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2021-05-11

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2021-06-16

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Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>

2021-05-15

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

2021-05-16

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

2021-10-18

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Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote>

2021-10-01

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2021-09-23

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2021-05-22

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2021-09-21

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Toplines Before US Market Open on Tuesday<blockquote>周二美国市场开盘前的营收</blockquote>

2021-04-25

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href=\"https://laohu8.com/S/APOG\">Apogee Enterprises, Inc.</a> to report quarterly earnings at $0.83 per share on revenue of $344.64 million before the opening bell. Apogee Enterprises shares gained 1.7% to $40.00 in after-hours trading.</li><li><a href=\"https://laohu8.com/S/F\">Ford Motor Company</a> previewed the effect of parts shortages on the company in the third-quarter and said inflation-related supplier costs during the third quarter will run about $1.0 billion higher than originally expected. The company also projects to have about 40,000 to 45,000 vehicles in inventory at end of third quarter lacking certain parts presently in short supply. Ford shares dropped 4.6% to $14.25 in the pre-market trading session.</li></ul><ul><li><a href=\"https://laohu8.com/S/OIIM\">O2Micro International Limited</a> shares surged in after-hours trading after the company announced receipt of a revised preliminary non-binding proposal to acquire the company. O2Micro shares climbed 6.8% to $3.15 in the pre-market trading session.</li><li>President Joe Biden has declared that &#34;the pandemic is over&#34;. <a href=\"https://laohu8.com/S/MRNA\">Moderna</a>&#39;s shares sank 1% to 126.6 after the president&#39;s comments.</li><li><a href=\"https://laohu8.com/S/VALN\">Valneva SE</a> and IDT Biologika announced they have agreed to terminate their collaboration following the delivery of inactivated COVID-19 bulk vaccine to Valneva, and considering the current order levels and existing inventories. Valneva shares declined another 8% in premarket trading Tuesday.</li></ul></body></html></p><p><blockquote><ul><li>华尔街预计<a href=\"https://laohu8.com/S/APOG\">远地点企业公司。</a>开盘前公布季度收益为每股0.83美元，营收为3.4464亿美元。Apogee Enterprises股价在盘后交易中上涨1.7%，至40.00美元。</li><li><a href=\"https://laohu8.com/S/F\">福特汽车公司</a>预览了第三季度零部件短缺对公司的影响，并表示第三季度与通胀相关的供应商成本将比最初预期高出约10亿美元。该公司还预计，到第三季度末，库存约为40,000至45,000辆汽车，缺乏目前供应短缺的某些零部件。福特股价在盘前交易时段下跌4.6%至14.25美元。</li></ul><ul><li><a href=\"https://laohu8.com/S/OIIM\">O2Micro International Limited</a>在该公司宣布收到修订后的初步非约束性收购提案后，股价在盘后交易中飙升。O2Micro股价在盘前交易时段上涨6.8%至3.15美元。</li><li>乔·拜登总统宣布“疫情已经结束”。<a href=\"https://laohu8.com/S/MRNA\">现代</a>总统发表评论后，该公司股价下跌1%，至126.6点。</li><li><a href=\"https://laohu8.com/S/VALN\">瓦尔内瓦</a>IDT Biologika宣布，在向Valneva交付灭活COVID-19散装疫苗后，并考虑到当前的订单水平和现有库存，他们已同意终止合作。周二盘前交易中，Valneva股价又下跌8%。</li></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. Stocks To Watch: Ford, Moderna, Valneva And More<blockquote>值得关注的美股：福特、Moderna、Valneva等</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\">\nU.S. Stocks To Watch: Ford, Moderna, Valneva And More<blockquote>值得关注的美股：福特、Moderna、Valneva等</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 </p>\n<p class=\"h-time smaller\">2022-09-20 16:52</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>With US stock futures trading lower this morning on Tuesday, some of the stocks that may grab investor focus today are as follows:</p><p><blockquote><html><head></head><body>随着美国股指期货周二上午走低，今天可能吸引投资者关注的一些股票如下：</body></html></blockquote></p><p><ul><li>Wall Street expects <a href=\"https://laohu8.com/S/APOG\">Apogee Enterprises, Inc.</a> to report quarterly earnings at $0.83 per share on revenue of $344.64 million before the opening bell. Apogee Enterprises shares gained 1.7% to $40.00 in after-hours trading.</li><li><a href=\"https://laohu8.com/S/F\">Ford Motor Company</a> previewed the effect of parts shortages on the company in the third-quarter and said inflation-related supplier costs during the third quarter will run about $1.0 billion higher than originally expected. The company also projects to have about 40,000 to 45,000 vehicles in inventory at end of third quarter lacking certain parts presently in short supply. Ford shares dropped 4.6% to $14.25 in the pre-market trading session.</li></ul><ul><li><a href=\"https://laohu8.com/S/OIIM\">O2Micro International Limited</a> shares surged in after-hours trading after the company announced receipt of a revised preliminary non-binding proposal to acquire the company. O2Micro shares climbed 6.8% to $3.15 in the pre-market trading session.</li><li>President Joe Biden has declared that &#34;the pandemic is over&#34;. <a href=\"https://laohu8.com/S/MRNA\">Moderna</a>&#39;s shares sank 1% to 126.6 after the president&#39;s comments.</li><li><a href=\"https://laohu8.com/S/VALN\">Valneva SE</a> and IDT Biologika announced they have agreed to terminate their collaboration following the delivery of inactivated COVID-19 bulk vaccine to Valneva, and considering the current order levels and existing inventories. Valneva shares declined another 8% in premarket trading Tuesday.</li></ul></body></html></p><p><blockquote><ul><li>华尔街预计<a href=\"https://laohu8.com/S/APOG\">远地点企业公司。</a>开盘前公布季度收益为每股0.83美元，营收为3.4464亿美元。Apogee Enterprises股价在盘后交易中上涨1.7%，至40.00美元。</li><li><a href=\"https://laohu8.com/S/F\">福特汽车公司</a>预览了第三季度零部件短缺对公司的影响，并表示第三季度与通胀相关的供应商成本将比最初预期高出约10亿美元。该公司还预计，到第三季度末，库存约为40,000至45,000辆汽车，缺乏目前供应短缺的某些零部件。福特股价在盘前交易时段下跌4.6%至14.25美元。</li></ul><ul><li><a href=\"https://laohu8.com/S/OIIM\">O2Micro International Limited</a>在该公司宣布收到修订后的初步非约束性收购提案后，股价在盘后交易中飙升。O2Micro股价在盘前交易时段上涨6.8%至3.15美元。</li><li>乔·拜登总统宣布“疫情已经结束”。<a href=\"https://laohu8.com/S/MRNA\">现代</a>总统发表评论后，该公司股价下跌1%，至126.6点。</li><li><a href=\"https://laohu8.com/S/VALN\">瓦尔内瓦</a>IDT Biologika宣布，在向Valneva交付灭活COVID-19散装疫苗后，并考虑到当前的订单水平和现有库存，他们已同意终止合作。周二盘前交易中，Valneva股价又下跌8%。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MRNA":"Moderna, Inc.","VALN":"Valneva SE","F":"福特汽车"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187158827","content_text":"With US stock futures trading lower this morning on Tuesday, some of the stocks that may grab investor focus today are as follows:Wall Street expects Apogee Enterprises, Inc. to report quarterly earnings at $0.83 per share on revenue of $344.64 million before the opening bell. Apogee Enterprises shares gained 1.7% to $40.00 in after-hours trading.Ford Motor Company previewed the effect of parts shortages on the company in the third-quarter and said inflation-related supplier costs during the third quarter will run about $1.0 billion higher than originally expected. The company also projects to have about 40,000 to 45,000 vehicles in inventory at end of third quarter lacking certain parts presently in short supply. Ford shares dropped 4.6% to $14.25 in the pre-market trading session.O2Micro International Limited shares surged in after-hours trading after the company announced receipt of a revised preliminary non-binding proposal to acquire the company. O2Micro shares climbed 6.8% to $3.15 in the pre-market trading session.President Joe Biden has declared that \"the pandemic is over\". Moderna's shares sank 1% to 126.6 after the president's comments.Valneva SE and IDT Biologika announced they have agreed to terminate their collaboration following the delivery of inactivated COVID-19 bulk vaccine to Valneva, and considering the current order levels and existing inventories. Valneva shares declined another 8% in premarket trading Tuesday.","news_type":1,"symbols_score_info":{"MRNA":0.9,"VALN":0.9,"F":0.9}},"isVote":1,"tweetType":1,"viewCount":1531,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":613737447,"gmtCreate":1650068634789,"gmtModify":1650068635008,"author":{"id":"3579910050997707","authorId":"3579910050997707","name":"Lim8558","avatar":"https://static.tigerbbs.com/27d2b9122c7c618a7a6a381966ec4ef7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579910050997707","authorIdStr":"3579910050997707"},"themes":[],"htmlText":"L","listText":"L","text":"L","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/613737447","repostId":"1175785386","repostType":4,"repost":{"id":"1175785386","kind":"news","pubTimestamp":1650066953,"share":"https://www.laohu8.com/m/news/1175785386?lang=zh_CN&edition=full","pubTime":"2022-04-16 07:55","market":"us","language":"en","title":"The Smart Investor Will Avoid GameStop and Bed Bath & Beyond<blockquote>聪明的投资者会避开游戏驿站和Bed Bath&amp;Beyond</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175785386","media":"investorplace","summary":"Bed Bath & Beyond (BBBY) just got three seats on its board.GameStop (GME) savior Ryan Cohen ought to","content":"<p><div> Bed Bath & Beyond (BBBY) just got three seats on its board.GameStop (GME) savior Ryan Cohen ought to pick one or the other.The smart move for investors is not to own either.Most investors following ...</p><p><blockquote><div>Bed Bath&amp;Beyond(BBBY)刚刚在董事会中获得了三个席位。GameStop(GME)的救世主瑞安·科恩应该选择其中一个。对于投资者来说，明智之举是两者都不持有。大多数投资者关注...</div></blockquote></p><p>  <a href=\"https://investorplace.com/2022/04/the-smart-investor-will-avoid-gamestop-gme-stock-and-bed-bath-beyond/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2022/04/the-smart-investor-will-avoid-gamestop-gme-stock-and-bed-bath-beyond/\">网页连接</a></blockquote></p><p></p>","source":"lsy1606302653667","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 Smart Investor Will Avoid GameStop and Bed Bath & Beyond<blockquote>聪明的投资者会避开游戏驿站和Bed Bath&amp;Beyond</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 Smart Investor Will Avoid GameStop and Bed Bath & Beyond<blockquote>聪明的投资者会避开游戏驿站和Bed Bath&amp;Beyond</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">investorplace</strong><span class=\"h-time small\">2022-04-16 07:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Bed Bath & Beyond (BBBY) just got three seats on its board.GameStop (GME) savior Ryan Cohen ought to pick one or the other.The smart move for investors is not to own either.Most investors following ...</p><p><blockquote><div>Bed Bath&amp;Beyond(BBBY)刚刚在董事会中获得了三个席位。GameStop(GME)的救世主瑞安·科恩应该选择其中一个。对于投资者来说，明智之举是两者都不持有。大多数投资者关注...</div></blockquote></p><p>  <a href=\"https://investorplace.com/2022/04/the-smart-investor-will-avoid-gamestop-gme-stock-and-bed-bath-beyond/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2022/04/the-smart-investor-will-avoid-gamestop-gme-stock-and-bed-bath-beyond/\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://investorplace.com/2022/04/the-smart-investor-will-avoid-gamestop-gme-stock-and-bed-bath-beyond/\">investorplace</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":{"GME":"游戏驿站","BBBY":"Bed Bath & Beyond, Inc."},"source_url":"https://investorplace.com/2022/04/the-smart-investor-will-avoid-gamestop-gme-stock-and-bed-bath-beyond/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175785386","content_text":"Bed Bath & Beyond (BBBY) just got three seats on its board.GameStop (GME) savior Ryan Cohen ought to pick one or the other.The smart move for investors is not to own either.Most investors following GameStop (NYSE:GME) know that Ryan Cohen, the so-called savior of the video game retailer, owns 11.9% of GME stock through RC Ventures, his holding company. Cohen also owns 9.8% of Bed Bath & Beyond (NASDAQ:BBBY).Cohen recently gained three seats on Bed Bath & Beyond’s board. As a result, he is now fighting a war on two fronts. History tells us that most times, when an aggressor tries to fight two opponents at the same time rather than one, the outcome is generally unfavorable.BBBY reported a fourth-quarter loss of 92 cents versus the analyst estimate of a four-cent profit. BBBY stock is down more than 9% on the news.If Cohen is smart, he’ll stop the war on two fronts and focus on GameStop. If you’re an investor, I would caution against buying either stock. If Cohen’s not careful, he’ll hold the bag for both GameStop and Bed Bath & Beyond.Here’s why.Ryan Cohen Is No Warren BuffettThe idea for my commentary today is not original. Yahoo Finance editor-at-large Brian Sozzi recently reported some of the comments of Loop Capital Markets analyst Anthony Chukumba regarding Ryan Cohen’s large investments in both companies.Here’s what Chukumba had to say about GameStop:“He bought a big stake in GameStop. He became the chairman. He brought in all these executives and board members. The stock went up a ton. But have the fundamentals of the business gotten any better? Any better at all? The answer is no. And by the way, the stock peaked at $483. It’s now down to about $150,” Sozzi reported on April 12.In February, I pointed out that savior Cohen sold Chewy (NYSE:CHWY) long before it proved it could consistently make money. I also said that his claim Chewy would have been successful no matter what products it sold fails to recognize that the pet care industry is one of the most stable in North America. So he hardly picked a tough one.GME stock has rebounded nicely in recent weeks — it’s up 64% over the past month — as the meme stock investors piled back into Cohen’s original turnaround target.In March, GameStop reported decent Q4 2021 sales — up 6.2% over Q4 2020 to $2.25 billion — with an adjusted loss of $1.86 a share, well off the analyst estimate of an 85-cent profit.The company had nothing but good things to say about its strategy to transform GameStop’s business. If nothing else, Cohen is a good promoter.GME Stock + BBBY = Potential BloodbathAs I said in the intro, Bed Bath & Beyond reported a 92-cent loss in the fourth quarter, 96 cents worse than the consensus estimate. BBBY stock jumped 34% on March 7 after Cohen revealed his stake in the retailer. Its share price is now down 18% from its March 7 close.So, Cohen now has two money-losing businesses to turn around. It’s tough enough to achieve success once. But he wants to do it twice. At this point, the smart investor would realize the probabilities of Cohen being successful on both are slim.Chukumba is equally unimpressed by Cohen’s BBBY play:“It’s the same thing with Bed Bath & Beyond. He bought a stake in Bed Bath & Beyond, but he said you can easily take this thing private. No you can’t. He also said the market cap of buybuy BABY is more than the entire market cap of the company. Wrong once again,” Sozzi reported. “Let’s rid ourselves of the notion he is the next Warren Buffett, the emperor has no clothes.”He’s 100% on the mark.The man has done little to alter either business, yet he’s ready to fight a war on two fronts. Unfortunately, this scenario has only one end — a bad one from where I sit.Chewy’s Not Looking So HotBefore ignoring my warning about betting on Cohen, remember that Chewy’s most recent quarterly report was a stinker. The company lost 15 cents a share in Q4 2021, seven cents worse than analyst expectations, while revenues were $2.39 billion, $30-million shy of the consensus.For all of 2021, Chewy finished with a net loss of $73.8 million. It did make money on a non-GAAP adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) basis, but $6.6 million less than a year ago and with an adjusted EBITDA margin of less than 1%.The smart thing Ryan Cohen’s done up to this point in his business career was to sell Chewy when the getting was good. That makes me think of Mark Cuban and the sale of Broadcast.com for $5.7 billion at the height of the dot-com bubble in 1999. Only Cuban took those winnings and built an empire, including the Dallas Mavericks.Cohen’s proven he’s no Warren Buffett or Mark Cuban. For this reason, I wouldn’t buy either.","news_type":1,"symbols_score_info":{"GME":0.9,"BBBY":0.9}},"isVote":1,"tweetType":1,"viewCount":2751,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":613737519,"gmtCreate":1650068629140,"gmtModify":1650068629403,"author":{"id":"3579910050997707","authorId":"3579910050997707","name":"Lim8558","avatar":"https://static.tigerbbs.com/27d2b9122c7c618a7a6a381966ec4ef7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579910050997707","authorIdStr":"3579910050997707"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/613737519","repostId":"1175785386","repostType":4,"repost":{"id":"1175785386","kind":"news","pubTimestamp":1650066953,"share":"https://www.laohu8.com/m/news/1175785386?lang=zh_CN&edition=full","pubTime":"2022-04-16 07:55","market":"us","language":"en","title":"The Smart Investor Will Avoid GameStop and Bed Bath & Beyond<blockquote>聪明的投资者会避开游戏驿站和Bed Bath&amp;Beyond</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175785386","media":"investorplace","summary":"Bed Bath & Beyond (BBBY) just got three seats on its board.GameStop (GME) savior Ryan Cohen ought to","content":"<p><div> Bed Bath & Beyond (BBBY) just got three seats on its board.GameStop (GME) savior Ryan Cohen ought to pick one or the other.The smart move for investors is not to own either.Most investors following ...</p><p><blockquote><div>Bed Bath&amp;Beyond(BBBY)刚刚在董事会中获得了三个席位。GameStop(GME)的救世主瑞安·科恩应该选择其中一个。对于投资者来说，明智之举是两者都不持有。大多数投资者关注...</div></blockquote></p><p>  <a href=\"https://investorplace.com/2022/04/the-smart-investor-will-avoid-gamestop-gme-stock-and-bed-bath-beyond/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2022/04/the-smart-investor-will-avoid-gamestop-gme-stock-and-bed-bath-beyond/\">网页连接</a></blockquote></p><p></p>","source":"lsy1606302653667","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 Smart Investor Will Avoid GameStop and Bed Bath & Beyond<blockquote>聪明的投资者会避开游戏驿站和Bed Bath&amp;Beyond</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 Smart Investor Will Avoid GameStop and Bed Bath & Beyond<blockquote>聪明的投资者会避开游戏驿站和Bed Bath&amp;Beyond</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">investorplace</strong><span class=\"h-time small\">2022-04-16 07:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Bed Bath & Beyond (BBBY) just got three seats on its board.GameStop (GME) savior Ryan Cohen ought to pick one or the other.The smart move for investors is not to own either.Most investors following ...</p><p><blockquote><div>Bed Bath&amp;Beyond(BBBY)刚刚在董事会中获得了三个席位。GameStop(GME)的救世主瑞安·科恩应该选择其中一个。对于投资者来说，明智之举是两者都不持有。大多数投资者关注...</div></blockquote></p><p>  <a href=\"https://investorplace.com/2022/04/the-smart-investor-will-avoid-gamestop-gme-stock-and-bed-bath-beyond/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2022/04/the-smart-investor-will-avoid-gamestop-gme-stock-and-bed-bath-beyond/\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://investorplace.com/2022/04/the-smart-investor-will-avoid-gamestop-gme-stock-and-bed-bath-beyond/\">investorplace</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":{"GME":"游戏驿站","BBBY":"Bed Bath & Beyond, Inc."},"source_url":"https://investorplace.com/2022/04/the-smart-investor-will-avoid-gamestop-gme-stock-and-bed-bath-beyond/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175785386","content_text":"Bed Bath & Beyond (BBBY) just got three seats on its board.GameStop (GME) savior Ryan Cohen ought to pick one or the other.The smart move for investors is not to own either.Most investors following GameStop (NYSE:GME) know that Ryan Cohen, the so-called savior of the video game retailer, owns 11.9% of GME stock through RC Ventures, his holding company. Cohen also owns 9.8% of Bed Bath & Beyond (NASDAQ:BBBY).Cohen recently gained three seats on Bed Bath & Beyond’s board. As a result, he is now fighting a war on two fronts. History tells us that most times, when an aggressor tries to fight two opponents at the same time rather than one, the outcome is generally unfavorable.BBBY reported a fourth-quarter loss of 92 cents versus the analyst estimate of a four-cent profit. BBBY stock is down more than 9% on the news.If Cohen is smart, he’ll stop the war on two fronts and focus on GameStop. If you’re an investor, I would caution against buying either stock. If Cohen’s not careful, he’ll hold the bag for both GameStop and Bed Bath & Beyond.Here’s why.Ryan Cohen Is No Warren BuffettThe idea for my commentary today is not original. Yahoo Finance editor-at-large Brian Sozzi recently reported some of the comments of Loop Capital Markets analyst Anthony Chukumba regarding Ryan Cohen’s large investments in both companies.Here’s what Chukumba had to say about GameStop:“He bought a big stake in GameStop. He became the chairman. He brought in all these executives and board members. The stock went up a ton. But have the fundamentals of the business gotten any better? Any better at all? The answer is no. And by the way, the stock peaked at $483. It’s now down to about $150,” Sozzi reported on April 12.In February, I pointed out that savior Cohen sold Chewy (NYSE:CHWY) long before it proved it could consistently make money. I also said that his claim Chewy would have been successful no matter what products it sold fails to recognize that the pet care industry is one of the most stable in North America. So he hardly picked a tough one.GME stock has rebounded nicely in recent weeks — it’s up 64% over the past month — as the meme stock investors piled back into Cohen’s original turnaround target.In March, GameStop reported decent Q4 2021 sales — up 6.2% over Q4 2020 to $2.25 billion — with an adjusted loss of $1.86 a share, well off the analyst estimate of an 85-cent profit.The company had nothing but good things to say about its strategy to transform GameStop’s business. If nothing else, Cohen is a good promoter.GME Stock + BBBY = Potential BloodbathAs I said in the intro, Bed Bath & Beyond reported a 92-cent loss in the fourth quarter, 96 cents worse than the consensus estimate. BBBY stock jumped 34% on March 7 after Cohen revealed his stake in the retailer. Its share price is now down 18% from its March 7 close.So, Cohen now has two money-losing businesses to turn around. It’s tough enough to achieve success once. But he wants to do it twice. At this point, the smart investor would realize the probabilities of Cohen being successful on both are slim.Chukumba is equally unimpressed by Cohen’s BBBY play:“It’s the same thing with Bed Bath & Beyond. He bought a stake in Bed Bath & Beyond, but he said you can easily take this thing private. No you can’t. He also said the market cap of buybuy BABY is more than the entire market cap of the company. Wrong once again,” Sozzi reported. “Let’s rid ourselves of the notion he is the next Warren Buffett, the emperor has no clothes.”He’s 100% on the mark.The man has done little to alter either business, yet he’s ready to fight a war on two fronts. Unfortunately, this scenario has only one end — a bad one from where I sit.Chewy’s Not Looking So HotBefore ignoring my warning about betting on Cohen, remember that Chewy’s most recent quarterly report was a stinker. The company lost 15 cents a share in Q4 2021, seven cents worse than analyst expectations, while revenues were $2.39 billion, $30-million shy of the consensus.For all of 2021, Chewy finished with a net loss of $73.8 million. It did make money on a non-GAAP adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) basis, but $6.6 million less than a year ago and with an adjusted EBITDA margin of less than 1%.The smart thing Ryan Cohen’s done up to this point in his business career was to sell Chewy when the getting was good. That makes me think of Mark Cuban and the sale of Broadcast.com for $5.7 billion at the height of the dot-com bubble in 1999. Only Cuban took those winnings and built an empire, including the Dallas Mavericks.Cohen’s proven he’s no Warren Buffett or Mark Cuban. For this reason, I wouldn’t buy either.","news_type":1,"symbols_score_info":{"GME":0.9,"BBBY":0.9}},"isVote":1,"tweetType":1,"viewCount":2344,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":610950355,"gmtCreate":1648476269325,"gmtModify":1648476269533,"author":{"id":"3579910050997707","authorId":"3579910050997707","name":"Lim8558","avatar":"https://static.tigerbbs.com/27d2b9122c7c618a7a6a381966ec4ef7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579910050997707","authorIdStr":"3579910050997707"},"themes":[],"htmlText":"L","listText":"L","text":"L","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/610950355","repostId":"1101698141","repostType":4,"isVote":1,"tweetType":1,"viewCount":2587,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":637036951,"gmtCreate":1647793535294,"gmtModify":1647793535519,"author":{"id":"3579910050997707","authorId":"3579910050997707","name":"Lim8558","avatar":"https://static.tigerbbs.com/27d2b9122c7c618a7a6a381966ec4ef7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579910050997707","authorIdStr":"3579910050997707"},"themes":[],"htmlText":"L","listText":"L","text":"L","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/637036951","repostId":"1130885535","repostType":4,"repost":{"id":"1130885535","kind":"news","pubTimestamp":1647740423,"share":"https://www.laohu8.com/m/news/1130885535?lang=zh_CN&edition=full","pubTime":"2022-03-20 09:40","market":"us","language":"en","title":"Stock Trading during ‘March Madness’ Is Not a Slam Dunk and the Reason May Surprise You<blockquote>“疯狂三月”期间的股票交易并非一帆风顺，原因可能会让您感到惊讶</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1130885535","media":"MarketWatch","summary":"If only we were better at keeping our emotions from influencing our investment decisionsGetty Images","content":"<p><html><head></head><body>If only we were better at keeping our emotions from influencing our investment decisions</p><p><blockquote><html><head></head><body>如果我们能更好地防止情绪影响我们的投资决策就好了</body></html></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6ed05eb1ac1242f9beaf9170fc0c9b3f\" tg-width=\"700\" tg-height=\"419\" width=\"100%\" height=\"auto\"/><span>Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>盖蒂图片</span></p></blockquote></p><p>You might want to avoid trading stocks during this year’s NCAA “March Madness” men’s basketball tournament, which began earlier this week and lasts until Apr. 4. That’s because researchers have found that during widely followed sporting events, enough investors act irrationally that the market’s performance is below average.</p><p><blockquote>你可能想避免在今年的NCAA“疯狂三月”男子篮球锦标赛期间交易股票，该锦标赛于本周早些时候开始，一直持续到4月4日。这是因为研究人员发现，在广泛关注的体育赛事期间，有足够多的投资者行为非理性，导致市场表现低于平均水平。</blockquote></p><p>The study that documented this pattern appeared some years ago in the Journal of Finance. Entitled “Sports Sentiment and Stock Returns,” its authors are finance professors Alex Edmans of the London Business School, Diego Garcia of the University of Colorado at Boulder and Oyvind Norli of the BI Norwegian Business School.</p><p><blockquote>记录这种模式的研究几年前发表在《金融杂志》上。该书题为“体育情绪和股票回报”，作者是伦敦商学院的金融学教授Alex Edmans、科罗拉多大学博尔德分校的Diego Garcia和BI挪威商学院的Oyvind Norli。</blockquote></p><p>Though the researchers focused primarily on World Cup soccer matches, they also studied cricket, rugby and basketball tournaments. They found that a country’s stock market performed significantly worse than average following losses by its national team in international competitions.</p><p><blockquote>虽然研究人员主要关注世界杯足球赛，但他们也研究了板球、橄榄球和篮球比赛。他们发现，在国家队在国际比赛中失利后，一个国家的股市表现明显低于平均水平。</blockquote></p><p>You might think that these negative effects of losses would be cancelled by a correspondingly positive stock market impact in countries whose teams were victorious. But the researchers did not find such evidence, probably because a win merely means that a country’s team continues in the competition while a loss means the country is out altogether. As a result, losing teams’ fans are likely to be more dejected than winning teams’ fans will be elated.</p><p><blockquote>你可能会认为，在球队获胜的国家，这些损失的负面影响会被相应的积极股市影响所抵消。但研究人员没有发现这样的证据，可能是因为获胜仅仅意味着一个国家的球队继续参加比赛，而失败则意味着这个国家完全出局。因此，输球球队的球迷可能会比获胜球队的球迷更加沮丧。</blockquote></p><p>This asymmetry between winning and losing causes the global stock market to be weaker as a widely followed sports match such as the World Cup takes place. This broad impact was confirmed by another academic study, this one by Guy Kaplanski of the Bar-Ilan University in Israel and Haim Levy of the Hebrew University of Jerusalem. They found that global stock markets experience below-average returns during World Cup.</p><p><blockquote>这种输赢之间的不对称导致全球股市在世界杯等广受关注的体育比赛举行时走软。以色列Bar-Ilan大学的Guy Kaplanski和耶路撒冷希伯来大学的Haim Levy的另一项学术研究证实了这种广泛的影响。他们发现，世界杯期间全球股市的回报率低于平均水平。</blockquote></p><p>Neither of these studies focused on the March Madness tournament. But the same psychological forces are likely ingrained in people, regardless, and if so there should be an above-average amount of selling pressure in the U.S. stock market between now and early April.</p><p><blockquote>这两项研究都没有关注三月疯狂锦标赛。但无论如何，同样的心理力量可能在人们心中根深蒂固，如果是这样，从现在到4月初，美国股市的抛售压力应该会高于平均水平。</blockquote></p><p>To be sure, neither set of researchers who authored these studies is recommending that you should go completely to cash during big sports competitions. The magnitude of the stock market’s below-average performance during those competitions is not great enough to overcome transaction costs — especially if you take taxes into account. Plus, their findings reflect an average over hundreds of games, and there’s no guarantee that the market during any one competition will in fact be a below-average performer.</p><p><blockquote>可以肯定的是，撰写这些研究的两组研究人员都没有建议你在大型体育比赛中完全用现金。在这些竞争中，股市低于平均水平的表现不足以克服交易成本——特别是如果你考虑到税收的话。此外，他们的发现反映了数百场比赛的平均值，不能保证任何一场比赛的市场实际上会低于平均水平。</blockquote></p><p>Consider the Nasdaq Composite’s performance during all March Madness competitions since 2000. I calculate that its average return was 0.35%, versus an average gain of 0.48% across all three-week periods over the last two decades. It’s difficult to imagine how you could exploit that difference into much of a profit, however statistically significant it may be.</p><p><blockquote>想想自2000年以来纳斯达克综合指数在所有疯狂三月比赛中的表现。我计算出其平均回报率为0.35%，而过去二十年所有三周期间的平均涨幅为0.48%。很难想象你如何利用这种差异获得大量利润，无论它在统计上有多重要。</blockquote></p><p><b>Emotions matter</b></p><p><blockquote><b>情绪很重要</b></blockquote></p><p>But that’s not the point of these research studies. The broader implication of the research is to remind us, yet again, how difficult it is to keep our emotions from influencing our investment decisions. It wouldn’t otherwise even occur to us that, however depressed we are after our favorite team losses, our despondency could affect which stocks we think are worth buying or selling.</p><p><blockquote>但这不是这些研究的重点。这项研究更广泛的含义是再次提醒我们，不让我们的情绪影响我们的投资决策是多么困难。否则，我们甚至不会想到，无论我们在最喜欢的球队失利后多么沮丧，我们的沮丧可能会影响我们认为哪些股票值得买入或卖出。</blockquote></p><p>But it very much could. In fact, behavioral finance literature is filled with such examples. I’ll mention just one that is relevant to this week: Researchers have found that stock market returns around the world tend to be below-average on the Monday following shifts to daylight savings time. The likely cause, according to the researchers, is that on such Mondays we are “weighed down by weariness, fighting lethargy, and perhaps even facing despondency.”</p><p><blockquote>但很有可能。事实上，行为金融学文献中充满了这样的例子。我只提一个与本周相关的问题：研究人员发现，在转向夏令时后的周一，世界各地的股市回报率往往低于平均水平。根据研究人员的说法，可能的原因是，在这样的星期一，我们“被疲劳压垮，与昏睡作斗争，甚至可能面临沮丧”。</blockquote></p><p>This past Monday was the day after this year’s shift to daylight savings time, and the S&amp;P 500 fell by 0.7%.</p><p><blockquote>刚刚过去的本周一是今年转向夏令时的第二天，标普500下跌了0.7%。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stock Trading during ‘March Madness’ Is Not a Slam Dunk and the Reason May Surprise You<blockquote>“疯狂三月”期间的股票交易并非一帆风顺，原因可能会让您感到惊讶</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\">\nStock Trading during ‘March Madness’ Is Not a Slam Dunk and the Reason May Surprise You<blockquote>“疯狂三月”期间的股票交易并非一帆风顺，原因可能会让您感到惊讶</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2022-03-20 09:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>If only we were better at keeping our emotions from influencing our investment decisions</p><p><blockquote><html><head></head><body>如果我们能更好地防止情绪影响我们的投资决策就好了</body></html></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6ed05eb1ac1242f9beaf9170fc0c9b3f\" tg-width=\"700\" tg-height=\"419\" width=\"100%\" height=\"auto\"/><span>Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>盖蒂图片</span></p></blockquote></p><p>You might want to avoid trading stocks during this year’s NCAA “March Madness” men’s basketball tournament, which began earlier this week and lasts until Apr. 4. That’s because researchers have found that during widely followed sporting events, enough investors act irrationally that the market’s performance is below average.</p><p><blockquote>你可能想避免在今年的NCAA“疯狂三月”男子篮球锦标赛期间交易股票，该锦标赛于本周早些时候开始，一直持续到4月4日。这是因为研究人员发现，在广泛关注的体育赛事期间，有足够多的投资者行为非理性，导致市场表现低于平均水平。</blockquote></p><p>The study that documented this pattern appeared some years ago in the Journal of Finance. Entitled “Sports Sentiment and Stock Returns,” its authors are finance professors Alex Edmans of the London Business School, Diego Garcia of the University of Colorado at Boulder and Oyvind Norli of the BI Norwegian Business School.</p><p><blockquote>记录这种模式的研究几年前发表在《金融杂志》上。该书题为“体育情绪和股票回报”，作者是伦敦商学院的金融学教授Alex Edmans、科罗拉多大学博尔德分校的Diego Garcia和BI挪威商学院的Oyvind Norli。</blockquote></p><p>Though the researchers focused primarily on World Cup soccer matches, they also studied cricket, rugby and basketball tournaments. They found that a country’s stock market performed significantly worse than average following losses by its national team in international competitions.</p><p><blockquote>虽然研究人员主要关注世界杯足球赛，但他们也研究了板球、橄榄球和篮球比赛。他们发现，在国家队在国际比赛中失利后，一个国家的股市表现明显低于平均水平。</blockquote></p><p>You might think that these negative effects of losses would be cancelled by a correspondingly positive stock market impact in countries whose teams were victorious. But the researchers did not find such evidence, probably because a win merely means that a country’s team continues in the competition while a loss means the country is out altogether. As a result, losing teams’ fans are likely to be more dejected than winning teams’ fans will be elated.</p><p><blockquote>你可能会认为，在球队获胜的国家，这些损失的负面影响会被相应的积极股市影响所抵消。但研究人员没有发现这样的证据，可能是因为获胜仅仅意味着一个国家的球队继续参加比赛，而失败则意味着这个国家完全出局。因此，输球球队的球迷可能会比获胜球队的球迷更加沮丧。</blockquote></p><p>This asymmetry between winning and losing causes the global stock market to be weaker as a widely followed sports match such as the World Cup takes place. This broad impact was confirmed by another academic study, this one by Guy Kaplanski of the Bar-Ilan University in Israel and Haim Levy of the Hebrew University of Jerusalem. They found that global stock markets experience below-average returns during World Cup.</p><p><blockquote>这种输赢之间的不对称导致全球股市在世界杯等广受关注的体育比赛举行时走软。以色列Bar-Ilan大学的Guy Kaplanski和耶路撒冷希伯来大学的Haim Levy的另一项学术研究证实了这种广泛的影响。他们发现，世界杯期间全球股市的回报率低于平均水平。</blockquote></p><p>Neither of these studies focused on the March Madness tournament. But the same psychological forces are likely ingrained in people, regardless, and if so there should be an above-average amount of selling pressure in the U.S. stock market between now and early April.</p><p><blockquote>这两项研究都没有关注三月疯狂锦标赛。但无论如何，同样的心理力量可能在人们心中根深蒂固，如果是这样，从现在到4月初，美国股市的抛售压力应该会高于平均水平。</blockquote></p><p>To be sure, neither set of researchers who authored these studies is recommending that you should go completely to cash during big sports competitions. The magnitude of the stock market’s below-average performance during those competitions is not great enough to overcome transaction costs — especially if you take taxes into account. Plus, their findings reflect an average over hundreds of games, and there’s no guarantee that the market during any one competition will in fact be a below-average performer.</p><p><blockquote>可以肯定的是，撰写这些研究的两组研究人员都没有建议你在大型体育比赛中完全用现金。在这些竞争中，股市低于平均水平的表现不足以克服交易成本——特别是如果你考虑到税收的话。此外，他们的发现反映了数百场比赛的平均值，不能保证任何一场比赛的市场实际上会低于平均水平。</blockquote></p><p>Consider the Nasdaq Composite’s performance during all March Madness competitions since 2000. I calculate that its average return was 0.35%, versus an average gain of 0.48% across all three-week periods over the last two decades. It’s difficult to imagine how you could exploit that difference into much of a profit, however statistically significant it may be.</p><p><blockquote>想想自2000年以来纳斯达克综合指数在所有疯狂三月比赛中的表现。我计算出其平均回报率为0.35%，而过去二十年所有三周期间的平均涨幅为0.48%。很难想象你如何利用这种差异获得大量利润，无论它在统计上有多重要。</blockquote></p><p><b>Emotions matter</b></p><p><blockquote><b>情绪很重要</b></blockquote></p><p>But that’s not the point of these research studies. The broader implication of the research is to remind us, yet again, how difficult it is to keep our emotions from influencing our investment decisions. It wouldn’t otherwise even occur to us that, however depressed we are after our favorite team losses, our despondency could affect which stocks we think are worth buying or selling.</p><p><blockquote>但这不是这些研究的重点。这项研究更广泛的含义是再次提醒我们，不让我们的情绪影响我们的投资决策是多么困难。否则，我们甚至不会想到，无论我们在最喜欢的球队失利后多么沮丧，我们的沮丧可能会影响我们认为哪些股票值得买入或卖出。</blockquote></p><p>But it very much could. In fact, behavioral finance literature is filled with such examples. I’ll mention just one that is relevant to this week: Researchers have found that stock market returns around the world tend to be below-average on the Monday following shifts to daylight savings time. The likely cause, according to the researchers, is that on such Mondays we are “weighed down by weariness, fighting lethargy, and perhaps even facing despondency.”</p><p><blockquote>但很有可能。事实上，行为金融学文献中充满了这样的例子。我只提一个与本周相关的问题：研究人员发现，在转向夏令时后的周一，世界各地的股市回报率往往低于平均水平。根据研究人员的说法，可能的原因是，在这样的星期一，我们“被疲劳压垮，与昏睡作斗争，甚至可能面临沮丧”。</blockquote></p><p>This past Monday was the day after this year’s shift to daylight savings time, and the S&amp;P 500 fell by 0.7%.</p><p><blockquote>刚刚过去的本周一是今年转向夏令时的第二天，标普500下跌了0.7%。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/stock-trading-during-march-madness-is-not-a-slam-dunk-and-the-reason-may-surprise-you-11647563671?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/stock-trading-during-march-madness-is-not-a-slam-dunk-and-the-reason-may-surprise-you-11647563671?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130885535","content_text":"If only we were better at keeping our emotions from influencing our investment decisionsGetty ImagesYou might want to avoid trading stocks during this year’s NCAA “March Madness” men’s basketball tournament, which began earlier this week and lasts until Apr. 4. That’s because researchers have found that during widely followed sporting events, enough investors act irrationally that the market’s performance is below average.The study that documented this pattern appeared some years ago in the Journal of Finance. Entitled “Sports Sentiment and Stock Returns,” its authors are finance professors Alex Edmans of the London Business School, Diego Garcia of the University of Colorado at Boulder and Oyvind Norli of the BI Norwegian Business School.Though the researchers focused primarily on World Cup soccer matches, they also studied cricket, rugby and basketball tournaments. They found that a country’s stock market performed significantly worse than average following losses by its national team in international competitions.You might think that these negative effects of losses would be cancelled by a correspondingly positive stock market impact in countries whose teams were victorious. But the researchers did not find such evidence, probably because a win merely means that a country’s team continues in the competition while a loss means the country is out altogether. As a result, losing teams’ fans are likely to be more dejected than winning teams’ fans will be elated.This asymmetry between winning and losing causes the global stock market to be weaker as a widely followed sports match such as the World Cup takes place. This broad impact was confirmed by another academic study, this one by Guy Kaplanski of the Bar-Ilan University in Israel and Haim Levy of the Hebrew University of Jerusalem. They found that global stock markets experience below-average returns during World Cup.Neither of these studies focused on the March Madness tournament. But the same psychological forces are likely ingrained in people, regardless, and if so there should be an above-average amount of selling pressure in the U.S. stock market between now and early April.To be sure, neither set of researchers who authored these studies is recommending that you should go completely to cash during big sports competitions. The magnitude of the stock market’s below-average performance during those competitions is not great enough to overcome transaction costs — especially if you take taxes into account. Plus, their findings reflect an average over hundreds of games, and there’s no guarantee that the market during any one competition will in fact be a below-average performer.Consider the Nasdaq Composite’s performance during all March Madness competitions since 2000. I calculate that its average return was 0.35%, versus an average gain of 0.48% across all three-week periods over the last two decades. It’s difficult to imagine how you could exploit that difference into much of a profit, however statistically significant it may be.Emotions matterBut that’s not the point of these research studies. The broader implication of the research is to remind us, yet again, how difficult it is to keep our emotions from influencing our investment decisions. It wouldn’t otherwise even occur to us that, however depressed we are after our favorite team losses, our despondency could affect which stocks we think are worth buying or selling.But it very much could. In fact, behavioral finance literature is filled with such examples. I’ll mention just one that is relevant to this week: Researchers have found that stock market returns around the world tend to be below-average on the Monday following shifts to daylight savings time. The likely cause, according to the researchers, is that on such Mondays we are “weighed down by weariness, fighting lethargy, and perhaps even facing despondency.”This past Monday was the day after this year’s shift to daylight savings time, and the S&P 500 fell by 0.7%.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":4093,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":635262216,"gmtCreate":1647012999288,"gmtModify":1647012999529,"author":{"id":"3579910050997707","authorId":"3579910050997707","name":"Lim8558","avatar":"https://static.tigerbbs.com/27d2b9122c7c618a7a6a381966ec4ef7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579910050997707","authorIdStr":"3579910050997707"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SOFI\">$SoFi Technologies Inc.(SOFI)$</a>&nbsp;the big short","listText":"<a href=\"https://laohu8.com/S/SOFI\">$SoFi Technologies Inc.(SOFI)$</a>&nbsp;the big short","text":"$SoFi Technologies Inc.(SOFI)$ the big short","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/635262216","isVote":1,"tweetType":1,"viewCount":2789,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":636202142,"gmtCreate":1645846158505,"gmtModify":1645846158732,"author":{"id":"3579910050997707","authorId":"3579910050997707","name":"Lim8558","avatar":"https://static.tigerbbs.com/27d2b9122c7c618a7a6a381966ec4ef7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579910050997707","authorIdStr":"3579910050997707"},"themes":[],"htmlText":"L","listText":"L","text":"L","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/636202142","repostId":"2214974048","repostType":4,"isVote":1,"tweetType":1,"viewCount":2985,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":631280126,"gmtCreate":1644766221362,"gmtModify":1644766221541,"author":{"id":"3579910050997707","authorId":"3579910050997707","name":"Lim8558","avatar":"https://static.tigerbbs.com/27d2b9122c7c618a7a6a381966ec4ef7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579910050997707","authorIdStr":"3579910050997707"},"themes":[],"htmlText":"L","listText":"L","text":"L","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/631280126","repostId":"2210409526","repostType":4,"isVote":1,"tweetType":1,"viewCount":2933,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":633280422,"gmtCreate":1644124262673,"gmtModify":1644124262894,"author":{"id":"3579910050997707","authorId":"3579910050997707","name":"Lim8558","avatar":"https://static.tigerbbs.com/27d2b9122c7c618a7a6a381966ec4ef7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579910050997707","authorIdStr":"3579910050997707"},"themes":[],"htmlText":"L","listText":"L","text":"L","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/633280422","repostId":"1105432695","repostType":4,"isVote":1,"tweetType":1,"viewCount":2620,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":633641678,"gmtCreate":1644036818904,"gmtModify":1644036819126,"author":{"id":"3579910050997707","authorId":"3579910050997707","name":"Lim8558","avatar":"https://static.tigerbbs.com/27d2b9122c7c618a7a6a381966ec4ef7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579910050997707","authorIdStr":"3579910050997707"},"themes":[],"htmlText":"L","listText":"L","text":"L","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/633641678","repostId":"1196927717","repostType":4,"repost":{"id":"1196927717","kind":"news","pubTimestamp":1644033090,"share":"https://www.laohu8.com/m/news/1196927717?lang=zh_CN&edition=full","pubTime":"2022-02-05 11:51","market":"us","language":"en","title":"Palantir: Red Flag Or Opportunity?<blockquote>Palantir：危险信号还是机遇？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1196927717","media":"Seeking Alpha","summary":"SummaryPalantir has only 203 total customers as of Q3 2021, while just 20 of those customers account","content":"<p><html><head></head><body><b>Summary</b></p><p><blockquote><html><head></head><body><b>总结</b></body></html></blockquote></p><p><ul><li>Palantir has only 203 total customers as of Q3 2021, while just 20 of those customers account for 58% of total revenue.</li><li>Revenue growth in Palantir’s core client cohort slowed to 20% annualized through the first three quarters of 2021 compared to 2020.</li><li>During 2021, Palantir fundamentally transformed its go-to-market strategy. The company is now using its cash to aggressively invest in other companies (Investees) who agree to purchase Palantir’s software.</li><li>Management continues to guide for 30% sales growth through mid-decade. However, Palantir’s 3-phase business model hints at sales trending lower excluding its Investee sales.</li><li>Palantir offers extraordinary long-term growth potential which should place it on the watchlist of all growth investors. The investment case rests on the fulcrum between opportunity and red flags.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dd7a77abaec0ea0aa58eebb9ce4b9606\" tg-width=\"1536\" tg-height=\"1187\" width=\"100%\" height=\"auto\"/><span>agawa288/iStock via Getty Images</span></p><p><blockquote><ul><li>截至2021年第三季度，Palantir总共只有203名客户，而其中只有20名客户占总收入的58%。</li><li>与2020年相比，2021年前三季度Palantir核心客户群的年化收入增长放缓至20%。</li><li>2021年，Palantir从根本上改变了其上市战略。该公司目前正在利用其现金积极投资同意购买Palantir软件的其他公司（被投资方）。</li><li>管理层继续指导到十年中期销售额增长30%。然而，Palantir的三阶段业务模式暗示，不包括其被投资方的销售额，销售额呈下降趋势。</li><li>Palantir提供了非凡的长期增长潜力，这应该使其成为所有成长型投资者的观察名单。投资案例建立在机会和危险信号之间的支点上。</li></ul><p class=\"t-img-caption\"><span>agawa288/iStock来自Getty Images</span></p></blockquote></p><p>I am assigning Palantir (NYSE:PLTR) a neutral risk/reward rating as the long-term growth opportunity is counterbalanced by near-term red flags. The long-term opportunity lies in becoming a foundational enterprise operating system capable of integrating structured and unstructured data for real-time intelligence. However, a number of notable red flags warrant caution. The primary red flags include slowing sales, an unusual go-to-market shift, rapidly decelerating profitability, and an elevated valuation which offers limited margin for error.</p><p><blockquote>我给予Palantir（纽约证券交易所股票代码：PLTR）中性风险/回报评级，因为长期增长机会被近期危险信号所抵消。长期的机会在于成为能够集成结构化和非结构化数据以实现实时智能的基础企业操作系统。然而，一些值得注意的危险信号值得谨慎。主要的危险信号包括销售放缓、不寻常的上市转变、盈利能力迅速下降以及估值上升（误差幅度有限）。</blockquote></p><p><b>Risk/Reward Rating: Neutral</b></p><p><blockquote><b>风险/回报评级：中性</b></blockquote></p><p>Palantir has an unusual business model compared to its peers in the enterprise software sector in regard to how it acquires and grows its customer base. The company categorizes its customers according to three phases of development or cohorts: (1) Acquire, (2) Expand, and (3) Scale. While they are generic terms that are applicable to all businesses, they are unique in the case of Palantir due to how the company approaches its customers.</p><p><blockquote>与企业软件领域的同行相比，Palantir在获取和扩大客户群方面拥有不同寻常的商业模式。该公司根据三个发展阶段或群体对其客户进行分类：(1)收购、(2)扩张和(3)规模。虽然它们是适用于所有企业的通用术语，但由于该公司对待客户的方式，它们在Palantir的情况下是独一无二的。</blockquote></p><p><b>Customer Detail</b></p><p><blockquote><b>客户详细信息</b></blockquote></p><p>Palantir defines a customer in the Acquire cohort as one that has generated less than $100,000 of revenue as of year-end while being unprofitable to Palantir. The Expand cohort is characterized by a customer that generated more than $100,000 of sales yet remained unprofitable. Finally, the Scale cohort is defined as a customer that has generated more than $100,000 of revenue while being a profitable relationship for Palantir during the year.</p><p><blockquote>Palantir将收购群体中的客户定义为截至年底收入低于100,000美元且对Palantir无利可图的客户。扩展群组的特点是一个销售额超过100,000美元但仍未盈利的客户。最后，规模群体被定义为在这一年中为Palantir创造了超过100,000美元收入且具有盈利关系的客户。</blockquote></p><p>The following tables were compiled from Palantir’s Q3 2021 10-Q filed with the SEC. The first table displays Palantir’s 2020 sales from each of the client cohorts which were categorized at the end of 2020 (2020 Revenue). In the 2021 Annualized column, you will find the sales of each of these 2020 customer cohorts through Q3 2021 annualized. In the second set of tables, I have compiled key details regarding Palantir’s largest customers over the past twelve months, as well as critical details pertaining to customers that are new to Palantir in 2021 which are not yet assigned to a cohort. Cohort categorization occurs at the end of each year.</p><p><blockquote>下表摘自Palantir向SEC提交的2021年第三季度10-Q报告。第一个表显示了Palantir在2020年底分类的每个客户群体的2020年销售额（2020年收入）。在2021年年化栏中，您会发现这些2020年客户群到2021年第三季度的年化销售额。在第二组表格中，我汇编了过去12个月Palantir最大客户的关键详细信息，以及与2021年Palantir新客户（尚未分配到某个群组）相关的关键详细信息。队列分类在每年年底进行。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e38ee31a1d6e826d2d02216e39ac570\" tg-width=\"640\" tg-height=\"151\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：stoxdox的Brian Kapp创建</span></p></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b4dc61112528e104ef0d3a8dc80f89d1\" tg-width=\"581\" tg-height=\"481\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：stoxdox的Brian Kapp创建</span></p></blockquote></p><p>For ease of comparison, I have color-coded the information that is related. One of the dominant realities for Palantir is its concentrated customer base, which is highlighted in blue. Palantir has only 203 customers, with the top 20 accounting for 58% of sales.</p><p><blockquote>为了便于比较，我对相关信息进行了颜色编码。Palantir的主要现实之一是其集中的客户群，以蓝色突出显示。Palantir只有203个客户，前20名占销售额的58%。</blockquote></p><p>By definition, Palantir’s largest customers are in the Scale cohort. Through the first three quarters of 2021, the Scale cohort (categorized as such at the end of 2020) is growing at an annualized rate of 20%. Given that this group accounts for 86% of Palantir’s revenue, it will be challenging to move the sales growth needle materially above 20% without explosive growth from the other two cohorts or a material acceleration from the Scale cohort. It should be noted that management is guiding to 30% annual sales growth through mid-decade.</p><p><blockquote>根据定义，Palantir最大的客户属于规模群体。到2021年前三季度，规模队列（2020年底分类）以20%的年化速度增长。鉴于该群体占Palantir收入的86%，如果没有其他两个群体的爆炸性增长或规模群体的实质性加速，将销售增长率大幅提高到20%以上将具有挑战性。应该指出的是，管理层指导到十年中期年销售额增长30%。</blockquote></p><p></p><p>The 2020 year-end Acquire and Expand cohorts are highlighted in yellow in the upper table. New customers in 2021 will not be assigned to a cohort until the year-end Palantir report. I have highlighted the pertinent 2021 new customer data in yellow for easy comparison to the 2020 Acquire and Expand customer cohorts. I view the 2021 new customer sales performance excluding sales to Investees to be a sustainable core growth rate. The Investee customer acquisition strategy is extraordinarily unusual and carries an exceedingly high capital risk which introduces reputational and, therefore, brand risk.</p><p><blockquote>上表中以黄色突出显示了2020年底收购和扩展队列。在年终Palantir报告发布之前，2021年的新客户不会被分配到一个队列中。我用黄色突出显示了相关的2021年新客户数据，以便于与2020年获取和扩展客户群体进行比较。我认为2021年新客户销售业绩（不包括对被投资方的销售）是可持续的核心增长率。被投资方的客户获取策略非常不寻常，具有极高的资本风险，从而引入声誉风险，从而引入品牌风险。</blockquote></p><p>Please note that Investee here refers to customers that Palantir has purchased the stock of in return for the Investee using Palantir’s software. Meaning, the revenue from Investees is a reciprocation of Palantir investing in the shares of these customers. In this respect, these are not arm’s-length transactions. I believe the new client numbers excluding sales to Investees is an important data point for ascertaining a purely market-based new customer growth rate.</p><p><blockquote>请注意，这里的被投资方是指Palantir使用Palantir的软件购买其股票以换取被投资方的客户。这意味着，来自被投资方的收入是Palantir投资这些客户股票的回报。在这方面，这些不是公平交易。我认为，不包括对被投资方的销售的新客户数量是确定纯粹基于市场的新客户增长率的重要数据点。</blockquote></p><p>Similar to the Scale cohort growth rate annualizing at 20% in 2021, the new customer sales growth rate is annualizing at 22% through Q3 2021 compared to the $20.6 million of sales from the Acquire and Expand cohorts of 2020. While this is not a perfect comparison for sales growth from new customers, it is a fair estimation. As a result, Palantir appears to be trending toward an underlying sales growth rate closer to 20% than the company’s 30% sales growth guidance through mid-decade.</p><p><blockquote>与2021年规模群体的年化增长率20%类似，到2021年第三季度，新客户销售额的年化增长率为22%，而2020年收购和扩张群体的销售额为2060万美元。虽然这不是新客户销售增长的完美比较，但这是一个公平的估计。因此，Palantir的基本销售增长率似乎倾向于接近20%，而不是该公司到十年中期30%的销售增长指导。</blockquote></p><p><b>Investees</b></p><p><blockquote><b>被投资方</b></blockquote></p><p>It is important to step back and review Palantir’s investments in Investees as this is an extraordinarily unusual go-to-market strategy for customer acquisition. The above numbers, which suggest revenue growth is trending toward 20%, place Palantir’s use of its balance sheet cash to fund new customers in a new light. The following tables were compiled from Palantir’s Q3 2021 10-Q. The first table lists companies that Palantir has funded as of the end of Q3 2021. The second table displays Palantir’s investment commitments to new companies that are not yet funded.</p><p><blockquote>退一步回顾Palantir对被投资方的投资非常重要，因为这是一种非常不寻常的获取客户的上市策略。上述数字表明收入增长趋势为20%，这让Palantir使用资产负债表现金为新客户提供资金的方式有了新的认识。下表摘自Palantir 2021年第三季度10-Q。第一个表格列出了截至2021年第三季度末Palantir资助的公司。第二个表格显示了Palantir对尚未获得资金的新公司的投资承诺。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4dda111182479c1fbaddc642369e4bd3\" tg-width=\"640\" tg-height=\"264\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：stoxdox的Brian Kapp创建</span></p></blockquote></p><p>I have conducted a cursory review of each of the above companies. The common theme is that they are all early-stage companies in the most popular growth sectors. These sectors include EVs, robotics, flying electric vehicles, satellite services and drug discovery. None of the Investees appears to offer enough appreciation potential in its own right to move the needle materially for Palantir’s valuation. Palantir’s ownership stake ranges from 0.4% to 1.6%.</p><p><blockquote>我对上述每家公司都进行了粗略的回顾。共同的主题是，它们都是最受欢迎的成长板块中的早期公司。这些行业包括电动汽车、机器人、飞行电动汽车、卫星服务和药物发现。似乎没有一家被投资方本身能够提供足够的升值潜力来大幅提高Palantir的估值。Palantir的持股比例为0.4%至1.6%。</blockquote></p><p>It remains unclear how much of each company’s funding can be spent on Palantir’s software. Furthermore, it is not clear if the $19 million of revenue through Q3 2021 from these companies is sustainable.</p><p><blockquote>目前尚不清楚每家公司有多少资金可以用于Palantir的软件。此外，目前尚不清楚这些公司截至2021年第三季度的1900万美元收入是否可持续。</blockquote></p><p>I have highlighted in blue Palantir’s total investment of $150 million in the seven companies. The yellow highlighted cell represents the current valuation of the investments. Palantir is now down approximately $64 million on these seven companies alone. This highlights an extreme risk for this method of customer acquisition as the capital losses to date dwarf the revenue generated. There are other private company investments not listed above, however, Palantir does not break out the details. They are included in other assets on Palantir’s balance sheet which amounted to $116 million as of Q3 2021.</p><p><blockquote>我在blue中强调了Palantir对这七家公司的总投资为1.5亿美元。黄色突出显示的单元格代表投资的当前估值。Palantir目前仅在这七家公司上就下跌了约6400万美元。这凸显了这种客户获取方法的极端风险，因为迄今为止的资本损失使产生的收入相形见绌。上面没有列出其他私营公司的投资，但是，Palantir没有透露细节。它们包含在Palantir资产负债表上的其他资产中，截至2021年第三季度，该资产总额为1.16亿美元。</blockquote></p><p>The following table displays Palantir’s commitments to invest in new companies as of Q3 2021. I have highlighted in yellow the two companies that Palantir funded subsequent to the end of Q3 2021.</p><p><blockquote>下表显示了Palantir截至2021年第三季度投资新公司的承诺。我用黄色突出显示了Palantir在2021年第三季度末后资助的两家公司。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e06664e25242d0bacb6f2a64a7a80228\" tg-width=\"640\" tg-height=\"526\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：stoxdox的Brian Kapp创建</span></p></blockquote></p><p>I have highlighted in blue the total funding commitment for new investments as of Q3 2021. This is $252 million on top of the $150 million completed prior to the end of Q3. While I have not looked into these particular companies, they appear similar to the first seven investments reviewed above. Meaning, they appear to carry extreme capital risk with upside potential that is likely to be minimal when compared to the valuation upside inherent in Palantir’s software business. It should be noted that recent valuations were extreme and continue to contract rapidly. As a result, the timing risk for capital loss is also heightened by making the investments at the top of the VC/IPO cycle.</p><p><blockquote>我用蓝色突出显示了截至2021年第三季度新投资的总资金承诺。这是在第三季度末之前完成的1.5亿美元的基础上完成的2.52亿美元。虽然我没有研究过这些特定的公司，但它们似乎与上面回顾的前七项投资相似。这意味着，与Palantir软件业务固有的估值上涨空间相比，它们似乎具有极大的资本风险，但上涨潜力可能很小。需要注意的是，近期估值极端，继续快速收缩。因此，在VC/IPO周期的顶部进行投资也会增加资本损失的时间风险。</blockquote></p><p><b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p></p><p>Turning to Palantir’s recent performance, I have chosen to view sales growth excluding the Investees as this is the most likely sustainable growth trajectory. The following table was compiled from Palantir’s Q3 2021 10-Q filed with the SEC. I made an adjustment by removing Investee revenue to arrive at a net revenue figure.</p><p><blockquote>谈到Palantir最近的表现，我选择将销售增长视为不包括被投资方，因为这是最有可能的可持续增长轨迹。下表摘自Palantir向SEC提交的2021年第三季度10-Q报告。我通过去除被投资方的收入进行了调整，以得出净收入数字。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b09c2f2aada9cb30c8b720be23d096e2\" tg-width=\"640\" tg-height=\"156\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：stoxdox的Brian Kapp创建</span></p></blockquote></p><p>I have highlighted in yellow the 29% revenue growth in Q3 2021 after removing the Investee revenue. Investees added 6.5% to growth in Q3. Year-to-date, the Investee revenue accounted for 1.7% revenue growth. The 29% growth rate is already decelerating beneath the company’s 30% growth guidance through mid-decade. Keep in mind that the Investee revenue stream will grow with additional funding of Palantir’s investment commitments. Regardless, growth is decelerating rapidly at 29% in Q3 compared to 41% year-to-date excluding these non-arm’s-length sales.</p><p><blockquote>我用黄色突出显示了扣除被投资方收入后2021年第三季度29%的收入增长。被投资公司第三季度增长了6.5%。年初至今，被投资方收入占收入增长1.7%。29%的增长率已经低于该公司到十年中期30%的增长指导。请记住，随着Palantir投资承诺的额外资金，被投资方的收入流将会增长。无论如何，第三季度的增长率迅速放缓至29%，而不包括这些非公平销售，今年迄今的增长率为41%。</blockquote></p><p><b>Geographic &amp; Segment Sales</b></p><p><blockquote><b>地理和细分市场销售</b></blockquote></p><p>The sales slowdown is being led by France, which contracted 22% through the first three quarters of 2021 (highlighted in orange below). It should be noted that Palantir has had a material relationship with Airbus and the airline industry. This could be a negative read through for an important client and industry. While the US remained the best performer in Q3 2021, growth is slowing rapidly as is evidenced by the blue highlighted cells below. The table was compiled from Palantir’s Q3 2021 10-Q filed with the SEC.</p><p><blockquote>销售放缓是由法国主导的，2021年前三个季度收缩了22%（下面用橙色突出显示）。应该指出的是，Palantir与空客和航空业有着重要的关系。对于一个重要的客户和行业来说，这可能是一个负面的解读。虽然美国在2021年第三季度仍然是表现最好的国家，但正如下面蓝色突出显示的单元格所证明的那样，增长正在迅速放缓。该表根据Palantir向SEC提交的2021年第三季度10-Q报告编制。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b19bc17658ff1b951eec789ec95deddd\" tg-width=\"640\" tg-height=\"314\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：stoxdox的Brian Kapp创建</span></p></blockquote></p><p>In addition to France, the rest of the world is also slowing rapidly, from 45% through the first nine months of the year to 20% in Q3 2021. Please note that these are reported sales without any adjustments. The following table was compiled from the same SEC filing and highlights that the large sales slowdown in Q3 occurred in the Government segment. Please keep in mind that the Investee revenue is included in the figures below and added approximately 6.5% to the Q3 growth rate in the Commercial segment.</p><p><blockquote>除法国外，世界其他地区也在迅速放缓，从今年前9个月的45%降至2021年第三季度的20%。请注意，这些是未经任何调整的报告销售额。下表是根据同一份SEC文件编制的，强调第三季度销售大幅放缓发生在政府部门。请记住，被投资方收入包含在下图中，并为商业部门第三季度增长率增加了约6.5%。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9a553cc3913c2af281262da7b15bdc3c\" tg-width=\"640\" tg-height=\"278\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：stoxdox的Brian Kapp创建</span></p></blockquote></p><p>In summary, the Commercial segment is growing revenue rather steadily, approximately 29% excluding the Investee revenue. However, the Government segment is decelerating rapidly, from 57% through the first nine months of 2021 to 34% in Q3.</p><p><blockquote>总而言之，商业部门的收入增长相当稳定，不包括被投资方收入，增长约29%。然而，政府部门正在迅速减速，从2021年前9个月的57%降至第三季度的34%。</blockquote></p><p><b>Gross Profit &amp; KPI</b></p><p><blockquote><b>毛利及关键绩效指标</b></blockquote></p><p>Palantir’s unusual customer acquisition strategy predates the shift to Investees. The company’s sales and marketing expenses appear to be quite similar to the cost of goods sold for other companies. This is the case because Palantir offers prospective customers free pilot programs as opposed to requiring payment upfront for use of its software. Sales and marketing personnel execute the pilot programs and coordinate solution development in order to generate sales. The following quote from the Q3 2021 10-Q summarizes the situation:</p><p><blockquote>Palantir不同寻常的客户获取策略早于转向被投资方。该公司的销售和营销费用似乎与其他公司的销售成本非常相似。之所以出现这种情况，是因为Palantir为潜在客户提供免费的试点计划，而不是要求预先付费才能使用其软件。销售和营销人员执行试点计划并协调解决方案开发，以产生销售。以下引用2021年第三季度10-Q总结了情况：</blockquote></p><p>Sales and marketing costs primarily include salaries, stock-based compensation expense, and benefits for our sales force and personnel involved in executing on pilots and customer growth activities...As a result, I view the sales and marketing expense in the case of Palantir to be a cost of goods sold and reduction to gross margin. While this categorization does not affect the bottom line, it does serve to place the reported 78% gross margin in context.</p><p><blockquote>销售和营销成本主要包括工资、股票薪酬费用以及我们的销售人员和参与执行试点和客户增长活动的人员的福利...因此，我认为Palantir的销售和营销费用是销售商品的成本和毛利率的降低。虽然这种分类不会影响底线，但它确实有助于将报告的78%毛利率置于背景中。</blockquote></p><p>I believe this perspective on sales and marketing expense is helpful in thinking about Palantir’s business model in relation to other companies and relative valuations that rely on gross profit margins. The following table was compiled from Palantir’s Q3 2021 10-Q and displays the reported cost of revenue and sales and marketing expense adjusted by removing the related stock-based compensation expense from each line item.</p><p><blockquote>我相信这种对销售和营销费用的看法有助于思考Palantir相对于其他公司的商业模式以及依赖毛利率的相对估值。下表根据Palantir 2021年第三季度10-Q编制，显示了通过从每个行项目中删除相关股票薪酬费用进行调整的报告收入成本以及销售和营销费用。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55c5e5fcea6102ca9d0542c130ee1d15\" tg-width=\"640\" tg-height=\"501\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：stoxdox的Brian Kapp创建</span></p></blockquote></p><p>Notice that the adjusted gross profit growth has slowed considerably to 25% in Q3 (highlighted in blue in the lower portion of the table) compared to 59% through the first nine months of 2021 (highlighted in yellow). The cost of sales is rising rapidly in Q3 2021 compared to the first nine months of the year.</p><p><blockquote>请注意，与2021年前9个月的59%（以黄色突出显示）相比，第三季度调整后的毛利润增长大幅放缓至25%（在表格下部以蓝色突出显示）。与今年前九个月相比，2021年第三季度的销售成本迅速上升。</blockquote></p><p></p><p>Palantir utilizes one KPI or Key Performance Indicator to judge performance and inform decision-making, which is referred to as Contribution Margin. It is similar to my adjusted gross margin figure above as can be seen in the following table compiled from Palantir’s Q3 2021 10-Q.</p><p><blockquote>Palantir利用一个KPI或关键绩效指标来判断绩效并为决策提供信息，称为贡献率。它与我上面调整后的毛利率数据类似，如下表所示，该表是根据Palantir 2021年第三季度10-Q编制的。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7cc4e966e16c27ea17f99ccb08a18957\" tg-width=\"640\" tg-height=\"281\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：stoxdox的Brian Kapp创建</span></p></blockquote></p><p>Notice that the contribution row is remarkably similar to my adjusted gross profit row in the previous table. Additionally, the growth rate deceleration is similar, as can be seen in the highlighted cells. While 37% is materially different from my estimate of 25% growth, the step change lower from 64% is of similar amplitude.</p><p><blockquote>请注意，贡献行与上表中调整后的毛利润行非常相似。此外，生长速率减速是相似的，如在突出显示的细胞中可以看到的。虽然37%与我估计的25%增长有很大不同，但低于64%的阶跃变化幅度相似。</blockquote></p><p><b>Operating Income</b></p><p><blockquote><b>营业收入</b></blockquote></p><p>Turning to operating income, I have adjusted the reported figures once again by removing stock option-related expenses as well as one-off expenses pertaining to the direct listing IPO in 2020. The overriding message is once again one of rapid deceleration. The following table was compiled from the same SEC filing and displays operating expenses excluding sales and marketing expenses, as well as my adjusted operating income estimate.</p><p><blockquote>谈到营业收入，我再次调整了报告的数据，剔除了股票期权相关费用以及与2020年直接上市IPO相关的一次性费用。最重要的信息再次是快速减速。下表是根据同一份SEC文件编制的，显示了不包括销售和营销费用的运营费用，以及我调整后的运营收入估计。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f5f344c289a598ec7824067b39c04f09\" tg-width=\"640\" tg-height=\"479\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：stoxdox的Brian Kapp创建</span></p></blockquote></p><p>In the lower section of the table, notice the incredible deceleration in adjusted operating income to 40% growth in Q3 of 2021 compared to 266% growth through the first nine months of the year. General and administrative expenses accelerated rapidly in Q3 2021, while Palantir materially reduced research and development investment to just 5% growth in Q3.</p><p><blockquote>在表格的下半部分，请注意2021年第三季度调整后营业收入令人难以置信地减速至40%的增长，而今年前9个月的增长为266%。一般和管理费用在2021年第三季度迅速增加，而Palantir在第三季度大幅减少了研发投资，仅增长了5%。</blockquote></p><p>The research and development investment slowdown could be a negative read through for sales growth as R&amp;D is an integral part of the sales process. Research and development expenses should track the sales cycle through the three customer phases: Acquire, Expand, and Scale. As customer needs are identified by sales and marketing, research and development expenses should respond to increased future sales potential. This does not appear to be happening at the moment.</p><p><blockquote>研发投资放缓可能会对销售增长产生负面影响，因为研发是销售过程中不可或缺的一部分。研发费用应该通过三个客户阶段来跟踪销售周期：获取、扩展和规模化。随着销售和营销部门确定客户需求，研发费用应响应未来销售潜力的增加。目前这似乎没有发生。</blockquote></p><p>As of Q3 2021, Palantir is annualizing at an adjusted operating income run rate of approximately $300 to $320 million, or about $.16 per share. This is a before-tax operating income figure. The primary takeaway from the operating income front is that profitability is slowing rapidly. This provides additional color for the unusual Investee customer acquisition strategy being deployed.</p><p><blockquote>截至2021年第三季度，Palantir调整后的年化营业收入运行率约为300至3.2亿美元，即每股约0.16美元。这是税前营业收入数字。营业收入方面的主要结论是盈利能力正在迅速放缓。这为正在部署的不同寻常的被投资方客户获取策略提供了额外的色彩。</blockquote></p><p><b>Consensus Growth Estimates</b></p><p><blockquote><b>共识增长估计</b></blockquote></p><p>If Palantir is producing at a $320 million adjusted annual operating income run rate and it was taxed at a normalized 25% rate, the current earnings power would be in the $240 million range or $.12 per diluted share. With this information and the growth deceleration outlined above, we can begin to put consensus earnings estimates into context. The following table was compiled from Seeking Alpha and displays consensus earnings and revenue estimates through 2023.</p><p><blockquote>如果Palantir的调整后年营业收入运行率为3.2亿美元，并且按25%的正常化税率征税，则当前的盈利能力将在2.4亿美元范围内，即稀释后每股0.12美元。有了这些信息和上面概述的增长减速，我们可以开始将普遍的盈利预测置于背景中。下表根据Seeking Alpha编制，显示了到2023年的普遍盈利和收入预测。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/022fd2d18964776a3e20294c7917548f\" tg-width=\"640\" tg-height=\"241\" width=\"100%\" height=\"auto\"/><span>Source: Seeking Alpha. Created by Brian Kapp, stoxdox</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法。创建者：Brian Kapp，stoxdox</span></p></blockquote></p><p>I have highlighted the 2022 consensus estimates for earnings and sales growth. Notice that the 39% consensus earnings growth estimate for 2022 is in line with the 40% operating income growth posted in Q3 of 2021. Additionally, the sales growth estimate of 30% is just above the 29% adjusted sales growth in Q3 2021 excluding sales to Investees.</p><p><blockquote>我强调了对2022年盈利和销售增长的普遍预期。请注意，2022年39%的普遍盈利增长预期与2021年第三季度40%的营业收入增长一致。此外，30%的销售增长预期略高于2021年第三季度29%的调整后销售增长（不包括对被投资方的销售）。</blockquote></p><p>The 39% earnings growth expected for 2022 appears to be at material risk of being too high given the rapid slowdown in operating income to 40% in Q3 2021 compared to 266% through the first nine months of the year. This trajectory would likely place earnings growth for 2022 well below 39%.</p><p><blockquote>鉴于2021年第三季度营业收入迅速放缓至40%，而今年前9个月的营业收入为266%，预计2022年39%的盈利增长似乎面临过高的重大风险。这一轨迹可能会使2022年的盈利增长率远低于39%。</blockquote></p><p>The 30% sales growth estimate for 2022 looks to be achievable given Palantir’s aggressive investment strategy in regard to Investees who then purchase Palantir software. I believe the market will tend to discount Investee sales as I have. Excluding these sales, the revenue growth trajectory appears to be trending closer to 20% than 30% for 2022, which opens the door to further growth disappointment.</p><p><blockquote>鉴于Palantir对随后购买Palantir软件的被投资方采取了积极的投资策略，2022年30%的销售额增长预期似乎是可以实现的。我相信市场会像我一样对被投资方的销售打折。排除这些销售，2022年收入增长轨迹似乎接近20%，而不是30%，这为进一步的增长失望打开了大门。</blockquote></p><p>Looking to consensus estimates for 2023, the expected growth rates are remarkably similar to 2022. This straight-line growth forecast through 2023 adds to the risk that consensus estimates could be too high over the coming years. The current trajectory points to growth materially below that expected for 2022 and 2023.</p><p><blockquote>从2023年的共识预测来看，预期增长率与2022年非常相似。这种到2023年的直线增长预测增加了未来几年共识估计可能过高的风险。目前的轨迹表明，2022年和2023年的增长将大幅低于预期。</blockquote></p><p><b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p></p><p>Palantir is trading at 87x the consensus earnings estimate for 2021 and 62x that for 2022. Please keep in mind that these are non-GAAP (generally accepted accounting principles) earnings estimates. On a GAAP basis, Palantir continues to produce at a loss. The reported loss in Q3 2021 was $92 million and was $352 million through the first nine months of 2021.</p><p><blockquote>Palantir的交易价格是2021年普遍盈利预期的87倍，是2022年普遍盈利预期的62倍。请记住，这些是非GAAP（公认会计原则）盈利预测。根据公认会计准则，Palantir继续亏损生产。2021年第三季度报告的亏损为9200万美元，2021年前9个月为3.52亿美元。</blockquote></p><p>Using the non-GAAP earnings estimates, 87x current year earnings and 62x forward earnings are extreme valuations from a historical market perspective. That said, they are within the realm of possibility for a growth stock in recent years. When viewed against Palantir’s rapidly slowing sales and operating income growth rates, as well as the heightened risk that consensus estimates may be too high, the current valuation multiples on consensus estimates offer little margin for error.</p><p><blockquote>使用非公认会计准则盈利预测，从历史市场角度来看，87倍的本年度盈利和62倍的预期盈利是极端估值。也就是说，它们是近年来成长型股票的可能性范围内的。考虑到Palantir迅速放缓的销售和营业收入增长率，以及共识估计可能过高的风险增加，目前共识估计的估值倍数几乎没有出错的余地。</blockquote></p><p>On the sales front, Palantir is valued at 17x the consensus 2021 revenue estimate and 13x that for 2022. These are extreme price-to-sales multiples for a large-cap company from a historical perspective. My estimate of core sales growth trending toward 20% excluding Investee revenue suggests that these valuation multiples on sales also offer little margin for error.</p><p><blockquote>在销售方面，Palantir的估值是2021年普遍收入预期的17倍，是2022年的13倍。从历史角度来看，对于大盘股公司来说，这些是极端的市销率倍数。我对核心销售增长趋势为20%（不包括被投资方收入）的估计表明，这些销售估值倍数也几乎没有误差。</blockquote></p><p>The valuation risks are further elevated when combined with the rapidly slowing operating income growth. Furthermore, as can be seen in my adjusted gross margin figure growing at 25% as of Q3 2021, the Palantir business model may not be supportive of a historically extreme price-to-sales valuation.</p><p><blockquote>再加上营业收入增长迅速放缓，估值风险进一步上升。此外，从我截至2021年第三季度调整后的毛利率增长25%可以看出，Palantir的商业模式可能不支持历史上极端的市销率估值。</blockquote></p><p><b>Technicals</b></p><p><blockquote><b>技术</b></blockquote></p><p>While the fundamental backdrop points toward little margin for error and subdued excess return potential, the technical setup suggests more meaningful upside return potential. The following 3-year weekly chart offers a bird’s eye view of the potential technical return spectrum. I have highlighted the key resistance levels with orange horizontal lines and the primary support level with a green line.</p><p><blockquote>虽然基本面背景表明误差幅度很小，超额回报潜力减弱，但技术设置表明更有意义的上行回报潜力。下面的3年周线图提供了潜在技术回报谱的鸟瞰图。我用橙色水平线突出显示了关键阻力位，用绿线突出了主要支撑位。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e9aaa4f2a36fa507e420c9353d0cd91c\" tg-width=\"640\" tg-height=\"372\" width=\"100%\" height=\"auto\"/><span>Palantir 3-year weekly chart. (Created by Brian Kapp using a chart from Barchart.com)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Palantir 3年周线图。（由Brian Kapp使用Barchart.com的图表创建）</span></p></blockquote></p><p>The return potential to the nearest resistance levels of $19 and $22 is 43% and 65%, respectively. On the downside, the nearest support lies at the IPO price range near $10. The downside return potential to this level is -25%. It should be noted that Palantir’s short trading history of 16 months limits the usefulness of technical analysis. Additionally, with no trading history beneath the IPO price, it is unclear where support will be found if the $10 level is breached to the downside.</p><p><blockquote>最近阻力位19美元和22美元的回报潜力分别为43%和65%。下行方面，最近的支撑位于10美元附近的IPO价格区间。该水平的下行回报潜力为-25%。需要注意的是，Palantir 16个月的短暂交易历史限制了技术分析的有用性。此外，由于没有低于IPO价格的交易历史，尚不清楚如果向下突破10美元水平，将在哪里找到支撑。</blockquote></p><p>To estimate downside potential beneath $10, I apply an earnings multiple of 40x the 2022 non-GAAP consensus earnings estimate. This valuation is twice that of the current market averages and would place Palantir shares at $8. This represents -40% downside risk from current levels.</p><p><blockquote>为了估计低于10美元的下行潜力，我采用了2022年非GAAP共识盈利预测的40倍市盈率。这一估值是当前市场平均水平的两倍，Palantir股价将达到8美元。这意味着较当前水平的下行风险为-40%。</blockquote></p><p>If the 39% consensus earnings estimate for 2022 is too high, further downside from $8 is in the realm of possibility. To estimate the downside risk potential if estimates are too high, I apply the same 40x non-GAAP earnings to my estimate of Palantir’s current annual run rate for fully-taxed, non-GAAP profitability. If earnings growth comes in at 25% for 2022 (my estimate of adjusted gross profit growth as of Q3 2021) on top of my estimate of $.12 for the current annual run rate of adjusted earnings after tax, the shares could trade down to $6. This would represent downside risk of -55%.</p><p><blockquote>如果2022年39%的普遍盈利预期过高，则有可能从8美元进一步下跌。如果估计过高，为了估计潜在的下行风险，我将相同的40倍非GAAP收益应用于Palantir当前完全纳税、非GAAP盈利能力的年运行率估计。如果2022年盈利增长率为25%（我对截至2021年第三季度调整后毛利润增长率的估计），而我对当前调整后税后盈利年增长率的估计为0.12美元，那么该股的交易价格可能会跌至6美元。这意味着下行风险为-55%。</blockquote></p><p>The following daily chart provides a closer look at the technical backdrop.</p><p><blockquote>下面的日线图详细介绍了技术背景。</blockquote></p><p><img src=\"https://static.tigerbbs.com/fa32fdab79f60368696ab122ff81b60a\" tg-width=\"640\" tg-height=\"372\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p>The technical picture suggests heavy resistance between $19 and $22. Given the unrelenting downtrend over the past three months, a near-term bounce is likely. That said, the upside technical potential combined with the downside fundamental potential leaves the shares with a balanced potential return spectrum of 65% to -55% over the near term.</p><p><blockquote>技术面显示19美元至22美元之间存在较大阻力。鉴于过去三个月的持续下跌趋势，近期可能会出现反弹。也就是说，上行的技术潜力与下行的基本面潜力相结合，使该股在短期内具有65%至-55%的平衡潜在回报范围。</blockquote></p><p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p>All told, Palantir should be placed on the watchlist for high-risk growth investors. The long-term opportunity lies in becoming a foundational enterprise operating system capable of integrating structured and unstructured data for real-time intelligence. However, with notable red flags in the mix, caution is in order. The primary red flags include slowing sales, an unusual go-to-market shift, rapidly decelerating profitability, and an elevated valuation which offers limited margin for error. The resulting symmetry between risk and reward results in a neutral rating.</p><p><blockquote>总而言之，Palantir应该被列入高风险成长型投资者的观察名单。长期的机会在于成为能够集成结构化和非结构化数据以实现实时智能的基础企业操作系统。然而，由于出现了明显的危险信号，因此需要谨慎。主要的危险信号包括销售放缓、不寻常的上市转变、盈利能力迅速下降以及估值上升（误差幅度有限）。由此产生的风险和回报之间的对称性导致中性评级。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Palantir: Red Flag Or Opportunity?<blockquote>Palantir：危险信号还是机遇？</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\">\nPalantir: Red Flag Or Opportunity?<blockquote>Palantir：危险信号还是机遇？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2022-02-05 11:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Summary</b></p><p><blockquote><html><head></head><body><b>总结</b></body></html></blockquote></p><p><ul><li>Palantir has only 203 total customers as of Q3 2021, while just 20 of those customers account for 58% of total revenue.</li><li>Revenue growth in Palantir’s core client cohort slowed to 20% annualized through the first three quarters of 2021 compared to 2020.</li><li>During 2021, Palantir fundamentally transformed its go-to-market strategy. The company is now using its cash to aggressively invest in other companies (Investees) who agree to purchase Palantir’s software.</li><li>Management continues to guide for 30% sales growth through mid-decade. However, Palantir’s 3-phase business model hints at sales trending lower excluding its Investee sales.</li><li>Palantir offers extraordinary long-term growth potential which should place it on the watchlist of all growth investors. The investment case rests on the fulcrum between opportunity and red flags.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dd7a77abaec0ea0aa58eebb9ce4b9606\" tg-width=\"1536\" tg-height=\"1187\" width=\"100%\" height=\"auto\"/><span>agawa288/iStock via Getty Images</span></p><p><blockquote><ul><li>截至2021年第三季度，Palantir总共只有203名客户，而其中只有20名客户占总收入的58%。</li><li>与2020年相比，2021年前三季度Palantir核心客户群的年化收入增长放缓至20%。</li><li>2021年，Palantir从根本上改变了其上市战略。该公司目前正在利用其现金积极投资同意购买Palantir软件的其他公司（被投资方）。</li><li>管理层继续指导到十年中期销售额增长30%。然而，Palantir的三阶段业务模式暗示，不包括其被投资方的销售额，销售额呈下降趋势。</li><li>Palantir提供了非凡的长期增长潜力，这应该使其成为所有成长型投资者的观察名单。投资案例建立在机会和危险信号之间的支点上。</li></ul><p class=\"t-img-caption\"><span>agawa288/iStock来自Getty Images</span></p></blockquote></p><p>I am assigning Palantir (NYSE:PLTR) a neutral risk/reward rating as the long-term growth opportunity is counterbalanced by near-term red flags. The long-term opportunity lies in becoming a foundational enterprise operating system capable of integrating structured and unstructured data for real-time intelligence. However, a number of notable red flags warrant caution. The primary red flags include slowing sales, an unusual go-to-market shift, rapidly decelerating profitability, and an elevated valuation which offers limited margin for error.</p><p><blockquote>我给予Palantir（纽约证券交易所股票代码：PLTR）中性风险/回报评级，因为长期增长机会被近期危险信号所抵消。长期的机会在于成为能够集成结构化和非结构化数据以实现实时智能的基础企业操作系统。然而，一些值得注意的危险信号值得谨慎。主要的危险信号包括销售放缓、不寻常的上市转变、盈利能力迅速下降以及估值上升（误差幅度有限）。</blockquote></p><p><b>Risk/Reward Rating: Neutral</b></p><p><blockquote><b>风险/回报评级：中性</b></blockquote></p><p>Palantir has an unusual business model compared to its peers in the enterprise software sector in regard to how it acquires and grows its customer base. The company categorizes its customers according to three phases of development or cohorts: (1) Acquire, (2) Expand, and (3) Scale. While they are generic terms that are applicable to all businesses, they are unique in the case of Palantir due to how the company approaches its customers.</p><p><blockquote>与企业软件领域的同行相比，Palantir在获取和扩大客户群方面拥有不同寻常的商业模式。该公司根据三个发展阶段或群体对其客户进行分类：(1)收购、(2)扩张和(3)规模。虽然它们是适用于所有企业的通用术语，但由于该公司对待客户的方式，它们在Palantir的情况下是独一无二的。</blockquote></p><p><b>Customer Detail</b></p><p><blockquote><b>客户详细信息</b></blockquote></p><p>Palantir defines a customer in the Acquire cohort as one that has generated less than $100,000 of revenue as of year-end while being unprofitable to Palantir. The Expand cohort is characterized by a customer that generated more than $100,000 of sales yet remained unprofitable. Finally, the Scale cohort is defined as a customer that has generated more than $100,000 of revenue while being a profitable relationship for Palantir during the year.</p><p><blockquote>Palantir将收购群体中的客户定义为截至年底收入低于100,000美元且对Palantir无利可图的客户。扩展群组的特点是一个销售额超过100,000美元但仍未盈利的客户。最后，规模群体被定义为在这一年中为Palantir创造了超过100,000美元收入且具有盈利关系的客户。</blockquote></p><p>The following tables were compiled from Palantir’s Q3 2021 10-Q filed with the SEC. The first table displays Palantir’s 2020 sales from each of the client cohorts which were categorized at the end of 2020 (2020 Revenue). In the 2021 Annualized column, you will find the sales of each of these 2020 customer cohorts through Q3 2021 annualized. In the second set of tables, I have compiled key details regarding Palantir’s largest customers over the past twelve months, as well as critical details pertaining to customers that are new to Palantir in 2021 which are not yet assigned to a cohort. Cohort categorization occurs at the end of each year.</p><p><blockquote>下表摘自Palantir向SEC提交的2021年第三季度10-Q报告。第一个表显示了Palantir在2020年底分类的每个客户群体的2020年销售额（2020年收入）。在2021年年化栏中，您会发现这些2020年客户群到2021年第三季度的年化销售额。在第二组表格中，我汇编了过去12个月Palantir最大客户的关键详细信息，以及与2021年Palantir新客户（尚未分配到某个群组）相关的关键详细信息。队列分类在每年年底进行。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e38ee31a1d6e826d2d02216e39ac570\" tg-width=\"640\" tg-height=\"151\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：stoxdox的Brian Kapp创建</span></p></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b4dc61112528e104ef0d3a8dc80f89d1\" tg-width=\"581\" tg-height=\"481\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：stoxdox的Brian Kapp创建</span></p></blockquote></p><p>For ease of comparison, I have color-coded the information that is related. One of the dominant realities for Palantir is its concentrated customer base, which is highlighted in blue. Palantir has only 203 customers, with the top 20 accounting for 58% of sales.</p><p><blockquote>为了便于比较，我对相关信息进行了颜色编码。Palantir的主要现实之一是其集中的客户群，以蓝色突出显示。Palantir只有203个客户，前20名占销售额的58%。</blockquote></p><p>By definition, Palantir’s largest customers are in the Scale cohort. Through the first three quarters of 2021, the Scale cohort (categorized as such at the end of 2020) is growing at an annualized rate of 20%. Given that this group accounts for 86% of Palantir’s revenue, it will be challenging to move the sales growth needle materially above 20% without explosive growth from the other two cohorts or a material acceleration from the Scale cohort. It should be noted that management is guiding to 30% annual sales growth through mid-decade.</p><p><blockquote>根据定义，Palantir最大的客户属于规模群体。到2021年前三季度，规模队列（2020年底分类）以20%的年化速度增长。鉴于该群体占Palantir收入的86%，如果没有其他两个群体的爆炸性增长或规模群体的实质性加速，将销售增长率大幅提高到20%以上将具有挑战性。应该指出的是，管理层指导到十年中期年销售额增长30%。</blockquote></p><p></p><p>The 2020 year-end Acquire and Expand cohorts are highlighted in yellow in the upper table. New customers in 2021 will not be assigned to a cohort until the year-end Palantir report. I have highlighted the pertinent 2021 new customer data in yellow for easy comparison to the 2020 Acquire and Expand customer cohorts. I view the 2021 new customer sales performance excluding sales to Investees to be a sustainable core growth rate. The Investee customer acquisition strategy is extraordinarily unusual and carries an exceedingly high capital risk which introduces reputational and, therefore, brand risk.</p><p><blockquote>上表中以黄色突出显示了2020年底收购和扩展队列。在年终Palantir报告发布之前，2021年的新客户不会被分配到一个队列中。我用黄色突出显示了相关的2021年新客户数据，以便于与2020年获取和扩展客户群体进行比较。我认为2021年新客户销售业绩（不包括对被投资方的销售）是可持续的核心增长率。被投资方的客户获取策略非常不寻常，具有极高的资本风险，从而引入声誉风险，从而引入品牌风险。</blockquote></p><p>Please note that Investee here refers to customers that Palantir has purchased the stock of in return for the Investee using Palantir’s software. Meaning, the revenue from Investees is a reciprocation of Palantir investing in the shares of these customers. In this respect, these are not arm’s-length transactions. I believe the new client numbers excluding sales to Investees is an important data point for ascertaining a purely market-based new customer growth rate.</p><p><blockquote>请注意，这里的被投资方是指Palantir使用Palantir的软件购买其股票以换取被投资方的客户。这意味着，来自被投资方的收入是Palantir投资这些客户股票的回报。在这方面，这些不是公平交易。我认为，不包括对被投资方的销售的新客户数量是确定纯粹基于市场的新客户增长率的重要数据点。</blockquote></p><p>Similar to the Scale cohort growth rate annualizing at 20% in 2021, the new customer sales growth rate is annualizing at 22% through Q3 2021 compared to the $20.6 million of sales from the Acquire and Expand cohorts of 2020. While this is not a perfect comparison for sales growth from new customers, it is a fair estimation. As a result, Palantir appears to be trending toward an underlying sales growth rate closer to 20% than the company’s 30% sales growth guidance through mid-decade.</p><p><blockquote>与2021年规模群体的年化增长率20%类似，到2021年第三季度，新客户销售额的年化增长率为22%，而2020年收购和扩张群体的销售额为2060万美元。虽然这不是新客户销售增长的完美比较，但这是一个公平的估计。因此，Palantir的基本销售增长率似乎倾向于接近20%，而不是该公司到十年中期30%的销售增长指导。</blockquote></p><p><b>Investees</b></p><p><blockquote><b>被投资方</b></blockquote></p><p>It is important to step back and review Palantir’s investments in Investees as this is an extraordinarily unusual go-to-market strategy for customer acquisition. The above numbers, which suggest revenue growth is trending toward 20%, place Palantir’s use of its balance sheet cash to fund new customers in a new light. The following tables were compiled from Palantir’s Q3 2021 10-Q. The first table lists companies that Palantir has funded as of the end of Q3 2021. The second table displays Palantir’s investment commitments to new companies that are not yet funded.</p><p><blockquote>退一步回顾Palantir对被投资方的投资非常重要，因为这是一种非常不寻常的获取客户的上市策略。上述数字表明收入增长趋势为20%，这让Palantir使用资产负债表现金为新客户提供资金的方式有了新的认识。下表摘自Palantir 2021年第三季度10-Q。第一个表格列出了截至2021年第三季度末Palantir资助的公司。第二个表格显示了Palantir对尚未获得资金的新公司的投资承诺。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4dda111182479c1fbaddc642369e4bd3\" tg-width=\"640\" tg-height=\"264\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：stoxdox的Brian Kapp创建</span></p></blockquote></p><p>I have conducted a cursory review of each of the above companies. The common theme is that they are all early-stage companies in the most popular growth sectors. These sectors include EVs, robotics, flying electric vehicles, satellite services and drug discovery. None of the Investees appears to offer enough appreciation potential in its own right to move the needle materially for Palantir’s valuation. Palantir’s ownership stake ranges from 0.4% to 1.6%.</p><p><blockquote>我对上述每家公司都进行了粗略的回顾。共同的主题是，它们都是最受欢迎的成长板块中的早期公司。这些行业包括电动汽车、机器人、飞行电动汽车、卫星服务和药物发现。似乎没有一家被投资方本身能够提供足够的升值潜力来大幅提高Palantir的估值。Palantir的持股比例为0.4%至1.6%。</blockquote></p><p>It remains unclear how much of each company’s funding can be spent on Palantir’s software. Furthermore, it is not clear if the $19 million of revenue through Q3 2021 from these companies is sustainable.</p><p><blockquote>目前尚不清楚每家公司有多少资金可以用于Palantir的软件。此外，目前尚不清楚这些公司截至2021年第三季度的1900万美元收入是否可持续。</blockquote></p><p>I have highlighted in blue Palantir’s total investment of $150 million in the seven companies. The yellow highlighted cell represents the current valuation of the investments. Palantir is now down approximately $64 million on these seven companies alone. This highlights an extreme risk for this method of customer acquisition as the capital losses to date dwarf the revenue generated. There are other private company investments not listed above, however, Palantir does not break out the details. They are included in other assets on Palantir’s balance sheet which amounted to $116 million as of Q3 2021.</p><p><blockquote>我在blue中强调了Palantir对这七家公司的总投资为1.5亿美元。黄色突出显示的单元格代表投资的当前估值。Palantir目前仅在这七家公司上就下跌了约6400万美元。这凸显了这种客户获取方法的极端风险，因为迄今为止的资本损失使产生的收入相形见绌。上面没有列出其他私营公司的投资，但是，Palantir没有透露细节。它们包含在Palantir资产负债表上的其他资产中，截至2021年第三季度，该资产总额为1.16亿美元。</blockquote></p><p>The following table displays Palantir’s commitments to invest in new companies as of Q3 2021. I have highlighted in yellow the two companies that Palantir funded subsequent to the end of Q3 2021.</p><p><blockquote>下表显示了Palantir截至2021年第三季度投资新公司的承诺。我用黄色突出显示了Palantir在2021年第三季度末后资助的两家公司。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e06664e25242d0bacb6f2a64a7a80228\" tg-width=\"640\" tg-height=\"526\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：stoxdox的Brian Kapp创建</span></p></blockquote></p><p>I have highlighted in blue the total funding commitment for new investments as of Q3 2021. This is $252 million on top of the $150 million completed prior to the end of Q3. While I have not looked into these particular companies, they appear similar to the first seven investments reviewed above. Meaning, they appear to carry extreme capital risk with upside potential that is likely to be minimal when compared to the valuation upside inherent in Palantir’s software business. It should be noted that recent valuations were extreme and continue to contract rapidly. As a result, the timing risk for capital loss is also heightened by making the investments at the top of the VC/IPO cycle.</p><p><blockquote>我用蓝色突出显示了截至2021年第三季度新投资的总资金承诺。这是在第三季度末之前完成的1.5亿美元的基础上完成的2.52亿美元。虽然我没有研究过这些特定的公司，但它们似乎与上面回顾的前七项投资相似。这意味着，与Palantir软件业务固有的估值上涨空间相比，它们似乎具有极大的资本风险，但上涨潜力可能很小。需要注意的是，近期估值极端，继续快速收缩。因此，在VC/IPO周期的顶部进行投资也会增加资本损失的时间风险。</blockquote></p><p><b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p></p><p>Turning to Palantir’s recent performance, I have chosen to view sales growth excluding the Investees as this is the most likely sustainable growth trajectory. The following table was compiled from Palantir’s Q3 2021 10-Q filed with the SEC. I made an adjustment by removing Investee revenue to arrive at a net revenue figure.</p><p><blockquote>谈到Palantir最近的表现，我选择将销售增长视为不包括被投资方，因为这是最有可能的可持续增长轨迹。下表摘自Palantir向SEC提交的2021年第三季度10-Q报告。我通过去除被投资方的收入进行了调整，以得出净收入数字。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b09c2f2aada9cb30c8b720be23d096e2\" tg-width=\"640\" tg-height=\"156\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：stoxdox的Brian Kapp创建</span></p></blockquote></p><p>I have highlighted in yellow the 29% revenue growth in Q3 2021 after removing the Investee revenue. Investees added 6.5% to growth in Q3. Year-to-date, the Investee revenue accounted for 1.7% revenue growth. The 29% growth rate is already decelerating beneath the company’s 30% growth guidance through mid-decade. Keep in mind that the Investee revenue stream will grow with additional funding of Palantir’s investment commitments. Regardless, growth is decelerating rapidly at 29% in Q3 compared to 41% year-to-date excluding these non-arm’s-length sales.</p><p><blockquote>我用黄色突出显示了扣除被投资方收入后2021年第三季度29%的收入增长。被投资公司第三季度增长了6.5%。年初至今，被投资方收入占收入增长1.7%。29%的增长率已经低于该公司到十年中期30%的增长指导。请记住，随着Palantir投资承诺的额外资金，被投资方的收入流将会增长。无论如何，第三季度的增长率迅速放缓至29%，而不包括这些非公平销售，今年迄今的增长率为41%。</blockquote></p><p><b>Geographic &amp; Segment Sales</b></p><p><blockquote><b>地理和细分市场销售</b></blockquote></p><p>The sales slowdown is being led by France, which contracted 22% through the first three quarters of 2021 (highlighted in orange below). It should be noted that Palantir has had a material relationship with Airbus and the airline industry. This could be a negative read through for an important client and industry. While the US remained the best performer in Q3 2021, growth is slowing rapidly as is evidenced by the blue highlighted cells below. The table was compiled from Palantir’s Q3 2021 10-Q filed with the SEC.</p><p><blockquote>销售放缓是由法国主导的，2021年前三个季度收缩了22%（下面用橙色突出显示）。应该指出的是，Palantir与空客和航空业有着重要的关系。对于一个重要的客户和行业来说，这可能是一个负面的解读。虽然美国在2021年第三季度仍然是表现最好的国家，但正如下面蓝色突出显示的单元格所证明的那样，增长正在迅速放缓。该表根据Palantir向SEC提交的2021年第三季度10-Q报告编制。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b19bc17658ff1b951eec789ec95deddd\" tg-width=\"640\" tg-height=\"314\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：stoxdox的Brian Kapp创建</span></p></blockquote></p><p>In addition to France, the rest of the world is also slowing rapidly, from 45% through the first nine months of the year to 20% in Q3 2021. Please note that these are reported sales without any adjustments. The following table was compiled from the same SEC filing and highlights that the large sales slowdown in Q3 occurred in the Government segment. Please keep in mind that the Investee revenue is included in the figures below and added approximately 6.5% to the Q3 growth rate in the Commercial segment.</p><p><blockquote>除法国外，世界其他地区也在迅速放缓，从今年前9个月的45%降至2021年第三季度的20%。请注意，这些是未经任何调整的报告销售额。下表是根据同一份SEC文件编制的，强调第三季度销售大幅放缓发生在政府部门。请记住，被投资方收入包含在下图中，并为商业部门第三季度增长率增加了约6.5%。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9a553cc3913c2af281262da7b15bdc3c\" tg-width=\"640\" tg-height=\"278\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：stoxdox的Brian Kapp创建</span></p></blockquote></p><p>In summary, the Commercial segment is growing revenue rather steadily, approximately 29% excluding the Investee revenue. However, the Government segment is decelerating rapidly, from 57% through the first nine months of 2021 to 34% in Q3.</p><p><blockquote>总而言之，商业部门的收入增长相当稳定，不包括被投资方收入，增长约29%。然而，政府部门正在迅速减速，从2021年前9个月的57%降至第三季度的34%。</blockquote></p><p><b>Gross Profit &amp; KPI</b></p><p><blockquote><b>毛利及关键绩效指标</b></blockquote></p><p>Palantir’s unusual customer acquisition strategy predates the shift to Investees. The company’s sales and marketing expenses appear to be quite similar to the cost of goods sold for other companies. This is the case because Palantir offers prospective customers free pilot programs as opposed to requiring payment upfront for use of its software. Sales and marketing personnel execute the pilot programs and coordinate solution development in order to generate sales. The following quote from the Q3 2021 10-Q summarizes the situation:</p><p><blockquote>Palantir不同寻常的客户获取策略早于转向被投资方。该公司的销售和营销费用似乎与其他公司的销售成本非常相似。之所以出现这种情况，是因为Palantir为潜在客户提供免费的试点计划，而不是要求预先付费才能使用其软件。销售和营销人员执行试点计划并协调解决方案开发，以产生销售。以下引用2021年第三季度10-Q总结了情况：</blockquote></p><p>Sales and marketing costs primarily include salaries, stock-based compensation expense, and benefits for our sales force and personnel involved in executing on pilots and customer growth activities...As a result, I view the sales and marketing expense in the case of Palantir to be a cost of goods sold and reduction to gross margin. While this categorization does not affect the bottom line, it does serve to place the reported 78% gross margin in context.</p><p><blockquote>销售和营销成本主要包括工资、股票薪酬费用以及我们的销售人员和参与执行试点和客户增长活动的人员的福利...因此，我认为Palantir的销售和营销费用是销售商品的成本和毛利率的降低。虽然这种分类不会影响底线，但它确实有助于将报告的78%毛利率置于背景中。</blockquote></p><p>I believe this perspective on sales and marketing expense is helpful in thinking about Palantir’s business model in relation to other companies and relative valuations that rely on gross profit margins. The following table was compiled from Palantir’s Q3 2021 10-Q and displays the reported cost of revenue and sales and marketing expense adjusted by removing the related stock-based compensation expense from each line item.</p><p><blockquote>我相信这种对销售和营销费用的看法有助于思考Palantir相对于其他公司的商业模式以及依赖毛利率的相对估值。下表根据Palantir 2021年第三季度10-Q编制，显示了通过从每个行项目中删除相关股票薪酬费用进行调整的报告收入成本以及销售和营销费用。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55c5e5fcea6102ca9d0542c130ee1d15\" tg-width=\"640\" tg-height=\"501\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：stoxdox的Brian Kapp创建</span></p></blockquote></p><p>Notice that the adjusted gross profit growth has slowed considerably to 25% in Q3 (highlighted in blue in the lower portion of the table) compared to 59% through the first nine months of 2021 (highlighted in yellow). The cost of sales is rising rapidly in Q3 2021 compared to the first nine months of the year.</p><p><blockquote>请注意，与2021年前9个月的59%（以黄色突出显示）相比，第三季度调整后的毛利润增长大幅放缓至25%（在表格下部以蓝色突出显示）。与今年前九个月相比，2021年第三季度的销售成本迅速上升。</blockquote></p><p></p><p>Palantir utilizes one KPI or Key Performance Indicator to judge performance and inform decision-making, which is referred to as Contribution Margin. It is similar to my adjusted gross margin figure above as can be seen in the following table compiled from Palantir’s Q3 2021 10-Q.</p><p><blockquote>Palantir利用一个KPI或关键绩效指标来判断绩效并为决策提供信息，称为贡献率。它与我上面调整后的毛利率数据类似，如下表所示，该表是根据Palantir 2021年第三季度10-Q编制的。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7cc4e966e16c27ea17f99ccb08a18957\" tg-width=\"640\" tg-height=\"281\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：stoxdox的Brian Kapp创建</span></p></blockquote></p><p>Notice that the contribution row is remarkably similar to my adjusted gross profit row in the previous table. Additionally, the growth rate deceleration is similar, as can be seen in the highlighted cells. While 37% is materially different from my estimate of 25% growth, the step change lower from 64% is of similar amplitude.</p><p><blockquote>请注意，贡献行与上表中调整后的毛利润行非常相似。此外，生长速率减速是相似的，如在突出显示的细胞中可以看到的。虽然37%与我估计的25%增长有很大不同，但低于64%的阶跃变化幅度相似。</blockquote></p><p><b>Operating Income</b></p><p><blockquote><b>营业收入</b></blockquote></p><p>Turning to operating income, I have adjusted the reported figures once again by removing stock option-related expenses as well as one-off expenses pertaining to the direct listing IPO in 2020. The overriding message is once again one of rapid deceleration. The following table was compiled from the same SEC filing and displays operating expenses excluding sales and marketing expenses, as well as my adjusted operating income estimate.</p><p><blockquote>谈到营业收入，我再次调整了报告的数据，剔除了股票期权相关费用以及与2020年直接上市IPO相关的一次性费用。最重要的信息再次是快速减速。下表是根据同一份SEC文件编制的，显示了不包括销售和营销费用的运营费用，以及我调整后的运营收入估计。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f5f344c289a598ec7824067b39c04f09\" tg-width=\"640\" tg-height=\"479\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：stoxdox的Brian Kapp创建</span></p></blockquote></p><p>In the lower section of the table, notice the incredible deceleration in adjusted operating income to 40% growth in Q3 of 2021 compared to 266% growth through the first nine months of the year. General and administrative expenses accelerated rapidly in Q3 2021, while Palantir materially reduced research and development investment to just 5% growth in Q3.</p><p><blockquote>在表格的下半部分，请注意2021年第三季度调整后营业收入令人难以置信地减速至40%的增长，而今年前9个月的增长为266%。一般和管理费用在2021年第三季度迅速增加，而Palantir在第三季度大幅减少了研发投资，仅增长了5%。</blockquote></p><p>The research and development investment slowdown could be a negative read through for sales growth as R&amp;D is an integral part of the sales process. Research and development expenses should track the sales cycle through the three customer phases: Acquire, Expand, and Scale. As customer needs are identified by sales and marketing, research and development expenses should respond to increased future sales potential. This does not appear to be happening at the moment.</p><p><blockquote>研发投资放缓可能会对销售增长产生负面影响，因为研发是销售过程中不可或缺的一部分。研发费用应该通过三个客户阶段来跟踪销售周期：获取、扩展和规模化。随着销售和营销部门确定客户需求，研发费用应响应未来销售潜力的增加。目前这似乎没有发生。</blockquote></p><p>As of Q3 2021, Palantir is annualizing at an adjusted operating income run rate of approximately $300 to $320 million, or about $.16 per share. This is a before-tax operating income figure. The primary takeaway from the operating income front is that profitability is slowing rapidly. This provides additional color for the unusual Investee customer acquisition strategy being deployed.</p><p><blockquote>截至2021年第三季度，Palantir调整后的年化营业收入运行率约为300至3.2亿美元，即每股约0.16美元。这是税前营业收入数字。营业收入方面的主要结论是盈利能力正在迅速放缓。这为正在部署的不同寻常的被投资方客户获取策略提供了额外的色彩。</blockquote></p><p><b>Consensus Growth Estimates</b></p><p><blockquote><b>共识增长估计</b></blockquote></p><p>If Palantir is producing at a $320 million adjusted annual operating income run rate and it was taxed at a normalized 25% rate, the current earnings power would be in the $240 million range or $.12 per diluted share. With this information and the growth deceleration outlined above, we can begin to put consensus earnings estimates into context. The following table was compiled from Seeking Alpha and displays consensus earnings and revenue estimates through 2023.</p><p><blockquote>如果Palantir的调整后年营业收入运行率为3.2亿美元，并且按25%的正常化税率征税，则当前的盈利能力将在2.4亿美元范围内，即稀释后每股0.12美元。有了这些信息和上面概述的增长减速，我们可以开始将普遍的盈利预测置于背景中。下表根据Seeking Alpha编制，显示了到2023年的普遍盈利和收入预测。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/022fd2d18964776a3e20294c7917548f\" tg-width=\"640\" tg-height=\"241\" width=\"100%\" height=\"auto\"/><span>Source: Seeking Alpha. Created by Brian Kapp, stoxdox</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法。创建者：Brian Kapp，stoxdox</span></p></blockquote></p><p>I have highlighted the 2022 consensus estimates for earnings and sales growth. Notice that the 39% consensus earnings growth estimate for 2022 is in line with the 40% operating income growth posted in Q3 of 2021. Additionally, the sales growth estimate of 30% is just above the 29% adjusted sales growth in Q3 2021 excluding sales to Investees.</p><p><blockquote>我强调了对2022年盈利和销售增长的普遍预期。请注意，2022年39%的普遍盈利增长预期与2021年第三季度40%的营业收入增长一致。此外，30%的销售增长预期略高于2021年第三季度29%的调整后销售增长（不包括对被投资方的销售）。</blockquote></p><p>The 39% earnings growth expected for 2022 appears to be at material risk of being too high given the rapid slowdown in operating income to 40% in Q3 2021 compared to 266% through the first nine months of the year. This trajectory would likely place earnings growth for 2022 well below 39%.</p><p><blockquote>鉴于2021年第三季度营业收入迅速放缓至40%，而今年前9个月的营业收入为266%，预计2022年39%的盈利增长似乎面临过高的重大风险。这一轨迹可能会使2022年的盈利增长率远低于39%。</blockquote></p><p>The 30% sales growth estimate for 2022 looks to be achievable given Palantir’s aggressive investment strategy in regard to Investees who then purchase Palantir software. I believe the market will tend to discount Investee sales as I have. Excluding these sales, the revenue growth trajectory appears to be trending closer to 20% than 30% for 2022, which opens the door to further growth disappointment.</p><p><blockquote>鉴于Palantir对随后购买Palantir软件的被投资方采取了积极的投资策略，2022年30%的销售额增长预期似乎是可以实现的。我相信市场会像我一样对被投资方的销售打折。排除这些销售，2022年收入增长轨迹似乎接近20%，而不是30%，这为进一步的增长失望打开了大门。</blockquote></p><p>Looking to consensus estimates for 2023, the expected growth rates are remarkably similar to 2022. This straight-line growth forecast through 2023 adds to the risk that consensus estimates could be too high over the coming years. The current trajectory points to growth materially below that expected for 2022 and 2023.</p><p><blockquote>从2023年的共识预测来看，预期增长率与2022年非常相似。这种到2023年的直线增长预测增加了未来几年共识估计可能过高的风险。目前的轨迹表明，2022年和2023年的增长将大幅低于预期。</blockquote></p><p><b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p></p><p>Palantir is trading at 87x the consensus earnings estimate for 2021 and 62x that for 2022. Please keep in mind that these are non-GAAP (generally accepted accounting principles) earnings estimates. On a GAAP basis, Palantir continues to produce at a loss. The reported loss in Q3 2021 was $92 million and was $352 million through the first nine months of 2021.</p><p><blockquote>Palantir的交易价格是2021年普遍盈利预期的87倍，是2022年普遍盈利预期的62倍。请记住，这些是非GAAP（公认会计原则）盈利预测。根据公认会计准则，Palantir继续亏损生产。2021年第三季度报告的亏损为9200万美元，2021年前9个月为3.52亿美元。</blockquote></p><p>Using the non-GAAP earnings estimates, 87x current year earnings and 62x forward earnings are extreme valuations from a historical market perspective. That said, they are within the realm of possibility for a growth stock in recent years. When viewed against Palantir’s rapidly slowing sales and operating income growth rates, as well as the heightened risk that consensus estimates may be too high, the current valuation multiples on consensus estimates offer little margin for error.</p><p><blockquote>使用非公认会计准则盈利预测，从历史市场角度来看，87倍的本年度盈利和62倍的预期盈利是极端估值。也就是说，它们是近年来成长型股票的可能性范围内的。考虑到Palantir迅速放缓的销售和营业收入增长率，以及共识估计可能过高的风险增加，目前共识估计的估值倍数几乎没有出错的余地。</blockquote></p><p>On the sales front, Palantir is valued at 17x the consensus 2021 revenue estimate and 13x that for 2022. These are extreme price-to-sales multiples for a large-cap company from a historical perspective. My estimate of core sales growth trending toward 20% excluding Investee revenue suggests that these valuation multiples on sales also offer little margin for error.</p><p><blockquote>在销售方面，Palantir的估值是2021年普遍收入预期的17倍，是2022年的13倍。从历史角度来看，对于大盘股公司来说，这些是极端的市销率倍数。我对核心销售增长趋势为20%（不包括被投资方收入）的估计表明，这些销售估值倍数也几乎没有误差。</blockquote></p><p>The valuation risks are further elevated when combined with the rapidly slowing operating income growth. Furthermore, as can be seen in my adjusted gross margin figure growing at 25% as of Q3 2021, the Palantir business model may not be supportive of a historically extreme price-to-sales valuation.</p><p><blockquote>再加上营业收入增长迅速放缓，估值风险进一步上升。此外，从我截至2021年第三季度调整后的毛利率增长25%可以看出，Palantir的商业模式可能不支持历史上极端的市销率估值。</blockquote></p><p><b>Technicals</b></p><p><blockquote><b>技术</b></blockquote></p><p>While the fundamental backdrop points toward little margin for error and subdued excess return potential, the technical setup suggests more meaningful upside return potential. The following 3-year weekly chart offers a bird’s eye view of the potential technical return spectrum. I have highlighted the key resistance levels with orange horizontal lines and the primary support level with a green line.</p><p><blockquote>虽然基本面背景表明误差幅度很小，超额回报潜力减弱，但技术设置表明更有意义的上行回报潜力。下面的3年周线图提供了潜在技术回报谱的鸟瞰图。我用橙色水平线突出显示了关键阻力位，用绿线突出了主要支撑位。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e9aaa4f2a36fa507e420c9353d0cd91c\" tg-width=\"640\" tg-height=\"372\" width=\"100%\" height=\"auto\"/><span>Palantir 3-year weekly chart. (Created by Brian Kapp using a chart from Barchart.com)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Palantir 3年周线图。（由Brian Kapp使用Barchart.com的图表创建）</span></p></blockquote></p><p>The return potential to the nearest resistance levels of $19 and $22 is 43% and 65%, respectively. On the downside, the nearest support lies at the IPO price range near $10. The downside return potential to this level is -25%. It should be noted that Palantir’s short trading history of 16 months limits the usefulness of technical analysis. Additionally, with no trading history beneath the IPO price, it is unclear where support will be found if the $10 level is breached to the downside.</p><p><blockquote>最近阻力位19美元和22美元的回报潜力分别为43%和65%。下行方面，最近的支撑位于10美元附近的IPO价格区间。该水平的下行回报潜力为-25%。需要注意的是，Palantir 16个月的短暂交易历史限制了技术分析的有用性。此外，由于没有低于IPO价格的交易历史，尚不清楚如果向下突破10美元水平，将在哪里找到支撑。</blockquote></p><p>To estimate downside potential beneath $10, I apply an earnings multiple of 40x the 2022 non-GAAP consensus earnings estimate. This valuation is twice that of the current market averages and would place Palantir shares at $8. This represents -40% downside risk from current levels.</p><p><blockquote>为了估计低于10美元的下行潜力，我采用了2022年非GAAP共识盈利预测的40倍市盈率。这一估值是当前市场平均水平的两倍，Palantir股价将达到8美元。这意味着较当前水平的下行风险为-40%。</blockquote></p><p>If the 39% consensus earnings estimate for 2022 is too high, further downside from $8 is in the realm of possibility. To estimate the downside risk potential if estimates are too high, I apply the same 40x non-GAAP earnings to my estimate of Palantir’s current annual run rate for fully-taxed, non-GAAP profitability. If earnings growth comes in at 25% for 2022 (my estimate of adjusted gross profit growth as of Q3 2021) on top of my estimate of $.12 for the current annual run rate of adjusted earnings after tax, the shares could trade down to $6. This would represent downside risk of -55%.</p><p><blockquote>如果2022年39%的普遍盈利预期过高，则有可能从8美元进一步下跌。如果估计过高，为了估计潜在的下行风险，我将相同的40倍非GAAP收益应用于Palantir当前完全纳税、非GAAP盈利能力的年运行率估计。如果2022年盈利增长率为25%（我对截至2021年第三季度调整后毛利润增长率的估计），而我对当前调整后税后盈利年增长率的估计为0.12美元，那么该股的交易价格可能会跌至6美元。这意味着下行风险为-55%。</blockquote></p><p>The following daily chart provides a closer look at the technical backdrop.</p><p><blockquote>下面的日线图详细介绍了技术背景。</blockquote></p><p><img src=\"https://static.tigerbbs.com/fa32fdab79f60368696ab122ff81b60a\" tg-width=\"640\" tg-height=\"372\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p>The technical picture suggests heavy resistance between $19 and $22. Given the unrelenting downtrend over the past three months, a near-term bounce is likely. That said, the upside technical potential combined with the downside fundamental potential leaves the shares with a balanced potential return spectrum of 65% to -55% over the near term.</p><p><blockquote>技术面显示19美元至22美元之间存在较大阻力。鉴于过去三个月的持续下跌趋势，近期可能会出现反弹。也就是说，上行的技术潜力与下行的基本面潜力相结合，使该股在短期内具有65%至-55%的平衡潜在回报范围。</blockquote></p><p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p>All told, Palantir should be placed on the watchlist for high-risk growth investors. The long-term opportunity lies in becoming a foundational enterprise operating system capable of integrating structured and unstructured data for real-time intelligence. However, with notable red flags in the mix, caution is in order. The primary red flags include slowing sales, an unusual go-to-market shift, rapidly decelerating profitability, and an elevated valuation which offers limited margin for error. The resulting symmetry between risk and reward results in a neutral rating.</p><p><blockquote>总而言之，Palantir应该被列入高风险成长型投资者的观察名单。长期的机会在于成为能够集成结构化和非结构化数据以实现实时智能的基础企业操作系统。然而，由于出现了明显的危险信号，因此需要谨慎。主要的危险信号包括销售放缓、不寻常的上市转变、盈利能力迅速下降以及估值上升（误差幅度有限）。由此产生的风险和回报之间的对称性导致中性评级。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4484295-palantir-red-flag-or-opportunity\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4484295-palantir-red-flag-or-opportunity","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196927717","content_text":"SummaryPalantir has only 203 total customers as of Q3 2021, while just 20 of those customers account for 58% of total revenue.Revenue growth in Palantir’s core client cohort slowed to 20% annualized through the first three quarters of 2021 compared to 2020.During 2021, Palantir fundamentally transformed its go-to-market strategy. The company is now using its cash to aggressively invest in other companies (Investees) who agree to purchase Palantir’s software.Management continues to guide for 30% sales growth through mid-decade. However, Palantir’s 3-phase business model hints at sales trending lower excluding its Investee sales.Palantir offers extraordinary long-term growth potential which should place it on the watchlist of all growth investors. The investment case rests on the fulcrum between opportunity and red flags.agawa288/iStock via Getty ImagesI am assigning Palantir (NYSE:PLTR) a neutral risk/reward rating as the long-term growth opportunity is counterbalanced by near-term red flags. The long-term opportunity lies in becoming a foundational enterprise operating system capable of integrating structured and unstructured data for real-time intelligence. However, a number of notable red flags warrant caution. The primary red flags include slowing sales, an unusual go-to-market shift, rapidly decelerating profitability, and an elevated valuation which offers limited margin for error.Risk/Reward Rating: NeutralPalantir has an unusual business model compared to its peers in the enterprise software sector in regard to how it acquires and grows its customer base. The company categorizes its customers according to three phases of development or cohorts: (1) Acquire, (2) Expand, and (3) Scale. While they are generic terms that are applicable to all businesses, they are unique in the case of Palantir due to how the company approaches its customers.Customer DetailPalantir defines a customer in the Acquire cohort as one that has generated less than $100,000 of revenue as of year-end while being unprofitable to Palantir. The Expand cohort is characterized by a customer that generated more than $100,000 of sales yet remained unprofitable. Finally, the Scale cohort is defined as a customer that has generated more than $100,000 of revenue while being a profitable relationship for Palantir during the year.The following tables were compiled from Palantir’s Q3 2021 10-Q filed with the SEC. The first table displays Palantir’s 2020 sales from each of the client cohorts which were categorized at the end of 2020 (2020 Revenue). In the 2021 Annualized column, you will find the sales of each of these 2020 customer cohorts through Q3 2021 annualized. In the second set of tables, I have compiled key details regarding Palantir’s largest customers over the past twelve months, as well as critical details pertaining to customers that are new to Palantir in 2021 which are not yet assigned to a cohort. Cohort categorization occurs at the end of each year.Source: Created by Brian Kapp, stoxdoxSource: Created by Brian Kapp, stoxdoxFor ease of comparison, I have color-coded the information that is related. One of the dominant realities for Palantir is its concentrated customer base, which is highlighted in blue. Palantir has only 203 customers, with the top 20 accounting for 58% of sales.By definition, Palantir’s largest customers are in the Scale cohort. Through the first three quarters of 2021, the Scale cohort (categorized as such at the end of 2020) is growing at an annualized rate of 20%. Given that this group accounts for 86% of Palantir’s revenue, it will be challenging to move the sales growth needle materially above 20% without explosive growth from the other two cohorts or a material acceleration from the Scale cohort. It should be noted that management is guiding to 30% annual sales growth through mid-decade.The 2020 year-end Acquire and Expand cohorts are highlighted in yellow in the upper table. New customers in 2021 will not be assigned to a cohort until the year-end Palantir report. I have highlighted the pertinent 2021 new customer data in yellow for easy comparison to the 2020 Acquire and Expand customer cohorts. I view the 2021 new customer sales performance excluding sales to Investees to be a sustainable core growth rate. The Investee customer acquisition strategy is extraordinarily unusual and carries an exceedingly high capital risk which introduces reputational and, therefore, brand risk.Please note that Investee here refers to customers that Palantir has purchased the stock of in return for the Investee using Palantir’s software. Meaning, the revenue from Investees is a reciprocation of Palantir investing in the shares of these customers. In this respect, these are not arm’s-length transactions. I believe the new client numbers excluding sales to Investees is an important data point for ascertaining a purely market-based new customer growth rate.Similar to the Scale cohort growth rate annualizing at 20% in 2021, the new customer sales growth rate is annualizing at 22% through Q3 2021 compared to the $20.6 million of sales from the Acquire and Expand cohorts of 2020. While this is not a perfect comparison for sales growth from new customers, it is a fair estimation. As a result, Palantir appears to be trending toward an underlying sales growth rate closer to 20% than the company’s 30% sales growth guidance through mid-decade.InvesteesIt is important to step back and review Palantir’s investments in Investees as this is an extraordinarily unusual go-to-market strategy for customer acquisition. The above numbers, which suggest revenue growth is trending toward 20%, place Palantir’s use of its balance sheet cash to fund new customers in a new light. The following tables were compiled from Palantir’s Q3 2021 10-Q. The first table lists companies that Palantir has funded as of the end of Q3 2021. The second table displays Palantir’s investment commitments to new companies that are not yet funded.Source: Created by Brian Kapp, stoxdoxI have conducted a cursory review of each of the above companies. The common theme is that they are all early-stage companies in the most popular growth sectors. These sectors include EVs, robotics, flying electric vehicles, satellite services and drug discovery. None of the Investees appears to offer enough appreciation potential in its own right to move the needle materially for Palantir’s valuation. Palantir’s ownership stake ranges from 0.4% to 1.6%.It remains unclear how much of each company’s funding can be spent on Palantir’s software. Furthermore, it is not clear if the $19 million of revenue through Q3 2021 from these companies is sustainable.I have highlighted in blue Palantir’s total investment of $150 million in the seven companies. The yellow highlighted cell represents the current valuation of the investments. Palantir is now down approximately $64 million on these seven companies alone. This highlights an extreme risk for this method of customer acquisition as the capital losses to date dwarf the revenue generated. There are other private company investments not listed above, however, Palantir does not break out the details. They are included in other assets on Palantir’s balance sheet which amounted to $116 million as of Q3 2021.The following table displays Palantir’s commitments to invest in new companies as of Q3 2021. I have highlighted in yellow the two companies that Palantir funded subsequent to the end of Q3 2021.Source: Created by Brian Kapp, stoxdoxI have highlighted in blue the total funding commitment for new investments as of Q3 2021. This is $252 million on top of the $150 million completed prior to the end of Q3. While I have not looked into these particular companies, they appear similar to the first seven investments reviewed above. Meaning, they appear to carry extreme capital risk with upside potential that is likely to be minimal when compared to the valuation upside inherent in Palantir’s software business. It should be noted that recent valuations were extreme and continue to contract rapidly. As a result, the timing risk for capital loss is also heightened by making the investments at the top of the VC/IPO cycle.Financial PerformanceTurning to Palantir’s recent performance, I have chosen to view sales growth excluding the Investees as this is the most likely sustainable growth trajectory. The following table was compiled from Palantir’s Q3 2021 10-Q filed with the SEC. I made an adjustment by removing Investee revenue to arrive at a net revenue figure.Source: Created by Brian Kapp, stoxdoxI have highlighted in yellow the 29% revenue growth in Q3 2021 after removing the Investee revenue. Investees added 6.5% to growth in Q3. Year-to-date, the Investee revenue accounted for 1.7% revenue growth. The 29% growth rate is already decelerating beneath the company’s 30% growth guidance through mid-decade. Keep in mind that the Investee revenue stream will grow with additional funding of Palantir’s investment commitments. Regardless, growth is decelerating rapidly at 29% in Q3 compared to 41% year-to-date excluding these non-arm’s-length sales.Geographic & Segment SalesThe sales slowdown is being led by France, which contracted 22% through the first three quarters of 2021 (highlighted in orange below). It should be noted that Palantir has had a material relationship with Airbus and the airline industry. This could be a negative read through for an important client and industry. While the US remained the best performer in Q3 2021, growth is slowing rapidly as is evidenced by the blue highlighted cells below. The table was compiled from Palantir’s Q3 2021 10-Q filed with the SEC.Source: Created by Brian Kapp, stoxdoxIn addition to France, the rest of the world is also slowing rapidly, from 45% through the first nine months of the year to 20% in Q3 2021. Please note that these are reported sales without any adjustments. The following table was compiled from the same SEC filing and highlights that the large sales slowdown in Q3 occurred in the Government segment. Please keep in mind that the Investee revenue is included in the figures below and added approximately 6.5% to the Q3 growth rate in the Commercial segment.Source: Created by Brian Kapp, stoxdoxIn summary, the Commercial segment is growing revenue rather steadily, approximately 29% excluding the Investee revenue. However, the Government segment is decelerating rapidly, from 57% through the first nine months of 2021 to 34% in Q3.Gross Profit & KPIPalantir’s unusual customer acquisition strategy predates the shift to Investees. The company’s sales and marketing expenses appear to be quite similar to the cost of goods sold for other companies. This is the case because Palantir offers prospective customers free pilot programs as opposed to requiring payment upfront for use of its software. Sales and marketing personnel execute the pilot programs and coordinate solution development in order to generate sales. The following quote from the Q3 2021 10-Q summarizes the situation:Sales and marketing costs primarily include salaries, stock-based compensation expense, and benefits for our sales force and personnel involved in executing on pilots and customer growth activities...As a result, I view the sales and marketing expense in the case of Palantir to be a cost of goods sold and reduction to gross margin. While this categorization does not affect the bottom line, it does serve to place the reported 78% gross margin in context.I believe this perspective on sales and marketing expense is helpful in thinking about Palantir’s business model in relation to other companies and relative valuations that rely on gross profit margins. The following table was compiled from Palantir’s Q3 2021 10-Q and displays the reported cost of revenue and sales and marketing expense adjusted by removing the related stock-based compensation expense from each line item.Source: Created by Brian Kapp, stoxdoxNotice that the adjusted gross profit growth has slowed considerably to 25% in Q3 (highlighted in blue in the lower portion of the table) compared to 59% through the first nine months of 2021 (highlighted in yellow). The cost of sales is rising rapidly in Q3 2021 compared to the first nine months of the year.Palantir utilizes one KPI or Key Performance Indicator to judge performance and inform decision-making, which is referred to as Contribution Margin. It is similar to my adjusted gross margin figure above as can be seen in the following table compiled from Palantir’s Q3 2021 10-Q.Source: Created by Brian Kapp, stoxdoxNotice that the contribution row is remarkably similar to my adjusted gross profit row in the previous table. Additionally, the growth rate deceleration is similar, as can be seen in the highlighted cells. While 37% is materially different from my estimate of 25% growth, the step change lower from 64% is of similar amplitude.Operating IncomeTurning to operating income, I have adjusted the reported figures once again by removing stock option-related expenses as well as one-off expenses pertaining to the direct listing IPO in 2020. The overriding message is once again one of rapid deceleration. The following table was compiled from the same SEC filing and displays operating expenses excluding sales and marketing expenses, as well as my adjusted operating income estimate.Source: Created by Brian Kapp, stoxdoxIn the lower section of the table, notice the incredible deceleration in adjusted operating income to 40% growth in Q3 of 2021 compared to 266% growth through the first nine months of the year. General and administrative expenses accelerated rapidly in Q3 2021, while Palantir materially reduced research and development investment to just 5% growth in Q3.The research and development investment slowdown could be a negative read through for sales growth as R&D is an integral part of the sales process. Research and development expenses should track the sales cycle through the three customer phases: Acquire, Expand, and Scale. As customer needs are identified by sales and marketing, research and development expenses should respond to increased future sales potential. This does not appear to be happening at the moment.As of Q3 2021, Palantir is annualizing at an adjusted operating income run rate of approximately $300 to $320 million, or about $.16 per share. This is a before-tax operating income figure. The primary takeaway from the operating income front is that profitability is slowing rapidly. This provides additional color for the unusual Investee customer acquisition strategy being deployed.Consensus Growth EstimatesIf Palantir is producing at a $320 million adjusted annual operating income run rate and it was taxed at a normalized 25% rate, the current earnings power would be in the $240 million range or $.12 per diluted share. With this information and the growth deceleration outlined above, we can begin to put consensus earnings estimates into context. The following table was compiled from Seeking Alpha and displays consensus earnings and revenue estimates through 2023.Source: Seeking Alpha. Created by Brian Kapp, stoxdoxI have highlighted the 2022 consensus estimates for earnings and sales growth. Notice that the 39% consensus earnings growth estimate for 2022 is in line with the 40% operating income growth posted in Q3 of 2021. Additionally, the sales growth estimate of 30% is just above the 29% adjusted sales growth in Q3 2021 excluding sales to Investees.The 39% earnings growth expected for 2022 appears to be at material risk of being too high given the rapid slowdown in operating income to 40% in Q3 2021 compared to 266% through the first nine months of the year. This trajectory would likely place earnings growth for 2022 well below 39%.The 30% sales growth estimate for 2022 looks to be achievable given Palantir’s aggressive investment strategy in regard to Investees who then purchase Palantir software. I believe the market will tend to discount Investee sales as I have. Excluding these sales, the revenue growth trajectory appears to be trending closer to 20% than 30% for 2022, which opens the door to further growth disappointment.Looking to consensus estimates for 2023, the expected growth rates are remarkably similar to 2022. This straight-line growth forecast through 2023 adds to the risk that consensus estimates could be too high over the coming years. The current trajectory points to growth materially below that expected for 2022 and 2023.ValuationPalantir is trading at 87x the consensus earnings estimate for 2021 and 62x that for 2022. Please keep in mind that these are non-GAAP (generally accepted accounting principles) earnings estimates. On a GAAP basis, Palantir continues to produce at a loss. The reported loss in Q3 2021 was $92 million and was $352 million through the first nine months of 2021.Using the non-GAAP earnings estimates, 87x current year earnings and 62x forward earnings are extreme valuations from a historical market perspective. That said, they are within the realm of possibility for a growth stock in recent years. When viewed against Palantir’s rapidly slowing sales and operating income growth rates, as well as the heightened risk that consensus estimates may be too high, the current valuation multiples on consensus estimates offer little margin for error.On the sales front, Palantir is valued at 17x the consensus 2021 revenue estimate and 13x that for 2022. These are extreme price-to-sales multiples for a large-cap company from a historical perspective. My estimate of core sales growth trending toward 20% excluding Investee revenue suggests that these valuation multiples on sales also offer little margin for error.The valuation risks are further elevated when combined with the rapidly slowing operating income growth. Furthermore, as can be seen in my adjusted gross margin figure growing at 25% as of Q3 2021, the Palantir business model may not be supportive of a historically extreme price-to-sales valuation.TechnicalsWhile the fundamental backdrop points toward little margin for error and subdued excess return potential, the technical setup suggests more meaningful upside return potential. The following 3-year weekly chart offers a bird’s eye view of the potential technical return spectrum. I have highlighted the key resistance levels with orange horizontal lines and the primary support level with a green line.Palantir 3-year weekly chart. (Created by Brian Kapp using a chart from Barchart.com)The return potential to the nearest resistance levels of $19 and $22 is 43% and 65%, respectively. On the downside, the nearest support lies at the IPO price range near $10. The downside return potential to this level is -25%. It should be noted that Palantir’s short trading history of 16 months limits the usefulness of technical analysis. Additionally, with no trading history beneath the IPO price, it is unclear where support will be found if the $10 level is breached to the downside.To estimate downside potential beneath $10, I apply an earnings multiple of 40x the 2022 non-GAAP consensus earnings estimate. This valuation is twice that of the current market averages and would place Palantir shares at $8. This represents -40% downside risk from current levels.If the 39% consensus earnings estimate for 2022 is too high, further downside from $8 is in the realm of possibility. To estimate the downside risk potential if estimates are too high, I apply the same 40x non-GAAP earnings to my estimate of Palantir’s current annual run rate for fully-taxed, non-GAAP profitability. If earnings growth comes in at 25% for 2022 (my estimate of adjusted gross profit growth as of Q3 2021) on top of my estimate of $.12 for the current annual run rate of adjusted earnings after tax, the shares could trade down to $6. This would represent downside risk of -55%.The following daily chart provides a closer look at the technical backdrop.The technical picture suggests heavy resistance between $19 and $22. Given the unrelenting downtrend over the past three months, a near-term bounce is likely. That said, the upside technical potential combined with the downside fundamental potential leaves the shares with a balanced potential return spectrum of 65% to -55% over the near term.SummaryAll told, Palantir should be placed on the watchlist for high-risk growth investors. The long-term opportunity lies in becoming a foundational enterprise operating system capable of integrating structured and unstructured data for real-time intelligence. However, with notable red flags in the mix, caution is in order. The primary red flags include slowing sales, an unusual go-to-market shift, rapidly decelerating profitability, and an elevated valuation which offers limited margin for error. The resulting symmetry between risk and reward results in a neutral rating.","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":1940,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":633611543,"gmtCreate":1643987731194,"gmtModify":1643987731970,"author":{"id":"3579910050997707","authorId":"3579910050997707","name":"Lim8558","avatar":"https://static.tigerbbs.com/27d2b9122c7c618a7a6a381966ec4ef7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579910050997707","authorIdStr":"3579910050997707"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SOFI\">$SoFi Technologies Inc.(SOFI)$</a>&nbsp;squeeze the short","listText":"<a href=\"https://laohu8.com/S/SOFI\">$SoFi Technologies Inc.(SOFI)$</a>&nbsp;squeeze the short","text":"$SoFi Technologies Inc.(SOFI)$ squeeze the short","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/633611543","isVote":1,"tweetType":1,"viewCount":1485,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":633007998,"gmtCreate":1643522711742,"gmtModify":1643522712725,"author":{"id":"3579910050997707","authorId":"3579910050997707","name":"Lim8558","avatar":"https://static.tigerbbs.com/27d2b9122c7c618a7a6a381966ec4ef7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579910050997707","authorIdStr":"3579910050997707"},"themes":[],"htmlText":"L","listText":"L","text":"L","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/633007998","repostId":"2207809007","repostType":4,"isVote":1,"tweetType":1,"viewCount":1189,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":630228711,"gmtCreate":1642919606483,"gmtModify":1642919606715,"author":{"id":"3579910050997707","authorId":"3579910050997707","name":"Lim8558","avatar":"https://static.tigerbbs.com/27d2b9122c7c618a7a6a381966ec4ef7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579910050997707","authorIdStr":"3579910050997707"},"themes":[],"htmlText":"L","listText":"L","text":"L","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/630228711","repostId":"2205441860","repostType":4,"isVote":1,"tweetType":1,"viewCount":673,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":630947614,"gmtCreate":1642681092192,"gmtModify":1642681092406,"author":{"id":"3579910050997707","authorId":"3579910050997707","name":"Lim8558","avatar":"https://static.tigerbbs.com/27d2b9122c7c618a7a6a381966ec4ef7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579910050997707","authorIdStr":"3579910050997707"},"themes":[],"htmlText":"L","listText":"L","text":"L","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/630947614","repostId":"2204059124","repostType":4,"isVote":1,"tweetType":1,"viewCount":1160,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":697614690,"gmtCreate":1642441392898,"gmtModify":1642441393573,"author":{"id":"3579910050997707","authorId":"3579910050997707","name":"Lim8558","avatar":"https://static.tigerbbs.com/27d2b9122c7c618a7a6a381966ec4ef7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579910050997707","authorIdStr":"3579910050997707"},"themes":[],"htmlText":"L","listText":"L","text":"L","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/697614690","repostId":"2204795177","repostType":4,"repost":{"id":"2204795177","kind":"highlight","pubTimestamp":1642430932,"share":"https://www.laohu8.com/m/news/2204795177?lang=zh_CN&edition=full","pubTime":"2022-01-17 22:48","market":"us","language":"en","title":"Dutch consumer watchdog to vet Apple dating app payment reforms<blockquote>荷兰消费者监管机构将审查苹果约会应用程序支付改革</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2204795177","media":"Reuters","summary":"(Reuters) - The Dutch consumer watchdog said on Monday it would vet Apple's move to allow developers","content":"<p><html><head></head><body> (Reuters) - The Dutch consumer watchdog said on Monday it would vet Apple&#39;s move to allow developers of dating apps to offer non-Apple payment options in the Netherlands, to see if the changes are enough to meet competition rules.</p><p><blockquote><html><head></head><body>（路透社）-荷兰消费者监管机构周一表示，将审查苹果允许约会应用开发商在荷兰提供非苹果支付选项的举措，看看这些变化是否足以满足竞争规则。</body></html></blockquote></p><p>Late last month the Dutch Authority for Consumers and Markets <a href=\"https://laohu8.com/S/ACM\">$(ACM)$</a> ordered Apple to make changes for apps on offer in the Apple App Store in the Netherlands by Jan. 15 or face fines, after it found that the U.S. company had abused its market dominance by requiring dating app developers, including Tinder owner Match Group    Inc, to exclusively use Apple&#39;s in-app payment system.</p><p><blockquote>上个月末，荷兰消费者和市场管理局<a href=\"https://laohu8.com/S/ACM\">$(ACM)$</a>命令苹果在1月15日之前对荷兰苹果应用商店中提供的应用进行更改，否则将面临罚款，此前该公司发现这家美国公司滥用其市场主导地位，要求包括Tinder所有者Match Group Inc.在内的约会应用开发商专门使用苹果的应用内支付系统。</blockquote></p><p>ACM said in a statement that Apple had informed it about how the company intends to comply and the watchdog will now assess whether Apple&#39;s response is adequate.</p><p><blockquote>ACM在一份声明中表示，苹果已告知其该公司打算如何合规，监管机构现在将评估苹果的反应是否充分。</blockquote></p><p>&#34;As part of that assessment, ACM will sit down with dating-app providers, among other interested parties,&#34; it said.</p><p><blockquote>“作为评估的一部分，ACM将与约会应用程序提供商以及其他感兴趣的各方坐下来，”它说。</blockquote></p><p>The Coalition for App Fairness, which represents a group of app developers including Match Group and Epic Games, could not immediately be reached for comment. The group had applauded the ACM&#39;s December decision.</p><p><blockquote>代表Match Group和Epic Games等一群应用开发者的应用公平联盟未能立即联系到该联盟置评。该组织对ACM 12月的决定表示赞赏。</blockquote></p><p>Apple&#39;s practice of requiring developers to use its system and pay commissions of 15-30% on digital goods purchases has come under scrutiny from regulators and lawmakers around the world. However, the Dutch order and Apple&#39;s response cover only the Netherlands and only dating apps.</p><p><blockquote>苹果要求开发者使用其系统并为购买数字商品支付15-30%佣金的做法受到了世界各地监管机构和立法者的审查。然而，荷兰的命令和苹果的回应只涵盖荷兰，只涵盖约会应用。</blockquote></p><p>In a post on its developers&#39; blog, Apple said that while it is appealing the ACM decision, it would comply by introducing two new options &#34;exclusively applicable to dating apps on the Netherlands App Store, that provide additional payment processing options for users&#34;.</p><p><blockquote>苹果在其开发者博客上的一篇文章中表示，虽然它正在对ACM的决定提出上诉，但它将通过引入两个新选项来遵守规定，“专门适用于荷兰App Store上的约会应用程序，为用户提供额外的支付处理选项”。</blockquote></p><p>However, a spokesperson for the company said that Apple would still require some commission from developers on transactions that make use of the new options.</p><p><blockquote>不过，该公司发言人表示，苹果仍将要求开发商在利用新选项的交易中收取一些佣金。</blockquote></p><p>They could not specify how much those commissions will be or how Apple will enforce commissions for payments that don&#39;t flow through its systems.</p><p><blockquote>他们无法具体说明这些佣金是多少，也无法具体说明苹果将如何对未通过其系统的支付收取佣金。</blockquote></p><p>In Apple&#39;s blog post it noted that developers were not required to use the alternative options, and warned that Apple would not be able to help with safety or refunds of payments that take place outside its systems because it will &#34;not be directly aware of them&#34;.</p><p><blockquote>在苹果的博客文章中，它指出开发人员不需要使用替代选项，并警告说，苹果将无法帮助其系统之外发生的付款的安全或退款，因为它“不会直接知道它们”。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dutch consumer watchdog to vet Apple dating app payment reforms<blockquote>荷兰消费者监管机构将审查苹果约会应用程序支付改革</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDutch consumer watchdog to vet Apple dating app payment reforms<blockquote>荷兰消费者监管机构将审查苹果约会应用程序支付改革</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2022-01-17 22:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body> (Reuters) - The Dutch consumer watchdog said on Monday it would vet Apple&#39;s move to allow developers of dating apps to offer non-Apple payment options in the Netherlands, to see if the changes are enough to meet competition rules.</p><p><blockquote><html><head></head><body>（路透社）-荷兰消费者监管机构周一表示，将审查苹果允许约会应用开发商在荷兰提供非苹果支付选项的举措，看看这些变化是否足以满足竞争规则。</body></html></blockquote></p><p>Late last month the Dutch Authority for Consumers and Markets <a href=\"https://laohu8.com/S/ACM\">$(ACM)$</a> ordered Apple to make changes for apps on offer in the Apple App Store in the Netherlands by Jan. 15 or face fines, after it found that the U.S. company had abused its market dominance by requiring dating app developers, including Tinder owner Match Group    Inc, to exclusively use Apple&#39;s in-app payment system.</p><p><blockquote>上个月末，荷兰消费者和市场管理局<a href=\"https://laohu8.com/S/ACM\">$(ACM)$</a>命令苹果在1月15日之前对荷兰苹果应用商店中提供的应用进行更改，否则将面临罚款，此前该公司发现这家美国公司滥用其市场主导地位，要求包括Tinder所有者Match Group Inc.在内的约会应用开发商专门使用苹果的应用内支付系统。</blockquote></p><p>ACM said in a statement that Apple had informed it about how the company intends to comply and the watchdog will now assess whether Apple&#39;s response is adequate.</p><p><blockquote>ACM在一份声明中表示，苹果已告知其该公司打算如何合规，监管机构现在将评估苹果的反应是否充分。</blockquote></p><p>&#34;As part of that assessment, ACM will sit down with dating-app providers, among other interested parties,&#34; it said.</p><p><blockquote>“作为评估的一部分，ACM将与约会应用程序提供商以及其他感兴趣的各方坐下来，”它说。</blockquote></p><p>The Coalition for App Fairness, which represents a group of app developers including Match Group and Epic Games, could not immediately be reached for comment. The group had applauded the ACM&#39;s December decision.</p><p><blockquote>代表Match Group和Epic Games等一群应用开发者的应用公平联盟未能立即联系到该联盟置评。该组织对ACM 12月的决定表示赞赏。</blockquote></p><p>Apple&#39;s practice of requiring developers to use its system and pay commissions of 15-30% on digital goods purchases has come under scrutiny from regulators and lawmakers around the world. However, the Dutch order and Apple&#39;s response cover only the Netherlands and only dating apps.</p><p><blockquote>苹果要求开发者使用其系统并为购买数字商品支付15-30%佣金的做法受到了世界各地监管机构和立法者的审查。然而，荷兰的命令和苹果的回应只涵盖荷兰，只涵盖约会应用。</blockquote></p><p>In a post on its developers&#39; blog, Apple said that while it is appealing the ACM decision, it would comply by introducing two new options &#34;exclusively applicable to dating apps on the Netherlands App Store, that provide additional payment processing options for users&#34;.</p><p><blockquote>苹果在其开发者博客上的一篇文章中表示，虽然它正在对ACM的决定提出上诉，但它将通过引入两个新选项来遵守规定，“专门适用于荷兰App Store上的约会应用程序，为用户提供额外的支付处理选项”。</blockquote></p><p>However, a spokesperson for the company said that Apple would still require some commission from developers on transactions that make use of the new options.</p><p><blockquote>不过，该公司发言人表示，苹果仍将要求开发商在利用新选项的交易中收取一些佣金。</blockquote></p><p>They could not specify how much those commissions will be or how Apple will enforce commissions for payments that don&#39;t flow through its systems.</p><p><blockquote>他们无法具体说明这些佣金是多少，也无法具体说明苹果将如何对未通过其系统的支付收取佣金。</blockquote></p><p>In Apple&#39;s blog post it noted that developers were not required to use the alternative options, and warned that Apple would not be able to help with safety or refunds of payments that take place outside its systems because it will &#34;not be directly aware of them&#34;.</p><p><blockquote>在苹果的博客文章中，它指出开发人员不需要使用替代选项，并警告说，苹果将无法帮助其系统之外发生的付款的安全或退款，因为它“不会直接知道它们”。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/1-dutch-consumer-watchdog-vet-143318673.html\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","BK4550":"红杉资本持仓","BK4505":"高瓴资本持仓","BK4527":"明星科技股","BK4507":"流媒体概念","BK4566":"资本集团","BK4534":"瑞士信贷持仓","BK4554":"元宇宙及AR概念","BK4532":"文艺复兴科技持仓","BK4170":"电脑硬件、储存设备及电脑周边","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4501":"段永平概念","BK4515":"5G概念","BK4559":"巴菲特持仓","BK4553":"喜马拉雅资本持仓"},"source_url":"https://finance.yahoo.com/news/1-dutch-consumer-watchdog-vet-143318673.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2204795177","content_text":"(Reuters) - The Dutch consumer watchdog said on Monday it would vet Apple's move to allow developers of dating apps to offer non-Apple payment options in the Netherlands, to see if the changes are enough to meet competition rules.Late last month the Dutch Authority for Consumers and Markets $(ACM)$ ordered Apple to make changes for apps on offer in the Apple App Store in the Netherlands by Jan. 15 or face fines, after it found that the U.S. company had abused its market dominance by requiring dating app developers, including Tinder owner Match Group    Inc, to exclusively use Apple's in-app payment system.ACM said in a statement that Apple had informed it about how the company intends to comply and the watchdog will now assess whether Apple's response is adequate.\"As part of that assessment, ACM will sit down with dating-app providers, among other interested parties,\" it said.The Coalition for App Fairness, which represents a group of app developers including Match Group and Epic Games, could not immediately be reached for comment. The group had applauded the ACM's December decision.Apple's practice of requiring developers to use its system and pay commissions of 15-30% on digital goods purchases has come under scrutiny from regulators and lawmakers around the world. However, the Dutch order and Apple's response cover only the Netherlands and only dating apps.In a post on its developers' blog, Apple said that while it is appealing the ACM decision, it would comply by introducing two new options \"exclusively applicable to dating apps on the Netherlands App Store, that provide additional payment processing options for users\".However, a spokesperson for the company said that Apple would still require some commission from developers on transactions that make use of the new options.They could not specify how much those commissions will be or how Apple will enforce commissions for payments that don't flow through its systems.In Apple's blog post it noted that developers were not required to use the alternative options, and warned that Apple would not be able to help with safety or refunds of payments that take place outside its systems because it will \"not be directly aware of 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19:49","market":"sh","language":"en","title":"Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160929405","media":".bloomberg","summary":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government","content":"<p>Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.</p><p><blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote></p><p> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.</p><p><blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote></p><p> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.</p><p><blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote></p><p> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.</p><p><blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币押注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote></p><p> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.</p><p><blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote></p><p> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.</p><p><blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote></p><p> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.</p><p><blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote></p><p> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.</p><p><blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote></p><p> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.</p><p><blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote></p><p></p><p> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.</p><p><blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote></p><p> “You can’t get those yields in the traditional space”</p><p><blockquote>“你无法在传统领域获得这些产量”</blockquote></p><p> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.</p><p><blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote></p><p> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.</p><p><blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote></p><p> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.</p><p><blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote></p><p> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”</p><p><blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</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>Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</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\">\nCrypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">.bloomberg</strong><span class=\"h-time small\">2021-06-16 19:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.</p><p><blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote></p><p> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.</p><p><blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote></p><p> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.</p><p><blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote></p><p> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.</p><p><blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币押注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote></p><p> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.</p><p><blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote></p><p> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.</p><p><blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote></p><p> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.</p><p><blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote></p><p> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.</p><p><blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote></p><p> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.</p><p><blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote></p><p></p><p> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.</p><p><blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote></p><p> “You can’t get those yields in the traditional space”</p><p><blockquote>“你无法在传统领域获得这些产量”</blockquote></p><p> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.</p><p><blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote></p><p> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.</p><p><blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote></p><p> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.</p><p><blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote></p><p> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”</p><p><blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto\">.bloomberg</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":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160929405","content_text":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.\nHe decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.\nTraders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.\nIt’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.\nThe big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.\nTo see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.\nInvestors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.\nOther DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.\nIf that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.\nOther risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.\n“You can’t get those yields in the traditional space”\nThe history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.\nWhat about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.\nAdvocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.\nBut Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":250,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":196626156,"gmtCreate":1621050350275,"gmtModify":1634194284851,"author":{"id":"3579910050997707","authorId":"3579910050997707","name":"Lim8558","avatar":"https://static.tigerbbs.com/27d2b9122c7c618a7a6a381966ec4ef7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579910050997707","authorIdStr":"3579910050997707"},"themes":[],"htmlText":"Like n comments. Thanks&nbsp;","listText":"Like n comments. Thanks&nbsp;","text":"Like n comments. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/196626156","repostId":"1163454382","repostType":4,"repost":{"id":"1163454382","kind":"news","pubTimestamp":1621004581,"share":"https://www.laohu8.com/m/news/1163454382?lang=zh_CN&edition=full","pubTime":"2021-05-14 23:03","market":"us","language":"en","title":"Why AMC Entertainment Stock Jumped Again Friday<blockquote>为什么AMC院线股价周五再次上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1163454382","media":"Motley Fool","summary":"AMC investors have reason for more optimism on the heels of another capital raise.Yesterday's jump came after the company announcedit raised $428 million. First, the Centers for Disease Control and Prevention  issued a new statement on current health and safety protocols saying that fully vaccinated people can resume activities without wearing a mask or physically distancing, including indoors.This should allow theaters to open back up at full capacity and be a desirable destination for vaccinat","content":"<p>  <b>AMC investors have reason for more optimism on the heels of another capital raise.</b>  <b>What happened</b></p><p><blockquote><b>在再次融资后，AMC投资者有理由更加乐观。</b><b>发生了什么</b></blockquote></p><p> A day after<b>AMC Entertainment Holdings</b>(NYSE:AMC)</p><p><blockquote>一天后<b>AMC院线控股</b>（纽约证券交易所代码：AMC）</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Yesterday's jump came after the company announcedit raised $428 million</p><p><blockquote>昨天的股价上涨是在该公司宣布筹集4.28亿美元后发生的</blockquote></p><p> First, the Centers for Disease Control and Prevention (CDC) issued a new statement on current health and safety protocols saying that fully vaccinated people can resume activities without wearing a mask or physically distancing, including indoors.</p><p><blockquote>首先，美国疾病控制和预防中心（CDC）发布了一份关于当前健康和安全协议的新声明，称完全接种疫苗的人可以在不戴口罩或保持身体距离的情况下恢复活动，包括在室内。</blockquote></p><p> This should allow theaters to open back up at full capacity and be a desirable destination for vaccinated movie patrons. Also yesterday,<b>Walt Disney</b>(NYSE:DIS)announced its quarterly earnings report, and CEO Bob Chapek noted \"increased production at our studios.\" While that is a positive for theater operators, Disney also reported disappointing subscriber growth in itsstreaming services.</p><p><blockquote>这将使电影院能够满负荷开放，并成为接种疫苗的电影顾客的理想目的地。同样在昨天，<b>迪斯尼</b>（纽约证券交易所股票代码：DIS）宣布了季度收益报告，首席执行官鲍勃·查佩克指出“我们工作室的产量有所增加”。虽然这对影院运营商来说是积极的，但迪士尼也报告称其流媒体服务的用户增长令人失望。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> Lower streaming subscriptions could be a positive sign for the theater business. As vaccinations continue to roll out, and with the CDC now officially giving its approval to gather indoors with crowds and without masks, theater attendance may resume quickly.</p><p><blockquote>流媒体订阅量的下降对影院业务来说可能是一个积极的信号。随着疫苗接种的继续推广，以及疾病预防控制中心现在正式批准在不戴口罩的情况下与人群聚集在室内，剧院的上座率可能会很快恢复。</blockquote></p><p> Vaccinations are going to drive people back to activities outside the home. Movie theaters are likely to be a favorite destination after more than a year of mostly watching at home. On the heels of another capital raise, AMC investors may be thinking this company finally has a promising path ahead.</p><p><blockquote>疫苗接种将促使人们回到户外活动。在一年多的时间里，电影院可能会成为人们最喜欢的目的地。在另一次融资之后，AMC投资者可能认为这家公司终于有了一条充满希望的未来之路。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why AMC Entertainment Stock Jumped Again Friday<blockquote>为什么AMC院线股价周五再次上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy AMC Entertainment Stock Jumped Again Friday<blockquote>为什么AMC院线股价周五再次上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-05-14 23:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>AMC investors have reason for more optimism on the heels of another capital raise.</b>  <b>What happened</b></p><p><blockquote><b>在再次融资后，AMC投资者有理由更加乐观。</b><b>发生了什么</b></blockquote></p><p> A day after<b>AMC Entertainment Holdings</b>(NYSE:AMC)</p><p><blockquote>一天后<b>AMC院线控股</b>（纽约证券交易所代码：AMC）</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Yesterday's jump came after the company announcedit raised $428 million</p><p><blockquote>昨天的股价上涨是在该公司宣布筹集4.28亿美元后发生的</blockquote></p><p> First, the Centers for Disease Control and Prevention (CDC) issued a new statement on current health and safety protocols saying that fully vaccinated people can resume activities without wearing a mask or physically distancing, including indoors.</p><p><blockquote>首先，美国疾病控制和预防中心（CDC）发布了一份关于当前健康和安全协议的新声明，称完全接种疫苗的人可以在不戴口罩或保持身体距离的情况下恢复活动，包括在室内。</blockquote></p><p> This should allow theaters to open back up at full capacity and be a desirable destination for vaccinated movie patrons. Also yesterday,<b>Walt Disney</b>(NYSE:DIS)announced its quarterly earnings report, and CEO Bob Chapek noted \"increased production at our studios.\" While that is a positive for theater operators, Disney also reported disappointing subscriber growth in itsstreaming services.</p><p><blockquote>这将使电影院能够满负荷开放，并成为接种疫苗的电影顾客的理想目的地。同样在昨天，<b>迪斯尼</b>（纽约证券交易所股票代码：DIS）宣布了季度收益报告，首席执行官鲍勃·查佩克指出“我们工作室的产量有所增加”。虽然这对影院运营商来说是积极的，但迪士尼也报告称其流媒体服务的用户增长令人失望。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> Lower streaming subscriptions could be a positive sign for the theater business. As vaccinations continue to roll out, and with the CDC now officially giving its approval to gather indoors with crowds and without masks, theater attendance may resume quickly.</p><p><blockquote>流媒体订阅量的下降对影院业务来说可能是一个积极的信号。随着疫苗接种的继续推广，以及疾病预防控制中心现在正式批准在不戴口罩的情况下与人群聚集在室内，剧院的上座率可能会很快恢复。</blockquote></p><p> Vaccinations are going to drive people back to activities outside the home. Movie theaters are likely to be a favorite destination after more than a year of mostly watching at home. On the heels of another capital raise, AMC investors may be thinking this company finally has a promising path ahead.</p><p><blockquote>疫苗接种将促使人们回到户外活动。在一年多的时间里，电影院可能会成为人们最喜欢的目的地。在另一次融资之后，AMC投资者可能认为这家公司终于有了一条充满希望的未来之路。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/05/14/why-amc-entertainment-stock-jumped-again-friday/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://www.fool.com/investing/2021/05/14/why-amc-entertainment-stock-jumped-again-friday/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163454382","content_text":"AMC investors have reason for more optimism on the heels of another capital raise.\n\nWhat happened\nA day afterAMC Entertainment Holdings(NYSE:AMC)\nSo what\nYesterday's jump came after the company announcedit raised $428 million\nFirst, the Centers for Disease Control and Prevention (CDC) issued a new statement on current health and safety protocols saying that fully vaccinated people can resume activities without wearing a mask or physically distancing, including indoors.\nThis should allow theaters to open back up at full capacity and be a desirable destination for vaccinated movie patrons. Also yesterday,Walt Disney(NYSE:DIS)announced its quarterly earnings report, and CEO Bob Chapek noted \"increased production at our studios.\" While that is a positive for theater operators, Disney also reported disappointing subscriber growth in itsstreaming services.\nNow what\nLower streaming subscriptions could be a positive sign for the theater business. As vaccinations continue to roll out, and with the CDC now officially giving its approval to gather indoors with crowds and without masks, theater attendance may resume quickly.\nVaccinations are going to drive people back to activities outside the home. Movie theaters are likely to be a favorite destination after more than a year of mostly watching at home. On the heels of another capital raise, AMC investors may be thinking this company finally has a promising path ahead.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":316,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192346548,"gmtCreate":1621152425984,"gmtModify":1634193699894,"author":{"id":"3579910050997707","authorId":"3579910050997707","name":"Lim8558","avatar":"https://static.tigerbbs.com/27d2b9122c7c618a7a6a381966ec4ef7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579910050997707","authorIdStr":"3579910050997707"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/192346548","repostId":"1163454382","repostType":4,"repost":{"id":"1163454382","kind":"news","pubTimestamp":1621004581,"share":"https://www.laohu8.com/m/news/1163454382?lang=zh_CN&edition=full","pubTime":"2021-05-14 23:03","market":"us","language":"en","title":"Why AMC Entertainment Stock Jumped Again Friday<blockquote>为什么AMC院线股价周五再次上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1163454382","media":"Motley Fool","summary":"AMC investors have reason for more optimism on the heels of another capital raise.Yesterday's jump came after the company announcedit raised $428 million. First, the Centers for Disease Control and Prevention  issued a new statement on current health and safety protocols saying that fully vaccinated people can resume activities without wearing a mask or physically distancing, including indoors.This should allow theaters to open back up at full capacity and be a desirable destination for vaccinat","content":"<p>  <b>AMC investors have reason for more optimism on the heels of another capital raise.</b>  <b>What happened</b></p><p><blockquote><b>在再次融资后，AMC投资者有理由更加乐观。</b><b>发生了什么</b></blockquote></p><p> A day after<b>AMC Entertainment Holdings</b>(NYSE:AMC)</p><p><blockquote>一天后<b>AMC院线控股</b>（纽约证券交易所代码：AMC）</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Yesterday's jump came after the company announcedit raised $428 million</p><p><blockquote>昨天的股价上涨是在该公司宣布筹集4.28亿美元后发生的</blockquote></p><p> First, the Centers for Disease Control and Prevention (CDC) issued a new statement on current health and safety protocols saying that fully vaccinated people can resume activities without wearing a mask or physically distancing, including indoors.</p><p><blockquote>首先，美国疾病控制和预防中心（CDC）发布了一份关于当前健康和安全协议的新声明，称完全接种疫苗的人可以在不戴口罩或保持身体距离的情况下恢复活动，包括在室内。</blockquote></p><p> This should allow theaters to open back up at full capacity and be a desirable destination for vaccinated movie patrons. Also yesterday,<b>Walt Disney</b>(NYSE:DIS)announced its quarterly earnings report, and CEO Bob Chapek noted \"increased production at our studios.\" While that is a positive for theater operators, Disney also reported disappointing subscriber growth in itsstreaming services.</p><p><blockquote>这将使电影院能够满负荷开放，并成为接种疫苗的电影顾客的理想目的地。同样在昨天，<b>迪斯尼</b>（纽约证券交易所股票代码：DIS）宣布了季度收益报告，首席执行官鲍勃·查佩克指出“我们工作室的产量有所增加”。虽然这对影院运营商来说是积极的，但迪士尼也报告称其流媒体服务的用户增长令人失望。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> Lower streaming subscriptions could be a positive sign for the theater business. As vaccinations continue to roll out, and with the CDC now officially giving its approval to gather indoors with crowds and without masks, theater attendance may resume quickly.</p><p><blockquote>流媒体订阅量的下降对影院业务来说可能是一个积极的信号。随着疫苗接种的继续推广，以及疾病预防控制中心现在正式批准在不戴口罩的情况下与人群聚集在室内，剧院的上座率可能会很快恢复。</blockquote></p><p> Vaccinations are going to drive people back to activities outside the home. Movie theaters are likely to be a favorite destination after more than a year of mostly watching at home. On the heels of another capital raise, AMC investors may be thinking this company finally has a promising path ahead.</p><p><blockquote>疫苗接种将促使人们回到户外活动。在一年多的时间里，电影院可能会成为人们最喜欢的目的地。在另一次融资之后，AMC投资者可能认为这家公司终于有了一条充满希望的未来之路。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why AMC Entertainment Stock Jumped Again Friday<blockquote>为什么AMC院线股价周五再次上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy AMC Entertainment Stock Jumped Again Friday<blockquote>为什么AMC院线股价周五再次上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-05-14 23:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>AMC investors have reason for more optimism on the heels of another capital raise.</b>  <b>What happened</b></p><p><blockquote><b>在再次融资后，AMC投资者有理由更加乐观。</b><b>发生了什么</b></blockquote></p><p> A day after<b>AMC Entertainment Holdings</b>(NYSE:AMC)</p><p><blockquote>一天后<b>AMC院线控股</b>（纽约证券交易所代码：AMC）</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Yesterday's jump came after the company announcedit raised $428 million</p><p><blockquote>昨天的股价上涨是在该公司宣布筹集4.28亿美元后发生的</blockquote></p><p> First, the Centers for Disease Control and Prevention (CDC) issued a new statement on current health and safety protocols saying that fully vaccinated people can resume activities without wearing a mask or physically distancing, including indoors.</p><p><blockquote>首先，美国疾病控制和预防中心（CDC）发布了一份关于当前健康和安全协议的新声明，称完全接种疫苗的人可以在不戴口罩或保持身体距离的情况下恢复活动，包括在室内。</blockquote></p><p> This should allow theaters to open back up at full capacity and be a desirable destination for vaccinated movie patrons. Also yesterday,<b>Walt Disney</b>(NYSE:DIS)announced its quarterly earnings report, and CEO Bob Chapek noted \"increased production at our studios.\" While that is a positive for theater operators, Disney also reported disappointing subscriber growth in itsstreaming services.</p><p><blockquote>这将使电影院能够满负荷开放，并成为接种疫苗的电影顾客的理想目的地。同样在昨天，<b>迪斯尼</b>（纽约证券交易所股票代码：DIS）宣布了季度收益报告，首席执行官鲍勃·查佩克指出“我们工作室的产量有所增加”。虽然这对影院运营商来说是积极的，但迪士尼也报告称其流媒体服务的用户增长令人失望。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> Lower streaming subscriptions could be a positive sign for the theater business. As vaccinations continue to roll out, and with the CDC now officially giving its approval to gather indoors with crowds and without masks, theater attendance may resume quickly.</p><p><blockquote>流媒体订阅量的下降对影院业务来说可能是一个积极的信号。随着疫苗接种的继续推广，以及疾病预防控制中心现在正式批准在不戴口罩的情况下与人群聚集在室内，剧院的上座率可能会很快恢复。</blockquote></p><p> Vaccinations are going to drive people back to activities outside the home. Movie theaters are likely to be a favorite destination after more than a year of mostly watching at home. On the heels of another capital raise, AMC investors may be thinking this company finally has a promising path ahead.</p><p><blockquote>疫苗接种将促使人们回到户外活动。在一年多的时间里，电影院可能会成为人们最喜欢的目的地。在另一次融资之后，AMC投资者可能认为这家公司终于有了一条充满希望的未来之路。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/05/14/why-amc-entertainment-stock-jumped-again-friday/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://www.fool.com/investing/2021/05/14/why-amc-entertainment-stock-jumped-again-friday/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163454382","content_text":"AMC investors have reason for more optimism on the heels of another capital raise.\n\nWhat happened\nA day afterAMC Entertainment Holdings(NYSE:AMC)\nSo what\nYesterday's jump came after the company announcedit raised $428 million\nFirst, the Centers for Disease Control and Prevention (CDC) issued a new statement on current health and safety protocols saying that fully vaccinated people can resume activities without wearing a mask or physically distancing, including indoors.\nThis should allow theaters to open back up at full capacity and be a desirable destination for vaccinated movie patrons. Also yesterday,Walt Disney(NYSE:DIS)announced its quarterly earnings report, and CEO Bob Chapek noted \"increased production at our studios.\" While that is a positive for theater operators, Disney also reported disappointing subscriber growth in itsstreaming services.\nNow what\nLower streaming subscriptions could be a positive sign for the theater business. As vaccinations continue to roll out, and with the CDC now officially giving its approval to gather indoors with crowds and without masks, theater attendance may resume quickly.\nVaccinations are going to drive people back to activities outside the home. Movie theaters are likely to be a favorite destination after more than a year of mostly watching at home. On the heels of another capital raise, AMC investors may be thinking this company finally has a promising path ahead.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":587,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":850106185,"gmtCreate":1634562835276,"gmtModify":1634562871506,"author":{"id":"3579910050997707","authorId":"3579910050997707","name":"Lim8558","avatar":"https://static.tigerbbs.com/27d2b9122c7c618a7a6a381966ec4ef7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579910050997707","authorIdStr":"3579910050997707"},"themes":[],"htmlText":"Li","listText":"Li","text":"Li","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/850106185","repostId":"1189411842","repostType":4,"repost":{"id":"1189411842","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":1634557980,"share":"https://www.laohu8.com/m/news/1189411842?lang=zh_CN&edition=full","pubTime":"2021-10-18 19:53","market":"us","language":"en","title":"Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1189411842","media":"Tiger Newspress","summary":"(Oct 18) Stock futures fell Monday morning to give back some gains after theS&P 500's best week sinc","content":"<p>(Oct&nbsp;18)&nbsp;Stock futures fell Monday morning to give back some gains after theS&amp;P 500's best week since July, with investors' concerns over elevated inflation offsetting hopes that more companies will follow the lead of the big banks last week and post strong quarterly earnings results.</p><p><blockquote>（10月18日）周一上午，在标准普尔500指数创下7月以来最好的一周后，股指期货下跌，回吐部分涨幅，投资者对通胀上升的担忧抵消了更多公司将效仿上周大银行并公布强劲季度收益的希望结果。</blockquote></p><p> At 07:55 a.m. ET, Dow e-minis were down 114 points, or 0.32%, S&amp;P 500 e-minis were down 13 points, or 0.29%, and <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> 100 e-minis were down 29.5 points, or 0.19%.</p><p><blockquote>截至美国东部时间上午07:55，道琼斯电子迷你指数下跌114点，跌幅0.32%，标普500电子迷你指数下跌13点，跌幅0.29%，<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>100辆e-mini下跌29.5点，跌幅0.19%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3b70366d9fa5fd9b7e99f325a5de0e9d\" tg-width=\"1242\" tg-height=\"509\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <ul>  <li><a href=\"https://laohu8.com/S/BIDU\">Baidu</a> shares erased earlier losses and climbed as much as 4.3% in Hong Kong, as <a href=\"https://laohu8.com/S/CAAS\">China</a> debates rules to make hundreds of millions of articles on Tencent’s WeChat messaging app available via search engines like Baidu’s.</li>  <li>Crypto-related stocks in action as Bitcoin leaps as much as 5.3% and is just shy of a fresh six-month high. <a href=\"https://laohu8.com/S/RIOT\">Riot Blockchain, Inc.</a>, <a href=\"https://laohu8.com/S/MARA\">Marathon Digital Holdings Inc</a> and <a href=\"https://laohu8.com/S/COIN\">Coinbase Global, Inc.</a>&nbsp;are all up.</li>  <li><a href=\"https://laohu8.com/S/TSLA\">Tesla Motors</a> shares rise 0.2% in&nbsp;premarket&nbsp;trading Monday, poised for 50% rally from a March 8 low, ahead of its third-quarter results on Wednesday.</li>  <li><a href=\"https://laohu8.com/S/DVAX\">Dynavax</a> shares rise as much as 10% in U.S. pre-trading hours after the biopharmaceutical company announced that Valneva reported the trial of inactivated, adjuvanted Covid-19 vaccine candidate VLA2001 met its co-primary endpoints</li>  <li><a href=\"https://laohu8.com/S/DIS\">Walt Disney</a> drops in&nbsp;premarket&nbsp;trading after Barclays downgrades to equal-weight as the company faces a “tough” task to get to its long-term streaming subscription guidance.</li>  <li><a href=\"https://laohu8.com/S/NTAP\">NetApp</a> slips 2.2% in&nbsp;premarket&nbsp;trading after <a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a> analyst Rod Hall cut the recommendation on NetApp Inc. to sell from neutral.</li> </ul> <b>In FX, </b>the Bloomberg Dollar Spot Index advanced as the dollar traded higher versus all of its Group-of-10 peers Traders pulled forward rate- hike bets after BoE governor Bailey said the central bank “will have to act” on inflation. U.K. money markets now see 36 basis points of BoE rate increases in December and are pricing 15 basis points of tightening next month. Traders are also now betting the BoE’s key rate will rise to 1% by August, from 0.1% currently. The euro struggled to recover after falling below the $1.16 handle in the Asian session; money markets are betting the ECB will hike the deposit rate to -0.4% in September as expectations for global central-bank policy tightening gather pace. Resilience in the spot market and a divergence with rate differentials in the past sessions has resulted in a flatter volatility skew for the euro.</p><p><blockquote><ul><li><a href=\"https://laohu8.com/S/BIDU\">百度</a>香港股市收复早前跌幅，上涨4.3%，<a href=\"https://laohu8.com/S/CAAS\">中国</a>辩论通过百度等搜索引擎提供腾讯控股微信消息应用程序上数亿篇文章的规则。</li><li>随着比特币股价上涨5.3%，接近六个月新高，加密货币相关股票纷纷上涨。<a href=\"https://laohu8.com/S/RIOT\">防暴区块链公司。</a>,<a href=\"https://laohu8.com/S/MARA\">马拉松数字控股公司</a>和<a href=\"https://laohu8.com/S/COIN\">比特币基地全球公司。</a>都起来了。</li><li><a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>周一盘前交易中，该股上涨0.2%，在周三公布第三季度业绩之前，有望较3月8日低点上涨50%。</li><li><a href=\"https://laohu8.com/S/DVAX\">Dynavax</a>生物制药公司Valneva宣布灭活佐剂Covid-19候选疫苗VLA2001的试验达到了其共同主要终点后，该公司股价在美国盘前交易时段上涨了10%</li><li><a href=\"https://laohu8.com/S/DIS\">迪斯尼</a>巴克莱银行将评级下调至同等权重后，盘前交易下跌，因为该公司面临着实现长期流媒体订阅指导的“艰巨”任务。</li><li><a href=\"https://laohu8.com/S/NTAP\">NetApp</a>盘前交易下跌2.2%<a href=\"https://laohu8.com/S/GS\">高盛</a>分析师Rod Hall将NetApp Inc.的评级从中性下调至卖出。</li></ul><b>在FX中，</b>彭博美元现货指数上涨，美元兑所有10国集团同行走高，在英国央行行长贝利表示央行“将不得不对通胀采取行动”后，交易员撤回了远期加息押注。英国货币市场目前预计英国央行12月份将加息36个基点，并预计下个月将收紧15个基点。交易员现在还押注英国央行的关键利率将从目前的0.1%升至8月份的1%。欧元在亚洲时段跌破1.16美元关口后难以回升；随着全球央行政策收紧的预期加快，货币市场押注欧洲央行将在9月份将存款利率上调至-0.4%。现货市场的弹性以及过去几个交易日与利差的背离导致欧元的波动性趋于平缓。</blockquote></p><p> <b>In rates, </b>treasuries were under pressure led by belly of the curve as rate-hike premium continues to increase in global interest rates. Yields, though off session highs, remain cheaper by nearly 5bp in 5-year sector; 2s5s30s fly topped at -12.5bp, cheapest since 2018; 10-year is up 2.8bp around 1.60% vs 3.4bp increase for U.K. 10-year. Belly-led losses flattened U.S. 5s30s by as much as 5.4bp to tightest since April 2020 at around 86.1bp; U.K. 5s30s curve is flatter by ~8bp after its 5-year yield rose as much as 14bp.</p><p><blockquote><b>在费率方面，</b>随着全球利率加息溢价持续上升，美国国债面临曲线腹部带来的压力。5年期国债收益率虽然脱离盘中高点，但仍便宜近5个基点；2s5s30s最高为-12.5个基点，为2018年以来最便宜；10年期国债上涨2.8个基点，约为1.60%，而英国10年期国债上涨3.4个基点。腹部主导的下跌使美国5S30指数下跌5.4个基点，至2020年4月以来的最低水平，约为86.1个基点；英国5年期国债收益率上涨14bp后，5s30s曲线平坦了约8bp。</blockquote></p><p> Gilts led the move, with U.K. 2-year yield climbing as much as 16.8bp to highest since May 2019 as money markets priced in more policy tightening after Governor Andrew Bailey said the Bank of England “will have to act” on inflation. With latest moves, U.S. swaps market prices in two Fed hikes by the end of 2022.</p><p><blockquote>英国国债领涨，英国2年期国债收益率攀升16.8个基点，至2019年5月以来的最高水平，因为在行长安德鲁·贝利(Andrew Bailey)表示英国央行“将不得不对通胀采取行动”后，货币市场消化了更多政策收紧的影响。根据最新举措，美国将在2022年底前两次美联储加息中交换市场价格。</blockquote></p><p> <b>In commodities, </b>WTI rose 1%, trading just off session highs near $83.20; Brent holds above $85. Spot gold drifts lower near $1,762/oz. Most base metals are in the green with LME lead and tin outperforming.</p><p><blockquote><b>在大宗商品中，</b>WTI上涨1%，交易价格略低于83.20美元附近的盘中高点；布伦特原油维持在85美元上方。现货黄金在1762美元/盎司附近走低。大多数基本金属呈绿色，LME铅和锡表现优于大盘。</blockquote></p><p> Looking at today's calendar, we have industrial production, US September industrial production, capacity utilisation, October NAHB housing market index. Fed speakers include Quarles, Kashkari.</p><p><blockquote>看看今天的日历，我们有工业生产、美国9月工业生产、产能利用率、10月NAHB房地产市场指数。美联储发言人包括夸尔斯、卡什卡利。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nToplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-10-18 19:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Oct&nbsp;18)&nbsp;Stock futures fell Monday morning to give back some gains after theS&amp;P 500's best week since July, with investors' concerns over elevated inflation offsetting hopes that more companies will follow the lead of the big banks last week and post strong quarterly earnings results.</p><p><blockquote>（10月18日）周一上午，在标准普尔500指数创下7月以来最好的一周后，股指期货下跌，回吐部分涨幅，投资者对通胀上升的担忧抵消了更多公司将效仿上周大银行并公布强劲季度收益的希望结果。</blockquote></p><p> At 07:55 a.m. ET, Dow e-minis were down 114 points, or 0.32%, S&amp;P 500 e-minis were down 13 points, or 0.29%, and <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> 100 e-minis were down 29.5 points, or 0.19%.</p><p><blockquote>截至美国东部时间上午07:55，道琼斯电子迷你指数下跌114点，跌幅0.32%，标普500电子迷你指数下跌13点，跌幅0.29%，<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>100辆e-mini下跌29.5点，跌幅0.19%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3b70366d9fa5fd9b7e99f325a5de0e9d\" tg-width=\"1242\" tg-height=\"509\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <ul>  <li><a href=\"https://laohu8.com/S/BIDU\">Baidu</a> shares erased earlier losses and climbed as much as 4.3% in Hong Kong, as <a href=\"https://laohu8.com/S/CAAS\">China</a> debates rules to make hundreds of millions of articles on Tencent’s WeChat messaging app available via search engines like Baidu’s.</li>  <li>Crypto-related stocks in action as Bitcoin leaps as much as 5.3% and is just shy of a fresh six-month high. <a href=\"https://laohu8.com/S/RIOT\">Riot Blockchain, Inc.</a>, <a href=\"https://laohu8.com/S/MARA\">Marathon Digital Holdings Inc</a> and <a href=\"https://laohu8.com/S/COIN\">Coinbase Global, Inc.</a>&nbsp;are all up.</li>  <li><a href=\"https://laohu8.com/S/TSLA\">Tesla Motors</a> shares rise 0.2% in&nbsp;premarket&nbsp;trading Monday, poised for 50% rally from a March 8 low, ahead of its third-quarter results on Wednesday.</li>  <li><a href=\"https://laohu8.com/S/DVAX\">Dynavax</a> shares rise as much as 10% in U.S. pre-trading hours after the biopharmaceutical company announced that Valneva reported the trial of inactivated, adjuvanted Covid-19 vaccine candidate VLA2001 met its co-primary endpoints</li>  <li><a href=\"https://laohu8.com/S/DIS\">Walt Disney</a> drops in&nbsp;premarket&nbsp;trading after Barclays downgrades to equal-weight as the company faces a “tough” task to get to its long-term streaming subscription guidance.</li>  <li><a href=\"https://laohu8.com/S/NTAP\">NetApp</a> slips 2.2% in&nbsp;premarket&nbsp;trading after <a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a> analyst Rod Hall cut the recommendation on NetApp Inc. to sell from neutral.</li> </ul> <b>In FX, </b>the Bloomberg Dollar Spot Index advanced as the dollar traded higher versus all of its Group-of-10 peers Traders pulled forward rate- hike bets after BoE governor Bailey said the central bank “will have to act” on inflation. U.K. money markets now see 36 basis points of BoE rate increases in December and are pricing 15 basis points of tightening next month. Traders are also now betting the BoE’s key rate will rise to 1% by August, from 0.1% currently. The euro struggled to recover after falling below the $1.16 handle in the Asian session; money markets are betting the ECB will hike the deposit rate to -0.4% in September as expectations for global central-bank policy tightening gather pace. Resilience in the spot market and a divergence with rate differentials in the past sessions has resulted in a flatter volatility skew for the euro.</p><p><blockquote><ul><li><a href=\"https://laohu8.com/S/BIDU\">百度</a>香港股市收复早前跌幅，上涨4.3%，<a href=\"https://laohu8.com/S/CAAS\">中国</a>辩论通过百度等搜索引擎提供腾讯控股微信消息应用程序上数亿篇文章的规则。</li><li>随着比特币股价上涨5.3%，接近六个月新高，加密货币相关股票纷纷上涨。<a href=\"https://laohu8.com/S/RIOT\">防暴区块链公司。</a>,<a href=\"https://laohu8.com/S/MARA\">马拉松数字控股公司</a>和<a href=\"https://laohu8.com/S/COIN\">比特币基地全球公司。</a>都起来了。</li><li><a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>周一盘前交易中，该股上涨0.2%，在周三公布第三季度业绩之前，有望较3月8日低点上涨50%。</li><li><a href=\"https://laohu8.com/S/DVAX\">Dynavax</a>生物制药公司Valneva宣布灭活佐剂Covid-19候选疫苗VLA2001的试验达到了其共同主要终点后，该公司股价在美国盘前交易时段上涨了10%</li><li><a href=\"https://laohu8.com/S/DIS\">迪斯尼</a>巴克莱银行将评级下调至同等权重后，盘前交易下跌，因为该公司面临着实现长期流媒体订阅指导的“艰巨”任务。</li><li><a href=\"https://laohu8.com/S/NTAP\">NetApp</a>盘前交易下跌2.2%<a href=\"https://laohu8.com/S/GS\">高盛</a>分析师Rod Hall将NetApp Inc.的评级从中性下调至卖出。</li></ul><b>在FX中，</b>彭博美元现货指数上涨，美元兑所有10国集团同行走高，在英国央行行长贝利表示央行“将不得不对通胀采取行动”后，交易员撤回了远期加息押注。英国货币市场目前预计英国央行12月份将加息36个基点，并预计下个月将收紧15个基点。交易员现在还押注英国央行的关键利率将从目前的0.1%升至8月份的1%。欧元在亚洲时段跌破1.16美元关口后难以回升；随着全球央行政策收紧的预期加快，货币市场押注欧洲央行将在9月份将存款利率上调至-0.4%。现货市场的弹性以及过去几个交易日与利差的背离导致欧元的波动性趋于平缓。</blockquote></p><p> <b>In rates, </b>treasuries were under pressure led by belly of the curve as rate-hike premium continues to increase in global interest rates. Yields, though off session highs, remain cheaper by nearly 5bp in 5-year sector; 2s5s30s fly topped at -12.5bp, cheapest since 2018; 10-year is up 2.8bp around 1.60% vs 3.4bp increase for U.K. 10-year. Belly-led losses flattened U.S. 5s30s by as much as 5.4bp to tightest since April 2020 at around 86.1bp; U.K. 5s30s curve is flatter by ~8bp after its 5-year yield rose as much as 14bp.</p><p><blockquote><b>在费率方面，</b>随着全球利率加息溢价持续上升，美国国债面临曲线腹部带来的压力。5年期国债收益率虽然脱离盘中高点，但仍便宜近5个基点；2s5s30s最高为-12.5个基点，为2018年以来最便宜；10年期国债上涨2.8个基点，约为1.60%，而英国10年期国债上涨3.4个基点。腹部主导的下跌使美国5S30指数下跌5.4个基点，至2020年4月以来的最低水平，约为86.1个基点；英国5年期国债收益率上涨14bp后，5s30s曲线平坦了约8bp。</blockquote></p><p> Gilts led the move, with U.K. 2-year yield climbing as much as 16.8bp to highest since May 2019 as money markets priced in more policy tightening after Governor Andrew Bailey said the Bank of England “will have to act” on inflation. With latest moves, U.S. swaps market prices in two Fed hikes by the end of 2022.</p><p><blockquote>英国国债领涨，英国2年期国债收益率攀升16.8个基点，至2019年5月以来的最高水平，因为在行长安德鲁·贝利(Andrew Bailey)表示英国央行“将不得不对通胀采取行动”后，货币市场消化了更多政策收紧的影响。根据最新举措，美国将在2022年底前两次美联储加息中交换市场价格。</blockquote></p><p> <b>In commodities, </b>WTI rose 1%, trading just off session highs near $83.20; Brent holds above $85. Spot gold drifts lower near $1,762/oz. Most base metals are in the green with LME lead and tin outperforming.</p><p><blockquote><b>在大宗商品中，</b>WTI上涨1%，交易价格略低于83.20美元附近的盘中高点；布伦特原油维持在85美元上方。现货黄金在1762美元/盎司附近走低。大多数基本金属呈绿色，LME铅和锡表现优于大盘。</blockquote></p><p> Looking at today's calendar, we have industrial production, US September industrial production, capacity utilisation, October NAHB housing market index. Fed speakers include Quarles, Kashkari.</p><p><blockquote>看看今天的日历，我们有工业生产、美国9月工业生产、产能利用率、10月NAHB房地产市场指数。美联储发言人包括夸尔斯、卡什卡利。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189411842","content_text":"(Oct 18) Stock futures fell Monday morning to give back some gains after theS&P 500's best week since July, with investors' concerns over elevated inflation offsetting hopes that more companies will follow the lead of the big banks last week and post strong quarterly earnings results.\nAt 07:55 a.m. ET, Dow e-minis were down 114 points, or 0.32%, S&P 500 e-minis were down 13 points, or 0.29%, and Nasdaq 100 e-minis were down 29.5 points, or 0.19%.\n\nStocks making the biggest moves in the premarket:\n\nBaidu shares erased earlier losses and climbed as much as 4.3% in Hong Kong, as China debates rules to make hundreds of millions of articles on Tencent’s WeChat messaging app available via search engines like Baidu’s.\nCrypto-related stocks in action as Bitcoin leaps as much as 5.3% and is just shy of a fresh six-month high. Riot Blockchain, Inc., Marathon Digital Holdings Inc and Coinbase Global, Inc. are all up.\nTesla Motors shares rise 0.2% in premarket trading Monday, poised for 50% rally from a March 8 low, ahead of its third-quarter results on Wednesday.\nDynavax shares rise as much as 10% in U.S. pre-trading hours after the biopharmaceutical company announced that Valneva reported the trial of inactivated, adjuvanted Covid-19 vaccine candidate VLA2001 met its co-primary endpoints\nWalt Disney drops in premarket trading after Barclays downgrades to equal-weight as the company faces a “tough” task to get to its long-term streaming subscription guidance.\nNetApp slips 2.2% in premarket trading after Goldman Sachs analyst Rod Hall cut the recommendation on NetApp Inc. to sell from neutral.\n\nIn FX, the Bloomberg Dollar Spot Index advanced as the dollar traded higher versus all of its Group-of-10 peers Traders pulled forward rate- hike bets after BoE governor Bailey said the central bank “will have to act” on inflation. U.K. money markets now see 36 basis points of BoE rate increases in December and are pricing 15 basis points of tightening next month. Traders are also now betting the BoE’s key rate will rise to 1% by August, from 0.1% currently. The euro struggled to recover after falling below the $1.16 handle in the Asian session; money markets are betting the ECB will hike the deposit rate to -0.4% in September as expectations for global central-bank policy tightening gather pace. Resilience in the spot market and a divergence with rate differentials in the past sessions has resulted in a flatter volatility skew for the euro.\nIn rates, treasuries were under pressure led by belly of the curve as rate-hike premium continues to increase in global interest rates. Yields, though off session highs, remain cheaper by nearly 5bp in 5-year sector; 2s5s30s fly topped at -12.5bp, cheapest since 2018; 10-year is up 2.8bp around 1.60% vs 3.4bp increase for U.K. 10-year. Belly-led losses flattened U.S. 5s30s by as much as 5.4bp to tightest since April 2020 at around 86.1bp; U.K. 5s30s curve is flatter by ~8bp after its 5-year yield rose as much as 14bp.\nGilts led the move, with U.K. 2-year yield climbing as much as 16.8bp to highest since May 2019 as money markets priced in more policy tightening after Governor Andrew Bailey said the Bank of England “will have to act” on inflation. With latest moves, U.S. swaps market prices in two Fed hikes by the end of 2022.\nIn commodities, WTI rose 1%, trading just off session highs near $83.20; Brent holds above $85. Spot gold drifts lower near $1,762/oz. Most base metals are in the green with LME lead and tin outperforming.\nLooking at today's calendar, we have industrial production, US September industrial production, capacity utilisation, October NAHB housing market index. Fed speakers include Quarles, 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stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1632223927,"share":"https://www.laohu8.com/m/news/1152381132?lang=zh_CN&edition=full","pubTime":"2021-09-21 19:32","market":"us","language":"en","title":"Toplines Before US Market Open on Tuesday<blockquote>周二美国市场开盘前的营收</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1152381132","media":"Tiger Newspress","summary":"U.S. stock futures are up.\nOil ends days of losses.\nKey central bank meetings this week in US, Brita","content":"<p><ul>  <li>U.S. stock futures are up.</li>  <li>Oil ends days of losses.</li>  <li>Key central bank meetings this week in US, Britain, Japan.</li> </ul> (Sept 21)&nbsp;U.S. stock futures are up,&nbsp;suggesting markets are poised to rebound&nbsp;a day after concerns about China’s property sector helped fuel a global selloff in stocks and commodities.</p><p><blockquote><ul><li>美国股指期货上涨。</li><li>石油结束了连日的下跌。</li><li>本周美国、英国和日本将举行重要央行会议。</li></ul>（九月二十一日）美国。股指期货上涨，表明在对中国房地产行业的担忧引发全球股市和大宗商品抛售一天后，市场有望反弹。</blockquote></p><p> At 7:37 a.m. ET, Dow e-minis were up 259 points, or 0.77%, S&amp;P 500 e-minis gained 31.25 points, or 0.72%, and Nasdaq 100 e-minis jumped 109&nbsp;points, or 0.73%.</p><p><blockquote>截至美国东部时间上午7:37，道指e-minis上涨259点，涨幅0.77%，标普500 e-minis上涨31.25点，涨幅0.72%，纳斯达克100 e-minis上涨109点，涨幅0.73%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7fffdf1b0c371cce64957069d1ca4fc9\" tg-width=\"1235\" tg-height=\"515\" referrerpolicy=\"no-referrer\">Vix's decline has narrowed, and VIX is currently down by 9.33%.</p><p><blockquote>VIX跌幅收窄，VIX目前下跌9.33%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0b75218effa7b005d0ef2ecef92e270e\" tg-width=\"1110\" tg-height=\"563\" referrerpolicy=\"no-referrer\"><b>What to Watch When the Stock Market Opens Today:</b></p><p><blockquote><b>今日股市开盘看点：</b></blockquote></p><p> <ul>  <li>U.S.-listed Chinese stocks start to recover from Monday’s slump in&nbsp;premarket&nbsp;trading as the global selloff moderates. Alibaba (BABA US), Baidu (BIDU US), Nio (NIO US), Tencent Music (TME US)and Bilibili (BILI US) are among the gainers.</li>  <li><a href=\"https://laohu8.com/S/UBER\">Uber</a> Technologies&nbsp;rose 3.9% before the bell. The ride-hailing firm said it expects toreach a measure of profitability in the current quarter, months earlier than previously expected.</li>  <li>Uber’s riva&nbsp;lLyft&nbsp;added 1.9% in premarket trading.</li>  <li><a href=\"https://laohu8.com/S/USB\">U.S. Bancorp</a>&nbsp;shares edged up 0.9% after the lender said it had agreed to buy MUFG Union Bank, which operates about 300 branches mainly on the <a href=\"https://laohu8.com/S/WSTC\">West</a> Coast, for about $8 billion.</li>  <li><a href=\"https://laohu8.com/S/LEN\">Lennar</a> .&nbsp;fell more than 3% in premarket trading. The homebuilder said its third-quarter earnings were hurt by supply-chain challenges that show no sign of easing.</li>  <li><a href=\"https://laohu8.com/S/COP\">ConocoPhillips</a>&nbsp;ticked up 1% after the oil-and-gas company said it hadagreed to buy all of <a href=\"https://laohu8.com/S/RGLD\">Royal</a> Dutch Shell’s assets in the Permian Basinfor about $9.5 billion in cash. Shell investors cheered the deal: U.S.-listed shares jumped almost 5%.</li>  <li><a href=\"https://laohu8.com/S/OXY\">Occidental</a> Petroleum,&nbsp;<a href=\"https://laohu8.com/S/DVN\">Devon</a> EnergyDVN-5.40%andPhillips 66PSX-2.65%rose in premarket trading as oil prices rallied and theenergy sector looked set to rebound from a broad selloff.</li>  <li><a href=\"https://laohu8.com/S/DOW\">Dow Chemical</a> gained more than 3%. Shares of the chemicals giant have been on a downtrend since June. Chief Executive Jim Fitterling told The Wall Street Journal last month he wants to knowhow Congress plans to pay for a proposed move to zero-carbon emission electricity.</li>  <li><a href=\"https://laohu8.com/S/VRCA\">Verrica Pharmaceuticals Inc.</a> plunges 30% in&nbsp;premarket&nbsp;trading after failing to get FDA approval for VP-102 for the treatment of molluscum contagiosum</li>  <li><a href=\"https://laohu8.com/S/RWLK\">ReWalk Robotics</a> shares jump 43% in U.S.&nbsp;premarket&nbsp;trading amid a spike in volume in the stock. Being discussed on StockTwits.</li>  <li><a href=\"https://laohu8.com/S/APRE\">Aprea Therapeutics, Inc.</a> gains 21% in U.S.&nbsp;premarket&nbsp;trading after the company reported complete remission in a bladder cancer patient in Phase 1/2 clinical trial of eprenetapopt in combination with pembrolizumab.</li>  <li><a href=\"https://laohu8.com/S/SDC\">SmileDirectClub, Inc.</a> slightly higher in&nbsp;premarket&nbsp;trading after it said on Monday that it plans to enter France with an initial location in Paris.</li>  <li><a href=\"https://laohu8.com/S/KAR\">KAR Auction</a> shares fell 4.6% in post-market trading on Monday after the company withdrew is full-year financial outlook citing disruption caused by chip shortage.</li>  <li><a href=\"https://laohu8.com/S/SRAD\">Sportradar Group AG</a> shares jumped 4.5% in Monday postmarket trading, after the company said basketball legend Michael Jordan will serve as a special adviser to its board and also increase his investment in the sports betting and entertainment services provider, effective immediately.</li>  <li><a href=\"https://laohu8.com/S/OEG\">Orbital Energy Group</a> gained 6% postmarket Monday after a unit won a contract &nbsp;to construct 1,910 miles of rural broadband network in Virginia. Terms were not disclosed.</li> </ul> <b>Bitcoin</b> prices stabilized after tumbling on Monday,when investors ditched riskier and speculative assets.</p><p><blockquote><ul><li>随着全球抛售放缓，在美国上市的中国股市开始从周一盘前交易的暴跌中复苏。阿里巴巴-SW（BABA US）、百度（BIDU US）、蔚来（蔚来US）、腾讯控股音乐（TME US）和哔哩哔哩（BILI US）涨幅居前。</li><li><a href=\"https://laohu8.com/S/UBER\">优步</a>科技股盘前涨3.9%。这家网约车公司表示，预计本季度将实现一定程度的盈利，比之前的预期提前了几个月。</li><li>Uber的Riva Llyft在盘前交易中上涨1.9%。</li><li><a href=\"https://laohu8.com/S/USB\">美国合众银行</a>三菱日联联合银行(MUFG Union Bank)表示已同意收购三菱日联联合银行(MUFG Union Bank)后，该银行股价小幅上涨0.9%。该银行主要在<a href=\"https://laohu8.com/S/WSTC\">西方</a>海岸，约80亿美元。</li><li><a href=\"https://laohu8.com/S/LEN\">伦纳尔</a>.盘前交易跌超3%。该住宅建筑商表示，其第三季度收益受到供应链挑战的影响，而且没有任何缓解的迹象。</li><li><a href=\"https://laohu8.com/S/COP\">康菲</a>该石油和天然气公司表示同意收购全部<a href=\"https://laohu8.com/S/RGLD\">皇家的</a>荷兰壳牌在二叠纪盆地的资产价值约95亿美元现金。壳牌投资者对这笔交易表示欢迎：在美国上市的股票上涨了近5%。</li><li><a href=\"https://laohu8.com/S/OXY\">西方</a>石油、<a href=\"https://laohu8.com/S/DVN\">德文郡</a>随着油价上涨以及能源行业似乎将从广泛抛售中反弹，EnergyDVN-5.40%和Phillips 66PSX-2.65%在盘前交易中上涨。</li><li><a href=\"https://laohu8.com/S/DOW\">陶氏化学</a>涨幅超过3%。自6月份以来，这家化工巨头的股价一直处于下跌趋势。首席执行官吉姆·菲特林上个月告诉《华尔街日报》，他想知道国会计划如何为拟议的零碳排放电力支付费用。</li><li><a href=\"https://laohu8.com/S/VRCA\">韦里卡制药公司。</a>VP-102治疗传染性软疣未能获得FDA批准后，盘前交易暴跌30%</li><li><a href=\"https://laohu8.com/S/RWLK\">ReWalk机器人</a>由于该股成交量激增，该股在美国盘前交易中上涨43%。正在StockTwits上讨论。</li><li><a href=\"https://laohu8.com/S/APRE\">Aprea治疗公司。</a>在该公司报告eprenetapopt联合pembrolizumab的1/2期临床试验中，一名膀胱癌患者完全缓解后，美国盘前交易上涨21%。</li><li><a href=\"https://laohu8.com/S/SDC\">微笑直接俱乐部公司。</a>该公司周一表示计划进入法国，最初地点设在巴黎，盘前交易小幅走高。</li><li><a href=\"https://laohu8.com/S/KAR\">卡尔拍卖</a>周一，该公司以芯片短缺造成干扰为由撤回了全年财务展望，股价在盘后交易中下跌4.6%。</li><li><a href=\"https://laohu8.com/S/SRAD\">Sportradar集团</a>周一盘后交易中，该公司表示篮球传奇人物迈克尔·乔丹将担任董事会特别顾问，并增加对这家体育博彩和娱乐服务提供商的投资，立即生效，股价上涨4.5%。</li><li><a href=\"https://laohu8.com/S/OEG\">轨道能量群</a>周一盘后股价上涨6%，此前一家单位赢得了在弗吉尼亚州建设1,910英里农村宽带网络的合同。条款没有披露。</li></ul><b>比特币</b>价格在周一暴跌后企稳，当时投资者放弃了风险较高和投机性的资产。</blockquote></p><p></p><p> <b>In FX, </b>the Bloomberg Dollar Spot Index inched lower and the greenback fell versus most of its Group-of-10 peers as a selloff in global stocks over the past two sessions abated; the euro hovered while commodity currencies led by the Norwegian krone were the best performers amid an advance in crude oil prices. Sweden’s krona was little changed after the Riksbank steered clear of signaling any post-pandemic tightening, as it remains unconvinced that a recent surge in inflation will last. The pound bucked a three-day losing streak as global risk appetite revived, while investors look to Thursday’s Bank of England meeting for policy clues. The yen erased earlier gains as signs that risk appetite is stabilizing damped demand for haven assets. At the same time, losses were capped due to uncertainty over China’s handling of the Evergrande debt crisis.</p><p><blockquote><b>在FX中，</b>随着过去两个交易日全球股市抛售减弱，彭博美元现货指数小幅走低，美元兑大多数10国集团货币下跌；欧元徘徊不前，而以挪威克朗为首的大宗商品货币在原油价格上涨的情况下表现最佳。在瑞典央行避免发出任何大流行后紧缩的信号后，瑞典克朗几乎没有变化，因为它仍然不相信最近的通胀飙升会持续下去。随着全球风险偏好复苏，英镑扭转了连续三天的下跌，而投资者则期待周四的英国央行会议寻求政策线索。日圆抹去稍早涨幅，因有迹象显示风险偏好正在企稳，令避险资产需求受挫。与此同时，由于中国处理恒大债务危机的不确定性，损失受到限制。</blockquote></p><p> <b>In rates, </b>Treasuries were lower, although off worst levels of the day as U.S. stock futures recover around half of Monday’s losses while European equities trade with a strong bid tone. Yields are cheaper by up to 2.5bp across long-end of the curve, steepening 5s30s spread by 1.2bp;<b>10-year yields around 1.3226%,</b>cheaper by 1.5bp on the day, lagging bunds and gilts by 1bp-2bp. The long-end of the curve lags ahead of $24b 20-year bond reopening. Treasury will auction $24b 20-year bonds in first reopening at 1pm ET; WI yield ~1.82% is below auction stops since January and ~3bp richer than last month’s new-issue result</p><p><blockquote><b>在费率方面，</b>美国国债走低，尽管脱离了当天的最差水平，因为美国股指期货收复了周一跌幅的一半左右，而欧洲股市的交易基调强劲。曲线长端的收益率最多便宜2.5个基点，5s30s利差陡峭1.2个基点；<b>10年期收益率在1.3226%左右，</b>当天便宜1.5个基点，落后德国国债和英国国债1bp-2bp。曲线的长端落后于240亿美元的20年期债券重新开放。财政部将于美国东部时间下午1点首次重新开放拍卖24b美元20年期债券；WI收益率约为1.82%，低于1月份以来的拍卖止损点，比上个月的新发行结果高出约3个基点</blockquote></p><p> <b>In commodities, </b>crude futures rose, with the front month WTI up 1.5% near $71.50. Brent stalls near $75. Spot gold trades a narrow range near $1,765/oz. Base metals are mostly in the green with LME aluminum the best performer</p><p><blockquote><b>在大宗商品中，</b>原油期货上涨，近月WTI上涨1.5%，接近71.50美元。布伦特原油价格徘徊在75美元附近。现货黄金在1765美元/盎司附近窄幅交易。基本金属大多呈绿色，LME铝表现最佳</blockquote></p><p> Looking at the day ahead now, and data releases include US housing starts and building permits for August, along with the UK public finances for September. From central banks, we’ll hear from ECB Vice President de Guindos. Otherwise, the General Debate will begin at the UN General Assembly, and the OECD publishes their Interim Economic Outlook.</p><p><blockquote>展望未来，公布的数据包括美国8月份新屋开工和建筑许可，以及英国9月份公共财政。在央行方面，我们将听取欧洲央行副行长德金多斯的发言。否则，一般性辩论将在联合国大会开始，经合组织将发布他们的中期经济展望。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Toplines Before US Market Open on Tuesday<blockquote>周二美国市场开盘前的营收</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nToplines Before US Market Open on Tuesday<blockquote>周二美国市场开盘前的营收</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-21 19:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><ul>  <li>U.S. stock futures are up.</li>  <li>Oil ends days of losses.</li>  <li>Key central bank meetings this week in US, Britain, Japan.</li> </ul> (Sept 21)&nbsp;U.S. stock futures are up,&nbsp;suggesting markets are poised to rebound&nbsp;a day after concerns about China’s property sector helped fuel a global selloff in stocks and commodities.</p><p><blockquote><ul><li>美国股指期货上涨。</li><li>石油结束了连日的下跌。</li><li>本周美国、英国和日本将举行重要央行会议。</li></ul>（九月二十一日）美国。股指期货上涨，表明在对中国房地产行业的担忧引发全球股市和大宗商品抛售一天后，市场有望反弹。</blockquote></p><p> At 7:37 a.m. ET, Dow e-minis were up 259 points, or 0.77%, S&amp;P 500 e-minis gained 31.25 points, or 0.72%, and Nasdaq 100 e-minis jumped 109&nbsp;points, or 0.73%.</p><p><blockquote>截至美国东部时间上午7:37，道指e-minis上涨259点，涨幅0.77%，标普500 e-minis上涨31.25点，涨幅0.72%，纳斯达克100 e-minis上涨109点，涨幅0.73%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7fffdf1b0c371cce64957069d1ca4fc9\" tg-width=\"1235\" tg-height=\"515\" referrerpolicy=\"no-referrer\">Vix's decline has narrowed, and VIX is currently down by 9.33%.</p><p><blockquote>VIX跌幅收窄，VIX目前下跌9.33%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0b75218effa7b005d0ef2ecef92e270e\" tg-width=\"1110\" tg-height=\"563\" referrerpolicy=\"no-referrer\"><b>What to Watch When the Stock Market Opens Today:</b></p><p><blockquote><b>今日股市开盘看点：</b></blockquote></p><p> <ul>  <li>U.S.-listed Chinese stocks start to recover from Monday’s slump in&nbsp;premarket&nbsp;trading as the global selloff moderates. Alibaba (BABA US), Baidu (BIDU US), Nio (NIO US), Tencent Music (TME US)and Bilibili (BILI US) are among the gainers.</li>  <li><a href=\"https://laohu8.com/S/UBER\">Uber</a> Technologies&nbsp;rose 3.9% before the bell. The ride-hailing firm said it expects toreach a measure of profitability in the current quarter, months earlier than previously expected.</li>  <li>Uber’s riva&nbsp;lLyft&nbsp;added 1.9% in premarket trading.</li>  <li><a href=\"https://laohu8.com/S/USB\">U.S. Bancorp</a>&nbsp;shares edged up 0.9% after the lender said it had agreed to buy MUFG Union Bank, which operates about 300 branches mainly on the <a href=\"https://laohu8.com/S/WSTC\">West</a> Coast, for about $8 billion.</li>  <li><a href=\"https://laohu8.com/S/LEN\">Lennar</a> .&nbsp;fell more than 3% in premarket trading. The homebuilder said its third-quarter earnings were hurt by supply-chain challenges that show no sign of easing.</li>  <li><a href=\"https://laohu8.com/S/COP\">ConocoPhillips</a>&nbsp;ticked up 1% after the oil-and-gas company said it hadagreed to buy all of <a href=\"https://laohu8.com/S/RGLD\">Royal</a> Dutch Shell’s assets in the Permian Basinfor about $9.5 billion in cash. Shell investors cheered the deal: U.S.-listed shares jumped almost 5%.</li>  <li><a href=\"https://laohu8.com/S/OXY\">Occidental</a> Petroleum,&nbsp;<a href=\"https://laohu8.com/S/DVN\">Devon</a> EnergyDVN-5.40%andPhillips 66PSX-2.65%rose in premarket trading as oil prices rallied and theenergy sector looked set to rebound from a broad selloff.</li>  <li><a href=\"https://laohu8.com/S/DOW\">Dow Chemical</a> gained more than 3%. Shares of the chemicals giant have been on a downtrend since June. Chief Executive Jim Fitterling told The Wall Street Journal last month he wants to knowhow Congress plans to pay for a proposed move to zero-carbon emission electricity.</li>  <li><a href=\"https://laohu8.com/S/VRCA\">Verrica Pharmaceuticals Inc.</a> plunges 30% in&nbsp;premarket&nbsp;trading after failing to get FDA approval for VP-102 for the treatment of molluscum contagiosum</li>  <li><a href=\"https://laohu8.com/S/RWLK\">ReWalk Robotics</a> shares jump 43% in U.S.&nbsp;premarket&nbsp;trading amid a spike in volume in the stock. Being discussed on StockTwits.</li>  <li><a href=\"https://laohu8.com/S/APRE\">Aprea Therapeutics, Inc.</a> gains 21% in U.S.&nbsp;premarket&nbsp;trading after the company reported complete remission in a bladder cancer patient in Phase 1/2 clinical trial of eprenetapopt in combination with pembrolizumab.</li>  <li><a href=\"https://laohu8.com/S/SDC\">SmileDirectClub, Inc.</a> slightly higher in&nbsp;premarket&nbsp;trading after it said on Monday that it plans to enter France with an initial location in Paris.</li>  <li><a href=\"https://laohu8.com/S/KAR\">KAR Auction</a> shares fell 4.6% in post-market trading on Monday after the company withdrew is full-year financial outlook citing disruption caused by chip shortage.</li>  <li><a href=\"https://laohu8.com/S/SRAD\">Sportradar Group AG</a> shares jumped 4.5% in Monday postmarket trading, after the company said basketball legend Michael Jordan will serve as a special adviser to its board and also increase his investment in the sports betting and entertainment services provider, effective immediately.</li>  <li><a href=\"https://laohu8.com/S/OEG\">Orbital Energy Group</a> gained 6% postmarket Monday after a unit won a contract &nbsp;to construct 1,910 miles of rural broadband network in Virginia. Terms were not disclosed.</li> </ul> <b>Bitcoin</b> prices stabilized after tumbling on Monday,when investors ditched riskier and speculative assets.</p><p><blockquote><ul><li>随着全球抛售放缓，在美国上市的中国股市开始从周一盘前交易的暴跌中复苏。阿里巴巴-SW（BABA US）、百度（BIDU US）、蔚来（蔚来US）、腾讯控股音乐（TME US）和哔哩哔哩（BILI US）涨幅居前。</li><li><a href=\"https://laohu8.com/S/UBER\">优步</a>科技股盘前涨3.9%。这家网约车公司表示，预计本季度将实现一定程度的盈利，比之前的预期提前了几个月。</li><li>Uber的Riva Llyft在盘前交易中上涨1.9%。</li><li><a href=\"https://laohu8.com/S/USB\">美国合众银行</a>三菱日联联合银行(MUFG Union Bank)表示已同意收购三菱日联联合银行(MUFG Union Bank)后，该银行股价小幅上涨0.9%。该银行主要在<a href=\"https://laohu8.com/S/WSTC\">西方</a>海岸，约80亿美元。</li><li><a href=\"https://laohu8.com/S/LEN\">伦纳尔</a>.盘前交易跌超3%。该住宅建筑商表示，其第三季度收益受到供应链挑战的影响，而且没有任何缓解的迹象。</li><li><a href=\"https://laohu8.com/S/COP\">康菲</a>该石油和天然气公司表示同意收购全部<a href=\"https://laohu8.com/S/RGLD\">皇家的</a>荷兰壳牌在二叠纪盆地的资产价值约95亿美元现金。壳牌投资者对这笔交易表示欢迎：在美国上市的股票上涨了近5%。</li><li><a href=\"https://laohu8.com/S/OXY\">西方</a>石油、<a href=\"https://laohu8.com/S/DVN\">德文郡</a>随着油价上涨以及能源行业似乎将从广泛抛售中反弹，EnergyDVN-5.40%和Phillips 66PSX-2.65%在盘前交易中上涨。</li><li><a href=\"https://laohu8.com/S/DOW\">陶氏化学</a>涨幅超过3%。自6月份以来，这家化工巨头的股价一直处于下跌趋势。首席执行官吉姆·菲特林上个月告诉《华尔街日报》，他想知道国会计划如何为拟议的零碳排放电力支付费用。</li><li><a href=\"https://laohu8.com/S/VRCA\">韦里卡制药公司。</a>VP-102治疗传染性软疣未能获得FDA批准后，盘前交易暴跌30%</li><li><a href=\"https://laohu8.com/S/RWLK\">ReWalk机器人</a>由于该股成交量激增，该股在美国盘前交易中上涨43%。正在StockTwits上讨论。</li><li><a href=\"https://laohu8.com/S/APRE\">Aprea治疗公司。</a>在该公司报告eprenetapopt联合pembrolizumab的1/2期临床试验中，一名膀胱癌患者完全缓解后，美国盘前交易上涨21%。</li><li><a href=\"https://laohu8.com/S/SDC\">微笑直接俱乐部公司。</a>该公司周一表示计划进入法国，最初地点设在巴黎，盘前交易小幅走高。</li><li><a href=\"https://laohu8.com/S/KAR\">卡尔拍卖</a>周一，该公司以芯片短缺造成干扰为由撤回了全年财务展望，股价在盘后交易中下跌4.6%。</li><li><a href=\"https://laohu8.com/S/SRAD\">Sportradar集团</a>周一盘后交易中，该公司表示篮球传奇人物迈克尔·乔丹将担任董事会特别顾问，并增加对这家体育博彩和娱乐服务提供商的投资，立即生效，股价上涨4.5%。</li><li><a href=\"https://laohu8.com/S/OEG\">轨道能量群</a>周一盘后股价上涨6%，此前一家单位赢得了在弗吉尼亚州建设1,910英里农村宽带网络的合同。条款没有披露。</li></ul><b>比特币</b>价格在周一暴跌后企稳，当时投资者放弃了风险较高和投机性的资产。</blockquote></p><p></p><p> <b>In FX, </b>the Bloomberg Dollar Spot Index inched lower and the greenback fell versus most of its Group-of-10 peers as a selloff in global stocks over the past two sessions abated; the euro hovered while commodity currencies led by the Norwegian krone were the best performers amid an advance in crude oil prices. Sweden’s krona was little changed after the Riksbank steered clear of signaling any post-pandemic tightening, as it remains unconvinced that a recent surge in inflation will last. The pound bucked a three-day losing streak as global risk appetite revived, while investors look to Thursday’s Bank of England meeting for policy clues. The yen erased earlier gains as signs that risk appetite is stabilizing damped demand for haven assets. At the same time, losses were capped due to uncertainty over China’s handling of the Evergrande debt crisis.</p><p><blockquote><b>在FX中，</b>随着过去两个交易日全球股市抛售减弱，彭博美元现货指数小幅走低，美元兑大多数10国集团货币下跌；欧元徘徊不前，而以挪威克朗为首的大宗商品货币在原油价格上涨的情况下表现最佳。在瑞典央行避免发出任何大流行后紧缩的信号后，瑞典克朗几乎没有变化，因为它仍然不相信最近的通胀飙升会持续下去。随着全球风险偏好复苏，英镑扭转了连续三天的下跌，而投资者则期待周四的英国央行会议寻求政策线索。日圆抹去稍早涨幅，因有迹象显示风险偏好正在企稳，令避险资产需求受挫。与此同时，由于中国处理恒大债务危机的不确定性，损失受到限制。</blockquote></p><p> <b>In rates, </b>Treasuries were lower, although off worst levels of the day as U.S. stock futures recover around half of Monday’s losses while European equities trade with a strong bid tone. Yields are cheaper by up to 2.5bp across long-end of the curve, steepening 5s30s spread by 1.2bp;<b>10-year yields around 1.3226%,</b>cheaper by 1.5bp on the day, lagging bunds and gilts by 1bp-2bp. The long-end of the curve lags ahead of $24b 20-year bond reopening. Treasury will auction $24b 20-year bonds in first reopening at 1pm ET; WI yield ~1.82% is below auction stops since January and ~3bp richer than last month’s new-issue result</p><p><blockquote><b>在费率方面，</b>美国国债走低，尽管脱离了当天的最差水平，因为美国股指期货收复了周一跌幅的一半左右，而欧洲股市的交易基调强劲。曲线长端的收益率最多便宜2.5个基点，5s30s利差陡峭1.2个基点；<b>10年期收益率在1.3226%左右，</b>当天便宜1.5个基点，落后德国国债和英国国债1bp-2bp。曲线的长端落后于240亿美元的20年期债券重新开放。财政部将于美国东部时间下午1点首次重新开放拍卖24b美元20年期债券；WI收益率约为1.82%，低于1月份以来的拍卖止损点，比上个月的新发行结果高出约3个基点</blockquote></p><p> <b>In commodities, </b>crude futures rose, with the front month WTI up 1.5% near $71.50. Brent stalls near $75. Spot gold trades a narrow range near $1,765/oz. Base metals are mostly in the green with LME aluminum the best performer</p><p><blockquote><b>在大宗商品中，</b>原油期货上涨，近月WTI上涨1.5%，接近71.50美元。布伦特原油价格徘徊在75美元附近。现货黄金在1765美元/盎司附近窄幅交易。基本金属大多呈绿色，LME铝表现最佳</blockquote></p><p> Looking at the day ahead now, and data releases include US housing starts and building permits for August, along with the UK public finances for September. From central banks, we’ll hear from ECB Vice President de Guindos. Otherwise, the General Debate will begin at the UN General Assembly, and the OECD publishes their Interim Economic Outlook.</p><p><blockquote>展望未来，公布的数据包括美国8月份新屋开工和建筑许可，以及英国9月份公共财政。在央行方面，我们将听取欧洲央行副行长德金多斯的发言。否则，一般性辩论将在联合国大会开始，经合组织将发布他们的中期经济展望。</blockquote></p><p></p>\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","SPY":"标普500ETF","USB":"美国合众银行"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152381132","content_text":"U.S. stock futures are up.\nOil ends days of losses.\nKey central bank meetings this week in US, Britain, Japan.\n\n(Sept 21) U.S. stock futures are up, suggesting markets are poised to rebound a day after concerns about China’s property sector helped fuel a global selloff in stocks and commodities.\nAt 7:37 a.m. ET, Dow e-minis were up 259 points, or 0.77%, S&P 500 e-minis gained 31.25 points, or 0.72%, and Nasdaq 100 e-minis jumped 109 points, or 0.73%.\nVix's decline has narrowed, and VIX is currently down by 9.33%.\nWhat to Watch When the Stock Market Opens Today:\n\nU.S.-listed Chinese stocks start to recover from Monday’s slump in premarket trading as the global selloff moderates. Alibaba (BABA US), Baidu (BIDU US), Nio (NIO US), Tencent Music (TME US)and Bilibili (BILI US) are among the gainers.\nUber Technologies rose 3.9% before the bell. The ride-hailing firm said it expects toreach a measure of profitability in the current quarter, months earlier than previously expected.\nUber’s riva lLyft added 1.9% in premarket trading.\nU.S. Bancorp shares edged up 0.9% after the lender said it had agreed to buy MUFG Union Bank, which operates about 300 branches mainly on the West Coast, for about $8 billion.\nLennar . fell more than 3% in premarket trading. The homebuilder said its third-quarter earnings were hurt by supply-chain challenges that show no sign of easing.\nConocoPhillips ticked up 1% after the oil-and-gas company said it hadagreed to buy all of Royal Dutch Shell’s assets in the Permian Basinfor about $9.5 billion in cash. Shell investors cheered the deal: U.S.-listed shares jumped almost 5%.\nOccidental Petroleum, Devon EnergyDVN-5.40%andPhillips 66PSX-2.65%rose in premarket trading as oil prices rallied and theenergy sector looked set to rebound from a broad selloff.\nDow Chemical gained more than 3%. Shares of the chemicals giant have been on a downtrend since June. Chief Executive Jim Fitterling told The Wall Street Journal last month he wants to knowhow Congress plans to pay for a proposed move to zero-carbon emission electricity.\nVerrica Pharmaceuticals Inc. plunges 30% in premarket trading after failing to get FDA approval for VP-102 for the treatment of molluscum contagiosum\nReWalk Robotics shares jump 43% in U.S. premarket trading amid a spike in volume in the stock. Being discussed on StockTwits.\nAprea Therapeutics, Inc. gains 21% in U.S. premarket trading after the company reported complete remission in a bladder cancer patient in Phase 1/2 clinical trial of eprenetapopt in combination with pembrolizumab.\nSmileDirectClub, Inc. slightly higher in premarket trading after it said on Monday that it plans to enter France with an initial location in Paris.\nKAR Auction shares fell 4.6% in post-market trading on Monday after the company withdrew is full-year financial outlook citing disruption caused by chip shortage.\nSportradar Group AG shares jumped 4.5% in Monday postmarket trading, after the company said basketball legend Michael Jordan will serve as a special adviser to its board and also increase his investment in the sports betting and entertainment services provider, effective immediately.\nOrbital Energy Group gained 6% postmarket Monday after a unit won a contract  to construct 1,910 miles of rural broadband network in Virginia. Terms were not disclosed.\n\nBitcoin prices stabilized after tumbling on Monday,when investors ditched riskier and speculative assets.\nIn FX, the Bloomberg Dollar Spot Index inched lower and the greenback fell versus most of its Group-of-10 peers as a selloff in global stocks over the past two sessions abated; the euro hovered while commodity currencies led by the Norwegian krone were the best performers amid an advance in crude oil prices. Sweden’s krona was little changed after the Riksbank steered clear of signaling any post-pandemic tightening, as it remains unconvinced that a recent surge in inflation will last. The pound bucked a three-day losing streak as global risk appetite revived, while investors look to Thursday’s Bank of England meeting for policy clues. The yen erased earlier gains as signs that risk appetite is stabilizing damped demand for haven assets. At the same time, losses were capped due to uncertainty over China’s handling of the Evergrande debt crisis.\nIn rates, Treasuries were lower, although off worst levels of the day as U.S. stock futures recover around half of Monday’s losses while European equities trade with a strong bid tone. Yields are cheaper by up to 2.5bp across long-end of the curve, steepening 5s30s spread by 1.2bp;10-year yields around 1.3226%,cheaper by 1.5bp on the day, lagging bunds and gilts by 1bp-2bp. The long-end of the curve lags ahead of $24b 20-year bond reopening. Treasury will auction $24b 20-year bonds in first reopening at 1pm ET; WI yield ~1.82% is below auction stops since January and ~3bp richer than last month’s new-issue result\nIn commodities, crude futures rose, with the front month WTI up 1.5% near $71.50. Brent stalls near $75. Spot gold trades a narrow range near $1,765/oz. Base metals are mostly in the green with LME aluminum the best performer\nLooking at the day ahead now, and data releases include US housing starts and building permits for August, along with the UK public finances for September. From central banks, we’ll hear from ECB Vice President de Guindos. Otherwise, the General Debate will begin at the UN General Assembly, and the OECD publishes their Interim Economic Outlook.","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".IXIC":0.9,"USB":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":252,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375633134,"gmtCreate":1619330440728,"gmtModify":1634274172685,"author":{"id":"3579910050997707","authorId":"3579910050997707","name":"Lim8558","avatar":"https://static.tigerbbs.com/27d2b9122c7c618a7a6a381966ec4ef7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579910050997707","authorIdStr":"3579910050997707"},"themes":[],"htmlText":"Like n comments. Thanks&nbsp;","listText":"Like n comments. Thanks&nbsp;","text":"Like n comments. 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