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我不是股神我是赌神

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2021-12-08

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2021-12-07

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2021-12-06

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What Scares the Stock Market More Than Covid? The Federal Reserve<blockquote>有什么比Covid更让股市害怕？美联储</blockquote>

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2021-11-28

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2021-11-28

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Is the Best Buy Crash an Overreaction to the Retail "Crime Wave"?<blockquote>百思买崩盘是对零售“犯罪浪潮”的过度反应吗？</blockquote>

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2021-11-28

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Is the Best Buy Crash an Overreaction to the Retail "Crime Wave"?<blockquote>百思买崩盘是对零售“犯罪浪潮”的过度反应吗？</blockquote>

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2021-11-24

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2021-11-23

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2021-11-22

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Best Buy, Zoom, Pinduoduo, Xpeng,Xiaomi,Meituan and Other Stocks for Investors to Watch This Week<blockquote>百思买、Zoom、拼多多、小鹏汽车、小米、美团-W等本周值得投资者关注的股票</blockquote>

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2021-11-20

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SoFi Technologies notifies warrant holders of $22.38 redemption fair market value<blockquote>SoFi Technologies通知认股权证持有人赎回公平市值为22.38美元</blockquote>

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2021-11-20

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2021-11-15

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2021-11-10

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2021-11-04

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It's difficult to predict future of supply issues on inflation: Powell press conference<blockquote>鲍威尔新闻发布会：很难预测通胀供应问题的未来</blockquote>

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2021-11-03

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2021-11-02

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2021-11-02

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2021-10-29

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2021-10-29

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2021-10-28

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The Federal Reserve<blockquote>有什么比Covid更让股市害怕？美联储</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138852642","media":"Barrons","summary":"Now can we have a correction?\nWe’d hoped for something better, like a melt-up into the end of the ye","content":"<p>Now can we have a correction?</p><p><blockquote>现在我们能纠正一下吗？</blockquote></p><p> We’d hoped for something better, like a melt-up into the end of the year. But after watching the stock market get knocked down this past week after slumping on Black Friday—thanks to the discovery of the Omicron variant of Covid-19—it doesn’t seem to be in the cards. Not after the S&amp;P 500 index finished the week down 1.2%, while the Dow Jones Industrial Average fell 319.26 points, or 0.9%, and the Nasdaq Composite slumped 2.6%. The small-cap Russell 2000, down 3.9% for the week, closed in correction territory on Wednesday.</p><p><blockquote>我们曾希望有更好的结果，比如年底前的融化。但由于发现了Covid-19的奥密克戎变种，股市在过去一周黑色星期五暴跌后暴跌，这似乎不太可能。标普500指数本周下跌1.2%，道琼斯工业平均指数下跌319.26点，跌幅0.9%，纳斯达克综合指数下跌2.6%。小盘股罗素2000指数本周下跌3.9%，周三收于回调区域。</blockquote></p><p> Those numbers fail to capture just how volatile the week was. After a small rally on Monday, the Dow tumbled 652.22 points on Tuesday. On Wednesday, it rallied in early trading before giving back those gains—and then some—to finish down 461.68 points, and only seven stocks in the S&amp;P 500, including Apple (ticker: AAPL), managed to finish higher. On Thursday, the Dow had its biggest gain since March, but Apple dropped 0.6% following reports it was preparing suppliers for lukewarm iPhone demand.</p><p><blockquote>这些数字未能反映出本周的波动程度。在周一小幅上涨后，道琼斯指数周二暴跌652.22点。周三，该股在早盘交易中上涨，随后回吐了部分涨幅，最终下跌461.68点，标普500只有包括苹果（股票代码：AAPL）在内的七只股票收盘走高。周四，道琼斯指数创3月份以来最大涨幅，但苹果下跌0.6%，此前有报道称该公司正在让供应商为iPhone需求冷淡做好准备。</blockquote></p><p> On Friday, the Nasdaq got hammered as large, pricey growth stocks, including Adobe (ADBE), Tesla (TSLA), and Nvidia (NVDA), finally got caught up in the selling. “Given the overvalued conditions of many ‘growth’ names, the latter bore the brunt of this week’s correction,” observes Canaccord Genuity analyst Martin Roberge.</p><p><blockquote>周五，纳斯达克遭受重创，包括Adobe(ADBE)、特斯拉(TSLA)和英伟达(NVDA)在内的大型、昂贵的成长型股票最终陷入抛售。Canaccord Genuity分析师马丁·罗伯格(Martin Roberge)表示：“鉴于许多‘成长型’公司的估值过高，后者在本周的调整中首当其冲。”</blockquote></p><p> The S&amp;P 500 finished the week 3.5% off its 2021 high, which is a bit less than the index fell in September, when everyone was predicting a correction that never arrived. This selloff looks like it has more legs. Gone are the generalized fears about valuations and a looming earnings season—which turned out to be just fine—replaced by a new Covid variant and the start of the Federal Reserve’s tightening cycle.</p><p><blockquote>标普500本周收盘较2021年高点下跌3.5%，略低于该指数9月份的跌幅，当时所有人都预测回调从未到来。这次抛售看起来有更多的腿。对估值和即将到来的财报季的普遍担忧已经一去不复返了——事实证明财报季还不错——取而代之的是新的新冠病毒变种和美联储紧缩周期的开始。</blockquote></p><p> Omicron was bad enough on its own—no one knows how much it will hurt the economy—but then Fed Chairman Jerome Powell had to go and acknowledge that inflation isn’t transitory after all and the taper might have to go faster than expected.</p><p><blockquote>奥密克戎本身就已经够糟糕的了——没有人知道它会对经济造成多大伤害——但随后美联储主席Jerome Powell不得不承认通胀毕竟不是暂时的，缩减可能需要比预期更快。</blockquote></p><p> “He leaned on that message so strongly, it tells you some strategy change is coming,” says Dave Donabedian, chief investment officer at CIBC Private Wealth US.</p><p><blockquote>CIBC Private Wealth US首席投资官戴夫·多纳贝迪安(Dave Donabedian)表示：“他非常依赖这一信息，这告诉你一些策略即将发生变化。”</blockquote></p><p> The timing was a bit strange. Headlines about Omicron being found in the U.S. were already troubling the markets. Powell made it worse. Still, rather than asking why he chose that day to make his comments, maybe investors should be asking how much stronger his statement could have been. “Imagine what the speech would have sounded like without the variant,” says MKM Partners Chief Economist Michael Darda.</p><p><blockquote>时机有点奇怪。有关奥密克戎在美国被发现的头条新闻已经让市场感到不安。鲍威尔让情况变得更糟。尽管如此，也许投资者不应该问他为什么选择那天发表评论，而应该问他的声明还能有多强烈。MKM Partners首席经济学家迈克尔·达尔达(Michael Darda)表示：“想象一下，如果没有这种变体，演讲听起来会是什么样子。”</blockquote></p><p> The thing is, Powell is absolutely right to be tacking hawkish, given the strength of the U.S. economy. The jobs report, despite a big headline miss, was solid, with the unemployment rate falling to 4.2% and the participation rate rising to 61.8%. The Institute for Supply Management’s non-manufacturing survey hit 69.1, a record, while the manufacturing index also remains above 60.</p><p><blockquote>问题是，鉴于美国经济的实力，鲍威尔采取鹰派立场是绝对正确的。就业报告尽管出现了重大失误，但表现稳健，失业率降至4.2%，参与率升至61.8%。美国供应管理协会的非制造业调查达到创纪录的69.1，而制造业指数也保持在60以上。</blockquote></p><p> The data has been so good that the Atlanta Fed’s GDPNow estimate for fourth-quarter growth in the U.S. recently hit 9.7%. The consumer price index, which is set to be released this coming Friday, is expected to have risen 0.65% in November. All of that suggests that the economy is ready for tighter monetary policy, even if the stock market isn’t. “Powell is right, even if the market freaks out a little bit,” Darda says.</p><p><blockquote>数据如此之好，以至于亚特兰大联储对美国第四季度增长的GDPNow估计最近达到了9.7%。定于本周五发布的消费者价格指数预计11月份上涨0.65%。所有这些都表明，经济已为收紧货币政策做好了准备，即使股市尚未做好准备。“鲍威尔是对的，即使市场有点恐慌，”达尔达说。</blockquote></p><p> Don’t be surprised if it freaks out a bit more.</p><p><blockquote>如果它变得更疯狂一点，不要感到惊讶。</blockquote></p><p> <b>Morgan Stanley Sees Fed as Bigger Threat to Stocks Than Omicron</b></p><p><blockquote><b>大摩认为美联储对股市的威胁比奥密克戎更大</b></blockquote></p><p> Stock investors probably have more important things to worry about than the emergence of the new coronavirus strain, according to Morgan Stanley strategists.</p><p><blockquote>摩根士丹利策略师表示，股票投资者可能有比新冠病毒株的出现更重要的事情需要担心。</blockquote></p><p> While they are “not that concerned about omicron as a major risk factor for equities,” the strategists see headwinds building elsewhere, after Federal Reserve Chairman Jerome Powell signaled the possible accelerated tapering of asset purchases. “Tapering is tightening for the markets and it will lead to lower valuations like it always does at this stage of any recovery,” the strategists led by Michael Wilson wrote in a note to clients.</p><p><blockquote>虽然他们“不太担心奥密克戎是股市的主要风险因素”，但在美联储主席Jerome Powell暗示可能加速缩减资产购买后，策略师们认为其他地方的阻力正在增加。迈克尔·威尔逊（Michael Wilson）领导的策略师在给客户的一份报告中写道：“缩减购债规模正在收紧市场，这将导致估值下降，就像在复苏的现阶段一样。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2480f1a0450a30811b2f0b6e1a23b008\" tg-width=\"1200\" tg-height=\"675\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The comments echo the views of other strategists, including those at JPMorgan Chase &amp; Co., who&nbsp;singled out a hawkish turn&nbsp;by central banks as the main risk to their outlook for stocks. But while JPMorgan&nbsp;reiterated on Monday&nbsp;that its base-case scenario is for the equities rally to continue into next year, Morgan Stanley sees the S&amp;P 500 trending lower, and valuations declining.</p><p><blockquote>这些评论呼应了其他策略师的观点，包括摩根大通的策略师，他们指出央行的鹰派转向是他们股市前景的主要风险。不过，尽管摩根大通周一重申，其基本情景是股市上涨将持续到明年，但摩根士丹利认为标普500呈走低趋势，估值也在下降。</blockquote></p><p></p><p> “Equity markets are resuming their de-rating process that began over nine months ago for numerous reasons,” the Morgan Stanley strategists wrote. They forecast that the S&amp;P 500 forward price-to-earnings ratio would fall by about 12%, with that decline potentially deeper “as equity investors start to demand much higher risk premiums in anticipation of considerably higher long-term interest rates.”</p><p><blockquote>摩根士丹利策略师写道：“出于多种原因，股市正在恢复九个多月前开始的降级过程。”他们预测，标普500的远期市盈率将下降约12%，而且“随着股票投资者预期长期利率大幅上升，开始要求更高的风险溢价”，降幅可能会更深。</blockquote></p><p> UBS Global Wealth Management strategists said Monday they “expect a period of heightened volatility ahead as investors attempt to assess the risks from omicron and the Fed, based on insufficient and patchy data.” While they advise investors to refrain from a hasty exit from risk assets, the strategists, led by Mark Haefele, said monetary tightening could present a bear case to their base scenario.</p><p><blockquote>瑞银全球财富管理策略师周一表示，他们“预计未来一段时间波动加剧，因为投资者试图根据不充分且不完整的数据来评估奥密克戎和美联储的风险。”虽然他们建议投资者不要仓促退出风险资产，但以马克·海菲尔为首的策略师表示，货币紧缩可能会给他们的基本情景带来看跌理由。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Scares the Stock Market More Than Covid? The Federal Reserve<blockquote>有什么比Covid更让股市害怕？美联储</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\">\nWhat Scares the Stock Market More Than Covid? The Federal Reserve<blockquote>有什么比Covid更让股市害怕？美联储</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-12-06 13:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Now can we have a correction?</p><p><blockquote>现在我们能纠正一下吗？</blockquote></p><p> We’d hoped for something better, like a melt-up into the end of the year. But after watching the stock market get knocked down this past week after slumping on Black Friday—thanks to the discovery of the Omicron variant of Covid-19—it doesn’t seem to be in the cards. Not after the S&amp;P 500 index finished the week down 1.2%, while the Dow Jones Industrial Average fell 319.26 points, or 0.9%, and the Nasdaq Composite slumped 2.6%. The small-cap Russell 2000, down 3.9% for the week, closed in correction territory on Wednesday.</p><p><blockquote>我们曾希望有更好的结果，比如年底前的融化。但由于发现了Covid-19的奥密克戎变种，股市在过去一周黑色星期五暴跌后暴跌，这似乎不太可能。标普500指数本周下跌1.2%，道琼斯工业平均指数下跌319.26点，跌幅0.9%，纳斯达克综合指数下跌2.6%。小盘股罗素2000指数本周下跌3.9%，周三收于回调区域。</blockquote></p><p> Those numbers fail to capture just how volatile the week was. After a small rally on Monday, the Dow tumbled 652.22 points on Tuesday. On Wednesday, it rallied in early trading before giving back those gains—and then some—to finish down 461.68 points, and only seven stocks in the S&amp;P 500, including Apple (ticker: AAPL), managed to finish higher. On Thursday, the Dow had its biggest gain since March, but Apple dropped 0.6% following reports it was preparing suppliers for lukewarm iPhone demand.</p><p><blockquote>这些数字未能反映出本周的波动程度。在周一小幅上涨后，道琼斯指数周二暴跌652.22点。周三，该股在早盘交易中上涨，随后回吐了部分涨幅，最终下跌461.68点，标普500只有包括苹果（股票代码：AAPL）在内的七只股票收盘走高。周四，道琼斯指数创3月份以来最大涨幅，但苹果下跌0.6%，此前有报道称该公司正在让供应商为iPhone需求冷淡做好准备。</blockquote></p><p> On Friday, the Nasdaq got hammered as large, pricey growth stocks, including Adobe (ADBE), Tesla (TSLA), and Nvidia (NVDA), finally got caught up in the selling. “Given the overvalued conditions of many ‘growth’ names, the latter bore the brunt of this week’s correction,” observes Canaccord Genuity analyst Martin Roberge.</p><p><blockquote>周五，纳斯达克遭受重创，包括Adobe(ADBE)、特斯拉(TSLA)和英伟达(NVDA)在内的大型、昂贵的成长型股票最终陷入抛售。Canaccord Genuity分析师马丁·罗伯格(Martin Roberge)表示：“鉴于许多‘成长型’公司的估值过高，后者在本周的调整中首当其冲。”</blockquote></p><p> The S&amp;P 500 finished the week 3.5% off its 2021 high, which is a bit less than the index fell in September, when everyone was predicting a correction that never arrived. This selloff looks like it has more legs. Gone are the generalized fears about valuations and a looming earnings season—which turned out to be just fine—replaced by a new Covid variant and the start of the Federal Reserve’s tightening cycle.</p><p><blockquote>标普500本周收盘较2021年高点下跌3.5%，略低于该指数9月份的跌幅，当时所有人都预测回调从未到来。这次抛售看起来有更多的腿。对估值和即将到来的财报季的普遍担忧已经一去不复返了——事实证明财报季还不错——取而代之的是新的新冠病毒变种和美联储紧缩周期的开始。</blockquote></p><p> Omicron was bad enough on its own—no one knows how much it will hurt the economy—but then Fed Chairman Jerome Powell had to go and acknowledge that inflation isn’t transitory after all and the taper might have to go faster than expected.</p><p><blockquote>奥密克戎本身就已经够糟糕的了——没有人知道它会对经济造成多大伤害——但随后美联储主席Jerome Powell不得不承认通胀毕竟不是暂时的，缩减可能需要比预期更快。</blockquote></p><p> “He leaned on that message so strongly, it tells you some strategy change is coming,” says Dave Donabedian, chief investment officer at CIBC Private Wealth US.</p><p><blockquote>CIBC Private Wealth US首席投资官戴夫·多纳贝迪安(Dave Donabedian)表示：“他非常依赖这一信息，这告诉你一些策略即将发生变化。”</blockquote></p><p> The timing was a bit strange. Headlines about Omicron being found in the U.S. were already troubling the markets. Powell made it worse. Still, rather than asking why he chose that day to make his comments, maybe investors should be asking how much stronger his statement could have been. “Imagine what the speech would have sounded like without the variant,” says MKM Partners Chief Economist Michael Darda.</p><p><blockquote>时机有点奇怪。有关奥密克戎在美国被发现的头条新闻已经让市场感到不安。鲍威尔让情况变得更糟。尽管如此，也许投资者不应该问他为什么选择那天发表评论，而应该问他的声明还能有多强烈。MKM Partners首席经济学家迈克尔·达尔达(Michael Darda)表示：“想象一下，如果没有这种变体，演讲听起来会是什么样子。”</blockquote></p><p> The thing is, Powell is absolutely right to be tacking hawkish, given the strength of the U.S. economy. The jobs report, despite a big headline miss, was solid, with the unemployment rate falling to 4.2% and the participation rate rising to 61.8%. The Institute for Supply Management’s non-manufacturing survey hit 69.1, a record, while the manufacturing index also remains above 60.</p><p><blockquote>问题是，鉴于美国经济的实力，鲍威尔采取鹰派立场是绝对正确的。就业报告尽管出现了重大失误，但表现稳健，失业率降至4.2%，参与率升至61.8%。美国供应管理协会的非制造业调查达到创纪录的69.1，而制造业指数也保持在60以上。</blockquote></p><p> The data has been so good that the Atlanta Fed’s GDPNow estimate for fourth-quarter growth in the U.S. recently hit 9.7%. The consumer price index, which is set to be released this coming Friday, is expected to have risen 0.65% in November. All of that suggests that the economy is ready for tighter monetary policy, even if the stock market isn’t. “Powell is right, even if the market freaks out a little bit,” Darda says.</p><p><blockquote>数据如此之好，以至于亚特兰大联储对美国第四季度增长的GDPNow估计最近达到了9.7%。定于本周五发布的消费者价格指数预计11月份上涨0.65%。所有这些都表明，经济已为收紧货币政策做好了准备，即使股市尚未做好准备。“鲍威尔是对的，即使市场有点恐慌，”达尔达说。</blockquote></p><p> Don’t be surprised if it freaks out a bit more.</p><p><blockquote>如果它变得更疯狂一点，不要感到惊讶。</blockquote></p><p> <b>Morgan Stanley Sees Fed as Bigger Threat to Stocks Than Omicron</b></p><p><blockquote><b>大摩认为美联储对股市的威胁比奥密克戎更大</b></blockquote></p><p> Stock investors probably have more important things to worry about than the emergence of the new coronavirus strain, according to Morgan Stanley strategists.</p><p><blockquote>摩根士丹利策略师表示，股票投资者可能有比新冠病毒株的出现更重要的事情需要担心。</blockquote></p><p> While they are “not that concerned about omicron as a major risk factor for equities,” the strategists see headwinds building elsewhere, after Federal Reserve Chairman Jerome Powell signaled the possible accelerated tapering of asset purchases. “Tapering is tightening for the markets and it will lead to lower valuations like it always does at this stage of any recovery,” the strategists led by Michael Wilson wrote in a note to clients.</p><p><blockquote>虽然他们“不太担心奥密克戎是股市的主要风险因素”，但在美联储主席Jerome Powell暗示可能加速缩减资产购买后，策略师们认为其他地方的阻力正在增加。迈克尔·威尔逊（Michael Wilson）领导的策略师在给客户的一份报告中写道：“缩减购债规模正在收紧市场，这将导致估值下降，就像在复苏的现阶段一样。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2480f1a0450a30811b2f0b6e1a23b008\" tg-width=\"1200\" tg-height=\"675\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The comments echo the views of other strategists, including those at JPMorgan Chase &amp; Co., who&nbsp;singled out a hawkish turn&nbsp;by central banks as the main risk to their outlook for stocks. But while JPMorgan&nbsp;reiterated on Monday&nbsp;that its base-case scenario is for the equities rally to continue into next year, Morgan Stanley sees the S&amp;P 500 trending lower, and valuations declining.</p><p><blockquote>这些评论呼应了其他策略师的观点，包括摩根大通的策略师，他们指出央行的鹰派转向是他们股市前景的主要风险。不过，尽管摩根大通周一重申，其基本情景是股市上涨将持续到明年，但摩根士丹利认为标普500呈走低趋势，估值也在下降。</blockquote></p><p></p><p> “Equity markets are resuming their de-rating process that began over nine months ago for numerous reasons,” the Morgan Stanley strategists wrote. They forecast that the S&amp;P 500 forward price-to-earnings ratio would fall by about 12%, with that decline potentially deeper “as equity investors start to demand much higher risk premiums in anticipation of considerably higher long-term interest rates.”</p><p><blockquote>摩根士丹利策略师写道：“出于多种原因，股市正在恢复九个多月前开始的降级过程。”他们预测，标普500的远期市盈率将下降约12%，而且“随着股票投资者预期长期利率大幅上升，开始要求更高的风险溢价”，降幅可能会更深。</blockquote></p><p> UBS Global Wealth Management strategists said Monday they “expect a period of heightened volatility ahead as investors attempt to assess the risks from omicron and the Fed, based on insufficient and patchy data.” While they advise investors to refrain from a hasty exit from risk assets, the strategists, led by Mark Haefele, said monetary tightening could present a bear case to their base scenario.</p><p><blockquote>瑞银全球财富管理策略师周一表示，他们“预计未来一段时间波动加剧，因为投资者试图根据不充分且不完整的数据来评估奥密克戎和美联储的风险。”虽然他们建议投资者不要仓促退出风险资产，但以马克·海菲尔为首的策略师表示，货币紧缩可能会给他们的基本情景带来看跌理由。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stock-market-covid-omicron-federal-reserve-51638575944\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/stock-market-covid-omicron-federal-reserve-51638575944","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138852642","content_text":"Now can we have a correction?\nWe’d hoped for something better, like a melt-up into the end of the year. But after watching the stock market get knocked down this past week after slumping on Black Friday—thanks to the discovery of the Omicron variant of Covid-19—it doesn’t seem to be in the cards. Not after the S&P 500 index finished the week down 1.2%, while the Dow Jones Industrial Average fell 319.26 points, or 0.9%, and the Nasdaq Composite slumped 2.6%. The small-cap Russell 2000, down 3.9% for the week, closed in correction territory on Wednesday.\nThose numbers fail to capture just how volatile the week was. After a small rally on Monday, the Dow tumbled 652.22 points on Tuesday. On Wednesday, it rallied in early trading before giving back those gains—and then some—to finish down 461.68 points, and only seven stocks in the S&P 500, including Apple (ticker: AAPL), managed to finish higher. On Thursday, the Dow had its biggest gain since March, but Apple dropped 0.6% following reports it was preparing suppliers for lukewarm iPhone demand.\nOn Friday, the Nasdaq got hammered as large, pricey growth stocks, including Adobe (ADBE), Tesla (TSLA), and Nvidia (NVDA), finally got caught up in the selling. “Given the overvalued conditions of many ‘growth’ names, the latter bore the brunt of this week’s correction,” observes Canaccord Genuity analyst Martin Roberge.\nThe S&P 500 finished the week 3.5% off its 2021 high, which is a bit less than the index fell in September, when everyone was predicting a correction that never arrived. This selloff looks like it has more legs. Gone are the generalized fears about valuations and a looming earnings season—which turned out to be just fine—replaced by a new Covid variant and the start of the Federal Reserve’s tightening cycle.\nOmicron was bad enough on its own—no one knows how much it will hurt the economy—but then Fed Chairman Jerome Powell had to go and acknowledge that inflation isn’t transitory after all and the taper might have to go faster than expected.\n“He leaned on that message so strongly, it tells you some strategy change is coming,” says Dave Donabedian, chief investment officer at CIBC Private Wealth US.\nThe timing was a bit strange. Headlines about Omicron being found in the U.S. were already troubling the markets. Powell made it worse. Still, rather than asking why he chose that day to make his comments, maybe investors should be asking how much stronger his statement could have been. “Imagine what the speech would have sounded like without the variant,” says MKM Partners Chief Economist Michael Darda.\nThe thing is, Powell is absolutely right to be tacking hawkish, given the strength of the U.S. economy. The jobs report, despite a big headline miss, was solid, with the unemployment rate falling to 4.2% and the participation rate rising to 61.8%. The Institute for Supply Management’s non-manufacturing survey hit 69.1, a record, while the manufacturing index also remains above 60.\nThe data has been so good that the Atlanta Fed’s GDPNow estimate for fourth-quarter growth in the U.S. recently hit 9.7%. The consumer price index, which is set to be released this coming Friday, is expected to have risen 0.65% in November. All of that suggests that the economy is ready for tighter monetary policy, even if the stock market isn’t. “Powell is right, even if the market freaks out a little bit,” Darda says.\nDon’t be surprised if it freaks out a bit more.\nMorgan Stanley Sees Fed as Bigger Threat to Stocks Than Omicron\nStock investors probably have more important things to worry about than the emergence of the new coronavirus strain, according to Morgan Stanley strategists.\nWhile they are “not that concerned about omicron as a major risk factor for equities,” the strategists see headwinds building elsewhere, after Federal Reserve Chairman Jerome Powell signaled the possible accelerated tapering of asset purchases. “Tapering is tightening for the markets and it will lead to lower valuations like it always does at this stage of any recovery,” the strategists led by Michael Wilson wrote in a note to clients.\n\nThe comments echo the views of other strategists, including those at JPMorgan Chase & Co., who singled out a hawkish turn by central banks as the main risk to their outlook for stocks. But while JPMorgan reiterated on Monday that its base-case scenario is for the equities rally to continue into next year, Morgan Stanley sees the S&P 500 trending lower, and valuations declining.\n“Equity markets are resuming their de-rating process that began over nine months ago for numerous reasons,” the Morgan Stanley strategists wrote. They forecast that the S&P 500 forward price-to-earnings ratio would fall by about 12%, with that decline potentially deeper “as equity investors start to demand much higher risk premiums in anticipation of considerably higher long-term interest rates.”\nUBS Global Wealth Management strategists said Monday they “expect a period of heightened volatility ahead as investors attempt to assess the risks from omicron and the Fed, based on insufficient and patchy data.” While they advise investors to refrain from a hasty exit from risk assets, the strategists, led by Mark Haefele, said monetary tightening could present a bear case to their base scenario.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2429,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":600898951,"gmtCreate":1638112668096,"gmtModify":1638112668201,"author":{"id":"3581643164424811","authorId":"3581643164424811","name":"我不是股神我是赌神","avatar":"https://static.tigerbbs.com/7e971ed6e3f7b6495a07f7b9b5007ee5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581643164424811","authorIdStr":"3581643164424811"},"themes":[],"htmlText":"J","listText":"J","text":"J","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/600898951","repostId":"2186432895","repostType":4,"isVote":1,"tweetType":1,"viewCount":1983,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":600891146,"gmtCreate":1638112571173,"gmtModify":1638112571270,"author":{"id":"3581643164424811","authorId":"3581643164424811","name":"我不是股神我是赌神","avatar":"https://static.tigerbbs.com/7e971ed6e3f7b6495a07f7b9b5007ee5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581643164424811","authorIdStr":"3581643164424811"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/600891146","repostId":"1169926344","repostType":4,"repost":{"id":"1169926344","kind":"news","pubTimestamp":1638067822,"share":"https://www.laohu8.com/m/news/1169926344?lang=zh_CN&edition=full","pubTime":"2021-11-28 10:50","market":"us","language":"en","title":"Is the Best Buy Crash an Overreaction to the Retail \"Crime Wave\"?<blockquote>百思买崩盘是对零售“犯罪浪潮”的过度反应吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169926344","media":"Motley Fool","summary":"Electronics retailer Best Buy got slammed in the stock market after release of its third-quarter ear","content":"<p>Electronics retailer&nbsp;<a href=\"https://laohu8.com/S/BBY\"><b>Best Buy</b></a>&nbsp;got slammed in the stock market after release of its third-quarter earnings report on Nov. 23 that revealed some potentially alarming trends. Up until then, the company had enjoyed a nice bull run with its stock climbing some 40% for the year. However, with organized crime actually significant enough to reduce margins and with the company leaving its guidancelargely unchanged, the stock plunged in response.</p><p><blockquote>电子产品零售商<a href=\"https://laohu8.com/S/BBY\"><b>百思买</b></a>11月23日发布第三季度收益报告后，该报告揭示了一些潜在的令人担忧的趋势，股市遭受重创。在此之前，该公司经历了一轮不错的牛市，其股价今年上涨了约40%。然而，由于有组织犯罪实际上严重到足以降低利润率，并且该公司的指导方针基本不变，该股因此暴跌。</blockquote></p><p> Here's why the market may be overreacting, but also why caution is probably wise.</p><p><blockquote>这就是为什么市场可能反应过度，也是为什么谨慎可能是明智的。</blockquote></p><p> A retail theft wave continues</p><p><blockquote>零售盗窃浪潮仍在继续</blockquote></p><p> In the first half of September, grocery and pharmacy chain&nbsp;<b>Kroger</b>(NYSE:KR)&nbsp;revealed that a considerable amount ofmerchandise was walking out the doorof many locations without visiting the checkout lane first. Theft (known as \"shrinkage\") had reduced Kroger's margin, according to CEO Rodney McMullen, accounting for 15 out of a 60-basis-point gross margin drop. DuringKroger's Q2 earnings call,&nbsp;McMullen remarked on how the shrinkage was \"heavily driven by organized crime or at least appears to be.\"</p><p><blockquote>9月上半月，杂货和药店连锁<b>克罗格</b>（纽约证券交易所股票代码：KR）透露，大量商品在没有先去收银台的情况下就走出了许多地方的大门。首席执行官罗德尼·麦克马伦(Rodney McMullen)表示，盗窃（称为“缩水”）降低了克罗格的利润率，占毛利率下降60个基点中的15个基点。在克罗格第二季度收益看涨期权上，麦克马伦谈到了经济萎缩“在很大程度上是由有组织犯罪推动的，或者至少看起来是这样”。</blockquote></p><p> \"Organized crime\" in this case refers to loosely associated groups or \"flash mobs\" of thieves. Kroger's geographic mix may be boosting the theft rate with California accounting for almost 10% of its stores. That state's new policy, reducing thefts under $950 to a misdemeanor, means police often don't bother investigating. So the Golden State now has two of the five top U.S. cities for retail theft.</p><p><blockquote>本案中的“有组织犯罪”是指联系松散的盗贼团伙或“快闪族”。克罗格的地理组合可能会提高盗窃率，加州几乎占其商店的10%。该州的新政策将950美元以下的盗窃案降为轻罪，这意味着警方通常懒得调查。因此，金州现在拥有美国零售盗窃五大城市中的两个。</blockquote></p><p> Now, the same trend is gnawing away at Best Buy's margins. In a CNBC interview, CEO Corie Barry said groups of thieves are \"targeting stores, and going in and grabbing large swaths of merchandise and running out.\" In addition to reducing margins, Barry pointed out that \"for our employees, these are traumatic experiences, and they're happening more and more.\"</p><p><blockquote>现在，同样的趋势正在侵蚀百思买的利润。首席执行官科里·巴里(Corie Barry)在接受CNBC采访时表示，成群结队的窃贼“瞄准商店，进入并抢走大量商品然后逃跑”。除了降低利润之外，巴里指出，“对于我们的员工来说，这些都是痛苦的经历，而且这种情况越来越多。”</blockquote></p><p> Calling the rise of open pilfering \"a horrible change in the trajectory of the business,\" she said the crime wave is affecting worker retention, possibly causing frightened employees to quit while there's already a labor shortage.</p><p><blockquote>她称公开盗窃的增加是“商业轨迹的可怕变化”，她说犯罪浪潮正在影响工人的保留，可能会导致受惊的员工在劳动力短缺的情况下辞职。</blockquote></p><p> Barry also identified California as a theft epicenter, but said major cities elsewhere are also seeing the same trend. The Q3 earnings report itself indicates a total margin drop of 60 basis points year over year, from 24% to 23.4%, as a result. Promotions and other factors also contributed to the slump.</p><p><blockquote>巴里还指出加州是盗窃中心，但表示其他地方的主要城市也出现了同样的趋势。第三季度收益报告本身显示，总利润率同比下降60个基点，从24%降至23.4%。促销和其他因素也导致了下滑。</blockquote></p><p> Less than stellar year-over-year gains</p><p><blockquote>同比涨幅不及出色</blockquote></p><p> Best Buy's Q3 saw its main financial metrics improve over last year's results, but only narrowly. Revenue climbed a meager 0.48% year over year while domestic comparable sales, or comps, rose just 2%. Earnings per share (EPS) gained just 1%. The company's full-year guidance only increased slightly while several metrics remained flat compared to previous forecasts.</p><p><blockquote>百思买第三季度的主要财务指标比去年的业绩有所改善，但幅度很小。收入同比仅增长0.48%，而国内可比销售额仅增长2%。每股收益(EPS)仅增长1%。与之前的预测相比，该公司的全年指引仅略有增加，而多项指标则持平。</blockquote></p><p> However, zooming out to a two-year comparison reveals a more upbeat growth trajectory. Q3's $11.9 billion in revenue jumped more than 22% from two years ago while adjusted EPS vaulted 84% to $2.08. No doubt, last year's results were distorted by COVID-19. Just as some companies saw sales deflate because of lockdowns, so Best Buy clearly gained as people sat at home and bought extra electronics to support their work and leisure activities. But longer-term, Best Buy still appears to be operating robustly.</p><p><blockquote>然而，缩小到两年的比较会发现增长轨迹更加乐观。第三季度收入为119亿美元，较两年前增长超过22%，调整后每股收益跃升84%至2.08美元。毫无疑问，去年的结果被COVID-19扭曲了。正如一些公司因封锁而销售额下降一样，随着人们坐在家里购买额外的电子产品来支持他们的工作和休闲活动，百思买显然获得了收益。但从长远来看，百思买似乎仍在强劲运营。</blockquote></p><p> Did the market overreact to Best Buy's report?</p><p><blockquote>市场是否对百思买的报告反应过度？</blockquote></p><p> Best Buy's share price plunged nearly 16% on the day it released its Q3 earnings -- though it rebounded to a 12% loss by the close of trading. The negativity persisted into the next day, raising the question of whether Wall Street is correct in its pessimism or if investor sentiment is showing an exaggerated reaction to the results.</p><p><blockquote>百思买的股价在发布第三季度财报当天暴跌近16%，但到收盘时反弹至12%的跌幅。负面情绪持续到第二天，引发了一个问题：华尔街的悲观情绪是否正确，或者投资者情绪是否对结果反应过度。</blockquote></p><p> Neither Best Buy's slightly weak performance nor its shoplifting problem seem sufficient on their own to explain such a sharp plunge. What appears likely is that the two factors together startled investors into a sell-off, which then fed on itself. The theft, while it may continue or even increase in the face of an ineffective government response, still only moved margins downward a few basis points.</p><p><blockquote>百思买略显疲弱的业绩和入店行窃问题本身似乎都不足以解释如此大幅的暴跌。似乎有可能的是，这两个因素共同震惊了投资者，引发了抛售，然后又反过来加剧了抛售。尽管在政府应对不力的情况下，盗窃行为可能会继续甚至增加，但仍仅使利润率下降了几个基点。</blockquote></p><p> Revenue shows reasonable growth and earnings increased strongly over the past two years. At this point, Best Buy still looks like a decently, though not outstandingly, positiveretail stockthat could be worthwhile to consider.</p><p><blockquote>过去两年，收入呈现合理增长，盈利强劲增长。目前，百思买看起来仍然是一只值得考虑的积极零售股，尽管并不出色。</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>Is the Best Buy Crash an Overreaction to the Retail \"Crime Wave\"?<blockquote>百思买崩盘是对零售“犯罪浪潮”的过度反应吗？</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\">\nIs the Best Buy Crash an Overreaction to the Retail \"Crime Wave\"?<blockquote>百思买崩盘是对零售“犯罪浪潮”的过度反应吗？</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\">2021-11-28 10:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Electronics retailer&nbsp;<a href=\"https://laohu8.com/S/BBY\"><b>Best Buy</b></a>&nbsp;got slammed in the stock market after release of its third-quarter earnings report on Nov. 23 that revealed some potentially alarming trends. Up until then, the company had enjoyed a nice bull run with its stock climbing some 40% for the year. However, with organized crime actually significant enough to reduce margins and with the company leaving its guidancelargely unchanged, the stock plunged in response.</p><p><blockquote>电子产品零售商<a href=\"https://laohu8.com/S/BBY\"><b>百思买</b></a>11月23日发布第三季度收益报告后，该报告揭示了一些潜在的令人担忧的趋势，股市遭受重创。在此之前，该公司经历了一轮不错的牛市，其股价今年上涨了约40%。然而，由于有组织犯罪实际上严重到足以降低利润率，并且该公司的指导方针基本不变，该股因此暴跌。</blockquote></p><p> Here's why the market may be overreacting, but also why caution is probably wise.</p><p><blockquote>这就是为什么市场可能反应过度，也是为什么谨慎可能是明智的。</blockquote></p><p> A retail theft wave continues</p><p><blockquote>零售盗窃浪潮仍在继续</blockquote></p><p> In the first half of September, grocery and pharmacy chain&nbsp;<b>Kroger</b>(NYSE:KR)&nbsp;revealed that a considerable amount ofmerchandise was walking out the doorof many locations without visiting the checkout lane first. Theft (known as \"shrinkage\") had reduced Kroger's margin, according to CEO Rodney McMullen, accounting for 15 out of a 60-basis-point gross margin drop. DuringKroger's Q2 earnings call,&nbsp;McMullen remarked on how the shrinkage was \"heavily driven by organized crime or at least appears to be.\"</p><p><blockquote>9月上半月，杂货和药店连锁<b>克罗格</b>（纽约证券交易所股票代码：KR）透露，大量商品在没有先去收银台的情况下就走出了许多地方的大门。首席执行官罗德尼·麦克马伦(Rodney McMullen)表示，盗窃（称为“缩水”）降低了克罗格的利润率，占毛利率下降60个基点中的15个基点。在克罗格第二季度收益看涨期权上，麦克马伦谈到了经济萎缩“在很大程度上是由有组织犯罪推动的，或者至少看起来是这样”。</blockquote></p><p> \"Organized crime\" in this case refers to loosely associated groups or \"flash mobs\" of thieves. Kroger's geographic mix may be boosting the theft rate with California accounting for almost 10% of its stores. That state's new policy, reducing thefts under $950 to a misdemeanor, means police often don't bother investigating. So the Golden State now has two of the five top U.S. cities for retail theft.</p><p><blockquote>本案中的“有组织犯罪”是指联系松散的盗贼团伙或“快闪族”。克罗格的地理组合可能会提高盗窃率，加州几乎占其商店的10%。该州的新政策将950美元以下的盗窃案降为轻罪，这意味着警方通常懒得调查。因此，金州现在拥有美国零售盗窃五大城市中的两个。</blockquote></p><p> Now, the same trend is gnawing away at Best Buy's margins. In a CNBC interview, CEO Corie Barry said groups of thieves are \"targeting stores, and going in and grabbing large swaths of merchandise and running out.\" In addition to reducing margins, Barry pointed out that \"for our employees, these are traumatic experiences, and they're happening more and more.\"</p><p><blockquote>现在，同样的趋势正在侵蚀百思买的利润。首席执行官科里·巴里(Corie Barry)在接受CNBC采访时表示，成群结队的窃贼“瞄准商店，进入并抢走大量商品然后逃跑”。除了降低利润之外，巴里指出，“对于我们的员工来说，这些都是痛苦的经历，而且这种情况越来越多。”</blockquote></p><p> Calling the rise of open pilfering \"a horrible change in the trajectory of the business,\" she said the crime wave is affecting worker retention, possibly causing frightened employees to quit while there's already a labor shortage.</p><p><blockquote>她称公开盗窃的增加是“商业轨迹的可怕变化”，她说犯罪浪潮正在影响工人的保留，可能会导致受惊的员工在劳动力短缺的情况下辞职。</blockquote></p><p> Barry also identified California as a theft epicenter, but said major cities elsewhere are also seeing the same trend. The Q3 earnings report itself indicates a total margin drop of 60 basis points year over year, from 24% to 23.4%, as a result. Promotions and other factors also contributed to the slump.</p><p><blockquote>巴里还指出加州是盗窃中心，但表示其他地方的主要城市也出现了同样的趋势。第三季度收益报告本身显示，总利润率同比下降60个基点，从24%降至23.4%。促销和其他因素也导致了下滑。</blockquote></p><p> Less than stellar year-over-year gains</p><p><blockquote>同比涨幅不及出色</blockquote></p><p> Best Buy's Q3 saw its main financial metrics improve over last year's results, but only narrowly. Revenue climbed a meager 0.48% year over year while domestic comparable sales, or comps, rose just 2%. Earnings per share (EPS) gained just 1%. The company's full-year guidance only increased slightly while several metrics remained flat compared to previous forecasts.</p><p><blockquote>百思买第三季度的主要财务指标比去年的业绩有所改善，但幅度很小。收入同比仅增长0.48%，而国内可比销售额仅增长2%。每股收益(EPS)仅增长1%。与之前的预测相比，该公司的全年指引仅略有增加，而多项指标则持平。</blockquote></p><p> However, zooming out to a two-year comparison reveals a more upbeat growth trajectory. Q3's $11.9 billion in revenue jumped more than 22% from two years ago while adjusted EPS vaulted 84% to $2.08. No doubt, last year's results were distorted by COVID-19. Just as some companies saw sales deflate because of lockdowns, so Best Buy clearly gained as people sat at home and bought extra electronics to support their work and leisure activities. But longer-term, Best Buy still appears to be operating robustly.</p><p><blockquote>然而，缩小到两年的比较会发现增长轨迹更加乐观。第三季度收入为119亿美元，较两年前增长超过22%，调整后每股收益跃升84%至2.08美元。毫无疑问，去年的结果被COVID-19扭曲了。正如一些公司因封锁而销售额下降一样，随着人们坐在家里购买额外的电子产品来支持他们的工作和休闲活动，百思买显然获得了收益。但从长远来看，百思买似乎仍在强劲运营。</blockquote></p><p> Did the market overreact to Best Buy's report?</p><p><blockquote>市场是否对百思买的报告反应过度？</blockquote></p><p> Best Buy's share price plunged nearly 16% on the day it released its Q3 earnings -- though it rebounded to a 12% loss by the close of trading. The negativity persisted into the next day, raising the question of whether Wall Street is correct in its pessimism or if investor sentiment is showing an exaggerated reaction to the results.</p><p><blockquote>百思买的股价在发布第三季度财报当天暴跌近16%，但到收盘时反弹至12%的跌幅。负面情绪持续到第二天，引发了一个问题：华尔街的悲观情绪是否正确，或者投资者情绪是否对结果反应过度。</blockquote></p><p> Neither Best Buy's slightly weak performance nor its shoplifting problem seem sufficient on their own to explain such a sharp plunge. What appears likely is that the two factors together startled investors into a sell-off, which then fed on itself. The theft, while it may continue or even increase in the face of an ineffective government response, still only moved margins downward a few basis points.</p><p><blockquote>百思买略显疲弱的业绩和入店行窃问题本身似乎都不足以解释如此大幅的暴跌。似乎有可能的是，这两个因素共同震惊了投资者，引发了抛售，然后又反过来加剧了抛售。尽管在政府应对不力的情况下，盗窃行为可能会继续甚至增加，但仍仅使利润率下降了几个基点。</blockquote></p><p> Revenue shows reasonable growth and earnings increased strongly over the past two years. At this point, Best Buy still looks like a decently, though not outstandingly, positiveretail stockthat could be worthwhile to consider.</p><p><blockquote>过去两年，收入呈现合理增长，盈利强劲增长。目前，百思买看起来仍然是一只值得考虑的积极零售股，尽管并不出色。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/11/27/is-the-best-buy-crash-an-overreaction-to-the-retai/\">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":{"BBY":"百思买"},"source_url":"https://www.fool.com/investing/2021/11/27/is-the-best-buy-crash-an-overreaction-to-the-retai/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169926344","content_text":"Electronics retailer Best Buy got slammed in the stock market after release of its third-quarter earnings report on Nov. 23 that revealed some potentially alarming trends. Up until then, the company had enjoyed a nice bull run with its stock climbing some 40% for the year. However, with organized crime actually significant enough to reduce margins and with the company leaving its guidancelargely unchanged, the stock plunged in response.\nHere's why the market may be overreacting, but also why caution is probably wise.\nA retail theft wave continues\nIn the first half of September, grocery and pharmacy chain Kroger(NYSE:KR) revealed that a considerable amount ofmerchandise was walking out the doorof many locations without visiting the checkout lane first. Theft (known as \"shrinkage\") had reduced Kroger's margin, according to CEO Rodney McMullen, accounting for 15 out of a 60-basis-point gross margin drop. DuringKroger's Q2 earnings call, McMullen remarked on how the shrinkage was \"heavily driven by organized crime or at least appears to be.\"\n\"Organized crime\" in this case refers to loosely associated groups or \"flash mobs\" of thieves. Kroger's geographic mix may be boosting the theft rate with California accounting for almost 10% of its stores. That state's new policy, reducing thefts under $950 to a misdemeanor, means police often don't bother investigating. So the Golden State now has two of the five top U.S. cities for retail theft.\nNow, the same trend is gnawing away at Best Buy's margins. In a CNBC interview, CEO Corie Barry said groups of thieves are \"targeting stores, and going in and grabbing large swaths of merchandise and running out.\" In addition to reducing margins, Barry pointed out that \"for our employees, these are traumatic experiences, and they're happening more and more.\"\nCalling the rise of open pilfering \"a horrible change in the trajectory of the business,\" she said the crime wave is affecting worker retention, possibly causing frightened employees to quit while there's already a labor shortage.\nBarry also identified California as a theft epicenter, but said major cities elsewhere are also seeing the same trend. The Q3 earnings report itself indicates a total margin drop of 60 basis points year over year, from 24% to 23.4%, as a result. Promotions and other factors also contributed to the slump.\nLess than stellar year-over-year gains\nBest Buy's Q3 saw its main financial metrics improve over last year's results, but only narrowly. Revenue climbed a meager 0.48% year over year while domestic comparable sales, or comps, rose just 2%. Earnings per share (EPS) gained just 1%. The company's full-year guidance only increased slightly while several metrics remained flat compared to previous forecasts.\nHowever, zooming out to a two-year comparison reveals a more upbeat growth trajectory. Q3's $11.9 billion in revenue jumped more than 22% from two years ago while adjusted EPS vaulted 84% to $2.08. No doubt, last year's results were distorted by COVID-19. Just as some companies saw sales deflate because of lockdowns, so Best Buy clearly gained as people sat at home and bought extra electronics to support their work and leisure activities. But longer-term, Best Buy still appears to be operating robustly.\nDid the market overreact to Best Buy's report?\nBest Buy's share price plunged nearly 16% on the day it released its Q3 earnings -- though it rebounded to a 12% loss by the close of trading. The negativity persisted into the next day, raising the question of whether Wall Street is correct in its pessimism or if investor sentiment is showing an exaggerated reaction to the results.\nNeither Best Buy's slightly weak performance nor its shoplifting problem seem sufficient on their own to explain such a sharp plunge. What appears likely is that the two factors together startled investors into a sell-off, which then fed on itself. The theft, while it may continue or even increase in the face of an ineffective government response, still only moved margins downward a few basis points.\nRevenue shows reasonable growth and earnings increased strongly over the past two years. At this point, Best Buy still looks like a decently, though not outstandingly, positiveretail stockthat could be worthwhile to consider.","news_type":1,"symbols_score_info":{"BBY":0.9}},"isVote":1,"tweetType":1,"viewCount":2866,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":600891323,"gmtCreate":1638112559925,"gmtModify":1638112560060,"author":{"id":"3581643164424811","authorId":"3581643164424811","name":"我不是股神我是赌神","avatar":"https://static.tigerbbs.com/7e971ed6e3f7b6495a07f7b9b5007ee5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581643164424811","authorIdStr":"3581643164424811"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/600891323","repostId":"1169926344","repostType":4,"repost":{"id":"1169926344","kind":"news","pubTimestamp":1638067822,"share":"https://www.laohu8.com/m/news/1169926344?lang=zh_CN&edition=full","pubTime":"2021-11-28 10:50","market":"us","language":"en","title":"Is the Best Buy Crash an Overreaction to the Retail \"Crime Wave\"?<blockquote>百思买崩盘是对零售“犯罪浪潮”的过度反应吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169926344","media":"Motley Fool","summary":"Electronics retailer Best Buy got slammed in the stock market after release of its third-quarter ear","content":"<p>Electronics retailer&nbsp;<a href=\"https://laohu8.com/S/BBY\"><b>Best Buy</b></a>&nbsp;got slammed in the stock market after release of its third-quarter earnings report on Nov. 23 that revealed some potentially alarming trends. Up until then, the company had enjoyed a nice bull run with its stock climbing some 40% for the year. However, with organized crime actually significant enough to reduce margins and with the company leaving its guidancelargely unchanged, the stock plunged in response.</p><p><blockquote>电子产品零售商<a href=\"https://laohu8.com/S/BBY\"><b>百思买</b></a>11月23日发布第三季度收益报告后，该报告揭示了一些潜在的令人担忧的趋势，股市遭受重创。在此之前，该公司经历了一轮不错的牛市，其股价今年上涨了约40%。然而，由于有组织犯罪实际上严重到足以降低利润率，并且该公司的指导方针基本不变，该股因此暴跌。</blockquote></p><p> Here's why the market may be overreacting, but also why caution is probably wise.</p><p><blockquote>这就是为什么市场可能反应过度，也是为什么谨慎可能是明智的。</blockquote></p><p> A retail theft wave continues</p><p><blockquote>零售盗窃浪潮仍在继续</blockquote></p><p> In the first half of September, grocery and pharmacy chain&nbsp;<b>Kroger</b>(NYSE:KR)&nbsp;revealed that a considerable amount ofmerchandise was walking out the doorof many locations without visiting the checkout lane first. Theft (known as \"shrinkage\") had reduced Kroger's margin, according to CEO Rodney McMullen, accounting for 15 out of a 60-basis-point gross margin drop. DuringKroger's Q2 earnings call,&nbsp;McMullen remarked on how the shrinkage was \"heavily driven by organized crime or at least appears to be.\"</p><p><blockquote>9月上半月，杂货和药店连锁<b>克罗格</b>（纽约证券交易所股票代码：KR）透露，大量商品在没有先去收银台的情况下就走出了许多地方的大门。首席执行官罗德尼·麦克马伦(Rodney McMullen)表示，盗窃（称为“缩水”）降低了克罗格的利润率，占毛利率下降60个基点中的15个基点。在克罗格第二季度收益看涨期权上，麦克马伦谈到了经济萎缩“在很大程度上是由有组织犯罪推动的，或者至少看起来是这样”。</blockquote></p><p> \"Organized crime\" in this case refers to loosely associated groups or \"flash mobs\" of thieves. Kroger's geographic mix may be boosting the theft rate with California accounting for almost 10% of its stores. That state's new policy, reducing thefts under $950 to a misdemeanor, means police often don't bother investigating. So the Golden State now has two of the five top U.S. cities for retail theft.</p><p><blockquote>本案中的“有组织犯罪”是指联系松散的盗贼团伙或“快闪族”。克罗格的地理组合可能会提高盗窃率，加州几乎占其商店的10%。该州的新政策将950美元以下的盗窃案降为轻罪，这意味着警方通常懒得调查。因此，金州现在拥有美国零售盗窃五大城市中的两个。</blockquote></p><p> Now, the same trend is gnawing away at Best Buy's margins. In a CNBC interview, CEO Corie Barry said groups of thieves are \"targeting stores, and going in and grabbing large swaths of merchandise and running out.\" In addition to reducing margins, Barry pointed out that \"for our employees, these are traumatic experiences, and they're happening more and more.\"</p><p><blockquote>现在，同样的趋势正在侵蚀百思买的利润。首席执行官科里·巴里(Corie Barry)在接受CNBC采访时表示，成群结队的窃贼“瞄准商店，进入并抢走大量商品然后逃跑”。除了降低利润之外，巴里指出，“对于我们的员工来说，这些都是痛苦的经历，而且这种情况越来越多。”</blockquote></p><p> Calling the rise of open pilfering \"a horrible change in the trajectory of the business,\" she said the crime wave is affecting worker retention, possibly causing frightened employees to quit while there's already a labor shortage.</p><p><blockquote>她称公开盗窃的增加是“商业轨迹的可怕变化”，她说犯罪浪潮正在影响工人的保留，可能会导致受惊的员工在劳动力短缺的情况下辞职。</blockquote></p><p> Barry also identified California as a theft epicenter, but said major cities elsewhere are also seeing the same trend. The Q3 earnings report itself indicates a total margin drop of 60 basis points year over year, from 24% to 23.4%, as a result. Promotions and other factors also contributed to the slump.</p><p><blockquote>巴里还指出加州是盗窃中心，但表示其他地方的主要城市也出现了同样的趋势。第三季度收益报告本身显示，总利润率同比下降60个基点，从24%降至23.4%。促销和其他因素也导致了下滑。</blockquote></p><p> Less than stellar year-over-year gains</p><p><blockquote>同比涨幅不及出色</blockquote></p><p> Best Buy's Q3 saw its main financial metrics improve over last year's results, but only narrowly. Revenue climbed a meager 0.48% year over year while domestic comparable sales, or comps, rose just 2%. Earnings per share (EPS) gained just 1%. The company's full-year guidance only increased slightly while several metrics remained flat compared to previous forecasts.</p><p><blockquote>百思买第三季度的主要财务指标比去年的业绩有所改善，但幅度很小。收入同比仅增长0.48%，而国内可比销售额仅增长2%。每股收益(EPS)仅增长1%。与之前的预测相比，该公司的全年指引仅略有增加，而多项指标则持平。</blockquote></p><p> However, zooming out to a two-year comparison reveals a more upbeat growth trajectory. Q3's $11.9 billion in revenue jumped more than 22% from two years ago while adjusted EPS vaulted 84% to $2.08. No doubt, last year's results were distorted by COVID-19. Just as some companies saw sales deflate because of lockdowns, so Best Buy clearly gained as people sat at home and bought extra electronics to support their work and leisure activities. But longer-term, Best Buy still appears to be operating robustly.</p><p><blockquote>然而，缩小到两年的比较会发现增长轨迹更加乐观。第三季度收入为119亿美元，较两年前增长超过22%，调整后每股收益跃升84%至2.08美元。毫无疑问，去年的结果被COVID-19扭曲了。正如一些公司因封锁而销售额下降一样，随着人们坐在家里购买额外的电子产品来支持他们的工作和休闲活动，百思买显然获得了收益。但从长远来看，百思买似乎仍在强劲运营。</blockquote></p><p> Did the market overreact to Best Buy's report?</p><p><blockquote>市场是否对百思买的报告反应过度？</blockquote></p><p> Best Buy's share price plunged nearly 16% on the day it released its Q3 earnings -- though it rebounded to a 12% loss by the close of trading. The negativity persisted into the next day, raising the question of whether Wall Street is correct in its pessimism or if investor sentiment is showing an exaggerated reaction to the results.</p><p><blockquote>百思买的股价在发布第三季度财报当天暴跌近16%，但到收盘时反弹至12%的跌幅。负面情绪持续到第二天，引发了一个问题：华尔街的悲观情绪是否正确，或者投资者情绪是否对结果反应过度。</blockquote></p><p> Neither Best Buy's slightly weak performance nor its shoplifting problem seem sufficient on their own to explain such a sharp plunge. What appears likely is that the two factors together startled investors into a sell-off, which then fed on itself. The theft, while it may continue or even increase in the face of an ineffective government response, still only moved margins downward a few basis points.</p><p><blockquote>百思买略显疲弱的业绩和入店行窃问题本身似乎都不足以解释如此大幅的暴跌。似乎有可能的是，这两个因素共同震惊了投资者，引发了抛售，然后又反过来加剧了抛售。尽管在政府应对不力的情况下，盗窃行为可能会继续甚至增加，但仍仅使利润率下降了几个基点。</blockquote></p><p> Revenue shows reasonable growth and earnings increased strongly over the past two years. At this point, Best Buy still looks like a decently, though not outstandingly, positiveretail stockthat could be worthwhile to consider.</p><p><blockquote>过去两年，收入呈现合理增长，盈利强劲增长。目前，百思买看起来仍然是一只值得考虑的积极零售股，尽管并不出色。</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>Is the Best Buy Crash an Overreaction to the Retail \"Crime Wave\"?<blockquote>百思买崩盘是对零售“犯罪浪潮”的过度反应吗？</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\">\nIs the Best Buy Crash an Overreaction to the Retail \"Crime Wave\"?<blockquote>百思买崩盘是对零售“犯罪浪潮”的过度反应吗？</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\">2021-11-28 10:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Electronics retailer&nbsp;<a href=\"https://laohu8.com/S/BBY\"><b>Best Buy</b></a>&nbsp;got slammed in the stock market after release of its third-quarter earnings report on Nov. 23 that revealed some potentially alarming trends. Up until then, the company had enjoyed a nice bull run with its stock climbing some 40% for the year. However, with organized crime actually significant enough to reduce margins and with the company leaving its guidancelargely unchanged, the stock plunged in response.</p><p><blockquote>电子产品零售商<a href=\"https://laohu8.com/S/BBY\"><b>百思买</b></a>11月23日发布第三季度收益报告后，该报告揭示了一些潜在的令人担忧的趋势，股市遭受重创。在此之前，该公司经历了一轮不错的牛市，其股价今年上涨了约40%。然而，由于有组织犯罪实际上严重到足以降低利润率，并且该公司的指导方针基本不变，该股因此暴跌。</blockquote></p><p> Here's why the market may be overreacting, but also why caution is probably wise.</p><p><blockquote>这就是为什么市场可能反应过度，也是为什么谨慎可能是明智的。</blockquote></p><p> A retail theft wave continues</p><p><blockquote>零售盗窃浪潮仍在继续</blockquote></p><p> In the first half of September, grocery and pharmacy chain&nbsp;<b>Kroger</b>(NYSE:KR)&nbsp;revealed that a considerable amount ofmerchandise was walking out the doorof many locations without visiting the checkout lane first. Theft (known as \"shrinkage\") had reduced Kroger's margin, according to CEO Rodney McMullen, accounting for 15 out of a 60-basis-point gross margin drop. DuringKroger's Q2 earnings call,&nbsp;McMullen remarked on how the shrinkage was \"heavily driven by organized crime or at least appears to be.\"</p><p><blockquote>9月上半月，杂货和药店连锁<b>克罗格</b>（纽约证券交易所股票代码：KR）透露，大量商品在没有先去收银台的情况下就走出了许多地方的大门。首席执行官罗德尼·麦克马伦(Rodney McMullen)表示，盗窃（称为“缩水”）降低了克罗格的利润率，占毛利率下降60个基点中的15个基点。在克罗格第二季度收益看涨期权上，麦克马伦谈到了经济萎缩“在很大程度上是由有组织犯罪推动的，或者至少看起来是这样”。</blockquote></p><p> \"Organized crime\" in this case refers to loosely associated groups or \"flash mobs\" of thieves. Kroger's geographic mix may be boosting the theft rate with California accounting for almost 10% of its stores. That state's new policy, reducing thefts under $950 to a misdemeanor, means police often don't bother investigating. So the Golden State now has two of the five top U.S. cities for retail theft.</p><p><blockquote>本案中的“有组织犯罪”是指联系松散的盗贼团伙或“快闪族”。克罗格的地理组合可能会提高盗窃率，加州几乎占其商店的10%。该州的新政策将950美元以下的盗窃案降为轻罪，这意味着警方通常懒得调查。因此，金州现在拥有美国零售盗窃五大城市中的两个。</blockquote></p><p> Now, the same trend is gnawing away at Best Buy's margins. In a CNBC interview, CEO Corie Barry said groups of thieves are \"targeting stores, and going in and grabbing large swaths of merchandise and running out.\" In addition to reducing margins, Barry pointed out that \"for our employees, these are traumatic experiences, and they're happening more and more.\"</p><p><blockquote>现在，同样的趋势正在侵蚀百思买的利润。首席执行官科里·巴里(Corie Barry)在接受CNBC采访时表示，成群结队的窃贼“瞄准商店，进入并抢走大量商品然后逃跑”。除了降低利润之外，巴里指出，“对于我们的员工来说，这些都是痛苦的经历，而且这种情况越来越多。”</blockquote></p><p> Calling the rise of open pilfering \"a horrible change in the trajectory of the business,\" she said the crime wave is affecting worker retention, possibly causing frightened employees to quit while there's already a labor shortage.</p><p><blockquote>她称公开盗窃的增加是“商业轨迹的可怕变化”，她说犯罪浪潮正在影响工人的保留，可能会导致受惊的员工在劳动力短缺的情况下辞职。</blockquote></p><p> Barry also identified California as a theft epicenter, but said major cities elsewhere are also seeing the same trend. The Q3 earnings report itself indicates a total margin drop of 60 basis points year over year, from 24% to 23.4%, as a result. Promotions and other factors also contributed to the slump.</p><p><blockquote>巴里还指出加州是盗窃中心，但表示其他地方的主要城市也出现了同样的趋势。第三季度收益报告本身显示，总利润率同比下降60个基点，从24%降至23.4%。促销和其他因素也导致了下滑。</blockquote></p><p> Less than stellar year-over-year gains</p><p><blockquote>同比涨幅不及出色</blockquote></p><p> Best Buy's Q3 saw its main financial metrics improve over last year's results, but only narrowly. Revenue climbed a meager 0.48% year over year while domestic comparable sales, or comps, rose just 2%. Earnings per share (EPS) gained just 1%. The company's full-year guidance only increased slightly while several metrics remained flat compared to previous forecasts.</p><p><blockquote>百思买第三季度的主要财务指标比去年的业绩有所改善，但幅度很小。收入同比仅增长0.48%，而国内可比销售额仅增长2%。每股收益(EPS)仅增长1%。与之前的预测相比，该公司的全年指引仅略有增加，而多项指标则持平。</blockquote></p><p> However, zooming out to a two-year comparison reveals a more upbeat growth trajectory. Q3's $11.9 billion in revenue jumped more than 22% from two years ago while adjusted EPS vaulted 84% to $2.08. No doubt, last year's results were distorted by COVID-19. Just as some companies saw sales deflate because of lockdowns, so Best Buy clearly gained as people sat at home and bought extra electronics to support their work and leisure activities. But longer-term, Best Buy still appears to be operating robustly.</p><p><blockquote>然而，缩小到两年的比较会发现增长轨迹更加乐观。第三季度收入为119亿美元，较两年前增长超过22%，调整后每股收益跃升84%至2.08美元。毫无疑问，去年的结果被COVID-19扭曲了。正如一些公司因封锁而销售额下降一样，随着人们坐在家里购买额外的电子产品来支持他们的工作和休闲活动，百思买显然获得了收益。但从长远来看，百思买似乎仍在强劲运营。</blockquote></p><p> Did the market overreact to Best Buy's report?</p><p><blockquote>市场是否对百思买的报告反应过度？</blockquote></p><p> Best Buy's share price plunged nearly 16% on the day it released its Q3 earnings -- though it rebounded to a 12% loss by the close of trading. The negativity persisted into the next day, raising the question of whether Wall Street is correct in its pessimism or if investor sentiment is showing an exaggerated reaction to the results.</p><p><blockquote>百思买的股价在发布第三季度财报当天暴跌近16%，但到收盘时反弹至12%的跌幅。负面情绪持续到第二天，引发了一个问题：华尔街的悲观情绪是否正确，或者投资者情绪是否对结果反应过度。</blockquote></p><p> Neither Best Buy's slightly weak performance nor its shoplifting problem seem sufficient on their own to explain such a sharp plunge. What appears likely is that the two factors together startled investors into a sell-off, which then fed on itself. The theft, while it may continue or even increase in the face of an ineffective government response, still only moved margins downward a few basis points.</p><p><blockquote>百思买略显疲弱的业绩和入店行窃问题本身似乎都不足以解释如此大幅的暴跌。似乎有可能的是，这两个因素共同震惊了投资者，引发了抛售，然后又反过来加剧了抛售。尽管在政府应对不力的情况下，盗窃行为可能会继续甚至增加，但仍仅使利润率下降了几个基点。</blockquote></p><p> Revenue shows reasonable growth and earnings increased strongly over the past two years. At this point, Best Buy still looks like a decently, though not outstandingly, positiveretail stockthat could be worthwhile to consider.</p><p><blockquote>过去两年，收入呈现合理增长，盈利强劲增长。目前，百思买看起来仍然是一只值得考虑的积极零售股，尽管并不出色。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/11/27/is-the-best-buy-crash-an-overreaction-to-the-retai/\">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":{"BBY":"百思买"},"source_url":"https://www.fool.com/investing/2021/11/27/is-the-best-buy-crash-an-overreaction-to-the-retai/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169926344","content_text":"Electronics retailer Best Buy got slammed in the stock market after release of its third-quarter earnings report on Nov. 23 that revealed some potentially alarming trends. Up until then, the company had enjoyed a nice bull run with its stock climbing some 40% for the year. However, with organized crime actually significant enough to reduce margins and with the company leaving its guidancelargely unchanged, the stock plunged in response.\nHere's why the market may be overreacting, but also why caution is probably wise.\nA retail theft wave continues\nIn the first half of September, grocery and pharmacy chain Kroger(NYSE:KR) revealed that a considerable amount ofmerchandise was walking out the doorof many locations without visiting the checkout lane first. Theft (known as \"shrinkage\") had reduced Kroger's margin, according to CEO Rodney McMullen, accounting for 15 out of a 60-basis-point gross margin drop. DuringKroger's Q2 earnings call, McMullen remarked on how the shrinkage was \"heavily driven by organized crime or at least appears to be.\"\n\"Organized crime\" in this case refers to loosely associated groups or \"flash mobs\" of thieves. Kroger's geographic mix may be boosting the theft rate with California accounting for almost 10% of its stores. That state's new policy, reducing thefts under $950 to a misdemeanor, means police often don't bother investigating. So the Golden State now has two of the five top U.S. cities for retail theft.\nNow, the same trend is gnawing away at Best Buy's margins. In a CNBC interview, CEO Corie Barry said groups of thieves are \"targeting stores, and going in and grabbing large swaths of merchandise and running out.\" In addition to reducing margins, Barry pointed out that \"for our employees, these are traumatic experiences, and they're happening more and more.\"\nCalling the rise of open pilfering \"a horrible change in the trajectory of the business,\" she said the crime wave is affecting worker retention, possibly causing frightened employees to quit while there's already a labor shortage.\nBarry also identified California as a theft epicenter, but said major cities elsewhere are also seeing the same trend. The Q3 earnings report itself indicates a total margin drop of 60 basis points year over year, from 24% to 23.4%, as a result. Promotions and other factors also contributed to the slump.\nLess than stellar year-over-year gains\nBest Buy's Q3 saw its main financial metrics improve over last year's results, but only narrowly. Revenue climbed a meager 0.48% year over year while domestic comparable sales, or comps, rose just 2%. Earnings per share (EPS) gained just 1%. The company's full-year guidance only increased slightly while several metrics remained flat compared to previous forecasts.\nHowever, zooming out to a two-year comparison reveals a more upbeat growth trajectory. Q3's $11.9 billion in revenue jumped more than 22% from two years ago while adjusted EPS vaulted 84% to $2.08. No doubt, last year's results were distorted by COVID-19. Just as some companies saw sales deflate because of lockdowns, so Best Buy clearly gained as people sat at home and bought extra electronics to support their work and leisure activities. But longer-term, Best Buy still appears to be operating robustly.\nDid the market overreact to Best Buy's report?\nBest Buy's share price plunged nearly 16% on the day it released its Q3 earnings -- though it rebounded to a 12% loss by the close of trading. The negativity persisted into the next day, raising the question of whether Wall Street is correct in its pessimism or if investor sentiment is showing an exaggerated reaction to the results.\nNeither Best Buy's slightly weak performance nor its shoplifting problem seem sufficient on their own to explain such a sharp plunge. What appears likely is that the two factors together startled investors into a sell-off, which then fed on itself. The theft, while it may continue or even increase in the face of an ineffective government response, still only moved margins downward a few basis points.\nRevenue shows reasonable growth and earnings increased strongly over the past two years. At this point, Best Buy still looks like a decently, though not outstandingly, positiveretail stockthat could be worthwhile to consider.","news_type":1,"symbols_score_info":{"BBY":0.9}},"isVote":1,"tweetType":1,"viewCount":2441,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":874030338,"gmtCreate":1637710257476,"gmtModify":1637710257575,"author":{"id":"3581643164424811","authorId":"3581643164424811","name":"我不是股神我是赌神","avatar":"https://static.tigerbbs.com/7e971ed6e3f7b6495a07f7b9b5007ee5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581643164424811","authorIdStr":"3581643164424811"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/874030338","repostId":"2185336565","repostType":4,"isVote":1,"tweetType":1,"viewCount":3878,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":875142972,"gmtCreate":1637628150799,"gmtModify":1637628150895,"author":{"id":"3581643164424811","authorId":"3581643164424811","name":"我不是股神我是赌神","avatar":"https://static.tigerbbs.com/7e971ed6e3f7b6495a07f7b9b5007ee5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581643164424811","authorIdStr":"3581643164424811"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/875142972","repostId":"2185806265","repostType":4,"isVote":1,"tweetType":1,"viewCount":2373,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":872285671,"gmtCreate":1637538869794,"gmtModify":1637538869943,"author":{"id":"3581643164424811","authorId":"3581643164424811","name":"我不是股神我是赌神","avatar":"https://static.tigerbbs.com/7e971ed6e3f7b6495a07f7b9b5007ee5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581643164424811","authorIdStr":"3581643164424811"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/872285671","repostId":"1153786917","repostType":4,"repost":{"id":"1153786917","kind":"news","pubTimestamp":1637534687,"share":"https://www.laohu8.com/m/news/1153786917?lang=zh_CN&edition=full","pubTime":"2021-11-22 06:44","market":"us","language":"en","title":"Best Buy, Zoom, Pinduoduo, Xpeng,Xiaomi,Meituan and Other Stocks for Investors to Watch This Week<blockquote>百思买、Zoom、拼多多、小鹏汽车、小米、美团-W等本周值得投资者关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1153786917","media":"Barrons","summary":"The tail end of third-quarter earnings season will bring more results from major retailers next week","content":"<p>The tail end of third-quarter earnings season will bring more results from major retailers next week, just as shoppers prepare for Black Friday. On Tuesday, investors will get quarterly results from some of retail’s biggest names, including&nbsp;Best Buy,Burlington Stores,Dick’s Sporting Goods,Dollar Tree,and&nbsp;Gap.</p><p><blockquote>就在购物者为黑色星期五做准备之际，第三季度财报季的尾声将在下周带来更多主要零售商的业绩。周二，投资者将获得一些零售业巨头的季度业绩，包括百思买、伯灵顿商店、迪克体育用品、美元树和Gap。</blockquote></p><p> Friday will bring one of the busiest shopping days of the year and the traditional kick off for holiday shopping season. The National Retail Federation estimates that a record $851 billion will be spent by U.S. consumers this November and December, a 9.5% increase from last year.</p><p><blockquote>周五将是一年中最繁忙的购物日之一，也是假日购物季的传统开始。美国零售联合会估计，今年11月和12月，美国消费者的支出将达到创纪录的8510亿美元，比去年增长9.5%。</blockquote></p><p> Non-retail highlights on the earnings calendar next week include&nbsp;Zoom Video Communications on Monday,Xpeng,Xiaomi Corporation,Autodesk,Dell Technologies,and&nbsp;VMware&nbsp;on Tuesday, Deere&nbsp;on Wednesday&nbsp;and&nbsp;Pinduoduo,Meituan and RLX Technology&nbsp;on Friday.</p><p><blockquote>下周财报日历上的非零售亮点包括周一的Zoom Video通信、周二的小鹏汽车、小米公司、欧特克、戴尔科技和VMware、周三的Deere以及周五的拼多多、美团-W和RLX科技。</blockquote></p><p> The National Association of Realtors reports existing-home sales for October on Monday. The consensus estimate is for a seasonally adjusted annual rate of 6.19 million homes sold, 100,000 fewer than in September.</p><p><blockquote>全国房地产经纪人协会周一公布了10月份的现房销售情况。市场普遍估计，经季节调整后，房屋销售量为619万套，比9月份减少10万套。</blockquote></p><p> On Tuesday,IHS Markit&nbsp;releases both the manufacturing and services purchasing managers’ indexes for November. Expectations are for a 59.5 reading for the manufacturing PMI and 59 for the services PMI.</p><p><blockquote>周二，IHS Markit发布了11月份制造业和服务业采购经理人指数。预期制造业PMI为59.5，服务业PMI为59。</blockquote></p><p> On Wednesday, the Federal Open Market Committee releases minutes from its early-November monetary-policy meeting. The U.S. Census Bureau also releases the durable-goods report for October, while the U.S. Bureau of Economic Analysis reports personal income and spending for October.</p><p><blockquote>周三，联邦公开市场委员会公布了11月初货币政策会议纪要。美国人口普查局还发布10月份耐用品报告，而美国经济分析局则报告10月份个人收入和支出。</blockquote></p><p> U.S. bourses and fixed-income markets will be closed on Thursday for Thanksgiving. On Friday, the Nasdaq and New York Stock Exchange end trading at 1 p.m., while the bond market closes at 2 p.m.</p><p><blockquote>美国股市和固定收益市场将于周四因感恩节休市。周五，纳斯达克和纽约证券交易所下午1点结束交易，而债券市场下午2点收盘。</blockquote></p><p> Agilent Technologies,Keysight Technologies,and Zoom Video Communications release quarterly results.</p><p><blockquote>安捷伦科技、是德科技、Zoom Video通信发布季度业绩。</blockquote></p><p> <b>The National Association</b> of Realtors reports existing-home sales for October. The consensus estimate is for a seasonally adjusted annual rate of 6.19 million homes sold, 100,000 fewer than in September. Existing-home sales hit their post-financial-crisis peak at 6.73 million last October and have fallen for much of this year, partly due to supply constraints, especially at the lower-price end of the housing market.</p><p><blockquote><b>全国协会</b>房地产经纪人报告10月份现房销售情况。市场普遍估计，经季节调整后，房屋销售量为619万套，比9月份减少10万套。去年10月，成屋销量达到金融危机后的峰值673万套，今年大部分时间都在下降，部分原因是供应限制，尤其是在房地产市场的低端。</blockquote></p><p> Analog Devices,Autodesk, Best Buy, Burlington Stores, Dell Technologies, Dick’s Sporting Goods, Dollar Tree, Gap,HPInc.,J.M. Smucker, Jacobs Engineering Group,Medtronic,and VMware report earnings.</p><p><blockquote>ADI公司、欧特克公司、百思买公司、伯灵顿商店公司、戴尔技术公司、迪克体育用品公司、美元树公司、Gap公司、HPInc公司。，J.MSmucker、Jacobs Engineering Group、Medtronic和VMware报告收益。</blockquote></p><p> <b>IHS Markit releases</b> both the Manufacturing and Services Purchasing Managers’ indexes for November. Expectations are for a 59.5 reading for the Manufacturing PMI and 59 for the Services PMI. Both figures are slightly more than the October data. Both indexes are off their peaks from earlier this year, but higher than their levels from a year ago.</p><p><blockquote><b>IHS Markit发布</b>11月份制造业和服务业采购经理人指数。预期制造业PMI为59.5，服务业PMI为59。这两个数字都略高于10月份的数据。这两个指数都脱离了今年早些时候的峰值，但高于一年前的水平。</blockquote></p><p> <b>The BEA reports</b> its second estimate of third-quarter gross domestic product. Economists forecast a 2.2% annualized rate of growth, higher than the BEA’s preliminary estimate of 2% from late October.</p><p><blockquote><b>东亚银行报告</b>其对第三季度国内生产总值的第二次估计。经济学家预测年化增长率为2.2%，高于东亚银行10月底初步估计的2%。</blockquote></p><p> Deere reports fiscal fourth-quarter 2021 results.</p><p><blockquote>Deere公布2021财年第四季度业绩。</blockquote></p><p> <b>The Federal Open Market</b> Committee releases minutes from its early-November monetary-policy meeting.</p><p><blockquote><b>联邦公开市场</b>委员会发布11月初货币政策会议纪要。</blockquote></p><p> <b>The Census Bureau</b> releases the durable-goods report for October. Economists forecast a 0.2% month-over-month increase in new orders for manufactured durable goods, to $262 billion. Excluding transportation, new orders are seen rising 0.5%, matching the September gain.</p><p><blockquote><b>人口普查局</b>发布10月份耐用品报告。经济学家预测耐用品新订单环比增长0.2%，达到2620亿美元。不包括运输，新订单预计将增长0.5%，与9月份的增幅持平。</blockquote></p><p> <b>The BEA reports</b> personal income and spending for October. The consensus call is for a 0.4% monthly increase in income after a 1% decline in September. Personal spending is expected to rise 1%, month over month, a faster clip than September’s 0.6% gain.</p><p><blockquote><b>东亚银行报告</b>10月份个人收入和支出。看涨期权普遍认为，继9月份收入下降1%后，每月收入将增长0.4%。个人支出预计将环比增长1%，快于9月份0.6%的增幅。</blockquote></p><p> <b>U.S. bourses</b> and fixed-income markets are closed in observance of Thanksgiving.</p><p><blockquote><b>美国证券交易所</b>固定收益市场因感恩节休市。</blockquote></p><p> <b>It’s Black Friday</b>, one of the busiest shopping days of the year and the traditional kickoff to the holiday shopping season. The National Retail Federation estimates that a record $851 billion will be spent by U.S. consumers this November and December, a 9.5% increase from last year. U.S. exchanges have a shortened trading session on the day after Thanksgiving. The Nasdaq and New York Stock Exchange end trading at 1 p.m., and the bond market closes at 2 p.m.</p><p><blockquote><b>今天是黑色星期五</b>这是一年中最繁忙的购物日之一，也是假日购物季的传统开始。美国零售联合会估计，今年11月和12月，美国消费者的支出将达到创纪录的8510亿美元，比去年增长9.5%。美国交易所在感恩节后的第二天缩短了交易时段。纳斯达克和纽约证券交易所下午1点结束交易，债券市场下午2点收盘。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Best Buy, Zoom, Pinduoduo, Xpeng,Xiaomi,Meituan and Other Stocks for Investors to Watch This Week<blockquote>百思买、Zoom、拼多多、小鹏汽车、小米、美团-W等本周值得投资者关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBest Buy, Zoom, Pinduoduo, Xpeng,Xiaomi,Meituan and Other Stocks for Investors to Watch This Week<blockquote>百思买、Zoom、拼多多、小鹏汽车、小米、美团-W等本周值得投资者关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-11-22 06:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The tail end of third-quarter earnings season will bring more results from major retailers next week, just as shoppers prepare for Black Friday. On Tuesday, investors will get quarterly results from some of retail’s biggest names, including&nbsp;Best Buy,Burlington Stores,Dick’s Sporting Goods,Dollar Tree,and&nbsp;Gap.</p><p><blockquote>就在购物者为黑色星期五做准备之际，第三季度财报季的尾声将在下周带来更多主要零售商的业绩。周二，投资者将获得一些零售业巨头的季度业绩，包括百思买、伯灵顿商店、迪克体育用品、美元树和Gap。</blockquote></p><p> Friday will bring one of the busiest shopping days of the year and the traditional kick off for holiday shopping season. The National Retail Federation estimates that a record $851 billion will be spent by U.S. consumers this November and December, a 9.5% increase from last year.</p><p><blockquote>周五将是一年中最繁忙的购物日之一，也是假日购物季的传统开始。美国零售联合会估计，今年11月和12月，美国消费者的支出将达到创纪录的8510亿美元，比去年增长9.5%。</blockquote></p><p> Non-retail highlights on the earnings calendar next week include&nbsp;Zoom Video Communications on Monday,Xpeng,Xiaomi Corporation,Autodesk,Dell Technologies,and&nbsp;VMware&nbsp;on Tuesday, Deere&nbsp;on Wednesday&nbsp;and&nbsp;Pinduoduo,Meituan and RLX Technology&nbsp;on Friday.</p><p><blockquote>下周财报日历上的非零售亮点包括周一的Zoom Video通信、周二的小鹏汽车、小米公司、欧特克、戴尔科技和VMware、周三的Deere以及周五的拼多多、美团-W和RLX科技。</blockquote></p><p> The National Association of Realtors reports existing-home sales for October on Monday. The consensus estimate is for a seasonally adjusted annual rate of 6.19 million homes sold, 100,000 fewer than in September.</p><p><blockquote>全国房地产经纪人协会周一公布了10月份的现房销售情况。市场普遍估计，经季节调整后，房屋销售量为619万套，比9月份减少10万套。</blockquote></p><p> On Tuesday,IHS Markit&nbsp;releases both the manufacturing and services purchasing managers’ indexes for November. Expectations are for a 59.5 reading for the manufacturing PMI and 59 for the services PMI.</p><p><blockquote>周二，IHS Markit发布了11月份制造业和服务业采购经理人指数。预期制造业PMI为59.5，服务业PMI为59。</blockquote></p><p> On Wednesday, the Federal Open Market Committee releases minutes from its early-November monetary-policy meeting. The U.S. Census Bureau also releases the durable-goods report for October, while the U.S. Bureau of Economic Analysis reports personal income and spending for October.</p><p><blockquote>周三，联邦公开市场委员会公布了11月初货币政策会议纪要。美国人口普查局还发布10月份耐用品报告，而美国经济分析局则报告10月份个人收入和支出。</blockquote></p><p> U.S. bourses and fixed-income markets will be closed on Thursday for Thanksgiving. On Friday, the Nasdaq and New York Stock Exchange end trading at 1 p.m., while the bond market closes at 2 p.m.</p><p><blockquote>美国股市和固定收益市场将于周四因感恩节休市。周五，纳斯达克和纽约证券交易所下午1点结束交易，而债券市场下午2点收盘。</blockquote></p><p> Agilent Technologies,Keysight Technologies,and Zoom Video Communications release quarterly results.</p><p><blockquote>安捷伦科技、是德科技、Zoom Video通信发布季度业绩。</blockquote></p><p> <b>The National Association</b> of Realtors reports existing-home sales for October. The consensus estimate is for a seasonally adjusted annual rate of 6.19 million homes sold, 100,000 fewer than in September. Existing-home sales hit their post-financial-crisis peak at 6.73 million last October and have fallen for much of this year, partly due to supply constraints, especially at the lower-price end of the housing market.</p><p><blockquote><b>全国协会</b>房地产经纪人报告10月份现房销售情况。市场普遍估计，经季节调整后，房屋销售量为619万套，比9月份减少10万套。去年10月，成屋销量达到金融危机后的峰值673万套，今年大部分时间都在下降，部分原因是供应限制，尤其是在房地产市场的低端。</blockquote></p><p> Analog Devices,Autodesk, Best Buy, Burlington Stores, Dell Technologies, Dick’s Sporting Goods, Dollar Tree, Gap,HPInc.,J.M. Smucker, Jacobs Engineering Group,Medtronic,and VMware report earnings.</p><p><blockquote>ADI公司、欧特克公司、百思买公司、伯灵顿商店公司、戴尔技术公司、迪克体育用品公司、美元树公司、Gap公司、HPInc公司。，J.MSmucker、Jacobs Engineering Group、Medtronic和VMware报告收益。</blockquote></p><p> <b>IHS Markit releases</b> both the Manufacturing and Services Purchasing Managers’ indexes for November. Expectations are for a 59.5 reading for the Manufacturing PMI and 59 for the Services PMI. Both figures are slightly more than the October data. Both indexes are off their peaks from earlier this year, but higher than their levels from a year ago.</p><p><blockquote><b>IHS Markit发布</b>11月份制造业和服务业采购经理人指数。预期制造业PMI为59.5，服务业PMI为59。这两个数字都略高于10月份的数据。这两个指数都脱离了今年早些时候的峰值，但高于一年前的水平。</blockquote></p><p> <b>The BEA reports</b> its second estimate of third-quarter gross domestic product. Economists forecast a 2.2% annualized rate of growth, higher than the BEA’s preliminary estimate of 2% from late October.</p><p><blockquote><b>东亚银行报告</b>其对第三季度国内生产总值的第二次估计。经济学家预测年化增长率为2.2%，高于东亚银行10月底初步估计的2%。</blockquote></p><p> Deere reports fiscal fourth-quarter 2021 results.</p><p><blockquote>Deere公布2021财年第四季度业绩。</blockquote></p><p> <b>The Federal Open Market</b> Committee releases minutes from its early-November monetary-policy meeting.</p><p><blockquote><b>联邦公开市场</b>委员会发布11月初货币政策会议纪要。</blockquote></p><p> <b>The Census Bureau</b> releases the durable-goods report for October. Economists forecast a 0.2% month-over-month increase in new orders for manufactured durable goods, to $262 billion. Excluding transportation, new orders are seen rising 0.5%, matching the September gain.</p><p><blockquote><b>人口普查局</b>发布10月份耐用品报告。经济学家预测耐用品新订单环比增长0.2%，达到2620亿美元。不包括运输，新订单预计将增长0.5%，与9月份的增幅持平。</blockquote></p><p> <b>The BEA reports</b> personal income and spending for October. The consensus call is for a 0.4% monthly increase in income after a 1% decline in September. Personal spending is expected to rise 1%, month over month, a faster clip than September’s 0.6% gain.</p><p><blockquote><b>东亚银行报告</b>10月份个人收入和支出。看涨期权普遍认为，继9月份收入下降1%后，每月收入将增长0.4%。个人支出预计将环比增长1%，快于9月份0.6%的增幅。</blockquote></p><p> <b>U.S. bourses</b> and fixed-income markets are closed in observance of Thanksgiving.</p><p><blockquote><b>美国证券交易所</b>固定收益市场因感恩节休市。</blockquote></p><p> <b>It’s Black Friday</b>, one of the busiest shopping days of the year and the traditional kickoff to the holiday shopping season. The National Retail Federation estimates that a record $851 billion will be spent by U.S. consumers this November and December, a 9.5% increase from last year. U.S. exchanges have a shortened trading session on the day after Thanksgiving. The Nasdaq and New York Stock Exchange end trading at 1 p.m., and the bond market closes at 2 p.m.</p><p><blockquote><b>今天是黑色星期五</b>这是一年中最繁忙的购物日之一，也是假日购物季的传统开始。美国零售联合会估计，今年11月和12月，美国消费者的支出将达到创纪录的8510亿美元，比去年增长9.5%。美国交易所在感恩节后的第二天缩短了交易时段。纳斯达克和纽约证券交易所下午1点结束交易，债券市场下午2点收盘。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/best-buy-zoom-dell-deere-and-other-stocks-for-investors-to-watch-this-week-51637524800?mod=hp_LEAD_3\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","DE":"迪尔股份有限公司","BBY":"百思买","DELL":"戴尔","ZM":"Zoom",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/best-buy-zoom-dell-deere-and-other-stocks-for-investors-to-watch-this-week-51637524800?mod=hp_LEAD_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153786917","content_text":"The tail end of third-quarter earnings season will bring more results from major retailers next week, just as shoppers prepare for Black Friday. On Tuesday, investors will get quarterly results from some of retail’s biggest names, including Best Buy,Burlington Stores,Dick’s Sporting Goods,Dollar Tree,and Gap.\nFriday will bring one of the busiest shopping days of the year and the traditional kick off for holiday shopping season. The National Retail Federation estimates that a record $851 billion will be spent by U.S. consumers this November and December, a 9.5% increase from last year.\nNon-retail highlights on the earnings calendar next week include Zoom Video Communications on Monday,Xpeng,Xiaomi Corporation,Autodesk,Dell Technologies,and VMware on Tuesday, Deere on Wednesday and Pinduoduo,Meituan and RLX Technology on Friday.\nThe National Association of Realtors reports existing-home sales for October on Monday. The consensus estimate is for a seasonally adjusted annual rate of 6.19 million homes sold, 100,000 fewer than in September.\nOn Tuesday,IHS Markit releases both the manufacturing and services purchasing managers’ indexes for November. Expectations are for a 59.5 reading for the manufacturing PMI and 59 for the services PMI.\nOn Wednesday, the Federal Open Market Committee releases minutes from its early-November monetary-policy meeting. The U.S. Census Bureau also releases the durable-goods report for October, while the U.S. Bureau of Economic Analysis reports personal income and spending for October.\nU.S. bourses and fixed-income markets will be closed on Thursday for Thanksgiving. On Friday, the Nasdaq and New York Stock Exchange end trading at 1 p.m., while the bond market closes at 2 p.m.\nAgilent Technologies,Keysight Technologies,and Zoom Video Communications release quarterly results.\nThe National Association of Realtors reports existing-home sales for October. The consensus estimate is for a seasonally adjusted annual rate of 6.19 million homes sold, 100,000 fewer than in September. Existing-home sales hit their post-financial-crisis peak at 6.73 million last October and have fallen for much of this year, partly due to supply constraints, especially at the lower-price end of the housing market.\nAnalog Devices,Autodesk, Best Buy, Burlington Stores, Dell Technologies, Dick’s Sporting Goods, Dollar Tree, Gap,HPInc.,J.M. Smucker, Jacobs Engineering Group,Medtronic,and VMware report earnings.\nIHS Markit releases both the Manufacturing and Services Purchasing Managers’ indexes for November. Expectations are for a 59.5 reading for the Manufacturing PMI and 59 for the Services PMI. Both figures are slightly more than the October data. Both indexes are off their peaks from earlier this year, but higher than their levels from a year ago.\nThe BEA reports its second estimate of third-quarter gross domestic product. Economists forecast a 2.2% annualized rate of growth, higher than the BEA’s preliminary estimate of 2% from late October.\nDeere reports fiscal fourth-quarter 2021 results.\nThe Federal Open Market Committee releases minutes from its early-November monetary-policy meeting.\nThe Census Bureau releases the durable-goods report for October. Economists forecast a 0.2% month-over-month increase in new orders for manufactured durable goods, to $262 billion. Excluding transportation, new orders are seen rising 0.5%, matching the September gain.\nThe BEA reports personal income and spending for October. The consensus call is for a 0.4% monthly increase in income after a 1% decline in September. Personal spending is expected to rise 1%, month over month, a faster clip than September’s 0.6% gain.\nU.S. bourses and fixed-income markets are closed in observance of Thanksgiving.\nIt’s Black Friday, one of the busiest shopping days of the year and the traditional kickoff to the holiday shopping season. The National Retail Federation estimates that a record $851 billion will be spent by U.S. consumers this November and December, a 9.5% increase from last year. U.S. exchanges have a shortened trading session on the day after Thanksgiving. The Nasdaq and New York Stock Exchange end trading at 1 p.m., and the bond market closes at 2 p.m.","news_type":1,"symbols_score_info":{"BBY":0.9,"ZM":0.9,"DE":0.9,".SPX":0.9,"DELL":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":3001,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":872971090,"gmtCreate":1637409003090,"gmtModify":1637409003210,"author":{"id":"3581643164424811","authorId":"3581643164424811","name":"我不是股神我是赌神","avatar":"https://static.tigerbbs.com/7e971ed6e3f7b6495a07f7b9b5007ee5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581643164424811","authorIdStr":"3581643164424811"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/872971090","repostId":"1142877226","repostType":4,"repost":{"id":"1142877226","kind":"news","pubTimestamp":1637383645,"share":"https://www.laohu8.com/m/news/1142877226?lang=zh_CN&edition=full","pubTime":"2021-11-20 12:47","market":"us","language":"en","title":"SoFi Technologies notifies warrant holders of $22.38 redemption fair market value<blockquote>SoFi Technologies通知认股权证持有人赎回公平市值为22.38美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142877226","media":"Seeking Alpha","summary":"Related to its previously announced redemption of outstanding warrants, SoFi Technologies  reports t","content":"<p>Related to its previously announced redemption of outstanding warrants, <a href=\"https://laohu8.com/S/SOFI\">SoFi Technologies </a> reports the redemption fair market value of $22.38.</p><p><blockquote>与其此前宣布赎回未行使认股权证有关，<a href=\"https://laohu8.com/S/SOFI\">SoFi技术</a>报告赎回公平市场价值为22.38美元。</blockquote></p><p> That value is used to determine the number of shares of common stock that will be issued on a \"cashless\" exercise of a warrant.</p><p><blockquote>该值用于确定“无现金”行使认股权证时将发行的普通股数量。</blockquote></p><p> As a result, holders who exercise their warrants on a \"cashless basis\" will be entitled to receive 0.361 share of SoFi (SOFI) common stock per warrant.</p><p><blockquote>因此，在“无现金基础上”行使认股权证的持有人将有权获得每份认股权证0.361股SoFi(SOFI)普通股。</blockquote></p><p> Any warrants that remain unexercised after 5:00 PM New York City time on Dec. 6, 2021 will be void and no longer exercisable, and the holder of those warrants will be entitled to receive only the redemption price of $0.10 per warrant.</p><p><blockquote>纽约时间2021年12月6日下午5:00后仍未行使的任何认股权证将无效且不再可行使，这些认股权证的持有人将有权仅获得每份认股权证0.10美元的赎回价格。</blockquote></p><p> The warrants were issued as part of units sold in the company's initial public offering. SoFi (SOFI) became a publicly traded company when it combined with Chamath Palihapitiya's Social Capital Hedosophia Holdings V SPAC on June 1.</p><p><blockquote>认股权证是作为公司首次公开募股中出售的单位的一部分发行的。SoFi(SOFI)于6月1日与Chamath Palihapitiya的社会资本Hedosophia Holdings V SPAC合并，成为一家上市公司。</blockquote></p><p></p>","source":"lsy1617334820801","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>SoFi Technologies notifies warrant holders of $22.38 redemption fair market value<blockquote>SoFi Technologies通知认股权证持有人赎回公平市值为22.38美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSoFi Technologies notifies warrant holders of $22.38 redemption fair market value<blockquote>SoFi Technologies通知认股权证持有人赎回公平市值为22.38美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-11-20 12:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Related to its previously announced redemption of outstanding warrants, <a href=\"https://laohu8.com/S/SOFI\">SoFi Technologies </a> reports the redemption fair market value of $22.38.</p><p><blockquote>与其此前宣布赎回未行使认股权证有关，<a href=\"https://laohu8.com/S/SOFI\">SoFi技术</a>报告赎回公平市场价值为22.38美元。</blockquote></p><p> That value is used to determine the number of shares of common stock that will be issued on a \"cashless\" exercise of a warrant.</p><p><blockquote>该值用于确定“无现金”行使认股权证时将发行的普通股数量。</blockquote></p><p> As a result, holders who exercise their warrants on a \"cashless basis\" will be entitled to receive 0.361 share of SoFi (SOFI) common stock per warrant.</p><p><blockquote>因此，在“无现金基础上”行使认股权证的持有人将有权获得每份认股权证0.361股SoFi(SOFI)普通股。</blockquote></p><p> Any warrants that remain unexercised after 5:00 PM New York City time on Dec. 6, 2021 will be void and no longer exercisable, and the holder of those warrants will be entitled to receive only the redemption price of $0.10 per warrant.</p><p><blockquote>纽约时间2021年12月6日下午5:00后仍未行使的任何认股权证将无效且不再可行使，这些认股权证的持有人将有权仅获得每份认股权证0.10美元的赎回价格。</blockquote></p><p> The warrants were issued as part of units sold in the company's initial public offering. SoFi (SOFI) became a publicly traded company when it combined with Chamath Palihapitiya's Social Capital Hedosophia Holdings V SPAC on June 1.</p><p><blockquote>认股权证是作为公司首次公开募股中出售的单位的一部分发行的。SoFi(SOFI)于6月1日与Chamath Palihapitiya的社会资本Hedosophia Holdings V SPAC合并，成为一家上市公司。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3773057-sofi-technologies-notifies-warrant-holders-of-2238-redemption-fair-market-value\">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":{"SOFI":"SoFi Technologies Inc."},"source_url":"https://seekingalpha.com/news/3773057-sofi-technologies-notifies-warrant-holders-of-2238-redemption-fair-market-value","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142877226","content_text":"Related to its previously announced redemption of outstanding warrants, SoFi Technologies  reports the redemption fair market value of $22.38.\nThat value is used to determine the number of shares of common stock that will be issued on a \"cashless\" exercise of a warrant.\nAs a result, holders who exercise their warrants on a \"cashless basis\" will be entitled to receive 0.361 share of SoFi (SOFI) common stock per warrant.\nAny warrants that remain unexercised after 5:00 PM New York City time on Dec. 6, 2021 will be void and no longer exercisable, and the holder of those warrants will be entitled to receive only the redemption price of $0.10 per warrant.\nThe warrants were issued as part of units sold in the company's initial public offering. SoFi (SOFI) became a publicly traded company when it combined with Chamath Palihapitiya's Social Capital Hedosophia Holdings V SPAC on June 1.","news_type":1,"symbols_score_info":{"SOFI":0.9}},"isVote":1,"tweetType":1,"viewCount":3295,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":872973347,"gmtCreate":1637408845347,"gmtModify":1637408845470,"author":{"id":"3581643164424811","authorId":"3581643164424811","name":"我不是股神我是赌神","avatar":"https://static.tigerbbs.com/7e971ed6e3f7b6495a07f7b9b5007ee5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581643164424811","authorIdStr":"3581643164424811"},"themes":[],"htmlText":"I","listText":"I","text":"I","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/872973347","repostId":"2184842262","repostType":4,"isVote":1,"tweetType":1,"viewCount":607,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873566800,"gmtCreate":1636963143882,"gmtModify":1636963144880,"author":{"id":"3581643164424811","authorId":"3581643164424811","name":"我不是股神我是赌神","avatar":"https://static.tigerbbs.com/7e971ed6e3f7b6495a07f7b9b5007ee5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581643164424811","authorIdStr":"3581643164424811"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/873566800","repostId":"2183536049","repostType":4,"isVote":1,"tweetType":1,"viewCount":657,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":847181508,"gmtCreate":1636501397665,"gmtModify":1636501402067,"author":{"id":"3581643164424811","authorId":"3581643164424811","name":"我不是股神我是赌神","avatar":"https://static.tigerbbs.com/7e971ed6e3f7b6495a07f7b9b5007ee5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581643164424811","authorIdStr":"3581643164424811"},"themes":[],"htmlText":"O","listText":"O","text":"O","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/847181508","repostId":"1188205095","repostType":4,"isVote":1,"tweetType":1,"viewCount":573,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":848364896,"gmtCreate":1635975406728,"gmtModify":1635975560436,"author":{"id":"3581643164424811","authorId":"3581643164424811","name":"我不是股神我是赌神","avatar":"https://static.tigerbbs.com/7e971ed6e3f7b6495a07f7b9b5007ee5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581643164424811","authorIdStr":"3581643164424811"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/848364896","repostId":"1121675604","repostType":4,"repost":{"id":"1121675604","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":1635965192,"share":"https://www.laohu8.com/m/news/1121675604?lang=zh_CN&edition=full","pubTime":"2021-11-04 02:46","market":"us","language":"en","title":"It's difficult to predict future of supply issues on inflation: Powell press conference<blockquote>鲍威尔新闻发布会：很难预测通胀供应问题的未来</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1121675604","media":"Tiger Newspress","summary":"Following strong GDP growth in the first half of the year, \"household spending and business investme","content":"<p><img src=\"https://static.tigerbbs.com/6c5387a0d5afe8697c14338e205979e3\" tg-width=\"680\" tg-height=\"471\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <ul>  <ul>   <li>Following strong GDP growth in the first half of the year, \"household spending and business investment flattened out this quarter,\" as labor market issues and supply bottlenecks weighed on the economy, Fed Chair Jerome Powell said during the FOMC's post-decision press&nbsp;conference.</li>   <li>Supply constraints have been longer lasting than originally anticipated, Powell said. The timing of resolving supply bottlenecks remain uncertain, he said.</li>   <li>\"Economic growth should pick up this quarter,\" he said, resulting in strong growth for the year.</li>   <li>Unemployment was 4.8% in September, which he said understates labor market conditions, he added.</li>   <li><b>3:26 PM ET:</b>Press conference ends.</li>   <li><b>3:25 PM ET</b>:\"People are quitting their jobs at all-time record numbers,\" but they went to other often better-paying jobs, he said. \"We expect labor force participation to pick up, but we don't know the pace,\" Powell noted.</li>   <li><b>3:17 PM ET:</b>There's no news on the supplementary leverage ratio for banks. The Fed is looking at way to address liquidity issues through that channel, he added.</li>   <li><b>3:15 PM ET:</b>&nbsp;The Fed will address balance sheet issues in future meetings, he said. In other words, whether it will&nbsp; reinvest or reduce the overall size.</li>   <li><b>3:10 PM ET:</b>Powell says, \" I don't think we're behind the curve,\" adding that the Fed is&nbsp;prepared for a range of eventualities. \"We will adapt as appropriate.\"</li>   <li><b>3:04 PM ET:</b>&nbsp;The Fed's role in climate change issues relates to its mandates, Powell said, and \"there's also a financial stability question.\" \"We're not the people to decide the national strategy on climate change.\" That's for elected officials, he said.</li>   <li><b>3:02 PM ET:</b>&nbsp;\"The risk, for now, appears to be skewed toward higher inflation,\" Powell said. \"Bottlenecks should be abating. They haven't gotten better overall, and we're aware of that.\"</li>   <li><b>2:56 PM ET</b>: \"We don't meet the liftoff test, because we're not at maximum employment,\" Powell said. The economy met the test for tapering asset purchases, but the FOMC didn't discuss when it might raise rates.</li>   <li>At 2:52 PM ET, all three major U.S. stock averages are in the green: the Dow&nbsp;rises 0.2%, the Nasdaq&nbsp;increases 0.8%, and the S&amp;P&nbsp;gains 0.5%. 10-year Treasury yield slips back to 1.57%.</li>   <li><b>2:52 PM ET:</b>&nbsp;Powell explains the meaning of \"transitory\" in that \"it won't become a permanent feature of life.\"</li>   <li><b>2:43 PM ET:</b>\"At this point we don't see troubling increases in wages,\" but the Fed will be monitoring it carefully. He attributes the inflationary pressures to supply bottlenecks and demand, not due to the tight labor market.</li>   <li><b>2:42 PM ET:</b>&nbsp;The U.S. could reach maximum employment next year. \"It's within the realm of possibility,\" Powell said.</li>   <li><b>Update at 2:39 PM ET</b>: \"We don't think it's time yet to raise interest rates,\" Powell said. The focus of this meeting was on tapering asset purchases.</li>   <li>\"We should see inflation moving down by second or third quarter (of next year).\"</li>   <li>Earlier, the Federal Reserve kept interest rates near zero and&nbsp;set its plan to start the taper.</li>  </ul> </ul></p><p><blockquote><ul><ul><li>美联储主席鲍威尔在FOMC决策后新闻发布会上表示，继上半年GDP强劲增长后，“本季度家庭支出和企业投资趋于平缓”，因为劳动力市场问题和供应瓶颈拖累了经济。</li><li>鲍威尔表示，供应限制的持续时间比最初预期的要长。他表示，解决供应瓶颈的时机仍不确定。</li><li>“本季度经济增长应该会加快，”他表示，这将导致今年的强劲增长。</li><li>他补充说，9月份失业率为4.8%，他表示这低估了劳动力市场状况。</li><li><b>美国东部时间下午3:26：</b>新闻发布会结束。</li><li><b>美国东部时间下午3:25</b>他说：“人们辞职的人数创历史新高”，但他们去了其他通常收入更高的工作。鲍威尔指出：“我们预计劳动力参与率将会回升，但我们不知道速度。”</li><li><b>美国东部时间下午3:17：</b>没有关于银行补充杠杆率的消息。他补充说，美联储正在寻找通过该渠道解决流动性问题的方法。</li><li><b>美国东部时间下午3:15：</b>他表示，美联储将在未来的会议上解决资产负债表问题。换句话说，它是否会进行再投资或缩小整体规模。</li><li><b>美国东部时间下午3:10：</b>鲍威尔表示，“我不认为我们落后了”，并补充说美联储已为一系列可能发生的情况做好了准备。“我们会酌情调整。”</li><li><b>美国东部时间下午3:04：</b>鲍威尔表示，美联储在气候变化问题上的作用与其职责有关，“还有一个金融稳定问题”。“我们不是决定国家气候变化战略的人。”他说，这是为民选官员准备的。</li><li><b>美国东部时间下午3:02：</b>鲍威尔表示：“就目前而言，风险似乎偏向于通胀上升。”“瓶颈应该正在减弱。总体而言，它们并没有变得更好，我们也意识到了这一点。”</li><li><b>美国东部时间下午2:56</b>鲍威尔说：“我们没有达到起飞测试，因为我们没有达到最大就业水平。”经济通过了缩减资产购买的考验，但FOMC没有讨论何时可能加息。</li><li>美国东部时间下午2:52，美国三大股指均呈绿色：道琼斯指数上涨0.2%，纳斯达克上涨0.8%，标准普尔指数上涨0.5%。10年期国债收益率回落至1.57%。</li><li><b>美国东部时间下午2:52：</b>鲍威尔解释“短暂”的含义是“它不会成为生活的永久特征”。</li><li><b>美国东部时间下午2:43：</b>“目前我们没有看到令人不安的工资增长”，但美联储将仔细监控。他将通胀压力归因于供应瓶颈和需求，而不是劳动力市场紧张。</li><li><b>美国东部时间下午2:42：</b>美国明年可能会达到最大就业率。“这是有可能的，”鲍威尔说。</li><li><b>美国东部时间下午2:39更新</b>：“我们认为现在还不是加息的时候，”鲍威尔说。这次会议的重点是缩减资产购买。</li><li>“我们应该会看到（明年）第二或第三季度通胀下降。”</li><li>此前，美联储将利率维持在接近零的水平，并设定了启动taper的计划。</li></ul></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIt's difficult to predict future of supply issues on inflation: Powell press conference<blockquote>鲍威尔新闻发布会：很难预测通胀供应问题的未来</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\">2021-11-04 02:46</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/6c5387a0d5afe8697c14338e205979e3\" tg-width=\"680\" tg-height=\"471\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <ul>  <ul>   <li>Following strong GDP growth in the first half of the year, \"household spending and business investment flattened out this quarter,\" as labor market issues and supply bottlenecks weighed on the economy, Fed Chair Jerome Powell said during the FOMC's post-decision press&nbsp;conference.</li>   <li>Supply constraints have been longer lasting than originally anticipated, Powell said. The timing of resolving supply bottlenecks remain uncertain, he said.</li>   <li>\"Economic growth should pick up this quarter,\" he said, resulting in strong growth for the year.</li>   <li>Unemployment was 4.8% in September, which he said understates labor market conditions, he added.</li>   <li><b>3:26 PM ET:</b>Press conference ends.</li>   <li><b>3:25 PM ET</b>:\"People are quitting their jobs at all-time record numbers,\" but they went to other often better-paying jobs, he said. \"We expect labor force participation to pick up, but we don't know the pace,\" Powell noted.</li>   <li><b>3:17 PM ET:</b>There's no news on the supplementary leverage ratio for banks. The Fed is looking at way to address liquidity issues through that channel, he added.</li>   <li><b>3:15 PM ET:</b>&nbsp;The Fed will address balance sheet issues in future meetings, he said. In other words, whether it will&nbsp; reinvest or reduce the overall size.</li>   <li><b>3:10 PM ET:</b>Powell says, \" I don't think we're behind the curve,\" adding that the Fed is&nbsp;prepared for a range of eventualities. \"We will adapt as appropriate.\"</li>   <li><b>3:04 PM ET:</b>&nbsp;The Fed's role in climate change issues relates to its mandates, Powell said, and \"there's also a financial stability question.\" \"We're not the people to decide the national strategy on climate change.\" That's for elected officials, he said.</li>   <li><b>3:02 PM ET:</b>&nbsp;\"The risk, for now, appears to be skewed toward higher inflation,\" Powell said. \"Bottlenecks should be abating. They haven't gotten better overall, and we're aware of that.\"</li>   <li><b>2:56 PM ET</b>: \"We don't meet the liftoff test, because we're not at maximum employment,\" Powell said. The economy met the test for tapering asset purchases, but the FOMC didn't discuss when it might raise rates.</li>   <li>At 2:52 PM ET, all three major U.S. stock averages are in the green: the Dow&nbsp;rises 0.2%, the Nasdaq&nbsp;increases 0.8%, and the S&amp;P&nbsp;gains 0.5%. 10-year Treasury yield slips back to 1.57%.</li>   <li><b>2:52 PM ET:</b>&nbsp;Powell explains the meaning of \"transitory\" in that \"it won't become a permanent feature of life.\"</li>   <li><b>2:43 PM ET:</b>\"At this point we don't see troubling increases in wages,\" but the Fed will be monitoring it carefully. He attributes the inflationary pressures to supply bottlenecks and demand, not due to the tight labor market.</li>   <li><b>2:42 PM ET:</b>&nbsp;The U.S. could reach maximum employment next year. \"It's within the realm of possibility,\" Powell said.</li>   <li><b>Update at 2:39 PM ET</b>: \"We don't think it's time yet to raise interest rates,\" Powell said. The focus of this meeting was on tapering asset purchases.</li>   <li>\"We should see inflation moving down by second or third quarter (of next year).\"</li>   <li>Earlier, the Federal Reserve kept interest rates near zero and&nbsp;set its plan to start the taper.</li>  </ul> </ul></p><p><blockquote><ul><ul><li>美联储主席鲍威尔在FOMC决策后新闻发布会上表示，继上半年GDP强劲增长后，“本季度家庭支出和企业投资趋于平缓”，因为劳动力市场问题和供应瓶颈拖累了经济。</li><li>鲍威尔表示，供应限制的持续时间比最初预期的要长。他表示，解决供应瓶颈的时机仍不确定。</li><li>“本季度经济增长应该会加快，”他表示，这将导致今年的强劲增长。</li><li>他补充说，9月份失业率为4.8%，他表示这低估了劳动力市场状况。</li><li><b>美国东部时间下午3:26：</b>新闻发布会结束。</li><li><b>美国东部时间下午3:25</b>他说：“人们辞职的人数创历史新高”，但他们去了其他通常收入更高的工作。鲍威尔指出：“我们预计劳动力参与率将会回升，但我们不知道速度。”</li><li><b>美国东部时间下午3:17：</b>没有关于银行补充杠杆率的消息。他补充说，美联储正在寻找通过该渠道解决流动性问题的方法。</li><li><b>美国东部时间下午3:15：</b>他表示，美联储将在未来的会议上解决资产负债表问题。换句话说，它是否会进行再投资或缩小整体规模。</li><li><b>美国东部时间下午3:10：</b>鲍威尔表示，“我不认为我们落后了”，并补充说美联储已为一系列可能发生的情况做好了准备。“我们会酌情调整。”</li><li><b>美国东部时间下午3:04：</b>鲍威尔表示，美联储在气候变化问题上的作用与其职责有关，“还有一个金融稳定问题”。“我们不是决定国家气候变化战略的人。”他说，这是为民选官员准备的。</li><li><b>美国东部时间下午3:02：</b>鲍威尔表示：“就目前而言，风险似乎偏向于通胀上升。”“瓶颈应该正在减弱。总体而言，它们并没有变得更好，我们也意识到了这一点。”</li><li><b>美国东部时间下午2:56</b>鲍威尔说：“我们没有达到起飞测试，因为我们没有达到最大就业水平。”经济通过了缩减资产购买的考验，但FOMC没有讨论何时可能加息。</li><li>美国东部时间下午2:52，美国三大股指均呈绿色：道琼斯指数上涨0.2%，纳斯达克上涨0.8%，标准普尔指数上涨0.5%。10年期国债收益率回落至1.57%。</li><li><b>美国东部时间下午2:52：</b>鲍威尔解释“短暂”的含义是“它不会成为生活的永久特征”。</li><li><b>美国东部时间下午2:43：</b>“目前我们没有看到令人不安的工资增长”，但美联储将仔细监控。他将通胀压力归因于供应瓶颈和需求，而不是劳动力市场紧张。</li><li><b>美国东部时间下午2:42：</b>美国明年可能会达到最大就业率。“这是有可能的，”鲍威尔说。</li><li><b>美国东部时间下午2:39更新</b>：“我们认为现在还不是加息的时候，”鲍威尔说。这次会议的重点是缩减资产购买。</li><li>“我们应该会看到（明年）第二或第三季度通胀下降。”</li><li>此前，美联储将利率维持在接近零的水平，并设定了启动taper的计划。</li></ul></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121675604","content_text":"Following strong GDP growth in the first half of the year, \"household spending and business investment flattened out this quarter,\" as labor market issues and supply bottlenecks weighed on the economy, Fed Chair Jerome Powell said during the FOMC's post-decision press conference.\nSupply constraints have been longer lasting than originally anticipated, Powell said. The timing of resolving supply bottlenecks remain uncertain, he said.\n\"Economic growth should pick up this quarter,\" he said, resulting in strong growth for the year.\nUnemployment was 4.8% in September, which he said understates labor market conditions, he added.\n3:26 PM ET:Press conference ends.\n3:25 PM ET:\"People are quitting their jobs at all-time record numbers,\" but they went to other often better-paying jobs, he said. \"We expect labor force participation to pick up, but we don't know the pace,\" Powell noted.\n3:17 PM ET:There's no news on the supplementary leverage ratio for banks. The Fed is looking at way to address liquidity issues through that channel, he added.\n3:15 PM ET: The Fed will address balance sheet issues in future meetings, he said. In other words, whether it will  reinvest or reduce the overall size.\n3:10 PM ET:Powell says, \" I don't think we're behind the curve,\" adding that the Fed is prepared for a range of eventualities. \"We will adapt as appropriate.\"\n3:04 PM ET: The Fed's role in climate change issues relates to its mandates, Powell said, and \"there's also a financial stability question.\" \"We're not the people to decide the national strategy on climate change.\" That's for elected officials, he said.\n3:02 PM ET: \"The risk, for now, appears to be skewed toward higher inflation,\" Powell said. \"Bottlenecks should be abating. They haven't gotten better overall, and we're aware of that.\"\n2:56 PM ET: \"We don't meet the liftoff test, because we're not at maximum employment,\" Powell said. The economy met the test for tapering asset purchases, but the FOMC didn't discuss when it might raise rates.\nAt 2:52 PM ET, all three major U.S. stock averages are in the green: the Dow rises 0.2%, the Nasdaq increases 0.8%, and the S&P gains 0.5%. 10-year Treasury yield slips back to 1.57%.\n2:52 PM ET: Powell explains the meaning of \"transitory\" in that \"it won't become a permanent feature of life.\"\n2:43 PM ET:\"At this point we don't see troubling increases in wages,\" but the Fed will be monitoring it carefully. He attributes the inflationary pressures to supply bottlenecks and demand, not due to the tight labor market.\n2:42 PM ET: The U.S. could reach maximum employment next year. \"It's within the realm of possibility,\" Powell said.\nUpdate at 2:39 PM ET: \"We don't think it's time yet to raise interest rates,\" Powell said. The focus of this meeting was on tapering asset purchases.\n\"We should see inflation moving down by second or third quarter (of next year).\"\nEarlier, the Federal Reserve kept interest rates near zero and set its plan to start the taper.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":572,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":841173480,"gmtCreate":1635898564814,"gmtModify":1635898564962,"author":{"id":"3581643164424811","authorId":"3581643164424811","name":"我不是股神我是赌神","avatar":"https://static.tigerbbs.com/7e971ed6e3f7b6495a07f7b9b5007ee5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581643164424811","authorIdStr":"3581643164424811"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/841173480","repostId":"2180736486","repostType":4,"isVote":1,"tweetType":1,"viewCount":664,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":843983075,"gmtCreate":1635796248198,"gmtModify":1635796248367,"author":{"id":"3581643164424811","authorId":"3581643164424811","name":"我不是股神我是赌神","avatar":"https://static.tigerbbs.com/7e971ed6e3f7b6495a07f7b9b5007ee5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581643164424811","authorIdStr":"3581643164424811"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/843983075","repostId":"2179221955","repostType":4,"isVote":1,"tweetType":1,"viewCount":650,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":843989781,"gmtCreate":1635796242022,"gmtModify":1635796242129,"author":{"id":"3581643164424811","authorId":"3581643164424811","name":"我不是股神我是赌神","avatar":"https://static.tigerbbs.com/7e971ed6e3f7b6495a07f7b9b5007ee5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581643164424811","authorIdStr":"3581643164424811"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/843989781","repostId":"2179221955","repostType":4,"isVote":1,"tweetType":1,"viewCount":555,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":854504869,"gmtCreate":1635466327753,"gmtModify":1635466328031,"author":{"id":"3581643164424811","authorId":"3581643164424811","name":"我不是股神我是赌神","avatar":"https://static.tigerbbs.com/7e971ed6e3f7b6495a07f7b9b5007ee5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581643164424811","authorIdStr":"3581643164424811"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/854504869","repostId":"2179291938","repostType":4,"isVote":1,"tweetType":1,"viewCount":571,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":854504131,"gmtCreate":1635466320774,"gmtModify":1635466321040,"author":{"id":"3581643164424811","authorId":"3581643164424811","name":"我不是股神我是赌神","avatar":"https://static.tigerbbs.com/7e971ed6e3f7b6495a07f7b9b5007ee5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581643164424811","authorIdStr":"3581643164424811"},"themes":[],"htmlText":"O","listText":"O","text":"O","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/854504131","repostId":"2179291938","repostType":4,"isVote":1,"tweetType":1,"viewCount":853,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":855591932,"gmtCreate":1635381486098,"gmtModify":1635381486236,"author":{"id":"3581643164424811","authorId":"3581643164424811","name":"我不是股神我是赌神","avatar":"https://static.tigerbbs.com/7e971ed6e3f7b6495a07f7b9b5007ee5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581643164424811","authorIdStr":"3581643164424811"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/855591932","repostId":"2178237746","repostType":4,"isVote":1,"tweetType":1,"viewCount":439,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":170700822,"gmtCreate":1626448844466,"gmtModify":1633926621905,"author":{"id":"3581643164424811","authorId":"3581643164424811","name":"我不是股神我是赌神","avatar":"https://static.tigerbbs.com/7e971ed6e3f7b6495a07f7b9b5007ee5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581643164424811","idStr":"3581643164424811"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":11,"repostSize":0,"link":"https://laohu8.com/post/170700822","repostId":"1169536573","repostType":4,"repost":{"id":"1169536573","kind":"news","pubTimestamp":1626448731,"share":"https://www.laohu8.com/m/news/1169536573?lang=zh_CN&edition=full","pubTime":"2021-07-16 23:18","market":"us","language":"en","title":"Coupa Shares Extend Losses After Post-Analyst Day Selloff<blockquote>分析师日抛售后，Coupa股价扩大跌幅</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169536573","media":"Thestreet","summary":"Coupa Software traded lower for a second day Friday, extending Thursday's near 10% loss, as analysts reassessed their outlooks for the financial management software company following a disappointing analyst day event.Coupa hosted a virtual analyst day on Thursday, when the platform provider shared additional detail about its Coupa Pay service, and also provided an update on its longer-term prospects.Analysts honed in on the more conservative outlook provided by Coupa's management team as the lik","content":"<p>Coupa Software(<b>COUP</b>)&nbsp;traded lower for a second day Friday, extending Thursday's near 10% loss, as analysts reassessed their outlooks for the financial management software company following a disappointing analyst day event.</p><p><blockquote>Coupa软件（<b>COUP</b>）周五连续第二天走低，延续了周四近10%的跌幅，分析师在经历了令人失望的分析师日活动后重新评估了对这家财务管理软件公司的前景。</blockquote></p><p> Coupa hosted a virtual analyst day on Thursday, when the platform provider shared additional detail about its Coupa Pay service, and also provided an update on its longer-term prospects.</p><p><blockquote>Coupa周四举办了虚拟分析师日，该平台提供商分享了有关其Coupa Pay服务的更多细节，并提供了有关其长期前景的最新信息。</blockquote></p><p> Analysts honed in on the more conservative outlook provided by Coupa's management team as the likely reason behind Thursday's selloff, though were generally sanguine about the company's longer-term prospects, with Piper Sandler one of the the few Wall Street investment firms to lower its one-year price target.</p><p><blockquote>分析师们认为Coupa管理团队提供的更为保守的前景可能是周四抛售背后的原因，但他们普遍对该公司的长期前景持乐观态度，Piper Sandler是少数几家下调一年股价的华尔街投资公司之一。价格目标。</blockquote></p><p> Piper Sandler analysts also focused on lack of progress with Coupa Pay, noting that “… considering the necessary conservatism that is needed to continue the well-known beat and raise cadence, the set-up was always less than ideal.” They held their overweight rating on the stock though lowered their price target to $295 from $300.</p><p><blockquote>Piper Sandler分析师还关注了Coupa Pay缺乏进展的问题，并指出“……考虑到继续众所周知的节拍和提高节奏所需的必要保守主义，这种设置总是不太理想。”他们维持对该股的跑赢大盘评级，但将目标价从300美元下调至295美元。</blockquote></p><p> Truist Securities was slightly more upbeat, though admitted investors “could have been disappointed by either what they heard from an attach rate perspective on Coupa Pay or potentially were disappointed that it’s likely a multi-year time line before Coupa Pay really moves the needle.” They held their buy rating and price target of $326.</p><p><blockquote>Truist Securities稍微乐观一些，尽管承认投资者“可能会对他们从Coupa Pay的附加利率角度听到的消息感到失望，或者可能会对Coupa Pay真正发挥作用可能需要多年时间线感到失望。”他们维持买入评级和326美元的目标价。</blockquote></p><p> Barclays analysts noted that while Coupa couldn’t meet “the very high expectations from the Street” for its Coupa Pay service it is maintaining its positive outlook. The investment bank held its equal weight rating on the shares and one-year price target of $250.</p><p><blockquote>巴克莱分析师指出，虽然Coupa无法满足“华尔街对其Coupa Pay服务的极高期望”，但它仍保持积极的前景。该投资银行维持该股等权重评级，一年目标价为250美元。</blockquote></p><p> Coupa shares plunged last monthafter the companyprovided a tepid forecastthat raised questions about its pace of billings growth.&nbsp;A number of analysts cut their price targets on the San Mateo, Calif., based company at the time, even after it reported a surprise profit and better-than-expected revenue forecasts.</p><p><blockquote>上个月，Coupa股价暴跌，此前该公司提供了一份不温不火的预测，引发了人们对其账单增长速度的质疑。当时，许多分析师下调了这家总部位于加州圣马特奥的公司的目标价，尽管该公司公布了意外的利润和好于预期的收入预测。</blockquote></p><p> At last check, Coupa shares were down 2.24% at $221.04. The stock has fallen 32.7% year to date.</p><p><blockquote>据上次检查，Coupa股价下跌2.24%，至221.04美元。该股今年迄今已下跌32.7%。</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>Coupa Shares Extend Losses After Post-Analyst Day Selloff<blockquote>分析师日抛售后，Coupa股价扩大跌幅</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\">\nCoupa Shares Extend Losses After Post-Analyst Day Selloff<blockquote>分析师日抛售后，Coupa股价扩大跌幅</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-07-16 23:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Coupa Software(<b>COUP</b>)&nbsp;traded lower for a second day Friday, extending Thursday's near 10% loss, as analysts reassessed their outlooks for the financial management software company following a disappointing analyst day event.</p><p><blockquote>Coupa软件（<b>COUP</b>）周五连续第二天走低，延续了周四近10%的跌幅，分析师在经历了令人失望的分析师日活动后重新评估了对这家财务管理软件公司的前景。</blockquote></p><p> Coupa hosted a virtual analyst day on Thursday, when the platform provider shared additional detail about its Coupa Pay service, and also provided an update on its longer-term prospects.</p><p><blockquote>Coupa周四举办了虚拟分析师日，该平台提供商分享了有关其Coupa Pay服务的更多细节，并提供了有关其长期前景的最新信息。</blockquote></p><p> Analysts honed in on the more conservative outlook provided by Coupa's management team as the likely reason behind Thursday's selloff, though were generally sanguine about the company's longer-term prospects, with Piper Sandler one of the the few Wall Street investment firms to lower its one-year price target.</p><p><blockquote>分析师们认为Coupa管理团队提供的更为保守的前景可能是周四抛售背后的原因，但他们普遍对该公司的长期前景持乐观态度，Piper Sandler是少数几家下调一年股价的华尔街投资公司之一。价格目标。</blockquote></p><p> Piper Sandler analysts also focused on lack of progress with Coupa Pay, noting that “… considering the necessary conservatism that is needed to continue the well-known beat and raise cadence, the set-up was always less than ideal.” They held their overweight rating on the stock though lowered their price target to $295 from $300.</p><p><blockquote>Piper Sandler分析师还关注了Coupa Pay缺乏进展的问题，并指出“……考虑到继续众所周知的节拍和提高节奏所需的必要保守主义，这种设置总是不太理想。”他们维持对该股的跑赢大盘评级，但将目标价从300美元下调至295美元。</blockquote></p><p> Truist Securities was slightly more upbeat, though admitted investors “could have been disappointed by either what they heard from an attach rate perspective on Coupa Pay or potentially were disappointed that it’s likely a multi-year time line before Coupa Pay really moves the needle.” They held their buy rating and price target of $326.</p><p><blockquote>Truist Securities稍微乐观一些，尽管承认投资者“可能会对他们从Coupa Pay的附加利率角度听到的消息感到失望，或者可能会对Coupa Pay真正发挥作用可能需要多年时间线感到失望。”他们维持买入评级和326美元的目标价。</blockquote></p><p> Barclays analysts noted that while Coupa couldn’t meet “the very high expectations from the Street” for its Coupa Pay service it is maintaining its positive outlook. The investment bank held its equal weight rating on the shares and one-year price target of $250.</p><p><blockquote>巴克莱分析师指出，虽然Coupa无法满足“华尔街对其Coupa Pay服务的极高期望”，但它仍保持积极的前景。该投资银行维持该股等权重评级，一年目标价为250美元。</blockquote></p><p> Coupa shares plunged last monthafter the companyprovided a tepid forecastthat raised questions about its pace of billings growth.&nbsp;A number of analysts cut their price targets on the San Mateo, Calif., based company at the time, even after it reported a surprise profit and better-than-expected revenue forecasts.</p><p><blockquote>上个月，Coupa股价暴跌，此前该公司提供了一份不温不火的预测，引发了人们对其账单增长速度的质疑。当时，许多分析师下调了这家总部位于加州圣马特奥的公司的目标价，尽管该公司公布了意外的利润和好于预期的收入预测。</blockquote></p><p> At last check, Coupa shares were down 2.24% at $221.04. The stock has fallen 32.7% year to date.</p><p><blockquote>据上次检查，Coupa股价下跌2.24%，至221.04美元。该股今年迄今已下跌32.7%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/coupa-software-coup-rebound-selloff-analysts\">Thestreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COUP":"Coupa Software Inc"},"source_url":"https://www.thestreet.com/investing/coupa-software-coup-rebound-selloff-analysts","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169536573","content_text":"Coupa Software(COUP) traded lower for a second day Friday, extending Thursday's near 10% loss, as analysts reassessed their outlooks for the financial management software company following a disappointing analyst day event.\nCoupa hosted a virtual analyst day on Thursday, when the platform provider shared additional detail about its Coupa Pay service, and also provided an update on its longer-term prospects.\nAnalysts honed in on the more conservative outlook provided by Coupa's management team as the likely reason behind Thursday's selloff, though were generally sanguine about the company's longer-term prospects, with Piper Sandler one of the the few Wall Street investment firms to lower its one-year price target.\nPiper Sandler analysts also focused on lack of progress with Coupa Pay, noting that “… considering the necessary conservatism that is needed to continue the well-known beat and raise cadence, the set-up was always less than ideal.” They held their overweight rating on the stock though lowered their price target to $295 from $300.\nTruist Securities was slightly more upbeat, though admitted investors “could have been disappointed by either what they heard from an attach rate perspective on Coupa Pay or potentially were disappointed that it’s likely a multi-year time line before Coupa Pay really moves the needle.” They held their buy rating and price target of $326.\nBarclays analysts noted that while Coupa couldn’t meet “the very high expectations from the Street” for its Coupa Pay service it is maintaining its positive outlook. The investment bank held its equal weight rating on the shares and one-year price target of $250.\nCoupa shares plunged last monthafter the companyprovided a tepid forecastthat raised questions about its pace of billings growth. A number of analysts cut their price targets on the San Mateo, Calif., based company at the time, even after it reported a surprise profit and better-than-expected revenue forecasts.\nAt last check, Coupa shares were down 2.24% at $221.04. The stock has fallen 32.7% year to 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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":1632498166,"share":"https://www.laohu8.com/m/news/1104085778?lang=zh_CN&edition=full","pubTime":"2021-09-24 23:42","market":"us","language":"en","title":"IPO opening reminder: Cue Health opens for trading at $19.2, up 20% from IPO price.<blockquote>IPO开盘提醒：Cue Health开盘价为19.2美元，较IPO价格上涨20%。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104085778","media":"Tiger Newspress","summary":"(Sept 24) Cue Health Inc. opens for trading at $19.2, up 20% from IPO price.\n\nCompany & Technology\nS","content":"<p>(Sept 24)&nbsp;<a href=\"https://laohu8.com/S/HLTH\">Cue Health Inc.</a> opens for trading at $19.2, up 20% from IPO price.</p><p><blockquote>（9月24日）<a href=\"https://laohu8.com/S/HLTH\">提示健康公司。</a>开盘价为19.2美元，较IPO价格上涨20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c7270662a08ec3dac176aa52bf5cbd1a\" tg-width=\"902\" tg-height=\"560\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Company &amp; Technology</b></p><p><blockquote><b>公司与技术</b></blockquote></p><p> San Diego, California-based Cue was founded to first develop a COVID-19 test kit and integrated information platform for processing and communication.</p><p><blockquote>总部位于加利福尼亚州圣地亚哥的Cue成立的目的是首先开发新冠肺炎测试套件和用于处理和通信的集成信息平台。</blockquote></p><p> Management is headed by co-founder, Chairman and CEO Ayub Khattak, who has been with the firm since inception and holds a B.S. in mathematics from UCLA.</p><p><blockquote>管理层由联合创始人、董事长兼首席执行官Ayub Khattak领导，他自公司成立以来一直在公司工作，并拥有学士学位。加州大学洛杉矶分校数学专业。</blockquote></p><p> The company’s primary offerings in its Cue Integrated Care Platform:</p><p><blockquote>该公司在其Cue综合护理平台中的主要产品：</blockquote></p><p> <ul>  <li>Health monitoring system</p><p><blockquote><ul><li>健康监测系统</li></ul></blockquote></p><p></li>  <li>Rader</p><p><blockquote><li>雷达</li></blockquote></p><p></li>  <li>Cartridge</p><p><blockquote><li>弹壳</li></blockquote></p><p></li>  <li>Wand</p><p><blockquote><li>墙</li></blockquote></p><p></li>  <li>Data</p><p><blockquote><li>数据</li></blockquote></p><p></li>  <li>Delivery apps</p><p><blockquote><li>交付应用程序</li></blockquote></p><p></li>  <li>Enterprise dashboard</p><p><blockquote><li>企业仪表板</li></blockquote></p><p></li>  <li>Ecosystem integrations</p><p><blockquote><li>生态系统集成</li></blockquote></p><p></li> </ul> Cue has received at least $176 million in equity investment from investors including ACME Capital, Cove Investors, Decheng Capital China Life Sciences, Madrone and NVGA I.</p><p><blockquote>Cue已经获得了包括ACME Capital、Cove Investors、德诚资本中国生命科学、Madrone和NVGA I在内的投资者至少1.76亿美元的股权投资。</blockquote></p><p> <b>Customer/User Acquisition</b></p><p><blockquote><b>客户/用户获取</b></blockquote></p><p> The company pursues healthcare provider relationships through its in-house direct sales team focused on healthcare providers, large enterprises and public sector clients.</p><p><blockquote>该公司通过其专注于医疗保健提供商、大型企业和公共部门客户的内部直销团队寻求医疗保健提供商关系。</blockquote></p><p> Management expects 2021 customer demand for its COVID-19 test kits to exceed its manufacturing capacity.</p><p><blockquote>管理层预计，2021年客户对其COVID-19检测试剂盒的需求将超过其生产能力。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenues have increased sharply, as the figures below indicate:</p><p><blockquote>销售及营销开支佔总收入的百分比随着收入急剧增加而变化，如下图所示：</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Expenses vs. Revenue</b></p><p><blockquote><td><b>费用与收入</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Percentage</p><p><blockquote><td>百分比</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>3.1%</p><p><blockquote><td>3.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>1.3%</p><p><blockquote><td>1.3%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, was 100.5x in the most recent reporting period, as shown in the table below:</p><p><blockquote>销售和营销效率率（定义为每美元销售和营销支出产生多少美元的额外新收入）在最近一个报告期内为100.5倍，如下表所示：</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Efficiency Rate</b></p><p><blockquote><td><b>效率率</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Multiple</p><p><blockquote><td>多个的</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>100.5</p><p><blockquote><td>100.5</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>22.9</p><p><blockquote><td>22.9</td></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Market &amp; Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2020 marketresearch reportby Grand View Research, the global market for COVID-19 detection kits was an estimated $3.28 billion in 2020 and is expected to reach $5 billion by 2027.</p><p><blockquote>根据Grand View Research的2020年市场研究报告，2020年新冠肺炎检测试剂盒的全球市场估计为32.8亿美元，预计到2027年将达到50亿美元。</blockquote></p><p> This represents a forecast CAGR of 5.05% from 2021 to 2027.</p><p><blockquote>这意味着2021年至2027年的预测复合年增长率为5.05%。</blockquote></p><p> The main drivers for this expected growth are a strong growth in demand for testing services of all types on a global basis.</p><p><blockquote>这一预期增长的主要驱动力是全球对所有类型测试服务需求的强劲增长。</blockquote></p><p> Also, below is a chart showing the market share of use of detection kits by end-user type:</p><p><blockquote>此外，下图显示了按最终用户类型划分的检测试剂盒使用的市场份额：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4b7fc60b336bae7685e08132f8176b57\" tg-width=\"1158\" tg-height=\"618\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> (Source)</p><p><blockquote>（资料来源）</blockquote></p><p> Major competitive or other industry participants include:</p><p><blockquote>主要竞争对手或其他行业参与者包括：</blockquote></p><p> <ul>  <li>Abbott Laboratories(NYSE:ABT)</p><p><blockquote><ul><li>雅培实验室（纽约证券交易所代码：ABT）</li></ul></blockquote></p><p></li>  <li>Becton, Dickinson(NYSE:BDX)</p><p><blockquote><li>迪金森贝克顿（纽约证券交易所代码：BDX）</li></blockquote></p><p></li>  <li>bioMerieux(OTCPK:BMXMF)</p><p><blockquote><li>生物梅里埃（OTCPK：BMXMF）</li></blockquote></p><p></li>  <li>Bio-Rad Laboratories(NYSE:BIO)</p><p><blockquote><li>Bio-Rad实验室（纽约证券交易所股票代码：BIO）</li></blockquote></p><p></li>  <li>Danaher(NYSE:DHR)</p><p><blockquote><li>丹纳赫（纽约证券交易所代码：DHR）</li></blockquote></p><p></li>  <li>Ellume Limited</p><p><blockquote><li>Ellume有限公司</li></blockquote></p><p></li>  <li>Everly Health</p><p><blockquote><li>艾弗利健康</li></blockquote></p><p></li>  <li>Roche(OTCQX:RHHBY)(OTCQX:RHHBF)</p><p><blockquote><li>罗氏(OTCQX：RHHBY)(OTCQX：RHHBF)</li></blockquote></p><p></li>  <li>Fluidigm(NASDAQ:FLDM)</p><p><blockquote><li>Fluidigm（纳斯达克：FLDM）</li></blockquote></p><p></li>  <li>GenMark Diagnostics(NASDAQ:GNMK)</p><p><blockquote><li>GenMark Diagnostics（纳斯达克：GNMK）</li></blockquote></p><p></li>  <li>Others</p><p><blockquote><li>其他</li></blockquote></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> Cue’s recent financial results can be summarized as follows:</p><p><blockquote>Cue近期财务业绩可总结如下：</blockquote></p><p> <ul>  <li>Sharply growing top line revenue</p><p><blockquote><ul><li>营收急剧增长</li></ul></blockquote></p><p></li>  <li>Increasing gross profit and variable gross margin</p><p><blockquote><li>增加毛利及可变毛利率</li></blockquote></p><p></li>  <li>A swing to operating profit and net income</p><p><blockquote><li>营业利润和净利润的波动</li></blockquote></p><p></li>  <li>Variable cash flow from operations</p><p><blockquote><li>经营活动产生的可变现金流量</li></blockquote></p><p></li> </ul> Below are relevant financial results derived from the firm’s registration statement:</p><p><blockquote>以下是来自公司注册声明的相关财务业绩：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Total Revenue</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>收入总额</b></td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Total Revenue</p><p><blockquote><td>收入总额</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 201,922,000</p><p><blockquote><td>$201,922,000</td></blockquote></p><p></td>    <td>3971.0%</p><p><blockquote><td>3971.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 22,953,000</p><p><blockquote><td>$22,953,000</td></blockquote></p><p></td>    <td>246.4%</p><p><blockquote><td>246.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 6,626,000</p><p><blockquote><td>$6,626,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往差异%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 116,745,000</p><p><blockquote><td>$116,745,000</td></blockquote></p><p></td>    <td>2253.7%</p><p><blockquote><td>2253.7%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 8,002,000</p><p><blockquote><td>$8,002,000</td></blockquote></p><p></td>    <td>20.8%</p><p><blockquote><td>20.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 6,626,000</p><p><blockquote><td>$6,626,000</td></blockquote></p><p></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>57.82%</p><p><blockquote><td>57.82%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>34.86%</p><p><blockquote><td>34.86%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>100.00%</p><p><blockquote><td>100.00%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>经营溢利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Operating Profit (Loss)</p><p><blockquote><td>经营溢利（亏损）</td></blockquote></p><p></td>    <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 79,463,000</p><p><blockquote><td>$79,463,000</td></blockquote></p><p></td>    <td>39.4%</p><p><blockquote><td>39.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (45,126,000)</p><p><blockquote><td>$(45,126,000)</td></blockquote></p><p></td>    <td>-196.6%</p><p><blockquote><td>-196.6%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (20,767,000)</p><p><blockquote><td>$(20,767,000)</td></blockquote></p><p></td>    <td>-313.4%</p><p><blockquote><td>-313.4%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净利润（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Net Income (Loss)</p><p><blockquote><td>净利润（亏损）</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 32,840,000</p><p><blockquote><td>$32,840,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (47,352,000)</p><p><blockquote><td>$(47,352,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (20,606,000)</p><p><blockquote><td>$(20,606,000)</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营所得现金流量</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Cash Flow From Operations</p><p><blockquote><td>经营所得现金流量</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ (37,812,000)</p><p><blockquote><td>$(37,812,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 92,655,000</p><p><blockquote><td>$92,655,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (12,996,000)</p><p><blockquote><td>$(12,996,000)</td></blockquote></p><p></td>   </tr>  </tbody> </table> As of June 30, 2021, Cue had $246.3 million in cash and $516.3 million in total liabilities.</p><p><blockquote>截至2021年6月30日，Cue拥有2.463亿美元现金，总负债为5.163亿美元。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was negative ($60 million).</p><p><blockquote>截至2021年6月30日的12个月内，自由现金流为负（6000万美元）。</blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> Below is a table of relevant capitalization and valuation figures for the company:</p><p><blockquote>下表为本公司的相关资本化及估值数字：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Measure [TTM]</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>测量[TTM]</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Amount</b></p><p><blockquote><td><b>数量</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Market Capitalization at IPO</p><p><blockquote><tr><td>IPO时的市值</td></tr></blockquote></p><p></td>    <td>$2,299,981,232</p><p><blockquote><td>$2,299,981,232</td></blockquote></p><p></td>   </tr>   <tr>    <td>Enterprise Value</p><p><blockquote><tr><td>企业价值</td></tr></blockquote></p><p></td>    <td>$1,874,455,232</p><p><blockquote><td>$1,874,455,232</td></blockquote></p><p></td>   </tr>   <tr>    <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td>    <td>10.46</p><p><blockquote><td>10.46</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td>    <td>8.52</p><p><blockquote><td>8.52</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>35.46</p><p><blockquote><td>35.46</td></blockquote></p><p></td>   </tr>   <tr>    <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td>    <td>$0.03</p><p><blockquote><td>$0.03</td></blockquote></p><p></td>   </tr>   <tr>    <td>Float To Outstanding Shares Ratio</p><p><blockquote><tr><td>流通股与流通股比率</td></tr></blockquote></p><p></td>    <td>8.70%</p><p><blockquote><td>8.70%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Proposed IPO Midpoint Price per Share</p><p><blockquote><tr><td>建议IPO每股中点价格</td></tr></blockquote></p><p></td>    <td>$16.00</p><p><blockquote><td>$16.00</td></blockquote></p><p></td>   </tr>   <tr>    <td>Net Free Cash Flow</p><p><blockquote><tr><td>净自由现金流</td></tr></blockquote></p><p></td>    <td>-$59,920,000</p><p><blockquote><td>-$59,920,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>Free Cash Flow Yield Per Share</p><p><blockquote><tr><td>每股自由现金流收益率</td></tr></blockquote></p><p></td>    <td>-2.61%</p><p><blockquote><td>-2.61%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td>    <td>3971.01%</p><p><blockquote><td>3971.01%</td></blockquote></p><p></td>   </tr>  </tbody> </table> As a reference, a potential partial and imperfect public comparable to Cue would be Bio-Rad (BIO); below is a comparison of their primary valuation metrics:</p><p><blockquote>作为参考，与Cue相当的潜在部分和不完美的公共将是Bio-Rad（BIO）；以下是其主要估值指标的比较：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Metric</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>公制</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Bio-Rad (BIO)</b></p><p><blockquote><td><b>Bio-Rad（生物）</b></td></blockquote></p><p></td>    <td><b>Cue Health (HLTH)</b></p><p><blockquote><td><b>提示健康（HLTH）</b></td></blockquote></p><p></td>    <td><b>Variance</b></p><p><blockquote><td><b>差异</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td>    <td>8.15</p><p><blockquote><td>8.15</td></blockquote></p><p></td>    <td>10.46</p><p><blockquote><td>10.46</td></blockquote></p><p></td>    <td>28.3%</p><p><blockquote><td>28.3%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td>    <td>7.82</p><p><blockquote><td>7.82</td></blockquote></p><p></td>    <td>8.52</p><p><blockquote><td>8.52</td></blockquote></p><p></td>    <td>9.0%</p><p><blockquote><td>9.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>31.66</p><p><blockquote><td>31.66</td></blockquote></p><p></td>    <td>35.46</p><p><blockquote><td>35.46</td></blockquote></p><p></td>    <td>12.0%</p><p><blockquote><td>12.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td>    <td>$134.05</p><p><blockquote><td>$134.05</td></blockquote></p><p></td>    <td>$0.03</p><p><blockquote><td>$0.03</td></blockquote></p><p></td>    <td>-100.0%</p><p><blockquote><td>-100.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td>    <td>25.6%</p><p><blockquote><td>25.6%</td></blockquote></p><p></td>    <td>3971.01%</p><p><blockquote><td>3971.01%</td></blockquote></p><p></td>    <td>15436.03%</p><p><blockquote><td>15436.03%</td></blockquote></p><p></td>   </tr>   <tr>    <td>(Glossary Of Terms)</p><p><blockquote><tr><td>（术语表）</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> Cue is seeking public investment capital to further scale its commercialization operations as well as continue its R &amp; D efforts.</p><p><blockquote>Cue正在寻求公共投资资本，以进一步扩大其商业化业务并继续其研发工作。</blockquote></p><p> The company’s financials show sharply growing top line revenue, strong growth in gross profit and variable gross margin, a swing to operating profit and net income and highly fluctuating cash flow from or use in operations</p><p><blockquote>该公司的财务数据显示，营收大幅增长，毛利润和可变毛利率强劲增长，营业利润和净利润出现波动，经营活动产生或使用的现金流高度波动</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was an eye-popping negative ($60 million).</p><p><blockquote>截至2021年6月30日的12个月的自由现金流是令人瞠目结舌的负值（6000万美元）。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have fluctuated as revenues have increased dramatically; its Sales and Marketing efficiency rate was an extremely high 100.5x in the most recent reporting period.</p><p><blockquote>销售和营销费用占总收入的百分比随着收入的急剧增加而波动；在最近的报告期内，其销售和营销效率高达100.5倍。</blockquote></p><p> The market opportunity for COVID-19 and related test kit platforms is large and will likely grow at a high rate of growth over the coming years as countries around the world seek to bolster their testing capabilities in the wake of the recent global pandemic.</p><p><blockquote>新冠肺炎和相关检测试剂盒平台的市场机会很大，并且在未来几年可能会以高增长率增长，因为世界各国在最近的全球疫情之后寻求增强其检测能力。</blockquote></p><p></p><p> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 39.9% since their IPO. This is a mid-tier performance for all major underwriters during the period.</p><p><blockquote>高盛是首席承销商，该公司在过去12个月内牵头的IPO自IPO以来的平均回报率为39.9%。这是期内所有主要承销商的中等表现。</blockquote></p><p> The primary risk to the firm now is that it is essentially a one-product company, so its revenue base is heavily concentrated.</p><p><blockquote>该公司现在面临的主要风险是，它本质上是一家单一产品公司，因此其收入基础高度集中。</blockquote></p><p> As for valuation, compared to partial competitor Bio-Rad Laboratories, the IPO is reasonably valued on a revenue multiple, although Cue is growing at a much higher rate of growth from a much lower revenue base, so the comparison is strained at best.</p><p><blockquote>至于估值，与部分竞争对手Bio-Rad Laboratories相比，IPO的收入倍数估值合理，尽管Cue在收入基础低得多的情况下以高得多的增长率增长，因此这种比较充其量是紧张的。</blockquote></p><p> Given Cue’s growth trajectory, profitability and reasonable IPO valuation, the IPO is worth consideration.</p><p><blockquote>鉴于Cue的增长轨迹、盈利能力和合理的IPO估值，此次IPO值得考虑。</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>IPO opening reminder: Cue Health opens for trading at $19.2, up 20% from IPO price.<blockquote>IPO开盘提醒：Cue Health开盘价为19.2美元，较IPO价格上涨20%。</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\">\nIPO opening reminder: Cue Health opens for trading at $19.2, up 20% from IPO price.<blockquote>IPO开盘提醒：Cue Health开盘价为19.2美元，较IPO价格上涨20%。</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\">2021-09-24 23:42</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 24)&nbsp;<a href=\"https://laohu8.com/S/HLTH\">Cue Health Inc.</a> opens for trading at $19.2, up 20% from IPO price.</p><p><blockquote>（9月24日）<a href=\"https://laohu8.com/S/HLTH\">提示健康公司。</a>开盘价为19.2美元，较IPO价格上涨20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c7270662a08ec3dac176aa52bf5cbd1a\" tg-width=\"902\" tg-height=\"560\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Company &amp; Technology</b></p><p><blockquote><b>公司与技术</b></blockquote></p><p> San Diego, California-based Cue was founded to first develop a COVID-19 test kit and integrated information platform for processing and communication.</p><p><blockquote>总部位于加利福尼亚州圣地亚哥的Cue成立的目的是首先开发新冠肺炎测试套件和用于处理和通信的集成信息平台。</blockquote></p><p> Management is headed by co-founder, Chairman and CEO Ayub Khattak, who has been with the firm since inception and holds a B.S. in mathematics from UCLA.</p><p><blockquote>管理层由联合创始人、董事长兼首席执行官Ayub Khattak领导，他自公司成立以来一直在公司工作，并拥有学士学位。加州大学洛杉矶分校数学专业。</blockquote></p><p> The company’s primary offerings in its Cue Integrated Care Platform:</p><p><blockquote>该公司在其Cue综合护理平台中的主要产品：</blockquote></p><p> <ul>  <li>Health monitoring system</p><p><blockquote><ul><li>健康监测系统</li></ul></blockquote></p><p></li>  <li>Rader</p><p><blockquote><li>雷达</li></blockquote></p><p></li>  <li>Cartridge</p><p><blockquote><li>弹壳</li></blockquote></p><p></li>  <li>Wand</p><p><blockquote><li>墙</li></blockquote></p><p></li>  <li>Data</p><p><blockquote><li>数据</li></blockquote></p><p></li>  <li>Delivery apps</p><p><blockquote><li>交付应用程序</li></blockquote></p><p></li>  <li>Enterprise dashboard</p><p><blockquote><li>企业仪表板</li></blockquote></p><p></li>  <li>Ecosystem integrations</p><p><blockquote><li>生态系统集成</li></blockquote></p><p></li> </ul> Cue has received at least $176 million in equity investment from investors including ACME Capital, Cove Investors, Decheng Capital China Life Sciences, Madrone and NVGA I.</p><p><blockquote>Cue已经获得了包括ACME Capital、Cove Investors、德诚资本中国生命科学、Madrone和NVGA I在内的投资者至少1.76亿美元的股权投资。</blockquote></p><p> <b>Customer/User Acquisition</b></p><p><blockquote><b>客户/用户获取</b></blockquote></p><p> The company pursues healthcare provider relationships through its in-house direct sales team focused on healthcare providers, large enterprises and public sector clients.</p><p><blockquote>该公司通过其专注于医疗保健提供商、大型企业和公共部门客户的内部直销团队寻求医疗保健提供商关系。</blockquote></p><p> Management expects 2021 customer demand for its COVID-19 test kits to exceed its manufacturing capacity.</p><p><blockquote>管理层预计，2021年客户对其COVID-19检测试剂盒的需求将超过其生产能力。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenues have increased sharply, as the figures below indicate:</p><p><blockquote>销售及营销开支佔总收入的百分比随着收入急剧增加而变化，如下图所示：</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Expenses vs. Revenue</b></p><p><blockquote><td><b>费用与收入</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Percentage</p><p><blockquote><td>百分比</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>3.1%</p><p><blockquote><td>3.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>1.3%</p><p><blockquote><td>1.3%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, was 100.5x in the most recent reporting period, as shown in the table below:</p><p><blockquote>销售和营销效率率（定义为每美元销售和营销支出产生多少美元的额外新收入）在最近一个报告期内为100.5倍，如下表所示：</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Efficiency Rate</b></p><p><blockquote><td><b>效率率</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Multiple</p><p><blockquote><td>多个的</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>100.5</p><p><blockquote><td>100.5</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>22.9</p><p><blockquote><td>22.9</td></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Market &amp; Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2020 marketresearch reportby Grand View Research, the global market for COVID-19 detection kits was an estimated $3.28 billion in 2020 and is expected to reach $5 billion by 2027.</p><p><blockquote>根据Grand View Research的2020年市场研究报告，2020年新冠肺炎检测试剂盒的全球市场估计为32.8亿美元，预计到2027年将达到50亿美元。</blockquote></p><p> This represents a forecast CAGR of 5.05% from 2021 to 2027.</p><p><blockquote>这意味着2021年至2027年的预测复合年增长率为5.05%。</blockquote></p><p> The main drivers for this expected growth are a strong growth in demand for testing services of all types on a global basis.</p><p><blockquote>这一预期增长的主要驱动力是全球对所有类型测试服务需求的强劲增长。</blockquote></p><p> Also, below is a chart showing the market share of use of detection kits by end-user type:</p><p><blockquote>此外，下图显示了按最终用户类型划分的检测试剂盒使用的市场份额：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4b7fc60b336bae7685e08132f8176b57\" tg-width=\"1158\" tg-height=\"618\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> (Source)</p><p><blockquote>（资料来源）</blockquote></p><p> Major competitive or other industry participants include:</p><p><blockquote>主要竞争对手或其他行业参与者包括：</blockquote></p><p> <ul>  <li>Abbott Laboratories(NYSE:ABT)</p><p><blockquote><ul><li>雅培实验室（纽约证券交易所代码：ABT）</li></ul></blockquote></p><p></li>  <li>Becton, Dickinson(NYSE:BDX)</p><p><blockquote><li>迪金森贝克顿（纽约证券交易所代码：BDX）</li></blockquote></p><p></li>  <li>bioMerieux(OTCPK:BMXMF)</p><p><blockquote><li>生物梅里埃（OTCPK：BMXMF）</li></blockquote></p><p></li>  <li>Bio-Rad Laboratories(NYSE:BIO)</p><p><blockquote><li>Bio-Rad实验室（纽约证券交易所股票代码：BIO）</li></blockquote></p><p></li>  <li>Danaher(NYSE:DHR)</p><p><blockquote><li>丹纳赫（纽约证券交易所代码：DHR）</li></blockquote></p><p></li>  <li>Ellume Limited</p><p><blockquote><li>Ellume有限公司</li></blockquote></p><p></li>  <li>Everly Health</p><p><blockquote><li>艾弗利健康</li></blockquote></p><p></li>  <li>Roche(OTCQX:RHHBY)(OTCQX:RHHBF)</p><p><blockquote><li>罗氏(OTCQX：RHHBY)(OTCQX：RHHBF)</li></blockquote></p><p></li>  <li>Fluidigm(NASDAQ:FLDM)</p><p><blockquote><li>Fluidigm（纳斯达克：FLDM）</li></blockquote></p><p></li>  <li>GenMark Diagnostics(NASDAQ:GNMK)</p><p><blockquote><li>GenMark Diagnostics（纳斯达克：GNMK）</li></blockquote></p><p></li>  <li>Others</p><p><blockquote><li>其他</li></blockquote></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> Cue’s recent financial results can be summarized as follows:</p><p><blockquote>Cue近期财务业绩可总结如下：</blockquote></p><p> <ul>  <li>Sharply growing top line revenue</p><p><blockquote><ul><li>营收急剧增长</li></ul></blockquote></p><p></li>  <li>Increasing gross profit and variable gross margin</p><p><blockquote><li>增加毛利及可变毛利率</li></blockquote></p><p></li>  <li>A swing to operating profit and net income</p><p><blockquote><li>营业利润和净利润的波动</li></blockquote></p><p></li>  <li>Variable cash flow from operations</p><p><blockquote><li>经营活动产生的可变现金流量</li></blockquote></p><p></li> </ul> Below are relevant financial results derived from the firm’s registration statement:</p><p><blockquote>以下是来自公司注册声明的相关财务业绩：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Total Revenue</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>收入总额</b></td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Total Revenue</p><p><blockquote><td>收入总额</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 201,922,000</p><p><blockquote><td>$201,922,000</td></blockquote></p><p></td>    <td>3971.0%</p><p><blockquote><td>3971.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 22,953,000</p><p><blockquote><td>$22,953,000</td></blockquote></p><p></td>    <td>246.4%</p><p><blockquote><td>246.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 6,626,000</p><p><blockquote><td>$6,626,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往差异%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 116,745,000</p><p><blockquote><td>$116,745,000</td></blockquote></p><p></td>    <td>2253.7%</p><p><blockquote><td>2253.7%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 8,002,000</p><p><blockquote><td>$8,002,000</td></blockquote></p><p></td>    <td>20.8%</p><p><blockquote><td>20.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 6,626,000</p><p><blockquote><td>$6,626,000</td></blockquote></p><p></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>57.82%</p><p><blockquote><td>57.82%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>34.86%</p><p><blockquote><td>34.86%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>100.00%</p><p><blockquote><td>100.00%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>经营溢利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Operating Profit (Loss)</p><p><blockquote><td>经营溢利（亏损）</td></blockquote></p><p></td>    <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 79,463,000</p><p><blockquote><td>$79,463,000</td></blockquote></p><p></td>    <td>39.4%</p><p><blockquote><td>39.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (45,126,000)</p><p><blockquote><td>$(45,126,000)</td></blockquote></p><p></td>    <td>-196.6%</p><p><blockquote><td>-196.6%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (20,767,000)</p><p><blockquote><td>$(20,767,000)</td></blockquote></p><p></td>    <td>-313.4%</p><p><blockquote><td>-313.4%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净利润（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Net Income (Loss)</p><p><blockquote><td>净利润（亏损）</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 32,840,000</p><p><blockquote><td>$32,840,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (47,352,000)</p><p><blockquote><td>$(47,352,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (20,606,000)</p><p><blockquote><td>$(20,606,000)</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营所得现金流量</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Cash Flow From Operations</p><p><blockquote><td>经营所得现金流量</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ (37,812,000)</p><p><blockquote><td>$(37,812,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 92,655,000</p><p><blockquote><td>$92,655,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (12,996,000)</p><p><blockquote><td>$(12,996,000)</td></blockquote></p><p></td>   </tr>  </tbody> </table> As of June 30, 2021, Cue had $246.3 million in cash and $516.3 million in total liabilities.</p><p><blockquote>截至2021年6月30日，Cue拥有2.463亿美元现金，总负债为5.163亿美元。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was negative ($60 million).</p><p><blockquote>截至2021年6月30日的12个月内，自由现金流为负（6000万美元）。</blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> Below is a table of relevant capitalization and valuation figures for the company:</p><p><blockquote>下表为本公司的相关资本化及估值数字：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Measure [TTM]</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>测量[TTM]</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Amount</b></p><p><blockquote><td><b>数量</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Market Capitalization at IPO</p><p><blockquote><tr><td>IPO时的市值</td></tr></blockquote></p><p></td>    <td>$2,299,981,232</p><p><blockquote><td>$2,299,981,232</td></blockquote></p><p></td>   </tr>   <tr>    <td>Enterprise Value</p><p><blockquote><tr><td>企业价值</td></tr></blockquote></p><p></td>    <td>$1,874,455,232</p><p><blockquote><td>$1,874,455,232</td></blockquote></p><p></td>   </tr>   <tr>    <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td>    <td>10.46</p><p><blockquote><td>10.46</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td>    <td>8.52</p><p><blockquote><td>8.52</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>35.46</p><p><blockquote><td>35.46</td></blockquote></p><p></td>   </tr>   <tr>    <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td>    <td>$0.03</p><p><blockquote><td>$0.03</td></blockquote></p><p></td>   </tr>   <tr>    <td>Float To Outstanding Shares Ratio</p><p><blockquote><tr><td>流通股与流通股比率</td></tr></blockquote></p><p></td>    <td>8.70%</p><p><blockquote><td>8.70%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Proposed IPO Midpoint Price per Share</p><p><blockquote><tr><td>建议IPO每股中点价格</td></tr></blockquote></p><p></td>    <td>$16.00</p><p><blockquote><td>$16.00</td></blockquote></p><p></td>   </tr>   <tr>    <td>Net Free Cash Flow</p><p><blockquote><tr><td>净自由现金流</td></tr></blockquote></p><p></td>    <td>-$59,920,000</p><p><blockquote><td>-$59,920,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>Free Cash Flow Yield Per Share</p><p><blockquote><tr><td>每股自由现金流收益率</td></tr></blockquote></p><p></td>    <td>-2.61%</p><p><blockquote><td>-2.61%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td>    <td>3971.01%</p><p><blockquote><td>3971.01%</td></blockquote></p><p></td>   </tr>  </tbody> </table> As a reference, a potential partial and imperfect public comparable to Cue would be Bio-Rad (BIO); below is a comparison of their primary valuation metrics:</p><p><blockquote>作为参考，与Cue相当的潜在部分和不完美的公共将是Bio-Rad（BIO）；以下是其主要估值指标的比较：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Metric</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>公制</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Bio-Rad (BIO)</b></p><p><blockquote><td><b>Bio-Rad（生物）</b></td></blockquote></p><p></td>    <td><b>Cue Health (HLTH)</b></p><p><blockquote><td><b>提示健康（HLTH）</b></td></blockquote></p><p></td>    <td><b>Variance</b></p><p><blockquote><td><b>差异</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td>    <td>8.15</p><p><blockquote><td>8.15</td></blockquote></p><p></td>    <td>10.46</p><p><blockquote><td>10.46</td></blockquote></p><p></td>    <td>28.3%</p><p><blockquote><td>28.3%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td>    <td>7.82</p><p><blockquote><td>7.82</td></blockquote></p><p></td>    <td>8.52</p><p><blockquote><td>8.52</td></blockquote></p><p></td>    <td>9.0%</p><p><blockquote><td>9.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>31.66</p><p><blockquote><td>31.66</td></blockquote></p><p></td>    <td>35.46</p><p><blockquote><td>35.46</td></blockquote></p><p></td>    <td>12.0%</p><p><blockquote><td>12.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td>    <td>$134.05</p><p><blockquote><td>$134.05</td></blockquote></p><p></td>    <td>$0.03</p><p><blockquote><td>$0.03</td></blockquote></p><p></td>    <td>-100.0%</p><p><blockquote><td>-100.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td>    <td>25.6%</p><p><blockquote><td>25.6%</td></blockquote></p><p></td>    <td>3971.01%</p><p><blockquote><td>3971.01%</td></blockquote></p><p></td>    <td>15436.03%</p><p><blockquote><td>15436.03%</td></blockquote></p><p></td>   </tr>   <tr>    <td>(Glossary Of Terms)</p><p><blockquote><tr><td>（术语表）</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> Cue is seeking public investment capital to further scale its commercialization operations as well as continue its R &amp; D efforts.</p><p><blockquote>Cue正在寻求公共投资资本，以进一步扩大其商业化业务并继续其研发工作。</blockquote></p><p> The company’s financials show sharply growing top line revenue, strong growth in gross profit and variable gross margin, a swing to operating profit and net income and highly fluctuating cash flow from or use in operations</p><p><blockquote>该公司的财务数据显示，营收大幅增长，毛利润和可变毛利率强劲增长，营业利润和净利润出现波动，经营活动产生或使用的现金流高度波动</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was an eye-popping negative ($60 million).</p><p><blockquote>截至2021年6月30日的12个月的自由现金流是令人瞠目结舌的负值（6000万美元）。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have fluctuated as revenues have increased dramatically; its Sales and Marketing efficiency rate was an extremely high 100.5x in the most recent reporting period.</p><p><blockquote>销售和营销费用占总收入的百分比随着收入的急剧增加而波动；在最近的报告期内，其销售和营销效率高达100.5倍。</blockquote></p><p> The market opportunity for COVID-19 and related test kit platforms is large and will likely grow at a high rate of growth over the coming years as countries around the world seek to bolster their testing capabilities in the wake of the recent global pandemic.</p><p><blockquote>新冠肺炎和相关检测试剂盒平台的市场机会很大，并且在未来几年可能会以高增长率增长，因为世界各国在最近的全球疫情之后寻求增强其检测能力。</blockquote></p><p></p><p> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 39.9% since their IPO. This is a mid-tier performance for all major underwriters during the period.</p><p><blockquote>高盛是首席承销商，该公司在过去12个月内牵头的IPO自IPO以来的平均回报率为39.9%。这是期内所有主要承销商的中等表现。</blockquote></p><p> The primary risk to the firm now is that it is essentially a one-product company, so its revenue base is heavily concentrated.</p><p><blockquote>该公司现在面临的主要风险是，它本质上是一家单一产品公司，因此其收入基础高度集中。</blockquote></p><p> As for valuation, compared to partial competitor Bio-Rad Laboratories, the IPO is reasonably valued on a revenue multiple, although Cue is growing at a much higher rate of growth from a much lower revenue base, so the comparison is strained at best.</p><p><blockquote>至于估值，与部分竞争对手Bio-Rad Laboratories相比，IPO的收入倍数估值合理，尽管Cue在收入基础低得多的情况下以高得多的增长率增长，因此这种比较充其量是紧张的。</blockquote></p><p> Given Cue’s growth trajectory, profitability and reasonable IPO valuation, the IPO is worth consideration.</p><p><blockquote>鉴于Cue的增长轨迹、盈利能力和合理的IPO估值，此次IPO值得考虑。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HLTH":"Cue Health Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104085778","content_text":"(Sept 24) Cue Health Inc. opens for trading at $19.2, up 20% from IPO price.\n\nCompany & Technology\nSan Diego, California-based Cue was founded to first develop a COVID-19 test kit and integrated information platform for processing and communication.\nManagement is headed by co-founder, Chairman and CEO Ayub Khattak, who has been with the firm since inception and holds a B.S. in mathematics from UCLA.\nThe company’s primary offerings in its Cue Integrated Care Platform:\n\nHealth monitoring system\nRader\nCartridge\nWand\nData\nDelivery apps\nEnterprise dashboard\nEcosystem integrations\n\nCue has received at least $176 million in equity investment from investors including ACME Capital, Cove Investors, Decheng Capital China Life Sciences, Madrone and NVGA I.\nCustomer/User Acquisition\nThe company pursues healthcare provider relationships through its in-house direct sales team focused on healthcare providers, large enterprises and public sector clients.\nManagement expects 2021 customer demand for its COVID-19 test kits to exceed its manufacturing capacity.\nSales and Marketing expenses as a percentage of total revenue have varied as revenues have increased sharply, as the figures below indicate:\n\n\n\nSales and Marketing\nExpenses vs. Revenue\n\n\nPeriod\nPercentage\n\n\nSix Mos. Ended June 30, 2021\n1.0%\n\n\n2020\n3.1%\n\n\n2019\n1.3%\n\n\n\nThe Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, was 100.5x in the most recent reporting period, as shown in the table below:\n\n\n\nSales and Marketing\nEfficiency Rate\n\n\nPeriod\nMultiple\n\n\nSix Mos. Ended June 30, 2021\n100.5\n\n\n2020\n22.9\n\n\n\nMarket & Competition\nAccording to a 2020 marketresearch reportby Grand View Research, the global market for COVID-19 detection kits was an estimated $3.28 billion in 2020 and is expected to reach $5 billion by 2027.\nThis represents a forecast CAGR of 5.05% from 2021 to 2027.\nThe main drivers for this expected growth are a strong growth in demand for testing services of all types on a global basis.\nAlso, below is a chart showing the market share of use of detection kits by end-user type:\n\n(Source)\nMajor competitive or other industry participants include:\n\nAbbott Laboratories(NYSE:ABT)\nBecton, Dickinson(NYSE:BDX)\nbioMerieux(OTCPK:BMXMF)\nBio-Rad Laboratories(NYSE:BIO)\nDanaher(NYSE:DHR)\nEllume Limited\nEverly Health\nRoche(OTCQX:RHHBY)(OTCQX:RHHBF)\nFluidigm(NASDAQ:FLDM)\nGenMark Diagnostics(NASDAQ:GNMK)\nOthers\n\nFinancial Performance\nCue’s recent financial results can be summarized as follows:\n\nSharply growing top line revenue\nIncreasing gross profit and variable gross margin\nA swing to operating profit and net income\nVariable cash flow from operations\n\nBelow are relevant financial results derived from the firm’s registration statement:\n\n\n\n\nTotal Revenue\n\n\nPeriod\nTotal Revenue\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 201,922,000\n3971.0%\n\n\n2020\n$ 22,953,000\n246.4%\n\n\n2019\n$ 6,626,000\n\n\n\nGross Profit (Loss)\n\n\nPeriod\nGross Profit (Loss)\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 116,745,000\n2253.7%\n\n\n2020\n$ 8,002,000\n20.8%\n\n\n2019\n$ 6,626,000\n\n\n\nGross Margin\n\n\nPeriod\nGross Margin\n\n\nSix Mos. Ended June 30, 2021\n57.82%\n\n\n2020\n34.86%\n\n\n2019\n100.00%\n\n\n\nOperating Profit (Loss)\n\n\nPeriod\nOperating Profit (Loss)\nOperating Margin\n\n\nSix Mos. Ended June 30, 2021\n$ 79,463,000\n39.4%\n\n\n2020\n$ (45,126,000)\n-196.6%\n\n\n2019\n$ (20,767,000)\n-313.4%\n\n\n\nNet Income (Loss)\n\n\nPeriod\nNet Income (Loss)\n\n\nSix Mos. Ended June 30, 2021\n$ 32,840,000\n\n\n2020\n$ (47,352,000)\n\n\n2019\n$ (20,606,000)\n\n\n\nCash Flow From Operations\n\n\nPeriod\nCash Flow From Operations\n\n\nSix Mos. Ended June 30, 2021\n$ (37,812,000)\n\n\n2020\n$ 92,655,000\n\n\n2019\n$ (12,996,000)\n\n\n\nAs of June 30, 2021, Cue had $246.3 million in cash and $516.3 million in total liabilities.\nFree cash flow during the twelve months ended June 30, 2021, was negative ($60 million).\nValuation Metrics\nBelow is a table of relevant capitalization and valuation figures for the company:\n\n\n\n\nMeasure [TTM]\nAmount\n\n\nMarket Capitalization at IPO\n$2,299,981,232\n\n\nEnterprise Value\n$1,874,455,232\n\n\nPrice / Sales\n10.46\n\n\nEV / Revenue\n8.52\n\n\nEV / EBITDA\n35.46\n\n\nEarnings Per Share\n$0.03\n\n\nFloat To Outstanding Shares Ratio\n8.70%\n\n\nProposed IPO Midpoint Price per Share\n$16.00\n\n\nNet Free Cash Flow\n-$59,920,000\n\n\nFree Cash Flow Yield Per Share\n-2.61%\n\n\nRevenue Growth Rate\n3971.01%\n\n\n\nAs a reference, a potential partial and imperfect public comparable to Cue would be Bio-Rad (BIO); below is a comparison of their primary valuation metrics:\n\n\n\n\nMetric\nBio-Rad (BIO)\nCue Health (HLTH)\nVariance\n\n\nPrice / Sales\n8.15\n10.46\n28.3%\n\n\nEV / Revenue\n7.82\n8.52\n9.0%\n\n\nEV / EBITDA\n31.66\n35.46\n12.0%\n\n\nEarnings Per Share\n$134.05\n$0.03\n-100.0%\n\n\nRevenue Growth Rate\n25.6%\n3971.01%\n15436.03%\n\n\n(Glossary Of Terms)\n\n\n\nCommentary\nCue is seeking public investment capital to further scale its commercialization operations as well as continue its R & D efforts.\nThe company’s financials show sharply growing top line revenue, strong growth in gross profit and variable gross margin, a swing to operating profit and net income and highly fluctuating cash flow from or use in operations\nFree cash flow for the twelve months ended June 30, 2021, was an eye-popping negative ($60 million).\nSales and Marketing expenses as a percentage of total revenue have fluctuated as revenues have increased dramatically; its Sales and Marketing efficiency rate was an extremely high 100.5x in the most recent reporting period.\nThe market opportunity for COVID-19 and related test kit platforms is large and will likely grow at a high rate of growth over the coming years as countries around the world seek to bolster their testing capabilities in the wake of the recent global pandemic.\nGoldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 39.9% since their IPO. This is a mid-tier performance for all major underwriters during the period.\nThe primary risk to the firm now is that it is essentially a one-product company, so its revenue base is heavily concentrated.\nAs for valuation, compared to partial competitor Bio-Rad Laboratories, the IPO is reasonably valued on a revenue multiple, although Cue is growing at a much higher rate of growth from a much lower revenue base, so the comparison is strained at best.\nGiven Cue’s growth trajectory, profitability and reasonable IPO valuation, the IPO is worth consideration.","news_type":1,"symbols_score_info":{"HLTH":0.9}},"isVote":1,"tweetType":1,"viewCount":432,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":837664245,"gmtCreate":1629884835387,"gmtModify":1631891999598,"author":{"id":"3581643164424811","authorId":"3581643164424811","name":"我不是股神我是赌神","avatar":"https://static.tigerbbs.com/7e971ed6e3f7b6495a07f7b9b5007ee5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581643164424811","idStr":"3581643164424811"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/837664245","repostId":"2162087564","repostType":4,"isVote":1,"tweetType":1,"viewCount":271,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832048576,"gmtCreate":1629549192295,"gmtModify":1631891999649,"author":{"id":"3581643164424811","authorId":"3581643164424811","name":"我不是股神我是赌神","avatar":"https://static.tigerbbs.com/7e971ed6e3f7b6495a07f7b9b5007ee5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581643164424811","idStr":"3581643164424811"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/832048576","repostId":"1151608193","repostType":4,"repost":{"id":"1151608193","kind":"news","pubTimestamp":1629728324,"share":"https://www.laohu8.com/m/news/1151608193?lang=zh_CN&edition=full","pubTime":"2021-08-23 22:18","market":"us","language":"en","title":"Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151608193","media":"MarketWatch","summary":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correcti","content":"<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看那些。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更加可预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</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>Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</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\">\nBuy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-23 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看那些。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更加可预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?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":{"GOOGL":"谷歌A","ON":"安森美半导体","SOXX":"iShares费城交易所半导体ETF","SNPS":"新思科技","AAPL":"苹果","SSNLF":"三星电子","ASML":"阿斯麦","CDNS":"铿腾电子","TSM":"台积电","GOOG":"谷歌","NVDA":"英伟达","AMZN":"亚马逊","QCOM":"高通"},"source_url":"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151608193","content_text":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correction that’s running through the stock market, chip makers have been hit harder than most.\nThe iShares Semiconductor ETF is down over 6% from recent highs, compared to declines of 2% or less for the S&P 500,Nasdaq Composite and the Dow Jones Industrial Average.\nDoes that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.\nA lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”\nThose are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.\nYou’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.\n1. The wicked witch of cyclicality is dead\n“Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “First PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.\nJust look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like Zoom, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.\n“There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”\nHe’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William Blair analyst Greg Scolaro.\nAll of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says Bank of America chip sector analyst Vivek Arya. “That’s not just our view, but one confirmed by a majority of large customers.”\n2. The players have consolidated\nAll up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.\nIn chip design software, you have Cadence Design Systems and Synopsys.In production equipment, companies dominate specialized niches like ASML in extreme ultraviolet lithography (EUV). Manufacturing is dominated by Taiwan Semiconductor and Samsung Electronics.\nThese companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.\n3. Profitability has improved\nThis more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.\nThis has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere & Co. “They are not trading at a frothy multiple.”\nThe stocks to buy\nHere are six names favored by chip experts I recently checked in with.\nNew management plays\nThough Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm and ON Semiconductor.\nBoth have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. ON Semiconductor is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.\nA data center and gaming play\nKarazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.\nDesign tool companies\nSpeaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and Synopsys.\nTheir software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.\nAn EUV play\nTo put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.\nIn other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.\nRisks\nHere are some of the chief risks for chip sector investors to watch.\nOversupply\nChip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. China wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.\nThe upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.\nNext, big tech companies like Alphabet,Apple and Ammazon.com are all doing their own chip design, which threatens specialized chip companies that do the same thing.\nQuantum computing\nComputers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”\nA disturbing signal\nA blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.\nAnother cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory (DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.\nBut it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.\nFord,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.\nPaulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including Ford cars.","news_type":1,"symbols_score_info":{"TSM":0.9,"GOOG":0.9,"SNPS":0.9,"SOXX":0.9,"SSNLF":0.9,"AMZN":0.9,"AAPL":0.9,"GOOGL":0.9,"NVDA":0.9,"ASML":0.9,"QCOM":0.9,"CDNS":0.9,"ON":0.9}},"isVote":1,"tweetType":1,"viewCount":616,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896308432,"gmtCreate":1628554474926,"gmtModify":1633746254476,"author":{"id":"3581643164424811","authorId":"3581643164424811","name":"我不是股神我是赌神","avatar":"https://static.tigerbbs.com/7e971ed6e3f7b6495a07f7b9b5007ee5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581643164424811","idStr":"3581643164424811"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/896308432","repostId":"1196813173","repostType":4,"isVote":1,"tweetType":1,"viewCount":456,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898746905,"gmtCreate":1628524508707,"gmtModify":1633746430419,"author":{"id":"3581643164424811","authorId":"3581643164424811","name":"我不是股神我是赌神","avatar":"https://static.tigerbbs.com/7e971ed6e3f7b6495a07f7b9b5007ee5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581643164424811","idStr":"3581643164424811"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/898746905","repostId":"1178202513","repostType":4,"isVote":1,"tweetType":1,"viewCount":444,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174726322,"gmtCreate":1627142417366,"gmtModify":1633767670372,"author":{"id":"3581643164424811","authorId":"3581643164424811","name":"我不是股神我是赌神","avatar":"https://static.tigerbbs.com/7e971ed6e3f7b6495a07f7b9b5007ee5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581643164424811","idStr":"3581643164424811"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/174726322","repostId":"1109439356","repostType":4,"isVote":1,"tweetType":1,"viewCount":452,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":153790948,"gmtCreate":1625047906384,"gmtModify":1633945480989,"author":{"id":"3581643164424811","authorId":"3581643164424811","name":"我不是股神我是赌神","avatar":"https://static.tigerbbs.com/7e971ed6e3f7b6495a07f7b9b5007ee5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581643164424811","idStr":"3581643164424811"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/153790948","repostId":"1150186389","repostType":4,"isVote":1,"tweetType":1,"viewCount":523,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185123555,"gmtCreate":1623637471377,"gmtModify":1634030840672,"author":{"id":"3581643164424811","authorId":"3581643164424811","name":"我不是股神我是赌神","avatar":"https://static.tigerbbs.com/7e971ed6e3f7b6495a07f7b9b5007ee5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581643164424811","idStr":"3581643164424811"},"themes":[],"htmlText":"Ic","listText":"Ic","text":"Ic","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/185123555","repostId":"1146430910","repostType":4,"isVote":1,"tweetType":1,"viewCount":560,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809180392,"gmtCreate":1627352221816,"gmtModify":1633765815914,"author":{"id":"3581643164424811","authorId":"3581643164424811","name":"我不是股神我是赌神","avatar":"https://static.tigerbbs.com/7e971ed6e3f7b6495a07f7b9b5007ee5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581643164424811","idStr":"3581643164424811"},"themes":[],"htmlText":"Iv","listText":"Iv","text":"Iv","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/809180392","repostId":"2154964378","repostType":4,"isVote":1,"tweetType":1,"viewCount":380,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}