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2021-04-24

Cmon

抱歉，原内容已删除

2021-04-24

Lets go

2021-04-23

Come on

Intel Earnings Crushed Estimates. Why Its Stock Is Dropping.<blockquote>英特尔盈利超出预期。为什么其股价下跌。</blockquote>

2021-04-23

Lets go

2021-04-23

Hopefully not

抱歉，原内容已删除

2021-04-23

Well well well

抱歉，原内容已删除

2021-04-23

I doubt so

抱歉，原内容已删除

2021-04-22

$SINGAPORE AIRLINES LTD(C6L.SI)$oh man

2021-04-22

Lets go

2021-04-22

No way

It Seems Netflix Has Been Dethroned<blockquote>Netflix 似乎已被废黜</blockquote>

2021-04-22

Lets go

2021-04-22

Wow

抱歉，原内容已删除

2021-04-22

Great

抱歉，原内容已删除

2021-04-21

Lets go

2021-04-21

Nice

XPeng P5's cumulative orders have exceeded 10000<blockquote>小鹏P5累计订单已超过10000辆</blockquote>

2021-03-17

Nooo

The Financial Crisis the World Forgot<blockquote>世界遗忘的金融危机</blockquote>

2021-03-17

Lets go

2021-03-17

Great

5 Stocks To Watch For March 17, 2021<blockquote>2021 年 3 月 17 日值得关注的 5 只股票</blockquote>

2021-03-17

LETS GO

去老虎APP查看更多动态

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on","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/372995792","repostId":"1184108476","repostType":4,"repost":{"id":"1184108476","kind":"news","pubTimestamp":1619160399,"share":"https://www.laohunote.com/m/news/1184108476?lang=zh_CN&edition=full","pubTime":"2021-04-23 14:46","market":"us","language":"en","title":"Intel Earnings Crushed Estimates. Why Its Stock Is Dropping.<blockquote>英特尔盈利超出预期。为什么其股价下跌。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184108476","media":"Barrons","summary":"Shares of U.S. chip maker Intel slumped in in Friday premarket trading, despite reporting earnings that easily beat Wall Street’s expectations. The company sold more chips for personal computers, but investors seem focused on a dip in Intel’s ever-important data center revenue.Shares of Intel  dropped 2.2% in premarket trading. The stock, which closed at $62.57 Thursday, is up about 40% since late October.Intel reported first-quarter net income of $3.4 billion, or 82 cents a share, compared with","content":"<p>Shares of U.S. chip maker Intel slumped in in Friday&nbsp;premarket trading, despite reporting earnings that easily beat Wall Street’s expectations. The company sold more chips for personal computers, but investors seem focused on a dip in Intel’s ever-important data center revenue.</p><p><blockquote>美国芯片制造商英特尔的股价在周五盘前交易中暴跌，尽管该公司公布的财报轻松超出了华尔街的预期。该公司销售了更多个人电脑芯片，但投资者似乎更关注英特尔一直以来重要的数据中心收入的下降。</blockquote></p><p>Shares of Intel (ticker: INTC) dropped 2.2%&nbsp;in&nbsp;premarket trading. The stock, which closed at $62.57 Thursday, is up about 40% since late October.</p><p><blockquote>英特尔（股票代码：INTC）股价在盘前交易中下跌 2.2%。该股周四收于 62.57 美元，自 10 月下旬以来已上涨约 40%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/26f95a274e27e741102e3f91e4c5c914\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Intel&nbsp;reported first-quarter net income of $3.4 billion, or 82 cents a share, compared with net profit of $5.7 billion, or $1.31 a share, in the year-ago quarter. Revenue dipped 1% to $19.7 billion. Excluding the company’s flash memory business, and a legal judgment, among other things, Intel reported earnings of $1.39 a share. Non-GAAP revenue was flat at $18.6 billion.</p><p><blockquote>英特尔公布第一季度净利润为 34 亿美元，即每股 82 美分，而去年同期净利润为 57 亿美元，即每股 1.31 美元。收入下降 1% 至 197 亿美元。不包括公司的闪存业务和法律判决等因素，英特尔公布的每股收益为 1.39 美元。非 GAAP 收入持平于 186 亿美元。</blockquote></p><p>Analysts had expected adjusted earnings of $1.15 on revenue of $17.74 billion.</p><p><blockquote>分析师此前预计调整后收益为 1.15 美元，营收为 177.4 亿美元。</blockquote></p><p>“This is a pivotal year for Intel,” CEO Pat Gelsinger&nbsp;said. “We are setting our strategic foundation and investing to accelerate our trajectory and capitalize on the explosive growth in semiconductors that power our increasingly digital world.”</p><p><blockquote>“英特尔首席执行官帕特-基尔辛格（Pat Gelsinger）说：”今年是英特尔关键的一年。“我们正在奠定战略基础，并进行投资，以加快我们的发展轨迹，并利用半导体的爆炸性增长，为我们日益数字化的世界提供动力”。</blockquote></p><p>On Thursday, Intel credited strong personal computer demand for the billion-dollar beat, and “initial recovery” of its enterprise and government sales that contribute to is data center segment. Revenue in its PC segment grew 8% to $10.6 billion, when Wall Street expected $10.02 billion.</p><p><blockquote>周四，英特尔将强劲的个人电脑需求归功于数据中心部门的强劲增长，而企业和政府销售额的 “初步复苏 ”则归功于数据中心部门。其个人电脑部门的收入增长了 8%，达到 106 亿美元，而华尔街预期为 100.2 亿美元。</blockquote></p><p>Nonetheless, the company’s data center revenue fell short of expectations, declining 20% to $5.6 billion. Wall Street had expected $5.84 billion.</p><p><blockquote>尽管如此，该公司的数据中心收入仍未达到预期，下降了 20%，至 56 亿美元。华尔街此前预计为 58.4 亿美元。</blockquote></p><p>Weeks ago, at the same time the company&nbsp;announced its future manufacturing plans, Intel said that it would report results above its guidance but didn’t provide precise figures.</p><p><blockquote>几周前，在公司宣布未来制造计划的同时，英特尔表示将公布高于指引的业绩，但没有提供确切的数字。</blockquote></p><p>Intel’s self-driving technology unit, Mobileye, was a bright spot. Revenue grew 48% to $377 million.</p><p><blockquote>英特尔的自动驾驶技术部门 Mobileye 是一个亮点。收入增长 48%，达到 3.77 亿美元。</blockquote></p><p>A $2.18 billion judgment, stemming from a recent loss in a Texas patent fight, also weighed on first-quarter profit. Intel said it “strongly disagrees with the jury’s verdict in March and intends to appeal.”</p><p><blockquote>由于最近在德克萨斯州专利诉讼中的失败，一项价值 21.8 亿美元的判决也影响了第一季度的利润。英特尔表示 “强烈不同意陪审团 3 月份的裁决，并打算上诉”。</blockquote></p><p>The company said it expected non-GAAP second quarter earnings of $1.05 a share, and revenue of $17.8 billion, excluding the company’s flash memory business. Intel sold the memory unit last year, but the deal hasn’t yet closed. Including flash revenue, Intel expects to report second-quarter revenue of $18.9 billion.</p><p><blockquote>该公司表示，预计第二季度非美国通用会计准则每股收益为 1.05 美元，不包括公司闪存业务，营收为 178 亿美元。英特尔去年出售了该内存单元，但交易尚未完成。包括闪电收入在内，英特尔预计第二季度营收为 189 亿美元。</blockquote></p><p>The consensus for adjusted first-quarter earnings is $1.12 a share on sales of $17.64 billion.</p><p><blockquote>调整后第一季度收益的普遍预期为每股 1.12 美元，销售额为 176.4 亿美元。</blockquote></p><p>Intel raised its guidance for the year to non-GAAP earnings of $4.60 a share and revenue $72.5 billion, excluding its flash memory unit.</p><p><blockquote>英特尔将今年的非 GAAP 收益指引上调至每股 4.60 美元，收入为 725 亿美元，不包括闪存部门。</blockquote></p><p>Shares of Intel have gained 4.1% over the past 12 months. Over the same period, the PHLX Semiconductor index&nbsp;is up 86%.</p><p><blockquote>过去 12 个月，英特尔股价上涨了 4.1%。同期，PHLX半导体指数上涨86%。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Intel Earnings Crushed Estimates. 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Why Its Stock Is Dropping.<blockquote>英特尔盈利超出预期。为什么其股价下跌。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-04-23 14:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Shares of U.S. chip maker Intel slumped in in Friday&nbsp;premarket trading, despite reporting earnings that easily beat Wall Street’s expectations. The company sold more chips for personal computers, but investors seem focused on a dip in Intel’s ever-important data center revenue.</p><p><blockquote>美国芯片制造商英特尔的股价在周五盘前交易中暴跌，尽管该公司公布的财报轻松超出了华尔街的预期。该公司销售了更多个人电脑芯片，但投资者似乎更关注英特尔一直以来重要的数据中心收入的下降。</blockquote></p><p>Shares of Intel (ticker: INTC) dropped 2.2%&nbsp;in&nbsp;premarket trading. The stock, which closed at $62.57 Thursday, is up about 40% since late October.</p><p><blockquote>英特尔（股票代码：INTC）股价在盘前交易中下跌 2.2%。该股周四收于 62.57 美元，自 10 月下旬以来已上涨约 40%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/26f95a274e27e741102e3f91e4c5c914\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Intel&nbsp;reported first-quarter net income of $3.4 billion, or 82 cents a share, compared with net profit of $5.7 billion, or $1.31 a share, in the year-ago quarter. Revenue dipped 1% to $19.7 billion. Excluding the company’s flash memory business, and a legal judgment, among other things, Intel reported earnings of $1.39 a share. Non-GAAP revenue was flat at $18.6 billion.</p><p><blockquote>英特尔公布第一季度净利润为 34 亿美元，即每股 82 美分，而去年同期净利润为 57 亿美元，即每股 1.31 美元。收入下降 1% 至 197 亿美元。不包括公司的闪存业务和法律判决等因素，英特尔公布的每股收益为 1.39 美元。非 GAAP 收入持平于 186 亿美元。</blockquote></p><p>Analysts had expected adjusted earnings of $1.15 on revenue of $17.74 billion.</p><p><blockquote>分析师此前预计调整后收益为 1.15 美元，营收为 177.4 亿美元。</blockquote></p><p>“This is a pivotal year for Intel,” CEO Pat Gelsinger&nbsp;said. “We are setting our strategic foundation and investing to accelerate our trajectory and capitalize on the explosive growth in semiconductors that power our increasingly digital world.”</p><p><blockquote>“英特尔首席执行官帕特-基尔辛格（Pat Gelsinger）说：”今年是英特尔关键的一年。“我们正在奠定战略基础，并进行投资，以加快我们的发展轨迹，并利用半导体的爆炸性增长，为我们日益数字化的世界提供动力”。</blockquote></p><p>On Thursday, Intel credited strong personal computer demand for the billion-dollar beat, and “initial recovery” of its enterprise and government sales that contribute to is data center segment. Revenue in its PC segment grew 8% to $10.6 billion, when Wall Street expected $10.02 billion.</p><p><blockquote>周四，英特尔将强劲的个人电脑需求归功于数据中心部门的强劲增长，而企业和政府销售额的 “初步复苏 ”则归功于数据中心部门。其个人电脑部门的收入增长了 8%，达到 106 亿美元，而华尔街预期为 100.2 亿美元。</blockquote></p><p>Nonetheless, the company’s data center revenue fell short of expectations, declining 20% to $5.6 billion. Wall Street had expected $5.84 billion.</p><p><blockquote>尽管如此，该公司的数据中心收入仍未达到预期，下降了 20%，至 56 亿美元。华尔街此前预计为 58.4 亿美元。</blockquote></p><p>Weeks ago, at the same time the company&nbsp;announced its future manufacturing plans, Intel said that it would report results above its guidance but didn’t provide precise figures.</p><p><blockquote>几周前，在公司宣布未来制造计划的同时，英特尔表示将公布高于指引的业绩，但没有提供确切的数字。</blockquote></p><p>Intel’s self-driving technology unit, Mobileye, was a bright spot. Revenue grew 48% to $377 million.</p><p><blockquote>英特尔的自动驾驶技术部门 Mobileye 是一个亮点。收入增长 48%，达到 3.77 亿美元。</blockquote></p><p>A $2.18 billion judgment, stemming from a recent loss in a Texas patent fight, also weighed on first-quarter profit. Intel said it “strongly disagrees with the jury’s verdict in March and intends to appeal.”</p><p><blockquote>由于最近在德克萨斯州专利诉讼中的失败，一项价值 21.8 亿美元的判决也影响了第一季度的利润。英特尔表示 “强烈不同意陪审团 3 月份的裁决，并打算上诉”。</blockquote></p><p>The company said it expected non-GAAP second quarter earnings of $1.05 a share, and revenue of $17.8 billion, excluding the company’s flash memory business. Intel sold the memory unit last year, but the deal hasn’t yet closed. Including flash revenue, Intel expects to report second-quarter revenue of $18.9 billion.</p><p><blockquote>该公司表示，预计第二季度非美国通用会计准则每股收益为 1.05 美元，不包括公司闪存业务，营收为 178 亿美元。英特尔去年出售了该内存单元，但交易尚未完成。包括闪电收入在内，英特尔预计第二季度营收为 189 亿美元。</blockquote></p><p>The consensus for adjusted first-quarter earnings is $1.12 a share on sales of $17.64 billion.</p><p><blockquote>调整后第一季度收益的普遍预期为每股 1.12 美元，销售额为 176.4 亿美元。</blockquote></p><p>Intel raised its guidance for the year to non-GAAP earnings of $4.60 a share and revenue $72.5 billion, excluding its flash memory unit.</p><p><blockquote>英特尔将今年的非 GAAP 收益指引上调至每股 4.60 美元，收入为 725 亿美元，不包括闪存部门。</blockquote></p><p>Shares of Intel have gained 4.1% over the past 12 months. Over the same period, the PHLX Semiconductor index&nbsp;is up 86%.</p><p><blockquote>过去 12 个月，英特尔股价上涨了 4.1%。同期，PHLX半导体指数上涨86%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/intel-stock-is-falling-despite-a-big-earnings-beat-51619126123?mod=hp_LEAD_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"INTC":"英特尔"},"source_url":"https://www.barrons.com/articles/intel-stock-is-falling-despite-a-big-earnings-beat-51619126123?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184108476","content_text":"Shares of U.S. chip maker Intel slumped in in Friday premarket trading, despite reporting earnings that easily beat Wall Street’s expectations. The company sold more chips for personal computers, but investors seem focused on a dip in Intel’s ever-important data center revenue.Shares of Intel (ticker: INTC) dropped 2.2% in premarket trading. The stock, which closed at $62.57 Thursday, is up about 40% since late October.Intel reported first-quarter net income of $3.4 billion, or 82 cents a share, compared with net profit of $5.7 billion, or $1.31 a share, in the year-ago quarter. Revenue dipped 1% to $19.7 billion. Excluding the company’s flash memory business, and a legal judgment, among other things, Intel reported earnings of $1.39 a share. Non-GAAP revenue was flat at $18.6 billion.Analysts had expected adjusted earnings of $1.15 on revenue of $17.74 billion.“This is a pivotal year for Intel,” CEO Pat Gelsinger said. “We are setting our strategic foundation and investing to accelerate our trajectory and capitalize on the explosive growth in semiconductors that power our increasingly digital world.”On Thursday, Intel credited strong personal computer demand for the billion-dollar beat, and “initial recovery” of its enterprise and government sales that contribute to is data center segment. Revenue in its PC segment grew 8% to $10.6 billion, when Wall Street expected $10.02 billion.Nonetheless, the company’s data center revenue fell short of expectations, declining 20% to $5.6 billion. Wall Street had expected $5.84 billion.Weeks ago, at the same time the company announced its future manufacturing plans, Intel said that it would report results above its guidance but didn’t provide precise figures.Intel’s self-driving technology unit, Mobileye, was a bright spot. Revenue grew 48% to $377 million.A $2.18 billion judgment, stemming from a recent loss in a Texas patent fight, also weighed on first-quarter profit. Intel said it “strongly disagrees with the jury’s verdict in March and intends to appeal.”The company said it expected non-GAAP second quarter earnings of $1.05 a share, and revenue of $17.8 billion, excluding the company’s flash memory business. Intel sold the memory unit last year, but the deal hasn’t yet closed. Including flash revenue, Intel expects to report second-quarter revenue of $18.9 billion.The consensus for adjusted first-quarter earnings is $1.12 a share on sales of $17.64 billion.Intel raised its guidance for the year to non-GAAP earnings of $4.60 a share and revenue $72.5 billion, excluding its flash memory unit.Shares of Intel have gained 4.1% over the past 12 months. Over the same period, the PHLX Semiconductor index is up 86%.","news_type":1,"symbols_score_info":{"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":2381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372995035,"gmtCreate":1619166019027,"gmtModify":1634288059090,"author":{"id":"3577531513176552","authorId":"3577531513176552","name":"583e3e38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577531513176552","authorIdStr":"3577531513176552"},"themes":[],"title":"","htmlText":"Lets go","listText":"Lets go","text":"Lets go","images":[{"img":"https://static.tigerbbs.com/4a591e4c9779c72f2e0b573f4380d931","width":"720","height":"1347"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/372995035","isVote":1,"tweetType":1,"viewCount":3547,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":372992847,"gmtCreate":1619165984189,"gmtModify":1634288059649,"author":{"id":"3577531513176552","authorId":"3577531513176552","name":"583e3e38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577531513176552","authorIdStr":"3577531513176552"},"themes":[],"title":"","htmlText":"Hopefully not","listText":"Hopefully not","text":"Hopefully not","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/372992847","repostId":"1128911279","repostType":4,"isVote":1,"tweetType":1,"viewCount":2629,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372998374,"gmtCreate":1619165850798,"gmtModify":1634288061247,"author":{"id":"3577531513176552","authorId":"3577531513176552","name":"583e3e38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577531513176552","authorIdStr":"3577531513176552"},"themes":[],"title":"","htmlText":"Well well well","listText":"Well well well","text":"Well well well","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/372998374","repostId":"1141178573","repostType":4,"isVote":1,"tweetType":1,"viewCount":3214,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372991497,"gmtCreate":1619165830519,"gmtModify":1634288061585,"author":{"id":"3577531513176552","authorId":"3577531513176552","name":"583e3e38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577531513176552","authorIdStr":"3577531513176552"},"themes":[],"title":"","htmlText":"I doubt so","listText":"I doubt so","text":"I doubt so","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/372991497","repostId":"1128911279","repostType":4,"isVote":1,"tweetType":1,"viewCount":3451,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":376873270,"gmtCreate":1619105154590,"gmtModify":1631885600239,"author":{"id":"3577531513176552","authorId":"3577531513176552","name":"583e3e38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577531513176552","authorIdStr":"3577531513176552"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>oh man","listText":"<a href=\"https://laohu8.com/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>oh man","text":"$SINGAPORE AIRLINES LTD(C6L.SI)$oh man","images":[{"img":"https://static.tigerbbs.com/d6a23b16dd01212369bcf558f40f93e5","width":"720","height":"1280"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/376873270","isVote":1,"tweetType":1,"viewCount":2612,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":376873083,"gmtCreate":1619105126542,"gmtModify":1634288500524,"author":{"id":"3577531513176552","authorId":"3577531513176552","name":"583e3e38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577531513176552","authorIdStr":"3577531513176552"},"themes":[],"title":"","htmlText":"Lets go","listText":"Lets go","text":"Lets go","images":[{"img":"https://static.tigerbbs.com/dc75ff2f99fd02aafb82b4294bfb58b8","width":"720","height":"1289"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/376873083","isVote":1,"tweetType":1,"viewCount":2291,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":376870824,"gmtCreate":1619105073468,"gmtModify":1634288501241,"author":{"id":"3577531513176552","authorId":"3577531513176552","name":"583e3e38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577531513176552","authorIdStr":"3577531513176552"},"themes":[],"title":"","htmlText":"No way","listText":"No way","text":"No way","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/376870824","repostId":"2129380033","repostType":4,"repost":{"id":"2129380033","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1619102180,"share":"https://www.laohunote.com/m/news/2129380033?lang=zh_CN&edition=full","pubTime":"2021-04-22 22:36","market":"us","language":"en","title":"It Seems Netflix Has Been Dethroned<blockquote>Netflix 似乎已被废黜</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2129380033","media":"Benzinga Earnings","summary":"Netflix Inc (NASDAQ: NFLX) shares fell as much as 11% in after-hours trading after the streaming giant reported a large miss in subscriber numbers in its first-quarter earnings report.","content":"<p><b>Netflix Inc&nbsp;</b>(NASDAQ:NFLX) shares fell as much as 11% in after-hours trading after the streaming giant reported a large miss in subscriber numbers in its first-quarter earnings report. The facts that revenue still grew on a YoY basis along with a strong beat on earnings were not enough to offset the weak number of subscriber additions, especially as management only expects 1 million new subscribers in the undergoing quarter.</p><p><blockquote><b>网飞公司</b>（纳斯达克股票代码：NFLX）这家流媒体巨头在第一季度收益报告中报告用户数量大幅下降后，其股价在盘后交易中下跌了 11%。收入仍同比增长以及盈利强劲增长的事实不足以抵消用户数量的疲软，特别是管理层预计本季度仅新增 100 万用户。</blockquote></p><p><h4>First-Quarter Figures</h4>Revenue amounted to $7.16 billion, slightly topping $7.13 billion expected, resulting in earnings per share of $3.75 that exceed the expected $2.97, as gathered by Refinitiv. Global paid net subscriber additions came at 3.98 million which is significantly below the 6.2 million expected, according to FactSet. This figure seems even more pessimistic compared to a quarterly record of 15.8 million new paying users it gathered during the first three months of 2020.</p><p><blockquote><h4>第一季度数据</h4>根据 Refinitiv 的数据，收入达到 71.6 亿美元，略高于预期的 71.3 亿美元，每股收益为 3.75 美元，超过预期的 2.97 美元。FactSet 的数据显示，全球付费净用户新增数量为 398 万，远低于预期的 620 万。与 2020 年前三个月新增付费用户 1580 万的季度记录相比，这一数字似乎更加悲观。</blockquote></p><p>Still, the company's revenue grew 24% YoY and was in line with its beginning of quarter forecast. Netflix also delivered a strong beat on earnings compared to Street estimates. Operating income for the quarter came in at $1.96 billion which is more than double $958 million in the year-earlier period. Moreover, as content spending was lower, it resulted in a 27% operating margin which is an all-time high for the first quarter.</p><p><blockquote>尽管如此，该公司的收入仍同比增长 24%，符合季度初的预测。与华尔街预期相比，Netflix 的盈利也表现强劲。本季度经营利润为 19.6 亿美元，是去年同期 9.58 亿美元的两倍多。此外，由于内容支出较低，导致第一季度营业利润率达到 27%，创历史新高。</blockquote></p><p><h4>Netflix is losing subscribers</h4>Netflix believes that the shortfall subscriber numbers could be blamed on the ongoing pandemic or more precisely on its smaller pipeline of originals as COVID-19 restrictions forced the company to delay some of its big-name shows and films. It doesn't believe that competition from <b>Walt Disney Company</b>'s (NYSE:DIS) Disney+ and Hulu, <b>AT&amp;T</b>'s (NYSE:T) HBO Max, <b>Apple</b>'s (NASDAQ:AAPL) Apple TV+ , <b>Amazon</b>'s (NASDAQ:AMZN) Prime Video and <b>Comcast Corporation</b>'s (NASDAQ:CMCSA) NBCUniversal's Peacock played a factor in the weak subscriber numbers. But the reality is that Netflix is facing an increasing set of competitors in the streaming space with HBO Max having reached 41 million U.S. subscribers two years ahead of schedule in January this year and Disney+ topping 100 million global subscribers as of early March, ballooning to about half of Netflix's 208 million worldwide subscribers only within a year-and-a-half of its launch.</p><p><blockquote><h4>Netflix 正在流失订户</h4>Netflix 认为，用户数量不足可能归咎于持续的疫情，或者更准确地说，归咎于其原创影片数量较少，因为 COVID-19 的限制迫使该公司推迟了一些大牌节目和电影。它不相信来自<b>华特迪士尼公司</b>（纽约证券交易所代码：DIS）Disney+ 和 Hulu，<b>AT&amp;T</b>（纽约证券交易所代码：T）HBO Max，<b>苹果</b>（纳斯达克股票代码：AAPL）苹果电视+，<b>亚马逊</b>（纳斯达克股票代码：AMZN）Prime Video 和<b>康卡斯特公司</b>（纳斯达克股票代码：CMCSA）NBC环球的孔雀是用户数量疲软的一个因素。但现实情况是，Netflix 在流媒体领域面临着越来越多的竞争对手，HBO Max 在今年 1 月提前两年达到了 4100 万美国用户，截至 3 月初，Disney+ 的全球用户突破了 1 亿，在推出仅一年半内，就飙升至 Netflix 2.08 亿全球用户的一半左右。</blockquote></p><p><h4>The Key Is The Business Remains Healthy And That It Keeps Growing</h4>To respond its competitors, Netflix expects to spend more than $17 billion in cash on content this year. Production is up and running in nearly all of its major markets and While ramping up content spending more than 44% compared with $11.8 billion last year, Netflix is also trying to combat password sharing. Historically, it wasn't concerned about this issue as subscriber growth and stock price were easily offsetting concerns around lost revenue. But, things changed as Netflix has found itself amid intense ‘streaming wars'.</p><p><blockquote><h4>关键是业务保持健康并持续增长</h4>为了应对竞争对手，Netflix 预计今年将在内容上花费超过 170 亿美元现金。几乎所有主要市场的生产都已启动并运行，虽然与去年的 118 亿美元相比，内容支出增加了 44% 以上，但 Netflix 也在努力打击密码共享。从历史上看，它并不担心这个问题，因为订户增长和股价很容易抵消对收入损失的担忧。但是，随着网飞发现自己陷入了激烈的“流媒体战争”，事情发生了变化。</blockquote></p><p>Netflix's board approved a buyback program to repurchase up to $5 billion in common stock, beginning in 2021 with no fixed expiration date. The program is expected to begin during the quarter.</p><p><blockquote>Netflix 董事会批准了一项回购计划，从 2021 年开始回购最多 50 亿美元的普通股，没有固定的到期日。该计划预计将于本季度开始。</blockquote></p><p><h4>The Winner Of The Streaming Wars Is Sill Unknown</h4>While Netflix matures in terms of subscriber growth, its business has also become increasingly efficient from an operating standpoint, despite channeling billions into content creation. After posting its first full-year of positive free cash flow since 2011 last year, it believes it is \"very close to being sustainably\" free cash flow positive.&nbsp; As for 2021, it expects free cash flow to be around breakeven while no longer having to raise external financing for its day-to-day operations.&nbsp; In other words, it's been more than a year that streaming wars intensified and all players are investing heavily to be on the winning side even after the world successfully combats COVID-19.</p><p><blockquote><h4>流媒体大战的赢家仍然未知</h4>虽然 Netflix 在用户增长方面日趋成熟，但从运营角度来看，尽管投入了数十亿美元用于内容创作，但其业务也变得越来越高效。在去年公布了自2011年以来的第一个全年正自由现金流后，该公司认为它“非常接近可持续”自由现金流为正。至于2021年，它预计自由现金流将接近盈亏平衡，同时不再需要为其日常运营筹集外部融资。换句话说，一年多来，流媒体战争愈演愈烈，所有参与者都在大力投资，以站在胜利的一边，即使在世界成功抗击新冠肺炎之后。</blockquote></p><p><i>This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you're interested in becoming an IAM journalist contact: contributors@iamnewswire.com</i></p><p><blockquote><i>本文不是新闻稿，由IAMNewswire的一名经过核实的独立记者撰写。在任何时候都不应被解释为投资建议，请阅读完整的披露。IAM Newswire在上述公司中没有任何头寸。新闻稿 – 如果您正在寻找完整的新闻稿分发联系方式：press@iamnewswire.com 投稿人 – IAM Newswire 接受推介。如果您有兴趣成为 IAM 记者，请联系：contributors@iamnewswire.com</i></blockquote></p><p>The post It Seems Netflix Has Been Dethroned appeared first on IAM Newswire.</p><p><blockquote>网飞似乎已经被废黜的帖子首先出现在IAM新闻专线上。</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>It Seems Netflix Has Been Dethroned<blockquote>Netflix 似乎已被废黜</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\">\nIt Seems Netflix Has Been Dethroned<blockquote>Netflix 似乎已被废黜</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-04-22 22:36</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Netflix Inc&nbsp;</b>(NASDAQ:NFLX) shares fell as much as 11% in after-hours trading after the streaming giant reported a large miss in subscriber numbers in its first-quarter earnings report. The facts that revenue still grew on a YoY basis along with a strong beat on earnings were not enough to offset the weak number of subscriber additions, especially as management only expects 1 million new subscribers in the undergoing quarter.</p><p><blockquote><b>网飞公司</b>（纳斯达克股票代码：NFLX）这家流媒体巨头在第一季度收益报告中报告用户数量大幅下降后，其股价在盘后交易中下跌了 11%。收入仍同比增长以及盈利强劲增长的事实不足以抵消用户数量的疲软，特别是管理层预计本季度仅新增 100 万用户。</blockquote></p><p><h4>First-Quarter Figures</h4>Revenue amounted to $7.16 billion, slightly topping $7.13 billion expected, resulting in earnings per share of $3.75 that exceed the expected $2.97, as gathered by Refinitiv. Global paid net subscriber additions came at 3.98 million which is significantly below the 6.2 million expected, according to FactSet. This figure seems even more pessimistic compared to a quarterly record of 15.8 million new paying users it gathered during the first three months of 2020.</p><p><blockquote><h4>第一季度数据</h4>根据 Refinitiv 的数据，收入达到 71.6 亿美元，略高于预期的 71.3 亿美元，每股收益为 3.75 美元，超过预期的 2.97 美元。FactSet 的数据显示，全球付费净用户新增数量为 398 万，远低于预期的 620 万。与 2020 年前三个月新增付费用户 1580 万的季度记录相比，这一数字似乎更加悲观。</blockquote></p><p>Still, the company's revenue grew 24% YoY and was in line with its beginning of quarter forecast. Netflix also delivered a strong beat on earnings compared to Street estimates. Operating income for the quarter came in at $1.96 billion which is more than double $958 million in the year-earlier period. Moreover, as content spending was lower, it resulted in a 27% operating margin which is an all-time high for the first quarter.</p><p><blockquote>尽管如此，该公司的收入仍同比增长 24%，符合季度初的预测。与华尔街预期相比，Netflix 的盈利也表现强劲。本季度经营利润为 19.6 亿美元，是去年同期 9.58 亿美元的两倍多。此外，由于内容支出较低，导致第一季度营业利润率达到 27%，创历史新高。</blockquote></p><p><h4>Netflix is losing subscribers</h4>Netflix believes that the shortfall subscriber numbers could be blamed on the ongoing pandemic or more precisely on its smaller pipeline of originals as COVID-19 restrictions forced the company to delay some of its big-name shows and films. It doesn't believe that competition from <b>Walt Disney Company</b>'s (NYSE:DIS) Disney+ and Hulu, <b>AT&amp;T</b>'s (NYSE:T) HBO Max, <b>Apple</b>'s (NASDAQ:AAPL) Apple TV+ , <b>Amazon</b>'s (NASDAQ:AMZN) Prime Video and <b>Comcast Corporation</b>'s (NASDAQ:CMCSA) NBCUniversal's Peacock played a factor in the weak subscriber numbers. But the reality is that Netflix is facing an increasing set of competitors in the streaming space with HBO Max having reached 41 million U.S. subscribers two years ahead of schedule in January this year and Disney+ topping 100 million global subscribers as of early March, ballooning to about half of Netflix's 208 million worldwide subscribers only within a year-and-a-half of its launch.</p><p><blockquote><h4>Netflix 正在流失订户</h4>Netflix 认为，用户数量不足可能归咎于持续的疫情，或者更准确地说，归咎于其原创影片数量较少，因为 COVID-19 的限制迫使该公司推迟了一些大牌节目和电影。它不相信来自<b>华特迪士尼公司</b>（纽约证券交易所代码：DIS）Disney+ 和 Hulu，<b>AT&amp;T</b>（纽约证券交易所代码：T）HBO Max，<b>苹果</b>（纳斯达克股票代码：AAPL）苹果电视+，<b>亚马逊</b>（纳斯达克股票代码：AMZN）Prime Video 和<b>康卡斯特公司</b>（纳斯达克股票代码：CMCSA）NBC环球的孔雀是用户数量疲软的一个因素。但现实情况是，Netflix 在流媒体领域面临着越来越多的竞争对手，HBO Max 在今年 1 月提前两年达到了 4100 万美国用户，截至 3 月初，Disney+ 的全球用户突破了 1 亿，在推出仅一年半内，就飙升至 Netflix 2.08 亿全球用户的一半左右。</blockquote></p><p><h4>The Key Is The Business Remains Healthy And That It Keeps Growing</h4>To respond its competitors, Netflix expects to spend more than $17 billion in cash on content this year. Production is up and running in nearly all of its major markets and While ramping up content spending more than 44% compared with $11.8 billion last year, Netflix is also trying to combat password sharing. Historically, it wasn't concerned about this issue as subscriber growth and stock price were easily offsetting concerns around lost revenue. But, things changed as Netflix has found itself amid intense ‘streaming wars'.</p><p><blockquote><h4>关键是业务保持健康并持续增长</h4>为了应对竞争对手，Netflix 预计今年将在内容上花费超过 170 亿美元现金。几乎所有主要市场的生产都已启动并运行，虽然与去年的 118 亿美元相比，内容支出增加了 44% 以上，但 Netflix 也在努力打击密码共享。从历史上看，它并不担心这个问题，因为订户增长和股价很容易抵消对收入损失的担忧。但是，随着网飞发现自己陷入了激烈的“流媒体战争”，事情发生了变化。</blockquote></p><p>Netflix's board approved a buyback program to repurchase up to $5 billion in common stock, beginning in 2021 with no fixed expiration date. The program is expected to begin during the quarter.</p><p><blockquote>Netflix 董事会批准了一项回购计划，从 2021 年开始回购最多 50 亿美元的普通股，没有固定的到期日。该计划预计将于本季度开始。</blockquote></p><p><h4>The Winner Of The Streaming Wars Is Sill Unknown</h4>While Netflix matures in terms of subscriber growth, its business has also become increasingly efficient from an operating standpoint, despite channeling billions into content creation. After posting its first full-year of positive free cash flow since 2011 last year, it believes it is \"very close to being sustainably\" free cash flow positive.&nbsp; As for 2021, it expects free cash flow to be around breakeven while no longer having to raise external financing for its day-to-day operations.&nbsp; In other words, it's been more than a year that streaming wars intensified and all players are investing heavily to be on the winning side even after the world successfully combats COVID-19.</p><p><blockquote><h4>流媒体大战的赢家仍然未知</h4>虽然 Netflix 在用户增长方面日趋成熟，但从运营角度来看，尽管投入了数十亿美元用于内容创作，但其业务也变得越来越高效。在去年公布了自2011年以来的第一个全年正自由现金流后，该公司认为它“非常接近可持续”自由现金流为正。至于2021年，它预计自由现金流将接近盈亏平衡，同时不再需要为其日常运营筹集外部融资。换句话说，一年多来，流媒体战争愈演愈烈，所有参与者都在大力投资，以站在胜利的一边，即使在世界成功抗击新冠肺炎之后。</blockquote></p><p><i>This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you're interested in becoming an IAM journalist contact: contributors@iamnewswire.com</i></p><p><blockquote><i>本文不是新闻稿，由IAMNewswire的一名经过核实的独立记者撰写。在任何时候都不应被解释为投资建议，请阅读完整的披露。IAM Newswire在上述公司中没有任何头寸。新闻稿 – 如果您正在寻找完整的新闻稿分发联系方式：press@iamnewswire.com 投稿人 – IAM Newswire 接受推介。如果您有兴趣成为 IAM 记者，请联系：contributors@iamnewswire.com</i></blockquote></p><p>The post It Seems Netflix Has Been Dethroned appeared first on IAM Newswire.</p><p><blockquote>网飞似乎已经被废黜的帖子首先出现在IAM新闻专线上。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊","AAPL":"苹果","DIS":"迪士尼","T":"At&T","CMCSA":"康卡斯特","QNETCN":"纳斯达克中美互联网老虎指数"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2129380033","content_text":"Netflix Inc (NASDAQ:NFLX) shares fell as much as 11% in after-hours trading after the streaming giant reported a large miss in subscriber numbers in its first-quarter earnings report. The facts that revenue still grew on a YoY basis along with a strong beat on earnings were not enough to offset the weak number of subscriber additions, especially as management only expects 1 million new subscribers in the undergoing quarter.First-Quarter FiguresRevenue amounted to $7.16 billion, slightly topping $7.13 billion expected, resulting in earnings per share of $3.75 that exceed the expected $2.97, as gathered by Refinitiv. Global paid net subscriber additions came at 3.98 million which is significantly below the 6.2 million expected, according to FactSet. This figure seems even more pessimistic compared to a quarterly record of 15.8 million new paying users it gathered during the first three months of 2020.Still, the company's revenue grew 24% YoY and was in line with its beginning of quarter forecast. Netflix also delivered a strong beat on earnings compared to Street estimates. Operating income for the quarter came in at $1.96 billion which is more than double $958 million in the year-earlier period. Moreover, as content spending was lower, it resulted in a 27% operating margin which is an all-time high for the first quarter.Netflix is losing subscribersNetflix believes that the shortfall subscriber numbers could be blamed on the ongoing pandemic or more precisely on its smaller pipeline of originals as COVID-19 restrictions forced the company to delay some of its big-name shows and films. It doesn't believe that competition from Walt Disney Company's (NYSE:DIS) Disney+ and Hulu, AT&T's (NYSE:T) HBO Max, Apple's (NASDAQ:AAPL) Apple TV+ , Amazon's (NASDAQ:AMZN) Prime Video and Comcast Corporation's (NASDAQ:CMCSA) NBCUniversal's Peacock played a factor in the weak subscriber numbers. But the reality is that Netflix is facing an increasing set of competitors in the streaming space with HBO Max having reached 41 million U.S. subscribers two years ahead of schedule in January this year and Disney+ topping 100 million global subscribers as of early March, ballooning to about half of Netflix's 208 million worldwide subscribers only within a year-and-a-half of its launch.The Key Is The Business Remains Healthy And That It Keeps GrowingTo respond its competitors, Netflix expects to spend more than $17 billion in cash on content this year. Production is up and running in nearly all of its major markets and While ramping up content spending more than 44% compared with $11.8 billion last year, Netflix is also trying to combat password sharing. Historically, it wasn't concerned about this issue as subscriber growth and stock price were easily offsetting concerns around lost revenue. But, things changed as Netflix has found itself amid intense ‘streaming wars'.Netflix's board approved a buyback program to repurchase up to $5 billion in common stock, beginning in 2021 with no fixed expiration date. The program is expected to begin during the quarter.The Winner Of The Streaming Wars Is Sill UnknownWhile Netflix matures in terms of subscriber growth, its business has also become increasingly efficient from an operating standpoint, despite channeling billions into content creation. After posting its first full-year of positive free cash flow since 2011 last year, it believes it is \"very close to being sustainably\" free cash flow positive.  As for 2021, it expects free cash flow to be around breakeven while no longer having to raise external financing for its day-to-day operations.  In other words, it's been more than a year that streaming wars intensified and all players are investing heavily to be on the winning side even after the world successfully combats COVID-19.This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you're interested in becoming an IAM journalist contact: contributors@iamnewswire.comThe post It Seems Netflix Has Been Dethroned appeared first on IAM Newswire.","news_type":1,"symbols_score_info":{"T":0.9,"DIS":0.9,"QNETCN":0.9,"AAPL":0.9,"AMZN":0.9,"CMCSA":0.9}},"isVote":1,"tweetType":1,"viewCount":2096,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":376870366,"gmtCreate":1619105049055,"gmtModify":1634288501461,"author":{"id":"3577531513176552","authorId":"3577531513176552","name":"583e3e38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577531513176552","authorIdStr":"3577531513176552"},"themes":[],"title":"","htmlText":"Lets go","listText":"Lets go","text":"Lets 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go","listText":"Lets go","text":"Lets go","images":[{"img":"https://static.tigerbbs.com/b60186d46501be3ed545c6c44557bad1","width":"720","height":"1347"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/378948395","isVote":1,"tweetType":1,"viewCount":751,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":378941133,"gmtCreate":1618994638722,"gmtModify":1634289350107,"author":{"id":"3577531513176552","authorId":"3577531513176552","name":"583e3e38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577531513176552","authorIdStr":"3577531513176552"},"themes":[],"title":"","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/378941133","repostId":"1176251697","repostType":4,"repost":{"id":"1176251697","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":1618993288,"share":"https://www.laohunote.com/m/news/1176251697?lang=zh_CN&edition=full","pubTime":"2021-04-21 16:21","market":"us","language":"en","title":"XPeng P5's cumulative orders have exceeded 10000<blockquote>小鹏P5累计订单已超过10000辆</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1176251697","media":"Tiger Newspress","summary":"As of 15:16, April 21, 2021, Beijing time, XPeng P5's cumulative orders have exceeded 10000!XPeng P5 becomes the most popular model of XPeng auto reservation.Xpeng Motors shares fell slightly 0.29% in premarket trading.XPeng Motors exhibited and kicked off pre-orders for its third production model on April 19th, the XPeng P5, the world’s first production smart EV equipped with automotive-grade LiDAR technology.Showcased at the 2021 International Automotive Exhibition in Shanghai, the P5 family-f","content":"<p>As of 15:16, April 21, 2021, Beijing&nbsp;time, XPeng&nbsp;P5's&nbsp;cumulative&nbsp;orders&nbsp;have&nbsp;exceeded 10000! XPeng P5&nbsp;becomes the most popular model of&nbsp;XPeng&nbsp;auto&nbsp;reservation.</p><p><blockquote>截至北京时间2021年4月21日15:16，小鹏P5累计订单已突破10000台!小鹏P5成为小鹏汽车预约最受欢迎的车型。</blockquote></p><p><img src=\"https://static.tigerbbs.com/be5992c790fdc476833c8c3f636996ca\" tg-width=\"690\" tg-height=\"1492\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Xpeng Motors&nbsp;shares&nbsp;fell&nbsp;slightly&nbsp;0.29%&nbsp;in premarket trading.</p><p><blockquote>小鹏汽车股价在盘前交易中小幅下跌0.29%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c8b7023bf604c6b06f60d4d349fb564b\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>XPeng Motors exhibited and kicked off pre-orders for its third production model&nbsp;on&nbsp;April 19th, the XPeng P5, the world’s first production smart EV equipped with automotive-grade LiDAR technology.</p><p><blockquote>小鹏汽车于 4 月 19 日展示并开始预订其第三款量产车型小鹏 P5，这是全球首款搭载车规级激光雷达技术的量产智能电动汽车。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/029719862e381bd71923e26a51033ffb\" tg-width=\"480\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><span>XPeng P5 sedan</span></p><p><blockquote><p class=\"t-img-caption\"><span>小鹏P5轿车</span></p></blockquote></p><p>Showcased at the 2021 International Automotive Exhibition in Shanghai, the P5 family-friendly sedan joins XPeng’s P7 sports sedan and G3 compact SUV to offer a full suite of mobility solutions to customers in China. The P5 builds on the previous models not only in its best-in-class autonomous driving functionality, but also in its third generation tech-enabled smart cockpit features, envisioning the car as a third living space to complement home space and work space.</p><p><blockquote>在 2021 年上海国际车展上亮相的 P5 家庭友好型轿车与小鹏的 P7 运动轿车和 G3 紧凑型 SUV 一起，为中国客户提供全套出行解决方案。P5 不仅在之前的车型上拥有一流的自动驾驶功能，而且在其第三代技术支持的智能驾驶舱功能的基础上，将汽车设想为补充家庭空间和工作空间的第三个生活空间。</blockquote></p><p>\"We persist in exploring because we are convinced that technology will enrich our lifestyles and bring about a great mobility transformation,\" Chairman and CEO Mr. He Xiaopeng said at the press conference. \"We believe in the future of autonomous driving, and remain committed to it. Transportation has immense influence on our daily lives and technology is empowering our life choices and propelling a fundamental revolution in mobility.\"</p><p><blockquote>董事长兼首席执行官何小鹏先生在发布会上表示：“我们坚持探索，因为我们坚信科技将丰富我们的生活方式，并带来巨大的移动转型。”“我们相信自动驾驶的未来，并将继续致力于此。交通对我们的日常生活有着巨大的影响，技术正在赋予我们的生活选择，并推动出行领域的根本性革命。”</blockquote></p><p><b>NGP autonomous driving – from highways to cities</b></p><p><blockquote><b>NGP自动驾驶——从高速公路到城市</b></blockquote></p><p>The P5 will bring Navigation Guided Pilot (NGP) capabilities to city roads for the first time in a production vehicle, powered by XPeng’s full-stack in-house developed autonomous driving system XPILOT 3.5 – the strongest autonomous driving architecture in its class. The new architecture comprises 32 perception sensors (including 2 LiDAR units, 12 ultrasonic sensors, 5 millimeter-wave radars, and 13 high-definition cameras) and 1 high-precision positioning unit (GNSS + IMU), integrated into 360° dual-perception fusion to handle challenging and complex road conditions.</p><p><blockquote>P5 将首次在量产车上为城市道路带来导航引导驾驶（NGP）功能，由小鹏汽车自主研发的全栈自动驾驶系统 XPILOT 3.5（同类产品中最强大的自动驾驶架构）提供动力。新架构包括32个感知传感器（包括2个激光雷达单元、12个超声波传感器、5个毫米波雷达和13个高清摄像头）和1个高精度定位单元（GNSS+IMU），集成到360°双感知融合中，以应对具有挑战性和复杂的路况。</blockquote></p><p>With its double-prism LiDAR units, the P5 can distinguish pedestrians, cyclists and scooters, static obstacles, and road works, and extend the NGP function from highways to city driving, dealing with cutting-in, automatic following and speed limit optimization on urban roads, traffic lights and small objects.</p><p><blockquote>凭借其双棱镜激光雷达单元，P5可以区分行人、骑自行车的人和踏板车、静态障碍物和道路工程，并将NGP功能从高速公路扩展到城市驾驶，处理城市道路上的切入、自动跟随和限速优化、交通灯和小物体。</blockquote></p><p>\"The P5 realizes our vision of navigation-assisted autonomous driving, aiming to liberate the driver’s concentration and effort from the drudgery of manual driving,\" Chairman He continued. \"We seek to enable autonomous driving in all weathers and in the most challenging driving conditions.\"</p><p><blockquote>“P5实现了我们对导航辅助自动驾驶的愿景，旨在将驾驶员的注意力和精力从手动驾驶的繁琐中解放出来，”何主席继续说道。“我们寻求在所有天气和最具挑战性的驾驶条件下实现自动驾驶。”</blockquote></p><p><b>Third generation cockpit, third space</b></p><p><blockquote><b>第三代驾驶舱，第三空间</b></blockquote></p><p>This third generation smart EV also brings to customers a 3rd generation cockpit with a new level of rich and customizable features – a third space extension to home and office, enabled by all-voice assistance and powerful connectivity. The P5’s Xmart OS 3.0, the latest generation of XPeng’s in-car operation system, supports full-scenario all-voice interaction. The P5 is also the first vehicle in its class to deploy Qualcomm’s Snapdragon flagship SA8155P auto-grade computing platform, 3 times more powerful than the previous generation.</p><p><blockquote>这款第三代智能电动汽车还为客户带来了第三代驾驶舱，具有新水平的丰富和可定制功能——通过全语音辅助和强大的连接功能，为家庭和办公室提供了第三次空间扩展。P5的Xmart OS 3.0是小鹏最新一代的车载操作系统，支持全场景全语音交互。P5 也是同类产品中首款搭载高通骁龙旗舰 SA8155P 汽车级计算平台的车型，该平台的功能比上一代提升了 3 倍。</blockquote></p><p>The P5’s interior space is the largest among A+ category sedans. Pioneering the third-generation smart cockpit, the P5 boasts fully-reclining front seat design, optimizing interior space to create a comfortable sleep mode. For a private screening experience, cinema mode is also available through the optional full-width projection screen, with karaoke and multimedia entertainment options. Additional comfort and lifestyle features include a capacious 18L refrigerator, and full 220v power for accessories and third-party devices.</p><p><blockquote>P5 的内部空间是 A+ 级轿车中最大的。P5开创了第三代智能座舱，拥有全倾斜的前排座椅设计，优化内部空间，打造舒适的睡眠模式。对于私人放映体验，还可以通过可选的全宽投影屏幕获得影院模式，并提供卡拉ok和多媒体娱乐选项。其他舒适和生活方式功能包括一个宽敞的18升冰箱，以及用于配件和第三方设备的全220v电源。</blockquote></p><p><b>P5 delivery expected 4Q 2021</b></p><p><blockquote><b>P5 预计于 2021 年第四季度交付</b></blockquote></p><p>XPeng P5 is expected to start delivery in the fourth quarter of 2021 with reservations starting on 19 April. Early bird customers will be entitled for lifetime free charging and supercharging services.</p><p><blockquote>小鹏P5预计将于2021年第四季度开始交付，预订将于4月19日开始。早鸟客户将有权享受终身免费充电和超级充电服务。</blockquote></p><p>The P5 will bring a whole new level of lifestyle experience for customers in conjunction with a whole range of new possibilities in mobility.</p><p><blockquote>P5将为客户带来全新水平的生活方式体验，以及一系列新的移动可能性。</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>XPeng P5's cumulative orders have exceeded 10000<blockquote>小鹏P5累计订单已超过10000辆</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\">\nXPeng P5's cumulative orders have exceeded 10000<blockquote>小鹏P5累计订单已超过10000辆</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\">2021-04-21 16:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>As of 15:16, April 21, 2021, Beijing&nbsp;time, XPeng&nbsp;P5's&nbsp;cumulative&nbsp;orders&nbsp;have&nbsp;exceeded 10000! XPeng P5&nbsp;becomes the most popular model of&nbsp;XPeng&nbsp;auto&nbsp;reservation.</p><p><blockquote>截至北京时间2021年4月21日15:16，小鹏P5累计订单已突破10000台!小鹏P5成为小鹏汽车预约最受欢迎的车型。</blockquote></p><p><img src=\"https://static.tigerbbs.com/be5992c790fdc476833c8c3f636996ca\" tg-width=\"690\" tg-height=\"1492\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Xpeng Motors&nbsp;shares&nbsp;fell&nbsp;slightly&nbsp;0.29%&nbsp;in premarket trading.</p><p><blockquote>小鹏汽车股价在盘前交易中小幅下跌0.29%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c8b7023bf604c6b06f60d4d349fb564b\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>XPeng Motors exhibited and kicked off pre-orders for its third production model&nbsp;on&nbsp;April 19th, the XPeng P5, the world’s first production smart EV equipped with automotive-grade LiDAR technology.</p><p><blockquote>小鹏汽车于 4 月 19 日展示并开始预订其第三款量产车型小鹏 P5，这是全球首款搭载车规级激光雷达技术的量产智能电动汽车。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/029719862e381bd71923e26a51033ffb\" tg-width=\"480\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><span>XPeng P5 sedan</span></p><p><blockquote><p class=\"t-img-caption\"><span>小鹏P5轿车</span></p></blockquote></p><p>Showcased at the 2021 International Automotive Exhibition in Shanghai, the P5 family-friendly sedan joins XPeng’s P7 sports sedan and G3 compact SUV to offer a full suite of mobility solutions to customers in China. The P5 builds on the previous models not only in its best-in-class autonomous driving functionality, but also in its third generation tech-enabled smart cockpit features, envisioning the car as a third living space to complement home space and work space.</p><p><blockquote>在 2021 年上海国际车展上亮相的 P5 家庭友好型轿车与小鹏的 P7 运动轿车和 G3 紧凑型 SUV 一起，为中国客户提供全套出行解决方案。P5 不仅在之前的车型上拥有一流的自动驾驶功能，而且在其第三代技术支持的智能驾驶舱功能的基础上，将汽车设想为补充家庭空间和工作空间的第三个生活空间。</blockquote></p><p>\"We persist in exploring because we are convinced that technology will enrich our lifestyles and bring about a great mobility transformation,\" Chairman and CEO Mr. He Xiaopeng said at the press conference. \"We believe in the future of autonomous driving, and remain committed to it. Transportation has immense influence on our daily lives and technology is empowering our life choices and propelling a fundamental revolution in mobility.\"</p><p><blockquote>董事长兼首席执行官何小鹏先生在发布会上表示：“我们坚持探索，因为我们坚信科技将丰富我们的生活方式，并带来巨大的移动转型。”“我们相信自动驾驶的未来，并将继续致力于此。交通对我们的日常生活有着巨大的影响，技术正在赋予我们的生活选择，并推动出行领域的根本性革命。”</blockquote></p><p><b>NGP autonomous driving – from highways to cities</b></p><p><blockquote><b>NGP自动驾驶——从高速公路到城市</b></blockquote></p><p>The P5 will bring Navigation Guided Pilot (NGP) capabilities to city roads for the first time in a production vehicle, powered by XPeng’s full-stack in-house developed autonomous driving system XPILOT 3.5 – the strongest autonomous driving architecture in its class. The new architecture comprises 32 perception sensors (including 2 LiDAR units, 12 ultrasonic sensors, 5 millimeter-wave radars, and 13 high-definition cameras) and 1 high-precision positioning unit (GNSS + IMU), integrated into 360° dual-perception fusion to handle challenging and complex road conditions.</p><p><blockquote>P5 将首次在量产车上为城市道路带来导航引导驾驶（NGP）功能，由小鹏汽车自主研发的全栈自动驾驶系统 XPILOT 3.5（同类产品中最强大的自动驾驶架构）提供动力。新架构包括32个感知传感器（包括2个激光雷达单元、12个超声波传感器、5个毫米波雷达和13个高清摄像头）和1个高精度定位单元（GNSS+IMU），集成到360°双感知融合中，以应对具有挑战性和复杂的路况。</blockquote></p><p>With its double-prism LiDAR units, the P5 can distinguish pedestrians, cyclists and scooters, static obstacles, and road works, and extend the NGP function from highways to city driving, dealing with cutting-in, automatic following and speed limit optimization on urban roads, traffic lights and small objects.</p><p><blockquote>凭借其双棱镜激光雷达单元，P5可以区分行人、骑自行车的人和踏板车、静态障碍物和道路工程，并将NGP功能从高速公路扩展到城市驾驶，处理城市道路上的切入、自动跟随和限速优化、交通灯和小物体。</blockquote></p><p>\"The P5 realizes our vision of navigation-assisted autonomous driving, aiming to liberate the driver’s concentration and effort from the drudgery of manual driving,\" Chairman He continued. \"We seek to enable autonomous driving in all weathers and in the most challenging driving conditions.\"</p><p><blockquote>“P5实现了我们对导航辅助自动驾驶的愿景，旨在将驾驶员的注意力和精力从手动驾驶的繁琐中解放出来，”何主席继续说道。“我们寻求在所有天气和最具挑战性的驾驶条件下实现自动驾驶。”</blockquote></p><p><b>Third generation cockpit, third space</b></p><p><blockquote><b>第三代驾驶舱，第三空间</b></blockquote></p><p>This third generation smart EV also brings to customers a 3rd generation cockpit with a new level of rich and customizable features – a third space extension to home and office, enabled by all-voice assistance and powerful connectivity. The P5’s Xmart OS 3.0, the latest generation of XPeng’s in-car operation system, supports full-scenario all-voice interaction. The P5 is also the first vehicle in its class to deploy Qualcomm’s Snapdragon flagship SA8155P auto-grade computing platform, 3 times more powerful than the previous generation.</p><p><blockquote>这款第三代智能电动汽车还为客户带来了第三代驾驶舱，具有新水平的丰富和可定制功能——通过全语音辅助和强大的连接功能，为家庭和办公室提供了第三次空间扩展。P5的Xmart OS 3.0是小鹏最新一代的车载操作系统，支持全场景全语音交互。P5 也是同类产品中首款搭载高通骁龙旗舰 SA8155P 汽车级计算平台的车型，该平台的功能比上一代提升了 3 倍。</blockquote></p><p>The P5’s interior space is the largest among A+ category sedans. Pioneering the third-generation smart cockpit, the P5 boasts fully-reclining front seat design, optimizing interior space to create a comfortable sleep mode. For a private screening experience, cinema mode is also available through the optional full-width projection screen, with karaoke and multimedia entertainment options. Additional comfort and lifestyle features include a capacious 18L refrigerator, and full 220v power for accessories and third-party devices.</p><p><blockquote>P5 的内部空间是 A+ 级轿车中最大的。P5开创了第三代智能座舱，拥有全倾斜的前排座椅设计，优化内部空间，打造舒适的睡眠模式。对于私人放映体验，还可以通过可选的全宽投影屏幕获得影院模式，并提供卡拉ok和多媒体娱乐选项。其他舒适和生活方式功能包括一个宽敞的18升冰箱，以及用于配件和第三方设备的全220v电源。</blockquote></p><p><b>P5 delivery expected 4Q 2021</b></p><p><blockquote><b>P5 预计于 2021 年第四季度交付</b></blockquote></p><p>XPeng P5 is expected to start delivery in the fourth quarter of 2021 with reservations starting on 19 April. Early bird customers will be entitled for lifetime free charging and supercharging services.</p><p><blockquote>小鹏P5预计将于2021年第四季度开始交付，预订将于4月19日开始。早鸟客户将有权享受终身免费充电和超级充电服务。</blockquote></p><p>The P5 will bring a whole new level of lifestyle experience for customers in conjunction with a whole range of new possibilities in mobility.</p><p><blockquote>P5将为客户带来全新水平的生活方式体验，以及一系列新的移动可能性。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏集团"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176251697","content_text":"As of 15:16, April 21, 2021, Beijing time, XPeng P5's cumulative orders have exceeded 10000! XPeng P5 becomes the most popular model of XPeng auto reservation.Xpeng Motors shares fell slightly 0.29% in premarket trading.XPeng Motors exhibited and kicked off pre-orders for its third production model on April 19th, the XPeng P5, the world’s first production smart EV equipped with automotive-grade LiDAR technology.XPeng P5 sedanShowcased at the 2021 International Automotive Exhibition in Shanghai, the P5 family-friendly sedan joins XPeng’s P7 sports sedan and G3 compact SUV to offer a full suite of mobility solutions to customers in China. The P5 builds on the previous models not only in its best-in-class autonomous driving functionality, but also in its third generation tech-enabled smart cockpit features, envisioning the car as a third living space to complement home space and work space.\"We persist in exploring because we are convinced that technology will enrich our lifestyles and bring about a great mobility transformation,\" Chairman and CEO Mr. He Xiaopeng said at the press conference. \"We believe in the future of autonomous driving, and remain committed to it. Transportation has immense influence on our daily lives and technology is empowering our life choices and propelling a fundamental revolution in mobility.\"NGP autonomous driving – from highways to citiesThe P5 will bring Navigation Guided Pilot (NGP) capabilities to city roads for the first time in a production vehicle, powered by XPeng’s full-stack in-house developed autonomous driving system XPILOT 3.5 – the strongest autonomous driving architecture in its class. The new architecture comprises 32 perception sensors (including 2 LiDAR units, 12 ultrasonic sensors, 5 millimeter-wave radars, and 13 high-definition cameras) and 1 high-precision positioning unit (GNSS + IMU), integrated into 360° dual-perception fusion to handle challenging and complex road conditions.With its double-prism LiDAR units, the P5 can distinguish pedestrians, cyclists and scooters, static obstacles, and road works, and extend the NGP function from highways to city driving, dealing with cutting-in, automatic following and speed limit optimization on urban roads, traffic lights and small objects.\"The P5 realizes our vision of navigation-assisted autonomous driving, aiming to liberate the driver’s concentration and effort from the drudgery of manual driving,\" Chairman He continued. \"We seek to enable autonomous driving in all weathers and in the most challenging driving conditions.\"Third generation cockpit, third spaceThis third generation smart EV also brings to customers a 3rd generation cockpit with a new level of rich and customizable features – a third space extension to home and office, enabled by all-voice assistance and powerful connectivity. The P5’s Xmart OS 3.0, the latest generation of XPeng’s in-car operation system, supports full-scenario all-voice interaction. The P5 is also the first vehicle in its class to deploy Qualcomm’s Snapdragon flagship SA8155P auto-grade computing platform, 3 times more powerful than the previous generation.The P5’s interior space is the largest among A+ category sedans. Pioneering the third-generation smart cockpit, the P5 boasts fully-reclining front seat design, optimizing interior space to create a comfortable sleep mode. For a private screening experience, cinema mode is also available through the optional full-width projection screen, with karaoke and multimedia entertainment options. Additional comfort and lifestyle features include a capacious 18L refrigerator, and full 220v power for accessories and third-party devices.P5 delivery expected 4Q 2021XPeng P5 is expected to start delivery in the fourth quarter of 2021 with reservations starting on 19 April. Early bird customers will be entitled for lifetime free charging and supercharging services.The P5 will bring a whole new level of lifestyle experience for customers in conjunction with a whole range of new possibilities in mobility.","news_type":1,"symbols_score_info":{"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":776,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324180971,"gmtCreate":1615974248793,"gmtModify":1703495734544,"author":{"id":"3577531513176552","authorId":"3577531513176552","name":"583e3e38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577531513176552","authorIdStr":"3577531513176552"},"themes":[],"title":"","htmlText":"Nooo","listText":"Nooo","text":"Nooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/324180971","repostId":"1176435771","repostType":4,"repost":{"id":"1176435771","kind":"news","pubTimestamp":1615973979,"share":"https://www.laohunote.com/m/news/1176435771?lang=zh_CN&edition=full","pubTime":"2021-03-17 17:39","market":"us","language":"en","title":"The Financial Crisis the World Forgot<blockquote>世界遗忘的金融危机</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1176435771","media":"NewYork Times","summary":"The Federal Reserve crossed red lines to rescue markets in March 2020. Is there enough momentum to f","content":"<p>  The Federal Reserve crossed red lines to rescue markets in March 2020. Is there enough momentum to fix the weaknesses the episode exposed?  By the middle of March 2020 a sense of anxiety pervaded the Federal Reserve. The fast-unfolding coronavirus pandemic was rippling through global markets in dangerous ways.</p><p><blockquote>美联储在2020年3月越过红线拯救市场。是否有足够的动力来修复这一集暴露的弱点？到2020年3月中旬，一种焦虑感弥漫在美联储。快速发展的冠状病毒疫情正在以危险的方式波及全球市场。</blockquote></p><p> Trading in Treasurys — the government securities that are considered among the safest assets in the world, and the bedrock of the entire bond market — had become disjointed as panicked investors tried to sell everything they owned to raise cash. Buyers were scarce. The Treasury market had never broken down so badly, even in the depths of the 2008 financial crisis.</p><p><blockquote>国债交易——被认为是世界上最安全的资产之一的政府证券，也是整个债券市场的基石——已经变得脱节，因为恐慌的投资者试图出售他们拥有的一切来筹集现金。买家很少。即使在 2008 年金融危机最严重的时候，国债市场也从未崩溃过如此严重。</blockquote></p><p> The Fed called an emergency meeting on March 15, a Sunday. Lorie Logan, who oversees the Federal Reserve Bank of New York’s asset portfolio, summarized the brewing crisis. She and her colleagues dialed into a conference from the fortresslike New York Fed headquarters, unable to travel to Washington given the meeting’s impromptu nature and the spreading virus. Regional bank presidents assembled across America stared back from the monitor. Washington-based governors were arrayed in a socially distanced ring around the Fed Board’s mahogany table.</p><p><blockquote>美联储于3月15日星期日召开紧急会议。负责纽约联邦储备银行资产组合的洛里-洛根（Lorie Logan）总结了这场酝酿中的危机。她和同事们从堡垒般的纽约联邦储备委员会总部拨通了一个会议电话，但由于会议的即兴性质和病毒的传播，他们无法前往华盛顿。聚集在美国各地的地区银行行长们从监视器上回头凝视着。华盛顿的州长们在美联储董事会的桃花心木桌子周围排成一个远离社会的圆圈。</blockquote></p><p> Ms. Logan delivered a blunt assessment: While the Fed had been buying government-backed bonds the week before to soothe the volatile Treasury market, market contacts said it hadn’t been enough. To fix things, the Fed mightneed to buy much more. And fast.</p><p><blockquote>洛根女士给出了直言不讳的评估： 虽然美联储在前一周一直在购买政府支持的债券以安抚动荡的国债市场，但市场联系人表示，这还不够。为了解决问题，美联储可能需要购买更多。而且很快。</blockquote></p><p> Fed officials are an argumentative bunch, and they fiercely debated the other issue before them that day, whether to cut interest rates to near-zero.</p><p><blockquote>美联储官员是一群好辩的人，他们当天就摆在他们面前的另一个问题进行了激烈的辩论，即是否将利率降至接近于零。</blockquote></p><p> But, in a testament to the gravity of the breakdown in the government bond market, there was no dissent about whether the central bank needed to stem what was happening by stepping in as a buyer. That afternoon, the Fedannounced an enormous purchase program, promising to make $500 billion in government bond purchases and to buy $200 billion in mortgage-backed debt.</p><p><blockquote>但是，对于央行是否需要通过作为买家介入来阻止正在发生的事情，人们没有异议，这证明了政府债券市场崩溃的严重性。当天下午，美联储宣布了一项庞大的购买计划，承诺购买5000亿美元的政府债券，并购买2000亿美元的抵押贷款支持债务。</blockquote></p><p> It wasn’t the central bank’s first effort to stop the unfolding disaster, nor would it be the last. But it was a clear signal that the 2020 meltdown echoed the 2008 crisis in seriousness and complexity. Where the housing crisis and ensuing crash took years to unfold, the coronavirus panic had struck in weeks.</p><p><blockquote>这不是央行第一次努力阻止这场灾难的发生，也不会是最后一次。但这是一个明确的信号，表明2020年的危机在严重性和复杂性上与2008年的危机相呼应。房地产危机和随之而来的崩盘花了数年时间才爆发，而冠状病毒恐慌在几周内就袭来了。</blockquote></p><p> As March wore on, each hour incubating a new calamity, policymakers were forced tocross boundaries, break precedentsand make new uses of the U.S. government’s vast powers to save domestic markets, keep cash flowing abroad and prevent a full-blown financial crisis from compounding a public health tragedy.</p><p><blockquote>随着三月的进行，每小时都在酝酿一场新的灾难，政策制定者们被迫跨越国界，打破先例，重新利用美国政府的巨大权力来拯救国内市场，保持现金流向国外，防止一场全面的金融危机加剧公共卫生悲剧。</blockquote></p><p> The rescue worked, so it is easy to forget the peril America’s investors and businesses faced a year ago. But the systemwide weaknesses that were exposed last March remain, and are now under the microscope of Washington policymakers.</p><p><blockquote>救援行动奏效了，因此很容易忘记美国投资者和企业一年前所面临的危险。但去年3月暴露的全系统弱点依然存在，现在正处于华盛顿决策者的显微镜下。</blockquote></p><p> <b>How It Started</b></p><p><blockquote><b>它是如何开始的</b></blockquote></p><p> Financial markets began to wobble on Feb. 21, 2020, when Italian authorities announced localized lockdowns.</p><p><blockquote>2020 年 2 月 21 日，意大利当局宣布局部封锁，金融市场开始动荡。</blockquote></p><p> At first, the sell-off in risky investments was normal — a rational “flight to safety” while the global economic outlook was rapidly darkening. Stocks plummeted, demand for many corporate bonds disappeared, and people poured into super-secure investments, like U.S. Treasury bonds.</p><p><blockquote>起初，风险投资的抛售是正常的--在全球经济前景迅速黯淡的情况下，这是一种理性的 “避险”。股市暴跌，对许多公司债券的需求消失，人们涌入美国国债等超安全投资。</blockquote></p><p> On March 3, as market jitters intensified, the Fedcut interest ratesto about 1 percent — its first emergency move since the 2008 financial crisis. Some analysts chidedthe Fed for overreacting, and others asked an obvious question: What could the Fed realistically do in the face of a public health threat?</p><p><blockquote>3月3日，随着市场紧张情绪加剧，美联储将利率下调至约1%——这是自2008年金融危机以来首次采取紧急措施。一些分析师指责美联储反应过度，其他人则提出了一个显而易见的问题：面对公共卫生威胁，美联储实际上能做些什么？</blockquote></p><p> “We do recognize that a rate cut will not reduce the rate of infection, it won’t fix a broken supply chain,” Chair Jerome H. Powell said at a news conference, explaining that the Fed was doing what it could to keep credit cheap and available.</p><p><blockquote>“美联储主席杰罗姆-鲍威尔（Jerome H. Powell）在新闻发布会上说：”我们确实认识到，降息不会降低感染率，也不会修复断裂的供应链。</blockquote></p><p> But the health disaster was quickly metastasizing into a market crisis.</p><p><blockquote>但这场健康灾难很快就演变成了一场市场危机。</blockquote></p><p> Lockdowns in Italy deepened during the second week of March, and oil prices plummeted as a price war raged, sending tremors across stock, currency and commodity markets. Then, something weird started to happen: Instead of snapping up Treasury bonds, arguably the world’s safest investment, investors began trying to sell them.</p><p><blockquote>三月第二周，意大利的封锁加深，随着价格战的激烈，油价暴跌，导致股票、货币和大宗商品市场震荡。然后，奇怪的事情开始发生： 投资者开始试图出售国债，而不是抢购可以说是世界上最安全的投资。</blockquote></p><p> The yield on 10-year Treasury debt — which usually drops when investors seek safe harbor — started to rise on March 10, suggesting investors didn’t want safe assets. They wanted cold, hard cash, and they were trying to sell anything and everything to get it.</p><p><blockquote>10 年期国债的收益率--通常在投资者寻求避风港时就会下降--从 3 月 10 日开始上升，这表明投资者不想要安全的资产。他们想要冰冷的现金，他们试图卖掉任何东西和一切来得到它。</blockquote></p><p> <b>How It Worsened</b></p><p><blockquote><b>它是如何恶化的</b></blockquote></p><p> Religion works through churches. Democracy through congresses and parliaments. Capitalism is an idea made real through a series of relationships between debtors and creditors, risk and reward. And by last March 11, those equations were no longer adding up.</p><p><blockquote>宗教通过教堂发挥作用。通过国会和议会实现民主。资本主义是一个通过债务人和债权人、风险和回报之间的一系列关系而成为现实的想法。到去年3月11日，这些方程不再相加。</blockquote></p><p></p><p> That was the day the World Health Organizationofficially declaredthe virus outbreak a pandemic, and the morning on which it was becoming clear that a sell-off had spiraled into a panic.</p><p><blockquote>这一天，世界卫生组织正式宣布病毒爆发为大流行，当天早上，抛售已经演变成恐慌。</blockquote></p><p> The Fed began to roll out measure after measure in a bid to soothe conditions, first offeringhuge temporary infusions of cashto banks, thenaccelerating plansto buy Treasury bonds as that market swung out of whack.</p><p><blockquote>美联储开始推出一项又一项措施来缓解局势，首先向银行提供大量临时现金注入，然后在市场失控时加速购买国债的计划。</blockquote></p><p> But by Friday, March 13, government bond markets were just one of many problems.</p><p><blockquote>但到 3 月 13 日星期五，政府债券市场只是众多问题之一。</blockquote></p><p> Investors had been pulling their cash from prime money market mutual funds, where they park it to earn a slightly higher return, for days. But those outflows began to accelerate, prompting the funds themselves to pull back sharply from short-term corporate debt markets as they raced to return money to investors. Banks that serve as market conduits were less willing than usual to buy and hold new securities, even just temporarily. That made it harder to sell everything, be it a company bond or Treasury debt.</p><p><blockquote>几天来，投资者一直在从主要货币市场共同基金中提取现金，并将其存放在那里以获得略高的回报。但这些资金外流开始加速，促使基金自身在竞相将资金返还给投资者的过程中大幅撤出短期公司债市场。作为市场渠道的银行不太愿意购买和持有新证券，即使只是暂时的。这使得出售所有东西变得更加困难，无论是公司债券还是国债。</blockquote></p><p> The Fed’s announcement after its March 15 emergency meeting — that it would slash rates and buy bonds in the most critical markets — was an attempt to get things under control.</p><p><blockquote>美联储在 3 月 15 日召开紧急会议后宣布将在最关键的市场降息并购买债券，这是为了控制局势。</blockquote></p><p> But Mr. Powell worried that the fix would fall short as short- and long-term debt of all kinds became hard to sell. He approached Andreas Lehnert, director of the Fed’s financial stability division, in the Washington boardroom after the meeting and asked him to prepare emergency lending programs, which the central bank had used in 2008 to serve as a support system to unraveling markets.</p><p><blockquote>但鲍威尔担心，随着各种短期和长期债务变得难以出售，这一解决方案将无法实现。会后，他在华盛顿会议室找到美联储金融稳定部主任安德烈亚斯-莱纳特（Andreas Lehnert），要求他准备紧急贷款计划，美联储曾在 2008 年利用这些计划作为支持系统，以应对市场崩溃。</blockquote></p><p> Mr. Lehnert went straight to a musty office, where he communicated with Fed technicians, economists and lawyers via instant messenger and video chats — in-person meetings were already restricted — and worked late into the night to get the paperwork ready.</p><p><blockquote>莱纳特直接去了一间发霉的办公室，在那里他通过即时通讯和视频聊天与美联储技术人员、经济学家和律师沟通——面对面的会议已经受到限制——并工作到深夜准备文件。</blockquote></p><p> Starting that Tuesday morning, after another day of market carnage, the central bank began to unveil the steady drip of rescue programs Mr. Lehnert and his colleagues had been working on: one to buy upshort-term corporate debtand another to keep funding flowing to key banks. Shortlybefore midnighton Wednesday, March 18, the Fed announced a program to rescue embattled money market funds by offering to effectively take hard-to-sell securities off their hands.</p><p><blockquote>从那个星期二早上开始，在又一天的市场屠杀之后，央行开始公布莱纳特和他的同事们一直在努力的一系列救援计划：一项是购买短期公司债务，另一项是保持资金流向主要银行。3 月 18 日星期三午夜前不久，美联储宣布了一项计划，通过提议有效地从陷入困境的货币市场基金手中夺走难以出售的证券来拯救它们。</blockquote></p><p> But by the end of that week, everything was a mess.Foreign central banks and corporations were offloading U.S. debt, partly to raise dollars companies needed to pay interest and other bills; hedge funds werenixing a highly leveraged tradethat had broken down as the market went haywire, dumping Treasurys into the choked market.Corporate bondandcommercial real estate debt marketslooked dicey as companies faced credit rating downgrades and as hotels and malls saw business prospects tank.</p><p><blockquote>但到了那个周末，一切都一团糟。外国央行和企业正在抛售美国债务，部分原因是为了筹集公司支付利息和其他账单所需的美元；对冲基金正在进行一项高杠杆交易，该交易随着市场失控而崩溃，将国债倾销到窒息的市场中。随着公司面临信用评级下调以及酒店和购物中心看到商业前景下降，公司债券和商业房地产债务市场看起来很危险。</blockquote></p><p> The world’s most powerful central bank was throwing solutions at the markets as rapidly as it could, and it wasn’t enough.</p><p><blockquote>世界上最强大的中央银行正以最快的速度向市场抛出解决方案，但这还不够。</blockquote></p><p> <b>How They Fixed It</b></p><p><blockquote><b>他们是如何修复它的</b></blockquote></p><p> The next weekend, March 21 and 22, was a frenzy. Officials dialed into calls from home, completing still-secret program outlines and negotiating with Treasury Secretary Steven Mnuchin’s team to establish a layer of insurance to protect the efforts against credit losses. After a tormented 48-hour hustle, the Fed sent out a mammoth news release on Monday morning.</p><p><blockquote>接下来的周末，3月21日和22日，一片疯狂。官员们在家中拨打了评级的电话，完成了仍然保密的计划大纲，并与财政部长史蒂文-姆努钦（Steven Mnuchin）的团队进行谈判，以建立一层保险，保护这些努力免受信用损失。经过 48 小时的折磨，美联储于周一上午发布了一份庞大的新闻稿。</blockquote></p><p> Headlineshit newswiresat 8 a.m., well before American markets opened. The Fed promised tobuy an unlimited amountof Treasury debt and to purchase commercial mortgage-backed securities — efforts to save the most central markets.</p><p><blockquote>头条新闻通讯社周六上午8点，远在美国市场开盘之前。美联储承诺购买无限量的国债，并购买商业抵押贷款支持证券——这是为了拯救最核心的市场。</blockquote></p><p> The announcement also pushed the central bank into uncharted territory. The Fed was established in 1913 toserve as a lender of last resortto troubled banks. On March 23, it pledged to funnel help far beyond that financial core. The Fed said it would buy corporate debt and help to get loans to midsize businesses for the first time ever.</p><p><blockquote>这一声明也将央行推入了未知领域。美联储成立于 1913 年，是陷入困境的银行的最后贷款人。3月23日，它承诺提供远远超出财务核心的帮助。美联储表示，将购买公司债务，并首次帮助中型企业获得贷款。</blockquote></p><p> It finally worked. The dash for cash turned around starting that day.</p><p><blockquote>终于奏效了。从那天开始，对现金的争夺出现了转机。</blockquote></p><p> The March 23 efforts took an approach that Mr. Lehnert referred to internally as “covering the waterfront.” Fed economists had discerned which capital marketswere tied to huge numbers of jobsand made sure that every one of them had a Fed support program.</p><p><blockquote>3 月 23 日的努力采取了一种莱纳特先生在内部称之为 “覆盖海滨”的方法。美联储经济学家已经辨别出哪些资本市场与大量就业相关，并确保每个资本市场都有美联储的支持计划。</blockquote></p><p> On April 9, officials put final pieces of the strategy into play. Backed by a huge pot of insurance money from a rescue package just passed by Congress — lawmakers had handed the Treasury up to$454 billion— they announced that they would expand already-announced efforts and set up another to help funnel credit to states and big cities.</p><p><blockquote>4月9日，官员们将该战略的最后部分付诸实施。在国会刚刚通过的救助计划中的巨额保险金的支持下——立法者向财政部提供了高达4540亿美元的资金——他们宣布将扩大已经宣布的努力，并建立另一项努力来帮助向各州和大城市输送信贷。</blockquote></p><p> The Fed’s 2008 rescue effort had been widely criticized as a bank bailout. The 2020 redux was to rescue everything.</p><p><blockquote>美联储 2008 年的救助行动曾被广泛批评为银行救助。2020年的redux是为了拯救一切。</blockquote></p><p></p><p> The Fed, along with the Treasury, most likely saved the nation from a crippling financial crisis that would have made it harder for businesses to survive, rebound and rehire, intensifying the economic damage the coronavirus went on to inflict. Many of the programs have since ended or are scheduled to do so, and markets are functioning fine.</p><p><blockquote>美联储和财政部很可能将国家从一场严重的金融危机中拯救出来，这场危机将使企业更难生存、反弹和重新招聘，加剧冠状病毒继续造成的经济损失。许多项目已经结束或计划结束，市场运作良好。</blockquote></p><p> But there’s no guarantee that the calm will prove permanent.</p><p><blockquote>但不能保证这种平静会是永久性的。</blockquote></p><p> “The financial system remains vulnerable” to a repeat of last March’s sweeping disaster as “the underlying structures and mechanisms that gave rise to the turmoil are still in place,” the Financial Stability Board, a global oversight body, wrote in a meltdownpost-mortem.</p><p><blockquote>全球监督机构金融稳定委员会（Financial Stability Board）在一份熔毁后的事后分析中写道，“金融体系仍然容易 ”重演去年 3 月的全面灾难，因为 “引发动荡的基本结构和机制仍然存在”。</blockquote></p><p> <b>What Comes Next</b></p><p><blockquote><b>接下来会发生什么</b></blockquote></p><p> The question policymakers and lawmakers are now grappling with is how to fix those vulnerabilities, which could portend problems for the Treasury market and money market funds if investors get seriously spooked again.</p><p><blockquote>政策制定者和立法者现在正在努力解决的问题是如何修复这些漏洞，如果投资者再次受到严重恐慌，这些漏洞可能预示着国债市场和货币市场基金将出现问题。</blockquote></p><p> The Fed’s rescue ramps up the urgency to safeguard the system. Central bankers set a precedent by saving previously untouched markets, raising the possibility that investors will take risks, assuming the central bank will always step in if things get bad enough.</p><p><blockquote>美联储的救助增加了保护该系统的紧迫性。央行行长通过拯救以前未触及的市场开创了先例，增加了投资者承担风险的可能性，假设如果情况变得足够糟糕，央行总是会介入。</blockquote></p><p> There’s some bipartisan appetite for reform: Trump-era regulators began a review of money markets, and Treasury Secretary Janet L. Yellen has said she will focus on financial oversight. But change won’t be easy. Protests in the street helped to galvanize financial reform after 2008. There is little popular outrage over the March 2020 meltdown, both because it was set off by a health crisis — not bad banker behavior — and because it was resolved quickly.</p><p><blockquote>两党都希望进行改革： 特朗普时代的监管机构开始对货币市场进行审查，财政部长珍妮特-耶伦（Janet L. Yellen）表示，她将重点关注金融监管。但改变并不容易。2008年后，街头抗议帮助推动了金融改革。公众对 2020 年 3 月的崩盘几乎没有感到愤怒，一方面是因为它是由健康危机引发的——而不是银行家的不良行为——另一方面是因为它很快就得到了解决。</blockquote></p><p> Industry playersare already mobilizing a lobbying effort, and they may find allies in resisting regulation, including among lawmakers.</p><p><blockquote>行业参与者已经在动员游说努力，他们可能会找到抵制监管的盟友，包括立法者。</blockquote></p><p> “I would point out that money market funds have been remarkably stable and successful,” Senator Patrick J. Toomey, Republican of Pennsylvania, said during aJan. 19 hearing.</p><p><blockquote>“宾夕法尼亚州共和党参议员帕特里克-图米（Patrick J. Toomey）在 aJan 上说：”我想指出的是，货币市场基金一直非常稳定和成功。19听证会。</blockquote></p><p></p>","source":"lsy1605590967916","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 Financial Crisis the World Forgot<blockquote>世界遗忘的金融危机</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 Financial Crisis the World Forgot<blockquote>世界遗忘的金融危机</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">NewYork Times</strong><span class=\"h-time small\">2021-03-17 17:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  The Federal Reserve crossed red lines to rescue markets in March 2020. Is there enough momentum to fix the weaknesses the episode exposed?  By the middle of March 2020 a sense of anxiety pervaded the Federal Reserve. The fast-unfolding coronavirus pandemic was rippling through global markets in dangerous ways.</p><p><blockquote>美联储在2020年3月越过红线拯救市场。是否有足够的动力来修复这一集暴露的弱点？到2020年3月中旬，一种焦虑感弥漫在美联储。快速发展的冠状病毒疫情正在以危险的方式波及全球市场。</blockquote></p><p> Trading in Treasurys — the government securities that are considered among the safest assets in the world, and the bedrock of the entire bond market — had become disjointed as panicked investors tried to sell everything they owned to raise cash. Buyers were scarce. The Treasury market had never broken down so badly, even in the depths of the 2008 financial crisis.</p><p><blockquote>国债交易——被认为是世界上最安全的资产之一的政府证券，也是整个债券市场的基石——已经变得脱节，因为恐慌的投资者试图出售他们拥有的一切来筹集现金。买家很少。即使在 2008 年金融危机最严重的时候，国债市场也从未崩溃过如此严重。</blockquote></p><p> The Fed called an emergency meeting on March 15, a Sunday. Lorie Logan, who oversees the Federal Reserve Bank of New York’s asset portfolio, summarized the brewing crisis. She and her colleagues dialed into a conference from the fortresslike New York Fed headquarters, unable to travel to Washington given the meeting’s impromptu nature and the spreading virus. Regional bank presidents assembled across America stared back from the monitor. Washington-based governors were arrayed in a socially distanced ring around the Fed Board’s mahogany table.</p><p><blockquote>美联储于3月15日星期日召开紧急会议。负责纽约联邦储备银行资产组合的洛里-洛根（Lorie Logan）总结了这场酝酿中的危机。她和同事们从堡垒般的纽约联邦储备委员会总部拨通了一个会议电话，但由于会议的即兴性质和病毒的传播，他们无法前往华盛顿。聚集在美国各地的地区银行行长们从监视器上回头凝视着。华盛顿的州长们在美联储董事会的桃花心木桌子周围排成一个远离社会的圆圈。</blockquote></p><p> Ms. Logan delivered a blunt assessment: While the Fed had been buying government-backed bonds the week before to soothe the volatile Treasury market, market contacts said it hadn’t been enough. To fix things, the Fed mightneed to buy much more. And fast.</p><p><blockquote>洛根女士给出了直言不讳的评估： 虽然美联储在前一周一直在购买政府支持的债券以安抚动荡的国债市场，但市场联系人表示，这还不够。为了解决问题，美联储可能需要购买更多。而且很快。</blockquote></p><p> Fed officials are an argumentative bunch, and they fiercely debated the other issue before them that day, whether to cut interest rates to near-zero.</p><p><blockquote>美联储官员是一群好辩的人，他们当天就摆在他们面前的另一个问题进行了激烈的辩论，即是否将利率降至接近于零。</blockquote></p><p> But, in a testament to the gravity of the breakdown in the government bond market, there was no dissent about whether the central bank needed to stem what was happening by stepping in as a buyer. That afternoon, the Fedannounced an enormous purchase program, promising to make $500 billion in government bond purchases and to buy $200 billion in mortgage-backed debt.</p><p><blockquote>但是，对于央行是否需要通过作为买家介入来阻止正在发生的事情，人们没有异议，这证明了政府债券市场崩溃的严重性。当天下午，美联储宣布了一项庞大的购买计划，承诺购买5000亿美元的政府债券，并购买2000亿美元的抵押贷款支持债务。</blockquote></p><p> It wasn’t the central bank’s first effort to stop the unfolding disaster, nor would it be the last. But it was a clear signal that the 2020 meltdown echoed the 2008 crisis in seriousness and complexity. Where the housing crisis and ensuing crash took years to unfold, the coronavirus panic had struck in weeks.</p><p><blockquote>这不是央行第一次努力阻止这场灾难的发生，也不会是最后一次。但这是一个明确的信号，表明2020年的危机在严重性和复杂性上与2008年的危机相呼应。房地产危机和随之而来的崩盘花了数年时间才爆发，而冠状病毒恐慌在几周内就袭来了。</blockquote></p><p> As March wore on, each hour incubating a new calamity, policymakers were forced tocross boundaries, break precedentsand make new uses of the U.S. government’s vast powers to save domestic markets, keep cash flowing abroad and prevent a full-blown financial crisis from compounding a public health tragedy.</p><p><blockquote>随着三月的进行，每小时都在酝酿一场新的灾难，政策制定者们被迫跨越国界，打破先例，重新利用美国政府的巨大权力来拯救国内市场，保持现金流向国外，防止一场全面的金融危机加剧公共卫生悲剧。</blockquote></p><p> The rescue worked, so it is easy to forget the peril America’s investors and businesses faced a year ago. But the systemwide weaknesses that were exposed last March remain, and are now under the microscope of Washington policymakers.</p><p><blockquote>救援行动奏效了，因此很容易忘记美国投资者和企业一年前所面临的危险。但去年3月暴露的全系统弱点依然存在，现在正处于华盛顿决策者的显微镜下。</blockquote></p><p> <b>How It Started</b></p><p><blockquote><b>它是如何开始的</b></blockquote></p><p> Financial markets began to wobble on Feb. 21, 2020, when Italian authorities announced localized lockdowns.</p><p><blockquote>2020 年 2 月 21 日，意大利当局宣布局部封锁，金融市场开始动荡。</blockquote></p><p> At first, the sell-off in risky investments was normal — a rational “flight to safety” while the global economic outlook was rapidly darkening. Stocks plummeted, demand for many corporate bonds disappeared, and people poured into super-secure investments, like U.S. Treasury bonds.</p><p><blockquote>起初，风险投资的抛售是正常的--在全球经济前景迅速黯淡的情况下，这是一种理性的 “避险”。股市暴跌，对许多公司债券的需求消失，人们涌入美国国债等超安全投资。</blockquote></p><p> On March 3, as market jitters intensified, the Fedcut interest ratesto about 1 percent — its first emergency move since the 2008 financial crisis. Some analysts chidedthe Fed for overreacting, and others asked an obvious question: What could the Fed realistically do in the face of a public health threat?</p><p><blockquote>3月3日，随着市场紧张情绪加剧，美联储将利率下调至约1%——这是自2008年金融危机以来首次采取紧急措施。一些分析师指责美联储反应过度，其他人则提出了一个显而易见的问题：面对公共卫生威胁，美联储实际上能做些什么？</blockquote></p><p> “We do recognize that a rate cut will not reduce the rate of infection, it won’t fix a broken supply chain,” Chair Jerome H. Powell said at a news conference, explaining that the Fed was doing what it could to keep credit cheap and available.</p><p><blockquote>“美联储主席杰罗姆-鲍威尔（Jerome H. Powell）在新闻发布会上说：”我们确实认识到，降息不会降低感染率，也不会修复断裂的供应链。</blockquote></p><p> But the health disaster was quickly metastasizing into a market crisis.</p><p><blockquote>但这场健康灾难很快就演变成了一场市场危机。</blockquote></p><p> Lockdowns in Italy deepened during the second week of March, and oil prices plummeted as a price war raged, sending tremors across stock, currency and commodity markets. Then, something weird started to happen: Instead of snapping up Treasury bonds, arguably the world’s safest investment, investors began trying to sell them.</p><p><blockquote>三月第二周，意大利的封锁加深，随着价格战的激烈，油价暴跌，导致股票、货币和大宗商品市场震荡。然后，奇怪的事情开始发生： 投资者开始试图出售国债，而不是抢购可以说是世界上最安全的投资。</blockquote></p><p> The yield on 10-year Treasury debt — which usually drops when investors seek safe harbor — started to rise on March 10, suggesting investors didn’t want safe assets. They wanted cold, hard cash, and they were trying to sell anything and everything to get it.</p><p><blockquote>10 年期国债的收益率--通常在投资者寻求避风港时就会下降--从 3 月 10 日开始上升，这表明投资者不想要安全的资产。他们想要冰冷的现金，他们试图卖掉任何东西和一切来得到它。</blockquote></p><p> <b>How It Worsened</b></p><p><blockquote><b>它是如何恶化的</b></blockquote></p><p> Religion works through churches. Democracy through congresses and parliaments. Capitalism is an idea made real through a series of relationships between debtors and creditors, risk and reward. And by last March 11, those equations were no longer adding up.</p><p><blockquote>宗教通过教堂发挥作用。通过国会和议会实现民主。资本主义是一个通过债务人和债权人、风险和回报之间的一系列关系而成为现实的想法。到去年3月11日，这些方程不再相加。</blockquote></p><p></p><p> That was the day the World Health Organizationofficially declaredthe virus outbreak a pandemic, and the morning on which it was becoming clear that a sell-off had spiraled into a panic.</p><p><blockquote>这一天，世界卫生组织正式宣布病毒爆发为大流行，当天早上，抛售已经演变成恐慌。</blockquote></p><p> The Fed began to roll out measure after measure in a bid to soothe conditions, first offeringhuge temporary infusions of cashto banks, thenaccelerating plansto buy Treasury bonds as that market swung out of whack.</p><p><blockquote>美联储开始推出一项又一项措施来缓解局势，首先向银行提供大量临时现金注入，然后在市场失控时加速购买国债的计划。</blockquote></p><p> But by Friday, March 13, government bond markets were just one of many problems.</p><p><blockquote>但到 3 月 13 日星期五，政府债券市场只是众多问题之一。</blockquote></p><p> Investors had been pulling their cash from prime money market mutual funds, where they park it to earn a slightly higher return, for days. But those outflows began to accelerate, prompting the funds themselves to pull back sharply from short-term corporate debt markets as they raced to return money to investors. Banks that serve as market conduits were less willing than usual to buy and hold new securities, even just temporarily. That made it harder to sell everything, be it a company bond or Treasury debt.</p><p><blockquote>几天来，投资者一直在从主要货币市场共同基金中提取现金，并将其存放在那里以获得略高的回报。但这些资金外流开始加速，促使基金自身在竞相将资金返还给投资者的过程中大幅撤出短期公司债市场。作为市场渠道的银行不太愿意购买和持有新证券，即使只是暂时的。这使得出售所有东西变得更加困难，无论是公司债券还是国债。</blockquote></p><p> The Fed’s announcement after its March 15 emergency meeting — that it would slash rates and buy bonds in the most critical markets — was an attempt to get things under control.</p><p><blockquote>美联储在 3 月 15 日召开紧急会议后宣布将在最关键的市场降息并购买债券，这是为了控制局势。</blockquote></p><p> But Mr. Powell worried that the fix would fall short as short- and long-term debt of all kinds became hard to sell. He approached Andreas Lehnert, director of the Fed’s financial stability division, in the Washington boardroom after the meeting and asked him to prepare emergency lending programs, which the central bank had used in 2008 to serve as a support system to unraveling markets.</p><p><blockquote>但鲍威尔担心，随着各种短期和长期债务变得难以出售，这一解决方案将无法实现。会后，他在华盛顿会议室找到美联储金融稳定部主任安德烈亚斯-莱纳特（Andreas Lehnert），要求他准备紧急贷款计划，美联储曾在 2008 年利用这些计划作为支持系统，以应对市场崩溃。</blockquote></p><p> Mr. Lehnert went straight to a musty office, where he communicated with Fed technicians, economists and lawyers via instant messenger and video chats — in-person meetings were already restricted — and worked late into the night to get the paperwork ready.</p><p><blockquote>莱纳特直接去了一间发霉的办公室，在那里他通过即时通讯和视频聊天与美联储技术人员、经济学家和律师沟通——面对面的会议已经受到限制——并工作到深夜准备文件。</blockquote></p><p> Starting that Tuesday morning, after another day of market carnage, the central bank began to unveil the steady drip of rescue programs Mr. Lehnert and his colleagues had been working on: one to buy upshort-term corporate debtand another to keep funding flowing to key banks. Shortlybefore midnighton Wednesday, March 18, the Fed announced a program to rescue embattled money market funds by offering to effectively take hard-to-sell securities off their hands.</p><p><blockquote>从那个星期二早上开始，在又一天的市场屠杀之后，央行开始公布莱纳特和他的同事们一直在努力的一系列救援计划：一项是购买短期公司债务，另一项是保持资金流向主要银行。3 月 18 日星期三午夜前不久，美联储宣布了一项计划，通过提议有效地从陷入困境的货币市场基金手中夺走难以出售的证券来拯救它们。</blockquote></p><p> But by the end of that week, everything was a mess.Foreign central banks and corporations were offloading U.S. debt, partly to raise dollars companies needed to pay interest and other bills; hedge funds werenixing a highly leveraged tradethat had broken down as the market went haywire, dumping Treasurys into the choked market.Corporate bondandcommercial real estate debt marketslooked dicey as companies faced credit rating downgrades and as hotels and malls saw business prospects tank.</p><p><blockquote>但到了那个周末，一切都一团糟。外国央行和企业正在抛售美国债务，部分原因是为了筹集公司支付利息和其他账单所需的美元；对冲基金正在进行一项高杠杆交易，该交易随着市场失控而崩溃，将国债倾销到窒息的市场中。随着公司面临信用评级下调以及酒店和购物中心看到商业前景下降，公司债券和商业房地产债务市场看起来很危险。</blockquote></p><p> The world’s most powerful central bank was throwing solutions at the markets as rapidly as it could, and it wasn’t enough.</p><p><blockquote>世界上最强大的中央银行正以最快的速度向市场抛出解决方案，但这还不够。</blockquote></p><p> <b>How They Fixed It</b></p><p><blockquote><b>他们是如何修复它的</b></blockquote></p><p> The next weekend, March 21 and 22, was a frenzy. Officials dialed into calls from home, completing still-secret program outlines and negotiating with Treasury Secretary Steven Mnuchin’s team to establish a layer of insurance to protect the efforts against credit losses. After a tormented 48-hour hustle, the Fed sent out a mammoth news release on Monday morning.</p><p><blockquote>接下来的周末，3月21日和22日，一片疯狂。官员们在家中拨打了评级的电话，完成了仍然保密的计划大纲，并与财政部长史蒂文-姆努钦（Steven Mnuchin）的团队进行谈判，以建立一层保险，保护这些努力免受信用损失。经过 48 小时的折磨，美联储于周一上午发布了一份庞大的新闻稿。</blockquote></p><p> Headlineshit newswiresat 8 a.m., well before American markets opened. The Fed promised tobuy an unlimited amountof Treasury debt and to purchase commercial mortgage-backed securities — efforts to save the most central markets.</p><p><blockquote>头条新闻通讯社周六上午8点，远在美国市场开盘之前。美联储承诺购买无限量的国债，并购买商业抵押贷款支持证券——这是为了拯救最核心的市场。</blockquote></p><p> The announcement also pushed the central bank into uncharted territory. The Fed was established in 1913 toserve as a lender of last resortto troubled banks. On March 23, it pledged to funnel help far beyond that financial core. The Fed said it would buy corporate debt and help to get loans to midsize businesses for the first time ever.</p><p><blockquote>这一声明也将央行推入了未知领域。美联储成立于 1913 年，是陷入困境的银行的最后贷款人。3月23日，它承诺提供远远超出财务核心的帮助。美联储表示，将购买公司债务，并首次帮助中型企业获得贷款。</blockquote></p><p> It finally worked. The dash for cash turned around starting that day.</p><p><blockquote>终于奏效了。从那天开始，对现金的争夺出现了转机。</blockquote></p><p> The March 23 efforts took an approach that Mr. Lehnert referred to internally as “covering the waterfront.” Fed economists had discerned which capital marketswere tied to huge numbers of jobsand made sure that every one of them had a Fed support program.</p><p><blockquote>3 月 23 日的努力采取了一种莱纳特先生在内部称之为 “覆盖海滨”的方法。美联储经济学家已经辨别出哪些资本市场与大量就业相关，并确保每个资本市场都有美联储的支持计划。</blockquote></p><p> On April 9, officials put final pieces of the strategy into play. Backed by a huge pot of insurance money from a rescue package just passed by Congress — lawmakers had handed the Treasury up to$454 billion— they announced that they would expand already-announced efforts and set up another to help funnel credit to states and big cities.</p><p><blockquote>4月9日，官员们将该战略的最后部分付诸实施。在国会刚刚通过的救助计划中的巨额保险金的支持下——立法者向财政部提供了高达4540亿美元的资金——他们宣布将扩大已经宣布的努力，并建立另一项努力来帮助向各州和大城市输送信贷。</blockquote></p><p> The Fed’s 2008 rescue effort had been widely criticized as a bank bailout. The 2020 redux was to rescue everything.</p><p><blockquote>美联储 2008 年的救助行动曾被广泛批评为银行救助。2020年的redux是为了拯救一切。</blockquote></p><p></p><p> The Fed, along with the Treasury, most likely saved the nation from a crippling financial crisis that would have made it harder for businesses to survive, rebound and rehire, intensifying the economic damage the coronavirus went on to inflict. Many of the programs have since ended or are scheduled to do so, and markets are functioning fine.</p><p><blockquote>美联储和财政部很可能将国家从一场严重的金融危机中拯救出来，这场危机将使企业更难生存、反弹和重新招聘，加剧冠状病毒继续造成的经济损失。许多项目已经结束或计划结束，市场运作良好。</blockquote></p><p> But there’s no guarantee that the calm will prove permanent.</p><p><blockquote>但不能保证这种平静会是永久性的。</blockquote></p><p> “The financial system remains vulnerable” to a repeat of last March’s sweeping disaster as “the underlying structures and mechanisms that gave rise to the turmoil are still in place,” the Financial Stability Board, a global oversight body, wrote in a meltdownpost-mortem.</p><p><blockquote>全球监督机构金融稳定委员会（Financial Stability Board）在一份熔毁后的事后分析中写道，“金融体系仍然容易 ”重演去年 3 月的全面灾难，因为 “引发动荡的基本结构和机制仍然存在”。</blockquote></p><p> <b>What Comes Next</b></p><p><blockquote><b>接下来会发生什么</b></blockquote></p><p> The question policymakers and lawmakers are now grappling with is how to fix those vulnerabilities, which could portend problems for the Treasury market and money market funds if investors get seriously spooked again.</p><p><blockquote>政策制定者和立法者现在正在努力解决的问题是如何修复这些漏洞，如果投资者再次受到严重恐慌，这些漏洞可能预示着国债市场和货币市场基金将出现问题。</blockquote></p><p> The Fed’s rescue ramps up the urgency to safeguard the system. Central bankers set a precedent by saving previously untouched markets, raising the possibility that investors will take risks, assuming the central bank will always step in if things get bad enough.</p><p><blockquote>美联储的救助增加了保护该系统的紧迫性。央行行长通过拯救以前未触及的市场开创了先例，增加了投资者承担风险的可能性，假设如果情况变得足够糟糕，央行总是会介入。</blockquote></p><p> There’s some bipartisan appetite for reform: Trump-era regulators began a review of money markets, and Treasury Secretary Janet L. Yellen has said she will focus on financial oversight. But change won’t be easy. Protests in the street helped to galvanize financial reform after 2008. There is little popular outrage over the March 2020 meltdown, both because it was set off by a health crisis — not bad banker behavior — and because it was resolved quickly.</p><p><blockquote>两党都希望进行改革： 特朗普时代的监管机构开始对货币市场进行审查，财政部长珍妮特-耶伦（Janet L. Yellen）表示，她将重点关注金融监管。但改变并不容易。2008年后，街头抗议帮助推动了金融改革。公众对 2020 年 3 月的崩盘几乎没有感到愤怒，一方面是因为它是由健康危机引发的——而不是银行家的不良行为——另一方面是因为它很快就得到了解决。</blockquote></p><p> Industry playersare already mobilizing a lobbying effort, and they may find allies in resisting regulation, including among lawmakers.</p><p><blockquote>行业参与者已经在动员游说努力，他们可能会找到抵制监管的盟友，包括立法者。</blockquote></p><p> “I would point out that money market funds have been remarkably stable and successful,” Senator Patrick J. Toomey, Republican of Pennsylvania, said during aJan. 19 hearing.</p><p><blockquote>“宾夕法尼亚州共和党参议员帕特里克-图米（Patrick J. Toomey）在 aJan 上说：”我想指出的是，货币市场基金一直非常稳定和成功。19听证会。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.nytimes.com/2021/03/16/business/economy/fed-2020-financial-crisis-covid.html\">NewYork Times</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.nytimes.com/2021/03/16/business/economy/fed-2020-financial-crisis-covid.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176435771","content_text":"The Federal Reserve crossed red lines to rescue markets in March 2020. Is there enough momentum to fix the weaknesses the episode exposed?\n\nBy the middle of March 2020 a sense of anxiety pervaded the Federal Reserve. The fast-unfolding coronavirus pandemic was rippling through global markets in dangerous ways.\nTrading in Treasurys — the government securities that are considered among the safest assets in the world, and the bedrock of the entire bond market — had become disjointed as panicked investors tried to sell everything they owned to raise cash. Buyers were scarce. The Treasury market had never broken down so badly, even in the depths of the 2008 financial crisis.\nThe Fed called an emergency meeting on March 15, a Sunday. Lorie Logan, who oversees the Federal Reserve Bank of New York’s asset portfolio, summarized the brewing crisis. She and her colleagues dialed into a conference from the fortresslike New York Fed headquarters, unable to travel to Washington given the meeting’s impromptu nature and the spreading virus. Regional bank presidents assembled across America stared back from the monitor. Washington-based governors were arrayed in a socially distanced ring around the Fed Board’s mahogany table.\nMs. Logan delivered a blunt assessment: While the Fed had been buying government-backed bonds the week before to soothe the volatile Treasury market, market contacts said it hadn’t been enough. To fix things, the Fed mightneed to buy much more. And fast.\nFed officials are an argumentative bunch, and they fiercely debated the other issue before them that day, whether to cut interest rates to near-zero.\nBut, in a testament to the gravity of the breakdown in the government bond market, there was no dissent about whether the central bank needed to stem what was happening by stepping in as a buyer. That afternoon, the Fedannounced an enormous purchase program, promising to make $500 billion in government bond purchases and to buy $200 billion in mortgage-backed debt.\nIt wasn’t the central bank’s first effort to stop the unfolding disaster, nor would it be the last. But it was a clear signal that the 2020 meltdown echoed the 2008 crisis in seriousness and complexity. Where the housing crisis and ensuing crash took years to unfold, the coronavirus panic had struck in weeks.\nAs March wore on, each hour incubating a new calamity, policymakers were forced tocross boundaries, break precedentsand make new uses of the U.S. government’s vast powers to save domestic markets, keep cash flowing abroad and prevent a full-blown financial crisis from compounding a public health tragedy.\nThe rescue worked, so it is easy to forget the peril America’s investors and businesses faced a year ago. But the systemwide weaknesses that were exposed last March remain, and are now under the microscope of Washington policymakers.\nHow It Started\nFinancial markets began to wobble on Feb. 21, 2020, when Italian authorities announced localized lockdowns.\nAt first, the sell-off in risky investments was normal — a rational “flight to safety” while the global economic outlook was rapidly darkening. Stocks plummeted, demand for many corporate bonds disappeared, and people poured into super-secure investments, like U.S. Treasury bonds.\nOn March 3, as market jitters intensified, the Fedcut interest ratesto about 1 percent — its first emergency move since the 2008 financial crisis. Some analysts chidedthe Fed for overreacting, and others asked an obvious question: What could the Fed realistically do in the face of a public health threat?\n“We do recognize that a rate cut will not reduce the rate of infection, it won’t fix a broken supply chain,” Chair Jerome H. Powell said at a news conference, explaining that the Fed was doing what it could to keep credit cheap and available.\nBut the health disaster was quickly metastasizing into a market crisis.\nLockdowns in Italy deepened during the second week of March, and oil prices plummeted as a price war raged, sending tremors across stock, currency and commodity markets. Then, something weird started to happen: Instead of snapping up Treasury bonds, arguably the world’s safest investment, investors began trying to sell them.\nThe yield on 10-year Treasury debt — which usually drops when investors seek safe harbor — started to rise on March 10, suggesting investors didn’t want safe assets. They wanted cold, hard cash, and they were trying to sell anything and everything to get it.\nHow It Worsened\nReligion works through churches. Democracy through congresses and parliaments. Capitalism is an idea made real through a series of relationships between debtors and creditors, risk and reward. And by last March 11, those equations were no longer adding up.\nThat was the day the World Health Organizationofficially declaredthe virus outbreak a pandemic, and the morning on which it was becoming clear that a sell-off had spiraled into a panic.\nThe Fed began to roll out measure after measure in a bid to soothe conditions, first offeringhuge temporary infusions of cashto banks, thenaccelerating plansto buy Treasury bonds as that market swung out of whack.\nBut by Friday, March 13, government bond markets were just one of many problems.\nInvestors had been pulling their cash from prime money market mutual funds, where they park it to earn a slightly higher return, for days. But those outflows began to accelerate, prompting the funds themselves to pull back sharply from short-term corporate debt markets as they raced to return money to investors. Banks that serve as market conduits were less willing than usual to buy and hold new securities, even just temporarily. That made it harder to sell everything, be it a company bond or Treasury debt.\nThe Fed’s announcement after its March 15 emergency meeting — that it would slash rates and buy bonds in the most critical markets — was an attempt to get things under control.\nBut Mr. Powell worried that the fix would fall short as short- and long-term debt of all kinds became hard to sell. He approached Andreas Lehnert, director of the Fed’s financial stability division, in the Washington boardroom after the meeting and asked him to prepare emergency lending programs, which the central bank had used in 2008 to serve as a support system to unraveling markets.\nMr. Lehnert went straight to a musty office, where he communicated with Fed technicians, economists and lawyers via instant messenger and video chats — in-person meetings were already restricted — and worked late into the night to get the paperwork ready.\nStarting that Tuesday morning, after another day of market carnage, the central bank began to unveil the steady drip of rescue programs Mr. Lehnert and his colleagues had been working on: one to buy upshort-term corporate debtand another to keep funding flowing to key banks. Shortlybefore midnighton Wednesday, March 18, the Fed announced a program to rescue embattled money market funds by offering to effectively take hard-to-sell securities off their hands.\nBut by the end of that week, everything was a mess.Foreign central banks and corporations were offloading U.S. debt, partly to raise dollars companies needed to pay interest and other bills; hedge funds werenixing a highly leveraged tradethat had broken down as the market went haywire, dumping Treasurys into the choked market.Corporate bondandcommercial real estate debt marketslooked dicey as companies faced credit rating downgrades and as hotels and malls saw business prospects tank.\nThe world’s most powerful central bank was throwing solutions at the markets as rapidly as it could, and it wasn’t enough.\nHow They Fixed It\nThe next weekend, March 21 and 22, was a frenzy. Officials dialed into calls from home, completing still-secret program outlines and negotiating with Treasury Secretary Steven Mnuchin’s team to establish a layer of insurance to protect the efforts against credit losses. After a tormented 48-hour hustle, the Fed sent out a mammoth news release on Monday morning.\nHeadlineshit newswiresat 8 a.m., well before American markets opened. The Fed promised tobuy an unlimited amountof Treasury debt and to purchase commercial mortgage-backed securities — efforts to save the most central markets.\nThe announcement also pushed the central bank into uncharted territory. The Fed was established in 1913 toserve as a lender of last resortto troubled banks. On March 23, it pledged to funnel help far beyond that financial core. The Fed said it would buy corporate debt and help to get loans to midsize businesses for the first time ever.\nIt finally worked. The dash for cash turned around starting that day.\nThe March 23 efforts took an approach that Mr. Lehnert referred to internally as “covering the waterfront.” Fed economists had discerned which capital marketswere tied to huge numbers of jobsand made sure that every one of them had a Fed support program.\nOn April 9, officials put final pieces of the strategy into play. Backed by a huge pot of insurance money from a rescue package just passed by Congress — lawmakers had handed the Treasury up to$454 billion— they announced that they would expand already-announced efforts and set up another to help funnel credit to states and big cities.\nThe Fed’s 2008 rescue effort had been widely criticized as a bank bailout. The 2020 redux was to rescue everything.\nThe Fed, along with the Treasury, most likely saved the nation from a crippling financial crisis that would have made it harder for businesses to survive, rebound and rehire, intensifying the economic damage the coronavirus went on to inflict. Many of the programs have since ended or are scheduled to do so, and markets are functioning fine.\nBut there’s no guarantee that the calm will prove permanent.\n“The financial system remains vulnerable” to a repeat of last March’s sweeping disaster as “the underlying structures and mechanisms that gave rise to the turmoil are still in place,” the Financial Stability Board, a global oversight body, wrote in a meltdownpost-mortem.\nWhat Comes Next\nThe question policymakers and lawmakers are now grappling with is how to fix those vulnerabilities, which could portend problems for the Treasury market and money market funds if investors get seriously spooked again.\nThe Fed’s rescue ramps up the urgency to safeguard the system. Central bankers set a precedent by saving previously untouched markets, raising the possibility that investors will take risks, assuming the central bank will always step in if things get bad enough.\nThere’s some bipartisan appetite for reform: Trump-era regulators began a review of money markets, and Treasury Secretary Janet L. Yellen has said she will focus on financial oversight. But change won’t be easy. Protests in the street helped to galvanize financial reform after 2008. There is little popular outrage over the March 2020 meltdown, both because it was set off by a health crisis — not bad banker behavior — and because it was resolved quickly.\nIndustry playersare already mobilizing a lobbying effort, and they may find allies in resisting regulation, including among lawmakers.\n“I would point out that money market funds have been remarkably stable and successful,” Senator Patrick J. Toomey, Republican of Pennsylvania, said during aJan. 19 hearing.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1011,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324114921,"gmtCreate":1615974087963,"gmtModify":1703495731592,"author":{"id":"3577531513176552","authorId":"3577531513176552","name":"583e3e38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577531513176552","authorIdStr":"3577531513176552"},"themes":[],"title":"","htmlText":"Lets go","listText":"Lets go","text":"Lets go","images":[{"img":"https://static.tigerbbs.com/b646182cdc1cd6add40392631241ab52","width":"720","height":"1327"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/324114921","isVote":1,"tweetType":1,"viewCount":601,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":324115250,"gmtCreate":1615974051070,"gmtModify":1703495731070,"author":{"id":"3577531513176552","authorId":"3577531513176552","name":"583e3e38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577531513176552","authorIdStr":"3577531513176552"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/324115250","repostId":"1185741358","repostType":4,"repost":{"id":"1185741358","kind":"news","pubTimestamp":1615972422,"share":"https://www.laohunote.com/m/news/1185741358?lang=zh_CN&edition=full","pubTime":"2021-03-17 17:13","market":"us","language":"en","title":"5 Stocks To Watch For March 17, 2021<blockquote>2021 年 3 月 17 日值得关注的 5 只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185741358","media":"Benzinga","summary":"Wall Street expects Cintas Corporation CTAS to report quarterly earnings at $2.19 per share on reven","content":"<p><div> Wall Street expects Cintas Corporation CTAS to report quarterly earnings at $2.19 per share on revenue of $1.75 billion before the opening bell. Cintas shares fell 1% to close at $347.95 on Tuesday....</p><p><blockquote><div>华尔街预计 Cintas Corporation CTA 将公布每股 2.19 美元的季度收益，开盘前营收为 17.5 亿美元。Cintas股价周二下跌1%，收于347.95美元…….</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/earnings/21/03/20207864/5-stocks-to-watch-for-march-17-2021\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/earnings/21/03/20207864/5-stocks-to-watch-for-march-17-2021\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>5 Stocks To Watch For March 17, 2021<blockquote>2021 年 3 月 17 日值得关注的 5 只股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\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\">\n5 Stocks To Watch For March 17, 2021<blockquote>2021 年 3 月 17 日值得关注的 5 只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-03-17 17:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Wall Street expects Cintas Corporation CTAS to report quarterly earnings at $2.19 per share on revenue of $1.75 billion before the opening bell. Cintas shares fell 1% to close at $347.95 on Tuesday....</p><p><blockquote><div>华尔街预计 Cintas Corporation CTA 将公布每股 2.19 美元的季度收益，开盘前营收为 17.5 亿美元。Cintas股价周二下跌1%，收于347.95美元…….</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/earnings/21/03/20207864/5-stocks-to-watch-for-march-17-2021\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/earnings/21/03/20207864/5-stocks-to-watch-for-march-17-2021\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/news/earnings/21/03/20207864/5-stocks-to-watch-for-march-17-2021\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CTAS":"信达思"},"source_url":"https://www.benzinga.com/news/earnings/21/03/20207864/5-stocks-to-watch-for-march-17-2021","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185741358","content_text":"Wall Street expects Cintas Corporation CTAS to report quarterly earnings at $2.19 per share on revenue of $1.75 billion before the opening bell. Cintas shares fell 1% to close at $347.95 on Tuesday.Lennar CorporationLENreported better-than-expected results for its first quarter on Tuesday. Lennar shares gained 1.6% to $90.10 in the after-hours trading session.Analysts are expectingWilliams-Sonoma, Inc.WSMto have earned $3.39 per share on revenue of $2.17 billion for the latest quarter. The company will release earnings after the markets close. Williams-Sonoma shares rose 0.2% to $138.81 in after-hours trading.Coupa Software IncCOUPreported upbeat results for its fourth quarter and issued strong sales guidance. Coupa Software shares gained 2% to $277.50 in the after-hours trading session.Analysts expectLands' End, Inc.LEto report quarterly earnings at $0.55 per share on revenue of $530.87 million before the opening bell. Lands' End shares climbed 9.4% to $38.50 in the after-hours trading session.","news_type":1,"symbols_score_info":{"CTAS":0.9}},"isVote":1,"tweetType":1,"viewCount":416,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324112730,"gmtCreate":1615973968920,"gmtModify":1703495729332,"author":{"id":"3577531513176552","authorId":"3577531513176552","name":"583e3e38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577531513176552","authorIdStr":"3577531513176552"},"themes":[],"title":"","htmlText":"LETS GO","listText":"LETS GO","text":"LETS GO","images":[{"img":"https://static.tigerbbs.com/0ded26a8459379aa2ffecd9d51b9850a","width":"720","height":"1327"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/324112730","isVote":1,"tweetType":1,"viewCount":757,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":372992847,"gmtCreate":1619165984189,"gmtModify":1634288059649,"author":{"id":"3577531513176552","authorId":"3577531513176552","name":"583e3e38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577531513176552","authorIdStr":"3577531513176552"},"themes":[],"title":"","htmlText":"Hopefully not","listText":"Hopefully not","text":"Hopefully not","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/372992847","repostId":"1128911279","repostType":4,"isVote":1,"tweetType":1,"viewCount":2629,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":376844013,"gmtCreate":1619104878132,"gmtModify":1634288503068,"author":{"id":"3577531513176552","authorId":"3577531513176552","name":"583e3e38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577531513176552","authorIdStr":"3577531513176552"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/376844013","repostId":"1125833707","repostType":4,"isVote":1,"tweetType":1,"viewCount":577,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372727294,"gmtCreate":1619246341518,"gmtModify":1631888350822,"author":{"id":"3577531513176552","authorId":"3577531513176552","name":"583e3e38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577531513176552","authorIdStr":"3577531513176552"},"themes":[],"title":"","htmlText":"Cmon","listText":"Cmon","text":"Cmon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/372727294","repostId":"1166519043","repostType":4,"isVote":1,"tweetType":1,"viewCount":2503,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372991497,"gmtCreate":1619165830519,"gmtModify":1634288061585,"author":{"id":"3577531513176552","authorId":"3577531513176552","name":"583e3e38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577531513176552","authorIdStr":"3577531513176552"},"themes":[],"title":"","htmlText":"I doubt so","listText":"I doubt so","text":"I doubt so","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/372991497","repostId":"1128911279","repostType":4,"isVote":1,"tweetType":1,"viewCount":3451,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324180971,"gmtCreate":1615974248793,"gmtModify":1703495734544,"author":{"id":"3577531513176552","authorId":"3577531513176552","name":"583e3e38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577531513176552","authorIdStr":"3577531513176552"},"themes":[],"title":"","htmlText":"Nooo","listText":"Nooo","text":"Nooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/324180971","repostId":"1176435771","repostType":4,"repost":{"id":"1176435771","kind":"news","pubTimestamp":1615973979,"share":"https://www.laohunote.com/m/news/1176435771?lang=zh_CN&edition=full","pubTime":"2021-03-17 17:39","market":"us","language":"en","title":"The Financial Crisis the World Forgot<blockquote>世界遗忘的金融危机</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1176435771","media":"NewYork Times","summary":"The Federal Reserve crossed red lines to rescue markets in March 2020. Is there enough momentum to f","content":"<p>  The Federal Reserve crossed red lines to rescue markets in March 2020. Is there enough momentum to fix the weaknesses the episode exposed?  By the middle of March 2020 a sense of anxiety pervaded the Federal Reserve. The fast-unfolding coronavirus pandemic was rippling through global markets in dangerous ways.</p><p><blockquote>美联储在2020年3月越过红线拯救市场。是否有足够的动力来修复这一集暴露的弱点？到2020年3月中旬，一种焦虑感弥漫在美联储。快速发展的冠状病毒疫情正在以危险的方式波及全球市场。</blockquote></p><p> Trading in Treasurys — the government securities that are considered among the safest assets in the world, and the bedrock of the entire bond market — had become disjointed as panicked investors tried to sell everything they owned to raise cash. Buyers were scarce. The Treasury market had never broken down so badly, even in the depths of the 2008 financial crisis.</p><p><blockquote>国债交易——被认为是世界上最安全的资产之一的政府证券，也是整个债券市场的基石——已经变得脱节，因为恐慌的投资者试图出售他们拥有的一切来筹集现金。买家很少。即使在 2008 年金融危机最严重的时候，国债市场也从未崩溃过如此严重。</blockquote></p><p> The Fed called an emergency meeting on March 15, a Sunday. Lorie Logan, who oversees the Federal Reserve Bank of New York’s asset portfolio, summarized the brewing crisis. She and her colleagues dialed into a conference from the fortresslike New York Fed headquarters, unable to travel to Washington given the meeting’s impromptu nature and the spreading virus. Regional bank presidents assembled across America stared back from the monitor. Washington-based governors were arrayed in a socially distanced ring around the Fed Board’s mahogany table.</p><p><blockquote>美联储于3月15日星期日召开紧急会议。负责纽约联邦储备银行资产组合的洛里-洛根（Lorie Logan）总结了这场酝酿中的危机。她和同事们从堡垒般的纽约联邦储备委员会总部拨通了一个会议电话，但由于会议的即兴性质和病毒的传播，他们无法前往华盛顿。聚集在美国各地的地区银行行长们从监视器上回头凝视着。华盛顿的州长们在美联储董事会的桃花心木桌子周围排成一个远离社会的圆圈。</blockquote></p><p> Ms. Logan delivered a blunt assessment: While the Fed had been buying government-backed bonds the week before to soothe the volatile Treasury market, market contacts said it hadn’t been enough. To fix things, the Fed mightneed to buy much more. And fast.</p><p><blockquote>洛根女士给出了直言不讳的评估： 虽然美联储在前一周一直在购买政府支持的债券以安抚动荡的国债市场，但市场联系人表示，这还不够。为了解决问题，美联储可能需要购买更多。而且很快。</blockquote></p><p> Fed officials are an argumentative bunch, and they fiercely debated the other issue before them that day, whether to cut interest rates to near-zero.</p><p><blockquote>美联储官员是一群好辩的人，他们当天就摆在他们面前的另一个问题进行了激烈的辩论，即是否将利率降至接近于零。</blockquote></p><p> But, in a testament to the gravity of the breakdown in the government bond market, there was no dissent about whether the central bank needed to stem what was happening by stepping in as a buyer. That afternoon, the Fedannounced an enormous purchase program, promising to make $500 billion in government bond purchases and to buy $200 billion in mortgage-backed debt.</p><p><blockquote>但是，对于央行是否需要通过作为买家介入来阻止正在发生的事情，人们没有异议，这证明了政府债券市场崩溃的严重性。当天下午，美联储宣布了一项庞大的购买计划，承诺购买5000亿美元的政府债券，并购买2000亿美元的抵押贷款支持债务。</blockquote></p><p> It wasn’t the central bank’s first effort to stop the unfolding disaster, nor would it be the last. But it was a clear signal that the 2020 meltdown echoed the 2008 crisis in seriousness and complexity. Where the housing crisis and ensuing crash took years to unfold, the coronavirus panic had struck in weeks.</p><p><blockquote>这不是央行第一次努力阻止这场灾难的发生，也不会是最后一次。但这是一个明确的信号，表明2020年的危机在严重性和复杂性上与2008年的危机相呼应。房地产危机和随之而来的崩盘花了数年时间才爆发，而冠状病毒恐慌在几周内就袭来了。</blockquote></p><p> As March wore on, each hour incubating a new calamity, policymakers were forced tocross boundaries, break precedentsand make new uses of the U.S. government’s vast powers to save domestic markets, keep cash flowing abroad and prevent a full-blown financial crisis from compounding a public health tragedy.</p><p><blockquote>随着三月的进行，每小时都在酝酿一场新的灾难，政策制定者们被迫跨越国界，打破先例，重新利用美国政府的巨大权力来拯救国内市场，保持现金流向国外，防止一场全面的金融危机加剧公共卫生悲剧。</blockquote></p><p> The rescue worked, so it is easy to forget the peril America’s investors and businesses faced a year ago. But the systemwide weaknesses that were exposed last March remain, and are now under the microscope of Washington policymakers.</p><p><blockquote>救援行动奏效了，因此很容易忘记美国投资者和企业一年前所面临的危险。但去年3月暴露的全系统弱点依然存在，现在正处于华盛顿决策者的显微镜下。</blockquote></p><p> <b>How It Started</b></p><p><blockquote><b>它是如何开始的</b></blockquote></p><p> Financial markets began to wobble on Feb. 21, 2020, when Italian authorities announced localized lockdowns.</p><p><blockquote>2020 年 2 月 21 日，意大利当局宣布局部封锁，金融市场开始动荡。</blockquote></p><p> At first, the sell-off in risky investments was normal — a rational “flight to safety” while the global economic outlook was rapidly darkening. Stocks plummeted, demand for many corporate bonds disappeared, and people poured into super-secure investments, like U.S. Treasury bonds.</p><p><blockquote>起初，风险投资的抛售是正常的--在全球经济前景迅速黯淡的情况下，这是一种理性的 “避险”。股市暴跌，对许多公司债券的需求消失，人们涌入美国国债等超安全投资。</blockquote></p><p> On March 3, as market jitters intensified, the Fedcut interest ratesto about 1 percent — its first emergency move since the 2008 financial crisis. Some analysts chidedthe Fed for overreacting, and others asked an obvious question: What could the Fed realistically do in the face of a public health threat?</p><p><blockquote>3月3日，随着市场紧张情绪加剧，美联储将利率下调至约1%——这是自2008年金融危机以来首次采取紧急措施。一些分析师指责美联储反应过度，其他人则提出了一个显而易见的问题：面对公共卫生威胁，美联储实际上能做些什么？</blockquote></p><p> “We do recognize that a rate cut will not reduce the rate of infection, it won’t fix a broken supply chain,” Chair Jerome H. Powell said at a news conference, explaining that the Fed was doing what it could to keep credit cheap and available.</p><p><blockquote>“美联储主席杰罗姆-鲍威尔（Jerome H. Powell）在新闻发布会上说：”我们确实认识到，降息不会降低感染率，也不会修复断裂的供应链。</blockquote></p><p> But the health disaster was quickly metastasizing into a market crisis.</p><p><blockquote>但这场健康灾难很快就演变成了一场市场危机。</blockquote></p><p> Lockdowns in Italy deepened during the second week of March, and oil prices plummeted as a price war raged, sending tremors across stock, currency and commodity markets. Then, something weird started to happen: Instead of snapping up Treasury bonds, arguably the world’s safest investment, investors began trying to sell them.</p><p><blockquote>三月第二周，意大利的封锁加深，随着价格战的激烈，油价暴跌，导致股票、货币和大宗商品市场震荡。然后，奇怪的事情开始发生： 投资者开始试图出售国债，而不是抢购可以说是世界上最安全的投资。</blockquote></p><p> The yield on 10-year Treasury debt — which usually drops when investors seek safe harbor — started to rise on March 10, suggesting investors didn’t want safe assets. They wanted cold, hard cash, and they were trying to sell anything and everything to get it.</p><p><blockquote>10 年期国债的收益率--通常在投资者寻求避风港时就会下降--从 3 月 10 日开始上升，这表明投资者不想要安全的资产。他们想要冰冷的现金，他们试图卖掉任何东西和一切来得到它。</blockquote></p><p> <b>How It Worsened</b></p><p><blockquote><b>它是如何恶化的</b></blockquote></p><p> Religion works through churches. Democracy through congresses and parliaments. Capitalism is an idea made real through a series of relationships between debtors and creditors, risk and reward. And by last March 11, those equations were no longer adding up.</p><p><blockquote>宗教通过教堂发挥作用。通过国会和议会实现民主。资本主义是一个通过债务人和债权人、风险和回报之间的一系列关系而成为现实的想法。到去年3月11日，这些方程不再相加。</blockquote></p><p></p><p> That was the day the World Health Organizationofficially declaredthe virus outbreak a pandemic, and the morning on which it was becoming clear that a sell-off had spiraled into a panic.</p><p><blockquote>这一天，世界卫生组织正式宣布病毒爆发为大流行，当天早上，抛售已经演变成恐慌。</blockquote></p><p> The Fed began to roll out measure after measure in a bid to soothe conditions, first offeringhuge temporary infusions of cashto banks, thenaccelerating plansto buy Treasury bonds as that market swung out of whack.</p><p><blockquote>美联储开始推出一项又一项措施来缓解局势，首先向银行提供大量临时现金注入，然后在市场失控时加速购买国债的计划。</blockquote></p><p> But by Friday, March 13, government bond markets were just one of many problems.</p><p><blockquote>但到 3 月 13 日星期五，政府债券市场只是众多问题之一。</blockquote></p><p> Investors had been pulling their cash from prime money market mutual funds, where they park it to earn a slightly higher return, for days. But those outflows began to accelerate, prompting the funds themselves to pull back sharply from short-term corporate debt markets as they raced to return money to investors. Banks that serve as market conduits were less willing than usual to buy and hold new securities, even just temporarily. That made it harder to sell everything, be it a company bond or Treasury debt.</p><p><blockquote>几天来，投资者一直在从主要货币市场共同基金中提取现金，并将其存放在那里以获得略高的回报。但这些资金外流开始加速，促使基金自身在竞相将资金返还给投资者的过程中大幅撤出短期公司债市场。作为市场渠道的银行不太愿意购买和持有新证券，即使只是暂时的。这使得出售所有东西变得更加困难，无论是公司债券还是国债。</blockquote></p><p> The Fed’s announcement after its March 15 emergency meeting — that it would slash rates and buy bonds in the most critical markets — was an attempt to get things under control.</p><p><blockquote>美联储在 3 月 15 日召开紧急会议后宣布将在最关键的市场降息并购买债券，这是为了控制局势。</blockquote></p><p> But Mr. Powell worried that the fix would fall short as short- and long-term debt of all kinds became hard to sell. He approached Andreas Lehnert, director of the Fed’s financial stability division, in the Washington boardroom after the meeting and asked him to prepare emergency lending programs, which the central bank had used in 2008 to serve as a support system to unraveling markets.</p><p><blockquote>但鲍威尔担心，随着各种短期和长期债务变得难以出售，这一解决方案将无法实现。会后，他在华盛顿会议室找到美联储金融稳定部主任安德烈亚斯-莱纳特（Andreas Lehnert），要求他准备紧急贷款计划，美联储曾在 2008 年利用这些计划作为支持系统，以应对市场崩溃。</blockquote></p><p> Mr. Lehnert went straight to a musty office, where he communicated with Fed technicians, economists and lawyers via instant messenger and video chats — in-person meetings were already restricted — and worked late into the night to get the paperwork ready.</p><p><blockquote>莱纳特直接去了一间发霉的办公室，在那里他通过即时通讯和视频聊天与美联储技术人员、经济学家和律师沟通——面对面的会议已经受到限制——并工作到深夜准备文件。</blockquote></p><p> Starting that Tuesday morning, after another day of market carnage, the central bank began to unveil the steady drip of rescue programs Mr. Lehnert and his colleagues had been working on: one to buy upshort-term corporate debtand another to keep funding flowing to key banks. Shortlybefore midnighton Wednesday, March 18, the Fed announced a program to rescue embattled money market funds by offering to effectively take hard-to-sell securities off their hands.</p><p><blockquote>从那个星期二早上开始，在又一天的市场屠杀之后，央行开始公布莱纳特和他的同事们一直在努力的一系列救援计划：一项是购买短期公司债务，另一项是保持资金流向主要银行。3 月 18 日星期三午夜前不久，美联储宣布了一项计划，通过提议有效地从陷入困境的货币市场基金手中夺走难以出售的证券来拯救它们。</blockquote></p><p> But by the end of that week, everything was a mess.Foreign central banks and corporations were offloading U.S. debt, partly to raise dollars companies needed to pay interest and other bills; hedge funds werenixing a highly leveraged tradethat had broken down as the market went haywire, dumping Treasurys into the choked market.Corporate bondandcommercial real estate debt marketslooked dicey as companies faced credit rating downgrades and as hotels and malls saw business prospects tank.</p><p><blockquote>但到了那个周末，一切都一团糟。外国央行和企业正在抛售美国债务，部分原因是为了筹集公司支付利息和其他账单所需的美元；对冲基金正在进行一项高杠杆交易，该交易随着市场失控而崩溃，将国债倾销到窒息的市场中。随着公司面临信用评级下调以及酒店和购物中心看到商业前景下降，公司债券和商业房地产债务市场看起来很危险。</blockquote></p><p> The world’s most powerful central bank was throwing solutions at the markets as rapidly as it could, and it wasn’t enough.</p><p><blockquote>世界上最强大的中央银行正以最快的速度向市场抛出解决方案，但这还不够。</blockquote></p><p> <b>How They Fixed It</b></p><p><blockquote><b>他们是如何修复它的</b></blockquote></p><p> The next weekend, March 21 and 22, was a frenzy. Officials dialed into calls from home, completing still-secret program outlines and negotiating with Treasury Secretary Steven Mnuchin’s team to establish a layer of insurance to protect the efforts against credit losses. After a tormented 48-hour hustle, the Fed sent out a mammoth news release on Monday morning.</p><p><blockquote>接下来的周末，3月21日和22日，一片疯狂。官员们在家中拨打了评级的电话，完成了仍然保密的计划大纲，并与财政部长史蒂文-姆努钦（Steven Mnuchin）的团队进行谈判，以建立一层保险，保护这些努力免受信用损失。经过 48 小时的折磨，美联储于周一上午发布了一份庞大的新闻稿。</blockquote></p><p> Headlineshit newswiresat 8 a.m., well before American markets opened. The Fed promised tobuy an unlimited amountof Treasury debt and to purchase commercial mortgage-backed securities — efforts to save the most central markets.</p><p><blockquote>头条新闻通讯社周六上午8点，远在美国市场开盘之前。美联储承诺购买无限量的国债，并购买商业抵押贷款支持证券——这是为了拯救最核心的市场。</blockquote></p><p> The announcement also pushed the central bank into uncharted territory. The Fed was established in 1913 toserve as a lender of last resortto troubled banks. On March 23, it pledged to funnel help far beyond that financial core. The Fed said it would buy corporate debt and help to get loans to midsize businesses for the first time ever.</p><p><blockquote>这一声明也将央行推入了未知领域。美联储成立于 1913 年，是陷入困境的银行的最后贷款人。3月23日，它承诺提供远远超出财务核心的帮助。美联储表示，将购买公司债务，并首次帮助中型企业获得贷款。</blockquote></p><p> It finally worked. The dash for cash turned around starting that day.</p><p><blockquote>终于奏效了。从那天开始，对现金的争夺出现了转机。</blockquote></p><p> The March 23 efforts took an approach that Mr. Lehnert referred to internally as “covering the waterfront.” Fed economists had discerned which capital marketswere tied to huge numbers of jobsand made sure that every one of them had a Fed support program.</p><p><blockquote>3 月 23 日的努力采取了一种莱纳特先生在内部称之为 “覆盖海滨”的方法。美联储经济学家已经辨别出哪些资本市场与大量就业相关，并确保每个资本市场都有美联储的支持计划。</blockquote></p><p> On April 9, officials put final pieces of the strategy into play. Backed by a huge pot of insurance money from a rescue package just passed by Congress — lawmakers had handed the Treasury up to$454 billion— they announced that they would expand already-announced efforts and set up another to help funnel credit to states and big cities.</p><p><blockquote>4月9日，官员们将该战略的最后部分付诸实施。在国会刚刚通过的救助计划中的巨额保险金的支持下——立法者向财政部提供了高达4540亿美元的资金——他们宣布将扩大已经宣布的努力，并建立另一项努力来帮助向各州和大城市输送信贷。</blockquote></p><p> The Fed’s 2008 rescue effort had been widely criticized as a bank bailout. The 2020 redux was to rescue everything.</p><p><blockquote>美联储 2008 年的救助行动曾被广泛批评为银行救助。2020年的redux是为了拯救一切。</blockquote></p><p></p><p> The Fed, along with the Treasury, most likely saved the nation from a crippling financial crisis that would have made it harder for businesses to survive, rebound and rehire, intensifying the economic damage the coronavirus went on to inflict. Many of the programs have since ended or are scheduled to do so, and markets are functioning fine.</p><p><blockquote>美联储和财政部很可能将国家从一场严重的金融危机中拯救出来，这场危机将使企业更难生存、反弹和重新招聘，加剧冠状病毒继续造成的经济损失。许多项目已经结束或计划结束，市场运作良好。</blockquote></p><p> But there’s no guarantee that the calm will prove permanent.</p><p><blockquote>但不能保证这种平静会是永久性的。</blockquote></p><p> “The financial system remains vulnerable” to a repeat of last March’s sweeping disaster as “the underlying structures and mechanisms that gave rise to the turmoil are still in place,” the Financial Stability Board, a global oversight body, wrote in a meltdownpost-mortem.</p><p><blockquote>全球监督机构金融稳定委员会（Financial Stability Board）在一份熔毁后的事后分析中写道，“金融体系仍然容易 ”重演去年 3 月的全面灾难，因为 “引发动荡的基本结构和机制仍然存在”。</blockquote></p><p> <b>What Comes Next</b></p><p><blockquote><b>接下来会发生什么</b></blockquote></p><p> The question policymakers and lawmakers are now grappling with is how to fix those vulnerabilities, which could portend problems for the Treasury market and money market funds if investors get seriously spooked again.</p><p><blockquote>政策制定者和立法者现在正在努力解决的问题是如何修复这些漏洞，如果投资者再次受到严重恐慌，这些漏洞可能预示着国债市场和货币市场基金将出现问题。</blockquote></p><p> The Fed’s rescue ramps up the urgency to safeguard the system. Central bankers set a precedent by saving previously untouched markets, raising the possibility that investors will take risks, assuming the central bank will always step in if things get bad enough.</p><p><blockquote>美联储的救助增加了保护该系统的紧迫性。央行行长通过拯救以前未触及的市场开创了先例，增加了投资者承担风险的可能性，假设如果情况变得足够糟糕，央行总是会介入。</blockquote></p><p> There’s some bipartisan appetite for reform: Trump-era regulators began a review of money markets, and Treasury Secretary Janet L. Yellen has said she will focus on financial oversight. But change won’t be easy. Protests in the street helped to galvanize financial reform after 2008. There is little popular outrage over the March 2020 meltdown, both because it was set off by a health crisis — not bad banker behavior — and because it was resolved quickly.</p><p><blockquote>两党都希望进行改革： 特朗普时代的监管机构开始对货币市场进行审查，财政部长珍妮特-耶伦（Janet L. Yellen）表示，她将重点关注金融监管。但改变并不容易。2008年后，街头抗议帮助推动了金融改革。公众对 2020 年 3 月的崩盘几乎没有感到愤怒，一方面是因为它是由健康危机引发的——而不是银行家的不良行为——另一方面是因为它很快就得到了解决。</blockquote></p><p> Industry playersare already mobilizing a lobbying effort, and they may find allies in resisting regulation, including among lawmakers.</p><p><blockquote>行业参与者已经在动员游说努力，他们可能会找到抵制监管的盟友，包括立法者。</blockquote></p><p> “I would point out that money market funds have been remarkably stable and successful,” Senator Patrick J. Toomey, Republican of Pennsylvania, said during aJan. 19 hearing.</p><p><blockquote>“宾夕法尼亚州共和党参议员帕特里克-图米（Patrick J. Toomey）在 aJan 上说：”我想指出的是，货币市场基金一直非常稳定和成功。19听证会。</blockquote></p><p></p>","source":"lsy1605590967916","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 Financial Crisis the World Forgot<blockquote>世界遗忘的金融危机</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 Financial Crisis the World Forgot<blockquote>世界遗忘的金融危机</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">NewYork Times</strong><span class=\"h-time small\">2021-03-17 17:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  The Federal Reserve crossed red lines to rescue markets in March 2020. Is there enough momentum to fix the weaknesses the episode exposed?  By the middle of March 2020 a sense of anxiety pervaded the Federal Reserve. The fast-unfolding coronavirus pandemic was rippling through global markets in dangerous ways.</p><p><blockquote>美联储在2020年3月越过红线拯救市场。是否有足够的动力来修复这一集暴露的弱点？到2020年3月中旬，一种焦虑感弥漫在美联储。快速发展的冠状病毒疫情正在以危险的方式波及全球市场。</blockquote></p><p> Trading in Treasurys — the government securities that are considered among the safest assets in the world, and the bedrock of the entire bond market — had become disjointed as panicked investors tried to sell everything they owned to raise cash. Buyers were scarce. The Treasury market had never broken down so badly, even in the depths of the 2008 financial crisis.</p><p><blockquote>国债交易——被认为是世界上最安全的资产之一的政府证券，也是整个债券市场的基石——已经变得脱节，因为恐慌的投资者试图出售他们拥有的一切来筹集现金。买家很少。即使在 2008 年金融危机最严重的时候，国债市场也从未崩溃过如此严重。</blockquote></p><p> The Fed called an emergency meeting on March 15, a Sunday. Lorie Logan, who oversees the Federal Reserve Bank of New York’s asset portfolio, summarized the brewing crisis. She and her colleagues dialed into a conference from the fortresslike New York Fed headquarters, unable to travel to Washington given the meeting’s impromptu nature and the spreading virus. Regional bank presidents assembled across America stared back from the monitor. Washington-based governors were arrayed in a socially distanced ring around the Fed Board’s mahogany table.</p><p><blockquote>美联储于3月15日星期日召开紧急会议。负责纽约联邦储备银行资产组合的洛里-洛根（Lorie Logan）总结了这场酝酿中的危机。她和同事们从堡垒般的纽约联邦储备委员会总部拨通了一个会议电话，但由于会议的即兴性质和病毒的传播，他们无法前往华盛顿。聚集在美国各地的地区银行行长们从监视器上回头凝视着。华盛顿的州长们在美联储董事会的桃花心木桌子周围排成一个远离社会的圆圈。</blockquote></p><p> Ms. Logan delivered a blunt assessment: While the Fed had been buying government-backed bonds the week before to soothe the volatile Treasury market, market contacts said it hadn’t been enough. To fix things, the Fed mightneed to buy much more. And fast.</p><p><blockquote>洛根女士给出了直言不讳的评估： 虽然美联储在前一周一直在购买政府支持的债券以安抚动荡的国债市场，但市场联系人表示，这还不够。为了解决问题，美联储可能需要购买更多。而且很快。</blockquote></p><p> Fed officials are an argumentative bunch, and they fiercely debated the other issue before them that day, whether to cut interest rates to near-zero.</p><p><blockquote>美联储官员是一群好辩的人，他们当天就摆在他们面前的另一个问题进行了激烈的辩论，即是否将利率降至接近于零。</blockquote></p><p> But, in a testament to the gravity of the breakdown in the government bond market, there was no dissent about whether the central bank needed to stem what was happening by stepping in as a buyer. That afternoon, the Fedannounced an enormous purchase program, promising to make $500 billion in government bond purchases and to buy $200 billion in mortgage-backed debt.</p><p><blockquote>但是，对于央行是否需要通过作为买家介入来阻止正在发生的事情，人们没有异议，这证明了政府债券市场崩溃的严重性。当天下午，美联储宣布了一项庞大的购买计划，承诺购买5000亿美元的政府债券，并购买2000亿美元的抵押贷款支持债务。</blockquote></p><p> It wasn’t the central bank’s first effort to stop the unfolding disaster, nor would it be the last. But it was a clear signal that the 2020 meltdown echoed the 2008 crisis in seriousness and complexity. Where the housing crisis and ensuing crash took years to unfold, the coronavirus panic had struck in weeks.</p><p><blockquote>这不是央行第一次努力阻止这场灾难的发生，也不会是最后一次。但这是一个明确的信号，表明2020年的危机在严重性和复杂性上与2008年的危机相呼应。房地产危机和随之而来的崩盘花了数年时间才爆发，而冠状病毒恐慌在几周内就袭来了。</blockquote></p><p> As March wore on, each hour incubating a new calamity, policymakers were forced tocross boundaries, break precedentsand make new uses of the U.S. government’s vast powers to save domestic markets, keep cash flowing abroad and prevent a full-blown financial crisis from compounding a public health tragedy.</p><p><blockquote>随着三月的进行，每小时都在酝酿一场新的灾难，政策制定者们被迫跨越国界，打破先例，重新利用美国政府的巨大权力来拯救国内市场，保持现金流向国外，防止一场全面的金融危机加剧公共卫生悲剧。</blockquote></p><p> The rescue worked, so it is easy to forget the peril America’s investors and businesses faced a year ago. But the systemwide weaknesses that were exposed last March remain, and are now under the microscope of Washington policymakers.</p><p><blockquote>救援行动奏效了，因此很容易忘记美国投资者和企业一年前所面临的危险。但去年3月暴露的全系统弱点依然存在，现在正处于华盛顿决策者的显微镜下。</blockquote></p><p> <b>How It Started</b></p><p><blockquote><b>它是如何开始的</b></blockquote></p><p> Financial markets began to wobble on Feb. 21, 2020, when Italian authorities announced localized lockdowns.</p><p><blockquote>2020 年 2 月 21 日，意大利当局宣布局部封锁，金融市场开始动荡。</blockquote></p><p> At first, the sell-off in risky investments was normal — a rational “flight to safety” while the global economic outlook was rapidly darkening. Stocks plummeted, demand for many corporate bonds disappeared, and people poured into super-secure investments, like U.S. Treasury bonds.</p><p><blockquote>起初，风险投资的抛售是正常的--在全球经济前景迅速黯淡的情况下，这是一种理性的 “避险”。股市暴跌，对许多公司债券的需求消失，人们涌入美国国债等超安全投资。</blockquote></p><p> On March 3, as market jitters intensified, the Fedcut interest ratesto about 1 percent — its first emergency move since the 2008 financial crisis. Some analysts chidedthe Fed for overreacting, and others asked an obvious question: What could the Fed realistically do in the face of a public health threat?</p><p><blockquote>3月3日，随着市场紧张情绪加剧，美联储将利率下调至约1%——这是自2008年金融危机以来首次采取紧急措施。一些分析师指责美联储反应过度，其他人则提出了一个显而易见的问题：面对公共卫生威胁，美联储实际上能做些什么？</blockquote></p><p> “We do recognize that a rate cut will not reduce the rate of infection, it won’t fix a broken supply chain,” Chair Jerome H. Powell said at a news conference, explaining that the Fed was doing what it could to keep credit cheap and available.</p><p><blockquote>“美联储主席杰罗姆-鲍威尔（Jerome H. Powell）在新闻发布会上说：”我们确实认识到，降息不会降低感染率，也不会修复断裂的供应链。</blockquote></p><p> But the health disaster was quickly metastasizing into a market crisis.</p><p><blockquote>但这场健康灾难很快就演变成了一场市场危机。</blockquote></p><p> Lockdowns in Italy deepened during the second week of March, and oil prices plummeted as a price war raged, sending tremors across stock, currency and commodity markets. Then, something weird started to happen: Instead of snapping up Treasury bonds, arguably the world’s safest investment, investors began trying to sell them.</p><p><blockquote>三月第二周，意大利的封锁加深，随着价格战的激烈，油价暴跌，导致股票、货币和大宗商品市场震荡。然后，奇怪的事情开始发生： 投资者开始试图出售国债，而不是抢购可以说是世界上最安全的投资。</blockquote></p><p> The yield on 10-year Treasury debt — which usually drops when investors seek safe harbor — started to rise on March 10, suggesting investors didn’t want safe assets. They wanted cold, hard cash, and they were trying to sell anything and everything to get it.</p><p><blockquote>10 年期国债的收益率--通常在投资者寻求避风港时就会下降--从 3 月 10 日开始上升，这表明投资者不想要安全的资产。他们想要冰冷的现金，他们试图卖掉任何东西和一切来得到它。</blockquote></p><p> <b>How It Worsened</b></p><p><blockquote><b>它是如何恶化的</b></blockquote></p><p> Religion works through churches. Democracy through congresses and parliaments. Capitalism is an idea made real through a series of relationships between debtors and creditors, risk and reward. And by last March 11, those equations were no longer adding up.</p><p><blockquote>宗教通过教堂发挥作用。通过国会和议会实现民主。资本主义是一个通过债务人和债权人、风险和回报之间的一系列关系而成为现实的想法。到去年3月11日，这些方程不再相加。</blockquote></p><p></p><p> That was the day the World Health Organizationofficially declaredthe virus outbreak a pandemic, and the morning on which it was becoming clear that a sell-off had spiraled into a panic.</p><p><blockquote>这一天，世界卫生组织正式宣布病毒爆发为大流行，当天早上，抛售已经演变成恐慌。</blockquote></p><p> The Fed began to roll out measure after measure in a bid to soothe conditions, first offeringhuge temporary infusions of cashto banks, thenaccelerating plansto buy Treasury bonds as that market swung out of whack.</p><p><blockquote>美联储开始推出一项又一项措施来缓解局势，首先向银行提供大量临时现金注入，然后在市场失控时加速购买国债的计划。</blockquote></p><p> But by Friday, March 13, government bond markets were just one of many problems.</p><p><blockquote>但到 3 月 13 日星期五，政府债券市场只是众多问题之一。</blockquote></p><p> Investors had been pulling their cash from prime money market mutual funds, where they park it to earn a slightly higher return, for days. But those outflows began to accelerate, prompting the funds themselves to pull back sharply from short-term corporate debt markets as they raced to return money to investors. Banks that serve as market conduits were less willing than usual to buy and hold new securities, even just temporarily. That made it harder to sell everything, be it a company bond or Treasury debt.</p><p><blockquote>几天来，投资者一直在从主要货币市场共同基金中提取现金，并将其存放在那里以获得略高的回报。但这些资金外流开始加速，促使基金自身在竞相将资金返还给投资者的过程中大幅撤出短期公司债市场。作为市场渠道的银行不太愿意购买和持有新证券，即使只是暂时的。这使得出售所有东西变得更加困难，无论是公司债券还是国债。</blockquote></p><p> The Fed’s announcement after its March 15 emergency meeting — that it would slash rates and buy bonds in the most critical markets — was an attempt to get things under control.</p><p><blockquote>美联储在 3 月 15 日召开紧急会议后宣布将在最关键的市场降息并购买债券，这是为了控制局势。</blockquote></p><p> But Mr. Powell worried that the fix would fall short as short- and long-term debt of all kinds became hard to sell. He approached Andreas Lehnert, director of the Fed’s financial stability division, in the Washington boardroom after the meeting and asked him to prepare emergency lending programs, which the central bank had used in 2008 to serve as a support system to unraveling markets.</p><p><blockquote>但鲍威尔担心，随着各种短期和长期债务变得难以出售，这一解决方案将无法实现。会后，他在华盛顿会议室找到美联储金融稳定部主任安德烈亚斯-莱纳特（Andreas Lehnert），要求他准备紧急贷款计划，美联储曾在 2008 年利用这些计划作为支持系统，以应对市场崩溃。</blockquote></p><p> Mr. Lehnert went straight to a musty office, where he communicated with Fed technicians, economists and lawyers via instant messenger and video chats — in-person meetings were already restricted — and worked late into the night to get the paperwork ready.</p><p><blockquote>莱纳特直接去了一间发霉的办公室，在那里他通过即时通讯和视频聊天与美联储技术人员、经济学家和律师沟通——面对面的会议已经受到限制——并工作到深夜准备文件。</blockquote></p><p> Starting that Tuesday morning, after another day of market carnage, the central bank began to unveil the steady drip of rescue programs Mr. Lehnert and his colleagues had been working on: one to buy upshort-term corporate debtand another to keep funding flowing to key banks. Shortlybefore midnighton Wednesday, March 18, the Fed announced a program to rescue embattled money market funds by offering to effectively take hard-to-sell securities off their hands.</p><p><blockquote>从那个星期二早上开始，在又一天的市场屠杀之后，央行开始公布莱纳特和他的同事们一直在努力的一系列救援计划：一项是购买短期公司债务，另一项是保持资金流向主要银行。3 月 18 日星期三午夜前不久，美联储宣布了一项计划，通过提议有效地从陷入困境的货币市场基金手中夺走难以出售的证券来拯救它们。</blockquote></p><p> But by the end of that week, everything was a mess.Foreign central banks and corporations were offloading U.S. debt, partly to raise dollars companies needed to pay interest and other bills; hedge funds werenixing a highly leveraged tradethat had broken down as the market went haywire, dumping Treasurys into the choked market.Corporate bondandcommercial real estate debt marketslooked dicey as companies faced credit rating downgrades and as hotels and malls saw business prospects tank.</p><p><blockquote>但到了那个周末，一切都一团糟。外国央行和企业正在抛售美国债务，部分原因是为了筹集公司支付利息和其他账单所需的美元；对冲基金正在进行一项高杠杆交易，该交易随着市场失控而崩溃，将国债倾销到窒息的市场中。随着公司面临信用评级下调以及酒店和购物中心看到商业前景下降，公司债券和商业房地产债务市场看起来很危险。</blockquote></p><p> The world’s most powerful central bank was throwing solutions at the markets as rapidly as it could, and it wasn’t enough.</p><p><blockquote>世界上最强大的中央银行正以最快的速度向市场抛出解决方案，但这还不够。</blockquote></p><p> <b>How They Fixed It</b></p><p><blockquote><b>他们是如何修复它的</b></blockquote></p><p> The next weekend, March 21 and 22, was a frenzy. Officials dialed into calls from home, completing still-secret program outlines and negotiating with Treasury Secretary Steven Mnuchin’s team to establish a layer of insurance to protect the efforts against credit losses. After a tormented 48-hour hustle, the Fed sent out a mammoth news release on Monday morning.</p><p><blockquote>接下来的周末，3月21日和22日，一片疯狂。官员们在家中拨打了评级的电话，完成了仍然保密的计划大纲，并与财政部长史蒂文-姆努钦（Steven Mnuchin）的团队进行谈判，以建立一层保险，保护这些努力免受信用损失。经过 48 小时的折磨，美联储于周一上午发布了一份庞大的新闻稿。</blockquote></p><p> Headlineshit newswiresat 8 a.m., well before American markets opened. The Fed promised tobuy an unlimited amountof Treasury debt and to purchase commercial mortgage-backed securities — efforts to save the most central markets.</p><p><blockquote>头条新闻通讯社周六上午8点，远在美国市场开盘之前。美联储承诺购买无限量的国债，并购买商业抵押贷款支持证券——这是为了拯救最核心的市场。</blockquote></p><p> The announcement also pushed the central bank into uncharted territory. The Fed was established in 1913 toserve as a lender of last resortto troubled banks. On March 23, it pledged to funnel help far beyond that financial core. The Fed said it would buy corporate debt and help to get loans to midsize businesses for the first time ever.</p><p><blockquote>这一声明也将央行推入了未知领域。美联储成立于 1913 年，是陷入困境的银行的最后贷款人。3月23日，它承诺提供远远超出财务核心的帮助。美联储表示，将购买公司债务，并首次帮助中型企业获得贷款。</blockquote></p><p> It finally worked. The dash for cash turned around starting that day.</p><p><blockquote>终于奏效了。从那天开始，对现金的争夺出现了转机。</blockquote></p><p> The March 23 efforts took an approach that Mr. Lehnert referred to internally as “covering the waterfront.” Fed economists had discerned which capital marketswere tied to huge numbers of jobsand made sure that every one of them had a Fed support program.</p><p><blockquote>3 月 23 日的努力采取了一种莱纳特先生在内部称之为 “覆盖海滨”的方法。美联储经济学家已经辨别出哪些资本市场与大量就业相关，并确保每个资本市场都有美联储的支持计划。</blockquote></p><p> On April 9, officials put final pieces of the strategy into play. Backed by a huge pot of insurance money from a rescue package just passed by Congress — lawmakers had handed the Treasury up to$454 billion— they announced that they would expand already-announced efforts and set up another to help funnel credit to states and big cities.</p><p><blockquote>4月9日，官员们将该战略的最后部分付诸实施。在国会刚刚通过的救助计划中的巨额保险金的支持下——立法者向财政部提供了高达4540亿美元的资金——他们宣布将扩大已经宣布的努力，并建立另一项努力来帮助向各州和大城市输送信贷。</blockquote></p><p> The Fed’s 2008 rescue effort had been widely criticized as a bank bailout. The 2020 redux was to rescue everything.</p><p><blockquote>美联储 2008 年的救助行动曾被广泛批评为银行救助。2020年的redux是为了拯救一切。</blockquote></p><p></p><p> The Fed, along with the Treasury, most likely saved the nation from a crippling financial crisis that would have made it harder for businesses to survive, rebound and rehire, intensifying the economic damage the coronavirus went on to inflict. Many of the programs have since ended or are scheduled to do so, and markets are functioning fine.</p><p><blockquote>美联储和财政部很可能将国家从一场严重的金融危机中拯救出来，这场危机将使企业更难生存、反弹和重新招聘，加剧冠状病毒继续造成的经济损失。许多项目已经结束或计划结束，市场运作良好。</blockquote></p><p> But there’s no guarantee that the calm will prove permanent.</p><p><blockquote>但不能保证这种平静会是永久性的。</blockquote></p><p> “The financial system remains vulnerable” to a repeat of last March’s sweeping disaster as “the underlying structures and mechanisms that gave rise to the turmoil are still in place,” the Financial Stability Board, a global oversight body, wrote in a meltdownpost-mortem.</p><p><blockquote>全球监督机构金融稳定委员会（Financial Stability Board）在一份熔毁后的事后分析中写道，“金融体系仍然容易 ”重演去年 3 月的全面灾难，因为 “引发动荡的基本结构和机制仍然存在”。</blockquote></p><p> <b>What Comes Next</b></p><p><blockquote><b>接下来会发生什么</b></blockquote></p><p> The question policymakers and lawmakers are now grappling with is how to fix those vulnerabilities, which could portend problems for the Treasury market and money market funds if investors get seriously spooked again.</p><p><blockquote>政策制定者和立法者现在正在努力解决的问题是如何修复这些漏洞，如果投资者再次受到严重恐慌，这些漏洞可能预示着国债市场和货币市场基金将出现问题。</blockquote></p><p> The Fed’s rescue ramps up the urgency to safeguard the system. Central bankers set a precedent by saving previously untouched markets, raising the possibility that investors will take risks, assuming the central bank will always step in if things get bad enough.</p><p><blockquote>美联储的救助增加了保护该系统的紧迫性。央行行长通过拯救以前未触及的市场开创了先例，增加了投资者承担风险的可能性，假设如果情况变得足够糟糕，央行总是会介入。</blockquote></p><p> There’s some bipartisan appetite for reform: Trump-era regulators began a review of money markets, and Treasury Secretary Janet L. Yellen has said she will focus on financial oversight. But change won’t be easy. Protests in the street helped to galvanize financial reform after 2008. There is little popular outrage over the March 2020 meltdown, both because it was set off by a health crisis — not bad banker behavior — and because it was resolved quickly.</p><p><blockquote>两党都希望进行改革： 特朗普时代的监管机构开始对货币市场进行审查，财政部长珍妮特-耶伦（Janet L. Yellen）表示，她将重点关注金融监管。但改变并不容易。2008年后，街头抗议帮助推动了金融改革。公众对 2020 年 3 月的崩盘几乎没有感到愤怒，一方面是因为它是由健康危机引发的——而不是银行家的不良行为——另一方面是因为它很快就得到了解决。</blockquote></p><p> Industry playersare already mobilizing a lobbying effort, and they may find allies in resisting regulation, including among lawmakers.</p><p><blockquote>行业参与者已经在动员游说努力，他们可能会找到抵制监管的盟友，包括立法者。</blockquote></p><p> “I would point out that money market funds have been remarkably stable and successful,” Senator Patrick J. Toomey, Republican of Pennsylvania, said during aJan. 19 hearing.</p><p><blockquote>“宾夕法尼亚州共和党参议员帕特里克-图米（Patrick J. Toomey）在 aJan 上说：”我想指出的是，货币市场基金一直非常稳定和成功。19听证会。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.nytimes.com/2021/03/16/business/economy/fed-2020-financial-crisis-covid.html\">NewYork Times</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.nytimes.com/2021/03/16/business/economy/fed-2020-financial-crisis-covid.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176435771","content_text":"The Federal Reserve crossed red lines to rescue markets in March 2020. Is there enough momentum to fix the weaknesses the episode exposed?\n\nBy the middle of March 2020 a sense of anxiety pervaded the Federal Reserve. The fast-unfolding coronavirus pandemic was rippling through global markets in dangerous ways.\nTrading in Treasurys — the government securities that are considered among the safest assets in the world, and the bedrock of the entire bond market — had become disjointed as panicked investors tried to sell everything they owned to raise cash. Buyers were scarce. The Treasury market had never broken down so badly, even in the depths of the 2008 financial crisis.\nThe Fed called an emergency meeting on March 15, a Sunday. Lorie Logan, who oversees the Federal Reserve Bank of New York’s asset portfolio, summarized the brewing crisis. She and her colleagues dialed into a conference from the fortresslike New York Fed headquarters, unable to travel to Washington given the meeting’s impromptu nature and the spreading virus. Regional bank presidents assembled across America stared back from the monitor. Washington-based governors were arrayed in a socially distanced ring around the Fed Board’s mahogany table.\nMs. Logan delivered a blunt assessment: While the Fed had been buying government-backed bonds the week before to soothe the volatile Treasury market, market contacts said it hadn’t been enough. To fix things, the Fed mightneed to buy much more. And fast.\nFed officials are an argumentative bunch, and they fiercely debated the other issue before them that day, whether to cut interest rates to near-zero.\nBut, in a testament to the gravity of the breakdown in the government bond market, there was no dissent about whether the central bank needed to stem what was happening by stepping in as a buyer. That afternoon, the Fedannounced an enormous purchase program, promising to make $500 billion in government bond purchases and to buy $200 billion in mortgage-backed debt.\nIt wasn’t the central bank’s first effort to stop the unfolding disaster, nor would it be the last. But it was a clear signal that the 2020 meltdown echoed the 2008 crisis in seriousness and complexity. Where the housing crisis and ensuing crash took years to unfold, the coronavirus panic had struck in weeks.\nAs March wore on, each hour incubating a new calamity, policymakers were forced tocross boundaries, break precedentsand make new uses of the U.S. government’s vast powers to save domestic markets, keep cash flowing abroad and prevent a full-blown financial crisis from compounding a public health tragedy.\nThe rescue worked, so it is easy to forget the peril America’s investors and businesses faced a year ago. But the systemwide weaknesses that were exposed last March remain, and are now under the microscope of Washington policymakers.\nHow It Started\nFinancial markets began to wobble on Feb. 21, 2020, when Italian authorities announced localized lockdowns.\nAt first, the sell-off in risky investments was normal — a rational “flight to safety” while the global economic outlook was rapidly darkening. Stocks plummeted, demand for many corporate bonds disappeared, and people poured into super-secure investments, like U.S. Treasury bonds.\nOn March 3, as market jitters intensified, the Fedcut interest ratesto about 1 percent — its first emergency move since the 2008 financial crisis. Some analysts chidedthe Fed for overreacting, and others asked an obvious question: What could the Fed realistically do in the face of a public health threat?\n“We do recognize that a rate cut will not reduce the rate of infection, it won’t fix a broken supply chain,” Chair Jerome H. Powell said at a news conference, explaining that the Fed was doing what it could to keep credit cheap and available.\nBut the health disaster was quickly metastasizing into a market crisis.\nLockdowns in Italy deepened during the second week of March, and oil prices plummeted as a price war raged, sending tremors across stock, currency and commodity markets. Then, something weird started to happen: Instead of snapping up Treasury bonds, arguably the world’s safest investment, investors began trying to sell them.\nThe yield on 10-year Treasury debt — which usually drops when investors seek safe harbor — started to rise on March 10, suggesting investors didn’t want safe assets. They wanted cold, hard cash, and they were trying to sell anything and everything to get it.\nHow It Worsened\nReligion works through churches. Democracy through congresses and parliaments. Capitalism is an idea made real through a series of relationships between debtors and creditors, risk and reward. And by last March 11, those equations were no longer adding up.\nThat was the day the World Health Organizationofficially declaredthe virus outbreak a pandemic, and the morning on which it was becoming clear that a sell-off had spiraled into a panic.\nThe Fed began to roll out measure after measure in a bid to soothe conditions, first offeringhuge temporary infusions of cashto banks, thenaccelerating plansto buy Treasury bonds as that market swung out of whack.\nBut by Friday, March 13, government bond markets were just one of many problems.\nInvestors had been pulling their cash from prime money market mutual funds, where they park it to earn a slightly higher return, for days. But those outflows began to accelerate, prompting the funds themselves to pull back sharply from short-term corporate debt markets as they raced to return money to investors. Banks that serve as market conduits were less willing than usual to buy and hold new securities, even just temporarily. That made it harder to sell everything, be it a company bond or Treasury debt.\nThe Fed’s announcement after its March 15 emergency meeting — that it would slash rates and buy bonds in the most critical markets — was an attempt to get things under control.\nBut Mr. Powell worried that the fix would fall short as short- and long-term debt of all kinds became hard to sell. He approached Andreas Lehnert, director of the Fed’s financial stability division, in the Washington boardroom after the meeting and asked him to prepare emergency lending programs, which the central bank had used in 2008 to serve as a support system to unraveling markets.\nMr. Lehnert went straight to a musty office, where he communicated with Fed technicians, economists and lawyers via instant messenger and video chats — in-person meetings were already restricted — and worked late into the night to get the paperwork ready.\nStarting that Tuesday morning, after another day of market carnage, the central bank began to unveil the steady drip of rescue programs Mr. Lehnert and his colleagues had been working on: one to buy upshort-term corporate debtand another to keep funding flowing to key banks. Shortlybefore midnighton Wednesday, March 18, the Fed announced a program to rescue embattled money market funds by offering to effectively take hard-to-sell securities off their hands.\nBut by the end of that week, everything was a mess.Foreign central banks and corporations were offloading U.S. debt, partly to raise dollars companies needed to pay interest and other bills; hedge funds werenixing a highly leveraged tradethat had broken down as the market went haywire, dumping Treasurys into the choked market.Corporate bondandcommercial real estate debt marketslooked dicey as companies faced credit rating downgrades and as hotels and malls saw business prospects tank.\nThe world’s most powerful central bank was throwing solutions at the markets as rapidly as it could, and it wasn’t enough.\nHow They Fixed It\nThe next weekend, March 21 and 22, was a frenzy. Officials dialed into calls from home, completing still-secret program outlines and negotiating with Treasury Secretary Steven Mnuchin’s team to establish a layer of insurance to protect the efforts against credit losses. After a tormented 48-hour hustle, the Fed sent out a mammoth news release on Monday morning.\nHeadlineshit newswiresat 8 a.m., well before American markets opened. The Fed promised tobuy an unlimited amountof Treasury debt and to purchase commercial mortgage-backed securities — efforts to save the most central markets.\nThe announcement also pushed the central bank into uncharted territory. The Fed was established in 1913 toserve as a lender of last resortto troubled banks. On March 23, it pledged to funnel help far beyond that financial core. The Fed said it would buy corporate debt and help to get loans to midsize businesses for the first time ever.\nIt finally worked. The dash for cash turned around starting that day.\nThe March 23 efforts took an approach that Mr. Lehnert referred to internally as “covering the waterfront.” Fed economists had discerned which capital marketswere tied to huge numbers of jobsand made sure that every one of them had a Fed support program.\nOn April 9, officials put final pieces of the strategy into play. Backed by a huge pot of insurance money from a rescue package just passed by Congress — lawmakers had handed the Treasury up to$454 billion— they announced that they would expand already-announced efforts and set up another to help funnel credit to states and big cities.\nThe Fed’s 2008 rescue effort had been widely criticized as a bank bailout. The 2020 redux was to rescue everything.\nThe Fed, along with the Treasury, most likely saved the nation from a crippling financial crisis that would have made it harder for businesses to survive, rebound and rehire, intensifying the economic damage the coronavirus went on to inflict. Many of the programs have since ended or are scheduled to do so, and markets are functioning fine.\nBut there’s no guarantee that the calm will prove permanent.\n“The financial system remains vulnerable” to a repeat of last March’s sweeping disaster as “the underlying structures and mechanisms that gave rise to the turmoil are still in place,” the Financial Stability Board, a global oversight body, wrote in a meltdownpost-mortem.\nWhat Comes Next\nThe question policymakers and lawmakers are now grappling with is how to fix those vulnerabilities, which could portend problems for the Treasury market and money market funds if investors get seriously spooked again.\nThe Fed’s rescue ramps up the urgency to safeguard the system. Central bankers set a precedent by saving previously untouched markets, raising the possibility that investors will take risks, assuming the central bank will always step in if things get bad enough.\nThere’s some bipartisan appetite for reform: Trump-era regulators began a review of money markets, and Treasury Secretary Janet L. Yellen has said she will focus on financial oversight. But change won’t be easy. Protests in the street helped to galvanize financial reform after 2008. There is little popular outrage over the March 2020 meltdown, both because it was set off by a health crisis — not bad banker behavior — and because it was resolved quickly.\nIndustry playersare already mobilizing a lobbying effort, and they may find allies in resisting regulation, including among lawmakers.\n“I would point out that money market funds have been remarkably stable and successful,” Senator Patrick J. Toomey, Republican of Pennsylvania, said during aJan. 19 hearing.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1011,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324115250,"gmtCreate":1615974051070,"gmtModify":1703495731070,"author":{"id":"3577531513176552","authorId":"3577531513176552","name":"583e3e38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577531513176552","authorIdStr":"3577531513176552"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/324115250","repostId":"1185741358","repostType":4,"repost":{"id":"1185741358","kind":"news","pubTimestamp":1615972422,"share":"https://www.laohunote.com/m/news/1185741358?lang=zh_CN&edition=full","pubTime":"2021-03-17 17:13","market":"us","language":"en","title":"5 Stocks To Watch For March 17, 2021<blockquote>2021 年 3 月 17 日值得关注的 5 只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185741358","media":"Benzinga","summary":"Wall Street expects Cintas Corporation CTAS to report quarterly earnings at $2.19 per share on reven","content":"<p><div> Wall Street expects Cintas Corporation CTAS to report quarterly earnings at $2.19 per share on revenue of $1.75 billion before the opening bell. Cintas shares fell 1% to close at $347.95 on Tuesday....</p><p><blockquote><div>华尔街预计 Cintas Corporation CTA 将公布每股 2.19 美元的季度收益，开盘前营收为 17.5 亿美元。Cintas股价周二下跌1%，收于347.95美元…….</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/earnings/21/03/20207864/5-stocks-to-watch-for-march-17-2021\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/earnings/21/03/20207864/5-stocks-to-watch-for-march-17-2021\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>5 Stocks To Watch For March 17, 2021<blockquote>2021 年 3 月 17 日值得关注的 5 只股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\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\">\n5 Stocks To Watch For March 17, 2021<blockquote>2021 年 3 月 17 日值得关注的 5 只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-03-17 17:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Wall Street expects Cintas Corporation CTAS to report quarterly earnings at $2.19 per share on revenue of $1.75 billion before the opening bell. Cintas shares fell 1% to close at $347.95 on Tuesday....</p><p><blockquote><div>华尔街预计 Cintas Corporation CTA 将公布每股 2.19 美元的季度收益，开盘前营收为 17.5 亿美元。Cintas股价周二下跌1%，收于347.95美元…….</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/earnings/21/03/20207864/5-stocks-to-watch-for-march-17-2021\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/earnings/21/03/20207864/5-stocks-to-watch-for-march-17-2021\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/news/earnings/21/03/20207864/5-stocks-to-watch-for-march-17-2021\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CTAS":"信达思"},"source_url":"https://www.benzinga.com/news/earnings/21/03/20207864/5-stocks-to-watch-for-march-17-2021","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185741358","content_text":"Wall Street expects Cintas Corporation CTAS to report quarterly earnings at $2.19 per share on revenue of $1.75 billion before the opening bell. Cintas shares fell 1% to close at $347.95 on Tuesday.Lennar CorporationLENreported better-than-expected results for its first quarter on Tuesday. Lennar shares gained 1.6% to $90.10 in the after-hours trading session.Analysts are expectingWilliams-Sonoma, Inc.WSMto have earned $3.39 per share on revenue of $2.17 billion for the latest quarter. The company will release earnings after the markets close. Williams-Sonoma shares rose 0.2% to $138.81 in after-hours trading.Coupa Software IncCOUPreported upbeat results for its fourth quarter and issued strong sales guidance. Coupa Software shares gained 2% to $277.50 in the after-hours trading session.Analysts expectLands' End, Inc.LEto report quarterly earnings at $0.55 per share on revenue of $530.87 million before the opening bell. Lands' End shares climbed 9.4% to $38.50 in the after-hours trading session.","news_type":1,"symbols_score_info":{"CTAS":0.9}},"isVote":1,"tweetType":1,"viewCount":416,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":376844724,"gmtCreate":1619104949568,"gmtModify":1634288502362,"author":{"id":"3577531513176552","authorId":"3577531513176552","name":"583e3e38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577531513176552","authorIdStr":"3577531513176552"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/376844724","repostId":"1192774804","repostType":4,"isVote":1,"tweetType":1,"viewCount":942,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372998374,"gmtCreate":1619165850798,"gmtModify":1634288061247,"author":{"id":"3577531513176552","authorId":"3577531513176552","name":"583e3e38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577531513176552","authorIdStr":"3577531513176552"},"themes":[],"title":"","htmlText":"Well well well","listText":"Well well well","text":"Well well well","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/372998374","repostId":"1141178573","repostType":4,"isVote":1,"tweetType":1,"viewCount":3214,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":378941133,"gmtCreate":1618994638722,"gmtModify":1634289350107,"author":{"id":"3577531513176552","authorId":"3577531513176552","name":"583e3e38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577531513176552","authorIdStr":"3577531513176552"},"themes":[],"title":"","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/378941133","repostId":"1176251697","repostType":4,"repost":{"id":"1176251697","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":1618993288,"share":"https://www.laohunote.com/m/news/1176251697?lang=zh_CN&edition=full","pubTime":"2021-04-21 16:21","market":"us","language":"en","title":"XPeng P5's cumulative orders have exceeded 10000<blockquote>小鹏P5累计订单已超过10000辆</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1176251697","media":"Tiger Newspress","summary":"As of 15:16, April 21, 2021, Beijing time, XPeng P5's cumulative orders have exceeded 10000!XPeng P5 becomes the most popular model of XPeng auto reservation.Xpeng Motors shares fell slightly 0.29% in premarket trading.XPeng Motors exhibited and kicked off pre-orders for its third production model on April 19th, the XPeng P5, the world’s first production smart EV equipped with automotive-grade LiDAR technology.Showcased at the 2021 International Automotive Exhibition in Shanghai, the P5 family-f","content":"<p>As of 15:16, April 21, 2021, Beijing&nbsp;time, XPeng&nbsp;P5's&nbsp;cumulative&nbsp;orders&nbsp;have&nbsp;exceeded 10000! XPeng P5&nbsp;becomes the most popular model of&nbsp;XPeng&nbsp;auto&nbsp;reservation.</p><p><blockquote>截至北京时间2021年4月21日15:16，小鹏P5累计订单已突破10000台!小鹏P5成为小鹏汽车预约最受欢迎的车型。</blockquote></p><p><img src=\"https://static.tigerbbs.com/be5992c790fdc476833c8c3f636996ca\" tg-width=\"690\" tg-height=\"1492\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Xpeng Motors&nbsp;shares&nbsp;fell&nbsp;slightly&nbsp;0.29%&nbsp;in premarket trading.</p><p><blockquote>小鹏汽车股价在盘前交易中小幅下跌0.29%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c8b7023bf604c6b06f60d4d349fb564b\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>XPeng Motors exhibited and kicked off pre-orders for its third production model&nbsp;on&nbsp;April 19th, the XPeng P5, the world’s first production smart EV equipped with automotive-grade LiDAR technology.</p><p><blockquote>小鹏汽车于 4 月 19 日展示并开始预订其第三款量产车型小鹏 P5，这是全球首款搭载车规级激光雷达技术的量产智能电动汽车。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/029719862e381bd71923e26a51033ffb\" tg-width=\"480\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><span>XPeng P5 sedan</span></p><p><blockquote><p class=\"t-img-caption\"><span>小鹏P5轿车</span></p></blockquote></p><p>Showcased at the 2021 International Automotive Exhibition in Shanghai, the P5 family-friendly sedan joins XPeng’s P7 sports sedan and G3 compact SUV to offer a full suite of mobility solutions to customers in China. The P5 builds on the previous models not only in its best-in-class autonomous driving functionality, but also in its third generation tech-enabled smart cockpit features, envisioning the car as a third living space to complement home space and work space.</p><p><blockquote>在 2021 年上海国际车展上亮相的 P5 家庭友好型轿车与小鹏的 P7 运动轿车和 G3 紧凑型 SUV 一起，为中国客户提供全套出行解决方案。P5 不仅在之前的车型上拥有一流的自动驾驶功能，而且在其第三代技术支持的智能驾驶舱功能的基础上，将汽车设想为补充家庭空间和工作空间的第三个生活空间。</blockquote></p><p>\"We persist in exploring because we are convinced that technology will enrich our lifestyles and bring about a great mobility transformation,\" Chairman and CEO Mr. He Xiaopeng said at the press conference. \"We believe in the future of autonomous driving, and remain committed to it. Transportation has immense influence on our daily lives and technology is empowering our life choices and propelling a fundamental revolution in mobility.\"</p><p><blockquote>董事长兼首席执行官何小鹏先生在发布会上表示：“我们坚持探索，因为我们坚信科技将丰富我们的生活方式，并带来巨大的移动转型。”“我们相信自动驾驶的未来，并将继续致力于此。交通对我们的日常生活有着巨大的影响，技术正在赋予我们的生活选择，并推动出行领域的根本性革命。”</blockquote></p><p><b>NGP autonomous driving – from highways to cities</b></p><p><blockquote><b>NGP自动驾驶——从高速公路到城市</b></blockquote></p><p>The P5 will bring Navigation Guided Pilot (NGP) capabilities to city roads for the first time in a production vehicle, powered by XPeng’s full-stack in-house developed autonomous driving system XPILOT 3.5 – the strongest autonomous driving architecture in its class. The new architecture comprises 32 perception sensors (including 2 LiDAR units, 12 ultrasonic sensors, 5 millimeter-wave radars, and 13 high-definition cameras) and 1 high-precision positioning unit (GNSS + IMU), integrated into 360° dual-perception fusion to handle challenging and complex road conditions.</p><p><blockquote>P5 将首次在量产车上为城市道路带来导航引导驾驶（NGP）功能，由小鹏汽车自主研发的全栈自动驾驶系统 XPILOT 3.5（同类产品中最强大的自动驾驶架构）提供动力。新架构包括32个感知传感器（包括2个激光雷达单元、12个超声波传感器、5个毫米波雷达和13个高清摄像头）和1个高精度定位单元（GNSS+IMU），集成到360°双感知融合中，以应对具有挑战性和复杂的路况。</blockquote></p><p>With its double-prism LiDAR units, the P5 can distinguish pedestrians, cyclists and scooters, static obstacles, and road works, and extend the NGP function from highways to city driving, dealing with cutting-in, automatic following and speed limit optimization on urban roads, traffic lights and small objects.</p><p><blockquote>凭借其双棱镜激光雷达单元，P5可以区分行人、骑自行车的人和踏板车、静态障碍物和道路工程，并将NGP功能从高速公路扩展到城市驾驶，处理城市道路上的切入、自动跟随和限速优化、交通灯和小物体。</blockquote></p><p>\"The P5 realizes our vision of navigation-assisted autonomous driving, aiming to liberate the driver’s concentration and effort from the drudgery of manual driving,\" Chairman He continued. \"We seek to enable autonomous driving in all weathers and in the most challenging driving conditions.\"</p><p><blockquote>“P5实现了我们对导航辅助自动驾驶的愿景，旨在将驾驶员的注意力和精力从手动驾驶的繁琐中解放出来，”何主席继续说道。“我们寻求在所有天气和最具挑战性的驾驶条件下实现自动驾驶。”</blockquote></p><p><b>Third generation cockpit, third space</b></p><p><blockquote><b>第三代驾驶舱，第三空间</b></blockquote></p><p>This third generation smart EV also brings to customers a 3rd generation cockpit with a new level of rich and customizable features – a third space extension to home and office, enabled by all-voice assistance and powerful connectivity. The P5’s Xmart OS 3.0, the latest generation of XPeng’s in-car operation system, supports full-scenario all-voice interaction. The P5 is also the first vehicle in its class to deploy Qualcomm’s Snapdragon flagship SA8155P auto-grade computing platform, 3 times more powerful than the previous generation.</p><p><blockquote>这款第三代智能电动汽车还为客户带来了第三代驾驶舱，具有新水平的丰富和可定制功能——通过全语音辅助和强大的连接功能，为家庭和办公室提供了第三次空间扩展。P5的Xmart OS 3.0是小鹏最新一代的车载操作系统，支持全场景全语音交互。P5 也是同类产品中首款搭载高通骁龙旗舰 SA8155P 汽车级计算平台的车型，该平台的功能比上一代提升了 3 倍。</blockquote></p><p>The P5’s interior space is the largest among A+ category sedans. Pioneering the third-generation smart cockpit, the P5 boasts fully-reclining front seat design, optimizing interior space to create a comfortable sleep mode. For a private screening experience, cinema mode is also available through the optional full-width projection screen, with karaoke and multimedia entertainment options. Additional comfort and lifestyle features include a capacious 18L refrigerator, and full 220v power for accessories and third-party devices.</p><p><blockquote>P5 的内部空间是 A+ 级轿车中最大的。P5开创了第三代智能座舱，拥有全倾斜的前排座椅设计，优化内部空间，打造舒适的睡眠模式。对于私人放映体验，还可以通过可选的全宽投影屏幕获得影院模式，并提供卡拉ok和多媒体娱乐选项。其他舒适和生活方式功能包括一个宽敞的18升冰箱，以及用于配件和第三方设备的全220v电源。</blockquote></p><p><b>P5 delivery expected 4Q 2021</b></p><p><blockquote><b>P5 预计于 2021 年第四季度交付</b></blockquote></p><p>XPeng P5 is expected to start delivery in the fourth quarter of 2021 with reservations starting on 19 April. Early bird customers will be entitled for lifetime free charging and supercharging services.</p><p><blockquote>小鹏P5预计将于2021年第四季度开始交付，预订将于4月19日开始。早鸟客户将有权享受终身免费充电和超级充电服务。</blockquote></p><p>The P5 will bring a whole new level of lifestyle experience for customers in conjunction with a whole range of new possibilities in mobility.</p><p><blockquote>P5将为客户带来全新水平的生活方式体验，以及一系列新的移动可能性。</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>XPeng P5's cumulative orders have exceeded 10000<blockquote>小鹏P5累计订单已超过10000辆</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\">\nXPeng P5's cumulative orders have exceeded 10000<blockquote>小鹏P5累计订单已超过10000辆</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\">2021-04-21 16:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>As of 15:16, April 21, 2021, Beijing&nbsp;time, XPeng&nbsp;P5's&nbsp;cumulative&nbsp;orders&nbsp;have&nbsp;exceeded 10000! XPeng P5&nbsp;becomes the most popular model of&nbsp;XPeng&nbsp;auto&nbsp;reservation.</p><p><blockquote>截至北京时间2021年4月21日15:16，小鹏P5累计订单已突破10000台!小鹏P5成为小鹏汽车预约最受欢迎的车型。</blockquote></p><p><img src=\"https://static.tigerbbs.com/be5992c790fdc476833c8c3f636996ca\" tg-width=\"690\" tg-height=\"1492\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Xpeng Motors&nbsp;shares&nbsp;fell&nbsp;slightly&nbsp;0.29%&nbsp;in premarket trading.</p><p><blockquote>小鹏汽车股价在盘前交易中小幅下跌0.29%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c8b7023bf604c6b06f60d4d349fb564b\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>XPeng Motors exhibited and kicked off pre-orders for its third production model&nbsp;on&nbsp;April 19th, the XPeng P5, the world’s first production smart EV equipped with automotive-grade LiDAR technology.</p><p><blockquote>小鹏汽车于 4 月 19 日展示并开始预订其第三款量产车型小鹏 P5，这是全球首款搭载车规级激光雷达技术的量产智能电动汽车。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/029719862e381bd71923e26a51033ffb\" tg-width=\"480\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><span>XPeng P5 sedan</span></p><p><blockquote><p class=\"t-img-caption\"><span>小鹏P5轿车</span></p></blockquote></p><p>Showcased at the 2021 International Automotive Exhibition in Shanghai, the P5 family-friendly sedan joins XPeng’s P7 sports sedan and G3 compact SUV to offer a full suite of mobility solutions to customers in China. The P5 builds on the previous models not only in its best-in-class autonomous driving functionality, but also in its third generation tech-enabled smart cockpit features, envisioning the car as a third living space to complement home space and work space.</p><p><blockquote>在 2021 年上海国际车展上亮相的 P5 家庭友好型轿车与小鹏的 P7 运动轿车和 G3 紧凑型 SUV 一起，为中国客户提供全套出行解决方案。P5 不仅在之前的车型上拥有一流的自动驾驶功能，而且在其第三代技术支持的智能驾驶舱功能的基础上，将汽车设想为补充家庭空间和工作空间的第三个生活空间。</blockquote></p><p>\"We persist in exploring because we are convinced that technology will enrich our lifestyles and bring about a great mobility transformation,\" Chairman and CEO Mr. He Xiaopeng said at the press conference. \"We believe in the future of autonomous driving, and remain committed to it. Transportation has immense influence on our daily lives and technology is empowering our life choices and propelling a fundamental revolution in mobility.\"</p><p><blockquote>董事长兼首席执行官何小鹏先生在发布会上表示：“我们坚持探索，因为我们坚信科技将丰富我们的生活方式，并带来巨大的移动转型。”“我们相信自动驾驶的未来，并将继续致力于此。交通对我们的日常生活有着巨大的影响，技术正在赋予我们的生活选择，并推动出行领域的根本性革命。”</blockquote></p><p><b>NGP autonomous driving – from highways to cities</b></p><p><blockquote><b>NGP自动驾驶——从高速公路到城市</b></blockquote></p><p>The P5 will bring Navigation Guided Pilot (NGP) capabilities to city roads for the first time in a production vehicle, powered by XPeng’s full-stack in-house developed autonomous driving system XPILOT 3.5 – the strongest autonomous driving architecture in its class. The new architecture comprises 32 perception sensors (including 2 LiDAR units, 12 ultrasonic sensors, 5 millimeter-wave radars, and 13 high-definition cameras) and 1 high-precision positioning unit (GNSS + IMU), integrated into 360° dual-perception fusion to handle challenging and complex road conditions.</p><p><blockquote>P5 将首次在量产车上为城市道路带来导航引导驾驶（NGP）功能，由小鹏汽车自主研发的全栈自动驾驶系统 XPILOT 3.5（同类产品中最强大的自动驾驶架构）提供动力。新架构包括32个感知传感器（包括2个激光雷达单元、12个超声波传感器、5个毫米波雷达和13个高清摄像头）和1个高精度定位单元（GNSS+IMU），集成到360°双感知融合中，以应对具有挑战性和复杂的路况。</blockquote></p><p>With its double-prism LiDAR units, the P5 can distinguish pedestrians, cyclists and scooters, static obstacles, and road works, and extend the NGP function from highways to city driving, dealing with cutting-in, automatic following and speed limit optimization on urban roads, traffic lights and small objects.</p><p><blockquote>凭借其双棱镜激光雷达单元，P5可以区分行人、骑自行车的人和踏板车、静态障碍物和道路工程，并将NGP功能从高速公路扩展到城市驾驶，处理城市道路上的切入、自动跟随和限速优化、交通灯和小物体。</blockquote></p><p>\"The P5 realizes our vision of navigation-assisted autonomous driving, aiming to liberate the driver’s concentration and effort from the drudgery of manual driving,\" Chairman He continued. \"We seek to enable autonomous driving in all weathers and in the most challenging driving conditions.\"</p><p><blockquote>“P5实现了我们对导航辅助自动驾驶的愿景，旨在将驾驶员的注意力和精力从手动驾驶的繁琐中解放出来，”何主席继续说道。“我们寻求在所有天气和最具挑战性的驾驶条件下实现自动驾驶。”</blockquote></p><p><b>Third generation cockpit, third space</b></p><p><blockquote><b>第三代驾驶舱，第三空间</b></blockquote></p><p>This third generation smart EV also brings to customers a 3rd generation cockpit with a new level of rich and customizable features – a third space extension to home and office, enabled by all-voice assistance and powerful connectivity. The P5’s Xmart OS 3.0, the latest generation of XPeng’s in-car operation system, supports full-scenario all-voice interaction. The P5 is also the first vehicle in its class to deploy Qualcomm’s Snapdragon flagship SA8155P auto-grade computing platform, 3 times more powerful than the previous generation.</p><p><blockquote>这款第三代智能电动汽车还为客户带来了第三代驾驶舱，具有新水平的丰富和可定制功能——通过全语音辅助和强大的连接功能，为家庭和办公室提供了第三次空间扩展。P5的Xmart OS 3.0是小鹏最新一代的车载操作系统，支持全场景全语音交互。P5 也是同类产品中首款搭载高通骁龙旗舰 SA8155P 汽车级计算平台的车型，该平台的功能比上一代提升了 3 倍。</blockquote></p><p>The P5’s interior space is the largest among A+ category sedans. Pioneering the third-generation smart cockpit, the P5 boasts fully-reclining front seat design, optimizing interior space to create a comfortable sleep mode. For a private screening experience, cinema mode is also available through the optional full-width projection screen, with karaoke and multimedia entertainment options. Additional comfort and lifestyle features include a capacious 18L refrigerator, and full 220v power for accessories and third-party devices.</p><p><blockquote>P5 的内部空间是 A+ 级轿车中最大的。P5开创了第三代智能座舱，拥有全倾斜的前排座椅设计，优化内部空间，打造舒适的睡眠模式。对于私人放映体验，还可以通过可选的全宽投影屏幕获得影院模式，并提供卡拉ok和多媒体娱乐选项。其他舒适和生活方式功能包括一个宽敞的18升冰箱，以及用于配件和第三方设备的全220v电源。</blockquote></p><p><b>P5 delivery expected 4Q 2021</b></p><p><blockquote><b>P5 预计于 2021 年第四季度交付</b></blockquote></p><p>XPeng P5 is expected to start delivery in the fourth quarter of 2021 with reservations starting on 19 April. Early bird customers will be entitled for lifetime free charging and supercharging services.</p><p><blockquote>小鹏P5预计将于2021年第四季度开始交付，预订将于4月19日开始。早鸟客户将有权享受终身免费充电和超级充电服务。</blockquote></p><p>The P5 will bring a whole new level of lifestyle experience for customers in conjunction with a whole range of new possibilities in mobility.</p><p><blockquote>P5将为客户带来全新水平的生活方式体验，以及一系列新的移动可能性。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏集团"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176251697","content_text":"As of 15:16, April 21, 2021, Beijing time, XPeng P5's cumulative orders have exceeded 10000! XPeng P5 becomes the most popular model of XPeng auto reservation.Xpeng Motors shares fell slightly 0.29% in premarket trading.XPeng Motors exhibited and kicked off pre-orders for its third production model on April 19th, the XPeng P5, the world’s first production smart EV equipped with automotive-grade LiDAR technology.XPeng P5 sedanShowcased at the 2021 International Automotive Exhibition in Shanghai, the P5 family-friendly sedan joins XPeng’s P7 sports sedan and G3 compact SUV to offer a full suite of mobility solutions to customers in China. The P5 builds on the previous models not only in its best-in-class autonomous driving functionality, but also in its third generation tech-enabled smart cockpit features, envisioning the car as a third living space to complement home space and work space.\"We persist in exploring because we are convinced that technology will enrich our lifestyles and bring about a great mobility transformation,\" Chairman and CEO Mr. He Xiaopeng said at the press conference. \"We believe in the future of autonomous driving, and remain committed to it. Transportation has immense influence on our daily lives and technology is empowering our life choices and propelling a fundamental revolution in mobility.\"NGP autonomous driving – from highways to citiesThe P5 will bring Navigation Guided Pilot (NGP) capabilities to city roads for the first time in a production vehicle, powered by XPeng’s full-stack in-house developed autonomous driving system XPILOT 3.5 – the strongest autonomous driving architecture in its class. The new architecture comprises 32 perception sensors (including 2 LiDAR units, 12 ultrasonic sensors, 5 millimeter-wave radars, and 13 high-definition cameras) and 1 high-precision positioning unit (GNSS + IMU), integrated into 360° dual-perception fusion to handle challenging and complex road conditions.With its double-prism LiDAR units, the P5 can distinguish pedestrians, cyclists and scooters, static obstacles, and road works, and extend the NGP function from highways to city driving, dealing with cutting-in, automatic following and speed limit optimization on urban roads, traffic lights and small objects.\"The P5 realizes our vision of navigation-assisted autonomous driving, aiming to liberate the driver’s concentration and effort from the drudgery of manual driving,\" Chairman He continued. \"We seek to enable autonomous driving in all weathers and in the most challenging driving conditions.\"Third generation cockpit, third spaceThis third generation smart EV also brings to customers a 3rd generation cockpit with a new level of rich and customizable features – a third space extension to home and office, enabled by all-voice assistance and powerful connectivity. The P5’s Xmart OS 3.0, the latest generation of XPeng’s in-car operation system, supports full-scenario all-voice interaction. The P5 is also the first vehicle in its class to deploy Qualcomm’s Snapdragon flagship SA8155P auto-grade computing platform, 3 times more powerful than the previous generation.The P5’s interior space is the largest among A+ category sedans. Pioneering the third-generation smart cockpit, the P5 boasts fully-reclining front seat design, optimizing interior space to create a comfortable sleep mode. For a private screening experience, cinema mode is also available through the optional full-width projection screen, with karaoke and multimedia entertainment options. Additional comfort and lifestyle features include a capacious 18L refrigerator, and full 220v power for accessories and third-party devices.P5 delivery expected 4Q 2021XPeng P5 is expected to start delivery in the fourth quarter of 2021 with reservations starting on 19 April. Early bird customers will be entitled for lifetime free charging and supercharging services.The P5 will bring a whole new level of lifestyle experience for customers in conjunction with a whole range of new possibilities in mobility.","news_type":1,"symbols_score_info":{"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":776,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372995792,"gmtCreate":1619166073717,"gmtModify":1634288058271,"author":{"id":"3577531513176552","authorId":"3577531513176552","name":"583e3e38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577531513176552","authorIdStr":"3577531513176552"},"themes":[],"title":"","htmlText":"Come on","listText":"Come on","text":"Come on","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/372995792","repostId":"1184108476","repostType":4,"repost":{"id":"1184108476","kind":"news","pubTimestamp":1619160399,"share":"https://www.laohunote.com/m/news/1184108476?lang=zh_CN&edition=full","pubTime":"2021-04-23 14:46","market":"us","language":"en","title":"Intel Earnings Crushed Estimates. Why Its Stock Is Dropping.<blockquote>英特尔盈利超出预期。为什么其股价下跌。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184108476","media":"Barrons","summary":"Shares of U.S. chip maker Intel slumped in in Friday premarket trading, despite reporting earnings that easily beat Wall Street’s expectations. The company sold more chips for personal computers, but investors seem focused on a dip in Intel’s ever-important data center revenue.Shares of Intel  dropped 2.2% in premarket trading. The stock, which closed at $62.57 Thursday, is up about 40% since late October.Intel reported first-quarter net income of $3.4 billion, or 82 cents a share, compared with","content":"<p>Shares of U.S. chip maker Intel slumped in in Friday&nbsp;premarket trading, despite reporting earnings that easily beat Wall Street’s expectations. The company sold more chips for personal computers, but investors seem focused on a dip in Intel’s ever-important data center revenue.</p><p><blockquote>美国芯片制造商英特尔的股价在周五盘前交易中暴跌，尽管该公司公布的财报轻松超出了华尔街的预期。该公司销售了更多个人电脑芯片，但投资者似乎更关注英特尔一直以来重要的数据中心收入的下降。</blockquote></p><p>Shares of Intel (ticker: INTC) dropped 2.2%&nbsp;in&nbsp;premarket trading. The stock, which closed at $62.57 Thursday, is up about 40% since late October.</p><p><blockquote>英特尔（股票代码：INTC）股价在盘前交易中下跌 2.2%。该股周四收于 62.57 美元，自 10 月下旬以来已上涨约 40%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/26f95a274e27e741102e3f91e4c5c914\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Intel&nbsp;reported first-quarter net income of $3.4 billion, or 82 cents a share, compared with net profit of $5.7 billion, or $1.31 a share, in the year-ago quarter. Revenue dipped 1% to $19.7 billion. Excluding the company’s flash memory business, and a legal judgment, among other things, Intel reported earnings of $1.39 a share. Non-GAAP revenue was flat at $18.6 billion.</p><p><blockquote>英特尔公布第一季度净利润为 34 亿美元，即每股 82 美分，而去年同期净利润为 57 亿美元，即每股 1.31 美元。收入下降 1% 至 197 亿美元。不包括公司的闪存业务和法律判决等因素，英特尔公布的每股收益为 1.39 美元。非 GAAP 收入持平于 186 亿美元。</blockquote></p><p>Analysts had expected adjusted earnings of $1.15 on revenue of $17.74 billion.</p><p><blockquote>分析师此前预计调整后收益为 1.15 美元，营收为 177.4 亿美元。</blockquote></p><p>“This is a pivotal year for Intel,” CEO Pat Gelsinger&nbsp;said. “We are setting our strategic foundation and investing to accelerate our trajectory and capitalize on the explosive growth in semiconductors that power our increasingly digital world.”</p><p><blockquote>“英特尔首席执行官帕特-基尔辛格（Pat Gelsinger）说：”今年是英特尔关键的一年。“我们正在奠定战略基础，并进行投资，以加快我们的发展轨迹，并利用半导体的爆炸性增长，为我们日益数字化的世界提供动力”。</blockquote></p><p>On Thursday, Intel credited strong personal computer demand for the billion-dollar beat, and “initial recovery” of its enterprise and government sales that contribute to is data center segment. Revenue in its PC segment grew 8% to $10.6 billion, when Wall Street expected $10.02 billion.</p><p><blockquote>周四，英特尔将强劲的个人电脑需求归功于数据中心部门的强劲增长，而企业和政府销售额的 “初步复苏 ”则归功于数据中心部门。其个人电脑部门的收入增长了 8%，达到 106 亿美元，而华尔街预期为 100.2 亿美元。</blockquote></p><p>Nonetheless, the company’s data center revenue fell short of expectations, declining 20% to $5.6 billion. Wall Street had expected $5.84 billion.</p><p><blockquote>尽管如此，该公司的数据中心收入仍未达到预期，下降了 20%，至 56 亿美元。华尔街此前预计为 58.4 亿美元。</blockquote></p><p>Weeks ago, at the same time the company&nbsp;announced its future manufacturing plans, Intel said that it would report results above its guidance but didn’t provide precise figures.</p><p><blockquote>几周前，在公司宣布未来制造计划的同时，英特尔表示将公布高于指引的业绩，但没有提供确切的数字。</blockquote></p><p>Intel’s self-driving technology unit, Mobileye, was a bright spot. Revenue grew 48% to $377 million.</p><p><blockquote>英特尔的自动驾驶技术部门 Mobileye 是一个亮点。收入增长 48%，达到 3.77 亿美元。</blockquote></p><p>A $2.18 billion judgment, stemming from a recent loss in a Texas patent fight, also weighed on first-quarter profit. Intel said it “strongly disagrees with the jury’s verdict in March and intends to appeal.”</p><p><blockquote>由于最近在德克萨斯州专利诉讼中的失败，一项价值 21.8 亿美元的判决也影响了第一季度的利润。英特尔表示 “强烈不同意陪审团 3 月份的裁决，并打算上诉”。</blockquote></p><p>The company said it expected non-GAAP second quarter earnings of $1.05 a share, and revenue of $17.8 billion, excluding the company’s flash memory business. Intel sold the memory unit last year, but the deal hasn’t yet closed. Including flash revenue, Intel expects to report second-quarter revenue of $18.9 billion.</p><p><blockquote>该公司表示，预计第二季度非美国通用会计准则每股收益为 1.05 美元，不包括公司闪存业务，营收为 178 亿美元。英特尔去年出售了该内存单元，但交易尚未完成。包括闪电收入在内，英特尔预计第二季度营收为 189 亿美元。</blockquote></p><p>The consensus for adjusted first-quarter earnings is $1.12 a share on sales of $17.64 billion.</p><p><blockquote>调整后第一季度收益的普遍预期为每股 1.12 美元，销售额为 176.4 亿美元。</blockquote></p><p>Intel raised its guidance for the year to non-GAAP earnings of $4.60 a share and revenue $72.5 billion, excluding its flash memory unit.</p><p><blockquote>英特尔将今年的非 GAAP 收益指引上调至每股 4.60 美元，收入为 725 亿美元，不包括闪存部门。</blockquote></p><p>Shares of Intel have gained 4.1% over the past 12 months. Over the same period, the PHLX Semiconductor index&nbsp;is up 86%.</p><p><blockquote>过去 12 个月，英特尔股价上涨了 4.1%。同期，PHLX半导体指数上涨86%。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Intel Earnings Crushed Estimates. Why Its Stock Is Dropping.<blockquote>英特尔盈利超出预期。为什么其股价下跌。</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\">\nIntel Earnings Crushed Estimates. Why Its Stock Is Dropping.<blockquote>英特尔盈利超出预期。为什么其股价下跌。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-04-23 14:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Shares of U.S. chip maker Intel slumped in in Friday&nbsp;premarket trading, despite reporting earnings that easily beat Wall Street’s expectations. The company sold more chips for personal computers, but investors seem focused on a dip in Intel’s ever-important data center revenue.</p><p><blockquote>美国芯片制造商英特尔的股价在周五盘前交易中暴跌，尽管该公司公布的财报轻松超出了华尔街的预期。该公司销售了更多个人电脑芯片，但投资者似乎更关注英特尔一直以来重要的数据中心收入的下降。</blockquote></p><p>Shares of Intel (ticker: INTC) dropped 2.2%&nbsp;in&nbsp;premarket trading. The stock, which closed at $62.57 Thursday, is up about 40% since late October.</p><p><blockquote>英特尔（股票代码：INTC）股价在盘前交易中下跌 2.2%。该股周四收于 62.57 美元，自 10 月下旬以来已上涨约 40%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/26f95a274e27e741102e3f91e4c5c914\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Intel&nbsp;reported first-quarter net income of $3.4 billion, or 82 cents a share, compared with net profit of $5.7 billion, or $1.31 a share, in the year-ago quarter. Revenue dipped 1% to $19.7 billion. Excluding the company’s flash memory business, and a legal judgment, among other things, Intel reported earnings of $1.39 a share. Non-GAAP revenue was flat at $18.6 billion.</p><p><blockquote>英特尔公布第一季度净利润为 34 亿美元，即每股 82 美分，而去年同期净利润为 57 亿美元，即每股 1.31 美元。收入下降 1% 至 197 亿美元。不包括公司的闪存业务和法律判决等因素，英特尔公布的每股收益为 1.39 美元。非 GAAP 收入持平于 186 亿美元。</blockquote></p><p>Analysts had expected adjusted earnings of $1.15 on revenue of $17.74 billion.</p><p><blockquote>分析师此前预计调整后收益为 1.15 美元，营收为 177.4 亿美元。</blockquote></p><p>“This is a pivotal year for Intel,” CEO Pat Gelsinger&nbsp;said. “We are setting our strategic foundation and investing to accelerate our trajectory and capitalize on the explosive growth in semiconductors that power our increasingly digital world.”</p><p><blockquote>“英特尔首席执行官帕特-基尔辛格（Pat Gelsinger）说：”今年是英特尔关键的一年。“我们正在奠定战略基础，并进行投资，以加快我们的发展轨迹，并利用半导体的爆炸性增长，为我们日益数字化的世界提供动力”。</blockquote></p><p>On Thursday, Intel credited strong personal computer demand for the billion-dollar beat, and “initial recovery” of its enterprise and government sales that contribute to is data center segment. Revenue in its PC segment grew 8% to $10.6 billion, when Wall Street expected $10.02 billion.</p><p><blockquote>周四，英特尔将强劲的个人电脑需求归功于数据中心部门的强劲增长，而企业和政府销售额的 “初步复苏 ”则归功于数据中心部门。其个人电脑部门的收入增长了 8%，达到 106 亿美元，而华尔街预期为 100.2 亿美元。</blockquote></p><p>Nonetheless, the company’s data center revenue fell short of expectations, declining 20% to $5.6 billion. Wall Street had expected $5.84 billion.</p><p><blockquote>尽管如此，该公司的数据中心收入仍未达到预期，下降了 20%，至 56 亿美元。华尔街此前预计为 58.4 亿美元。</blockquote></p><p>Weeks ago, at the same time the company&nbsp;announced its future manufacturing plans, Intel said that it would report results above its guidance but didn’t provide precise figures.</p><p><blockquote>几周前，在公司宣布未来制造计划的同时，英特尔表示将公布高于指引的业绩，但没有提供确切的数字。</blockquote></p><p>Intel’s self-driving technology unit, Mobileye, was a bright spot. Revenue grew 48% to $377 million.</p><p><blockquote>英特尔的自动驾驶技术部门 Mobileye 是一个亮点。收入增长 48%，达到 3.77 亿美元。</blockquote></p><p>A $2.18 billion judgment, stemming from a recent loss in a Texas patent fight, also weighed on first-quarter profit. Intel said it “strongly disagrees with the jury’s verdict in March and intends to appeal.”</p><p><blockquote>由于最近在德克萨斯州专利诉讼中的失败，一项价值 21.8 亿美元的判决也影响了第一季度的利润。英特尔表示 “强烈不同意陪审团 3 月份的裁决，并打算上诉”。</blockquote></p><p>The company said it expected non-GAAP second quarter earnings of $1.05 a share, and revenue of $17.8 billion, excluding the company’s flash memory business. Intel sold the memory unit last year, but the deal hasn’t yet closed. Including flash revenue, Intel expects to report second-quarter revenue of $18.9 billion.</p><p><blockquote>该公司表示，预计第二季度非美国通用会计准则每股收益为 1.05 美元，不包括公司闪存业务，营收为 178 亿美元。英特尔去年出售了该内存单元，但交易尚未完成。包括闪电收入在内，英特尔预计第二季度营收为 189 亿美元。</blockquote></p><p>The consensus for adjusted first-quarter earnings is $1.12 a share on sales of $17.64 billion.</p><p><blockquote>调整后第一季度收益的普遍预期为每股 1.12 美元，销售额为 176.4 亿美元。</blockquote></p><p>Intel raised its guidance for the year to non-GAAP earnings of $4.60 a share and revenue $72.5 billion, excluding its flash memory unit.</p><p><blockquote>英特尔将今年的非 GAAP 收益指引上调至每股 4.60 美元，收入为 725 亿美元，不包括闪存部门。</blockquote></p><p>Shares of Intel have gained 4.1% over the past 12 months. Over the same period, the PHLX Semiconductor index&nbsp;is up 86%.</p><p><blockquote>过去 12 个月，英特尔股价上涨了 4.1%。同期，PHLX半导体指数上涨86%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/intel-stock-is-falling-despite-a-big-earnings-beat-51619126123?mod=hp_LEAD_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"INTC":"英特尔"},"source_url":"https://www.barrons.com/articles/intel-stock-is-falling-despite-a-big-earnings-beat-51619126123?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184108476","content_text":"Shares of U.S. chip maker Intel slumped in in Friday premarket trading, despite reporting earnings that easily beat Wall Street’s expectations. The company sold more chips for personal computers, but investors seem focused on a dip in Intel’s ever-important data center revenue.Shares of Intel (ticker: INTC) dropped 2.2% in premarket trading. The stock, which closed at $62.57 Thursday, is up about 40% since late October.Intel reported first-quarter net income of $3.4 billion, or 82 cents a share, compared with net profit of $5.7 billion, or $1.31 a share, in the year-ago quarter. Revenue dipped 1% to $19.7 billion. Excluding the company’s flash memory business, and a legal judgment, among other things, Intel reported earnings of $1.39 a share. Non-GAAP revenue was flat at $18.6 billion.Analysts had expected adjusted earnings of $1.15 on revenue of $17.74 billion.“This is a pivotal year for Intel,” CEO Pat Gelsinger said. “We are setting our strategic foundation and investing to accelerate our trajectory and capitalize on the explosive growth in semiconductors that power our increasingly digital world.”On Thursday, Intel credited strong personal computer demand for the billion-dollar beat, and “initial recovery” of its enterprise and government sales that contribute to is data center segment. Revenue in its PC segment grew 8% to $10.6 billion, when Wall Street expected $10.02 billion.Nonetheless, the company’s data center revenue fell short of expectations, declining 20% to $5.6 billion. Wall Street had expected $5.84 billion.Weeks ago, at the same time the company announced its future manufacturing plans, Intel said that it would report results above its guidance but didn’t provide precise figures.Intel’s self-driving technology unit, Mobileye, was a bright spot. Revenue grew 48% to $377 million.A $2.18 billion judgment, stemming from a recent loss in a Texas patent fight, also weighed on first-quarter profit. Intel said it “strongly disagrees with the jury’s verdict in March and intends to appeal.”The company said it expected non-GAAP second quarter earnings of $1.05 a share, and revenue of $17.8 billion, excluding the company’s flash memory business. Intel sold the memory unit last year, but the deal hasn’t yet closed. Including flash revenue, Intel expects to report second-quarter revenue of $18.9 billion.The consensus for adjusted first-quarter earnings is $1.12 a share on sales of $17.64 billion.Intel raised its guidance for the year to non-GAAP earnings of $4.60 a share and revenue $72.5 billion, excluding its flash memory unit.Shares of Intel have gained 4.1% over the past 12 months. Over the same period, the PHLX Semiconductor index is up 86%.","news_type":1,"symbols_score_info":{"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":2381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}