Investors that have read&nbsp;FuboTV's S-1, might realize that the company had a plan from the beginning to pay a majority of their variable (content) costs through subscription revenue and then later become profitable through adding a combination of higher margin revenue sources that include advertising, real money wagering and other additional services/content. The company is still in the relative early stages of implementing that plan, which is why I still consider fuboTV a speculative stock.</p><p><blockquote>读过fuboTV S-1的投资者可能会意识到，该公司从一开始就有一个计划，通过订阅收入支付大部分可变（内容）成本，然后通过增加包括广告、真钱赌博和其他附加服务/内容在内的更高利润收入来源来实现盈利。该公司仍处于实施该计划的相对早期阶段，这就是为什么我仍然认为fuboTV是一只投机性股票。</blockquote></p><p> <b>FuboTV Q2 2021 Earnings Report</b></p><p><blockquote><b>fuboTV 2021年第二季度收益报告</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b001cc03e46cb7bef17b78ec5e028615\" tg-width=\"640\" tg-height=\"353\" width=\"100%\" height=\"auto\"><span>Source:FuboTV Q2 2021 Earnings Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：fuboTV 2021年第二季度收益幻灯片</span></p></blockquote></p><p> FuboTV delivered triple-digit year-over-year growth in total paid subscribers, which was up 138% to 681,721 compared to just 31% growth for the entire virtual MVPD market over the same period. Overall, subscriber growth was driven by cord cutters increasingly choosing fuboTV over more expensive legacy pay-TV services or other vMVPDs.</p><p><blockquote>FuboTV的付费用户总数实现了三位数的同比增长，增长了138%，达到681,721人，而同期整个虚拟MVPD市场的增长率仅为31%。总体而言，用户增长是由越来越多的脐带切割者选择fuboTV而不是更昂贵的传统付费电视服务或其他VMVPD推动的。</blockquote></p><p> Secondarily, Q2 2021 subscriber growth was driven by a heavy sports calendar and expanded smart TV distribution which helped increase the net subscriber additions by 91,291, compared to last year's Q2 sequential decline of approximately 1,000 subscribers, a number that last year was largely affected by the pandemic shutting down most sporting events. This year's heavy sports calendar includedfuboTV's exclusive streamsof the South American Qatar World Cup qualifying matches (CONMEBOL).</p><p><blockquote>其次，2021年第二季度的订户增长是由大量的体育赛事和智能电视分销的扩大推动的，这有助于净订户增加91,291人，而去年第二季度的订户数量环比下降约1,000人，这一数字去年在很大程度上受到了疫情关闭大多数体育赛事的影响。今年的体育赛事日程包括fuboTV独家直播南美卡塔尔世界杯预选赛(CONMEBOL)。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b6ff85451655b7867e1030f5b2b36c26\" tg-width=\"640\" tg-height=\"412\" width=\"100%\" height=\"auto\"><span>Source:fuboTV Q2 2021 Shareholder Letter</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：fuboTV 2021年第二季度股东信</span></p></blockquote></p><p> FuboTV also showed&nbsp;<b>strong increases in engagement</b>&nbsp;with users (both paid and trial) streaming over 245 million hours, up 148% year-over-year. Fubo MAUs (Monthly Active Users) watched a total of 134 hours per month per user on average in the quarter. According to management, the strong engagement numbers were driven by product enhancements, content personalization and improvements to fuboTV's technology and platform infrastructure.</p><p><blockquote>FuboTV还显示<b>参与度强劲增长</b>用户（付费和试用）的流媒体播放时间超过2.45亿小时，同比增长148%。富博MAU（月活跃用户）本季度平均每个用户每月观看134小时。据管理层称，强劲的参与度是由产品增强、内容个性化以及fuboTV技术和平台基础设施的改进推动的。</blockquote></p><p>   Our&nbsp;  <b>impressive engagement metrics</b>, particularly the number of hours viewed, indicate that consumers prefer a holistic content bundle with a wide assortment of premium content. In our view, we are still in the early days for virtual MVPDs, and our category will continue to gain popularity.    Source: fuboTV CEO David Gandler -Q2 2021 Earnings Call  Among the reasons that David Gandler thinks it is early days for vMVPDs is because he believes that there will be a major shift in the TV industry back to content \"bundling\". Gandler believes that the proliferation of SVOD or&nbsp;Subscriber Video on Demand&nbsp;services (Ex. Netflix, Disney+) will become increasingly too costly for consumers. There is already some evidence of that particular sentiment becoming true. According to a&nbsp;global survey from Apester, 60.1% of people are sick of so many streaming services.</p><p><blockquote>我们的<b>令人印象深刻的参与度指标</b>特别是观看的小时数，表明消费者更喜欢具有广泛分类的优质内容的整体内容捆绑。在我们看来，虚拟MVPD仍处于早期阶段，我们的类别将继续受到欢迎。资料来源：fuboTV首席执行官David Gandler-2021年第二季度收益看涨期权David Gandler认为vMVPDs还处于早期阶段的原因之一是，他相信电视行业将发生重大转变，回归内容“捆绑”。甘德勒认为，SVOD或订户视频点播服务（如网飞、迪士尼+）对消费者来说成本将越来越高。已经有一些证据表明这种特殊的情绪正在成为现实。根据Apester的一项全球调查，60.1%的人厌倦了如此多的流媒体服务。</blockquote></p><p> In the earnings call, David Gandler mentions that consumers are&nbsp;experiencing fatigue&nbsp;from managing too many subscriptions, which is some cases cost more than the original legacy cable bundle that forced consumers to cut the cord in the first place. In my opinion, I believe the TV industry will increasingly consolidate content and/or the concept of \"bundling\" will return, only it will be this time on CTV, instead of cable.</p><p><blockquote>在收益看涨期权中，David Gandler提到，消费者因管理太多订阅而感到疲劳，在某些情况下，这比最初迫使消费者切断电源线的传统电缆捆绑包的成本还要高。在我看来，我相信电视行业将日益整合内容和/或“捆绑”的概念将会回归，只是这次是在CTV，而不是有线电视。</blockquote></p><p> FuboTV's&nbsp;<b>total Q2 revenue growth was up 196% YoY</b>&nbsp;to $130.9 million and advertising revenue was up 281% to $16.5 million. FuboTV has increased their total revenue YoY growth number in every quarter since the company gave their&nbsp;first pro-forma Q3 2020 revenue growth&nbsp;numbers of 71%.</p><p><blockquote>富波电视的<b>第二季度总收入同比增长196%</b>至1.309亿美元，广告收入增长281%至1,650万美元。自FuboTV首次给出2020年第三季度71%的预计收入增长数据以来，每个季度的总收入同比增长都有所增加。</blockquote></p><p></p><p> Growth in advertising revenue is also an important aspect for Fubo because capturing the shift of&nbsp;<b>higher margin</b>&nbsp;TV advertising dollars from&nbsp;Linear TV&nbsp;to connected devices is part of the second leg of fuboTV's overall strategy to eventually become profitable.</p><p><blockquote>广告收入的增长也是阜博的一个重要方面，因为抓住了<b>更高的利润</b>从线性电视到联网设备的电视广告收入是fuboTV最终实现盈利的整体战略第二步的一部分。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6c0253ae9912e4bfe8e06a6e80a4cb0f\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source:FuboTV Q2 2021 Earnings Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：fuboTV 2021年第二季度收益幻灯片</span></p></blockquote></p><p> Advertising accounted for 13% of total revenue in the Q2 2021, compared to 10% in the Q2 2020. Fubo's advertising ARPU was up 62% year-over-year to $8.70, and increased 22% sequentially. This is absolutely spectacular growth in ARPU. Rising advertising ARPU for a company like Fubo is an indication that the company's viewers are being seen as being more valuable by advertisers.</p><p><blockquote>广告占2021年第二季度总收入的13%，而2020年第二季度为10%。Fubo的广告ARPU同比增长62%至8.70美元，环比增长22%。这绝对是ARPU的惊人增长。像Fubo这样的公司的广告ARPU上升表明该公司的观众被广告商视为更有价值。</blockquote></p><p> FuboTV is currently growing their national ad sales team to address what the company calls \"significant demand in the marketplace\". FuboTV's advertiser base consists of Fortune 500 companies and blue-chip national brands that have observed that FUBO has attracted a very&nbsp;<b>highly engaged premium audience</b>. Advertisers like the fact that they can highly target a growing premium audience with Fubo'sfirst-partyaddressable data. Brands also find advertising on the Fubo platform very attractive because&nbsp;CTV allows&nbsp;the effectiveness of ads on the platform to be precisely measured, which is an advantage over cable TV.</p><p><blockquote>富波电视目前正在扩大他们的全国广告销售团队，以满足该公司评级“市场的巨大需求”。FuboTV的广告主群由财富500强公司和蓝筹国家品牌组成，他们观察到FuboTV吸引了非常<b>高度参与的优质受众</b>.广告商喜欢这样一个事实，即他们可以利用Fubo的第一方可寻址数据高度锁定不断增长的优质受众。品牌也发现富博平台上的广告非常有吸引力，因为CTV可以精确衡量平台上广告的效果，这是相对于有线电视的优势。</blockquote></p><p> <b>Expenses</b></p><p><blockquote><b>费用</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d48c1682b13fb5b019a05ec4ca1bfc25\" tg-width=\"640\" tg-height=\"263\" width=\"100%\" height=\"auto\"><span>Source:FuboTV Q2 2021 Shareholder Letter</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：fuboTV 2021年第二季度股东信</span></p></blockquote></p><p> Fubo's&nbsp;<b>subscriber-related expenses</b>, which&nbsp;<b>primarily consist of content cost</b>, accounted for 92% of total revenue in the quarter, an improvement of 28 percentage points compared to the year prior. This shows that FUBO has gotten better about managing content costs over the past year.</p><p><blockquote>富博的<b>订户相关费用</b>，哪个<b>主要包括内容成本</b>占本季度总收入的92%，较上年同期提高28个百分点。这表明富博在过去一年中在管理内容成本方面做得更好。</blockquote></p><p> Subscriber-related expenses can also be considered cost of sales or cost of revenues. Using the formula,<b>Gross Profit = Revenue - Cost of Sales</b>, FUBO had a Gross Profit of $10.38 million, making Gross margins around 8%.</p><p><blockquote>与订户相关的费用也可以被视为销售成本或收入成本。使用公式，<b>毛利=收入-销售成本</b>富博的毛利润为1038万美元，毛利率在8%左右。</blockquote></p><p> These low gross margins are among the things critics don't like about fuboTV. The vMVPD subscriber revenue portion of the business carries very low gross margins and the situation won't markedly improve until the company increases its percentage of product revenue that have much higher gross margins, like the advertising, interactive products and the real-money wagering portions of the business.</p><p><blockquote>这些低毛利率是评论家不喜欢fuboTV的原因之一。该业务的vMVPD用户收入部分的毛利率非常低，除非该公司增加其毛利率高得多的产品收入的百分比，如广告、互动产品和真钱赌博业务的部分，否则情况不会明显改善。</blockquote></p><p> FuboTV's operating expenses in Q2 was $211.95 million. Operating expenses as a percentage of revenue in the second quarter improved 97 percentage points from 252% in Q2 2020 to 155% in 2Q 2021, showing that the company is improving its operating leverage.</p><p><blockquote>FuboTV第二季度运营费用为2.1195亿美元。第二季度运营费用占收入的百分比从2020年第二季度的252%提高到2021年第二季度的155%，提高了97个百分点，表明该公司正在提高其运营杠杆。</blockquote></p><p> One important aspect of the operating expenses is Fubo's investment in S&amp;M, which came in at $21.51 million in Q2 or 16% of revenue, down sequentially from 18% of revenue in the first quarter of 2021. So, the company is also becoming more efficient in how they deploy sales and marketing dollars, while still achieving strong subscriber growth and lowering churn by 203 basis points year-over-year.</p><p><blockquote>运营费用的一个重要方面是富博对S&amp;M的投资，第二季度投资为2151万美元，占收入的16%，低于2021年第一季度占收入的18%。因此，该公司在部署销售和营销资金方面也变得更加高效，同时仍实现了强劲的用户增长，并将客户流失率同比降低了203个基点。</blockquote></p><p> Currently, fuboTV shows an operating loss of $81.07 million in Q2 2021, compared to an operating loss of $67.29 million in Q2 2020. Investors should be aware that in the companiesS-1, the very first risk factor that fuboTV management included is this one:</p><p><blockquote>目前，fuboTV显示2021年Q2的运营亏损为8107万美元，而2020年Q2的运营亏损为6729万美元。投资者应该知道，在companiesS-1中，fuboTV管理层包含的第一个风险因素是：</blockquote></p><p>   We have incurred operating losses in the past, expect to incur operating losses in the future and may never achieve or maintain profitability.    Source:FuboTV S-1  Profitability is the major risk with FUBO and the progress toward profitability should be closely monitored by anyone investing in this company. However, the overall operating revenue numbers is not the best way to measure fuboTV's path to profitability, instead FuboTV uses a metric called Adjusted Contribution Margin.</p><p><blockquote>我们过去曾产生经营亏损，预计未来将产生经营亏损，并且可能永远无法实现或保持盈利。资料来源：FuboTV S-1盈利能力是FUBO的主要风险，任何投资该公司的人都应密切关注盈利进展。然而，总体营业收入数据并不是衡量fuboTV盈利之路的最佳方式，相反，fuboTV使用了一种称为调整后贡献率的指标。</blockquote></p><p> I first learned of the concept of Contribution Margin whenNetflix first started using the metricto better manage their content expenses (variable costs).Contribution margin analysisis a measure ofoperating leverage; it measures how growth in sales translates to growth in profits.</p><p><blockquote>当Netflix首次开始使用该指标来更好地管理其内容费用（可变成本）时，我第一次了解到贡献边际的概念。贡献边际分析是衡量运营杠杆的指标；它衡量销售额的增长如何转化为利润的增长。</blockquote></p><p> FuboTV is essentially following Netflix's playbook with their use of the contribution margin both to measure their operating leverage and to better manage content expenses. In Q2, FuboTV had an Adjusted Contribution Margin of positive 8.3%, up 316 bps YoY from 5.1%. So Fubo's Adjusted Contribution Margin has been showing constant improvement over the last two years, another confirmation of improving operating leverage.</p><p><blockquote>FuboTV基本上遵循了Netflix的剧本，使用贡献率来衡量其运营杠杆并更好地管理内容支出。第二季度，FuboTV调整后的贡献率为正8.3%，较5.1%同比增长316个基点。因此，富博调整后的贡献率在过去两年中一直在不断改善，这再次证实了运营杠杆的改善。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/83025af4aa71f3ff8461f828279aa80e\" tg-width=\"640\" tg-height=\"350\" width=\"100%\" height=\"auto\"><span>Source:FuboTV Q2 2021 Earnings Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：fuboTV 2021年第二季度收益幻灯片</span></p></blockquote></p><p> In addition to an expanding Adjusted Contribution Margin, fuboTV has grown their overall Average Revenue Per User (ARPU) 30% YoY to an impressive&nbsp;<b>$71.43,</b>which is a strong monetization number. Many people consider Roku's ARPU number as impressive andRoku grew their ARPU 46%to only&nbsp;<b>$36.46</b>&nbsp;(on a trailing 12-month basis) in their second quarter.</p><p><blockquote>除了调整后的贡献利润率不断扩大外，fuboTV的整体平均每用户收入(ARPU)同比增长30%，达到令人印象深刻的水平<b>$71.43,</b>这是一个强大的货币化数字。许多人认为Roku的ARPU数字令人印象深刻andRoku将他们的ARPU增长了46%，仅<b>$36.46</b>（以过去12个月为基础）在第二季度。</blockquote></p><p> Adjusted EBITDA margin improved YoY from minus 95% to minus 36%. Net loss in Q2 was $94.9 million and EPS in the quarter was negative $0.68 compared to a loss of $2.08 in the second quarter of 2020. This missed analyst estimates by $0.18.</p><p><blockquote>调整后EBITDA利润率同比从-95%提高至-36%。第二季度净亏损为9490万美元，该季度每股收益为负0.68美元，而2020年第二季度为亏损2.08美元。这比分析师预期低0.18美元。</blockquote></p><p> Adjusted EPS in the second quarter 2021 was a loss of $0.38 beat analyst estimates by $0.11. Expenses incurred for the launch of the wagering business impacted EPS and adjusted EPS by $0.02 in the quarter.</p><p><blockquote>2021年第二季度调整后每股收益为亏损0.38美元，比分析师预期高出0.11美元。推出博彩业务所产生的费用影响了每股收益，并使本季度每股收益调整了0.02美元。</blockquote></p><p> <b>Balance Sheet</b></p><p><blockquote><b>资产负债表</b></blockquote></p><p> FUBO ended the quarter with $412 million in cash, cash equivalent and restricted cash.</p><p><blockquote>富博本季度末拥有4.12亿美元的现金、现金等价物和限制性现金。</blockquote></p><p> FUBO has aquick ratioof 2.332. A company with a quick ratio of 1.0 and above can easily pay current liabilities.</p><p><blockquote>富博的速动比率为2.332。速动比率为1.0及以上的公司可以轻松支付流动负债。</blockquote></p><p> FUBO has aDebt-to-Equity ratioof 0.476, which is a measure of the ability to pay long term liabilities. Companies with a Debt-to-Equity ratio of less than 1.0, means a company tends to use more equity than debt to finance operations which is generally less risky than firms whose Debt-to-Equity ratio is greater than 1.0.</p><p><blockquote>富博的债务股本比率为0.476，这是衡量支付长期负债能力的指标。债务股本比率低于1.0的公司意味着公司倾向于使用更多的股权而不是债务来为运营融资，这通常比债务股本比率高于1.0的公司风险更小。</blockquote></p><p> Operating cash flow in the quarter was negative $33.6 million, improving $20 million compared to the first quarter of 2021 and the number includes a $4.3 million negative impact from a payment associated with the buildup of the wagering business.</p><p><blockquote>本季度运营现金流为负3360万美元，比2021年第一季度增加了2000万美元，其中包括与博彩业务建设相关的付款产生的430万美元负面影响。</blockquote></p><p> <b>Guidance</b></p><p><blockquote><b>指导</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/86f71e24685f80b82bdf502aafb3e065\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>Source:FuboTV Q2 2021 Shareholder Letter</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：fuboTV 2021年第二季度股东信</span></p></blockquote></p><p> One important take-away from this guidance is that it doesn't include any revenue from the Fubo Sportsbook that's still expected to launch in Q4 and even without that addition, fuboTV increased their revenue and subscriber guidance for the full year 2021.</p><p><blockquote>该指导的一个重要结论是，它不包括预计仍将在第四季度推出的Fubo Sportsbook的任何收入，即使没有增加，fuboTV也增加了2021年全年的收入和用户指导。</blockquote></p><p> <b>More On Advertising</b></p><p><blockquote><b>有关广告的更多信息</b></blockquote></p><p> Two things mentioned in the Q2 2021 Shareholder Letter that occurred in the quarter, was the launch of theBranded Content studioand the start of a first-party datapartnership with LiveRamp(NYSE:RAMP). Both news items were first announced beforethis year upfronts.</p><p><blockquote>2021年第二季度股东信中提到了本季度发生的两件事，即品牌内容工作室的推出以及与LiveRamp（纽约证券交易所股票代码：RAMP）建立第一方数据合作伙伴关系。这两条新闻都是在今年之前首次宣布的。</blockquote></p><p> The Branded Content Studio allows advertisers to be able to collaborate with fuboTV's creative team to build short or long form custom branded content to air on the Fubo Sports Network.</p><p><blockquote>品牌内容工作室允许广告商与富波电视的创意团队合作，制作或短或长形式的定制品牌内容，在富波体育网上播出。</blockquote></p><p> The new data partnership with LiveRamp is designed to improve Fubo's existing addressable targeting capabilities by enabling advertisers to combine Fubo's first party data with LiveRamp's Advanced TV products, which include subscriber file matching, viewership and measurement with Data Plus Math.Data Plus Mathprovides media measurement and analytics to streaming services like FuboTV along with its advertising brand customers to determine which people are watching the ads, and matching it with other consumer behavior data.</p><p><blockquote>与LiveRamp的新数据合作伙伴关系旨在通过使广告商能够将Fubo的第一方数据与LiveRamp的高级电视产品相结合来提高Fubo现有的可寻址定位能力，其中包括订户文件匹配、收视率以及使用Data Plus Math进行测量。Data Plus Math提供媒体测量和分析FuboTV等流媒体服务及其广告品牌客户，以确定哪些人正在观看广告，并将其与其他消费者行为数据进行匹配。</blockquote></p><p>   We capitalized on the high demand for CTV in this year's upfront, with buyers seeking to reach our valuable cord-cutting audience of premium paying subscribers that can't be accessed via linear TV. FuboTV's concentration of live sports content also drove outperformance on advertising in the quarter.    Source:FuboTV Q2 2021 Shareholder Letter  <b>Wagering &amp; Interactivity</b></p><p><blockquote>我们利用了今年前期对CTV的高需求，买家寻求接触到我们宝贵的付费订阅者，这些付费订阅者无法通过线性电视访问。FuboTV对体育直播内容的集中也推动了本季度广告业务的优异表现。资料来源：fuboTV 2021年第二季度股东信<b>投注和互动</b></blockquote></p><p> Fubo indicated in their Shareholder Letter that are on schedule to launch Fubo Sportsbook app in the fourth quarter of this year and the CEO David Gandler also announced during the earnings call that Fubo added amarket access agreementfor their fourth state, Pennsylvania, through a partnership with theCordish Companies, a highly respected international developer of large-scale projects.</p><p><blockquote>Fubo在股东信中表示，他们计划于今年第四季度推出Fubo Sportsbook应用程序，首席执行官David Gandler也在财报看涨期权上宣布，Fubo通过与Cordish Companies的合作，为他们的第四个州宾夕法尼亚州增加了市场准入协议，Cordish Companies是一家备受尊敬的国际大型项目开发商。</blockquote></p><p> CEO David Gandler also revealed a video on the company'sQ2 2021 Earnings Live Video Webinaron how the Sportsbook app is designed to synch with what the user is watching on fuboTV at every moment. The app is designed this way, in order to provide a highly personalized interactive betting experience for the user.</p><p><blockquote>首席执行官David Gandler还在该公司2021年第二季度收益直播视频网络研讨会上透露了一段视频，介绍了Sportsbook应用程序如何与用户每时每刻在fuboTV上观看的内容同步。该应用程序是这样设计的，以便为用户提供高度个性化的互动投注体验。</blockquote></p><p> FuboTV is all about enhancing interactivity and one of the ways that they have already done that is with their launch of predictive, free-to-play games.</p><p><blockquote>富波电视致力于增强互动性，他们已经做到的方法之一就是推出预测性的免费游戏。</blockquote></p><p> In the Q2 Shareholder Letter, FUBO highlighted the fact that these free-to-play games are a key component of the company's overall wagering strategy because it is considered a potential customer on-ramp to the Sportsbook app and fuboTV, in general.</p><p><blockquote>在第二季度股东信中，FUBO强调了这样一个事实，即这些免费游戏是公司整体博彩战略的关键组成部分，因为它被认为是Sportsbook应用程序和fuboTV的潜在客户入口。</blockquote></p><p></p><p> The company also plans to use the interactive, free-to-play games to measure the likelihood of customers to engage in even greater levels of interactivity on the Fubo platform. Additionally, free-to-play games have the potential to drive greater levels of adoption of the future wagering product.</p><p><blockquote>该公司还计划使用交互式免费游戏来衡量客户在Fubo平台上参与更高水平互动的可能性。此外，免费游戏有可能推动未来赌博产品的更高水平的采用。</blockquote></p><p> Fubo's first stab at a free-to-play predictive game is theCONMEBOL Predictive Challengewhich tested a user's sports knowledge by presenting questions to be answered about each match in the South American Football Confederation (CONMEBOL) that occurred on June 3rd, 4th and 8th. The Challenge provided a chance to win a free year of fuboTV service<b>.</b></p><p><blockquote>富博首次尝试免费预测游戏是CONMEBOL预测挑战赛，该挑战赛通过提出有关6月3日、4日和8日举行的南美足球联合会（CONMEBOL）每场比赛的问题来测试用户的体育知识。此次挑战提供了赢得一年免费fuboTV服务的机会<b>.</b></blockquote></p><p> Fubo used their exclusive CONMEBOL coverage to beta test their interactive game, which Fubo had integrated into their core vMVPD platform. Like most beta tests, Fubo tested this gaming experience on a select group of users to gather data on usability and to optimize the experience ahead of launching the gaming experience to a wider audience.</p><p><blockquote>富博利用他们独家的CONMEBOL报道来测试他们的互动游戏，富博已经将其集成到他们的核心vMVPD平台中。与大多数beta测试一样，Fubo在一组选定的用户身上测试了这种游戏体验，以收集可用性数据，并在向更广泛的受众推出游戏体验之前优化体验。</blockquote></p><p> Another beta test that Fubo conducted was the new FanView feature, which is a user-initiated feature that shows supplemental, interactive information, like live game stats and scores. FanView screens are located next to and under a reduced-size video player.</p><p><blockquote>富博进行的另一个测试是新的FanView功能，这是一个用户发起的功能，显示补充的交互式信息，如现场游戏统计和分数。FanView屏幕位于缩小尺寸的视频播放器旁边和下方。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b0620209ed3727c3f6307fd4eb9dd720\" tg-width=\"640\" tg-height=\"357\" width=\"100%\" height=\"auto\"><span>Source:FuboTV</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FuboTV</span></p></blockquote></p><p>   As expected, gaming proved extremely popular across the subset of users with whom we conducted our test. We saw a nice lift in viewership, with subscribers who engaged in free gaming watching CONMEBOL content for&nbsp;  <b>significantly more time per user</b>&nbsp;than those that did not play.    Source:FuboTV Q2 2021 Shareholder Letter  Fubo also indicated that they plan on launching the above features of interactive, free-to-play gaming and FanView to all fuboTV subscribers on multiple sports this fall. I also don't think this will be the last innovative \"first mover\" type features that fuboTV will release in the future either.</p><p><blockquote>正如预期的那样，游戏在我们进行测试的用户子集中非常受欢迎。我们看到收视率大幅提升，参与免费游戏的订阅者观看CONMEBOL内容<b>每个用户花费的时间显著增加</b>而不是那些不玩的人。资料来源：fuboTV 2021年第二季度股东信Fubo还表示，他们计划在今年秋季向所有fuboTV订阅者推出上述互动、免费游戏和粉丝视图功能。我也不认为这将是fuboTV未来发布的最后一个创新的“先行者”类型的功能。</blockquote></p><p> Fubo management has made commentary since theirS-1, that they were focused on building applications in traditional entertainment, sports entertainment, live events, social networking, mixed reality (AR/VR) and artificial intelligence. That focus has led the company to currently building a personalized and interactive streaming experience that the company credits for their current ability to capture market share.</p><p><blockquote>富博管理层自第一届以来一直评论说，他们专注于构建传统娱乐、体育娱乐、现场活动、社交网络、混合现实（AR/VR）和人工智能的应用。这种关注导致该公司目前正在构建个性化和交互式流媒体体验，该公司将其目前占领市场份额的能力归功于这种体验。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> <table>  <tbody>   <tr>    <td>Company</td>    <td>Mkt Cap (BIL)</td>    <td>Price/Sales</p><p><blockquote><table><tbody><tr><td>公司</td><td>市场上限(BIL)</td><td>价格/销售额</td></tr></tbody></table></blockquote></p><p></td>    <td>Free Cash Flow Margin %</td>    <td>EV/Sales (FWD)</td>    <td>Revenue Growth (Y/Y) %</td>    <td>Gross Margins %</td>    <td>Operating Margins %</td>   </tr>   <tr>    <td>Roku (ROKU)</td>    <td>$50.61B</td>    <td>21.70</td>    <td>6.01%</td>    <td>16.73</td>    <td>81.18%</td>    <td>52.43%</td>    <td>10.71%</td>   </tr>   <tr>    <td>DISH Network (DISH)</td>    <td>$22.78B</td>    <td>1.46</td>    <td>16.63%</td>    <td>1.93</td>    <td>40.79%</td>    <td>35.68%</td>    <td>20.21%</td>   </tr>   <tr>    <td>DraftKings (DKNG)</td>    <td>$20.97B</td>    <td>19.86</td>    <td>-40.04%</td>    <td>15.27</td>    <td>319.6%</td>    <td>37.16%</td>    <td>-108%</td>   </tr>   <tr>    <td>fuboTV (FUBO)</td>    <td>$4.05B</td>    <td>6.90</td>    <td>-32.76</td>    <td>7.87</td>    <td>196%</td>    <td>8%</td>    <td>-61.93%</td>   </tr>  </tbody> </table> Fubo makes for a very interesting comparison with Roku. Fubo is currently growing faster than Roku and has a much better ARPU. The primary reason that Roku is valued so much more highly than Fubo is that there are very real worries about Fubo ever becoming profitable, while Roku is already profitable.</p><p><blockquote><td>自由现金流利润率%</td><td>EV/销售额(FWD)</td><td>收入增长（同比）%</td><td>毛利率%</td><td>营业利润率%</td><tr><td>Roku(Roku)</td><td>$50.61 B</td><td>21.70</td><td>6.01%</td><td>16.73</td><td>81.18%</td><td>52.43%</td><td>10.71%</td></tr><tr><td>碟形网络(DISH)</td><td>$22.78 B</td><td>1.46</td><td>16.63%</td><td>1.93</td><td>40.79%</td><td>35.68%</td><td>20.21%</td></tr><tr><td>DraftKings(DKNG)</td><td>$20.97 B</td><td>19.86</td><td>-40.04%</td><td>15.27</td><td>319.6%</td><td>37.16%</td><td>-108%</td></tr><tr><td>fuboTV（富博）</td><td>$4.05 B</td><td>6.90</td><td>-32.76</td><td>7.87</td><td>196%</td><td>8%</td><td>-61.93%</td></tr>富博与Roku进行了一个非常有趣的比较。富博目前的增长速度比Roku快，ARPU也要好得多。Roku的估值比富博高得多的主要原因是，人们非常担心富博是否会盈利，而Roku已经盈利了。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/39250f37532ed7be4c37a6da2e78aa9e\" tg-width=\"475\" tg-height=\"389\" width=\"100%\" height=\"auto\"><span>Source: Yahoo Finance</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：雅虎财经</span></p></blockquote></p><p> The above is based on 8 Wall Street analysts offering 12-month price targets for fuboTV in the last 3 months. The average price target is $39.50 with a high forecast of $60.00 and a low forecast of $26.00. The average price target represents a 37% increase from the last price of $28.83.</p><p><blockquote>以上是基于8位华尔街分析师在过去3个月内为fuboTV提供的12个月目标价。平均目标价为39.50美元，高预测为60.00美元，低预测为26.00美元。平均目标价较上次28.83美元上涨37%。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> The results from the latest quarter seems to have the Bears on the run, although as I write this the stock is down 10% in reaction to news that the company plans a$500 million stock offering.</p><p><blockquote>最近一个季度的业绩似乎让空头们陷入了困境，尽管在我撰写本文时，该公司计划发行5亿美元股票的消息传出后，该公司股价下跌了10%。</blockquote></p><p> FuboTV is still a speculative stock but each quarter of results makes it look increasingly more likely that the company will both be able to sustain growth and eventually become profitable. If Fubo also successfully launches its wagering business in Q4, then the stock could wind up one of the better performers in 2021, as it could force many short sellers to concede defeat.</p><p><blockquote>FuboTV仍然是一只投机性股票，但每个季度的业绩都表明该公司越来越有可能既能够维持增长又最终实现盈利。如果Fubo也在第四季度成功推出博彩业务，那么该股可能会成为2021年表现较好的股票之一，因为它可能会迫使许多卖空者承认失败。</blockquote></p><p></p><p> I look at the pullback in stock price as a reason for aggressive growth investors to buy Fubo after such an excellent quarter that shows progress on all fronts and includes an increase of full year guidance.</p><p><blockquote>我认为股价回调是激进的成长型投资者在经历了如此出色的季度后购买Fubo的原因，该季度在各方面都取得了进展，并包括全年指引的增加。</blockquote></p><p> Fubo was once a company that I only had a little conviction about but I am becoming increasingly more confident in the company's long-term prospects, as Fubo does nothing but strongly execute on its business plan that was first laid out in itsS-1filing.</p><p><blockquote>Fubo曾经是一家我对公司只有一点信心的公司，但我对公司的长期前景越来越有信心，因为Fubo除了强有力地执行其在ITSS-1文件中首次制定的商业计划外，什么也没做。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4449793-fubotv-continued-progress-to-profitability\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FUBO":"fuboTV Inc."},"source_url":"https://seekingalpha.com/article/4449793-fubotv-continued-progress-to-profitability","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155687461","content_text":"Summary\n\nfuboTV expects to achieve profitability through virtual MVPD subscriptions, CTV advertising, and the eventual launch of real-money wagering.\nThe company had triple-digit year-over-year growth in both total paid subscribers and revenue growth.\nfuboTV had an Adjusted Contribution Margin of positive 8.3%, up 316 bps YoY from 5.1%, thereby showing improved operating leverage.\nThe company is on schedule to launch Fubo Sportsbook app in the fourth quarter of this year and fubo added a market access agreement for their fourth state, Pennsylvania in Q2.\nfubo is a buy for aggressive growth investors.\n\nRightFramePhotoVideo/iStock via Getty Images\nThe last time I posted about fuboTV(NYSE:FUBO)in May, the stock was trading at $21.72 and was coming off a strong Q1 earnings report that sent the stock up +10% the day after earnings were released. Each quarter, fuboTV has only continued to prove critics wrong as the company maintains putting up numbers showing a strong march toward profitability.\nData by YCharts\nFubo's investing thesis is based on the company producing both strong revenue growth and eventually reaching profitability through the contribution from at least three major revenue sources which currently are:virtual MVPD subscriptions, CTV advertising, and the eventual launch of real-money wagering.\n\n As we've cited previously, our strategy is rooted in the intersection of 3 megatrends: the secular decline of traditional television, the shift of TV ad dollars to connected devices; and online sports wagering, a market opportunity which we believe complements our sports-first live TV streaming platform. We are laser-focused on staying ahead of these trends.\n\n\n Source: fuboTV CEO David Gandler -Q2 2021 Earnings Call\n\nThe key things investors should look for in fuboTV's quarterly results to determine whether the company is on the path of maintaining strong growth and eventually scaling to profitability are:\n\nStrong Paid subscriber growth\nStrong vMVPD market share growth\nStrong Advertising ARPU (Average Revenue Per User) growth\nStrong Total ARPU (Average Revenue Per User) growth\nContinued growth in the Contribution Margin\nThe successful launch of Fubo Sportsbook with real-money wagering.\n\nThis article will go through fuboTV's latest earnings and showing how the company is making tangible progress on all three revenue fronts.\nFiguring Out the Secret Sauce\nEver since Dish (NASDAQ:DISH) started the concept of the \"skinny bundle\" with the first vMPVD called SlingTV, companies have been searching for ways to make the concept profitable.\nPart of the problem with vMVPDs is that they all have high variable costs, in the form of high content expenses, that cause very low gross margins. Most vMVPDs are structurally unprofitable because the variable (content) costs are sometimes even greater than the price of their subscription fees, consequently, even at scale most vMVPDs would have a profitability problem because scaling the business would only cover costs that are fixed.\nIn order for most vMVPDs to become profitable, they would have to lower content costs or raise subscription prices. Lowering content costs, more often than not, involves getting rid of expensive content. The problem is the most expensive content is often what the viewers most want to see and when that content is eliminated, it often causes churn and costs the vMVPDs a loss of subscribers.\nIf a vMVPD goes the other route and raises subscription prices, many are finding out that they don't have a lot of pricing power for the content that they are offering. Maybe only two companies, in the general entertainment space in Connected TV, have pricing power and that is Netflix(NASDAQ:NFLX)and Disney(NYSE:DIS). So many vMVPDs are stuck between a rock and a hard place.\nSo, what's the solution?\nI don't know if fuboTV management logically thought it out or just simply accidently discovered it but the viewing public does have a thirst for live TV. When Netflix first arose as a streaming phenomenon, they pretty much began to dominate every category of TV viewing but the one area Netflix left alone was live TV, made up primarily of sports and news.\nFuboTV started as a soccer streaming service, and then changed to an all-sports service in 2017. So, fuboTV was born as a live streaming service and while fuboTV does offer general scripted entertainment today, they still brand themselves as a \"Sports First\" and a live TV service. In Q2, 94% of Fubo's content was viewed on a big-screen connected TV and 89% of that viewing was for live content.\nOne reason why live content is important for fuboTV is that there is a ton of competition among vMVPDs that offer mostly scripted content. There is a lot less competition among vMVPDs that have a focus on providing more live content for sports and news.\nSo, fuboTV fits right into an opening that Netflix left wide open. Also, unlike more general entertainment, there is some emerging evidence that sports viewing has some pricing power and the popularity of sports (especially the NFL and Soccer) is also helping fuboTV gain market share against other vMVPDs.\nInvestors that have read FuboTV's S-1, might realize that the company had a plan from the beginning to pay a majority of their variable (content) costs through subscription revenue and then later become profitable through adding a combination of higher margin revenue sources that include advertising, real money wagering and other additional services/content. The company is still in the relative early stages of implementing that plan, which is why I still consider fuboTV a speculative stock.\nFuboTV Q2 2021 Earnings Report\nSource:FuboTV Q2 2021 Earnings Slides\nFuboTV delivered triple-digit year-over-year growth in total paid subscribers, which was up 138% to 681,721 compared to just 31% growth for the entire virtual MVPD market over the same period. Overall, subscriber growth was driven by cord cutters increasingly choosing fuboTV over more expensive legacy pay-TV services or other vMVPDs.\nSecondarily, Q2 2021 subscriber growth was driven by a heavy sports calendar and expanded smart TV distribution which helped increase the net subscriber additions by 91,291, compared to last year's Q2 sequential decline of approximately 1,000 subscribers, a number that last year was largely affected by the pandemic shutting down most sporting events. This year's heavy sports calendar includedfuboTV's exclusive streamsof the South American Qatar World Cup qualifying matches (CONMEBOL).\nSource:fuboTV Q2 2021 Shareholder Letter\nFuboTV also showed strong increases in engagement with users (both paid and trial) streaming over 245 million hours, up 148% year-over-year. Fubo MAUs (Monthly Active Users) watched a total of 134 hours per month per user on average in the quarter. According to management, the strong engagement numbers were driven by product enhancements, content personalization and improvements to fuboTV's technology and platform infrastructure.\n\n Our \n impressive engagement metrics, particularly the number of hours viewed, indicate that consumers prefer a holistic content bundle with a wide assortment of premium content. In our view, we are still in the early days for virtual MVPDs, and our category will continue to gain popularity.\n\n\n Source: fuboTV CEO David Gandler -Q2 2021 Earnings Call\n\nAmong the reasons that David Gandler thinks it is early days for vMVPDs is because he believes that there will be a major shift in the TV industry back to content \"bundling\". Gandler believes that the proliferation of SVOD or Subscriber Video on Demand services (Ex. Netflix, Disney+) will become increasingly too costly for consumers. There is already some evidence of that particular sentiment becoming true. According to a global survey from Apester, 60.1% of people are sick of so many streaming services.\nIn the earnings call, David Gandler mentions that consumers are experiencing fatigue from managing too many subscriptions, which is some cases cost more than the original legacy cable bundle that forced consumers to cut the cord in the first place. In my opinion, I believe the TV industry will increasingly consolidate content and/or the concept of \"bundling\" will return, only it will be this time on CTV, instead of cable.\nFuboTV's total Q2 revenue growth was up 196% YoY to $130.9 million and advertising revenue was up 281% to $16.5 million. FuboTV has increased their total revenue YoY growth number in every quarter since the company gave their first pro-forma Q3 2020 revenue growth numbers of 71%.\nGrowth in advertising revenue is also an important aspect for Fubo because capturing the shift of higher margin TV advertising dollars from Linear TV to connected devices is part of the second leg of fuboTV's overall strategy to eventually become profitable.\nSource:FuboTV Q2 2021 Earnings Slides\nAdvertising accounted for 13% of total revenue in the Q2 2021, compared to 10% in the Q2 2020. Fubo's advertising ARPU was up 62% year-over-year to $8.70, and increased 22% sequentially. This is absolutely spectacular growth in ARPU. Rising advertising ARPU for a company like Fubo is an indication that the company's viewers are being seen as being more valuable by advertisers.\nFuboTV is currently growing their national ad sales team to address what the company calls \"significant demand in the marketplace\". FuboTV's advertiser base consists of Fortune 500 companies and blue-chip national brands that have observed that FUBO has attracted a very highly engaged premium audience. Advertisers like the fact that they can highly target a growing premium audience with Fubo'sfirst-partyaddressable data. Brands also find advertising on the Fubo platform very attractive because CTV allows the effectiveness of ads on the platform to be precisely measured, which is an advantage over cable TV.\nExpenses\nSource:FuboTV Q2 2021 Shareholder Letter\nFubo's subscriber-related expenses, which primarily consist of content cost, accounted for 92% of total revenue in the quarter, an improvement of 28 percentage points compared to the year prior. This shows that FUBO has gotten better about managing content costs over the past year.\nSubscriber-related expenses can also be considered cost of sales or cost of revenues. Using the formula,Gross Profit = Revenue - Cost of Sales, FUBO had a Gross Profit of $10.38 million, making Gross margins around 8%.\nThese low gross margins are among the things critics don't like about fuboTV. The vMVPD subscriber revenue portion of the business carries very low gross margins and the situation won't markedly improve until the company increases its percentage of product revenue that have much higher gross margins, like the advertising, interactive products and the real-money wagering portions of the business.\nFuboTV's operating expenses in Q2 was $211.95 million. Operating expenses as a percentage of revenue in the second quarter improved 97 percentage points from 252% in Q2 2020 to 155% in 2Q 2021, showing that the company is improving its operating leverage.\nOne important aspect of the operating expenses is Fubo's investment in S&M, which came in at $21.51 million in Q2 or 16% of revenue, down sequentially from 18% of revenue in the first quarter of 2021. So, the company is also becoming more efficient in how they deploy sales and marketing dollars, while still achieving strong subscriber growth and lowering churn by 203 basis points year-over-year.\nCurrently, fuboTV shows an operating loss of $81.07 million in Q2 2021, compared to an operating loss of $67.29 million in Q2 2020. Investors should be aware that in the companiesS-1, the very first risk factor that fuboTV management included is this one:\n\n We have incurred operating losses in the past, expect to incur operating losses in the future and may never achieve or maintain profitability.\n\n\n Source:FuboTV S-1\n\nProfitability is the major risk with FUBO and the progress toward profitability should be closely monitored by anyone investing in this company. However, the overall operating revenue numbers is not the best way to measure fuboTV's path to profitability, instead FuboTV uses a metric called Adjusted Contribution Margin.\nI first learned of the concept of Contribution Margin whenNetflix first started using the metricto better manage their content expenses (variable costs).Contribution margin analysisis a measure ofoperating leverage; it measures how growth in sales translates to growth in profits.\nFuboTV is essentially following Netflix's playbook with their use of the contribution margin both to measure their operating leverage and to better manage content expenses. In Q2, FuboTV had an Adjusted Contribution Margin of positive 8.3%, up 316 bps YoY from 5.1%. So Fubo's Adjusted Contribution Margin has been showing constant improvement over the last two years, another confirmation of improving operating leverage.\nSource:FuboTV Q2 2021 Earnings Slides\nIn addition to an expanding Adjusted Contribution Margin, fuboTV has grown their overall Average Revenue Per User (ARPU) 30% YoY to an impressive $71.43,which is a strong monetization number. Many people consider Roku's ARPU number as impressive andRoku grew their ARPU 46%to only $36.46 (on a trailing 12-month basis) in their second quarter.\nAdjusted EBITDA margin improved YoY from minus 95% to minus 36%. Net loss in Q2 was $94.9 million and EPS in the quarter was negative $0.68 compared to a loss of $2.08 in the second quarter of 2020. This missed analyst estimates by $0.18.\nAdjusted EPS in the second quarter 2021 was a loss of $0.38 beat analyst estimates by $0.11. Expenses incurred for the launch of the wagering business impacted EPS and adjusted EPS by $0.02 in the quarter.\nBalance Sheet\nFUBO ended the quarter with $412 million in cash, cash equivalent and restricted cash.\nFUBO has aquick ratioof 2.332. A company with a quick ratio of 1.0 and above can easily pay current liabilities.\nFUBO has aDebt-to-Equity ratioof 0.476, which is a measure of the ability to pay long term liabilities. Companies with a Debt-to-Equity ratio of less than 1.0, means a company tends to use more equity than debt to finance operations which is generally less risky than firms whose Debt-to-Equity ratio is greater than 1.0.\nOperating cash flow in the quarter was negative $33.6 million, improving $20 million compared to the first quarter of 2021 and the number includes a $4.3 million negative impact from a payment associated with the buildup of the wagering business.\nGuidance\nSource:FuboTV Q2 2021 Shareholder Letter\nOne important take-away from this guidance is that it doesn't include any revenue from the Fubo Sportsbook that's still expected to launch in Q4 and even without that addition, fuboTV increased their revenue and subscriber guidance for the full year 2021.\nMore On Advertising\nTwo things mentioned in the Q2 2021 Shareholder Letter that occurred in the quarter, was the launch of theBranded Content studioand the start of a first-party datapartnership with LiveRamp(NYSE:RAMP). Both news items were first announced beforethis year upfronts.\nThe Branded Content Studio allows advertisers to be able to collaborate with fuboTV's creative team to build short or long form custom branded content to air on the Fubo Sports Network.\nThe new data partnership with LiveRamp is designed to improve Fubo's existing addressable targeting capabilities by enabling advertisers to combine Fubo's first party data with LiveRamp's Advanced TV products, which include subscriber file matching, viewership and measurement with Data Plus Math.Data Plus Mathprovides media measurement and analytics to streaming services like FuboTV along with its advertising brand customers to determine which people are watching the ads, and matching it with other consumer behavior data.\n\n We capitalized on the high demand for CTV in this year's upfront, with buyers seeking to reach our valuable cord-cutting audience of premium paying subscribers that can't be accessed via linear TV. FuboTV's concentration of live sports content also drove outperformance on advertising in the quarter.\n\n\n Source:FuboTV Q2 2021 Shareholder Letter\n\nWagering & Interactivity\nFubo indicated in their Shareholder Letter that are on schedule to launch Fubo Sportsbook app in the fourth quarter of this year and the CEO David Gandler also announced during the earnings call that Fubo added amarket access agreementfor their fourth state, Pennsylvania, through a partnership with theCordish Companies, a highly respected international developer of large-scale projects.\nCEO David Gandler also revealed a video on the company'sQ2 2021 Earnings Live Video Webinaron how the Sportsbook app is designed to synch with what the user is watching on fuboTV at every moment. The app is designed this way, in order to provide a highly personalized interactive betting experience for the user.\nFuboTV is all about enhancing interactivity and one of the ways that they have already done that is with their launch of predictive, free-to-play games.\nIn the Q2 Shareholder Letter, FUBO highlighted the fact that these free-to-play games are a key component of the company's overall wagering strategy because it is considered a potential customer on-ramp to the Sportsbook app and fuboTV, in general.\nThe company also plans to use the interactive, free-to-play games to measure the likelihood of customers to engage in even greater levels of interactivity on the Fubo platform. Additionally, free-to-play games have the potential to drive greater levels of adoption of the future wagering product.\nFubo's first stab at a free-to-play predictive game is theCONMEBOL Predictive Challengewhich tested a user's sports knowledge by presenting questions to be answered about each match in the South American Football Confederation (CONMEBOL) that occurred on June 3rd, 4th and 8th. The Challenge provided a chance to win a free year of fuboTV service.\nFubo used their exclusive CONMEBOL coverage to beta test their interactive game, which Fubo had integrated into their core vMVPD platform. Like most beta tests, Fubo tested this gaming experience on a select group of users to gather data on usability and to optimize the experience ahead of launching the gaming experience to a wider audience.\nAnother beta test that Fubo conducted was the new FanView feature, which is a user-initiated feature that shows supplemental, interactive information, like live game stats and scores. FanView screens are located next to and under a reduced-size video player.\nSource:FuboTV\n\n As expected, gaming proved extremely popular across the subset of users with whom we conducted our test. We saw a nice lift in viewership, with subscribers who engaged in free gaming watching CONMEBOL content for \n significantly more time per user than those that did not play.\n\n\n Source:FuboTV Q2 2021 Shareholder Letter\n\nFubo also indicated that they plan on launching the above features of interactive, free-to-play gaming and FanView to all fuboTV subscribers on multiple sports this fall. I also don't think this will be the last innovative \"first mover\" type features that fuboTV will release in the future either.\nFubo management has made commentary since theirS-1, that they were focused on building applications in traditional entertainment, sports entertainment, live events, social networking, mixed reality (AR/VR) and artificial intelligence. That focus has led the company to currently building a personalized and interactive streaming experience that the company credits for their current ability to capture market share.\nValuation\n\n\n\nCompany\nMkt Cap (BIL)\nPrice/Sales\nFree Cash Flow Margin %\nEV/Sales (FWD)\nRevenue Growth (Y/Y) %\nGross Margins %\nOperating Margins %\n\n\nRoku (ROKU)\n$50.61B\n21.70\n6.01%\n16.73\n81.18%\n52.43%\n10.71%\n\n\nDISH Network (DISH)\n$22.78B\n1.46\n16.63%\n1.93\n40.79%\n35.68%\n20.21%\n\n\nDraftKings (DKNG)\n$20.97B\n19.86\n-40.04%\n15.27\n319.6%\n37.16%\n-108%\n\n\nfuboTV (FUBO)\n$4.05B\n6.90\n-32.76\n7.87\n196%\n8%\n-61.93%\n\n\n\nFubo makes for a very interesting comparison with Roku. Fubo is currently growing faster than Roku and has a much better ARPU. The primary reason that Roku is valued so much more highly than Fubo is that there are very real worries about Fubo ever becoming profitable, while Roku is already profitable.\nSource: Yahoo Finance\nThe above is based on 8 Wall Street analysts offering 12-month price targets for fuboTV in the last 3 months. The average price target is $39.50 with a high forecast of $60.00 and a low forecast of $26.00. The average price target represents a 37% increase from the last price of $28.83.\nConclusion\nThe results from the latest quarter seems to have the Bears on the run, although as I write this the stock is down 10% in reaction to news that the company plans a$500 million stock offering.\nFuboTV is still a speculative stock but each quarter of results makes it look increasingly more likely that the company will both be able to sustain growth and eventually become profitable. If Fubo also successfully launches its wagering business in Q4, then the stock could wind up one of the better performers in 2021, as it could force many short sellers to concede defeat.\nI look at the pullback in stock price as a reason for aggressive growth investors to buy Fubo after such an excellent quarter that shows progress on all fronts and includes an increase of full year guidance.\nFubo was once a company that I only had a little conviction about but I am becoming increasingly more confident in the company's long-term prospects, as Fubo does nothing but strongly execute on its business plan that was first laid out in itsS-1filing.","news_type":1,"symbols_score_info":{"FUBO":0.9}},"isVote":1,"tweetType":1,"viewCount":1950,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804750678,"gmtCreate":1627982279594,"gmtModify":1633754666776,"author":{"id":"3576899111877903","authorId":"3576899111877903","name":"Jack_Chen_qy","avatar":"https://static.tigerbbs.com/d7857d3bb380dd24f38771faa0cbd29c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576899111877903","idStr":"3576899111877903"},"themes":[],"htmlText":"Will baba fall further??","listText":"Will baba fall further??","text":"Will baba fall further??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/804750678","isVote":1,"tweetType":1,"viewCount":3010,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804615726,"gmtCreate":1627953812265,"gmtModify":1633754951652,"author":{"id":"3576899111877903","authorId":"3576899111877903","name":"Jack_Chen_qy","avatar":"https://static.tigerbbs.com/d7857d3bb380dd24f38771faa0cbd29c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576899111877903","idStr":"3576899111877903"},"themes":[],"htmlText":"What does this means??","listText":"What does this means??","text":"What does this means??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/804615726","repostId":"1196431673","repostType":4,"isVote":1,"tweetType":1,"viewCount":3031,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808180360,"gmtCreate":1627564879150,"gmtModify":1633763767823,"author":{"id":"3576899111877903","authorId":"3576899111877903","name":"Jack_Chen_qy","avatar":"https://static.tigerbbs.com/d7857d3bb380dd24f38771faa0cbd29c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576899111877903","idStr":"3576899111877903"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/808180360","repostId":"1198546715","repostType":4,"repost":{"id":"1198546715","kind":"news","pubTimestamp":1627562631,"share":"https://www.laohu8.com/m/news/1198546715?lang=zh_CN&edition=full","pubTime":"2021-07-29 20:43","market":"us","language":"en","title":"PayPal: Looking Beyond eBay's Impact<blockquote>PayPal：超越eBay的影响</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198546715","media":"seekingalpha","summary":"Summary\n\nPayPal's Q3 2021 guidance took investors by surprise.\nPayPal contends that asides from eBay","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>PayPal's Q3 2021 guidance took investors by surprise.</li>  <li>PayPal contends that asides from eBay Marketplace's migration off PayPal, its underlying business is performing very strongly.</li>  <li>PayPal is priced at 13x sales. This is very attractively priced for such an entrenched high-quality payment solution platform.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b4532465490efbc958deb5f9d66d7669\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>JasonDoiy/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>PayPal 2021年第三季度指引令投资者感到意外。</li><li>PayPal认为，除了eBay Marketplace从PayPal迁移之外，其基础业务表现非常强劲。</li><li>PayPal的定价是销售额的13倍。对于这样一个根深蒂固的高质量支付解决方案平台来说，这是非常有吸引力的价格。</li></ul><p class=\"t-img-caption\"><span>JasonDoiy/iStock未通过Getty Images发布</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> PayPal's (PYPL) guidance for Q3 is pointing towards a marked deceleration where its revenues are expected to grow approximately 14% y/y. However, this is predominantly due to eBay (EBAY) Marketplace exiting PayPal's platform.</p><p><blockquote>PayPal(PYPL)对第三季度的指引表明，其收入预计将同比增长约14%。然而，这主要是由于eBay(EBAY)市场退出了PayPal的平台。</blockquote></p><p> For context, this will be a meaningful headwind of approximately 850 basis points during Q3, and it will slowly reduce its impact during Q4 2021.</p><p><blockquote>就背景而言，这将是第三季度约850个基点的有意义的阻力，并且将在2021年第四季度慢慢减少其影响。</blockquote></p><p> However, putting aside eBay's impact, PayPal's core operations remain strong and PayPal is still expected to grow by 20% this year,<i>including</i>e&nbsp;Bay's headwind.</p><p><blockquote>然而，抛开eBay的影响不谈，PayPal的核心业务依然强劲，PayPal今年仍有望增长20%，<i>包括</i>e湾的逆风。</blockquote></p><p> What's more, PayPal is expected to bring in $5 billion of free cash flow this year, putting the stock trading at 74x free cash flow.</p><p><blockquote>更重要的是，PayPal今年预计将带来50亿美元的自由现金流，使其股票交易价格达到自由现金流的74倍。</blockquote></p><p> In short, investors have no reason to be dissatisfied with this quarter's performance. PayPal is an attractive investment opportunity.</p><p><blockquote>总之，投资者没有理由对本季度的业绩感到不满。PayPal是一个有吸引力的投资机会。</blockquote></p><p> <b>Investor Sentiment Going Into Earnings</b></p><p><blockquote><b>投资者情绪影响盈利</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2fd702cef3486de22aca83e1d46bb8d2\" 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> As you can see above, contrary to countless other fast-growing names, PayPal had actually had a very strong run-up in its shares since May.</p><p><blockquote>正如您在上面看到的，与无数其他快速增长的公司相反，PayPal的股价自5月份以来实际上出现了非常强劲的上涨。</blockquote></p><p> Hence, given this backdrop where investors had such high expectations from PayPal, any mishap during the quarter was obviously going to take the share price down.</p><p><blockquote>因此，在投资者对PayPal抱有如此高期望的背景下，本季度的任何不幸显然都会导致股价下跌。</blockquote></p><p> Now, let's get into its results.</p><p><blockquote>现在，让我们来看看它的结果。</blockquote></p><p> <b>Revenue Growth Rates Slow Down, With a But</b></p><p><blockquote><b>收入增速放缓，但</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/6a55f4abe65fb78fef6b67c43fc1c4d1\" tg-width=\"640\" tg-height=\"285\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The big takeaway is that PayPal is reaffirming its guidance for 20% y/y in 2021. Having said that, the elephant in the room is that Q2 2021 saw just 19% y/y revenue growth rates.</p><p><blockquote>最重要的是，PayPal重申了2021年同比增长20%的指引。话虽如此，房间里的大象是2021年第二季度的收入同比增长率仅为19%。</blockquote></p><p> Given that during Q1 its revenue had just grown by its&nbsp;fastest rate&nbsp;in PayPal's history, investors were minimally expecting PayPal to continue that momentum and shine this quarter. After all, this is a company that has a long history of delivering positive results and easily beating its guidance.</p><p><blockquote>鉴于第一季度其收入刚刚以PayPal历史上最快的速度增长，投资者最低预期PayPal将在本季度继续保持这一势头并大放异彩。毕竟，这是一家拥有悠久历史并轻松超越其指引的公司。</blockquote></p><p> <i>At the core of the after-hours reaction, we have to keep in mind that this is a company that buy-and-hold investors perceived as ''safe'' and one that ''shouldn't'' have negative surprises.</i></p><p><blockquote><i>在盘后反应的核心，我们必须记住，这是一家买入并持有的投资者认为“安全”的公司，也是一家“不应该”出现负面意外的公司。</i></blockquote></p><p> Hence, this rare weak quarter is more likely than not to be met by not only heavy selling in the coming days, and I fully suspect that the media will all over this stock reporting how PayPal has lost its flow.</p><p><blockquote>因此，这个罕见的疲软季度很可能不仅会在未来几天遭遇大量抛售，而且我完全怀疑媒体会在这只股票上报道PayPal如何失去流量。</blockquote></p><p> PayPal's CEO Dan Schulman points out that eBay was a headwind for PayPal during the quarter as eBay Marketplaces stopped being served by PayPal.</p><p><blockquote>PayPal首席执行官丹·舒尔曼指出，由于PayPal停止为eBay Marketplaces提供服务，eBay在本季度对PayPal来说是一个阻力。</blockquote></p><p> What's more, PayPal declares that eBay Marketplaces accounted for roughly&nbsp;8% revenue growth&nbsp;rate headwind, which is particularly noticeable given the strong performance in the same period a year ago.</p><p><blockquote>更重要的是，PayPal宣称eBay Marketplaces的收入增长率逆风约为8%，考虑到去年同期的强劲表现，这一点尤其引人注目。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f36be5e188e36aeb4bca359735c818fa\" tg-width=\"640\" tg-height=\"259\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> This is what PayPal's CFO John Rainey said during the call:</p><p><blockquote>这是PayPal首席财务官John Rainey在看涨期权上所说的话：</blockquote></p><p>   <i>So last year in the second quarter, we grew revenue 22%, and in that number, there was a benefit of 5 percentage points of growth from eBay. So 22% revenue growth for 5 percentage points of benefit from eBay. This year in the second quarter, we grew revenue 19% and that number included 800 or 8 percentage points of headwind related to eBay's business.</i>  Looking ahead, PayPal&nbsp;highlighted during the call&nbsp;that by year-end, eBay's total payment volume (''TPV'') will account for just 2.5% of PayPal TPV by year-end.</p><p><blockquote><i>因此，去年第二季度，我们的收入增长了22%，其中eBay带来了5个百分点的增长。因此，eBay带来了22%的收入增长，带来了5个百分点的收益。今年第二季度，我们的收入增长了19%，其中包括与eBay业务相关的800或8个百分点的阻力。</i>展望未来，PayPal在看涨期权上强调，到年底，eBay的总支付量（“TPV”）将仅占PayPal TPV的2.5%。</blockquote></p><p> What's more, during Q2 2021, putting aside eBay's headwind, PayPal's revenue would have been up 32% y/y. Given that eBay will have migrated to its own payment solutions by Q4 2021, investors won't have to be patient too long until PayPal is once again reporting strong revenue growth rates.</p><p><blockquote>此外，在2021年第二季度，抛开eBay的阻力不谈，PayPal的收入将同比增长32%。鉴于eBay将在2021年第四季度迁移到自己的支付解决方案，投资者不必耐心等待太久，直到PayPal再次报告强劲的收入增长率。</blockquote></p><p> Indeed, asides from eBay there's a lot to be attracted to here.</p><p><blockquote>事实上，除了易贝，这里还有很多吸引人的地方。</blockquote></p><p> <b>PayPal's Diverse Product Portfolio in 2021</b></p><p><blockquote><b>2021年PayPal多样化的产品组合</b></blockquote></p><p> The biggest launch during the quarter was Zettle in the U.S. This is a digital point-of-sale card payment solution. Although it arrives into a very crowded space arguably a little late in the game.</p><p><blockquote>本季度最大的推出是美国的Zettle。这是一种数字销售点卡支付解决方案。虽然它到达一个非常拥挤的空间，可以说在游戏中有点晚。</blockquote></p><p></p><p> Having said that, Venmo was also a latecomer to the digital wallet space and that hasn't stopped Venmo's performance in Q2 2021 growing its total payment volume by 58% y/y to $58 billion. This translated into Venmo increasing its revenues by 70% y/y.</p><p><blockquote>话虽如此，Venmo也是数字钱包领域的后来者，但这并没有阻止Venmo在2021年第二季度的表现，其总支付额同比增长58%，达到580亿美元。这意味着Venmo的收入同比增长了70%。</blockquote></p><p> Venmo's performance during Q2 2021 was driven by robust crypto trading on the platform.</p><p><blockquote>Venmo在2021年第二季度的表现是由平台上强劲的加密货币交易推动的。</blockquote></p><p> Also, PayPal's Buy Now, Pay Later is resonating with consumers and merchants with momentum accelerating sequentially from Q1 2021 to Q2 by 50%.</p><p><blockquote>此外，PayPal的“先买后付”也引起了消费者和商家的共鸣，从2021年第一季度到第二季度，势头连续加速50%。</blockquote></p><p> Altogether, despite investing in different products launches, PayPal still generates strong free cash flows.</p><p><blockquote>总而言之，尽管投资了不同的产品发布，PayPal仍然产生了强劲的自由现金流。</blockquote></p><p> <b>PayPal is a Free Cash Flow Machine</b></p><p><blockquote><b>PayPal是一台自由现金流机器</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/bf0733d4c917e606b41fdf9a31c91d13\" tg-width=\"322\" tg-height=\"364\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> During Q2 2021, PayPal's free cash flow was down 33% y/y to $1 billion. Obviously, when taken together with its lackluster top-line growth rate during Q2 2021 this doesn't paint a particularly impressive picture of PayPal's performance.</p><p><blockquote>2021年第二季度，PayPal的自由现金流同比下降33%至10亿美元。显然，与2021年第二季度低迷的营收增长率相结合，这并没有描绘出PayPal的业绩特别令人印象深刻的画面。</blockquote></p><p> On the other hand, consistent with its previous two quarters, PayPal once more reaffirmed its free cash flow guidance for $5 billion in 2021. Demonstrating that aside from the impact of eBay's migration, PayPal's free cash flow performance in 2021 remains unchanged from the start of the year.</p><p><blockquote>另一方面，与前两个季度一致，PayPal再次重申了2021年50亿美元的自由现金流指引。这表明，除了eBay迁移的影响外，PayPal 2021年的自由现金流表现与年初相比保持不变。</blockquote></p><p> <b>Valuation - Not Expensively Valued</b></p><p><blockquote><b>估值-估值不高</b></blockquote></p><p> High-quality stocks rarely come cheaply towards the end of a very long bull market.</p><p><blockquote>在漫长的牛市结束时，优质股票很少会便宜。</blockquote></p><p> In a market where many companies are highly unprofitable and with middle-of-the-road revenue growth rates, PayPal is not only growing by 20% CAGR this year, but it's expected to grow at an even faster rate<i>next year</i>, while also generating ample free cash flow.</p><p><blockquote>在一个许多公司盈利严重不足、收入增长率处于中等水平的市场中，PayPal今年不仅复合年增长率为20%，而且预计将以更快的速度增长<i>明年</i>，同时也产生充裕的自由现金流。</blockquote></p><p> There aren't too many companies out there as entrenched as PayPal in fintech priced at 74x free cash flow.</p><p><blockquote>像PayPal这样在金融科技领域根深蒂固的公司并不多，其定价为自由现金流的74倍。</blockquote></p><p> On the surface, this may appear expensive, but readers should keep in mind that this is free cash flows and not a sales multiple.</p><p><blockquote>从表面上看，这可能看起来很昂贵，但读者应该记住，这是自由现金流，而不是销售倍数。</blockquote></p><p> Meanwhile, for context, on a sales multiple, PayPal trades at 13x sales.</p><p><blockquote>与此同时，就销售倍数而言，PayPal的交易价格是销售额的13倍。</blockquote></p><p> <b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> PayPal's Q3 guidance took many investors by surprise, particularly given that this blue-chip household name rarely misfires. However, its underlying performance remains very strong.</p><p><blockquote>PayPal第三季度的指引让许多投资者感到惊讶，特别是考虑到这家家喻户晓的蓝筹股很少失败。然而，其基本表现仍然非常强劲。</blockquote></p><p> Given its strong free cash flow generation, and approximately mid-20s% CAGR expected next year, I believe that this stock is cheaply valued at just 13x sales.</p><p><blockquote>鉴于其强劲的自由现金流生成，以及预计明年复合年增长率约为20%左右，我认为这只股票的估值很低，仅为销售额的13倍。</blockquote></p><p> However, since there are so many high-growth small-cap stocks that are now heavily into correction territory, I believe that there are even better investment opportunities elsewhere.</p><p><blockquote>然而，由于有如此多的高增长小盘股现在严重进入回调区域，我相信其他地方还有更好的投资机会。</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: Looking Beyond eBay's Impact<blockquote>PayPal：超越eBay的影响</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: Looking Beyond eBay's Impact<blockquote>PayPal：超越eBay的影响</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-29 20:43</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's Q3 2021 guidance took investors by surprise.</li>  <li>PayPal contends that asides from eBay Marketplace's migration off PayPal, its underlying business is performing very strongly.</li>  <li>PayPal is priced at 13x sales. This is very attractively priced for such an entrenched high-quality payment solution platform.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b4532465490efbc958deb5f9d66d7669\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>JasonDoiy/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>PayPal 2021年第三季度指引令投资者感到意外。</li><li>PayPal认为，除了eBay Marketplace从PayPal迁移之外，其基础业务表现非常强劲。</li><li>PayPal的定价是销售额的13倍。对于这样一个根深蒂固的高质量支付解决方案平台来说，这是非常有吸引力的价格。</li></ul><p class=\"t-img-caption\"><span>JasonDoiy/iStock未通过Getty Images发布</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> PayPal's (PYPL) guidance for Q3 is pointing towards a marked deceleration where its revenues are expected to grow approximately 14% y/y. However, this is predominantly due to eBay (EBAY) Marketplace exiting PayPal's platform.</p><p><blockquote>PayPal(PYPL)对第三季度的指引表明，其收入预计将同比增长约14%。然而，这主要是由于eBay(EBAY)市场退出了PayPal的平台。</blockquote></p><p> For context, this will be a meaningful headwind of approximately 850 basis points during Q3, and it will slowly reduce its impact during Q4 2021.</p><p><blockquote>就背景而言，这将是第三季度约850个基点的有意义的阻力，并且将在2021年第四季度慢慢减少其影响。</blockquote></p><p> However, putting aside eBay's impact, PayPal's core operations remain strong and PayPal is still expected to grow by 20% this year,<i>including</i>e&nbsp;Bay's headwind.</p><p><blockquote>然而，抛开eBay的影响不谈，PayPal的核心业务依然强劲，PayPal今年仍有望增长20%，<i>包括</i>e湾的逆风。</blockquote></p><p> What's more, PayPal is expected to bring in $5 billion of free cash flow this year, putting the stock trading at 74x free cash flow.</p><p><blockquote>更重要的是，PayPal今年预计将带来50亿美元的自由现金流，使其股票交易价格达到自由现金流的74倍。</blockquote></p><p> In short, investors have no reason to be dissatisfied with this quarter's performance. PayPal is an attractive investment opportunity.</p><p><blockquote>总之，投资者没有理由对本季度的业绩感到不满。PayPal是一个有吸引力的投资机会。</blockquote></p><p> <b>Investor Sentiment Going Into Earnings</b></p><p><blockquote><b>投资者情绪影响盈利</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2fd702cef3486de22aca83e1d46bb8d2\" 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> As you can see above, contrary to countless other fast-growing names, PayPal had actually had a very strong run-up in its shares since May.</p><p><blockquote>正如您在上面看到的，与无数其他快速增长的公司相反，PayPal的股价自5月份以来实际上出现了非常强劲的上涨。</blockquote></p><p> Hence, given this backdrop where investors had such high expectations from PayPal, any mishap during the quarter was obviously going to take the share price down.</p><p><blockquote>因此，在投资者对PayPal抱有如此高期望的背景下，本季度的任何不幸显然都会导致股价下跌。</blockquote></p><p> Now, let's get into its results.</p><p><blockquote>现在，让我们来看看它的结果。</blockquote></p><p> <b>Revenue Growth Rates Slow Down, With a But</b></p><p><blockquote><b>收入增速放缓，但</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/6a55f4abe65fb78fef6b67c43fc1c4d1\" tg-width=\"640\" tg-height=\"285\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The big takeaway is that PayPal is reaffirming its guidance for 20% y/y in 2021. Having said that, the elephant in the room is that Q2 2021 saw just 19% y/y revenue growth rates.</p><p><blockquote>最重要的是，PayPal重申了2021年同比增长20%的指引。话虽如此，房间里的大象是2021年第二季度的收入同比增长率仅为19%。</blockquote></p><p> Given that during Q1 its revenue had just grown by its&nbsp;fastest rate&nbsp;in PayPal's history, investors were minimally expecting PayPal to continue that momentum and shine this quarter. After all, this is a company that has a long history of delivering positive results and easily beating its guidance.</p><p><blockquote>鉴于第一季度其收入刚刚以PayPal历史上最快的速度增长，投资者最低预期PayPal将在本季度继续保持这一势头并大放异彩。毕竟，这是一家拥有悠久历史并轻松超越其指引的公司。</blockquote></p><p> <i>At the core of the after-hours reaction, we have to keep in mind that this is a company that buy-and-hold investors perceived as ''safe'' and one that ''shouldn't'' have negative surprises.</i></p><p><blockquote><i>在盘后反应的核心，我们必须记住，这是一家买入并持有的投资者认为“安全”的公司，也是一家“不应该”出现负面意外的公司。</i></blockquote></p><p> Hence, this rare weak quarter is more likely than not to be met by not only heavy selling in the coming days, and I fully suspect that the media will all over this stock reporting how PayPal has lost its flow.</p><p><blockquote>因此，这个罕见的疲软季度很可能不仅会在未来几天遭遇大量抛售，而且我完全怀疑媒体会在这只股票上报道PayPal如何失去流量。</blockquote></p><p> PayPal's CEO Dan Schulman points out that eBay was a headwind for PayPal during the quarter as eBay Marketplaces stopped being served by PayPal.</p><p><blockquote>PayPal首席执行官丹·舒尔曼指出，由于PayPal停止为eBay Marketplaces提供服务，eBay在本季度对PayPal来说是一个阻力。</blockquote></p><p> What's more, PayPal declares that eBay Marketplaces accounted for roughly&nbsp;8% revenue growth&nbsp;rate headwind, which is particularly noticeable given the strong performance in the same period a year ago.</p><p><blockquote>更重要的是，PayPal宣称eBay Marketplaces的收入增长率逆风约为8%，考虑到去年同期的强劲表现，这一点尤其引人注目。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f36be5e188e36aeb4bca359735c818fa\" tg-width=\"640\" tg-height=\"259\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> This is what PayPal's CFO John Rainey said during the call:</p><p><blockquote>这是PayPal首席财务官John Rainey在看涨期权上所说的话：</blockquote></p><p>   <i>So last year in the second quarter, we grew revenue 22%, and in that number, there was a benefit of 5 percentage points of growth from eBay. So 22% revenue growth for 5 percentage points of benefit from eBay. This year in the second quarter, we grew revenue 19% and that number included 800 or 8 percentage points of headwind related to eBay's business.</i>  Looking ahead, PayPal&nbsp;highlighted during the call&nbsp;that by year-end, eBay's total payment volume (''TPV'') will account for just 2.5% of PayPal TPV by year-end.</p><p><blockquote><i>因此，去年第二季度，我们的收入增长了22%，其中eBay带来了5个百分点的增长。因此，eBay带来了22%的收入增长，带来了5个百分点的收益。今年第二季度，我们的收入增长了19%，其中包括与eBay业务相关的800或8个百分点的阻力。</i>展望未来，PayPal在看涨期权上强调，到年底，eBay的总支付量（“TPV”）将仅占PayPal TPV的2.5%。</blockquote></p><p> What's more, during Q2 2021, putting aside eBay's headwind, PayPal's revenue would have been up 32% y/y. Given that eBay will have migrated to its own payment solutions by Q4 2021, investors won't have to be patient too long until PayPal is once again reporting strong revenue growth rates.</p><p><blockquote>此外，在2021年第二季度，抛开eBay的阻力不谈，PayPal的收入将同比增长32%。鉴于eBay将在2021年第四季度迁移到自己的支付解决方案，投资者不必耐心等待太久，直到PayPal再次报告强劲的收入增长率。</blockquote></p><p> Indeed, asides from eBay there's a lot to be attracted to here.</p><p><blockquote>事实上，除了易贝，这里还有很多吸引人的地方。</blockquote></p><p> <b>PayPal's Diverse Product Portfolio in 2021</b></p><p><blockquote><b>2021年PayPal多样化的产品组合</b></blockquote></p><p> The biggest launch during the quarter was Zettle in the U.S. This is a digital point-of-sale card payment solution. Although it arrives into a very crowded space arguably a little late in the game.</p><p><blockquote>本季度最大的推出是美国的Zettle。这是一种数字销售点卡支付解决方案。虽然它到达一个非常拥挤的空间，可以说在游戏中有点晚。</blockquote></p><p></p><p> Having said that, Venmo was also a latecomer to the digital wallet space and that hasn't stopped Venmo's performance in Q2 2021 growing its total payment volume by 58% y/y to $58 billion. This translated into Venmo increasing its revenues by 70% y/y.</p><p><blockquote>话虽如此，Venmo也是数字钱包领域的后来者，但这并没有阻止Venmo在2021年第二季度的表现，其总支付额同比增长58%，达到580亿美元。这意味着Venmo的收入同比增长了70%。</blockquote></p><p> Venmo's performance during Q2 2021 was driven by robust crypto trading on the platform.</p><p><blockquote>Venmo在2021年第二季度的表现是由平台上强劲的加密货币交易推动的。</blockquote></p><p> Also, PayPal's Buy Now, Pay Later is resonating with consumers and merchants with momentum accelerating sequentially from Q1 2021 to Q2 by 50%.</p><p><blockquote>此外，PayPal的“先买后付”也引起了消费者和商家的共鸣，从2021年第一季度到第二季度，势头连续加速50%。</blockquote></p><p> Altogether, despite investing in different products launches, PayPal still generates strong free cash flows.</p><p><blockquote>总而言之，尽管投资了不同的产品发布，PayPal仍然产生了强劲的自由现金流。</blockquote></p><p> <b>PayPal is a Free Cash Flow Machine</b></p><p><blockquote><b>PayPal是一台自由现金流机器</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/bf0733d4c917e606b41fdf9a31c91d13\" tg-width=\"322\" tg-height=\"364\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> During Q2 2021, PayPal's free cash flow was down 33% y/y to $1 billion. Obviously, when taken together with its lackluster top-line growth rate during Q2 2021 this doesn't paint a particularly impressive picture of PayPal's performance.</p><p><blockquote>2021年第二季度，PayPal的自由现金流同比下降33%至10亿美元。显然，与2021年第二季度低迷的营收增长率相结合，这并没有描绘出PayPal的业绩特别令人印象深刻的画面。</blockquote></p><p> On the other hand, consistent with its previous two quarters, PayPal once more reaffirmed its free cash flow guidance for $5 billion in 2021. Demonstrating that aside from the impact of eBay's migration, PayPal's free cash flow performance in 2021 remains unchanged from the start of the year.</p><p><blockquote>另一方面，与前两个季度一致，PayPal再次重申了2021年50亿美元的自由现金流指引。这表明，除了eBay迁移的影响外，PayPal 2021年的自由现金流表现与年初相比保持不变。</blockquote></p><p> <b>Valuation - Not Expensively Valued</b></p><p><blockquote><b>估值-估值不高</b></blockquote></p><p> High-quality stocks rarely come cheaply towards the end of a very long bull market.</p><p><blockquote>在漫长的牛市结束时，优质股票很少会便宜。</blockquote></p><p> In a market where many companies are highly unprofitable and with middle-of-the-road revenue growth rates, PayPal is not only growing by 20% CAGR this year, but it's expected to grow at an even faster rate<i>next year</i>, while also generating ample free cash flow.</p><p><blockquote>在一个许多公司盈利严重不足、收入增长率处于中等水平的市场中，PayPal今年不仅复合年增长率为20%，而且预计将以更快的速度增长<i>明年</i>，同时也产生充裕的自由现金流。</blockquote></p><p> There aren't too many companies out there as entrenched as PayPal in fintech priced at 74x free cash flow.</p><p><blockquote>像PayPal这样在金融科技领域根深蒂固的公司并不多，其定价为自由现金流的74倍。</blockquote></p><p> On the surface, this may appear expensive, but readers should keep in mind that this is free cash flows and not a sales multiple.</p><p><blockquote>从表面上看，这可能看起来很昂贵，但读者应该记住，这是自由现金流，而不是销售倍数。</blockquote></p><p> Meanwhile, for context, on a sales multiple, PayPal trades at 13x sales.</p><p><blockquote>与此同时，就销售倍数而言，PayPal的交易价格是销售额的13倍。</blockquote></p><p> <b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> PayPal's Q3 guidance took many investors by surprise, particularly given that this blue-chip household name rarely misfires. However, its underlying performance remains very strong.</p><p><blockquote>PayPal第三季度的指引让许多投资者感到惊讶，特别是考虑到这家家喻户晓的蓝筹股很少失败。然而，其基本表现仍然非常强劲。</blockquote></p><p> Given its strong free cash flow generation, and approximately mid-20s% CAGR expected next year, I believe that this stock is cheaply valued at just 13x sales.</p><p><blockquote>鉴于其强劲的自由现金流生成，以及预计明年复合年增长率约为20%左右，我认为这只股票的估值很低，仅为销售额的13倍。</blockquote></p><p> However, since there are so many high-growth small-cap stocks that are now heavily into correction territory, I believe that there are even better investment opportunities elsewhere.</p><p><blockquote>然而，由于有如此多的高增长小盘股现在严重进入回调区域，我相信其他地方还有更好的投资机会。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4442390-paypal-q2-2021-earnings-results-looking-beyond-ebay-impact\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PYPL":"PayPal"},"source_url":"https://seekingalpha.com/article/4442390-paypal-q2-2021-earnings-results-looking-beyond-ebay-impact","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198546715","content_text":"Summary\n\nPayPal's Q3 2021 guidance took investors by surprise.\nPayPal contends that asides from eBay Marketplace's migration off PayPal, its underlying business is performing very strongly.\nPayPal is priced at 13x sales. This is very attractively priced for such an entrenched high-quality payment solution platform.\n\nJasonDoiy/iStock Unreleased via Getty Images\nInvestment Thesis\nPayPal's (PYPL) guidance for Q3 is pointing towards a marked deceleration where its revenues are expected to grow approximately 14% y/y. However, this is predominantly due to eBay (EBAY) Marketplace exiting PayPal's platform.\nFor context, this will be a meaningful headwind of approximately 850 basis points during Q3, and it will slowly reduce its impact during Q4 2021.\nHowever, putting aside eBay's impact, PayPal's core operations remain strong and PayPal is still expected to grow by 20% this year,includinge Bay's headwind.\nWhat's more, PayPal is expected to bring in $5 billion of free cash flow this year, putting the stock trading at 74x free cash flow.\nIn short, investors have no reason to be dissatisfied with this quarter's performance. PayPal is an attractive investment opportunity.\nInvestor Sentiment Going Into Earnings\nData by YCharts\nAs you can see above, contrary to countless other fast-growing names, PayPal had actually had a very strong run-up in its shares since May.\nHence, given this backdrop where investors had such high expectations from PayPal, any mishap during the quarter was obviously going to take the share price down.\nNow, let's get into its results.\nRevenue Growth Rates Slow Down, With a But\n\nThe big takeaway is that PayPal is reaffirming its guidance for 20% y/y in 2021. Having said that, the elephant in the room is that Q2 2021 saw just 19% y/y revenue growth rates.\nGiven that during Q1 its revenue had just grown by its fastest rate in PayPal's history, investors were minimally expecting PayPal to continue that momentum and shine this quarter. After all, this is a company that has a long history of delivering positive results and easily beating its guidance.\nAt the core of the after-hours reaction, we have to keep in mind that this is a company that buy-and-hold investors perceived as ''safe'' and one that ''shouldn't'' have negative surprises.\nHence, this rare weak quarter is more likely than not to be met by not only heavy selling in the coming days, and I fully suspect that the media will all over this stock reporting how PayPal has lost its flow.\nPayPal's CEO Dan Schulman points out that eBay was a headwind for PayPal during the quarter as eBay Marketplaces stopped being served by PayPal.\nWhat's more, PayPal declares that eBay Marketplaces accounted for roughly 8% revenue growth rate headwind, which is particularly noticeable given the strong performance in the same period a year ago.\n\nThis is what PayPal's CFO John Rainey said during the call:\n\nSo last year in the second quarter, we grew revenue 22%, and in that number, there was a benefit of 5 percentage points of growth from eBay. So 22% revenue growth for 5 percentage points of benefit from eBay. This year in the second quarter, we grew revenue 19% and that number included 800 or 8 percentage points of headwind related to eBay's business.\n\nLooking ahead, PayPal highlighted during the call that by year-end, eBay's total payment volume (''TPV'') will account for just 2.5% of PayPal TPV by year-end.\nWhat's more, during Q2 2021, putting aside eBay's headwind, PayPal's revenue would have been up 32% y/y. Given that eBay will have migrated to its own payment solutions by Q4 2021, investors won't have to be patient too long until PayPal is once again reporting strong revenue growth rates.\nIndeed, asides from eBay there's a lot to be attracted to here.\nPayPal's Diverse Product Portfolio in 2021\nThe biggest launch during the quarter was Zettle in the U.S. This is a digital point-of-sale card payment solution. Although it arrives into a very crowded space arguably a little late in the game.\nHaving said that, Venmo was also a latecomer to the digital wallet space and that hasn't stopped Venmo's performance in Q2 2021 growing its total payment volume by 58% y/y to $58 billion. This translated into Venmo increasing its revenues by 70% y/y.\nVenmo's performance during Q2 2021 was driven by robust crypto trading on the platform.\nAlso, PayPal's Buy Now, Pay Later is resonating with consumers and merchants with momentum accelerating sequentially from Q1 2021 to Q2 by 50%.\nAltogether, despite investing in different products launches, PayPal still generates strong free cash flows.\nPayPal is a Free Cash Flow Machine\n\nDuring Q2 2021, PayPal's free cash flow was down 33% y/y to $1 billion. Obviously, when taken together with its lackluster top-line growth rate during Q2 2021 this doesn't paint a particularly impressive picture of PayPal's performance.\nOn the other hand, consistent with its previous two quarters, PayPal once more reaffirmed its free cash flow guidance for $5 billion in 2021. Demonstrating that aside from the impact of eBay's migration, PayPal's free cash flow performance in 2021 remains unchanged from the start of the year.\nValuation - Not Expensively Valued\nHigh-quality stocks rarely come cheaply towards the end of a very long bull market.\nIn a market where many companies are highly unprofitable and with middle-of-the-road revenue growth rates, PayPal is not only growing by 20% CAGR this year, but it's expected to grow at an even faster ratenext year, while also generating ample free cash flow.\nThere aren't too many companies out there as entrenched as PayPal in fintech priced at 74x free cash flow.\nOn the surface, this may appear expensive, but readers should keep in mind that this is free cash flows and not a sales multiple.\nMeanwhile, for context, on a sales multiple, PayPal trades at 13x sales.\nThe Bottom Line\nPayPal's Q3 guidance took many investors by surprise, particularly given that this blue-chip household name rarely misfires. However, its underlying performance remains very strong.\nGiven its strong free cash flow generation, and approximately mid-20s% CAGR expected next year, I believe that this stock is cheaply valued at just 13x sales.\nHowever, since there are so many high-growth small-cap stocks that are now heavily into correction territory, I believe that there are even better investment opportunities elsewhere.","news_type":1,"symbols_score_info":{"PYPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2197,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801019440,"gmtCreate":1627472265580,"gmtModify":1633764699625,"author":{"id":"3576899111877903","authorId":"3576899111877903","name":"Jack_Chen_qy","avatar":"https://static.tigerbbs.com/d7857d3bb380dd24f38771faa0cbd29c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576899111877903","idStr":"3576899111877903"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/801019440","repostId":"2154925597","repostType":4,"isVote":1,"tweetType":1,"viewCount":430,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177226188,"gmtCreate":1627226291944,"gmtModify":1633767044410,"author":{"id":"3576899111877903","authorId":"3576899111877903","name":"Jack_Chen_qy","avatar":"https://static.tigerbbs.com/d7857d3bb380dd24f38771faa0cbd29c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576899111877903","idStr":"3576899111877903"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/177226188","repostId":"2153388319","repostType":4,"repost":{"id":"2153388319","kind":"highlight","pubTimestamp":1627088419,"share":"https://www.laohu8.com/m/news/2153388319?lang=zh_CN&edition=full","pubTime":"2021-07-24 09:00","market":"us","language":"en","title":"Here are Wall Street's favorite big tech stocks as the Nasdaq closes in on another milestone<blockquote>随着纳斯达克接近另一个里程碑，以下是华尔街最受欢迎的大型科技股</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2153388319","media":"MarketWatch","summary":"As the Nasdaq Composite Index nears 15,000, analysts see upside for Activision Blizzard, Netflix and","content":"<p>As the Nasdaq Composite Index nears 15,000, analysts see upside for Activision Blizzard, Netflix and Baidu, among others</p><p><blockquote>随着纳斯达克综合指数接近15,000点，分析师认为动视暴雪、Netflix和百度等公司还有上涨空间</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4c007522d36ee30fcaeab059a92a280e\" tg-width=\"700\" tg-height=\"485\" width=\"100%\" height=\"auto\"><span>Some 88% of analysts rate Activision Blizzard \"buy,\" and their consensus price target is 27% above the stock's closing price July 23. (Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>约88%的分析师将动视暴雪评级为“买入”，他们的一致目标价比该股7月23日的收盘价高出27%。（盖蒂图片社）</span></p></blockquote></p><p> All three of the major U.S. stock indexes hit records Friday, and the Nasdaq Composite Index might reach its next milestone -- 15,000 -- next week.</p><p><blockquote>美国三大股指周五均创下历史新高，纳斯达克综合指数下周可能会达到下一个里程碑——15,000点。</blockquote></p><p> Below is a list of stocks whose gains have powered the Nasdaq Composite Index's gains this year, along with another list of analysts' favorite stocks among the Nasdaq-100 Index .</p><p><blockquote>以下是今年以来推动纳斯达克综合指数上涨的股票列表，以及纳斯达克100指数中分析师最喜欢的股票列表。</blockquote></p><p> Here's a summary of Friday's action:</p><p><blockquote>以下是周五行动的摘要：</blockquote></p><p> (Note: All price changes in this article exclude dividends.)</p><p><blockquote>（注：本文中的所有价格变化均不包括股息。）</blockquote></p><p> <b>Nasdaq-100 winners for 2021</b></p><p><blockquote><b>2021年纳斯达克100指数获奖者</b></blockquote></p><p> The Nasdaq-100 Index is made up of the 100 largest non-financial companies by market capitalization in the full Nasdaq Composite Index. It is reconstituted each year in December. Both indexes are weighted by market cap, and the Nasdaq-100's market cap of $17.21 trillion is about 73% of the full index. So most of the full Nasdaq's performance is represented by the Nasdaq-100, which is tracked by the Invesco QQQ Trust <a href=\"https://laohu8.com/S/QQQ\">$(QQQ)$</a>.</p><p><blockquote>纳斯达克100指数由整个纳斯达克综合指数中市值最大的100家非金融公司组成。它在每年12月重组。两个指数均按市值加权，纳斯达克100指数17.21万亿美元的市值约占整个指数的73%。因此，整个纳斯达克的大部分表现都由景顺QQQ信托追踪的纳斯达克100指数代表<a href=\"https://laohu8.com/S/QQQ\">$(QQQ)$</a>.</blockquote></p><p> Here are the 10 stocks among the Nasdaq-100 that have risen the most during 2021 through July 23:</p><p><blockquote>以下是2021年至7月23日期间纳斯达克100指数中涨幅最大的10只股票：</blockquote></p><p> <table>  <tbody>   <tr>    <td>Company</td>    <td>Price change -- 2021</td>    <td>Price change -- July 23</td>    <td>52-week high</td>    <td>Date of 52-week high</td>    <td>Decline from 52-week high</td>   </tr>   <tr>    <td>Moderna Inc. MRNA</td>    <td>233.9%</td>    <td>7.8%</td>    <td>$349.45</td>    <td>07/23/2021</td>    <td>-0.2%</td>   </tr>   <tr>    <td>Applied Materials Inc. AMAT</td>    <td>60.4%</td>    <td>0.9%</td>    <td>$146.00</td>    <td>04/05/2021</td>    <td>-5.2%</td>   </tr>   <tr>    <td>Alphabet Inc. Class C GOOG</td>    <td>57.3%</td>    <td>3.4%</td>    <td>$2,776.17</td>    <td>07/23/2021</td>    <td>-0.7%</td>   </tr>   <tr>    <td>ASML Holding NV ADR ASML</td>    <td>53.4%</td>    <td>2.5%</td>    <td>$756.78</td>    <td>07/23/2021</td>    <td>-1.1%</td>   </tr>   <tr>    <td>Alphabet Inc. Class A GOOGL</td>    <td>51.8%</td>    <td>3.6%</td>    <td>$2,667.98</td>    <td>07/23/2021</td>    <td>-0.3%</td>   </tr>   <tr>    <td>Nvidia Corp.</td>    <td>49.8%</td>    <td>-0.2%</td>    <td>$208.75</td>    <td>07/07/2021</td>    <td>-6.3%</td>   </tr>   <tr>    <td>EBay Inc. EBAY</td>    <td>46.3%</td>    <td>2.1%</td>    <td>$73.77</td>    <td>07/23/2021</td>    <td>-0.3%</td>   </tr>   <tr>    <td>Intuit Inc. INTU</td>    <td>39.1%</td>    <td>1.4%</td>    <td>$532.33</td>    <td>07/23/2021</td>    <td>-0.7%</td>   </tr>   <tr>    <td>Idexx Laboratories Inc. IDXX</td>    <td>38.8%</td>    <td>1.6%</td>    <td>$696.35</td>    <td>07/23/2021</td>    <td>-0.4%</td>   </tr>   <tr>    <td>DocuSign Inc. DOCU</td>    <td>38.8%</td>    <td>0.2%</td>    <td>$310.51</td>    <td>07/22/2021</td>    <td>-0.6%</td>   </tr>   <tr>    <td>CDW Corp. CDW</td>    <td>37.3%</td>    <td>2.0%</td>    <td>$184.58</td>    <td>04/16/2021</td>    <td>-2.0%</td>   </tr>   <tr>    <td>Source: FactSet</td>    <td></td>    <td></td>    <td></td>    <td></td>    <td></td>   </tr>  </tbody> </table> Actually, there are 11 stocks on the list because the index includes Alphabet Inc.'s Class C <a href=\"https://laohu8.com/S/GOOGL\">$(GOOGL)$</a> and Class A (GOOGL) shares.</p><p><blockquote><table><tbody><tr><td>公司</td><td>价格变动--2021</td><td>价格变化——7月23日</td><td>52周高点</td><td>52周高点日期</td><td>较52周高点下跌</td></tr><tr><td>莫德纳公司MRNA</td><td>233.9%</td><td>7.8%</td><td>$349.45</td><td>07/23/2021</td><td>-0.2%</td></tr><tr><td>应用材料公司AMAT</td><td>60.4%</td><td>0.9%</td><td>$146.00</td><td>04/05/2021</td><td>-5.2%</td></tr><tr><td>Alphabet公司C类GOOG</td><td>57.3%</td><td>3.4%</td><td>$2,776.17</td><td>07/23/2021</td><td>-0.7%</td></tr><tr><td>ASML控股NV ADR ASML</td><td>53.4%</td><td>2.5%</td><td>$756.78</td><td>07/23/2021</td><td>-1.1%</td></tr><tr><td>Alphabet A级GOOGL</td><td>51.8%</td><td>3.6%</td><td>$2,667.98</td><td>07/23/2021</td><td>-0.3%</td></tr><tr><td>英伟达公司。</td><td>49.8%</td><td>-0.2%</td><td>$208.75</td><td>07/07/2021</td><td>-6.3%</td></tr><tr><td>EBay公司EBay</td><td>46.3%</td><td>2.1%</td><td>$73.77</td><td>07/23/2021</td><td>-0.3%</td></tr><tr><td>Intuit公司INTU</td><td>39.1%</td><td>1.4%</td><td>$532.33</td><td>07/23/2021</td><td>-0.7%</td></tr><tr><td>Idexx实验室公司IDXX</td><td>38.8%</td><td>1.6%</td><td>$696.35</td><td>07/23/2021</td><td>-0.4%</td></tr><tr><td>DocuSign Inc.DOCU</td><td>38.8%</td><td>0.2%</td><td>$310.51</td><td>07/22/2021</td><td>-0.6%</td></tr><tr><td>CDW公司CDW</td><td>37.3%</td><td>2.0%</td><td>$184.58</td><td>04/16/2021</td><td>-2.0%</td></tr><tr><td>来源：FactSet</td><td></td><td></td><td></td><td></td><td></td></tr></tbody></table>事实上，名单上有11只股票，因为该指数包括Alphabet公司的C类股票<a href=\"https://laohu8.com/S/GOOGL\">$（GOOGL）$</a>和A类（GOOGL）股份。</blockquote></p><p> Seven of those stocks hit 52-week highs July 23.</p><p><blockquote>其中7只股票于7月23日触及52周高点。</blockquote></p><p> <b>Wall Street's favorite stocks in the Nasdaq-100</b></p><p><blockquote><b>纳斯达克100指数中华尔街最喜欢的股票</b></blockquote></p><p> Here are the 10 stocks in the Nasdaq-100 with \"buy\" or equivalent ratings among at least 75% of analysts polled by FactSet, with the most 12-month upside potential implied by consensus price targets:</p><p><blockquote>以下是纳斯达克100指数中至少75%的分析师给予“买入”或同等评级的10只股票，共识价格目标暗示了最大的12个月上涨潜力：</blockquote></p><p></p><p> <table>  <tbody>   <tr>    <td>Company</td>    <td>Share \"buy\" ratings</td>    <td>Closing price -- July 23</td>    <td>Consensus price target</td>    <td>Implied 12-month upside potential</td>    <td>Price change -- July 23</td>    <td>Price change -- 2021</td>   </tr>   <tr>    <td>Baidu Inc. ADR Class A BIDU</td>    <td>86%</td>    <td>$172.66</td>    <td>$311.92</td>    <td>81%</td>    <td>-3.3%</td>    <td>-20.2%</td>   </tr>   <tr>    <td>Micron Technology Inc. MU</td>    <td>88%</td>    <td>$75.94</td>    <td>$121.25</td>    <td>60%</td>    <td>0.5%</td>    <td>1.0%</td>   </tr>   <tr>    <td>JD.com Inc. ADR Class A JD</td>    <td>91%</td>    <td>$72.29</td>    <td>$98.15</td>    <td>36%</td>    <td>-4.8%</td>    <td>-17.8%</td>   </tr>   <tr>    <td>NetEase Inc. ADR</td>    <td>86%</td>    <td>$103.53</td>    <td>$134.54</td>    <td>30%</td>    <td>-8.0%</td>    <td>8.1%</td>   </tr>   <tr>    <td>Vertex Pharmaceuticals Inc. VRTX</td>    <td>78%</td>    <td>$200.50</td>    <td>$259.71</td>    <td>30%</td>    <td>2.3%</td>    <td>-15.2%</td>   </tr>   <tr>    <td>Microchip Technology Inc. MCHP</td>    <td>76%</td>    <td>$139.22</td>    <td>$177.14</td>    <td>27%</td>    <td>0.6%</td>    <td>0.8%</td>   </tr>   <tr>    <td>Activision Blizzard Inc. ATVI</td>    <td>88%</td>    <td>$91.50</td>    <td>$116.09</td>    <td>27%</td>    <td>1.1%</td>    <td>-1.5%</td>   </tr>   <tr>    <td>Fiserv Inc. FISV</td>    <td>85%</td>    <td>$111.79</td>    <td>$141.27</td>    <td>26%</td>    <td>1.6%</td>    <td>-1.8%</td>   </tr>   <tr>    <td><a href=\"https://laohu8.com/S/MELI\">MercadoLibre</a> Inc. MELI</td>    <td>78%</td>    <td>$1,613.81</td>    <td>$2,021.37</td>    <td>25%</td>    <td>1.4%</td>    <td>-3.7%</td>   </tr>   <tr>    <td>Netflix Inc. NFLX</td>    <td>78%</td>    <td>$515.41</td>    <td>$619.67</td>    <td>20%</td>    <td>0.7%</td>    <td>-4.7%</td>   </tr>   <tr>    <td>Source: FactSet</td>    <td></td>    <td></td>    <td></td>    <td></td>    <td></td>    <td></td>   </tr>  </tbody> </table> Chinese stocks listed in the U.S. took a beating Friday, and you can see from the three on this list (Baidu Inc. (K3SD.SG), JD.com Inc. <a href=\"https://laohu8.com/S/JD\">$(JD)$</a> and NetEase Inc. <a href=\"https://laohu8.com/S/NTES\">$(NTES)$</a>) that this hasn't been a good year for the group. Therese Poletti explained why.</p><p><blockquote><table><tbody><tr><td>公司</td><td>分享“买入”评级</td><td>收盘价——7月23日</td><td>共识价格目标</td><td>隐含的12个月上涨潜力</td><td>价格变化——7月23日</td><td>价格变动--2021</td></tr><tr><td>百度ADR A类BIDU</td><td>86%</td><td>$172.66</td><td>$311.92</td><td>81%</td><td>-3.3%</td><td>-20.2%</td></tr><tr><td>美光科技公司MU</td><td>88%</td><td>$75.94</td><td>$121.25</td><td>60%</td><td>0.5%</td><td>1.0%</td></tr><tr><td>京东ADR A类JD</td><td>91%</td><td>$72.29</td><td>$98.15</td><td>36%</td><td>-4.8%</td><td>-17.8%</td></tr><tr><td>网易公司ADR</td><td>86%</td><td>$103.53</td><td>$134.54</td><td>30%</td><td>-8.0%</td><td>8.1%</td></tr><tr><td>Vertex制药公司VRTX</td><td>78%</td><td>$200.50</td><td>$259.71</td><td>30%</td><td>2.3%</td><td>-15.2%</td></tr><tr><td>微芯科技公司MCHP</td><td>76%</td><td>$139.22</td><td>$177.14</td><td>27%</td><td>0.6%</td><td>0.8%</td></tr><tr><td>动视暴雪公司ATVI</td><td>88%</td><td>$91.50</td><td>$116.09</td><td>27%</td><td>1.1%</td><td>-1.5%</td></tr><tr><td>Fiserv公司FISV</td><td>85%</td><td>$111.79</td><td>$141.27</td><td>26%</td><td>1.6%</td><td>-1.8%</td></tr><tr><td><a href=\"https://laohu8.com/S/MELI\">自由市场</a>公司MELI</td><td>78%</td><td>$1,613.81</td><td>$2,021.37</td><td>25%</td><td>1.4%</td><td>-3.7%</td></tr><tr><td>Netflix公司NFLX</td><td>78%</td><td>$515.41</td><td>$619.67</td><td>20%</td><td>0.7%</td><td>-4.7%</td></tr><tr><td>来源：FactSet</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></tbody></table>在美国上市的中国股票周五遭受重创，你可以从这份名单上的三只股票（百度公司（K3SD.SG）、京东公司）中看到。<a href=\"https://laohu8.com/S/JD\">$（京东）$</a>和网易公司。<a href=\"https://laohu8.com/S/NTES\">$（NTES）$</a>）今年对该集团来说并不是一个好年景。特里萨·波莱蒂解释了原因。</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 are Wall Street's favorite big tech stocks as the Nasdaq closes in on another milestone<blockquote>随着纳斯达克接近另一个里程碑，以下是华尔街最受欢迎的大型科技股</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\">\nHere are Wall Street's favorite big tech stocks as the Nasdaq closes in on another milestone<blockquote>随着纳斯达克接近另一个里程碑，以下是华尔街最受欢迎的大型科技股</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-24 09:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As the Nasdaq Composite Index nears 15,000, analysts see upside for Activision Blizzard, Netflix and Baidu, among others</p><p><blockquote>随着纳斯达克综合指数接近15,000点，分析师认为动视暴雪、Netflix和百度等公司还有上涨空间</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4c007522d36ee30fcaeab059a92a280e\" tg-width=\"700\" tg-height=\"485\" width=\"100%\" height=\"auto\"><span>Some 88% of analysts rate Activision Blizzard \"buy,\" and their consensus price target is 27% above the stock's closing price July 23. (Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>约88%的分析师将动视暴雪评级为“买入”，他们的一致目标价比该股7月23日的收盘价高出27%。（盖蒂图片社）</span></p></blockquote></p><p> All three of the major U.S. stock indexes hit records Friday, and the Nasdaq Composite Index might reach its next milestone -- 15,000 -- next week.</p><p><blockquote>美国三大股指周五均创下历史新高，纳斯达克综合指数下周可能会达到下一个里程碑——15,000点。</blockquote></p><p> Below is a list of stocks whose gains have powered the Nasdaq Composite Index's gains this year, along with another list of analysts' favorite stocks among the Nasdaq-100 Index .</p><p><blockquote>以下是今年以来推动纳斯达克综合指数上涨的股票列表，以及纳斯达克100指数中分析师最喜欢的股票列表。</blockquote></p><p> Here's a summary of Friday's action:</p><p><blockquote>以下是周五行动的摘要：</blockquote></p><p> (Note: All price changes in this article exclude dividends.)</p><p><blockquote>（注：本文中的所有价格变化均不包括股息。）</blockquote></p><p> <b>Nasdaq-100 winners for 2021</b></p><p><blockquote><b>2021年纳斯达克100指数获奖者</b></blockquote></p><p> The Nasdaq-100 Index is made up of the 100 largest non-financial companies by market capitalization in the full Nasdaq Composite Index. It is reconstituted each year in December. Both indexes are weighted by market cap, and the Nasdaq-100's market cap of $17.21 trillion is about 73% of the full index. So most of the full Nasdaq's performance is represented by the Nasdaq-100, which is tracked by the Invesco QQQ Trust <a href=\"https://laohu8.com/S/QQQ\">$(QQQ)$</a>.</p><p><blockquote>纳斯达克100指数由整个纳斯达克综合指数中市值最大的100家非金融公司组成。它在每年12月重组。两个指数均按市值加权，纳斯达克100指数17.21万亿美元的市值约占整个指数的73%。因此，整个纳斯达克的大部分表现都由景顺QQQ信托追踪的纳斯达克100指数代表<a href=\"https://laohu8.com/S/QQQ\">$(QQQ)$</a>.</blockquote></p><p> Here are the 10 stocks among the Nasdaq-100 that have risen the most during 2021 through July 23:</p><p><blockquote>以下是2021年至7月23日期间纳斯达克100指数中涨幅最大的10只股票：</blockquote></p><p> <table>  <tbody>   <tr>    <td>Company</td>    <td>Price change -- 2021</td>    <td>Price change -- July 23</td>    <td>52-week high</td>    <td>Date of 52-week high</td>    <td>Decline from 52-week high</td>   </tr>   <tr>    <td>Moderna Inc. MRNA</td>    <td>233.9%</td>    <td>7.8%</td>    <td>$349.45</td>    <td>07/23/2021</td>    <td>-0.2%</td>   </tr>   <tr>    <td>Applied Materials Inc. AMAT</td>    <td>60.4%</td>    <td>0.9%</td>    <td>$146.00</td>    <td>04/05/2021</td>    <td>-5.2%</td>   </tr>   <tr>    <td>Alphabet Inc. Class C GOOG</td>    <td>57.3%</td>    <td>3.4%</td>    <td>$2,776.17</td>    <td>07/23/2021</td>    <td>-0.7%</td>   </tr>   <tr>    <td>ASML Holding NV ADR ASML</td>    <td>53.4%</td>    <td>2.5%</td>    <td>$756.78</td>    <td>07/23/2021</td>    <td>-1.1%</td>   </tr>   <tr>    <td>Alphabet Inc. Class A GOOGL</td>    <td>51.8%</td>    <td>3.6%</td>    <td>$2,667.98</td>    <td>07/23/2021</td>    <td>-0.3%</td>   </tr>   <tr>    <td>Nvidia Corp.</td>    <td>49.8%</td>    <td>-0.2%</td>    <td>$208.75</td>    <td>07/07/2021</td>    <td>-6.3%</td>   </tr>   <tr>    <td>EBay Inc. EBAY</td>    <td>46.3%</td>    <td>2.1%</td>    <td>$73.77</td>    <td>07/23/2021</td>    <td>-0.3%</td>   </tr>   <tr>    <td>Intuit Inc. INTU</td>    <td>39.1%</td>    <td>1.4%</td>    <td>$532.33</td>    <td>07/23/2021</td>    <td>-0.7%</td>   </tr>   <tr>    <td>Idexx Laboratories Inc. IDXX</td>    <td>38.8%</td>    <td>1.6%</td>    <td>$696.35</td>    <td>07/23/2021</td>    <td>-0.4%</td>   </tr>   <tr>    <td>DocuSign Inc. DOCU</td>    <td>38.8%</td>    <td>0.2%</td>    <td>$310.51</td>    <td>07/22/2021</td>    <td>-0.6%</td>   </tr>   <tr>    <td>CDW Corp. CDW</td>    <td>37.3%</td>    <td>2.0%</td>    <td>$184.58</td>    <td>04/16/2021</td>    <td>-2.0%</td>   </tr>   <tr>    <td>Source: FactSet</td>    <td></td>    <td></td>    <td></td>    <td></td>    <td></td>   </tr>  </tbody> </table> Actually, there are 11 stocks on the list because the index includes Alphabet Inc.'s Class C <a href=\"https://laohu8.com/S/GOOGL\">$(GOOGL)$</a> and Class A (GOOGL) shares.</p><p><blockquote><table><tbody><tr><td>公司</td><td>价格变动--2021</td><td>价格变化——7月23日</td><td>52周高点</td><td>52周高点日期</td><td>较52周高点下跌</td></tr><tr><td>莫德纳公司MRNA</td><td>233.9%</td><td>7.8%</td><td>$349.45</td><td>07/23/2021</td><td>-0.2%</td></tr><tr><td>应用材料公司AMAT</td><td>60.4%</td><td>0.9%</td><td>$146.00</td><td>04/05/2021</td><td>-5.2%</td></tr><tr><td>Alphabet公司C类GOOG</td><td>57.3%</td><td>3.4%</td><td>$2,776.17</td><td>07/23/2021</td><td>-0.7%</td></tr><tr><td>ASML控股NV ADR ASML</td><td>53.4%</td><td>2.5%</td><td>$756.78</td><td>07/23/2021</td><td>-1.1%</td></tr><tr><td>Alphabet A级GOOGL</td><td>51.8%</td><td>3.6%</td><td>$2,667.98</td><td>07/23/2021</td><td>-0.3%</td></tr><tr><td>英伟达公司。</td><td>49.8%</td><td>-0.2%</td><td>$208.75</td><td>07/07/2021</td><td>-6.3%</td></tr><tr><td>EBay公司EBay</td><td>46.3%</td><td>2.1%</td><td>$73.77</td><td>07/23/2021</td><td>-0.3%</td></tr><tr><td>Intuit公司INTU</td><td>39.1%</td><td>1.4%</td><td>$532.33</td><td>07/23/2021</td><td>-0.7%</td></tr><tr><td>Idexx实验室公司IDXX</td><td>38.8%</td><td>1.6%</td><td>$696.35</td><td>07/23/2021</td><td>-0.4%</td></tr><tr><td>DocuSign Inc.DOCU</td><td>38.8%</td><td>0.2%</td><td>$310.51</td><td>07/22/2021</td><td>-0.6%</td></tr><tr><td>CDW公司CDW</td><td>37.3%</td><td>2.0%</td><td>$184.58</td><td>04/16/2021</td><td>-2.0%</td></tr><tr><td>来源：FactSet</td><td></td><td></td><td></td><td></td><td></td></tr></tbody></table>事实上，名单上有11只股票，因为该指数包括Alphabet公司的C类股票<a href=\"https://laohu8.com/S/GOOGL\">$（GOOGL）$</a>和A类（GOOGL）股份。</blockquote></p><p> Seven of those stocks hit 52-week highs July 23.</p><p><blockquote>其中7只股票于7月23日触及52周高点。</blockquote></p><p> <b>Wall Street's favorite stocks in the Nasdaq-100</b></p><p><blockquote><b>纳斯达克100指数中华尔街最喜欢的股票</b></blockquote></p><p> Here are the 10 stocks in the Nasdaq-100 with \"buy\" or equivalent ratings among at least 75% of analysts polled by FactSet, with the most 12-month upside potential implied by consensus price targets:</p><p><blockquote>以下是纳斯达克100指数中至少75%的分析师给予“买入”或同等评级的10只股票，共识价格目标暗示了最大的12个月上涨潜力：</blockquote></p><p></p><p> <table>  <tbody>   <tr>    <td>Company</td>    <td>Share \"buy\" ratings</td>    <td>Closing price -- July 23</td>    <td>Consensus price target</td>    <td>Implied 12-month upside potential</td>    <td>Price change -- July 23</td>    <td>Price change -- 2021</td>   </tr>   <tr>    <td>Baidu Inc. ADR Class A BIDU</td>    <td>86%</td>    <td>$172.66</td>    <td>$311.92</td>    <td>81%</td>    <td>-3.3%</td>    <td>-20.2%</td>   </tr>   <tr>    <td>Micron Technology Inc. MU</td>    <td>88%</td>    <td>$75.94</td>    <td>$121.25</td>    <td>60%</td>    <td>0.5%</td>    <td>1.0%</td>   </tr>   <tr>    <td>JD.com Inc. ADR Class A JD</td>    <td>91%</td>    <td>$72.29</td>    <td>$98.15</td>    <td>36%</td>    <td>-4.8%</td>    <td>-17.8%</td>   </tr>   <tr>    <td>NetEase Inc. ADR</td>    <td>86%</td>    <td>$103.53</td>    <td>$134.54</td>    <td>30%</td>    <td>-8.0%</td>    <td>8.1%</td>   </tr>   <tr>    <td>Vertex Pharmaceuticals Inc. VRTX</td>    <td>78%</td>    <td>$200.50</td>    <td>$259.71</td>    <td>30%</td>    <td>2.3%</td>    <td>-15.2%</td>   </tr>   <tr>    <td>Microchip Technology Inc. MCHP</td>    <td>76%</td>    <td>$139.22</td>    <td>$177.14</td>    <td>27%</td>    <td>0.6%</td>    <td>0.8%</td>   </tr>   <tr>    <td>Activision Blizzard Inc. ATVI</td>    <td>88%</td>    <td>$91.50</td>    <td>$116.09</td>    <td>27%</td>    <td>1.1%</td>    <td>-1.5%</td>   </tr>   <tr>    <td>Fiserv Inc. FISV</td>    <td>85%</td>    <td>$111.79</td>    <td>$141.27</td>    <td>26%</td>    <td>1.6%</td>    <td>-1.8%</td>   </tr>   <tr>    <td><a href=\"https://laohu8.com/S/MELI\">MercadoLibre</a> Inc. MELI</td>    <td>78%</td>    <td>$1,613.81</td>    <td>$2,021.37</td>    <td>25%</td>    <td>1.4%</td>    <td>-3.7%</td>   </tr>   <tr>    <td>Netflix Inc. NFLX</td>    <td>78%</td>    <td>$515.41</td>    <td>$619.67</td>    <td>20%</td>    <td>0.7%</td>    <td>-4.7%</td>   </tr>   <tr>    <td>Source: FactSet</td>    <td></td>    <td></td>    <td></td>    <td></td>    <td></td>    <td></td>   </tr>  </tbody> </table> Chinese stocks listed in the U.S. took a beating Friday, and you can see from the three on this list (Baidu Inc. (K3SD.SG), JD.com Inc. <a href=\"https://laohu8.com/S/JD\">$(JD)$</a> and NetEase Inc. <a href=\"https://laohu8.com/S/NTES\">$(NTES)$</a>) that this hasn't been a good year for the group. Therese Poletti explained why.</p><p><blockquote><table><tbody><tr><td>公司</td><td>分享“买入”评级</td><td>收盘价——7月23日</td><td>共识价格目标</td><td>隐含的12个月上涨潜力</td><td>价格变化——7月23日</td><td>价格变动--2021</td></tr><tr><td>百度ADR A类BIDU</td><td>86%</td><td>$172.66</td><td>$311.92</td><td>81%</td><td>-3.3%</td><td>-20.2%</td></tr><tr><td>美光科技公司MU</td><td>88%</td><td>$75.94</td><td>$121.25</td><td>60%</td><td>0.5%</td><td>1.0%</td></tr><tr><td>京东ADR A类JD</td><td>91%</td><td>$72.29</td><td>$98.15</td><td>36%</td><td>-4.8%</td><td>-17.8%</td></tr><tr><td>网易公司ADR</td><td>86%</td><td>$103.53</td><td>$134.54</td><td>30%</td><td>-8.0%</td><td>8.1%</td></tr><tr><td>Vertex制药公司VRTX</td><td>78%</td><td>$200.50</td><td>$259.71</td><td>30%</td><td>2.3%</td><td>-15.2%</td></tr><tr><td>微芯科技公司MCHP</td><td>76%</td><td>$139.22</td><td>$177.14</td><td>27%</td><td>0.6%</td><td>0.8%</td></tr><tr><td>动视暴雪公司ATVI</td><td>88%</td><td>$91.50</td><td>$116.09</td><td>27%</td><td>1.1%</td><td>-1.5%</td></tr><tr><td>Fiserv公司FISV</td><td>85%</td><td>$111.79</td><td>$141.27</td><td>26%</td><td>1.6%</td><td>-1.8%</td></tr><tr><td><a href=\"https://laohu8.com/S/MELI\">自由市场</a>公司MELI</td><td>78%</td><td>$1,613.81</td><td>$2,021.37</td><td>25%</td><td>1.4%</td><td>-3.7%</td></tr><tr><td>Netflix公司NFLX</td><td>78%</td><td>$515.41</td><td>$619.67</td><td>20%</td><td>0.7%</td><td>-4.7%</td></tr><tr><td>来源：FactSet</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></tbody></table>在美国上市的中国股票周五遭受重创，你可以从这份名单上的三只股票（百度公司（K3SD.SG）、京东公司）中看到。<a href=\"https://laohu8.com/S/JD\">$（京东）$</a>和网易公司。<a href=\"https://laohu8.com/S/NTES\">$（NTES）$</a>）今年对该集团来说并不是一个好年景。特里萨·波莱蒂解释了原因。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/here-are-wall-streets-favorite-big-tech-stocks-as-the-nasdaq-closes-in-on-another-milestone-11627074982?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":{".IXIC":"NASDAQ Composite","SQQQ":"纳指三倍做空ETF","PSQ":"做空纳斯达克100指数ETF-ProShares","QQQ":"纳指100ETF","MU":"美光科技","QLD":"2倍做多纳斯达克100指数ETF-ProShares","NDAQ":"纳斯达克OMX交易所","TQQQ":"纳指三倍做多ETF","QID":"两倍做空纳斯达克指数ETF-ProShares","JD":"京东","BIDU":"百度","NFLX":"奈飞"},"source_url":"https://www.marketwatch.com/story/here-are-wall-streets-favorite-big-tech-stocks-as-the-nasdaq-closes-in-on-another-milestone-11627074982?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2153388319","content_text":"As the Nasdaq Composite Index nears 15,000, analysts see upside for Activision Blizzard, Netflix and Baidu, among others\nSome 88% of analysts rate Activision Blizzard \"buy,\" and their consensus price target is 27% above the stock's closing price July 23. (Getty Images)\nAll three of the major U.S. stock indexes hit records Friday, and the Nasdaq Composite Index might reach its next milestone -- 15,000 -- next week.\nBelow is a list of stocks whose gains have powered the Nasdaq Composite Index's gains this year, along with another list of analysts' favorite stocks among the Nasdaq-100 Index .\nHere's a summary of Friday's action:\n(Note: All price changes in this article exclude dividends.)\nNasdaq-100 winners for 2021\nThe Nasdaq-100 Index is made up of the 100 largest non-financial companies by market capitalization in the full Nasdaq Composite Index. It is reconstituted each year in December. Both indexes are weighted by market cap, and the Nasdaq-100's market cap of $17.21 trillion is about 73% of the full index. So most of the full Nasdaq's performance is represented by the Nasdaq-100, which is tracked by the Invesco QQQ Trust $(QQQ)$.\nHere are the 10 stocks among the Nasdaq-100 that have risen the most during 2021 through July 23:\n\n\n\nCompany\nPrice change -- 2021\nPrice change -- July 23\n52-week high\nDate of 52-week high\nDecline from 52-week high\n\n\nModerna Inc. MRNA\n233.9%\n7.8%\n$349.45\n07/23/2021\n-0.2%\n\n\nApplied Materials Inc. AMAT\n60.4%\n0.9%\n$146.00\n04/05/2021\n-5.2%\n\n\nAlphabet Inc. Class C GOOG\n57.3%\n3.4%\n$2,776.17\n07/23/2021\n-0.7%\n\n\nASML Holding NV ADR ASML\n53.4%\n2.5%\n$756.78\n07/23/2021\n-1.1%\n\n\nAlphabet Inc. Class A GOOGL\n51.8%\n3.6%\n$2,667.98\n07/23/2021\n-0.3%\n\n\nNvidia Corp.\n49.8%\n-0.2%\n$208.75\n07/07/2021\n-6.3%\n\n\nEBay Inc. EBAY\n46.3%\n2.1%\n$73.77\n07/23/2021\n-0.3%\n\n\nIntuit Inc. INTU\n39.1%\n1.4%\n$532.33\n07/23/2021\n-0.7%\n\n\nIdexx Laboratories Inc. IDXX\n38.8%\n1.6%\n$696.35\n07/23/2021\n-0.4%\n\n\nDocuSign Inc. DOCU\n38.8%\n0.2%\n$310.51\n07/22/2021\n-0.6%\n\n\nCDW Corp. CDW\n37.3%\n2.0%\n$184.58\n04/16/2021\n-2.0%\n\n\nSource: FactSet\n\n\n\n\n\n\n\n\nActually, there are 11 stocks on the list because the index includes Alphabet Inc.'s Class C $(GOOGL)$ and Class A (GOOGL) shares.\nSeven of those stocks hit 52-week highs July 23.\nWall Street's favorite stocks in the Nasdaq-100\nHere are the 10 stocks in the Nasdaq-100 with \"buy\" or equivalent ratings among at least 75% of analysts polled by FactSet, with the most 12-month upside potential implied by consensus price targets:\n\n\n\nCompany\nShare \"buy\" ratings\nClosing price -- July 23\nConsensus price target\nImplied 12-month upside potential\nPrice change -- July 23\nPrice change -- 2021\n\n\nBaidu Inc. ADR Class A BIDU\n86%\n$172.66\n$311.92\n81%\n-3.3%\n-20.2%\n\n\nMicron Technology Inc. MU\n88%\n$75.94\n$121.25\n60%\n0.5%\n1.0%\n\n\nJD.com Inc. ADR Class A JD\n91%\n$72.29\n$98.15\n36%\n-4.8%\n-17.8%\n\n\nNetEase Inc. ADR\n86%\n$103.53\n$134.54\n30%\n-8.0%\n8.1%\n\n\nVertex Pharmaceuticals Inc. VRTX\n78%\n$200.50\n$259.71\n30%\n2.3%\n-15.2%\n\n\nMicrochip Technology Inc. MCHP\n76%\n$139.22\n$177.14\n27%\n0.6%\n0.8%\n\n\nActivision Blizzard Inc. ATVI\n88%\n$91.50\n$116.09\n27%\n1.1%\n-1.5%\n\n\nFiserv Inc. FISV\n85%\n$111.79\n$141.27\n26%\n1.6%\n-1.8%\n\n\nMercadoLibre Inc. MELI\n78%\n$1,613.81\n$2,021.37\n25%\n1.4%\n-3.7%\n\n\nNetflix Inc. NFLX\n78%\n$515.41\n$619.67\n20%\n0.7%\n-4.7%\n\n\nSource: FactSet\n\n\n\n\n\n\n\n\n\nChinese stocks listed in the U.S. took a beating Friday, and you can see from the three on this list (Baidu Inc. (K3SD.SG), JD.com Inc. $(JD)$ and NetEase Inc. $(NTES)$) that this hasn't been a good year for the group. Therese Poletti explained why.","news_type":1,"symbols_score_info":{"PSQ":0.9,"QQQ":0.9,"QID":0.9,"NFLX":0.9,"MU":0.9,".IXIC":0.9,"JD":0.9,"NDAQ":0.9,"SQQQ":0.9,"TQQQ":0.9,"QLD":0.9,"NQmain":0.9,"MNQmain":0.9,"BIDU":0.9}},"isVote":1,"tweetType":1,"viewCount":696,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175090042,"gmtCreate":1626997606786,"gmtModify":1633769024468,"author":{"id":"3576899111877903","authorId":"3576899111877903","name":"Jack_Chen_qy","avatar":"https://static.tigerbbs.com/d7857d3bb380dd24f38771faa0cbd29c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576899111877903","idStr":"3576899111877903"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/175090042","repostId":"2153670096","repostType":4,"isVote":1,"tweetType":1,"viewCount":619,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172651608,"gmtCreate":1626960439504,"gmtModify":1633769373309,"author":{"id":"3576899111877903","authorId":"3576899111877903","name":"Jack_Chen_qy","avatar":"https://static.tigerbbs.com/d7857d3bb380dd24f38771faa0cbd29c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576899111877903","idStr":"3576899111877903"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/172651608","repostId":"1127427732","repostType":4,"repost":{"id":"1127427732","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":1626954531,"share":"https://www.laohu8.com/m/news/1127427732?lang=zh_CN&edition=full","pubTime":"2021-07-22 19:48","market":"us","language":"en","title":"Toplines Before US Market Open on Thursday<blockquote>周四美国市场开盘前的营收</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127427732","media":"Tiger Newspress","summary":"(Julr 22) Stock futures advanced on Thursday, with investors looking to earnings and data for impetu","content":"<p>(Julr&nbsp;22)&nbsp;Stock futures advanced on Thursday, with investors looking to earnings and data for impetus to extend a 2-day rally that wiped out losses sustained during the worst trading day of 2021.</p><p><blockquote>（7月22日）股指期货周四上涨，投资者寻求收益和数据的动力，以延续两天的涨势，抹去了2021年最糟糕交易日的跌幅。</blockquote></p><p> At 7:54 a.m. ET, Dow E-minis were up 47 points, or 0.14%, S&amp;P 500 E-minis were up 6.5&nbsp;points, or 0.15% and Nasdaq 100 E-minis rose 28.75 points, or 0.19%.&nbsp;</p><p><blockquote>截至美国东部时间上午7:54，道指E-minis上涨47点，涨幅0.14%，标普500 E-minis上涨6.5点，涨幅0.15%，纳斯达克100 E-minis上涨28.75点，涨幅0.19%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6f0ee7363c9fe8efde482515ffff79ac\" tg-width=\"1242\" tg-height=\"538\" referrerpolicy=\"no-referrer\">The turnaround from the Monday selloff shows “corporations have been very resilient through all this,”&nbsp;David Mazza, Direxion head of product, said on Bloomberg Television. “Earnings estimates are quite remarkable, probably some of the best on record. Even through all this, we have central-bank liquidity remaining very abundant, economic growth being robust.”</p><p><blockquote>Direxion产品主管David Mazza在彭博电视台表示，周一抛售的好转表明“企业在这一切中表现得非常有弹性”。“盈利预期相当出色，可能是有记录以来最好的之一。尽管如此，我们的央行流动性仍然非常充裕，经济增长强劲。”</blockquote></p><p> Energy and mega-cap tech stocks gained ahead of a new batch of earnings reports, the latest initial claims data and the first ECB meeting to incorporate the bank's new strategic review.&nbsp;Energy stocks Chevron Corp, Exxon Mobil, Schlumberger NV, Occidental Petroleum and Marathon Petroleum Corp climbed between 0.1% and 1%, tracking crude prices.</p><p><blockquote>在新一批收益报告、最新的首次申请失业救济数据以及欧洲央行首次会议纳入该行新的战略评估之前，能源股和大型科技股上涨。能源股雪佛龙公司、埃克森美孚公司、斯伦贝谢公司、西方石油公司和马拉松石油公司上涨0.1%至1%，跟踪原油价格。</blockquote></p><p> Some other notable pre-market movers:</p><p><blockquote>其他一些值得注意的盘前推动者：</blockquote></p><p> <ul>  <li>Didi Global (DIDI) drops 3% in&nbsp;premarket&nbsp;trading after people familiar with the matter said Chinese regulators are considering serious, perhaps unprecedented, penalties for for the ride-hailing giant after its controversial initial public offering last month.</li>  <li>Texas Instruments (TXN) drops 4.8% after third-quarter sales and profit forecasts left analysts disappointed, with Barclays saying the “flat outlook leaves little to live for this late in the cycle.”</li>  <li>AT&amp;T (T) added 0.9% as the telecom operator beat analysts’ estimates for monthly phone bill paying subscriber additions in the second quarter, fueled by more Americans converting to 5G phones.</li>  <li>Dow (DOW) rose 1.3% after its second-quarter profit doubled from the first, as prices for its chemicals used in plastics and packaging rose on the back of strong consumer and industrial demand as well as lower inventories.</li>  <li><a href=\"https://laohu8.com/S/CEMI\">Chembio Diagnostics</a> (CEMI) gains 9.9% and <a href=\"https://laohu8.com/S/NURO\">NeuroMetrix</a> (NURO) surges 33% amid discussions on message boards at Reddit and StockTwits.</li> </ul> Elsewhere, the Labor Department’s report, due at 8:30 a.m. ET, is expected to show the number of Americans filing new claims for unemployment benefits fell to 350K (from 360K) for the week ended July 17, amid rampant worker shortages. Investors have been closely following the health of the jobs market on which monetary policy hinges, especially after a series of higher inflation reading recently sparked fears about a sooner-than expected paring of policy support as the economy reopens.</p><p><blockquote><ul><li>滴滴出行(DIDI)在盘前交易中下跌3%，此前知情人士表示，中国监管机构正在考虑对这家网约车巨头在上个月备受争议的首次公开募股后实施严厉的、或许是前所未有的处罚。</li><li>德州仪器(TXN)第三季度销售和利润预测令分析师失望，股价下跌4.8%，巴克莱银行表示“前景平淡，在周期后期几乎没有什么可生存的了”。</li><li>AT&amp;T(T)股价上涨0.9%，由于更多美国人转向5G手机，该电信运营商第二季度每月电话费支付用户数量超出了分析师的预期。</li><li>陶氏化学(DOW)第二季度利润较第一季度翻倍，上涨1.3%，因消费者和工业需求强劲以及库存下降导致其用于塑料和包装的化学品价格上涨。</li><li><a href=\"https://laohu8.com/S/CEMI\">化学诊断学</a>(CEMI)上涨9.9%<a href=\"https://laohu8.com/S/NURO\">神经度量</a>在Reddit和StockTwits留言板上的讨论中，(NURO)飙升33%。</li></ul>在其他地方，劳工部将于美国东部时间上午8:30发布的报告预计将显示，由于工人严重短缺，截至7月17日当周，美国新申请失业救济的人数从36万降至35万。投资者一直在密切关注货币政策所依赖的就业市场的健康状况，特别是在最近一系列较高的通胀数据引发了人们对经济重新开放时政策支持将比预期更早削减的担忧之后。</blockquote></p><p> Bitcoin briefly rose above $32,000 after getting a boost from Elon Musk, who said his space exploration company SpaceX owns the digital token.</p><p><blockquote>在获得埃隆·马斯克(Elon Musk)的提振后，比特币股价短暂升破32,000美元，埃隆·马斯克表示，他的太空探索公司SpaceX拥有该数字代币。</blockquote></p><p> In commodities oil hung on to most of Wednesday's sharp price rise, its biggest one-day gain in three months. Brent crude futures were last 0.4% softer at $71.94 a barrel, but had gained more than 4% on Wednesday. Gold was steady at $1,801 an ounce and cryptocurrencies were firm after bouncing from lows when Tesla boss Elon Musk said the carmaker would likely restart accepting bitcoin payments after due diligence on its energy use.</p><p><blockquote>大宗商品方面，石油延续了周三价格大幅上涨的大部分时间，创下三个月来最大单日涨幅。布伦特原油期货最近下跌0.4%，至每桶71.94美元，但周三上涨超过4%。金价稳定在每盎司1,801美元，加密货币在从低点反弹后坚挺，当时特斯拉老板Elon Musk表示，在对其能源使用进行尽职调查后，该汽车制造商可能会重新开始接受比特币付款。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Toplines Before US Market Open on Thursday<blockquote>周四美国市场开盘前的营收</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\">\nToplines Before US Market Open on Thursday<blockquote>周四美国市场开盘前的营收</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-22 19:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Julr&nbsp;22)&nbsp;Stock futures advanced on Thursday, with investors looking to earnings and data for impetus to extend a 2-day rally that wiped out losses sustained during the worst trading day of 2021.</p><p><blockquote>（7月22日）股指期货周四上涨，投资者寻求收益和数据的动力，以延续两天的涨势，抹去了2021年最糟糕交易日的跌幅。</blockquote></p><p> At 7:54 a.m. ET, Dow E-minis were up 47 points, or 0.14%, S&amp;P 500 E-minis were up 6.5&nbsp;points, or 0.15% and Nasdaq 100 E-minis rose 28.75 points, or 0.19%.&nbsp;</p><p><blockquote>截至美国东部时间上午7:54，道指E-minis上涨47点，涨幅0.14%，标普500 E-minis上涨6.5点，涨幅0.15%，纳斯达克100 E-minis上涨28.75点，涨幅0.19%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6f0ee7363c9fe8efde482515ffff79ac\" tg-width=\"1242\" tg-height=\"538\" referrerpolicy=\"no-referrer\">The turnaround from the Monday selloff shows “corporations have been very resilient through all this,”&nbsp;David Mazza, Direxion head of product, said on Bloomberg Television. “Earnings estimates are quite remarkable, probably some of the best on record. Even through all this, we have central-bank liquidity remaining very abundant, economic growth being robust.”</p><p><blockquote>Direxion产品主管David Mazza在彭博电视台表示，周一抛售的好转表明“企业在这一切中表现得非常有弹性”。“盈利预期相当出色，可能是有记录以来最好的之一。尽管如此，我们的央行流动性仍然非常充裕，经济增长强劲。”</blockquote></p><p> Energy and mega-cap tech stocks gained ahead of a new batch of earnings reports, the latest initial claims data and the first ECB meeting to incorporate the bank's new strategic review.&nbsp;Energy stocks Chevron Corp, Exxon Mobil, Schlumberger NV, Occidental Petroleum and Marathon Petroleum Corp climbed between 0.1% and 1%, tracking crude prices.</p><p><blockquote>在新一批收益报告、最新的首次申请失业救济数据以及欧洲央行首次会议纳入该行新的战略评估之前，能源股和大型科技股上涨。能源股雪佛龙公司、埃克森美孚公司、斯伦贝谢公司、西方石油公司和马拉松石油公司上涨0.1%至1%，跟踪原油价格。</blockquote></p><p> Some other notable pre-market movers:</p><p><blockquote>其他一些值得注意的盘前推动者：</blockquote></p><p> <ul>  <li>Didi Global (DIDI) drops 3% in&nbsp;premarket&nbsp;trading after people familiar with the matter said Chinese regulators are considering serious, perhaps unprecedented, penalties for for the ride-hailing giant after its controversial initial public offering last month.</li>  <li>Texas Instruments (TXN) drops 4.8% after third-quarter sales and profit forecasts left analysts disappointed, with Barclays saying the “flat outlook leaves little to live for this late in the cycle.”</li>  <li>AT&amp;T (T) added 0.9% as the telecom operator beat analysts’ estimates for monthly phone bill paying subscriber additions in the second quarter, fueled by more Americans converting to 5G phones.</li>  <li>Dow (DOW) rose 1.3% after its second-quarter profit doubled from the first, as prices for its chemicals used in plastics and packaging rose on the back of strong consumer and industrial demand as well as lower inventories.</li>  <li><a href=\"https://laohu8.com/S/CEMI\">Chembio Diagnostics</a> (CEMI) gains 9.9% and <a href=\"https://laohu8.com/S/NURO\">NeuroMetrix</a> (NURO) surges 33% amid discussions on message boards at Reddit and StockTwits.</li> </ul> Elsewhere, the Labor Department’s report, due at 8:30 a.m. ET, is expected to show the number of Americans filing new claims for unemployment benefits fell to 350K (from 360K) for the week ended July 17, amid rampant worker shortages. Investors have been closely following the health of the jobs market on which monetary policy hinges, especially after a series of higher inflation reading recently sparked fears about a sooner-than expected paring of policy support as the economy reopens.</p><p><blockquote><ul><li>滴滴出行(DIDI)在盘前交易中下跌3%，此前知情人士表示，中国监管机构正在考虑对这家网约车巨头在上个月备受争议的首次公开募股后实施严厉的、或许是前所未有的处罚。</li><li>德州仪器(TXN)第三季度销售和利润预测令分析师失望，股价下跌4.8%，巴克莱银行表示“前景平淡，在周期后期几乎没有什么可生存的了”。</li><li>AT&amp;T(T)股价上涨0.9%，由于更多美国人转向5G手机，该电信运营商第二季度每月电话费支付用户数量超出了分析师的预期。</li><li>陶氏化学(DOW)第二季度利润较第一季度翻倍，上涨1.3%，因消费者和工业需求强劲以及库存下降导致其用于塑料和包装的化学品价格上涨。</li><li><a href=\"https://laohu8.com/S/CEMI\">化学诊断学</a>(CEMI)上涨9.9%<a href=\"https://laohu8.com/S/NURO\">神经度量</a>在Reddit和StockTwits留言板上的讨论中，(NURO)飙升33%。</li></ul>在其他地方，劳工部将于美国东部时间上午8:30发布的报告预计将显示，由于工人严重短缺，截至7月17日当周，美国新申请失业救济的人数从36万降至35万。投资者一直在密切关注货币政策所依赖的就业市场的健康状况，特别是在最近一系列较高的通胀数据引发了人们对经济重新开放时政策支持将比预期更早削减的担忧之后。</blockquote></p><p> Bitcoin briefly rose above $32,000 after getting a boost from Elon Musk, who said his space exploration company SpaceX owns the digital token.</p><p><blockquote>在获得埃隆·马斯克(Elon Musk)的提振后，比特币股价短暂升破32,000美元，埃隆·马斯克表示，他的太空探索公司SpaceX拥有该数字代币。</blockquote></p><p> In commodities oil hung on to most of Wednesday's sharp price rise, its biggest one-day gain in three months. Brent crude futures were last 0.4% softer at $71.94 a barrel, but had gained more than 4% on Wednesday. Gold was steady at $1,801 an ounce and cryptocurrencies were firm after bouncing from lows when Tesla boss Elon Musk said the carmaker would likely restart accepting bitcoin payments after due diligence on its energy use.</p><p><blockquote>大宗商品方面，石油延续了周三价格大幅上涨的大部分时间，创下三个月来最大单日涨幅。布伦特原油期货最近下跌0.4%，至每桶71.94美元，但周三上涨超过4%。金价稳定在每盎司1,801美元，加密货币在从低点反弹后坚挺，当时特斯拉老板Elon Musk表示，在对其能源使用进行尽职调查后，该汽车制造商可能会重新开始接受比特币付款。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127427732","content_text":"(Julr 22) Stock futures advanced on Thursday, with investors looking to earnings and data for impetus to extend a 2-day rally that wiped out losses sustained during the worst trading day of 2021.\nAt 7:54 a.m. ET, Dow E-minis were up 47 points, or 0.14%, S&P 500 E-minis were up 6.5 points, or 0.15% and Nasdaq 100 E-minis rose 28.75 points, or 0.19%. \nThe turnaround from the Monday selloff shows “corporations have been very resilient through all this,” David Mazza, Direxion head of product, said on Bloomberg Television. “Earnings estimates are quite remarkable, probably some of the best on record. Even through all this, we have central-bank liquidity remaining very abundant, economic growth being robust.”\nEnergy and mega-cap tech stocks gained ahead of a new batch of earnings reports, the latest initial claims data and the first ECB meeting to incorporate the bank's new strategic review. Energy stocks Chevron Corp, Exxon Mobil, Schlumberger NV, Occidental Petroleum and Marathon Petroleum Corp climbed between 0.1% and 1%, tracking crude prices.\nSome other notable pre-market movers:\n\nDidi Global (DIDI) drops 3% in premarket trading after people familiar with the matter said Chinese regulators are considering serious, perhaps unprecedented, penalties for for the ride-hailing giant after its controversial initial public offering last month.\nTexas Instruments (TXN) drops 4.8% after third-quarter sales and profit forecasts left analysts disappointed, with Barclays saying the “flat outlook leaves little to live for this late in the cycle.”\nAT&T (T) added 0.9% as the telecom operator beat analysts’ estimates for monthly phone bill paying subscriber additions in the second quarter, fueled by more Americans converting to 5G phones.\nDow (DOW) rose 1.3% after its second-quarter profit doubled from the first, as prices for its chemicals used in plastics and packaging rose on the back of strong consumer and industrial demand as well as lower inventories.\nChembio Diagnostics (CEMI) gains 9.9% and NeuroMetrix (NURO) surges 33% amid discussions on message boards at Reddit and StockTwits.\n\nElsewhere, the Labor Department’s report, due at 8:30 a.m. ET, is expected to show the number of Americans filing new claims for unemployment benefits fell to 350K (from 360K) for the week ended July 17, amid rampant worker shortages. Investors have been closely following the health of the jobs market on which monetary policy hinges, especially after a series of higher inflation reading recently sparked fears about a sooner-than expected paring of policy support as the economy reopens.\nBitcoin briefly rose above $32,000 after getting a boost from Elon Musk, who said his space exploration company SpaceX owns the digital token.\nIn commodities oil hung on to most of Wednesday's sharp price rise, its biggest one-day gain in three months. Brent crude futures were last 0.4% softer at $71.94 a barrel, but had gained more than 4% on Wednesday. Gold was steady at $1,801 an ounce and cryptocurrencies were firm after bouncing from lows when Tesla boss Elon Musk said the carmaker would likely restart accepting bitcoin payments after due diligence on its energy use.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":551,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171965577,"gmtCreate":1626702993999,"gmtModify":1633924803927,"author":{"id":"3576899111877903","authorId":"3576899111877903","name":"Jack_Chen_qy","avatar":"https://static.tigerbbs.com/d7857d3bb380dd24f38771faa0cbd29c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576899111877903","idStr":"3576899111877903"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/171965577","repostId":"2152763920","repostType":2,"isVote":1,"tweetType":1,"viewCount":574,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147250711,"gmtCreate":1626360496833,"gmtModify":1633927490154,"author":{"id":"3576899111877903","authorId":"3576899111877903","name":"Jack_Chen_qy","avatar":"https://static.tigerbbs.com/d7857d3bb380dd24f38771faa0cbd29c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576899111877903","idStr":"3576899111877903"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/147250711","repostId":"1105855063","repostType":4,"isVote":1,"tweetType":1,"viewCount":634,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144094523,"gmtCreate":1626251614462,"gmtModify":1633928624349,"author":{"id":"3576899111877903","authorId":"3576899111877903","name":"Jack_Chen_qy","avatar":"https://static.tigerbbs.com/d7857d3bb380dd24f38771faa0cbd29c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576899111877903","idStr":"3576899111877903"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/144094523","repostId":"2151959761","repostType":4,"isVote":1,"tweetType":1,"viewCount":611,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145902864,"gmtCreate":1626185037258,"gmtModify":1633929281124,"author":{"id":"3576899111877903","authorId":"3576899111877903","name":"Jack_Chen_qy","avatar":"https://static.tigerbbs.com/d7857d3bb380dd24f38771faa0cbd29c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576899111877903","idStr":"3576899111877903"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/145902864","repostId":"1152442565","repostType":4,"repost":{"id":"1152442565","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":1626183960,"share":"https://www.laohu8.com/m/news/1152442565?lang=zh_CN&edition=full","pubTime":"2021-07-13 21:46","market":"us","language":"en","title":"Orbsat Corp shares jumps nearly 100% in early trading,as the company's Global Telesat Communications Unit Approved as an Alibaba gold supplier.<blockquote>Orbsat Corp股价在早盘交易中上涨近100%，该公司的全球Telesat通信部门被批准为阿里巴巴-SW金牌供应商。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1152442565","media":"Tiger Newspress","summary":"Orbsat Corp shares jumps nearly 100% in early trading,as the company's Global Telesat Communications","content":"<p>Orbsat Corp&nbsp;shares&nbsp;jumps&nbsp;nearly&nbsp;100%&nbsp;in&nbsp;early&nbsp;trading,as&nbsp;the company's Global Telesat Communications Unit Approved as an Alibaba gold supplier.</p><p><blockquote>Orbsat Corp股价在早盘交易中上涨近100%，该公司的全球Telesat通信部门被批准为阿里巴巴-SW金牌供应商。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/df700e33a39e4c926a5f47fe2917a75c\" tg-width=\"1286\" tg-height=\"602\" referrerpolicy=\"no-referrer\">Orbsat Corp, a global provider of IoT and connectivity solutions through next-generation satellite technology, today announced that its Global Telesat Communications (GTC) unit has entered into an agreement with Alibaba.com, the B2B (Business-to-Business) e-commerce website owned and operated by Alibaba Group Holding Limited, also known as Alibaba Group (NYSE: BABA; HKEX: 9988), a Chinese multinational technology company specializing in e-commerce, retail, internet, and technology. GTC will be a Gold- Supplier on Alibaba.com, the world's largest Business-to-Business (B2B) e-commerce website.</p><p><blockquote>通过下一代卫星技术提供物联网和连接解决方案的全球提供商Orbsat Corp今天宣布，其全球Telesat Communications(GTC)部门已与B2B（企业对企业）阿里巴巴达成协议电子商务网站由阿里巴巴-SW集团控股有限公司（又称阿里巴巴-SW集团（纽约证券交易所代码：BABA；香港交易所代码：9988）拥有和运营，是一家专注于电子商务、零售、互联网和技术的中国跨国科技公司。GTC将成为全球最大的企业对企业(B2B)电子商务网站Alibaba.com的金牌供应商。</blockquote></p><p> \"With our launch on Alibaba.com, the world's largest B2B platform, we are significantly accelerating our global expansion plans, expanding, and deepening our e-commerce reach into nearly every country. This will allow us to better serve the needs of our enterprise customers across the world,\" said Charles M. Fernandez, Chairman and CEO of Orbsat. \"There has been explosive growth in online shopping due to the pandemic as businesses and consumers around the world embrace e-commerce. Long-term, we believe that e-commerce will be the preferred channel for businesses and consumers seeking to research and purchase our satellite IoT and connectivity products and services. We also intend to secure new integration alliances including joint commerce structures with additional connectivity partners such as those in the CubeSat space which can leverage our expanded e-commerce platforms and ground station-based infrastructure.\"</p><p><blockquote>Orbsat董事长兼首席执行官Charles M.Fernandez表示：“随着我们在全球最大的B2B平台Alibaba.com上的推出，我们正在显着加快我们的全球扩张计划，扩大和深化我们的电子商务覆盖几乎每个国家。这将使我们能够更好地满足全球企业客户的需求。”“由于疫情，随着世界各地的企业和消费者接受电子商务，在线购物出现了爆炸性增长。从长远来看，我们相信电子商务将成为寻求研究和购买我们卫星物联网和连接产品和服务的企业和消费者的首选渠道。我们还打算建立新的集成联盟，包括与其他连接合作伙伴的联合商务结构，例如CubeSat领域的合作伙伴，这些合作伙伴可以利用我们扩展的电子商务平台和基于地面站的基础设施。”</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>Orbsat Corp shares jumps nearly 100% in early trading,as the company's Global Telesat Communications Unit Approved as an Alibaba gold supplier.<blockquote>Orbsat Corp股价在早盘交易中上涨近100%，该公司的全球Telesat通信部门被批准为阿里巴巴-SW金牌供应商。</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\">\nOrbsat Corp shares jumps nearly 100% in early trading,as the company's Global Telesat Communications Unit Approved as an Alibaba gold supplier.<blockquote>Orbsat Corp股价在早盘交易中上涨近100%，该公司的全球Telesat通信部门被批准为阿里巴巴-SW金牌供应商。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-13 21:46</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Orbsat Corp&nbsp;shares&nbsp;jumps&nbsp;nearly&nbsp;100%&nbsp;in&nbsp;early&nbsp;trading,as&nbsp;the company's Global Telesat Communications Unit Approved as an Alibaba gold supplier.</p><p><blockquote>Orbsat Corp股价在早盘交易中上涨近100%，该公司的全球Telesat通信部门被批准为阿里巴巴-SW金牌供应商。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/df700e33a39e4c926a5f47fe2917a75c\" tg-width=\"1286\" tg-height=\"602\" referrerpolicy=\"no-referrer\">Orbsat Corp, a global provider of IoT and connectivity solutions through next-generation satellite technology, today announced that its Global Telesat Communications (GTC) unit has entered into an agreement with Alibaba.com, the B2B (Business-to-Business) e-commerce website owned and operated by Alibaba Group Holding Limited, also known as Alibaba Group (NYSE: BABA; HKEX: 9988), a Chinese multinational technology company specializing in e-commerce, retail, internet, and technology. GTC will be a Gold- Supplier on Alibaba.com, the world's largest Business-to-Business (B2B) e-commerce website.</p><p><blockquote>通过下一代卫星技术提供物联网和连接解决方案的全球提供商Orbsat Corp今天宣布，其全球Telesat Communications(GTC)部门已与B2B（企业对企业）阿里巴巴达成协议电子商务网站由阿里巴巴-SW集团控股有限公司（又称阿里巴巴-SW集团（纽约证券交易所代码：BABA；香港交易所代码：9988）拥有和运营，是一家专注于电子商务、零售、互联网和技术的中国跨国科技公司。GTC将成为全球最大的企业对企业(B2B)电子商务网站Alibaba.com的金牌供应商。</blockquote></p><p> \"With our launch on Alibaba.com, the world's largest B2B platform, we are significantly accelerating our global expansion plans, expanding, and deepening our e-commerce reach into nearly every country. This will allow us to better serve the needs of our enterprise customers across the world,\" said Charles M. Fernandez, Chairman and CEO of Orbsat. \"There has been explosive growth in online shopping due to the pandemic as businesses and consumers around the world embrace e-commerce. Long-term, we believe that e-commerce will be the preferred channel for businesses and consumers seeking to research and purchase our satellite IoT and connectivity products and services. We also intend to secure new integration alliances including joint commerce structures with additional connectivity partners such as those in the CubeSat space which can leverage our expanded e-commerce platforms and ground station-based infrastructure.\"</p><p><blockquote>Orbsat董事长兼首席执行官Charles M.Fernandez表示：“随着我们在全球最大的B2B平台Alibaba.com上的推出，我们正在显着加快我们的全球扩张计划，扩大和深化我们的电子商务覆盖几乎每个国家。这将使我们能够更好地满足全球企业客户的需求。”“由于疫情，随着世界各地的企业和消费者接受电子商务，在线购物出现了爆炸性增长。从长远来看，我们相信电子商务将成为寻求研究和购买我们卫星物联网和连接产品和服务的企业和消费者的首选渠道。我们还打算建立新的集成联盟，包括与其他连接合作伙伴的联合商务结构，例如CubeSat领域的合作伙伴，这些合作伙伴可以利用我们扩展的电子商务平台和基于地面站的基础设施。”</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152442565","content_text":"Orbsat Corp shares jumps nearly 100% in early trading,as the company's Global Telesat Communications Unit Approved as an Alibaba gold supplier.\nOrbsat Corp, a global provider of IoT and connectivity solutions through next-generation satellite technology, today announced that its Global Telesat Communications (GTC) unit has entered into an agreement with Alibaba.com, the B2B (Business-to-Business) e-commerce website owned and operated by Alibaba Group Holding Limited, also known as Alibaba Group (NYSE: BABA; HKEX: 9988), a Chinese multinational technology company specializing in e-commerce, retail, internet, and technology. GTC will be a Gold- Supplier on Alibaba.com, the world's largest Business-to-Business (B2B) e-commerce website.\n\"With our launch on Alibaba.com, the world's largest B2B platform, we are significantly accelerating our global expansion plans, expanding, and deepening our e-commerce reach into nearly every country. This will allow us to better serve the needs of our enterprise customers across the world,\" said Charles M. Fernandez, Chairman and CEO of Orbsat. \"There has been explosive growth in online shopping due to the pandemic as businesses and consumers around the world embrace e-commerce. Long-term, we believe that e-commerce will be the preferred channel for businesses and consumers seeking to research and purchase our satellite IoT and connectivity products and services. We also intend to secure new integration alliances including joint commerce structures with additional connectivity partners such as those in the CubeSat space which can leverage our expanded e-commerce platforms and ground station-based infrastructure.\"","news_type":1,"symbols_score_info":{"BABA":0.9,"OSAT":0.9}},"isVote":1,"tweetType":1,"viewCount":491,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142030091,"gmtCreate":1626102683413,"gmtModify":1633930079013,"author":{"id":"3576899111877903","authorId":"3576899111877903","name":"Jack_Chen_qy","avatar":"https://static.tigerbbs.com/d7857d3bb380dd24f38771faa0cbd29c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576899111877903","idStr":"3576899111877903"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/142030091","repostId":"1128533375","repostType":4,"repost":{"id":"1128533375","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":1626098621,"share":"https://www.laohu8.com/m/news/1128533375?lang=zh_CN&edition=full","pubTime":"2021-07-12 22:03","market":"us","language":"en","title":"SPI Energy stock jumps 17% on launching next generation electric pickup truck EF1-T<blockquote>SPI Energy推出下一代电动皮卡EF1-T股价上涨17%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1128533375","media":"Tiger Newspress","summary":"SPI Energy stock jumps 17% on announcing the launch of next-generation electric pickup truck, EF1-T ","content":"<p><ul>  <li>SPI Energy stock jumps 17% on&nbsp;announcing&nbsp;the launch of next-generation electric pickup truck, EF1-T by&nbsp;its wholly owned EdisonFuture, Inc. and PhoenixMotor Inc. subsidiary.</li>  <li>The EF1-T standard model comes equipped with total power of 350 kilowatts, or 470 horsepower, while EdisonFuture's top of the line \"Super\" model offers 600kW, or 816HP.</li>  <li>\"Our vision for EdisionFuture and Phoenix Motorcars is to be leaders in sustainable transportation with focus on energy efficiency and innovative design,\" stated Mr. Xiaofeng Peng, Chairman &amp; Chief Executive Officer of SPI Energy. \"We have already filed multiple design and technology patents in the US related to the EF1-T and look forward to introducing this game-changing vehicle to the market in the coming months.\"</li>  <li>Approximately 2.9M pickup trucks were sold in the US in 2020, +20% of the entire US auto market.</li> </ul> <img src=\"https://static.tigerbbs.com/0bd67d49b5a0a872ac8d4bf5ef7788a7\" tg-width=\"1297\" tg-height=\"592\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>SPI Energy宣布其全资子公司EdisonFuture，Inc.和PhoenixMotor Inc.推出下一代电动皮卡EF1-T，股价上涨17%。</li><li>EF1-T标准型号的总功率为350千瓦，即470马力，而EdisonFuture的顶级“超级”型号的总功率为600千瓦，即816马力。</li><li>SPI Energy董事长兼首席执行官彭晓峰先生表示：“我们对EdisionFuture和Phoenix Motorcars的愿景是成为可持续交通领域的领导者，重点关注能源效率和创新设计。”“我们已经在美国申请了多项与EF1-T相关的设计和技术专利，并期待在未来几个月内将这款改变游戏规则的车辆推向市场。”</li><li>2020年，美国售出约290万辆皮卡，占整个美国汽车市场的20%。</li></ul></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>SPI Energy stock jumps 17% on launching next generation electric pickup truck EF1-T<blockquote>SPI Energy推出下一代电动皮卡EF1-T股价上涨17%</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\">\nSPI Energy stock jumps 17% on launching next generation electric pickup truck EF1-T<blockquote>SPI Energy推出下一代电动皮卡EF1-T股价上涨17%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-12 22:03</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><ul>  <li>SPI Energy stock jumps 17% on&nbsp;announcing&nbsp;the launch of next-generation electric pickup truck, EF1-T by&nbsp;its wholly owned EdisonFuture, Inc. and PhoenixMotor Inc. subsidiary.</li>  <li>The EF1-T standard model comes equipped with total power of 350 kilowatts, or 470 horsepower, while EdisonFuture's top of the line \"Super\" model offers 600kW, or 816HP.</li>  <li>\"Our vision for EdisionFuture and Phoenix Motorcars is to be leaders in sustainable transportation with focus on energy efficiency and innovative design,\" stated Mr. Xiaofeng Peng, Chairman &amp; Chief Executive Officer of SPI Energy. \"We have already filed multiple design and technology patents in the US related to the EF1-T and look forward to introducing this game-changing vehicle to the market in the coming months.\"</li>  <li>Approximately 2.9M pickup trucks were sold in the US in 2020, +20% of the entire US auto market.</li> </ul> <img src=\"https://static.tigerbbs.com/0bd67d49b5a0a872ac8d4bf5ef7788a7\" tg-width=\"1297\" tg-height=\"592\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>SPI Energy宣布其全资子公司EdisonFuture，Inc.和PhoenixMotor Inc.推出下一代电动皮卡EF1-T，股价上涨17%。</li><li>EF1-T标准型号的总功率为350千瓦，即470马力，而EdisonFuture的顶级“超级”型号的总功率为600千瓦，即816马力。</li><li>SPI Energy董事长兼首席执行官彭晓峰先生表示：“我们对EdisionFuture和Phoenix Motorcars的愿景是成为可持续交通领域的领导者，重点关注能源效率和创新设计。”“我们已经在美国申请了多项与EF1-T相关的设计和技术专利，并期待在未来几个月内将这款改变游戏规则的车辆推向市场。”</li><li>2020年，美国售出约290万辆皮卡，占整个美国汽车市场的20%。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128533375","content_text":"SPI Energy stock jumps 17% on announcing the launch of next-generation electric pickup truck, EF1-T by its wholly owned EdisonFuture, Inc. and PhoenixMotor Inc. subsidiary.\nThe EF1-T standard model comes equipped with total power of 350 kilowatts, or 470 horsepower, while EdisonFuture's top of the line \"Super\" model offers 600kW, or 816HP.\n\"Our vision for EdisionFuture and Phoenix Motorcars is to be leaders in sustainable transportation with focus on energy efficiency and innovative design,\" stated Mr. Xiaofeng Peng, Chairman & Chief Executive Officer of SPI Energy. \"We have already filed multiple design and technology patents in the US related to the EF1-T and look forward to introducing this game-changing vehicle to the market in the coming months.\"\nApproximately 2.9M pickup trucks were sold in the US in 2020, +20% of the entire US auto market.","news_type":1,"symbols_score_info":{"SPI":0.9}},"isVote":1,"tweetType":1,"viewCount":617,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146362368,"gmtCreate":1626054487954,"gmtModify":1633930608698,"author":{"id":"3576899111877903","authorId":"3576899111877903","name":"Jack_Chen_qy","avatar":"https://static.tigerbbs.com/d7857d3bb380dd24f38771faa0cbd29c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576899111877903","idStr":"3576899111877903"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/146362368","repostId":"1114863871","repostType":4,"isVote":1,"tweetType":1,"viewCount":547,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":152533423,"gmtCreate":1625308415562,"gmtModify":1633941562024,"author":{"id":"3576899111877903","authorId":"3576899111877903","name":"Jack_Chen_qy","avatar":"https://static.tigerbbs.com/d7857d3bb380dd24f38771faa0cbd29c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576899111877903","idStr":"3576899111877903"},"themes":[],"htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/152533423","repostId":"1197906560","repostType":4,"repost":{"id":"1197906560","kind":"news","pubTimestamp":1625285328,"share":"https://www.laohu8.com/m/news/1197906560?lang=zh_CN&edition=full","pubTime":"2021-07-03 12:08","market":"us","language":"en","title":"The Jobs Report Was Strong. Why Investors Should Be Skeptical.<blockquote>就业报告强劲。为什么投资者应该持怀疑态度。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1197906560","media":"Barron's","summary":"On its face, the June jobs report looksalmost perfect. After months of disappointments, hiring beat ","content":"<p>On its face, the June jobs report looksalmost perfect. After months of disappointments, hiring beat Wall Street’s expectations—with wages rising, but at a cooler pace than the lofty levels of spring.</p><p><blockquote>从表面上看，六月份的就业报告看起来几乎完美。在经历了几个月的失望之后，招聘超出了华尔街的预期——工资上涨，但速度低于春季的高水平。</blockquote></p><p> One might be tempted to declare the labor shortage over and the inflation debate done. But investors shouldn’t take the bait just yet. While a nonfarm payroll increase of 850,000 is undeniably strong, it belies a labor market still plagued with supply problems.</p><p><blockquote>人们可能会想宣布劳动力短缺已经结束，通胀辩论已经结束。但投资者现在还不应该上钩。尽管非农就业人数增加85万人不可否认是强劲的，但它掩盖了劳动力市场仍然受到供应问题的困扰。</blockquote></p><p> First, consider that government hiring rose 193,000 last month. That accounts for the entire headline overshoot versus economists’ expectations. Company payrolls increased 662,000, which would be incredible for normal times. Yet it was still far off the one million mark that economists had anticipated by this point in the recovery, as the economy bursts open and vaccinated consumers spend the trillions of dollars in cash stashed during the pandemic.</p><p><blockquote>首先，考虑一下上个月政府招聘人数增加了193,000人。这就是整个整体超出经济学家预期的原因。公司就业人数增加了66.2万人，这在正常情况下是不可思议的。然而，随着经济突然开放，接种疫苗的消费者花费了大流行期间储存的数万亿美元现金，这一数字仍远未达到经济学家在复苏阶段预期的100万美元大关。</blockquote></p><p> What’s more, private payrolls came in well short of the one million implied by closely watched data from employee-scheduling company Homebase, says Ian Shepherdson of Pantheon Macroeconomics.</p><p><blockquote>更重要的是，Pantheon Macroeconomics的伊恩·谢泼德森(Ian Shepherdson)表示，私人就业人数远低于员工调度公司Homebase备受关注的数据所暗示的100万。</blockquote></p><p> Second, labor-force participation was flat in June despite better hiring. That rate, 61.6%, is still down 1.7 percentage points from its prepandemic level. The employment-population ratio, which Federal Reserve officials have said they are watching, was also unchanged in June; at 58%, it remains 3.1 percentage points below its prepandemic level.</p><p><blockquote>其次，尽管招聘情况有所改善，但6月份劳动力参与率持平。这一比率为61.6%，仍比大流行前的水平下降1.7个百分点。美联储官员表示正在关注的就业人口比率在6月份也没有变化；为58%，仍比疫情前水平低3.1个百分点。</blockquote></p><p> Third, the slowdown in wage growth is deceiving. The 0.3% increase from May looks like a Goldilocks print—enough to drive continued spending without fueling inflation fears that have been building as shortages from labor to chips to food push prices broadly higher.</p><p><blockquote>三是工资增速放缓具有欺骗性。较5月份增长0.3%看起来像是金发姑娘，足以推动持续支出，而不会加剧通胀担忧，随着劳动力、薯片和食品的短缺推高价格，通胀担忧一直在加剧。</blockquote></p><p> “If anything, this understates the true rate of underlying wage inflation,” says Jefferies chief economist Aneta Markowska of the June wage increase. After adjusting for the return of low-wage leisure, hospitality, and retail workers, average hourly earnings rose by 0.5% in June from May, she says. By that measure, they are up 4.5% from a year earlier. Over the past three months, overall wages are up an annualized 6% as companies chase workers, says Gad Levanon of the Conference Board.</p><p><blockquote>杰富瑞首席经济学家阿内塔·马科夫斯卡(Aneta Markowska)在谈到6月份工资增长时表示：“如果说有什么不同的话，那就是这低估了基本工资通胀率的真实水平。”她表示，在调整低工资休闲、酒店和零售工人的回归后，6月份平均时薪较5月份增长了0.5%。按照这一标准，它们比去年同期增长了4.5%。世界大型企业联合会(Conference Board)的加德·莱瓦农(Gad Levanon)表示，过去三个月，随着公司追逐员工，总体工资年化上涨了6%。</blockquote></p><p> Further highlighting the fact that hiring is still being held back by supply, not demand: On an annualized basis this year, leisure and hospitality wages are up 12.3%, transportation and warehousing pay is up 8%, and retail wages are up 5.5%.</p><p><blockquote>这进一步凸显了一个事实，即招聘仍然受到供应而非需求的阻碍：今年按年计算，休闲和酒店工资上涨了12.3%，运输和仓储工资上涨了8%，零售工资上涨了5.5%。</blockquote></p><p> So, what’s an investor to make of the June jobs report? Nothing. Which is to say, the latest data do nothing to resolve the biggest questions facing the labor market.</p><p><blockquote>那么，投资者如何看待6月份的就业报告呢？没有。也就是说，最新数据无助于解决劳动力市场面临的最大问题。</blockquote></p><p> The degrees to which transitory factors—generous unemployment benefits, child-care issues, and Covid-19 concerns—are capping hiring and driving up wages won’t be clear for months. Schools need to reopen to resolve child-care issues holding back working parents, and enhanced unemployment pay needs to expire before it becomes clear the extent to which such benefits are keeping workers home.</p><p><blockquote>暂时性因素——慷慨的失业救济金、儿童保育问题和Covid-19担忧——在多大程度上限制了招聘并推高了工资，几个月内还不清楚。学校需要重新开放，以解决阻碍在职父母的儿童保育问题，而增加的失业救济金需要到期，然后才能清楚这些福利在多大程度上让工人留在家里。</blockquote></p><p> While about two dozen states either started cutting or are about to cut the extra $300 a week in unemployment insurance ahead of the federal program’s Sept. 6 expiration, Shepherdson notes that 70% of those unemployed won’t be affected by those early terminations. Because the June report does nothing to move the Fed’s needle, it shouldn’t stop the stock market from forging ahead.</p><p><blockquote>虽然在联邦计划9月6日到期之前，大约有24个州已经开始削减或即将削减每周额外300美元的失业保险，但谢泼德森指出，70%的失业者不会受到这些提前终止的影响。由于6月份的报告对美联储没有任何影响，因此不应阻止股市的前进。</blockquote></p><p> At least for now. “You can’t be unhappy to see an 850,000 payroll print, but it’s nowhere near fast enough,” Shepherdson says, especially given labor demand as evidenced by myriad indicators, help-wanted signs, and company commentary. “The labor-supply problem may fix itself, but it may not,” he says. “The issue really is that we could end up with sustained wage inflation.” Policy makers, however, will punt until they have definitive data—and that won’t be until November.</p><p><blockquote>至少现在是这样。谢泼德森表示：“看到85万份工资单打印出来，你不会不高兴，但这还不够快。”特别是考虑到无数指标、求助标志和公司评论所证明的劳动力需求。“劳动力供应问题可能会自行解决，但也可能不会，”他说。“真正的问题是，我们最终可能会面临持续的工资通胀。”然而，政策制定者将在获得明确数据之前犹豫不决——而这要到11月份。</blockquote></p><p> All of this means that data between now and the fall are noise. Many economists and investors are expecting the Fed to announce, at the annual Jackson Hole symposium next month, plans to taper its $120 billion in monthly asset purchases.</p><p><blockquote>所有这些都意味着从现在到秋季的数据都是噪音。许多经济学家和投资者预计美联储将在下个月的杰克逊霍尔年度研讨会上宣布缩减每月1200亿美元资产购买规模的计划。</blockquote></p><p> Not so fast, Shepherdson says. “This isn’t as linear as markets would like, and it won’t be clear by Jackson Hole,” he says.</p><p><blockquote>谢泼德森说，没那么快。“这并不像市场希望的那样线性，杰克逊霍尔也不会清楚这一点，”他说。</blockquote></p><p> If that’s right—that the Fed won’t have the data they want in time to lay out taper plans until later in the fall—an even longer period of ultraloose monetary policy might be in store. That is assuming there’s time for officials to telegraph plans well ahead of actually starting to withdraw support.</p><p><blockquote>如果这是正确的——美联储要到秋季晚些时候才能及时获得制定缩减计划所需的数据——可能会出现更长时间的超宽松货币政策。这是假设官员们在实际开始撤回支持之前有时间电传计划。</blockquote></p><p></p><p> Therein lies the risk of tuning out the noise, or the employment data, between now and the fall. If the resumption of school and the end to enhanced unemployment benefits don’t bring workers back, it will become clear that structural issues are at play and wage inflation is thus more persistent. As Shepherdson puts it, there is a strong likelihood that the Fed has to raise interest rates in 2022 because there is a good chance people won’t come back into the labor force.</p><p><blockquote>从现在到秋季，忽略噪音或就业数据的风险就在于此。如果学校复课和提高失业救济金的结束不能让工人回来，那么很明显，结构性问题正在发挥作用，工资通胀因此更加持久。正如谢泼德森所说，美联储很有可能不得不在2022年加息，因为人们很有可能不会重返劳动力市场。</blockquote></p><p> Investors should continue to enjoythe stock market gains. But they should also be careful. Waiting for definitive data to show whether the labor shortage is more than transitory means policy makers might have to act sooner and faster than it would seem—especially if deceivingly balanced reports like June’s dot the next few months.</p><p><blockquote>投资者应该继续享受股市的涨幅。但他们也应该小心。等待明确的数据来显示劳动力短缺是否不仅仅是暂时的，这意味着政策制定者可能不得不比看起来更快更快地采取行动——特别是如果未来几个月出现像6月份dot这样具有欺骗性的平衡报告。</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Jobs Report Was Strong. Why Investors Should Be Skeptical.<blockquote>就业报告强劲。为什么投资者应该持怀疑态度。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Jobs Report Was Strong. Why Investors Should Be Skeptical.<blockquote>就业报告强劲。为什么投资者应该持怀疑态度。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-07-03 12:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On its face, the June jobs report looksalmost perfect. After months of disappointments, hiring beat Wall Street’s expectations—with wages rising, but at a cooler pace than the lofty levels of spring.</p><p><blockquote>从表面上看，六月份的就业报告看起来几乎完美。在经历了几个月的失望之后，招聘超出了华尔街的预期——工资上涨，但速度低于春季的高水平。</blockquote></p><p> One might be tempted to declare the labor shortage over and the inflation debate done. But investors shouldn’t take the bait just yet. While a nonfarm payroll increase of 850,000 is undeniably strong, it belies a labor market still plagued with supply problems.</p><p><blockquote>人们可能会想宣布劳动力短缺已经结束，通胀辩论已经结束。但投资者现在还不应该上钩。尽管非农就业人数增加85万人不可否认是强劲的，但它掩盖了劳动力市场仍然受到供应问题的困扰。</blockquote></p><p> First, consider that government hiring rose 193,000 last month. That accounts for the entire headline overshoot versus economists’ expectations. Company payrolls increased 662,000, which would be incredible for normal times. Yet it was still far off the one million mark that economists had anticipated by this point in the recovery, as the economy bursts open and vaccinated consumers spend the trillions of dollars in cash stashed during the pandemic.</p><p><blockquote>首先，考虑一下上个月政府招聘人数增加了193,000人。这就是整个整体超出经济学家预期的原因。公司就业人数增加了66.2万人，这在正常情况下是不可思议的。然而，随着经济突然开放，接种疫苗的消费者花费了大流行期间储存的数万亿美元现金，这一数字仍远未达到经济学家在复苏阶段预期的100万美元大关。</blockquote></p><p> What’s more, private payrolls came in well short of the one million implied by closely watched data from employee-scheduling company Homebase, says Ian Shepherdson of Pantheon Macroeconomics.</p><p><blockquote>更重要的是，Pantheon Macroeconomics的伊恩·谢泼德森(Ian Shepherdson)表示，私人就业人数远低于员工调度公司Homebase备受关注的数据所暗示的100万。</blockquote></p><p> Second, labor-force participation was flat in June despite better hiring. That rate, 61.6%, is still down 1.7 percentage points from its prepandemic level. The employment-population ratio, which Federal Reserve officials have said they are watching, was also unchanged in June; at 58%, it remains 3.1 percentage points below its prepandemic level.</p><p><blockquote>其次，尽管招聘情况有所改善，但6月份劳动力参与率持平。这一比率为61.6%，仍比大流行前的水平下降1.7个百分点。美联储官员表示正在关注的就业人口比率在6月份也没有变化；为58%，仍比疫情前水平低3.1个百分点。</blockquote></p><p> Third, the slowdown in wage growth is deceiving. The 0.3% increase from May looks like a Goldilocks print—enough to drive continued spending without fueling inflation fears that have been building as shortages from labor to chips to food push prices broadly higher.</p><p><blockquote>三是工资增速放缓具有欺骗性。较5月份增长0.3%看起来像是金发姑娘，足以推动持续支出，而不会加剧通胀担忧，随着劳动力、薯片和食品的短缺推高价格，通胀担忧一直在加剧。</blockquote></p><p> “If anything, this understates the true rate of underlying wage inflation,” says Jefferies chief economist Aneta Markowska of the June wage increase. After adjusting for the return of low-wage leisure, hospitality, and retail workers, average hourly earnings rose by 0.5% in June from May, she says. By that measure, they are up 4.5% from a year earlier. Over the past three months, overall wages are up an annualized 6% as companies chase workers, says Gad Levanon of the Conference Board.</p><p><blockquote>杰富瑞首席经济学家阿内塔·马科夫斯卡(Aneta Markowska)在谈到6月份工资增长时表示：“如果说有什么不同的话，那就是这低估了基本工资通胀率的真实水平。”她表示，在调整低工资休闲、酒店和零售工人的回归后，6月份平均时薪较5月份增长了0.5%。按照这一标准，它们比去年同期增长了4.5%。世界大型企业联合会(Conference Board)的加德·莱瓦农(Gad Levanon)表示，过去三个月，随着公司追逐员工，总体工资年化上涨了6%。</blockquote></p><p> Further highlighting the fact that hiring is still being held back by supply, not demand: On an annualized basis this year, leisure and hospitality wages are up 12.3%, transportation and warehousing pay is up 8%, and retail wages are up 5.5%.</p><p><blockquote>这进一步凸显了一个事实，即招聘仍然受到供应而非需求的阻碍：今年按年计算，休闲和酒店工资上涨了12.3%，运输和仓储工资上涨了8%，零售工资上涨了5.5%。</blockquote></p><p> So, what’s an investor to make of the June jobs report? Nothing. Which is to say, the latest data do nothing to resolve the biggest questions facing the labor market.</p><p><blockquote>那么，投资者如何看待6月份的就业报告呢？没有。也就是说，最新数据无助于解决劳动力市场面临的最大问题。</blockquote></p><p> The degrees to which transitory factors—generous unemployment benefits, child-care issues, and Covid-19 concerns—are capping hiring and driving up wages won’t be clear for months. Schools need to reopen to resolve child-care issues holding back working parents, and enhanced unemployment pay needs to expire before it becomes clear the extent to which such benefits are keeping workers home.</p><p><blockquote>暂时性因素——慷慨的失业救济金、儿童保育问题和Covid-19担忧——在多大程度上限制了招聘并推高了工资，几个月内还不清楚。学校需要重新开放，以解决阻碍在职父母的儿童保育问题，而增加的失业救济金需要到期，然后才能清楚这些福利在多大程度上让工人留在家里。</blockquote></p><p> While about two dozen states either started cutting or are about to cut the extra $300 a week in unemployment insurance ahead of the federal program’s Sept. 6 expiration, Shepherdson notes that 70% of those unemployed won’t be affected by those early terminations. Because the June report does nothing to move the Fed’s needle, it shouldn’t stop the stock market from forging ahead.</p><p><blockquote>虽然在联邦计划9月6日到期之前，大约有24个州已经开始削减或即将削减每周额外300美元的失业保险，但谢泼德森指出，70%的失业者不会受到这些提前终止的影响。由于6月份的报告对美联储没有任何影响，因此不应阻止股市的前进。</blockquote></p><p> At least for now. “You can’t be unhappy to see an 850,000 payroll print, but it’s nowhere near fast enough,” Shepherdson says, especially given labor demand as evidenced by myriad indicators, help-wanted signs, and company commentary. “The labor-supply problem may fix itself, but it may not,” he says. “The issue really is that we could end up with sustained wage inflation.” Policy makers, however, will punt until they have definitive data—and that won’t be until November.</p><p><blockquote>至少现在是这样。谢泼德森表示：“看到85万份工资单打印出来，你不会不高兴，但这还不够快。”特别是考虑到无数指标、求助标志和公司评论所证明的劳动力需求。“劳动力供应问题可能会自行解决，但也可能不会，”他说。“真正的问题是，我们最终可能会面临持续的工资通胀。”然而，政策制定者将在获得明确数据之前犹豫不决——而这要到11月份。</blockquote></p><p> All of this means that data between now and the fall are noise. Many economists and investors are expecting the Fed to announce, at the annual Jackson Hole symposium next month, plans to taper its $120 billion in monthly asset purchases.</p><p><blockquote>所有这些都意味着从现在到秋季的数据都是噪音。许多经济学家和投资者预计美联储将在下个月的杰克逊霍尔年度研讨会上宣布缩减每月1200亿美元资产购买规模的计划。</blockquote></p><p> Not so fast, Shepherdson says. “This isn’t as linear as markets would like, and it won’t be clear by Jackson Hole,” he says.</p><p><blockquote>谢泼德森说，没那么快。“这并不像市场希望的那样线性，杰克逊霍尔也不会清楚这一点，”他说。</blockquote></p><p> If that’s right—that the Fed won’t have the data they want in time to lay out taper plans until later in the fall—an even longer period of ultraloose monetary policy might be in store. That is assuming there’s time for officials to telegraph plans well ahead of actually starting to withdraw support.</p><p><blockquote>如果这是正确的——美联储要到秋季晚些时候才能及时获得制定缩减计划所需的数据——可能会出现更长时间的超宽松货币政策。这是假设官员们在实际开始撤回支持之前有时间电传计划。</blockquote></p><p></p><p> Therein lies the risk of tuning out the noise, or the employment data, between now and the fall. If the resumption of school and the end to enhanced unemployment benefits don’t bring workers back, it will become clear that structural issues are at play and wage inflation is thus more persistent. As Shepherdson puts it, there is a strong likelihood that the Fed has to raise interest rates in 2022 because there is a good chance people won’t come back into the labor force.</p><p><blockquote>从现在到秋季，忽略噪音或就业数据的风险就在于此。如果学校复课和提高失业救济金的结束不能让工人回来，那么很明显，结构性问题正在发挥作用，工资通胀因此更加持久。正如谢泼德森所说，美联储很有可能不得不在2022年加息，因为人们很有可能不会重返劳动力市场。</blockquote></p><p> Investors should continue to enjoythe stock market gains. But they should also be careful. Waiting for definitive data to show whether the labor shortage is more than transitory means policy makers might have to act sooner and faster than it would seem—especially if deceivingly balanced reports like June’s dot the next few months.</p><p><blockquote>投资者应该继续享受股市的涨幅。但他们也应该小心。等待明确的数据来显示劳动力短缺是否不仅仅是暂时的，这意味着政策制定者可能不得不比看起来更快更快地采取行动——特别是如果未来几个月出现像6月份dot这样具有欺骗性的平衡报告。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/jobs-report-investors-should-be-skeptical-51625267210?mod=hp_LEAD_2\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://www.barrons.com/articles/jobs-report-investors-should-be-skeptical-51625267210?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197906560","content_text":"On its face, the June jobs report looksalmost perfect. After months of disappointments, hiring beat Wall Street’s expectations—with wages rising, but at a cooler pace than the lofty levels of spring.\nOne might be tempted to declare the labor shortage over and the inflation debate done. But investors shouldn’t take the bait just yet. While a nonfarm payroll increase of 850,000 is undeniably strong, it belies a labor market still plagued with supply problems.\nFirst, consider that government hiring rose 193,000 last month. That accounts for the entire headline overshoot versus economists’ expectations. Company payrolls increased 662,000, which would be incredible for normal times. Yet it was still far off the one million mark that economists had anticipated by this point in the recovery, as the economy bursts open and vaccinated consumers spend the trillions of dollars in cash stashed during the pandemic.\nWhat’s more, private payrolls came in well short of the one million implied by closely watched data from employee-scheduling company Homebase, says Ian Shepherdson of Pantheon Macroeconomics.\nSecond, labor-force participation was flat in June despite better hiring. That rate, 61.6%, is still down 1.7 percentage points from its prepandemic level. The employment-population ratio, which Federal Reserve officials have said they are watching, was also unchanged in June; at 58%, it remains 3.1 percentage points below its prepandemic level.\nThird, the slowdown in wage growth is deceiving. The 0.3% increase from May looks like a Goldilocks print—enough to drive continued spending without fueling inflation fears that have been building as shortages from labor to chips to food push prices broadly higher.\n“If anything, this understates the true rate of underlying wage inflation,” says Jefferies chief economist Aneta Markowska of the June wage increase. After adjusting for the return of low-wage leisure, hospitality, and retail workers, average hourly earnings rose by 0.5% in June from May, she says. By that measure, they are up 4.5% from a year earlier. Over the past three months, overall wages are up an annualized 6% as companies chase workers, says Gad Levanon of the Conference Board.\nFurther highlighting the fact that hiring is still being held back by supply, not demand: On an annualized basis this year, leisure and hospitality wages are up 12.3%, transportation and warehousing pay is up 8%, and retail wages are up 5.5%.\nSo, what’s an investor to make of the June jobs report? Nothing. Which is to say, the latest data do nothing to resolve the biggest questions facing the labor market.\nThe degrees to which transitory factors—generous unemployment benefits, child-care issues, and Covid-19 concerns—are capping hiring and driving up wages won’t be clear for months. Schools need to reopen to resolve child-care issues holding back working parents, and enhanced unemployment pay needs to expire before it becomes clear the extent to which such benefits are keeping workers home.\nWhile about two dozen states either started cutting or are about to cut the extra $300 a week in unemployment insurance ahead of the federal program’s Sept. 6 expiration, Shepherdson notes that 70% of those unemployed won’t be affected by those early terminations. Because the June report does nothing to move the Fed’s needle, it shouldn’t stop the stock market from forging ahead.\nAt least for now. “You can’t be unhappy to see an 850,000 payroll print, but it’s nowhere near fast enough,” Shepherdson says, especially given labor demand as evidenced by myriad indicators, help-wanted signs, and company commentary. “The labor-supply problem may fix itself, but it may not,” he says. “The issue really is that we could end up with sustained wage inflation.” Policy makers, however, will punt until they have definitive data—and that won’t be until November.\nAll of this means that data between now and the fall are noise. Many economists and investors are expecting the Fed to announce, at the annual Jackson Hole symposium next month, plans to taper its $120 billion in monthly asset purchases.\nNot so fast, Shepherdson says. “This isn’t as linear as markets would like, and it won’t be clear by Jackson Hole,” he says.\nIf that’s right—that the Fed won’t have the data they want in time to lay out taper plans until later in the fall—an even longer period of ultraloose monetary policy might be in store. That is assuming there’s time for officials to telegraph plans well ahead of actually starting to withdraw support.\nTherein lies the risk of tuning out the noise, or the employment data, between now and the fall. If the resumption of school and the end to enhanced unemployment benefits don’t bring workers back, it will become clear that structural issues are at play and wage inflation is thus more persistent. As Shepherdson puts it, there is a strong likelihood that the Fed has to raise interest rates in 2022 because there is a good chance people won’t come back into the labor force.\nInvestors should continue to enjoythe stock market gains. But they should also be careful. Waiting for definitive data to show whether the labor shortage is more than transitory means policy makers might have to act sooner and faster than it would seem—especially if deceivingly balanced reports like June’s dot the next few 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means??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/804615726","repostId":"1196431673","repostType":4,"isVote":1,"tweetType":1,"viewCount":3031,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141782887,"gmtCreate":1625891900249,"gmtModify":1633936298022,"author":{"id":"3576899111877903","authorId":"3576899111877903","name":"Jack_Chen_qy","avatar":"https://static.tigerbbs.com/d7857d3bb380dd24f38771faa0cbd29c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576899111877903","idStr":"3576899111877903"},"themes":[],"htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/141782887","repostId":"2150379822","repostType":4,"isVote":1,"tweetType":1,"viewCount":299,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152533523,"gmtCreate":1625308395562,"gmtModify":1633941562145,"author":{"id":"3576899111877903","authorId":"3576899111877903","name":"Jack_Chen_qy","avatar":"https://static.tigerbbs.com/d7857d3bb380dd24f38771faa0cbd29c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576899111877903","idStr":"3576899111877903"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/152533523","repostId":"1140994998","repostType":4,"isVote":1,"tweetType":1,"viewCount":381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813237895,"gmtCreate":1630204147517,"gmtModify":1704956980811,"author":{"id":"3576899111877903","authorId":"3576899111877903","name":"Jack_Chen_qy","avatar":"https://static.tigerbbs.com/d7857d3bb380dd24f38771faa0cbd29c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576899111877903","idStr":"3576899111877903"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/813237895","repostId":"1129129956","repostType":4,"repost":{"id":"1129129956","kind":"news","pubTimestamp":1630201285,"share":"https://www.laohu8.com/m/news/1129129956?lang=zh_CN&edition=full","pubTime":"2021-08-29 09:41","market":"us","language":"en","title":"This Unloved Tech Stock Could Make You Rich One Day<blockquote>这只不受欢迎的科技股有一天会让你变得富有</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129129956","media":"Motley Fool","summary":"The iBuying business is a race to grow larger, and Opendoor is winning.The company is growing at a rate that is two years ahead of what management projected just a year earlier.The market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.Real estate iBuying company Opendoor Technologieshas been executing at a high level in the three quarters since coming public via a special purpose acquisition company  merger. In a race to disrupt residential ","content":"<p>Key Points</p><p><blockquote>要点</blockquote></p><p> <ul>  <li>The iBuying business is a race to grow larger, and Opendoor is winning.</li>  <li>The company is growing at a rate that is two years ahead of what management projected just a year earlier.</li>  <li>The market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.</li> </ul> </p><p><blockquote><ul><li>iBuying业务是一场做大的竞赛，Opendoor正在获胜。</li><li>该公司的增长速度比管理层一年前的预测提前了两年。</li><li>市场对几乎所有SPAC都持悲观态度，这使得Opendoor成为最终可能带来巨额回报的便宜货。</li></ul></blockquote></p><p> Real estate iBuying company&nbsp;<b>Opendoor Technologies</b>(NASDAQ:OPEN)has been executing at a high level in the three quarters since coming public via a special purpose acquisition company (SPAC) merger. In a race to disrupt residential real estate, one of the largest markets in the world, Opendoor's long-term potential could bring big returns for patient investors.</p><p><blockquote>房地产iBuying公司<b>开门技术</b>（纳斯达克：OPEN）自通过特殊目的收购公司（SPAC）合并上市以来，三个季度的执行情况一直处于高水平。在颠覆全球最大市场之一住宅房地产的竞赛中，Opendoor的长期潜力可能会为耐心的投资者带来丰厚的回报。</blockquote></p><p> Despite the upside, the market hasn't yet appreciated Opendoor's accomplishments; the stock is down more than 50% from its highs. There are three important clues that Opendoor could be a compelling investment idea for bold investors.</p><p><blockquote>尽管有上行空间，市场尚未欣赏Opendoor的成就；该股较高点下跌超过50%。有三个重要线索表明，对于大胆的投资者来说，Opendoor可能是一个引人注目的投资理念。</blockquote></p><p> <h3>1. Opendoor is winning the iBuying battle</h3> The traditional home-buying process in the United States is slow and handled by multiple parties, including agents, lawyers, inspectors, and bankers. This creates a lot of back and forth paperwork and drags the process out to more than 30 days, on average.</p><p><blockquote><h3>1.Opendoor正在赢得iBuying之战</h3>美国传统的购房流程缓慢，由多方处理，包括代理人、律师、检查员和银行家。这造成了大量来回的文书工作，平均将流程拖到30多天。</blockquote></p><p> Opendoor pioneered the concept of \"iBuying,\" where the buying and selling of a house are digitized, and a company like Opendoor works directly with sellers to provide them with a cash offer and a digital closing process. The company then resells the house on the market. The iBuying process cuts out agents and some of the fees associated with traditional closings, such as agent commissions. Opendoor then resells the house on the market and charges a service fee of up to 5% on the transaction.</p><p><blockquote>Opendoor开创了“iBuying”的概念，即房屋的买卖是数字化的，像Opendoor这样的公司直接与卖家合作，为他们提供现金报价和数字化成交流程。然后公司在市场上转售房子。iBuying流程省去了代理商和一些与传统成交相关的费用，如代理商佣金。然后Opendoor在市场上转售房屋，并收取高达5%的交易服务费。</blockquote></p><p> After seeing Opendoor steadily grow with its iBuying concept, competitors have also begun to offer iBuying services, including&nbsp;<b>Zillow Group</b>&nbsp;and Offerpad. Because of how capital intensive the business is (a lot of money is needed to buy and sell thousands of houses) and how price competitive the housing market is, these companies are racing to get as big as possible. As the companies buy and sell more homes, they have the ability to become more profitable by leveraging outsourced contractors to save money, and its pricing algorithm improves as it sees more transactions.</p><p><blockquote>在看到Opendoor凭借iBuying概念稳步增长后，竞争对手也开始提供iBuying服务，包括<b>Zillow集团</b>和Offerpad。由于该业务的资本密集型程度（买卖数千套房屋需要大量资金）以及房地产市场的价格竞争力，这些公司都在竞相做大。随着公司买卖更多房屋，他们有能力通过利用外包承包商来节省资金来获得更多利润，并且随着交易数量的增加，其定价算法也会改进。</blockquote></p><p> According to iBuyerStats, a website dedicated to tracking the competitors found in iBuying, Opendoor has consistently had the most housing inventory available for sale. It currently has roughly 3,300 houses for sale, 53% more than Zillow and more than four times as many as Offerpad.</p><p><blockquote>根据专门跟踪iBuying竞争对手的网站iBuyerStats的数据，Opendoor一直拥有最多的待售房屋库存。该公司目前约有3,300套待售房屋，比Zillow多53%，是Offerpad的四倍多。</blockquote></p><p> <h3>2. Revenue growth is ahead of schedule</h3> When companies go public viaSPACmerger, they lay out a public presentation of their business, often including long-term growth projections. Opendoor laid out its pre-merger investor presentation about a year ago, in September 2020.</p><p><blockquote><h3>2、营收增速提前</h3>当公司通过SpacMerger上市时，他们会公开介绍自己的业务，通常包括长期增长预测。大约一年前，即2020年9月，Opendoor发布了合并前投资者演示文稿。</blockquote></p><p> Fast forward to the company's recent 2021 Q2 earnings call. CEO and founder Eric Wu said on the earnings call, \"... based on our current progress, our second half revenue run rate is on track to exceed our 2023 target, a full two years ahead of plan.\"</p><p><blockquote>快进到该公司最近的2021年第二季度收益看涨期权。首席执行官兼创始人Eric Wu在财报看涨期权上表示，“……根据我们目前的进展，我们下半年的收入运行率有望超过2023年的目标，比计划提前了整整两年。”</blockquote></p><p> In other words, if Opendoor were to operate for 12 months at the level the business currently is, it would surpass the $9.8 billion in revenue it projected for 2023. This is an underlooked point because if Opendoor is already two years ahead of its original growth curve, where will it be by 2023? Sure, a dip in the housing market or other events could disrupt the company's speed of growth, but Opendoor is showing the world that the business is operating at a high level.</p><p><blockquote>换句话说，如果Opendoor按照目前的业务水平运营12个月，它将超过2023年预计的98亿美元收入。这是一个被忽视的点，因为如果Opendoor已经比其最初的增长曲线提前了两年，那么到2023年它会在哪里？当然，房地产市场下滑或其他事件可能会扰乱公司的增长速度，但Opendoor正在向世界展示该业务正在高水平运营。</blockquote></p><p> <h3>3. SPACs are out of favor with the market... opportunity?</h3> Investors have overlooked this strong performance, focusing instead on the fact that Opendoor joined the public market via SPAC merger. It has hardly mattered what operating results or earnings have looked like for former SPACs; the stock market has been selling off virtually all SPAC-based stocks for several months now.</p><p><blockquote><h3>3、SPAC失宠于市场……机会？</h3>投资者忽略了这一强劲表现，而是关注Opendoor通过SPAC合并加入公开市场的事实。对于前SPAC来说，经营业绩或收益如何并不重要；几个月来，股市几乎一直在抛售所有基于SPAC的股票。</blockquote></p><p> Investors have been spooked by a handful of \"bad apple\" companies turning up fraudulent, and other companies have wildly missed on the projections they made before going public. These instances have burned those involved, and investors have taken a much more cautious attitude toward SPACs as a whole.</p><p><blockquote>投资者对少数“不良苹果”公司的欺诈行为感到震惊，而其他公司也严重未能实现上市前的预测。这些事件激怒了相关人员，投资者对SPAC整体采取了更加谨慎的态度。</blockquote></p><p> But if companies like Opendoor keep blowing away estimates, the market is likely to come around eventually. When it does, the stock price could move aggressively. If we take Eric Wu's comments about revenue and assume that Opendoor does sales of $10 billion in 2022 (in other words, Opendoor stops growing and maintains its current pace over the following year), the stock currently trades at aprice-to-sales(P/S) ratio of just 1.0. That's a bargain-bin valuation.</p><p><blockquote>但如果像Opendoor这样的公司继续超出预期，市场最终可能会好转。当这种情况发生时，股价可能会大幅波动。如果我们采纳Eric Wu对收入的评论，并假设Opendoor在2022年的销售额为100亿美元（换句话说，Opendoor在接下来的一年里停止增长并保持目前的速度），那么该股目前的市销率(P/S)比率仅为1.0。这是一个便宜的估值。</blockquote></p><p> Competitor Zillow Group trades at a P/S ratio of more than 3, reflecting Opendoor's discount as a former SPAC.</p><p><blockquote>竞争对手Zillow Group的市盈率超过3，反映了Opendoor作为前SPAC的折扣。</blockquote></p><p></p><p> <h3>Here's the bottom line</h3> Real estate is a huge market, and it's a complicated industry because of the clash between traditional agents and the \"new kids\" on the block trying to bring technology into homebuying. It's too early to say that Opendoor will become the \"<b>Amazon</b>\" of home buying, but what seems certain is that the company is&nbsp;poised to be a big player&nbsp;in real estate's future if it keeps performing like this.</p><p><blockquote><h3>这是底线</h3>房地产是一个巨大的市场，也是一个复杂的行业，因为传统代理商和试图将技术引入购房的“新人”之间存在冲突。现在说Opendoor将成为“<b>亚马逊</b>“但似乎可以肯定的是，如果该公司继续保持这样的表现，它将成为房地产未来的重要参与者。</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>This Unloved Tech Stock Could Make You Rich One Day<blockquote>这只不受欢迎的科技股有一天会让你变得富有</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\">\nThis Unloved Tech Stock Could Make You Rich One Day<blockquote>这只不受欢迎的科技股有一天会让你变得富有</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-08-29 09:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Key Points</p><p><blockquote>要点</blockquote></p><p> <ul>  <li>The iBuying business is a race to grow larger, and Opendoor is winning.</li>  <li>The company is growing at a rate that is two years ahead of what management projected just a year earlier.</li>  <li>The market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.</li> </ul> </p><p><blockquote><ul><li>iBuying业务是一场做大的竞赛，Opendoor正在获胜。</li><li>该公司的增长速度比管理层一年前的预测提前了两年。</li><li>市场对几乎所有SPAC都持悲观态度，这使得Opendoor成为最终可能带来巨额回报的便宜货。</li></ul></blockquote></p><p> Real estate iBuying company&nbsp;<b>Opendoor Technologies</b>(NASDAQ:OPEN)has been executing at a high level in the three quarters since coming public via a special purpose acquisition company (SPAC) merger. In a race to disrupt residential real estate, one of the largest markets in the world, Opendoor's long-term potential could bring big returns for patient investors.</p><p><blockquote>房地产iBuying公司<b>开门技术</b>（纳斯达克：OPEN）自通过特殊目的收购公司（SPAC）合并上市以来，三个季度的执行情况一直处于高水平。在颠覆全球最大市场之一住宅房地产的竞赛中，Opendoor的长期潜力可能会为耐心的投资者带来丰厚的回报。</blockquote></p><p> Despite the upside, the market hasn't yet appreciated Opendoor's accomplishments; the stock is down more than 50% from its highs. There are three important clues that Opendoor could be a compelling investment idea for bold investors.</p><p><blockquote>尽管有上行空间，市场尚未欣赏Opendoor的成就；该股较高点下跌超过50%。有三个重要线索表明，对于大胆的投资者来说，Opendoor可能是一个引人注目的投资理念。</blockquote></p><p> <h3>1. Opendoor is winning the iBuying battle</h3> The traditional home-buying process in the United States is slow and handled by multiple parties, including agents, lawyers, inspectors, and bankers. This creates a lot of back and forth paperwork and drags the process out to more than 30 days, on average.</p><p><blockquote><h3>1.Opendoor正在赢得iBuying之战</h3>美国传统的购房流程缓慢，由多方处理，包括代理人、律师、检查员和银行家。这造成了大量来回的文书工作，平均将流程拖到30多天。</blockquote></p><p> Opendoor pioneered the concept of \"iBuying,\" where the buying and selling of a house are digitized, and a company like Opendoor works directly with sellers to provide them with a cash offer and a digital closing process. The company then resells the house on the market. The iBuying process cuts out agents and some of the fees associated with traditional closings, such as agent commissions. Opendoor then resells the house on the market and charges a service fee of up to 5% on the transaction.</p><p><blockquote>Opendoor开创了“iBuying”的概念，即房屋的买卖是数字化的，像Opendoor这样的公司直接与卖家合作，为他们提供现金报价和数字化成交流程。然后公司在市场上转售房子。iBuying流程省去了代理商和一些与传统成交相关的费用，如代理商佣金。然后Opendoor在市场上转售房屋，并收取高达5%的交易服务费。</blockquote></p><p> After seeing Opendoor steadily grow with its iBuying concept, competitors have also begun to offer iBuying services, including&nbsp;<b>Zillow Group</b>&nbsp;and Offerpad. Because of how capital intensive the business is (a lot of money is needed to buy and sell thousands of houses) and how price competitive the housing market is, these companies are racing to get as big as possible. As the companies buy and sell more homes, they have the ability to become more profitable by leveraging outsourced contractors to save money, and its pricing algorithm improves as it sees more transactions.</p><p><blockquote>在看到Opendoor凭借iBuying概念稳步增长后，竞争对手也开始提供iBuying服务，包括<b>Zillow集团</b>和Offerpad。由于该业务的资本密集型程度（买卖数千套房屋需要大量资金）以及房地产市场的价格竞争力，这些公司都在竞相做大。随着公司买卖更多房屋，他们有能力通过利用外包承包商来节省资金来获得更多利润，并且随着交易数量的增加，其定价算法也会改进。</blockquote></p><p> According to iBuyerStats, a website dedicated to tracking the competitors found in iBuying, Opendoor has consistently had the most housing inventory available for sale. It currently has roughly 3,300 houses for sale, 53% more than Zillow and more than four times as many as Offerpad.</p><p><blockquote>根据专门跟踪iBuying竞争对手的网站iBuyerStats的数据，Opendoor一直拥有最多的待售房屋库存。该公司目前约有3,300套待售房屋，比Zillow多53%，是Offerpad的四倍多。</blockquote></p><p> <h3>2. Revenue growth is ahead of schedule</h3> When companies go public viaSPACmerger, they lay out a public presentation of their business, often including long-term growth projections. Opendoor laid out its pre-merger investor presentation about a year ago, in September 2020.</p><p><blockquote><h3>2、营收增速提前</h3>当公司通过SpacMerger上市时，他们会公开介绍自己的业务，通常包括长期增长预测。大约一年前，即2020年9月，Opendoor发布了合并前投资者演示文稿。</blockquote></p><p> Fast forward to the company's recent 2021 Q2 earnings call. CEO and founder Eric Wu said on the earnings call, \"... based on our current progress, our second half revenue run rate is on track to exceed our 2023 target, a full two years ahead of plan.\"</p><p><blockquote>快进到该公司最近的2021年第二季度收益看涨期权。首席执行官兼创始人Eric Wu在财报看涨期权上表示，“……根据我们目前的进展，我们下半年的收入运行率有望超过2023年的目标，比计划提前了整整两年。”</blockquote></p><p> In other words, if Opendoor were to operate for 12 months at the level the business currently is, it would surpass the $9.8 billion in revenue it projected for 2023. This is an underlooked point because if Opendoor is already two years ahead of its original growth curve, where will it be by 2023? Sure, a dip in the housing market or other events could disrupt the company's speed of growth, but Opendoor is showing the world that the business is operating at a high level.</p><p><blockquote>换句话说，如果Opendoor按照目前的业务水平运营12个月，它将超过2023年预计的98亿美元收入。这是一个被忽视的点，因为如果Opendoor已经比其最初的增长曲线提前了两年，那么到2023年它会在哪里？当然，房地产市场下滑或其他事件可能会扰乱公司的增长速度，但Opendoor正在向世界展示该业务正在高水平运营。</blockquote></p><p> <h3>3. SPACs are out of favor with the market... opportunity?</h3> Investors have overlooked this strong performance, focusing instead on the fact that Opendoor joined the public market via SPAC merger. It has hardly mattered what operating results or earnings have looked like for former SPACs; the stock market has been selling off virtually all SPAC-based stocks for several months now.</p><p><blockquote><h3>3、SPAC失宠于市场……机会？</h3>投资者忽略了这一强劲表现，而是关注Opendoor通过SPAC合并加入公开市场的事实。对于前SPAC来说，经营业绩或收益如何并不重要；几个月来，股市几乎一直在抛售所有基于SPAC的股票。</blockquote></p><p> Investors have been spooked by a handful of \"bad apple\" companies turning up fraudulent, and other companies have wildly missed on the projections they made before going public. These instances have burned those involved, and investors have taken a much more cautious attitude toward SPACs as a whole.</p><p><blockquote>投资者对少数“不良苹果”公司的欺诈行为感到震惊，而其他公司也严重未能实现上市前的预测。这些事件激怒了相关人员，投资者对SPAC整体采取了更加谨慎的态度。</blockquote></p><p> But if companies like Opendoor keep blowing away estimates, the market is likely to come around eventually. When it does, the stock price could move aggressively. If we take Eric Wu's comments about revenue and assume that Opendoor does sales of $10 billion in 2022 (in other words, Opendoor stops growing and maintains its current pace over the following year), the stock currently trades at aprice-to-sales(P/S) ratio of just 1.0. That's a bargain-bin valuation.</p><p><blockquote>但如果像Opendoor这样的公司继续超出预期，市场最终可能会好转。当这种情况发生时，股价可能会大幅波动。如果我们采纳Eric Wu对收入的评论，并假设Opendoor在2022年的销售额为100亿美元（换句话说，Opendoor在接下来的一年里停止增长并保持目前的速度），那么该股目前的市销率(P/S)比率仅为1.0。这是一个便宜的估值。</blockquote></p><p> Competitor Zillow Group trades at a P/S ratio of more than 3, reflecting Opendoor's discount as a former SPAC.</p><p><blockquote>竞争对手Zillow Group的市盈率超过3，反映了Opendoor作为前SPAC的折扣。</blockquote></p><p></p><p> <h3>Here's the bottom line</h3> Real estate is a huge market, and it's a complicated industry because of the clash between traditional agents and the \"new kids\" on the block trying to bring technology into homebuying. It's too early to say that Opendoor will become the \"<b>Amazon</b>\" of home buying, but what seems certain is that the company is&nbsp;poised to be a big player&nbsp;in real estate's future if it keeps performing like this.</p><p><blockquote><h3>这是底线</h3>房地产是一个巨大的市场，也是一个复杂的行业，因为传统代理商和试图将技术引入购房的“新人”之间存在冲突。现在说Opendoor将成为“<b>亚马逊</b>“但似乎可以肯定的是，如果该公司继续保持这样的表现，它将成为房地产未来的重要参与者。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/28/this-unloved-tech-stock-may-make-you-rich-one-day/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"OPEN":"Opendoor Technologies Inc"},"source_url":"https://www.fool.com/investing/2021/08/28/this-unloved-tech-stock-may-make-you-rich-one-day/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129129956","content_text":"Key Points\n\nThe iBuying business is a race to grow larger, and Opendoor is winning.\nThe company is growing at a rate that is two years ahead of what management projected just a year earlier.\nThe market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.\n\n\nReal estate iBuying company Opendoor Technologies(NASDAQ:OPEN)has been executing at a high level in the three quarters since coming public via a special purpose acquisition company (SPAC) merger. In a race to disrupt residential real estate, one of the largest markets in the world, Opendoor's long-term potential could bring big returns for patient investors.\nDespite the upside, the market hasn't yet appreciated Opendoor's accomplishments; the stock is down more than 50% from its highs. There are three important clues that Opendoor could be a compelling investment idea for bold investors.\n1. Opendoor is winning the iBuying battle\nThe traditional home-buying process in the United States is slow and handled by multiple parties, including agents, lawyers, inspectors, and bankers. This creates a lot of back and forth paperwork and drags the process out to more than 30 days, on average.\nOpendoor pioneered the concept of \"iBuying,\" where the buying and selling of a house are digitized, and a company like Opendoor works directly with sellers to provide them with a cash offer and a digital closing process. The company then resells the house on the market. The iBuying process cuts out agents and some of the fees associated with traditional closings, such as agent commissions. Opendoor then resells the house on the market and charges a service fee of up to 5% on the transaction.\nAfter seeing Opendoor steadily grow with its iBuying concept, competitors have also begun to offer iBuying services, including Zillow Group and Offerpad. Because of how capital intensive the business is (a lot of money is needed to buy and sell thousands of houses) and how price competitive the housing market is, these companies are racing to get as big as possible. As the companies buy and sell more homes, they have the ability to become more profitable by leveraging outsourced contractors to save money, and its pricing algorithm improves as it sees more transactions.\nAccording to iBuyerStats, a website dedicated to tracking the competitors found in iBuying, Opendoor has consistently had the most housing inventory available for sale. It currently has roughly 3,300 houses for sale, 53% more than Zillow and more than four times as many as Offerpad.\n2. Revenue growth is ahead of schedule\nWhen companies go public viaSPACmerger, they lay out a public presentation of their business, often including long-term growth projections. Opendoor laid out its pre-merger investor presentation about a year ago, in September 2020.\nFast forward to the company's recent 2021 Q2 earnings call. CEO and founder Eric Wu said on the earnings call, \"... based on our current progress, our second half revenue run rate is on track to exceed our 2023 target, a full two years ahead of plan.\"\nIn other words, if Opendoor were to operate for 12 months at the level the business currently is, it would surpass the $9.8 billion in revenue it projected for 2023. This is an underlooked point because if Opendoor is already two years ahead of its original growth curve, where will it be by 2023? Sure, a dip in the housing market or other events could disrupt the company's speed of growth, but Opendoor is showing the world that the business is operating at a high level.\n3. SPACs are out of favor with the market... opportunity?\nInvestors have overlooked this strong performance, focusing instead on the fact that Opendoor joined the public market via SPAC merger. It has hardly mattered what operating results or earnings have looked like for former SPACs; the stock market has been selling off virtually all SPAC-based stocks for several months now.\nInvestors have been spooked by a handful of \"bad apple\" companies turning up fraudulent, and other companies have wildly missed on the projections they made before going public. These instances have burned those involved, and investors have taken a much more cautious attitude toward SPACs as a whole.\nBut if companies like Opendoor keep blowing away estimates, the market is likely to come around eventually. When it does, the stock price could move aggressively. If we take Eric Wu's comments about revenue and assume that Opendoor does sales of $10 billion in 2022 (in other words, Opendoor stops growing and maintains its current pace over the following year), the stock currently trades at aprice-to-sales(P/S) ratio of just 1.0. That's a bargain-bin valuation.\nCompetitor Zillow Group trades at a P/S ratio of more than 3, reflecting Opendoor's discount as a former SPAC.\nHere's the bottom line\nReal estate is a huge market, and it's a complicated industry because of the clash between traditional agents and the \"new kids\" on the block trying to bring technology into homebuying. It's too early to say that Opendoor will become the \"Amazon\" of home buying, but what seems certain is that the company is poised to be a big player in real estate's future if it keeps performing like this.","news_type":1,"symbols_score_info":{"OPEN":0.9}},"isVote":1,"tweetType":1,"viewCount":1477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}