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2021-12-27

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CrowdStrike, Informatica, Salesforce among top software picks for 2022, Wolfe says<blockquote>Wolfe 表示，CrowdStrike、Informatica、Salesforce 是 2022 年的热门软件选择</blockquote>

2021-12-27

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CrowdStrike, Informatica, Salesforce among top software picks for 2022, Wolfe says<blockquote>Wolfe 表示，CrowdStrike、Informatica、Salesforce 是 2022 年的热门软件选择</blockquote>

2021-12-27

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2021-12-27

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Tilray Got Smoked, but Investors Should See Green Soon<blockquote>Tilray 陷入困境，但投资者应该很快就会看到绿色</blockquote>

2021-12-27

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General Motors EV Partner Sees Director Make Big Stock Buy<blockquote>通用汽车电动汽车合作伙伴看到董事大量购买股票</blockquote>

2021-12-27

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2021-12-27

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DraftKings Stock: Down 60% From Its High, A Great Long-Term Buy Opportunity Has Emerged<blockquote>DraftKings 股票：较高点下跌 60%，长期买入机会出现</blockquote>

2021-12-27

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Blink Charging Has Caught Lightning In A Bottle<blockquote>Blink Charging 在瓶子里遇到了闪电</blockquote>

2021-12-27

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Grab stock climbed more than 3% in premarket trading<blockquote>Grab股价在盘前交易中上涨超过3%</blockquote>

2021-12-20

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2021-12-20

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Bank of Montreal Is in Advanced Talks to Buy BNP Paribas’s U.S. Unit<blockquote>蒙特利尔银行正在就收购法国巴黎银行美国部门进行深入谈判</blockquote>

2021-12-20

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Royal Caribbean Stock: CEO Sees Smooth Sailing Ahead<blockquote>皇家加勒比股票：首席执行官认为未来一帆风顺</blockquote>

2021-12-20

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2021-12-20

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2021-12-20

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2021-12-20

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2021-12-19

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U.S. Steel slid nearly 5% in premarket trading after profit warning on slow down in orders<blockquote>订单放缓发布盈利预警后，美国钢铁公司盘前交易下跌近5%</blockquote>

2021-12-19

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U.S. Steel slid nearly 5% in premarket trading after profit warning on slow down in orders<blockquote>订单放缓发布盈利预警后，美国钢铁公司盘前交易下跌近5%</blockquote>

2021-12-19

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2021-12-19

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09:44","market":"us","language":"en","title":"CrowdStrike, Informatica, Salesforce among top software picks for 2022, Wolfe says<blockquote>Wolfe 表示，CrowdStrike、Informatica、Salesforce 是 2022 年的热门软件选择</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1164461095","media":"Seeking Alpha","summary":"CrowdStrike , Informatica , KnowBe4 , Zoominfo Technologies , and Salesforce  are Wolfe Research's t","content":"<p><a href=\"https://laohu8.com/S/CRWD\">CrowdStrike </a>, <a href=\"https://laohu8.com/S/INFA\">Informatica </a>, <a href=\"https://laohu8.com/S/KNBE\">KnowBe4 </a>, <a href=\"https://laohu8.com/S/ZI\">Zoominfo Technologies </a>, and <a href=\"https://laohu8.com/S/CRM\">Salesforce </a> are Wolfe Research's top software picks for 2022.</p><p><blockquote><a href=\"https://laohu8.com/S/CRWD\">人群罢工</a>,<a href=\"https://laohu8.com/S/INFA\">信息学</a>,<a href=\"https://laohu8.com/S/KNBE\">知道4</a>,<a href=\"https://laohu8.com/S/ZI\">Zoominfo技术</a>，和<a href=\"https://laohu8.com/S/CRM\">销售力量</a>是Wolfe Research 2022年的首选软件。</blockquote></p><p> \"These names we think are poised for a meaningful comeback and have some of the largest upsides we have in our price targets are actually cybersecurity names,\" Wolfe Research analyst Alex Zukin said in a CNBC interview this week. \"All of our top picks have really strong cash flow multiples, free cash flow profiles. We think that’s such an important focus going forward because it’s not just about growth anymore.\"</p><p><blockquote>Wolfe Research 分析师亚历克斯·祖金 (Alex Zukin) 本周在接受 CNBC 采访时表示：“我们认为这些名字有望有意义地卷土重来，并且在我们的价格目标中具有最大涨幅的名字实际上是网络安全名字。”“我们所有的首选都有非常强劲的现金流倍数和自由现金流状况。我们认为这是未来非常重要的关注点，因为这不再仅仅是增长的问题”。</blockquote></p><p> Software names are poised to be rebound in 2022 as investors move away from growth and focus on margins and efficiency, Zukin said. About 41% of investors see the software sector as more attractive going into 2022 relative to 2021, according a survey of more than 120 institutional investors that Wolfe conducted.</p><p><blockquote>Zukin 表示，随着投资者远离增长并关注利润率和效率，软件名称有望在 2022 年反弹。根据 Wolfe 对 120 多家机构投资者进行的调查，约 41% 的投资者认为 2022 年软件行业比 2021 年更具吸引力。</blockquote></p><p> \"We're still very positive on the sector, but we think things are changing in 2022,\" Zukin said. \"We think investors are going from focusing on just growth to really focusing on are these good businesses, is there cash flow, is there efficiency.\"</p><p><blockquote>“我们对该行业仍然非常乐观，但我们认为 2022 年情况将会发生变化，”祖金说。“我们认为投资者正在从只关注增长转向真正关注这些业务是否好，是否有现金流，是否有效率。”</blockquote></p><p> Salesforce is poised for a comeback in 2022 due its leadership steam, its $27.7B acquisition of Slack and it's renewed focus on margins, according to Zukin. He also expects that the company could make its largest acquisition ever and purchase Okta Inc. (NASDAQ:OKTA) for about $50B.</p><p><blockquote>Zukin 表示，由于其领导地位、以 27.7 亿美元收购 Slack 以及重新关注利润率，Salesforce 有望在 2022 年卷土重来。他还预计该公司可能会进行有史以来最大的收购，以约 50B 美元收购 Okta Inc.（纳斯达克股票代码：OKTA）。</blockquote></p><p> \"We don' think they are going to stop doing deals,\" Zukin said. \"Whether it's next year, whether its two years from now. Similar to what Microsoft, you’ve seen them focus on with security, we think Salesforce is not going to be far behind. We talk about Okta as a really strategic and transformational acquisition. It will be the largest one they’ve ever done.\"</p><p><blockquote>“我们认为他们不会停止交易，”祖金说。“无论是明年，还是两年后。与微软对安全的关注类似，我们认为 Salesforce 也不会落后太多。我们认为 Okta 是一次真正具有战略意义和变革性的收购。这将是他们有史以来最大的一次收购”。</blockquote></p><p> And don't miss, Cybersecurity companies to see \"massive strength\" in 2022 according to Wedbush.</p><p><blockquote>不要错过，根据韦德布什的说法，网络安全公司将在2022年看到“巨大的实力”。</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>CrowdStrike, Informatica, Salesforce among top software picks for 2022, Wolfe says<blockquote>Wolfe 表示，CrowdStrike、Informatica、Salesforce 是 2022 年的热门软件选择</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\">\nCrowdStrike, Informatica, Salesforce among top software picks for 2022, Wolfe says<blockquote>Wolfe 表示，CrowdStrike、Informatica、Salesforce 是 2022 年的热门软件选择</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-27 09:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/CRWD\">CrowdStrike </a>, <a href=\"https://laohu8.com/S/INFA\">Informatica </a>, <a href=\"https://laohu8.com/S/KNBE\">KnowBe4 </a>, <a href=\"https://laohu8.com/S/ZI\">Zoominfo Technologies </a>, and <a href=\"https://laohu8.com/S/CRM\">Salesforce </a> are Wolfe Research's top software picks for 2022.</p><p><blockquote><a href=\"https://laohu8.com/S/CRWD\">人群罢工</a>,<a href=\"https://laohu8.com/S/INFA\">信息学</a>,<a href=\"https://laohu8.com/S/KNBE\">知道4</a>,<a href=\"https://laohu8.com/S/ZI\">Zoominfo技术</a>，和<a href=\"https://laohu8.com/S/CRM\">销售力量</a>是Wolfe Research 2022年的首选软件。</blockquote></p><p> \"These names we think are poised for a meaningful comeback and have some of the largest upsides we have in our price targets are actually cybersecurity names,\" Wolfe Research analyst Alex Zukin said in a CNBC interview this week. \"All of our top picks have really strong cash flow multiples, free cash flow profiles. We think that’s such an important focus going forward because it’s not just about growth anymore.\"</p><p><blockquote>Wolfe Research 分析师亚历克斯·祖金 (Alex Zukin) 本周在接受 CNBC 采访时表示：“我们认为这些名字有望有意义地卷土重来，并且在我们的价格目标中具有最大涨幅的名字实际上是网络安全名字。”“我们所有的首选都有非常强劲的现金流倍数和自由现金流状况。我们认为这是未来非常重要的关注点，因为这不再仅仅是增长的问题”。</blockquote></p><p> Software names are poised to be rebound in 2022 as investors move away from growth and focus on margins and efficiency, Zukin said. About 41% of investors see the software sector as more attractive going into 2022 relative to 2021, according a survey of more than 120 institutional investors that Wolfe conducted.</p><p><blockquote>Zukin 表示，随着投资者远离增长并关注利润率和效率，软件名称有望在 2022 年反弹。根据 Wolfe 对 120 多家机构投资者进行的调查，约 41% 的投资者认为 2022 年软件行业比 2021 年更具吸引力。</blockquote></p><p> \"We're still very positive on the sector, but we think things are changing in 2022,\" Zukin said. \"We think investors are going from focusing on just growth to really focusing on are these good businesses, is there cash flow, is there efficiency.\"</p><p><blockquote>“我们对该行业仍然非常乐观，但我们认为 2022 年情况将会发生变化，”祖金说。“我们认为投资者正在从只关注增长转向真正关注这些业务是否好，是否有现金流，是否有效率。”</blockquote></p><p> Salesforce is poised for a comeback in 2022 due its leadership steam, its $27.7B acquisition of Slack and it's renewed focus on margins, according to Zukin. He also expects that the company could make its largest acquisition ever and purchase Okta Inc. (NASDAQ:OKTA) for about $50B.</p><p><blockquote>Zukin 表示，由于其领导地位、以 27.7 亿美元收购 Slack 以及重新关注利润率，Salesforce 有望在 2022 年卷土重来。他还预计该公司可能会进行有史以来最大的收购，以约 50B 美元收购 Okta Inc.（纳斯达克股票代码：OKTA）。</blockquote></p><p> \"We don' think they are going to stop doing deals,\" Zukin said. \"Whether it's next year, whether its two years from now. Similar to what Microsoft, you’ve seen them focus on with security, we think Salesforce is not going to be far behind. We talk about Okta as a really strategic and transformational acquisition. It will be the largest one they’ve ever done.\"</p><p><blockquote>“我们认为他们不会停止交易，”祖金说。“无论是明年，还是两年后。与微软对安全的关注类似，我们认为 Salesforce 也不会落后太多。我们认为 Okta 是一次真正具有战略意义和变革性的收购。这将是他们有史以来最大的一次收购”。</blockquote></p><p> And don't miss, Cybersecurity companies to see \"massive strength\" in 2022 according to Wedbush.</p><p><blockquote>不要错过，根据韦德布什的说法，网络安全公司将在2022年看到“巨大的实力”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3783333-crowdstrike-informatica-salesforce-among-top-software-picks-for-2022-wolfe-says\">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":{"CRM":"赛富时","CRWD":"CrowdStrike Holdings, Inc.","INFA":"Informatica Inc.","KNBE":"KnowBe4, Inc."},"source_url":"https://seekingalpha.com/news/3783333-crowdstrike-informatica-salesforce-among-top-software-picks-for-2022-wolfe-says","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164461095","content_text":"CrowdStrike , Informatica , KnowBe4 , Zoominfo Technologies , and Salesforce  are Wolfe Research's top software picks for 2022.\n\"These names we think are poised for a meaningful comeback and have some of the largest upsides we have in our price targets are actually cybersecurity names,\" Wolfe Research analyst Alex Zukin said in a CNBC interview this week. \"All of our top picks have really strong cash flow multiples, free cash flow profiles. We think that’s such an important focus going forward because it’s not just about growth anymore.\"\nSoftware names are poised to be rebound in 2022 as investors move away from growth and focus on margins and efficiency, Zukin said. About 41% of investors see the software sector as more attractive going into 2022 relative to 2021, according a survey of more than 120 institutional investors that Wolfe conducted.\n\"We're still very positive on the sector, but we think things are changing in 2022,\" Zukin said. \"We think investors are going from focusing on just growth to really focusing on are these good businesses, is there cash flow, is there efficiency.\"\nSalesforce is poised for a comeback in 2022 due its leadership steam, its $27.7B acquisition of Slack and it's renewed focus on margins, according to Zukin. He also expects that the company could make its largest acquisition ever and purchase Okta Inc. (NASDAQ:OKTA) for about $50B.\n\"We don' think they are going to stop doing deals,\" Zukin said. \"Whether it's next year, whether its two years from now. Similar to what Microsoft, you’ve seen them focus on with security, we think Salesforce is not going to be far behind. We talk about Okta as a really strategic and transformational acquisition. It will be the largest one they’ve ever done.\"\nAnd don't miss, Cybersecurity companies to see \"massive strength\" in 2022 according to Wedbush.","news_type":1,"symbols_score_info":{"INFA":0.9,"ZI":0.9,"CRWD":0.9,"CRM":0.9,"KNBE":0.9}},"isVote":1,"tweetType":1,"viewCount":3675,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696975338,"gmtCreate":1640612262966,"gmtModify":1640612263405,"author":{"id":"3584860762907200","authorId":"3584860762907200","name":"littlekitten","avatar":"https://static.tigerbbs.com/ccd59ff6c96999c839e3b5709cfb00ef","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584860762907200","authorIdStr":"3584860762907200"},"themes":[],"title":"","htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696975338","repostId":"1164461095","repostType":4,"repost":{"id":"1164461095","kind":"news","pubTimestamp":1640569471,"share":"https://www.laohu8.com/m/news/1164461095?lang=zh_CN&edition=full","pubTime":"2021-12-27 09:44","market":"us","language":"en","title":"CrowdStrike, Informatica, Salesforce among top software picks for 2022, Wolfe says<blockquote>Wolfe 表示，CrowdStrike、Informatica、Salesforce 是 2022 年的热门软件选择</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1164461095","media":"Seeking Alpha","summary":"CrowdStrike , Informatica , KnowBe4 , Zoominfo Technologies , and Salesforce  are Wolfe Research's t","content":"<p><a href=\"https://laohu8.com/S/CRWD\">CrowdStrike </a>, <a href=\"https://laohu8.com/S/INFA\">Informatica </a>, <a href=\"https://laohu8.com/S/KNBE\">KnowBe4 </a>, <a href=\"https://laohu8.com/S/ZI\">Zoominfo Technologies </a>, and <a href=\"https://laohu8.com/S/CRM\">Salesforce </a> are Wolfe Research's top software picks for 2022.</p><p><blockquote><a href=\"https://laohu8.com/S/CRWD\">人群罢工</a>,<a href=\"https://laohu8.com/S/INFA\">信息学</a>,<a href=\"https://laohu8.com/S/KNBE\">知道4</a>,<a href=\"https://laohu8.com/S/ZI\">Zoominfo技术</a>，和<a href=\"https://laohu8.com/S/CRM\">销售力量</a>是Wolfe Research 2022年的首选软件。</blockquote></p><p> \"These names we think are poised for a meaningful comeback and have some of the largest upsides we have in our price targets are actually cybersecurity names,\" Wolfe Research analyst Alex Zukin said in a CNBC interview this week. \"All of our top picks have really strong cash flow multiples, free cash flow profiles. We think that’s such an important focus going forward because it’s not just about growth anymore.\"</p><p><blockquote>Wolfe Research 分析师亚历克斯·祖金 (Alex Zukin) 本周在接受 CNBC 采访时表示：“我们认为这些名字有望有意义地卷土重来，并且在我们的价格目标中具有最大涨幅的名字实际上是网络安全名字。”“我们所有的首选都有非常强劲的现金流倍数和自由现金流状况。我们认为这是未来非常重要的关注点，因为这不再仅仅是增长的问题”。</blockquote></p><p> Software names are poised to be rebound in 2022 as investors move away from growth and focus on margins and efficiency, Zukin said. About 41% of investors see the software sector as more attractive going into 2022 relative to 2021, according a survey of more than 120 institutional investors that Wolfe conducted.</p><p><blockquote>Zukin 表示，随着投资者远离增长并关注利润率和效率，软件名称有望在 2022 年反弹。根据 Wolfe 对 120 多家机构投资者进行的调查，约 41% 的投资者认为 2022 年软件行业比 2021 年更具吸引力。</blockquote></p><p> \"We're still very positive on the sector, but we think things are changing in 2022,\" Zukin said. \"We think investors are going from focusing on just growth to really focusing on are these good businesses, is there cash flow, is there efficiency.\"</p><p><blockquote>“我们对该行业仍然非常乐观，但我们认为 2022 年情况将会发生变化，”祖金说。“我们认为投资者正在从只关注增长转向真正关注这些业务是否好，是否有现金流，是否有效率。”</blockquote></p><p> Salesforce is poised for a comeback in 2022 due its leadership steam, its $27.7B acquisition of Slack and it's renewed focus on margins, according to Zukin. He also expects that the company could make its largest acquisition ever and purchase Okta Inc. (NASDAQ:OKTA) for about $50B.</p><p><blockquote>Zukin 表示，由于其领导地位、以 27.7 亿美元收购 Slack 以及重新关注利润率，Salesforce 有望在 2022 年卷土重来。他还预计该公司可能会进行有史以来最大的收购，以约 50B 美元收购 Okta Inc.（纳斯达克股票代码：OKTA）。</blockquote></p><p> \"We don' think they are going to stop doing deals,\" Zukin said. \"Whether it's next year, whether its two years from now. Similar to what Microsoft, you’ve seen them focus on with security, we think Salesforce is not going to be far behind. We talk about Okta as a really strategic and transformational acquisition. It will be the largest one they’ve ever done.\"</p><p><blockquote>“我们认为他们不会停止交易，”祖金说。“无论是明年，还是两年后。与微软对安全的关注类似，我们认为 Salesforce 也不会落后太多。我们认为 Okta 是一次真正具有战略意义和变革性的收购。这将是他们有史以来最大的一次收购”。</blockquote></p><p> And don't miss, Cybersecurity companies to see \"massive strength\" in 2022 according to Wedbush.</p><p><blockquote>不要错过，根据韦德布什的说法，网络安全公司将在2022年看到“巨大的实力”。</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>CrowdStrike, Informatica, Salesforce among top software picks for 2022, Wolfe says<blockquote>Wolfe 表示，CrowdStrike、Informatica、Salesforce 是 2022 年的热门软件选择</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\">\nCrowdStrike, Informatica, Salesforce among top software picks for 2022, Wolfe says<blockquote>Wolfe 表示，CrowdStrike、Informatica、Salesforce 是 2022 年的热门软件选择</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-27 09:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/CRWD\">CrowdStrike </a>, <a href=\"https://laohu8.com/S/INFA\">Informatica </a>, <a href=\"https://laohu8.com/S/KNBE\">KnowBe4 </a>, <a href=\"https://laohu8.com/S/ZI\">Zoominfo Technologies </a>, and <a href=\"https://laohu8.com/S/CRM\">Salesforce </a> are Wolfe Research's top software picks for 2022.</p><p><blockquote><a href=\"https://laohu8.com/S/CRWD\">人群罢工</a>,<a href=\"https://laohu8.com/S/INFA\">信息学</a>,<a href=\"https://laohu8.com/S/KNBE\">知道4</a>,<a href=\"https://laohu8.com/S/ZI\">Zoominfo技术</a>，和<a href=\"https://laohu8.com/S/CRM\">销售力量</a>是Wolfe Research 2022年的首选软件。</blockquote></p><p> \"These names we think are poised for a meaningful comeback and have some of the largest upsides we have in our price targets are actually cybersecurity names,\" Wolfe Research analyst Alex Zukin said in a CNBC interview this week. \"All of our top picks have really strong cash flow multiples, free cash flow profiles. We think that’s such an important focus going forward because it’s not just about growth anymore.\"</p><p><blockquote>Wolfe Research 分析师亚历克斯·祖金 (Alex Zukin) 本周在接受 CNBC 采访时表示：“我们认为这些名字有望有意义地卷土重来，并且在我们的价格目标中具有最大涨幅的名字实际上是网络安全名字。”“我们所有的首选都有非常强劲的现金流倍数和自由现金流状况。我们认为这是未来非常重要的关注点，因为这不再仅仅是增长的问题”。</blockquote></p><p> Software names are poised to be rebound in 2022 as investors move away from growth and focus on margins and efficiency, Zukin said. About 41% of investors see the software sector as more attractive going into 2022 relative to 2021, according a survey of more than 120 institutional investors that Wolfe conducted.</p><p><blockquote>Zukin 表示，随着投资者远离增长并关注利润率和效率，软件名称有望在 2022 年反弹。根据 Wolfe 对 120 多家机构投资者进行的调查，约 41% 的投资者认为 2022 年软件行业比 2021 年更具吸引力。</blockquote></p><p> \"We're still very positive on the sector, but we think things are changing in 2022,\" Zukin said. \"We think investors are going from focusing on just growth to really focusing on are these good businesses, is there cash flow, is there efficiency.\"</p><p><blockquote>“我们对该行业仍然非常乐观，但我们认为 2022 年情况将会发生变化，”祖金说。“我们认为投资者正在从只关注增长转向真正关注这些业务是否好，是否有现金流，是否有效率。”</blockquote></p><p> Salesforce is poised for a comeback in 2022 due its leadership steam, its $27.7B acquisition of Slack and it's renewed focus on margins, according to Zukin. He also expects that the company could make its largest acquisition ever and purchase Okta Inc. (NASDAQ:OKTA) for about $50B.</p><p><blockquote>Zukin 表示，由于其领导地位、以 27.7 亿美元收购 Slack 以及重新关注利润率，Salesforce 有望在 2022 年卷土重来。他还预计该公司可能会进行有史以来最大的收购，以约 50B 美元收购 Okta Inc.（纳斯达克股票代码：OKTA）。</blockquote></p><p> \"We don' think they are going to stop doing deals,\" Zukin said. \"Whether it's next year, whether its two years from now. Similar to what Microsoft, you’ve seen them focus on with security, we think Salesforce is not going to be far behind. We talk about Okta as a really strategic and transformational acquisition. It will be the largest one they’ve ever done.\"</p><p><blockquote>“我们认为他们不会停止交易，”祖金说。“无论是明年，还是两年后。与微软对安全的关注类似，我们认为 Salesforce 也不会落后太多。我们认为 Okta 是一次真正具有战略意义和变革性的收购。这将是他们有史以来最大的一次收购”。</blockquote></p><p> And don't miss, Cybersecurity companies to see \"massive strength\" in 2022 according to Wedbush.</p><p><blockquote>不要错过，根据韦德布什的说法，网络安全公司将在2022年看到“巨大的实力”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3783333-crowdstrike-informatica-salesforce-among-top-software-picks-for-2022-wolfe-says\">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":{"CRM":"赛富时","CRWD":"CrowdStrike Holdings, Inc.","INFA":"Informatica Inc.","KNBE":"KnowBe4, Inc."},"source_url":"https://seekingalpha.com/news/3783333-crowdstrike-informatica-salesforce-among-top-software-picks-for-2022-wolfe-says","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164461095","content_text":"CrowdStrike , Informatica , KnowBe4 , Zoominfo Technologies , and Salesforce  are Wolfe Research's top software picks for 2022.\n\"These names we think are poised for a meaningful comeback and have some of the largest upsides we have in our price targets are actually cybersecurity names,\" Wolfe Research analyst Alex Zukin said in a CNBC interview this week. \"All of our top picks have really strong cash flow multiples, free cash flow profiles. We think that’s such an important focus going forward because it’s not just about growth anymore.\"\nSoftware names are poised to be rebound in 2022 as investors move away from growth and focus on margins and efficiency, Zukin said. About 41% of investors see the software sector as more attractive going into 2022 relative to 2021, according a survey of more than 120 institutional investors that Wolfe conducted.\n\"We're still very positive on the sector, but we think things are changing in 2022,\" Zukin said. \"We think investors are going from focusing on just growth to really focusing on are these good businesses, is there cash flow, is there efficiency.\"\nSalesforce is poised for a comeback in 2022 due its leadership steam, its $27.7B acquisition of Slack and it's renewed focus on margins, according to Zukin. He also expects that the company could make its largest acquisition ever and purchase Okta Inc. (NASDAQ:OKTA) for about $50B.\n\"We don' think they are going to stop doing deals,\" Zukin said. \"Whether it's next year, whether its two years from now. Similar to what Microsoft, you’ve seen them focus on with security, we think Salesforce is not going to be far behind. We talk about Okta as a really strategic and transformational acquisition. It will be the largest one they’ve ever done.\"\nAnd don't miss, Cybersecurity companies to see \"massive strength\" in 2022 according to Wedbush.","news_type":1,"symbols_score_info":{"INFA":0.9,"ZI":0.9,"CRWD":0.9,"CRM":0.9,"KNBE":0.9}},"isVote":1,"tweetType":1,"viewCount":3516,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696975951,"gmtCreate":1640612253772,"gmtModify":1640612254397,"author":{"id":"3584860762907200","authorId":"3584860762907200","name":"littlekitten","avatar":"https://static.tigerbbs.com/ccd59ff6c96999c839e3b5709cfb00ef","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584860762907200","authorIdStr":"3584860762907200"},"themes":[],"title":"","htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696975951","repostId":"1175107411","repostType":4,"isVote":1,"tweetType":1,"viewCount":3122,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696975050,"gmtCreate":1640612243558,"gmtModify":1640612244005,"author":{"id":"3584860762907200","authorId":"3584860762907200","name":"littlekitten","avatar":"https://static.tigerbbs.com/ccd59ff6c96999c839e3b5709cfb00ef","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584860762907200","authorIdStr":"3584860762907200"},"themes":[],"title":"","htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696975050","repostId":"1137611466","repostType":4,"repost":{"id":"1137611466","kind":"news","pubTimestamp":1640582999,"share":"https://www.laohu8.com/m/news/1137611466?lang=zh_CN&edition=full","pubTime":"2021-12-27 13:29","market":"us","language":"en","title":"Tilray Got Smoked, but Investors Should See Green Soon<blockquote>Tilray 陷入困境，但投资者应该很快就会看到绿色</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137611466","media":"InvestorPlace","summary":"As you may be aware, Canadian company Tilray (NASDAQ:TLRY) famously merged with Aphriaearlier this y","content":"<p><div> As you may be aware, Canadian company Tilray (NASDAQ:TLRY) famously merged with Aphriaearlier this year, thereby creating the world’s biggest cannabis company by revenue. With that game-changing ...</p><p><blockquote><div>您可能知道，加拿大公司 Tilray（纳斯达克股票代码：TLRY）今年早些时候与 Aphria 合并，从而创建了世界上收入最大的大麻公司。随着那个改变游戏规则的……</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/12/tlry-stock-got-smoked-but-investors-should-see-green-soon/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/12/tlry-stock-got-smoked-but-investors-should-see-green-soon/\">网页连接</a></blockquote></p><p></p>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tilray Got Smoked, but Investors Should See Green Soon<blockquote>Tilray 陷入困境，但投资者应该很快就会看到绿色</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\">\nTilray Got Smoked, but Investors Should See Green Soon<blockquote>Tilray 陷入困境，但投资者应该很快就会看到绿色</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">InvestorPlace</strong><span class=\"h-time small\">2021-12-27 13:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> As you may be aware, Canadian company Tilray (NASDAQ:TLRY) famously merged with Aphriaearlier this year, thereby creating the world’s biggest cannabis company by revenue. With that game-changing ...</p><p><blockquote><div>您可能知道，加拿大公司 Tilray（纳斯达克股票代码：TLRY）今年早些时候与 Aphria 合并，从而创建了世界上收入最大的大麻公司。随着那个改变游戏规则的……</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/12/tlry-stock-got-smoked-but-investors-should-see-green-soon/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/12/tlry-stock-got-smoked-but-investors-should-see-green-soon/\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://investorplace.com/2021/12/tlry-stock-got-smoked-but-investors-should-see-green-soon/\">InvestorPlace</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TLRY":"Tilray Inc."},"source_url":"https://investorplace.com/2021/12/tlry-stock-got-smoked-but-investors-should-see-green-soon/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137611466","content_text":"As you may be aware, Canadian company Tilray (NASDAQ:TLRY) famously merged with Aphriaearlier this year, thereby creating the world’s biggest cannabis company by revenue. With that game-changing development, you’d think that TLRY stock would be a darling of the market.\nYet that’s far from the case. Sure, Tilray’s shares surged in February, but that enthusiasm is in the rear-view mirror now.\nToday the owners of TLRY stock must re-evaluate their positions and determine if it’s worthwhile to hold onto their shares. It can be painful to cut and run, but sometimes that’s just the best course of action.\nOn the other hand, the downturn of the shares may have created a rare buying opportunity. After all, Tilray just made a bold move into a high-potential cannabis niche market with an acquisition that’ll make you say, “I’ll drink to that.”\nA Closer Look at TLRY Stock\nWas it because of the Tilray-Aphria merger which was announced late last year? Or was it due to the Reddit-fueled short-squeeze?\nMaybe it was a combination of both. Either way, TLRY stock went on a wild ride in early 2021, culminating in a 52-week high of $67 on Feb. 10.\nBear in mind that the stock started off the year at $9. After a rally of that magnitude, you might assume that Tilray’s investors would end 2021 in the green.\nNot necessarily. As it turned out, TLRY stock declined nearly as quickly as it had ascended and even fell back below $9 this month. Yesterday the stock closed at $7.74.\nSo now it’s all about finding the stock’s bottom and rallying the troops, who could certainly use some positive news.\nDon’t Forget About Aphria\nWith so much going on in the world of cannabis stocks, it’s easy to ignore Aphria since the company isn’t a separately traded entity anymore.\nHowever, Aphria still has a significant presence in the market as the company is Tilray’smedical-cannabis subsidiary. Indeed, Aphria continues to innovate as a provider of medically beneficial cannabis-based products.\nRecently, for example, Tilray announced that Aphria had launched medical cannabis oral strips with THC- and CBD-rich options.\nThe Aphria medical strips contain a thin film with dissolving cannabinoids that are absorbed directly into the bloodstream. This methodology facilitates precise dosing and rapid ingestion.\nTilray Chairman and CEO Irwin D. Simon is a firm believer in medical cannabis, calling it a “high-growth, high-margin market.”\nAprhia’s medical-cannabis strips, which are already available throughout Canada, could prove to be a highly lucrative product.\nAn Iconic Addition\nWhile Tilray’s Aphria subsidiary probes the limits of medical cannabis, a newly added business could provide Tilray with access to a recreational section of the market.\nIn particular, Tilray recently revealed itsacquisition ofColorado-based distilled spirits platform Breckenridge Distillery.\nApparently, Breckenridge is known for its bourbon whiskey collection and craft spirits portfolio. Naturally, investors can expect Tilray to add some of its hemp-derived goodness to Breckenridge’s boozy offerings.\nCiting the company’s “award-winning spirits, passionate consumer engagement, and… strong sales and distribution network,” Simon, Tilray’s CEO, called Breckenridge Distillery an “iconic addition” to Tilray’s brands.\nWith this acquisition in mind, Tilray’s CEO has set an ambitious revenue objective.\nWith the expectation of launching “THC-based product adjacencies upon federal legalization in the U.S.,” Simon envisions an “ultimate goal of industry leadership with $4 billion in revenue by the end of fiscal year 2024.”\nThe Bottom Line\nIt’s fascinating to witness TLRY stock sink to new lows, even while Tilray is pushing the boundaries within the North American cannabis market.\nThere appears to be a mismatch between Tilray’s share price and the company’s true value.\nIn other words, contrarians should be jumping at the chance to buy the company’s shares now. Even if 2021 gave the investors a pop-and-drop, 2022 could be the year when Tilray’s “joint” ventures pay off.","news_type":1,"symbols_score_info":{"TLRY":0.9}},"isVote":1,"tweetType":1,"viewCount":3650,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696972741,"gmtCreate":1640612229586,"gmtModify":1640612230067,"author":{"id":"3584860762907200","authorId":"3584860762907200","name":"littlekitten","avatar":"https://static.tigerbbs.com/ccd59ff6c96999c839e3b5709cfb00ef","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584860762907200","authorIdStr":"3584860762907200"},"themes":[],"title":"","htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696972741","repostId":"1100465978","repostType":4,"repost":{"id":"1100465978","kind":"news","pubTimestamp":1640587151,"share":"https://www.laohu8.com/m/news/1100465978?lang=zh_CN&edition=full","pubTime":"2021-12-27 14:39","market":"us","language":"en","title":"General Motors EV Partner Sees Director Make Big Stock Buy<blockquote>通用汽车电动汽车合作伙伴看到董事大量购买股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1100465978","media":"Barrons","summary":"MP Materials stock surged earlier this month after the U.S. rare-earths miner reached a deal “to dev","content":"<p>MP Materials stock surged earlier this month after the U.S. rare-earths miner reached a deal “to develop a fully integrated U.S. supply chain for rare-earth magnets” with General Motors. In the wake of the higher stock price, MP Materials director Randall Weisenburger bought up shares.</p><p><blockquote>本月早些时候，美国稀土矿商 MP Materials 与通用汽车公司达成协议，“开发一个完全一体化的美国稀土磁体供应链”，MP Materials 的股价随之飙升。股价上涨后，MP Materials 董事 Randall Weisenburger 买入了股票。</blockquote></p><p> MP Materials (ticker: MP) announced Dec. 9 that it will supply rare-earth materials, alloy, and finished magnets for the motors of electric vehicles to GM (GM) “with a gradual production ramp that begins in 2023.” Planned vehicles under the deal include more than a dozen models, among them the GMC Hummer EV, Cadillac Lyriq, and Chevrolet Silverado EV.” MP Materials also said it would build the company’s first magnetics factory in Fort Worth, Texas, sourcing materials from MP Materials’ Mountain Pass, Calif., mine. MP Materials stock sports a year-to-date gain of 34%, compared with a 26% rise in the S&amp;P 500 index.</p><p><blockquote>MP Materials（股票代码：MP）于12月9日宣布，将向通用汽车（GM）供应稀土材料、合金和电动汽车电机成品磁铁，“从2023年开始逐步提高产量”。计划中的车辆包括十几款车型，其中包括 GMC Hummer EV、凯迪拉克 Lyriq 和雪佛兰索罗德 EV。”MP Materials 还表示，将在得克萨斯州沃思堡建造公司的第一家磁性工厂，材料来自 MP Materials 位于加利福尼亚州山口的矿山。MP Materials 股票今年迄今上涨了 34%，而标普500指数上涨了 26%。</blockquote></p><p> Weisenburger paid $3.5 million on Dec. 15 for 86,901 MP Materials shares, a per-share average price of $40.10. Those shares now represent his total ownership of MP Materials stock, according to a form he filed with the Securities and Exchange Commission. A former chief financial officer of Omnicom Group (OMC), Weisenburger joined MP Materials’ board in 2020 when the company went public through a special-purpose acquisition company.</p><p><blockquote>Weisenburger 于 12 月 15 日支付 350 万美元购买了 86,901 股 MP Materials 股票，每股平均价格为 40.10 美元。根据他向美国证券交易委员会提交的表格，这些股票现在代表了他对 MP Materials 股票的全部所有权。魏森伯格曾是宏盟集团（OMC）的首席财务官，2020 年，当 MP Materials 通过一家特殊目的收购公司上市时，他加入了该公司的董事会。</blockquote></p><p> Weisenburger declined to comment on his stock purchase.</p><p><blockquote>魏森伯格拒绝对他的股票购买发表评论。</blockquote></p><p> On Dec. 10, after the pact with GM was announced, J.P. Morgan analyst Michael Glick increased his December 2022 price target on MP Materials stock to $52 from $45. Glick, who rates MP Materials at Overweight, cited forecasts for higher rare-earth prices. MP Materials’ move into rare-earth magnets “could drive multiple expansion for the company,” he wrote in a research report.</p><p><blockquote>12 月 10 日，在宣布与通用汽车达成协议后，摩根大通分析师 Michael Glick 将 MP Materials 股票 2022 年 12 月的目标价从 45 美元上调至 52 美元。跑赢大盘对 MP 材料进行评级的格利克引用了稀土价格上涨的预测。他在一份研究报告中写道，MP Materials 进军稀土磁体 “可能会推动公司的多项扩张”。</blockquote></p><p> Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.</p><p><blockquote>Inside Scoop 是《巴伦周刊》的定期专题，报道公司高管和董事会成员（即所谓的内部人士）以及大股东、政客和其他知名人士的股票交易。由于他们的内部人士身份，这些投资者被要求向美国证券交易委员会或其他监管机构披露股票交易。</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>General Motors EV Partner Sees Director Make Big Stock Buy<blockquote>通用汽车电动汽车合作伙伴看到董事大量购买股票</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\">\nGeneral Motors EV Partner Sees Director Make Big Stock Buy<blockquote>通用汽车电动汽车合作伙伴看到董事大量购买股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-12-27 14:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>MP Materials stock surged earlier this month after the U.S. rare-earths miner reached a deal “to develop a fully integrated U.S. supply chain for rare-earth magnets” with General Motors. In the wake of the higher stock price, MP Materials director Randall Weisenburger bought up shares.</p><p><blockquote>本月早些时候，美国稀土矿商 MP Materials 与通用汽车公司达成协议，“开发一个完全一体化的美国稀土磁体供应链”，MP Materials 的股价随之飙升。股价上涨后，MP Materials 董事 Randall Weisenburger 买入了股票。</blockquote></p><p> MP Materials (ticker: MP) announced Dec. 9 that it will supply rare-earth materials, alloy, and finished magnets for the motors of electric vehicles to GM (GM) “with a gradual production ramp that begins in 2023.” Planned vehicles under the deal include more than a dozen models, among them the GMC Hummer EV, Cadillac Lyriq, and Chevrolet Silverado EV.” MP Materials also said it would build the company’s first magnetics factory in Fort Worth, Texas, sourcing materials from MP Materials’ Mountain Pass, Calif., mine. MP Materials stock sports a year-to-date gain of 34%, compared with a 26% rise in the S&amp;P 500 index.</p><p><blockquote>MP Materials（股票代码：MP）于12月9日宣布，将向通用汽车（GM）供应稀土材料、合金和电动汽车电机成品磁铁，“从2023年开始逐步提高产量”。计划中的车辆包括十几款车型，其中包括 GMC Hummer EV、凯迪拉克 Lyriq 和雪佛兰索罗德 EV。”MP Materials 还表示，将在得克萨斯州沃思堡建造公司的第一家磁性工厂，材料来自 MP Materials 位于加利福尼亚州山口的矿山。MP Materials 股票今年迄今上涨了 34%，而标普500指数上涨了 26%。</blockquote></p><p> Weisenburger paid $3.5 million on Dec. 15 for 86,901 MP Materials shares, a per-share average price of $40.10. Those shares now represent his total ownership of MP Materials stock, according to a form he filed with the Securities and Exchange Commission. A former chief financial officer of Omnicom Group (OMC), Weisenburger joined MP Materials’ board in 2020 when the company went public through a special-purpose acquisition company.</p><p><blockquote>Weisenburger 于 12 月 15 日支付 350 万美元购买了 86,901 股 MP Materials 股票，每股平均价格为 40.10 美元。根据他向美国证券交易委员会提交的表格，这些股票现在代表了他对 MP Materials 股票的全部所有权。魏森伯格曾是宏盟集团（OMC）的首席财务官，2020 年，当 MP Materials 通过一家特殊目的收购公司上市时，他加入了该公司的董事会。</blockquote></p><p> Weisenburger declined to comment on his stock purchase.</p><p><blockquote>魏森伯格拒绝对他的股票购买发表评论。</blockquote></p><p> On Dec. 10, after the pact with GM was announced, J.P. Morgan analyst Michael Glick increased his December 2022 price target on MP Materials stock to $52 from $45. Glick, who rates MP Materials at Overweight, cited forecasts for higher rare-earth prices. MP Materials’ move into rare-earth magnets “could drive multiple expansion for the company,” he wrote in a research report.</p><p><blockquote>12 月 10 日，在宣布与通用汽车达成协议后，摩根大通分析师 Michael Glick 将 MP Materials 股票 2022 年 12 月的目标价从 45 美元上调至 52 美元。跑赢大盘对 MP 材料进行评级的格利克引用了稀土价格上涨的预测。他在一份研究报告中写道，MP Materials 进军稀土磁体 “可能会推动公司的多项扩张”。</blockquote></p><p> Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.</p><p><blockquote>Inside Scoop 是《巴伦周刊》的定期专题，报道公司高管和董事会成员（即所谓的内部人士）以及大股东、政客和其他知名人士的股票交易。由于他们的内部人士身份，这些投资者被要求向美国证券交易委员会或其他监管机构披露股票交易。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/articles/gm-ev-mp-materials-51640124931?mod=newsviewer_click_seemore\">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":{"MP":"MP Materials Corp.","GM":"通用汽车"},"source_url":"https://www.marketwatch.com/articles/gm-ev-mp-materials-51640124931?mod=newsviewer_click_seemore","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1100465978","content_text":"MP Materials stock surged earlier this month after the U.S. rare-earths miner reached a deal “to develop a fully integrated U.S. supply chain for rare-earth magnets” with General Motors. In the wake of the higher stock price, MP Materials director Randall Weisenburger bought up shares.\nMP Materials (ticker: MP) announced Dec. 9 that it will supply rare-earth materials, alloy, and finished magnets for the motors of electric vehicles to GM (GM) “with a gradual production ramp that begins in 2023.” Planned vehicles under the deal include more than a dozen models, among them the GMC Hummer EV, Cadillac Lyriq, and Chevrolet Silverado EV.” MP Materials also said it would build the company’s first magnetics factory in Fort Worth, Texas, sourcing materials from MP Materials’ Mountain Pass, Calif., mine. MP Materials stock sports a year-to-date gain of 34%, compared with a 26% rise in the S&P 500 index.\nWeisenburger paid $3.5 million on Dec. 15 for 86,901 MP Materials shares, a per-share average price of $40.10. Those shares now represent his total ownership of MP Materials stock, according to a form he filed with the Securities and Exchange Commission. A former chief financial officer of Omnicom Group (OMC), Weisenburger joined MP Materials’ board in 2020 when the company went public through a special-purpose acquisition company.\nWeisenburger declined to comment on his stock purchase.\nOn Dec. 10, after the pact with GM was announced, J.P. Morgan analyst Michael Glick increased his December 2022 price target on MP Materials stock to $52 from $45. Glick, who rates MP Materials at Overweight, cited forecasts for higher rare-earth prices. MP Materials’ move into rare-earth magnets “could drive multiple expansion for the company,” he wrote in a research report.\nInside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.","news_type":1,"symbols_score_info":{"MP":0.9,"GM":0.9}},"isVote":1,"tweetType":1,"viewCount":3372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696972414,"gmtCreate":1640612210739,"gmtModify":1640612211177,"author":{"id":"3584860762907200","authorId":"3584860762907200","name":"littlekitten","avatar":"https://static.tigerbbs.com/ccd59ff6c96999c839e3b5709cfb00ef","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584860762907200","authorIdStr":"3584860762907200"},"themes":[],"title":"","htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696972414","repostId":"1115384970","repostType":4,"isVote":1,"tweetType":1,"viewCount":3926,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696972577,"gmtCreate":1640612197644,"gmtModify":1640612198083,"author":{"id":"3584860762907200","authorId":"3584860762907200","name":"littlekitten","avatar":"https://static.tigerbbs.com/ccd59ff6c96999c839e3b5709cfb00ef","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584860762907200","authorIdStr":"3584860762907200"},"themes":[],"title":"","htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696972577","repostId":"1177527268","repostType":4,"repost":{"id":"1177527268","kind":"news","pubTimestamp":1640594368,"share":"https://www.laohu8.com/m/news/1177527268?lang=zh_CN&edition=full","pubTime":"2021-12-27 16:39","market":"us","language":"en","title":"DraftKings Stock: Down 60% From Its High, A Great Long-Term Buy Opportunity Has Emerged<blockquote>DraftKings 股票：较高点下跌 60%，长期买入机会出现</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1177527268","media":"Seeking Alpha","summary":"Summary\n\nDraftKings stock has collapsed 60% from its 2021 high.\nInvestors are concerned whether the ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>DraftKings stock has collapsed 60% from its 2021 high.</li>  <li>Investors are concerned whether the company can ever turn profitable.</li>  <li>We discuss these concerns in the article.</li>  <li>We also discuss why we think the opportunity for long-term investors is looking fantastic now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/adfae22a6401434242d4306d5de9fdf7\" tg-width=\"1536\" tg-height=\"1022\" width=\"100%\" height=\"auto\"><span>Darren McCollester/Getty Images Entertainment</span></p><p><blockquote><ul><li>DraftKings 股价已较 2021 年高点暴跌 60%。</li><li>投资者担心该公司能否实现盈利。</li><li>我们在文章中讨论了这些问题。</li><li>我们还讨论了为什么我们认为长期投资者的机会现在看起来非常好。</li></ul><p class=\"t-img-caption\"><span>达伦·麦考莱斯特/盖蒂图片社娱乐</span></p></blockquote></p><p> DraftKings Inc.&nbsp;(NASDAQ:DKNG)&nbsp;is one of the most contentious companies that we have covered. The short-sellers favorite has also been discussed in the media lately, as Jim Chanos called out DraftKings' business model as \"flawed.\" He also derided that DraftKings' sales and marketing spend was \"completely and totally insane.\"</p><p><blockquote>DraftKings Inc.（纳斯达克股票代码：DKNG）是我们报道过的最具争议的公司之一。最近，媒体也讨论了卖空者的最爱，吉姆·查诺斯称 DraftKings 的商业模式“有缺陷”。他还嘲笑 DraftKings 的销售和营销支出“完全疯狂”。</blockquote></p><p> Currently, the short-sellers seem to have the momentum on their side as the price has declined 60% from its 2021 all-time high (ATH). In addition, S3 Partners have tracked consistent short-selling activity this year compared to the previous year. As of 15 December, DKNG's&nbsp;short percent of float reached 12.2%.</p><p><blockquote>目前，卖空者似乎势头强劲，价格已从 2021 年历史高点 (ATH) 下跌了 60%。此外，与上一年相比，S3 合作伙伴今年的卖空活动保持一致。截至12月15日，DKNG的空头流通量百分比达到12.2%。</blockquote></p><p> Notably, DKNG stock has been holding at its crucial support level even as the short-selling activity intensified in recent weeks. We have been observing the price action closely and believe that if the current level continues to hold, the stock can consolidate moving forward. It would then allow the market makers to accumulate quietly before forcing the shorts to cover and subsequently drive up the stock's momentum.</p><p><blockquote>值得注意的是，尽管最近几周卖空活动加剧，DKNG 股票仍保持在其关键支撑位。我们一直在密切关注价格走势，并相信如果当前水平继续保持，该股可以进一步盘整。然后，它将允许做市商在迫使空头回补之前安静地积累，随后推动股票的势头。</blockquote></p><p> The momentum in the market also seems to have swung back in favor of growth stocks lately. Coupled with the recent insider purchases, its price action, and the high short-selling activity, we believe it's time for long-term investors to consider adding exposure.</p><p><blockquote>最近市场的势头似乎也有利于成长型股票。再加上最近的内部购买、价格走势和高卖空活动，我们认为长期投资者是时候考虑增加敞口了。</blockquote></p><p> <b>DKNG Stock Performance</b></p><p><blockquote><b>DKNG 股票表现</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/29e4677c0da747eebf5dea1fdb15ebbf\" tg-width=\"640\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>DKNG stock YTD performance (as of 23 December' 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>DKNG 股票年初至今表现（截至 21 年 12 月 23 日）。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/94f7e17e7edeef4d8c825a43d1a8d85b\" tg-width=\"640\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>DKNG stock performance from 24 April '20 (as of 23 December' 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>DKNG股票截至20年4月24日（截至21年12月23日）的表现。</span></p></blockquote></p><p> Readers can quickly glean that DraftKings stock has significantly underperformed this year, as it returned -36.8% YTD. Its keen rival Flutter Entertainment(OTCPK:PDYPY)also had an underwhelming year with a YTD return of 24.5%. However, considering its performance since it went public last year, the stock returned 52.1% or a CAGR of 28.7%. It outperformed Flutter, although it's underperforming the broad market currently. Some investors could have taken the opportunity to cash in, given the stock's magnificent gains since it went public.</p><p><blockquote>读者很快就会发现，DraftKings 股票今年的表现明显不佳，年初至今的回报率为 -36.8%。其劲敌 Flutter Entertainment (OTCPK: PDYPY) 今年也表现平平，年初至今的回报率为 24.5%。然而，考虑到其去年上市以来的表现，该股的回报率为52.1%，复合年增长率为28.7%。它的表现优于 Flutter，尽管目前它的表现逊于大盘。鉴于该股自上市以来涨幅巨大，一些投资者可能会借此机会套现。</blockquote></p><p> <b>Can DraftKings Ever Turn Profitable?</b></p><p><blockquote><b>DraftKings能盈利吗？</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/489ffa9da624d285ae2038c5655323ea\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>DraftKings SG&amp;A margins (LTM). Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>DraftKings SG&amp;A 保证金 (LTM)。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Bears often lamented that CEO Jason Robins &amp; Co. will \"never\" turn profitable as it continues to spend an astronomical amount on customer acquisitions costs (CAC). Readers can easily refer to the above chart where DraftKings' SG&amp;A margin has consistently been over 100% of its revenue over the past year from a last-twelve-months (LTM) basis.</p><p><blockquote>看空者经常哀叹，首席执行官杰森·罗宾斯公司“永远”不会盈利，因为它继续在客户获取成本（CAC）上花费天文数字。读者可以轻松参考上图，其中 DraftKings 的 SG&amp;A 利润率在过去一年中一直超过其过去 12 个月 (LTM) 收入的 100%。</blockquote></p><p> The bears are right to question whether its business model makes sense. It comes even as DraftKings' has significantly strengthened its leadership in the online sports betting (OSB) and the iGaming market. For readers who are new to this company, DraftKings' is the #2 player in the OSB market behind Flutter's FanDuel. In the iGaming market, it's the #2 player behind BetMGM (MGM) (OTCPK:GMVHF) following its acquisition of Golden Nugget Online Gaming (GNOG), which is pending closure. Therefore, investors in DraftKings are investing in a pure-play online leader which has demonstrated its ability to compete with players with profitable legacy gaming assets or even its land-based peers.</p><p><blockquote>空头质疑其商业模式是否有意义是正确的。尽管 DraftKings' 已显着加强了其在在线体育博彩 (OSB) 和 iGaming 市场的领导地位。对于刚接触这家公司的读者来说，DraftKings是OSB市场的第二大玩家，仅次于Flutter的FanDuel。在 iGaming 市场，BetMGM (MGM) (OTCPK:GMVHF) 收购了即将关闭的 Golden Nugget Online Gaming (GNOG)，成为仅次于 BetMGM (MGM) (OTCPK:GMVHF) 的第二大玩家。因此，DraftKings 的投资者正在投资一家纯粹的在线领导者，该公司已经证明了其有能力与拥有有利可图的传统游戏资产甚至陆基同行的玩家竞争。</blockquote></p><p> Nevertheless, we believe it's vital for DraftKings to address its runway to profitability, which it did. It has also attracted significant interest from the Street. Therefore, it has also allowed the company to address it multiple times in the past. Yes, the company has already addressed it numerous times, but the question kept propping up. Moreover, DraftKings CEO Jason Robins articulated (edited): \"We are focused on people&nbsp;who are true believers.Some people will say anything&nbsp;to make a buck. Obviously, it's annoying when people come and make stuff up and do that at their own service, but there's not much you can do about it.\"</p><p><blockquote>尽管如此，我们认为 DraftKings 解决盈利问题至关重要，而且它确实做到了。它也引起了街头的极大兴趣。因此，它也允许公司在过去多次解决这个问题。是的，该公司已经多次解决这个问题，但这个问题一直存在。此外，DraftKings 首席执行官杰森·罗宾斯 (Jason Robins) 表示（编辑）：“我们专注于真正的信徒。有些人会说任何话来赚钱。显然，当人们来编造东西并为自己服务时，这很烦人，但你对此无能为力。”</blockquote></p><p></p><p> DraftKings has presented its road to profitability clearly. It emphasized that it takes two to three years to achieve profitability upon entering a newly legalized state. Technically, CFO Jason Park explained (edited):</p><p><blockquote>DraftKings 清楚地展示了其盈利之路。它强调，进入一个新的合法化国家后，需要两到三年才能实现盈利。从技术上讲，首席财务官 Jason Park 解释道（编辑）：</blockquote></p><p>   So, what we've said from the beginning is that DraftKings enterprise profitability will be a function of the profitability of every state that we're operating in. We acquire customers on a 2- to 3-year gross margin payback period that's sort of a truncated lifetime value (LTV) to CAC. As long as you have the conviction that we can be profitable in every state in 2 to 3 years, then the enterprise will turn profitable. (Jefferies Sports Betting &amp; iGaming Summit)  DraftKings has also emphasized many times in its past conference calls that it achieved profitability in one of its most important states New Jersey in just two years upon entry. Notably, the company also added that it's observing a similar profitability trajectory in other states. Therefore, DraftKings has made significant efforts to discuss investors' most pressing concerns and never avoided addressing them. Of course, the landscape is highly dynamic. The company highlighted that its most critical assumptions consider continued OSB and iGaming legalization. That forms the foundational basis of the company's business model. As of now, we haven't observed anything suspicious that the secular trend towards OSB and iGaming is slowing down.Goldman Sachs estimates&nbsp;that the OSB market could be worth $39B annually by 2033. Consumers are also moving towards online betting as mobile handle accounted for 84% of the total sports betting handle in October. The push towards OSB and iGaming legalization has gained momentum, and we don't think it would reverse course moving forward.</p><p><blockquote>因此，我们从一开始就说过，DraftKings企业盈利能力将取决于我们运营所在的每个州的盈利能力。我们在 2 到 3 年的毛利率回收期内获得客户，这相当于 CAC 的截断终身价值 (LTV)。只要你坚信我们可以在2到3年内在每个州都盈利，那么企业就会盈利。（杰富瑞体育博彩和iGaming峰会）DraftKings在过去的会议评级中也多次强调，它在进入后的短短两年内就在其最重要的州之一新泽西州实现了盈利。值得注意的是，该公司还补充说，它正在其他州观察到类似的盈利轨迹。因此，DraftKings 做出了巨大努力来讨论投资者最紧迫的问题，并且从未回避解决这些问题。当然，景观是高度动态的。该公司强调，其最关键的假设考虑持续的OSB和iGaming合法化。这构成了公司商业模式的基础。到目前为止，我们还没有观察到任何可疑的迹象，表明定向刨花板和 iGaming 的长期趋势正在放缓。高盛估计，到 2033 年，定向刨花板市场每年的价值可能达到 39B 美元。消费者也在转向在线博彩，因为移动手柄占10月份体育博彩手柄总数的84%。推动OSB和iGaming合法化的势头已经增强，我们认为这不会逆转前进的进程。</blockquote></p><p> Therefore, it's essential for investors to note that DraftKings is still in the early innings of its massive opportunity. The company is still ramping up in states they entered recently while moving towards profitability in earlier entries like New Jersey. Therefore, the mix is evolving, and investors should not expect the company to reach profitability in the near term.</p><p><blockquote>因此，投资者有必要注意到DraftKings仍处于其巨大机会的早期阶段。该公司仍在最近进入的州扩张，同时在新泽西州等早期进入的州实现盈利。因此，这种组合正在演变，投资者不应期望该公司在短期内实现盈利。</blockquote></p><p> <b>Keep in Mind that DraftKings is Estimated to Achieve Significant Operating Leverage</b></p><p><blockquote><b>请记住，DraftKings 预计将实现显著的运营杠杆</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/34f4a60a8de564c1cf9283cc793a1312\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>DraftKings revenue and adjusted EBITDA mean consensus estimates. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>DraftKings 收入和调整后 EBITDA 均值共识估计。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/83f0d476974ed5ee4c6202a4cf49b72b\" tg-width=\"640\" tg-height=\"292\" width=\"100%\" height=\"auto\"><span>DraftKings adjusted EPS revision trend. Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>DraftKings调整了每股收益修正趋势。来源：Seeking Alpha</span></p></blockquote></p><p> Readers can observe from the chart above that DraftKings is still estimated to grow its revenue through FY26 rapidly. Its revenue is estimated to grow at a CAGR of 29.2% through FY26. Meanwhile, it's also expected to continue gaining operating leverage significantly. Therefore, DraftKings is estimated to turn profitable on an adjusted EBITDA basis from FY24.</p><p><blockquote>读者可以从上图中观察到，DraftKings 预计在 26 财年仍将快速增长其收入。预计到 26 财年，其收入将以 29.2% 的复合年增长率增长。同时，预计运营杠杆也将继续大幅提升。因此，DraftKings 预计将从 2024 财年起按调整后 EBITDA 基准实现盈利。</blockquote></p><p> Nevertheless, we are aware that its adjusted EPS has been revised downwards throughout 2021. Consequently, its timeline towards achieving profitability has gotten stretched further. However, we believe that the company is trading short-term profitability for long-term operating leverage. In addition, DraftKings has often highlighted that its business model is highly data-driven. Therefore, management relies strongly on its data analytics to inform its spending patterns and maintain capital discipline. Consequently, they are not just simply burning cash in the hope of gaining market share.</p><p><blockquote>尽管如此，我们知道其调整后每股收益在 2021 年已向下修正。因此，其实现盈利的时间表进一步延长。但我们认为，公司是在用短期盈利换取长期经营杠杆。此外，DraftKings经常强调其商业模式是高度数据驱动的。因此，管理层严重依赖其数据分析来告知其支出模式并维持资本纪律。因此，他们不仅仅是为了获得市场份额而烧钱。</blockquote></p><p> In addition, the company is counting on building a superior product and technology platform that it believes will give it a competitive advantage against its peers. Robins emphasized (edited):</p><p><blockquote>此外，该公司还指望建立一个卓越的产品和技术平台，相信这将使其相对于同行具有竞争优势。罗宾斯强调（编辑）：</blockquote></p><p>   I think definitely convenience is important, the ease of use. So that's everything from making it simple for people by having a shared wallet across our products. They can easily navigate our products when they're in different states, and they can use the app. They can use the same account, the same wallet. It goes to having a very simple and intuitive user interface, having great service and customer support, being able to curate bets for people, based on the data that we have and personalization that our Data Science team does. I think all those things are really important. (Canaccord Genuity 2021 Digital Gaming Summit)  <b>So, is DKNG Stock a Buy Now?</b></p><p><blockquote>我认为绝对方便是重要的，易用性。因此，这包括通过在我们的产品中共享钱包让人们变得简单。当他们处于不同的状态时，他们可以轻松地浏览我们的产品，并且他们可以使用该应用程序。他们可以使用同一个账户，同一个钱包。它拥有非常简单和直观的用户界面，拥有出色的服务和客户支持，能够根据我们拥有的数据和我们数据科学团队所做的个性化为人们策划投注。我认为所有这些事情都非常重要。（Canaccord Genuity 2021数字游戏峰会）<b>那么，DKNG 股票现在值得买入吗？</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1febf75ef806df48d2e82c747652031\" tg-width=\"640\" tg-height=\"384\" width=\"100%\" height=\"auto\"><span>DKNG stock EV/NTM Revenue trend.</span></p><p><blockquote><p class=\"t-img-caption\"><span>DKNG 股票 EV/NTM 收入趋势。</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/db12c1447b06db9837c1605c8b139a81\" tg-width=\"503\" tg-height=\"228\" width=\"100%\" height=\"auto\"><span>DKNG EV/NTM Revenue comps. Source: TIKR</span></p><p><blockquote><p class=\"t-img-caption\"><span>DKNG EV/NTM收入比较。资料来源：TIKR</span></p></blockquote></p><p> DKNG stock has undoubtedly been battered, and its valuation gap has closed with its legacy peers. It's trading at an EV/NTM Revenue of 6.5x, against its mean since going public of 19.2x. Therefore, it's clear that the market has not been satisfied with the adjusted EPS revisions over the past year while the stock was trading at a premium.</p><p><blockquote>DKNG 股票无疑遭受重创，其估值差距已缩小，与传统同行的估值差距。该公司的 EV/NTM 收入为 6.5 倍，而上市以来的平均水平为 19.2 倍。因此，很明显，当该股溢价交易时，市场对过去一年调整后的每股收益修正并不满意。</blockquote></p><p> We concur that DraftKings need to show improvement in its operating leverage moving forward. However, we also emphasized that its enterprise profitability is complicated by the mix of new and mature states. Therefore, we believe that investors should evaluate the company profitability runway on a state-by-state basis.</p><p><blockquote>我们同意 DraftKings 未来需要提高其运营杠杆。然而，我们也强调，由于新国家和成熟国家的混合，其企业盈利能力变得复杂。因此，我们认为投资者应该逐州评估公司的盈利能力。</blockquote></p><p> In addition, given that DraftKings is still primed to achieve significant operating leverage, we believe that its premium valuation is justified. Its valuation should also help the company acquire companies with an equity deal instead of relying on cash offers. It would allow the company to realize capital flexibility in potential M&amp;A offers, which could intensify moving forward. We believe that the competitive landscape would likely continue to consolidate, with more competitors and consumers coalescing towards OSB and iGaming. Therefore, scale, consumer data, and the tech stack are of paramount importance. It's also where DraftKings can exercise its competitive advantage. Moreover, compared to its heavily-indebted arch-rival Flutter, DraftKings is in a net cash position, further accentuating its capital flexibility.</p><p><blockquote>此外，鉴于 DraftKings 仍有望实现可观的运营杠杆，我们认为其溢价估值是合理的。其估值还应有助于该公司通过股权交易收购公司，而不是依赖现金要约。这将使该公司在潜在的并购要约中实现资本灵活性，这可能会加强前进。我们相信，竞争格局可能会继续巩固，更多竞争对手和消费者会聚集到定向刨花板和iGaming。因此，规模、消费者数据和技术堆栈至关重要。这也是DraftKings可以发挥竞争优势的地方。此外，与其负债累累的主要竞争对手 Flutter 相比，DraftKings 处于净现金状况，进一步凸显了其资本灵活性。</blockquote></p><p> We are confident that DraftKings management would leverage its leadership in OSB and iGaming as the legalization momentum carries on. Therefore, we encourage long-term investors to capitalize on its current weakness to add exposure to the online betting leader.</p><p><blockquote>我们相信，随着合法化势头的持续，DraftKings管理层将利用其在OSB和iGaming领域的领导地位。因此，我们鼓励长期投资者利用其当前的弱点，增加对在线博彩领导者的投资。</blockquote></p><p> As such, we reiterate our Buy rating on DKNG stock for long-term investors only.</p><p><blockquote>因此，我们重申仅针对长期投资者对 DKNG 股票的买入评级。</blockquote></p><p> Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.</p><p><blockquote>编者注：本文讨论了一种或多种不在美国主要交易所交易的证券。请注意与这些股票相关的风险。</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>DraftKings Stock: Down 60% From Its High, A Great Long-Term Buy Opportunity Has Emerged<blockquote>DraftKings 股票：较高点下跌 60%，长期买入机会出现</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\">\nDraftKings Stock: Down 60% From Its High, A Great Long-Term Buy Opportunity Has Emerged<blockquote>DraftKings 股票：较高点下跌 60%，长期买入机会出现</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-27 16:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>DraftKings stock has collapsed 60% from its 2021 high.</li>  <li>Investors are concerned whether the company can ever turn profitable.</li>  <li>We discuss these concerns in the article.</li>  <li>We also discuss why we think the opportunity for long-term investors is looking fantastic now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/adfae22a6401434242d4306d5de9fdf7\" tg-width=\"1536\" tg-height=\"1022\" width=\"100%\" height=\"auto\"><span>Darren McCollester/Getty Images Entertainment</span></p><p><blockquote><ul><li>DraftKings 股价已较 2021 年高点暴跌 60%。</li><li>投资者担心该公司能否实现盈利。</li><li>我们在文章中讨论了这些问题。</li><li>我们还讨论了为什么我们认为长期投资者的机会现在看起来非常好。</li></ul><p class=\"t-img-caption\"><span>达伦·麦考莱斯特/盖蒂图片社娱乐</span></p></blockquote></p><p> DraftKings Inc.&nbsp;(NASDAQ:DKNG)&nbsp;is one of the most contentious companies that we have covered. The short-sellers favorite has also been discussed in the media lately, as Jim Chanos called out DraftKings' business model as \"flawed.\" He also derided that DraftKings' sales and marketing spend was \"completely and totally insane.\"</p><p><blockquote>DraftKings Inc.（纳斯达克股票代码：DKNG）是我们报道过的最具争议的公司之一。最近，媒体也讨论了卖空者的最爱，吉姆·查诺斯称 DraftKings 的商业模式“有缺陷”。他还嘲笑 DraftKings 的销售和营销支出“完全疯狂”。</blockquote></p><p> Currently, the short-sellers seem to have the momentum on their side as the price has declined 60% from its 2021 all-time high (ATH). In addition, S3 Partners have tracked consistent short-selling activity this year compared to the previous year. As of 15 December, DKNG's&nbsp;short percent of float reached 12.2%.</p><p><blockquote>目前，卖空者似乎势头强劲，价格已从 2021 年历史高点 (ATH) 下跌了 60%。此外，与上一年相比，S3 合作伙伴今年的卖空活动保持一致。截至12月15日，DKNG的空头流通量百分比达到12.2%。</blockquote></p><p> Notably, DKNG stock has been holding at its crucial support level even as the short-selling activity intensified in recent weeks. We have been observing the price action closely and believe that if the current level continues to hold, the stock can consolidate moving forward. It would then allow the market makers to accumulate quietly before forcing the shorts to cover and subsequently drive up the stock's momentum.</p><p><blockquote>值得注意的是，尽管最近几周卖空活动加剧，DKNG 股票仍保持在其关键支撑位。我们一直在密切关注价格走势，并相信如果当前水平继续保持，该股可以进一步盘整。然后，它将允许做市商在迫使空头回补之前安静地积累，随后推动股票的势头。</blockquote></p><p> The momentum in the market also seems to have swung back in favor of growth stocks lately. Coupled with the recent insider purchases, its price action, and the high short-selling activity, we believe it's time for long-term investors to consider adding exposure.</p><p><blockquote>最近市场的势头似乎也有利于成长型股票。再加上最近的内部购买、价格走势和高卖空活动，我们认为长期投资者是时候考虑增加敞口了。</blockquote></p><p> <b>DKNG Stock Performance</b></p><p><blockquote><b>DKNG 股票表现</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/29e4677c0da747eebf5dea1fdb15ebbf\" tg-width=\"640\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>DKNG stock YTD performance (as of 23 December' 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>DKNG 股票年初至今表现（截至 21 年 12 月 23 日）。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/94f7e17e7edeef4d8c825a43d1a8d85b\" tg-width=\"640\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>DKNG stock performance from 24 April '20 (as of 23 December' 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>DKNG股票截至20年4月24日（截至21年12月23日）的表现。</span></p></blockquote></p><p> Readers can quickly glean that DraftKings stock has significantly underperformed this year, as it returned -36.8% YTD. Its keen rival Flutter Entertainment(OTCPK:PDYPY)also had an underwhelming year with a YTD return of 24.5%. However, considering its performance since it went public last year, the stock returned 52.1% or a CAGR of 28.7%. It outperformed Flutter, although it's underperforming the broad market currently. Some investors could have taken the opportunity to cash in, given the stock's magnificent gains since it went public.</p><p><blockquote>读者很快就会发现，DraftKings 股票今年的表现明显不佳，年初至今的回报率为 -36.8%。其劲敌 Flutter Entertainment (OTCPK: PDYPY) 今年也表现平平，年初至今的回报率为 24.5%。然而，考虑到其去年上市以来的表现，该股的回报率为52.1%，复合年增长率为28.7%。它的表现优于 Flutter，尽管目前它的表现逊于大盘。鉴于该股自上市以来涨幅巨大，一些投资者可能会借此机会套现。</blockquote></p><p> <b>Can DraftKings Ever Turn Profitable?</b></p><p><blockquote><b>DraftKings能盈利吗？</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/489ffa9da624d285ae2038c5655323ea\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>DraftKings SG&amp;A margins (LTM). Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>DraftKings SG&amp;A 保证金 (LTM)。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Bears often lamented that CEO Jason Robins &amp; Co. will \"never\" turn profitable as it continues to spend an astronomical amount on customer acquisitions costs (CAC). Readers can easily refer to the above chart where DraftKings' SG&amp;A margin has consistently been over 100% of its revenue over the past year from a last-twelve-months (LTM) basis.</p><p><blockquote>看空者经常哀叹，首席执行官杰森·罗宾斯公司“永远”不会盈利，因为它继续在客户获取成本（CAC）上花费天文数字。读者可以轻松参考上图，其中 DraftKings 的 SG&amp;A 利润率在过去一年中一直超过其过去 12 个月 (LTM) 收入的 100%。</blockquote></p><p> The bears are right to question whether its business model makes sense. It comes even as DraftKings' has significantly strengthened its leadership in the online sports betting (OSB) and the iGaming market. For readers who are new to this company, DraftKings' is the #2 player in the OSB market behind Flutter's FanDuel. In the iGaming market, it's the #2 player behind BetMGM (MGM) (OTCPK:GMVHF) following its acquisition of Golden Nugget Online Gaming (GNOG), which is pending closure. Therefore, investors in DraftKings are investing in a pure-play online leader which has demonstrated its ability to compete with players with profitable legacy gaming assets or even its land-based peers.</p><p><blockquote>空头质疑其商业模式是否有意义是正确的。尽管 DraftKings' 已显着加强了其在在线体育博彩 (OSB) 和 iGaming 市场的领导地位。对于刚接触这家公司的读者来说，DraftKings是OSB市场的第二大玩家，仅次于Flutter的FanDuel。在 iGaming 市场，BetMGM (MGM) (OTCPK:GMVHF) 收购了即将关闭的 Golden Nugget Online Gaming (GNOG)，成为仅次于 BetMGM (MGM) (OTCPK:GMVHF) 的第二大玩家。因此，DraftKings 的投资者正在投资一家纯粹的在线领导者，该公司已经证明了其有能力与拥有有利可图的传统游戏资产甚至陆基同行的玩家竞争。</blockquote></p><p> Nevertheless, we believe it's vital for DraftKings to address its runway to profitability, which it did. It has also attracted significant interest from the Street. Therefore, it has also allowed the company to address it multiple times in the past. Yes, the company has already addressed it numerous times, but the question kept propping up. Moreover, DraftKings CEO Jason Robins articulated (edited): \"We are focused on people&nbsp;who are true believers.Some people will say anything&nbsp;to make a buck. Obviously, it's annoying when people come and make stuff up and do that at their own service, but there's not much you can do about it.\"</p><p><blockquote>尽管如此，我们认为 DraftKings 解决盈利问题至关重要，而且它确实做到了。它也引起了街头的极大兴趣。因此，它也允许公司在过去多次解决这个问题。是的，该公司已经多次解决这个问题，但这个问题一直存在。此外，DraftKings 首席执行官杰森·罗宾斯 (Jason Robins) 表示（编辑）：“我们专注于真正的信徒。有些人会说任何话来赚钱。显然，当人们来编造东西并为自己服务时，这很烦人，但你对此无能为力。”</blockquote></p><p></p><p> DraftKings has presented its road to profitability clearly. It emphasized that it takes two to three years to achieve profitability upon entering a newly legalized state. Technically, CFO Jason Park explained (edited):</p><p><blockquote>DraftKings 清楚地展示了其盈利之路。它强调，进入一个新的合法化国家后，需要两到三年才能实现盈利。从技术上讲，首席财务官 Jason Park 解释道（编辑）：</blockquote></p><p>   So, what we've said from the beginning is that DraftKings enterprise profitability will be a function of the profitability of every state that we're operating in. We acquire customers on a 2- to 3-year gross margin payback period that's sort of a truncated lifetime value (LTV) to CAC. As long as you have the conviction that we can be profitable in every state in 2 to 3 years, then the enterprise will turn profitable. (Jefferies Sports Betting &amp; iGaming Summit)  DraftKings has also emphasized many times in its past conference calls that it achieved profitability in one of its most important states New Jersey in just two years upon entry. Notably, the company also added that it's observing a similar profitability trajectory in other states. Therefore, DraftKings has made significant efforts to discuss investors' most pressing concerns and never avoided addressing them. Of course, the landscape is highly dynamic. The company highlighted that its most critical assumptions consider continued OSB and iGaming legalization. That forms the foundational basis of the company's business model. As of now, we haven't observed anything suspicious that the secular trend towards OSB and iGaming is slowing down.Goldman Sachs estimates&nbsp;that the OSB market could be worth $39B annually by 2033. Consumers are also moving towards online betting as mobile handle accounted for 84% of the total sports betting handle in October. The push towards OSB and iGaming legalization has gained momentum, and we don't think it would reverse course moving forward.</p><p><blockquote>因此，我们从一开始就说过，DraftKings企业盈利能力将取决于我们运营所在的每个州的盈利能力。我们在 2 到 3 年的毛利率回收期内获得客户，这相当于 CAC 的截断终身价值 (LTV)。只要你坚信我们可以在2到3年内在每个州都盈利，那么企业就会盈利。（杰富瑞体育博彩和iGaming峰会）DraftKings在过去的会议评级中也多次强调，它在进入后的短短两年内就在其最重要的州之一新泽西州实现了盈利。值得注意的是，该公司还补充说，它正在其他州观察到类似的盈利轨迹。因此，DraftKings 做出了巨大努力来讨论投资者最紧迫的问题，并且从未回避解决这些问题。当然，景观是高度动态的。该公司强调，其最关键的假设考虑持续的OSB和iGaming合法化。这构成了公司商业模式的基础。到目前为止，我们还没有观察到任何可疑的迹象，表明定向刨花板和 iGaming 的长期趋势正在放缓。高盛估计，到 2033 年，定向刨花板市场每年的价值可能达到 39B 美元。消费者也在转向在线博彩，因为移动手柄占10月份体育博彩手柄总数的84%。推动OSB和iGaming合法化的势头已经增强，我们认为这不会逆转前进的进程。</blockquote></p><p> Therefore, it's essential for investors to note that DraftKings is still in the early innings of its massive opportunity. The company is still ramping up in states they entered recently while moving towards profitability in earlier entries like New Jersey. Therefore, the mix is evolving, and investors should not expect the company to reach profitability in the near term.</p><p><blockquote>因此，投资者有必要注意到DraftKings仍处于其巨大机会的早期阶段。该公司仍在最近进入的州扩张，同时在新泽西州等早期进入的州实现盈利。因此，这种组合正在演变，投资者不应期望该公司在短期内实现盈利。</blockquote></p><p> <b>Keep in Mind that DraftKings is Estimated to Achieve Significant Operating Leverage</b></p><p><blockquote><b>请记住，DraftKings 预计将实现显著的运营杠杆</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/34f4a60a8de564c1cf9283cc793a1312\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>DraftKings revenue and adjusted EBITDA mean consensus estimates. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>DraftKings 收入和调整后 EBITDA 均值共识估计。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/83f0d476974ed5ee4c6202a4cf49b72b\" tg-width=\"640\" tg-height=\"292\" width=\"100%\" height=\"auto\"><span>DraftKings adjusted EPS revision trend. Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>DraftKings调整了每股收益修正趋势。来源：Seeking Alpha</span></p></blockquote></p><p> Readers can observe from the chart above that DraftKings is still estimated to grow its revenue through FY26 rapidly. Its revenue is estimated to grow at a CAGR of 29.2% through FY26. Meanwhile, it's also expected to continue gaining operating leverage significantly. Therefore, DraftKings is estimated to turn profitable on an adjusted EBITDA basis from FY24.</p><p><blockquote>读者可以从上图中观察到，DraftKings 预计在 26 财年仍将快速增长其收入。预计到 26 财年，其收入将以 29.2% 的复合年增长率增长。同时，预计运营杠杆也将继续大幅提升。因此，DraftKings 预计将从 2024 财年起按调整后 EBITDA 基准实现盈利。</blockquote></p><p> Nevertheless, we are aware that its adjusted EPS has been revised downwards throughout 2021. Consequently, its timeline towards achieving profitability has gotten stretched further. However, we believe that the company is trading short-term profitability for long-term operating leverage. In addition, DraftKings has often highlighted that its business model is highly data-driven. Therefore, management relies strongly on its data analytics to inform its spending patterns and maintain capital discipline. Consequently, they are not just simply burning cash in the hope of gaining market share.</p><p><blockquote>尽管如此，我们知道其调整后每股收益在 2021 年已向下修正。因此，其实现盈利的时间表进一步延长。但我们认为，公司是在用短期盈利换取长期经营杠杆。此外，DraftKings经常强调其商业模式是高度数据驱动的。因此，管理层严重依赖其数据分析来告知其支出模式并维持资本纪律。因此，他们不仅仅是为了获得市场份额而烧钱。</blockquote></p><p> In addition, the company is counting on building a superior product and technology platform that it believes will give it a competitive advantage against its peers. Robins emphasized (edited):</p><p><blockquote>此外，该公司还指望建立一个卓越的产品和技术平台，相信这将使其相对于同行具有竞争优势。罗宾斯强调（编辑）：</blockquote></p><p>   I think definitely convenience is important, the ease of use. So that's everything from making it simple for people by having a shared wallet across our products. They can easily navigate our products when they're in different states, and they can use the app. They can use the same account, the same wallet. It goes to having a very simple and intuitive user interface, having great service and customer support, being able to curate bets for people, based on the data that we have and personalization that our Data Science team does. I think all those things are really important. (Canaccord Genuity 2021 Digital Gaming Summit)  <b>So, is DKNG Stock a Buy Now?</b></p><p><blockquote>我认为绝对方便是重要的，易用性。因此，这包括通过在我们的产品中共享钱包让人们变得简单。当他们处于不同的状态时，他们可以轻松地浏览我们的产品，并且他们可以使用该应用程序。他们可以使用同一个账户，同一个钱包。它拥有非常简单和直观的用户界面，拥有出色的服务和客户支持，能够根据我们拥有的数据和我们数据科学团队所做的个性化为人们策划投注。我认为所有这些事情都非常重要。（Canaccord Genuity 2021数字游戏峰会）<b>那么，DKNG 股票现在值得买入吗？</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1febf75ef806df48d2e82c747652031\" tg-width=\"640\" tg-height=\"384\" width=\"100%\" height=\"auto\"><span>DKNG stock EV/NTM Revenue trend.</span></p><p><blockquote><p class=\"t-img-caption\"><span>DKNG 股票 EV/NTM 收入趋势。</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/db12c1447b06db9837c1605c8b139a81\" tg-width=\"503\" tg-height=\"228\" width=\"100%\" height=\"auto\"><span>DKNG EV/NTM Revenue comps. Source: TIKR</span></p><p><blockquote><p class=\"t-img-caption\"><span>DKNG EV/NTM收入比较。资料来源：TIKR</span></p></blockquote></p><p> DKNG stock has undoubtedly been battered, and its valuation gap has closed with its legacy peers. It's trading at an EV/NTM Revenue of 6.5x, against its mean since going public of 19.2x. Therefore, it's clear that the market has not been satisfied with the adjusted EPS revisions over the past year while the stock was trading at a premium.</p><p><blockquote>DKNG 股票无疑遭受重创，其估值差距已缩小，与传统同行的估值差距。该公司的 EV/NTM 收入为 6.5 倍，而上市以来的平均水平为 19.2 倍。因此，很明显，当该股溢价交易时，市场对过去一年调整后的每股收益修正并不满意。</blockquote></p><p> We concur that DraftKings need to show improvement in its operating leverage moving forward. However, we also emphasized that its enterprise profitability is complicated by the mix of new and mature states. Therefore, we believe that investors should evaluate the company profitability runway on a state-by-state basis.</p><p><blockquote>我们同意 DraftKings 未来需要提高其运营杠杆。然而，我们也强调，由于新国家和成熟国家的混合，其企业盈利能力变得复杂。因此，我们认为投资者应该逐州评估公司的盈利能力。</blockquote></p><p> In addition, given that DraftKings is still primed to achieve significant operating leverage, we believe that its premium valuation is justified. Its valuation should also help the company acquire companies with an equity deal instead of relying on cash offers. It would allow the company to realize capital flexibility in potential M&amp;A offers, which could intensify moving forward. We believe that the competitive landscape would likely continue to consolidate, with more competitors and consumers coalescing towards OSB and iGaming. Therefore, scale, consumer data, and the tech stack are of paramount importance. It's also where DraftKings can exercise its competitive advantage. Moreover, compared to its heavily-indebted arch-rival Flutter, DraftKings is in a net cash position, further accentuating its capital flexibility.</p><p><blockquote>此外，鉴于 DraftKings 仍有望实现可观的运营杠杆，我们认为其溢价估值是合理的。其估值还应有助于该公司通过股权交易收购公司，而不是依赖现金要约。这将使该公司在潜在的并购要约中实现资本灵活性，这可能会加强前进。我们相信，竞争格局可能会继续巩固，更多竞争对手和消费者会聚集到定向刨花板和iGaming。因此，规模、消费者数据和技术堆栈至关重要。这也是DraftKings可以发挥竞争优势的地方。此外，与其负债累累的主要竞争对手 Flutter 相比，DraftKings 处于净现金状况，进一步凸显了其资本灵活性。</blockquote></p><p> We are confident that DraftKings management would leverage its leadership in OSB and iGaming as the legalization momentum carries on. Therefore, we encourage long-term investors to capitalize on its current weakness to add exposure to the online betting leader.</p><p><blockquote>我们相信，随着合法化势头的持续，DraftKings管理层将利用其在OSB和iGaming领域的领导地位。因此，我们鼓励长期投资者利用其当前的弱点，增加对在线博彩领导者的投资。</blockquote></p><p> As such, we reiterate our Buy rating on DKNG stock for long-term investors only.</p><p><blockquote>因此，我们重申仅针对长期投资者对 DKNG 股票的买入评级。</blockquote></p><p> Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.</p><p><blockquote>编者注：本文讨论了一种或多种不在美国主要交易所交易的证券。请注意与这些股票相关的风险。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4476788-draftkings-dkng-stock-down-from-high-long-term-buy-opportunity\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DKNG":"DraftKings Inc."},"source_url":"https://seekingalpha.com/article/4476788-draftkings-dkng-stock-down-from-high-long-term-buy-opportunity","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177527268","content_text":"Summary\n\nDraftKings stock has collapsed 60% from its 2021 high.\nInvestors are concerned whether the company can ever turn profitable.\nWe discuss these concerns in the article.\nWe also discuss why we think the opportunity for long-term investors is looking fantastic now.\n\nDarren McCollester/Getty Images Entertainment\nDraftKings Inc. (NASDAQ:DKNG) is one of the most contentious companies that we have covered. The short-sellers favorite has also been discussed in the media lately, as Jim Chanos called out DraftKings' business model as \"flawed.\" He also derided that DraftKings' sales and marketing spend was \"completely and totally insane.\"\nCurrently, the short-sellers seem to have the momentum on their side as the price has declined 60% from its 2021 all-time high (ATH). In addition, S3 Partners have tracked consistent short-selling activity this year compared to the previous year. As of 15 December, DKNG's short percent of float reached 12.2%.\nNotably, DKNG stock has been holding at its crucial support level even as the short-selling activity intensified in recent weeks. We have been observing the price action closely and believe that if the current level continues to hold, the stock can consolidate moving forward. It would then allow the market makers to accumulate quietly before forcing the shorts to cover and subsequently drive up the stock's momentum.\nThe momentum in the market also seems to have swung back in favor of growth stocks lately. Coupled with the recent insider purchases, its price action, and the high short-selling activity, we believe it's time for long-term investors to consider adding exposure.\nDKNG Stock Performance\nDKNG stock YTD performance (as of 23 December' 21).\nDKNG stock performance from 24 April '20 (as of 23 December' 21).\nReaders can quickly glean that DraftKings stock has significantly underperformed this year, as it returned -36.8% YTD. Its keen rival Flutter Entertainment(OTCPK:PDYPY)also had an underwhelming year with a YTD return of 24.5%. However, considering its performance since it went public last year, the stock returned 52.1% or a CAGR of 28.7%. It outperformed Flutter, although it's underperforming the broad market currently. Some investors could have taken the opportunity to cash in, given the stock's magnificent gains since it went public.\nCan DraftKings Ever Turn Profitable?\nDraftKings SG&A margins (LTM). Data source: S&P Capital IQ\nBears often lamented that CEO Jason Robins & Co. will \"never\" turn profitable as it continues to spend an astronomical amount on customer acquisitions costs (CAC). Readers can easily refer to the above chart where DraftKings' SG&A margin has consistently been over 100% of its revenue over the past year from a last-twelve-months (LTM) basis.\nThe bears are right to question whether its business model makes sense. It comes even as DraftKings' has significantly strengthened its leadership in the online sports betting (OSB) and the iGaming market. For readers who are new to this company, DraftKings' is the #2 player in the OSB market behind Flutter's FanDuel. In the iGaming market, it's the #2 player behind BetMGM (MGM) (OTCPK:GMVHF) following its acquisition of Golden Nugget Online Gaming (GNOG), which is pending closure. Therefore, investors in DraftKings are investing in a pure-play online leader which has demonstrated its ability to compete with players with profitable legacy gaming assets or even its land-based peers.\nNevertheless, we believe it's vital for DraftKings to address its runway to profitability, which it did. It has also attracted significant interest from the Street. Therefore, it has also allowed the company to address it multiple times in the past. Yes, the company has already addressed it numerous times, but the question kept propping up. Moreover, DraftKings CEO Jason Robins articulated (edited): \"We are focused on people who are true believers.Some people will say anything to make a buck. Obviously, it's annoying when people come and make stuff up and do that at their own service, but there's not much you can do about it.\"\nDraftKings has presented its road to profitability clearly. It emphasized that it takes two to three years to achieve profitability upon entering a newly legalized state. Technically, CFO Jason Park explained (edited):\n\n So, what we've said from the beginning is that DraftKings enterprise profitability will be a function of the profitability of every state that we're operating in. We acquire customers on a 2- to 3-year gross margin payback period that's sort of a truncated lifetime value (LTV) to CAC. As long as you have the conviction that we can be profitable in every state in 2 to 3 years, then the enterprise will turn profitable. (Jefferies Sports Betting & iGaming Summit)\n\nDraftKings has also emphasized many times in its past conference calls that it achieved profitability in one of its most important states New Jersey in just two years upon entry. Notably, the company also added that it's observing a similar profitability trajectory in other states. Therefore, DraftKings has made significant efforts to discuss investors' most pressing concerns and never avoided addressing them. Of course, the landscape is highly dynamic. The company highlighted that its most critical assumptions consider continued OSB and iGaming legalization. That forms the foundational basis of the company's business model. As of now, we haven't observed anything suspicious that the secular trend towards OSB and iGaming is slowing down.Goldman Sachs estimates that the OSB market could be worth $39B annually by 2033. Consumers are also moving towards online betting as mobile handle accounted for 84% of the total sports betting handle in October. The push towards OSB and iGaming legalization has gained momentum, and we don't think it would reverse course moving forward.\nTherefore, it's essential for investors to note that DraftKings is still in the early innings of its massive opportunity. The company is still ramping up in states they entered recently while moving towards profitability in earlier entries like New Jersey. Therefore, the mix is evolving, and investors should not expect the company to reach profitability in the near term.\nKeep in Mind that DraftKings is Estimated to Achieve Significant Operating Leverage\nDraftKings revenue and adjusted EBITDA mean consensus estimates. Data source: S&P Capital IQ\nDraftKings adjusted EPS revision trend. Source: Seeking Alpha\nReaders can observe from the chart above that DraftKings is still estimated to grow its revenue through FY26 rapidly. Its revenue is estimated to grow at a CAGR of 29.2% through FY26. Meanwhile, it's also expected to continue gaining operating leverage significantly. Therefore, DraftKings is estimated to turn profitable on an adjusted EBITDA basis from FY24.\nNevertheless, we are aware that its adjusted EPS has been revised downwards throughout 2021. Consequently, its timeline towards achieving profitability has gotten stretched further. However, we believe that the company is trading short-term profitability for long-term operating leverage. In addition, DraftKings has often highlighted that its business model is highly data-driven. Therefore, management relies strongly on its data analytics to inform its spending patterns and maintain capital discipline. Consequently, they are not just simply burning cash in the hope of gaining market share.\nIn addition, the company is counting on building a superior product and technology platform that it believes will give it a competitive advantage against its peers. Robins emphasized (edited):\n\n I think definitely convenience is important, the ease of use. So that's everything from making it simple for people by having a shared wallet across our products. They can easily navigate our products when they're in different states, and they can use the app. They can use the same account, the same wallet. It goes to having a very simple and intuitive user interface, having great service and customer support, being able to curate bets for people, based on the data that we have and personalization that our Data Science team does. I think all those things are really important. (Canaccord Genuity 2021 Digital Gaming Summit)\n\nSo, is DKNG Stock a Buy Now?\nDKNG stock EV/NTM Revenue trend.\nDKNG EV/NTM Revenue comps. Source: TIKR\nDKNG stock has undoubtedly been battered, and its valuation gap has closed with its legacy peers. It's trading at an EV/NTM Revenue of 6.5x, against its mean since going public of 19.2x. Therefore, it's clear that the market has not been satisfied with the adjusted EPS revisions over the past year while the stock was trading at a premium.\nWe concur that DraftKings need to show improvement in its operating leverage moving forward. However, we also emphasized that its enterprise profitability is complicated by the mix of new and mature states. Therefore, we believe that investors should evaluate the company profitability runway on a state-by-state basis.\nIn addition, given that DraftKings is still primed to achieve significant operating leverage, we believe that its premium valuation is justified. Its valuation should also help the company acquire companies with an equity deal instead of relying on cash offers. It would allow the company to realize capital flexibility in potential M&A offers, which could intensify moving forward. We believe that the competitive landscape would likely continue to consolidate, with more competitors and consumers coalescing towards OSB and iGaming. Therefore, scale, consumer data, and the tech stack are of paramount importance. It's also where DraftKings can exercise its competitive advantage. Moreover, compared to its heavily-indebted arch-rival Flutter, DraftKings is in a net cash position, further accentuating its capital flexibility.\nWe are confident that DraftKings management would leverage its leadership in OSB and iGaming as the legalization momentum carries on. Therefore, we encourage long-term investors to capitalize on its current weakness to add exposure to the online betting leader.\nAs such, we reiterate our Buy rating on DKNG stock for long-term investors only.\nEditor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.","news_type":1,"symbols_score_info":{"DKNG":0.9}},"isVote":1,"tweetType":1,"viewCount":3233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696972625,"gmtCreate":1640612168275,"gmtModify":1640612168730,"author":{"id":"3584860762907200","authorId":"3584860762907200","name":"littlekitten","avatar":"https://static.tigerbbs.com/ccd59ff6c96999c839e3b5709cfb00ef","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584860762907200","authorIdStr":"3584860762907200"},"themes":[],"title":"","htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696972625","repostId":"1124361710","repostType":4,"repost":{"id":"1124361710","kind":"news","pubTimestamp":1640604546,"share":"https://www.laohu8.com/m/news/1124361710?lang=zh_CN&edition=full","pubTime":"2021-12-27 19:29","market":"us","language":"en","title":"Blink Charging Has Caught Lightning In A Bottle<blockquote>Blink Charging 在瓶子里遇到了闪电</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1124361710","media":"Seeking Alpha","summary":"Summary\n\n2021 was a year EV charging bulls would like to forget.\nBlink continues to make positive op","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>2021 was a year EV charging bulls would like to forget.</li>  <li>Blink continues to make positive operational developments in its business model.</li>  <li>The valuation still seems stretched even after the pullback this year.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/90a44cedb39ad6f73006bdd859662eae\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Serenethos/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>2021 年是电动汽车充电看涨者想要忘记的一年。</li><li>Blink 继续在其商业模式中取得积极的运营发展。</li><li>即使在今年回调之后，估值似乎仍然捉襟见肘。</li></ul><p class=\"t-img-caption\"><span>Serenethos/iStock 社论来自 Getty Images</span></p></blockquote></p><p> Blink Charging (BLNK) caught lightning in a bottle in 2021 by maintaining its relatively high market cap despite a collapse of its common shares and against trailing 12-month revenue that stood at just $15.4 million as at the end of its last reported quarter. The company has been able to catch the wave of strong investor enthusiasm over the growing EV economy, leading to a market cap that still stands substantially higher than its pre-pandemic averages even while down more than 50% from its 52-week high.</p><p><blockquote>Blink Charging (BLNK) 在 2021 年遭遇闪电，尽管其普通股暴跌，且截至上一报告季度末的 12 个月收入仅为 1540 万美元，但仍保持了相对较高的市值。该公司已经能够抓住投资者对不断增长的电动汽车经济的强烈热情，导致其市值仍然大大高于大流行前的平均水平，尽管较 52 周高点下降了 50% 以上。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6bc70268ab9c6868a444fd95e011c4a1\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> EV charging bulls are spoilt for choice as the now collapsed SPAC explosion saw a plethora of EV charging companies from ChargePoint (CHPT) to Volta (VLTA) and EVgo (EVGO) all go public in 2021. And like Blink, 2021 has turned out to be a relatively uneventful year for these companies as capital heavily moved away from somewhat speculative industries and small-caps to value.</p><p><blockquote>电动汽车充电多头的选择被宠坏了，因为现已崩溃的 SPAC 爆炸导致从 ChargePoint (CHPT) 到 Volta (VLTA) 和 EVgo (EVGO) 的过多电动汽车充电公司都在 2021 年上市。与 Blink 一样，2021 年对于这些公司来说也是相对平静的一年，因为资本大量从有些投机性的行业和小盘股转向价值。</blockquote></p><p> The question of what 2022 now holds lingers. Is it more of the same capital destruction that characterized much of this year as bears would like to believe? This is especially as the FED accelerates the tapering of its bond-buying program to position itself to start raising interest rates as early as March to contain inflation. While the market should be pricing this in already, it could see the capital flight away from companies like Blink continue. This risk is especially heightened with recent financials that fail to justify the current $1.20 billion market cap.</p><p><blockquote>2022年现在会发生什么的问题挥之不去。看空者愿意相信的那样，今年大部分时间的资本破坏是否更多？尤其是在美联储加速缩减债券购买计划，以便最早在3月份开始加息以遏制通胀的情况下。虽然市场应该已经对此进行了定价，但资本可能会继续逃离 Blink 等公司。最近的财务报告未能证明当前 12 亿美元的市值是合理的，这种风险尤其加剧。</blockquote></p><p> <b>Operational Progress Continues But Revenue Multiple Looks Stretched</b></p><p><blockquote><b>运营进展仍在继续，但收入倍数似乎捉襟见肘</b></blockquote></p><p> Blink last reported quarterly earnings for its fiscal 2021 third quarter which saw revenue come in at&nbsp;$6.4 million. This was a year-over-year increase of 611% and a beat of $1.68 million on consensus estimates. This hypergrowth was partly driven by a rapid increase in charging stations contacted or sold to 3,016, an increase of 351% from its year-ago figure. Services revenues, which consists of charging service revenues, network fees and ride-sharing service revenues, also jumped by 425% year-over-year to $1.38 million. Blink's bulls have justified the company's high valuation on the back of the pace of this growth. The company's management has been seizing the opportunities of the transition to EVs.</p><p><blockquote>Blink 上次公布了 2021 财年第三季度的季度收益，收入为 640 万美元。同比增长 611%，比市场普遍预期高出 168 万美元。这种快速增长的部分原因是联系或销售的充电站数量迅速增加，达到 3,016 个，比去年同期增长了 351%。服务收入（包括充电服务收入、网络费用和拼车服务收入）也同比增长 425%，达到 138 万美元。Blink 的看涨者以这种增长速度证明了该公司的高估值是合理的。该公司管理层一直在抓住向电动汽车转型的机遇。</blockquote></p><p> This momentum is likely to ramp up next year as demand for EVs continues to grow. This is a long-term structural shift in transportation that will create a substantial tailwind over the next decade. Not often does a company stand to ride such a healthy macro environment, one set to be boosted by both rising consumer sentiment and increasingly positive government action. The latter will see $7.5 billion allocated as part of the infrastructure bill toward building out the US electric vehicle charging network.</p><p><blockquote>随着电动汽车需求的持续增长，这一势头明年可能会加快。这是交通运输领域的长期结构性转变，将在未来十年产生巨大的推动力。一家公司很少能站在如此健康的宏观环境中，这种环境将受到不断上升的消费者信心和日益积极的政府行动的推动。后者将获得 75 亿美元的拨款，作为基础设施法案的一部分，用于建设美国电动汽车充电网络。</blockquote></p><p> Blink has also maintained operational momentum, recently unveiling seven new products including new EV charging equipment. The company will also launch a new network and accompanying mobile app to enhance the charging experience for its customers. And while cash flows from operations were negative at $9 million, the company still ended the quarter with cash and equivalents of $186.7 million. This provides a strong buffer for operational flexibility and expansion in the years ahead as the EV charging space heats up. This is especially as another facet of the bear case has centered around just how competitive and crowded the space is. The has created a dash for prime space as EV chargers in the best locations are likely to perform the best.</p><p><blockquote>Blink也保持了运营势头，最近推出了包括新型电动汽车充电设备在内的七款新产品。该公司还将推出新网络和配套的移动应用程序，以增强客户的充电体验。尽管运营现金流为负 900 万美元，但该公司在本季度末仍拥有 1.867 亿美元的现金及等价物。随着电动汽车充电领域的升温，这为未来几年的运营灵活性和扩张提供了强大的缓冲。尤其是因为熊案的另一个方面围绕着这个空间的竞争和拥挤程度。这为黄金空间创造了一个冲刺，因为最佳位置的电动汽车充电器可能表现最佳。</blockquote></p><p> However, in spite of the fall of Blink's common shares this year, the company still trades on a price to trailing twelve months revenue multiple of 80x. Bulls would be rights to state that the company will very quickly grow into its multiple if revenue growth in the quarters ahead continues to reflect the rate of growth in the third quarter.</p><p><blockquote>然而，尽管 Blink 的普通股今年下跌，但该公司的交易价格仍然是过去 12 个月收入倍数的 80 倍。看涨者说，如果未来几个季度的收入增长继续反映第三季度的增长率，该公司将很快增长到其倍数，这是正确的。</blockquote></p><p> <b>EVs, Charging, And The Future Of Transportation</b></p><p><blockquote><b>电动汽车、充电和交通的未来</b></blockquote></p><p> EVs are undeniably going to play a dominant role in the future of transport and chargers will be required to keep them going. Hence, while 2021 was a terrible year for Blink, the broader long-term macro environment is positive and its conditions are conducive to the prerequisites for shareholder value creation.</p><p><blockquote>不可否认，电动汽车将在未来的交通中发挥主导作用，需要充电器来保持它们的运行。因此，尽管2021年对Blink来说是糟糕的一年，但更广泛的长期宏观环境是积极的，其条件有利于股东创造价值的先决条件。</blockquote></p><p></p><p> There is definitely a race amongst EV charging companies to build out their network as fast as possible to gain scale and seize the leases for the best locations. Hence, I do not expect Blink to chase or even be able to attain cash flow breakeven in the near term. That said, it is hard to recommend Blink as a buy. Yes, the company is growing quickly and has a substantial cash balance to continue to ride the ever-growing EV wave. But the valuation is still steep, and a slowdown would see the common shares experience an even more brutal downward re-rating.</p><p><blockquote>电动汽车充电公司之间肯定存在一场竞赛，以尽快建立他们的网络，以扩大规模并抓住最佳位置的租赁权。因此，我预计 Blink 不会在短期内追赶甚至能够实现现金流收支平衡。也就是说，很难推荐 Blink 买入。是的，该公司发展迅速，并拥有大量现金余额，可以继续乘着不断增长的电动汽车浪潮。但估值仍然很高，如果经济放缓，普通股将经历更加残酷的下调评级。</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>Blink Charging Has Caught Lightning In A Bottle<blockquote>Blink Charging 在瓶子里遇到了闪电</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\">\nBlink Charging Has Caught Lightning In A Bottle<blockquote>Blink Charging 在瓶子里遇到了闪电</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-27 19:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>2021 was a year EV charging bulls would like to forget.</li>  <li>Blink continues to make positive operational developments in its business model.</li>  <li>The valuation still seems stretched even after the pullback this year.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/90a44cedb39ad6f73006bdd859662eae\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Serenethos/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>2021 年是电动汽车充电看涨者想要忘记的一年。</li><li>Blink 继续在其商业模式中取得积极的运营发展。</li><li>即使在今年回调之后，估值似乎仍然捉襟见肘。</li></ul><p class=\"t-img-caption\"><span>Serenethos/iStock 社论来自 Getty Images</span></p></blockquote></p><p> Blink Charging (BLNK) caught lightning in a bottle in 2021 by maintaining its relatively high market cap despite a collapse of its common shares and against trailing 12-month revenue that stood at just $15.4 million as at the end of its last reported quarter. The company has been able to catch the wave of strong investor enthusiasm over the growing EV economy, leading to a market cap that still stands substantially higher than its pre-pandemic averages even while down more than 50% from its 52-week high.</p><p><blockquote>Blink Charging (BLNK) 在 2021 年遭遇闪电，尽管其普通股暴跌，且截至上一报告季度末的 12 个月收入仅为 1540 万美元，但仍保持了相对较高的市值。该公司已经能够抓住投资者对不断增长的电动汽车经济的强烈热情，导致其市值仍然大大高于大流行前的平均水平，尽管较 52 周高点下降了 50% 以上。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6bc70268ab9c6868a444fd95e011c4a1\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> EV charging bulls are spoilt for choice as the now collapsed SPAC explosion saw a plethora of EV charging companies from ChargePoint (CHPT) to Volta (VLTA) and EVgo (EVGO) all go public in 2021. And like Blink, 2021 has turned out to be a relatively uneventful year for these companies as capital heavily moved away from somewhat speculative industries and small-caps to value.</p><p><blockquote>电动汽车充电多头的选择被宠坏了，因为现已崩溃的 SPAC 爆炸导致从 ChargePoint (CHPT) 到 Volta (VLTA) 和 EVgo (EVGO) 的过多电动汽车充电公司都在 2021 年上市。与 Blink 一样，2021 年对于这些公司来说也是相对平静的一年，因为资本大量从有些投机性的行业和小盘股转向价值。</blockquote></p><p> The question of what 2022 now holds lingers. Is it more of the same capital destruction that characterized much of this year as bears would like to believe? This is especially as the FED accelerates the tapering of its bond-buying program to position itself to start raising interest rates as early as March to contain inflation. While the market should be pricing this in already, it could see the capital flight away from companies like Blink continue. This risk is especially heightened with recent financials that fail to justify the current $1.20 billion market cap.</p><p><blockquote>2022年现在会发生什么的问题挥之不去。看空者愿意相信的那样，今年大部分时间的资本破坏是否更多？尤其是在美联储加速缩减债券购买计划，以便最早在3月份开始加息以遏制通胀的情况下。虽然市场应该已经对此进行了定价，但资本可能会继续逃离 Blink 等公司。最近的财务报告未能证明当前 12 亿美元的市值是合理的，这种风险尤其加剧。</blockquote></p><p> <b>Operational Progress Continues But Revenue Multiple Looks Stretched</b></p><p><blockquote><b>运营进展仍在继续，但收入倍数似乎捉襟见肘</b></blockquote></p><p> Blink last reported quarterly earnings for its fiscal 2021 third quarter which saw revenue come in at&nbsp;$6.4 million. This was a year-over-year increase of 611% and a beat of $1.68 million on consensus estimates. This hypergrowth was partly driven by a rapid increase in charging stations contacted or sold to 3,016, an increase of 351% from its year-ago figure. Services revenues, which consists of charging service revenues, network fees and ride-sharing service revenues, also jumped by 425% year-over-year to $1.38 million. Blink's bulls have justified the company's high valuation on the back of the pace of this growth. The company's management has been seizing the opportunities of the transition to EVs.</p><p><blockquote>Blink 上次公布了 2021 财年第三季度的季度收益，收入为 640 万美元。同比增长 611%，比市场普遍预期高出 168 万美元。这种快速增长的部分原因是联系或销售的充电站数量迅速增加，达到 3,016 个，比去年同期增长了 351%。服务收入（包括充电服务收入、网络费用和拼车服务收入）也同比增长 425%，达到 138 万美元。Blink 的看涨者以这种增长速度证明了该公司的高估值是合理的。该公司管理层一直在抓住向电动汽车转型的机遇。</blockquote></p><p> This momentum is likely to ramp up next year as demand for EVs continues to grow. This is a long-term structural shift in transportation that will create a substantial tailwind over the next decade. Not often does a company stand to ride such a healthy macro environment, one set to be boosted by both rising consumer sentiment and increasingly positive government action. The latter will see $7.5 billion allocated as part of the infrastructure bill toward building out the US electric vehicle charging network.</p><p><blockquote>随着电动汽车需求的持续增长，这一势头明年可能会加快。这是交通运输领域的长期结构性转变，将在未来十年产生巨大的推动力。一家公司很少能站在如此健康的宏观环境中，这种环境将受到不断上升的消费者信心和日益积极的政府行动的推动。后者将获得 75 亿美元的拨款，作为基础设施法案的一部分，用于建设美国电动汽车充电网络。</blockquote></p><p> Blink has also maintained operational momentum, recently unveiling seven new products including new EV charging equipment. The company will also launch a new network and accompanying mobile app to enhance the charging experience for its customers. And while cash flows from operations were negative at $9 million, the company still ended the quarter with cash and equivalents of $186.7 million. This provides a strong buffer for operational flexibility and expansion in the years ahead as the EV charging space heats up. This is especially as another facet of the bear case has centered around just how competitive and crowded the space is. The has created a dash for prime space as EV chargers in the best locations are likely to perform the best.</p><p><blockquote>Blink也保持了运营势头，最近推出了包括新型电动汽车充电设备在内的七款新产品。该公司还将推出新网络和配套的移动应用程序，以增强客户的充电体验。尽管运营现金流为负 900 万美元，但该公司在本季度末仍拥有 1.867 亿美元的现金及等价物。随着电动汽车充电领域的升温，这为未来几年的运营灵活性和扩张提供了强大的缓冲。尤其是因为熊案的另一个方面围绕着这个空间的竞争和拥挤程度。这为黄金空间创造了一个冲刺，因为最佳位置的电动汽车充电器可能表现最佳。</blockquote></p><p> However, in spite of the fall of Blink's common shares this year, the company still trades on a price to trailing twelve months revenue multiple of 80x. Bulls would be rights to state that the company will very quickly grow into its multiple if revenue growth in the quarters ahead continues to reflect the rate of growth in the third quarter.</p><p><blockquote>然而，尽管 Blink 的普通股今年下跌，但该公司的交易价格仍然是过去 12 个月收入倍数的 80 倍。看涨者说，如果未来几个季度的收入增长继续反映第三季度的增长率，该公司将很快增长到其倍数，这是正确的。</blockquote></p><p> <b>EVs, Charging, And The Future Of Transportation</b></p><p><blockquote><b>电动汽车、充电和交通的未来</b></blockquote></p><p> EVs are undeniably going to play a dominant role in the future of transport and chargers will be required to keep them going. Hence, while 2021 was a terrible year for Blink, the broader long-term macro environment is positive and its conditions are conducive to the prerequisites for shareholder value creation.</p><p><blockquote>不可否认，电动汽车将在未来的交通中发挥主导作用，需要充电器来保持它们的运行。因此，尽管2021年对Blink来说是糟糕的一年，但更广泛的长期宏观环境是积极的，其条件有利于股东创造价值的先决条件。</blockquote></p><p></p><p> There is definitely a race amongst EV charging companies to build out their network as fast as possible to gain scale and seize the leases for the best locations. Hence, I do not expect Blink to chase or even be able to attain cash flow breakeven in the near term. That said, it is hard to recommend Blink as a buy. Yes, the company is growing quickly and has a substantial cash balance to continue to ride the ever-growing EV wave. But the valuation is still steep, and a slowdown would see the common shares experience an even more brutal downward re-rating.</p><p><blockquote>电动汽车充电公司之间肯定存在一场竞赛，以尽快建立他们的网络，以扩大规模并抓住最佳位置的租赁权。因此，我预计 Blink 不会在短期内追赶甚至能够实现现金流收支平衡。也就是说，很难推荐 Blink 买入。是的，该公司发展迅速，并拥有大量现金余额，可以继续乘着不断增长的电动汽车浪潮。但估值仍然很高，如果经济放缓，普通股将经历更加残酷的下调评级。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4476811-blink-charging-has-caught-lightning-in-a-bottle\">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":{"BLNK":"Blink Charging"},"source_url":"https://seekingalpha.com/article/4476811-blink-charging-has-caught-lightning-in-a-bottle","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124361710","content_text":"Summary\n\n2021 was a year EV charging bulls would like to forget.\nBlink continues to make positive operational developments in its business model.\nThe valuation still seems stretched even after the pullback this year.\n\nSerenethos/iStock Editorial via Getty Images\nBlink Charging (BLNK) caught lightning in a bottle in 2021 by maintaining its relatively high market cap despite a collapse of its common shares and against trailing 12-month revenue that stood at just $15.4 million as at the end of its last reported quarter. The company has been able to catch the wave of strong investor enthusiasm over the growing EV economy, leading to a market cap that still stands substantially higher than its pre-pandemic averages even while down more than 50% from its 52-week high.\nData by YCharts\nEV charging bulls are spoilt for choice as the now collapsed SPAC explosion saw a plethora of EV charging companies from ChargePoint (CHPT) to Volta (VLTA) and EVgo (EVGO) all go public in 2021. And like Blink, 2021 has turned out to be a relatively uneventful year for these companies as capital heavily moved away from somewhat speculative industries and small-caps to value.\nThe question of what 2022 now holds lingers. Is it more of the same capital destruction that characterized much of this year as bears would like to believe? This is especially as the FED accelerates the tapering of its bond-buying program to position itself to start raising interest rates as early as March to contain inflation. While the market should be pricing this in already, it could see the capital flight away from companies like Blink continue. This risk is especially heightened with recent financials that fail to justify the current $1.20 billion market cap.\nOperational Progress Continues But Revenue Multiple Looks Stretched\nBlink last reported quarterly earnings for its fiscal 2021 third quarter which saw revenue come in at $6.4 million. This was a year-over-year increase of 611% and a beat of $1.68 million on consensus estimates. This hypergrowth was partly driven by a rapid increase in charging stations contacted or sold to 3,016, an increase of 351% from its year-ago figure. Services revenues, which consists of charging service revenues, network fees and ride-sharing service revenues, also jumped by 425% year-over-year to $1.38 million. Blink's bulls have justified the company's high valuation on the back of the pace of this growth. The company's management has been seizing the opportunities of the transition to EVs.\nThis momentum is likely to ramp up next year as demand for EVs continues to grow. This is a long-term structural shift in transportation that will create a substantial tailwind over the next decade. Not often does a company stand to ride such a healthy macro environment, one set to be boosted by both rising consumer sentiment and increasingly positive government action. The latter will see $7.5 billion allocated as part of the infrastructure bill toward building out the US electric vehicle charging network.\nBlink has also maintained operational momentum, recently unveiling seven new products including new EV charging equipment. The company will also launch a new network and accompanying mobile app to enhance the charging experience for its customers. And while cash flows from operations were negative at $9 million, the company still ended the quarter with cash and equivalents of $186.7 million. This provides a strong buffer for operational flexibility and expansion in the years ahead as the EV charging space heats up. This is especially as another facet of the bear case has centered around just how competitive and crowded the space is. The has created a dash for prime space as EV chargers in the best locations are likely to perform the best.\nHowever, in spite of the fall of Blink's common shares this year, the company still trades on a price to trailing twelve months revenue multiple of 80x. Bulls would be rights to state that the company will very quickly grow into its multiple if revenue growth in the quarters ahead continues to reflect the rate of growth in the third quarter.\nEVs, Charging, And The Future Of Transportation\nEVs are undeniably going to play a dominant role in the future of transport and chargers will be required to keep them going. Hence, while 2021 was a terrible year for Blink, the broader long-term macro environment is positive and its conditions are conducive to the prerequisites for shareholder value creation.\nThere is definitely a race amongst EV charging companies to build out their network as fast as possible to gain scale and seize the leases for the best locations. Hence, I do not expect Blink to chase or even be able to attain cash flow breakeven in the near term. That said, it is hard to recommend Blink as a buy. Yes, the company is growing quickly and has a substantial cash balance to continue to ride the ever-growing EV wave. But the valuation is still steep, and a slowdown would see the common shares experience an even more brutal downward re-rating.","news_type":1,"symbols_score_info":{"BLNK":0.9}},"isVote":1,"tweetType":1,"viewCount":2714,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696972878,"gmtCreate":1640612155253,"gmtModify":1640612155700,"author":{"id":"3584860762907200","authorId":"3584860762907200","name":"littlekitten","avatar":"https://static.tigerbbs.com/ccd59ff6c96999c839e3b5709cfb00ef","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584860762907200","authorIdStr":"3584860762907200"},"themes":[],"title":"","htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696972878","repostId":"1122290660","repostType":4,"repost":{"id":"1122290660","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":1640608857,"share":"https://www.laohu8.com/m/news/1122290660?lang=zh_CN&edition=full","pubTime":"2021-12-27 20:40","market":"us","language":"en","title":"Grab stock climbed more than 3% in premarket trading<blockquote>Grab股价在盘前交易中上涨超过3%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122290660","media":"Tiger Newspress","summary":"Grab stock climbed more than 3% in premarket trading as Wall Street saw massive upside for Asian tec","content":"<p>Grab stock climbed more than 3% in premarket trading&nbsp;as&nbsp;Wall Street saw massive upside for Asian tech giant Grab, after disappointing debut.</p><p><blockquote>Grab股价在盘前交易中上涨超过3%，华尔街认为亚洲科技巨头Grab在首次亮相令人失望后有巨大上涨空间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/722d12abbd9fc66fd8ccd5576d98e63c\" tg-width=\"841\" tg-height=\"619\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Grab debuted on the Nasdaq following a deal with blank-check company&nbsp;Altimeter Growth Corp., which&nbsp;valued the company at nearly $40 billion. It became the largest-ever company to close a SPAC merger and go public.</p><p><blockquote>Grab在与空白支票公司Altimeter Growth Corp.达成交易后在纳斯达克首次亮相，该公司估值接近400亿美元。它成为有史以来完成SPAC合并并上市的最大公司。</blockquote></p><p> But shares fell more than 20% from $13.06 to $8.75 a piece in the first day of trading. Since then, the stock has fallen another 16%.</p><p><blockquote>但股价在首日交易中下跌超过20%，从每股13.06美元跌至8.75美元。此后，该股又下跌了16%。</blockquote></p><p> Still, JPMorgan likes the stock and said the company has a “superior regional superapp” and multiple opportunities for “multi-year growth.” The investment bank said that Grab’s regional leadership in Southeast Asia is driven by a highly scalable and localized platform that is underpinned by its proprietary technology.</p><p><blockquote>尽管如此，摩根大通还是喜欢该股票，并表示该公司拥有“卓越的区域超级应用程序”和“多年增长”的多种机会。该投行表示，Grab在东南亚的区域领导地位是由一个高度可扩展和本地化的平台推动的，该平台以其专有技术为基础。</blockquote></p><p> “The platform enables Grab to offer its services at a structurally lower cost base vs peers, with higher retention rates,” JPMorgan analysts wrote in their initiation coverage note earlier this month. “Grab’s platform gives it further advantages over its peers with limited geographical presence and/or fewer services, as Grab can allocate cash flows across countries and services to deliver on growth.”</p><p><blockquote>摩根大通分析师在本月早些时候的启动报告中写道：“与同行相比，该平台使Grab能够以结构性更低的成本基础提供服务，并具有更高的保留率。”“与地理分布有限和/或服务较少的同行相比，Grab的平台使其具有进一步的优势，因为Grab可以在不同国家和服务之间分配现金流以实现增长。”</blockquote></p><p> Here are JPMorgan, Citi and Evercore’s ratings and price targets for Grab, and why they like the stock:</p><p><blockquote>以下是摩根大通、花旗和Evercore对Grab的评级和目标价，以及他们喜欢该股票的原因：</blockquote></p><p> <b>JPMorgan</b></p><p><blockquote><b>摩根大通</b></blockquote></p><p> JPMorgan initiated coverage on Grab with an overweight rating and a price target of $12.50 over the next 12 months — that represents over 70% upside from the Dec. 23 closing price of $7.35.</p><p><blockquote>摩根大通首次对Grab给予跑赢大盘评级，未来12个月的目标价为12.50美元，较12月23日收盘价7.35美元上涨超过70%。</blockquote></p><p> Based on the investment bank’s rating system, an overweight rating implies JPMorgan expects Grab’s stock to outperform over the next six to 12 months.</p><p><blockquote>根据投资银行的评级系统，跑赢大盘评级意味着摩根大通预计Grab的股票在未来6至12个月内将跑赢大盘。</blockquote></p><p> The analysts said Grab’s superior regional app, comprising multiple services including ride-hailing and food delivery, is “best geared to rising online consumption” in Southeast Asia. They said they identified gross merchandize value and revenue growth as key catalysts for the company and they see “multiple opportunities for multi-year growth.”</p><p><blockquote>分析师表示，Grab卓越的区域应用程序包括叫车和送餐等多种服务，最适合东南亚不断增长的在线消费。他们表示，他们认为商品总价值和收入增长是公司的关键催化剂，并看到了“多年增长的多种机会”。</blockquote></p><p> GMV is a metric&nbsp;often used in e-commerce&nbsp;to measure the total dollar value of goods sold&nbsp;over a certain period of time.</p><p><blockquote>GMV是电子商务中常用的衡量标准，用于衡量一定时期内销售商品的总美元价值。</blockquote></p><p> The investment bank said Grab is a leader in ride-hailing across the region and that could lead to a highly profitable mobility business, where lifting Covid restrictions and broader economic reopening could drive growth.</p><p><blockquote>该投资银行表示，Grab是该地区网约车领域的领导者，这可能会带来高利润的移动业务，取消新冠疫情限制和更广泛的经济重新开放可能会推动增长。</blockquote></p><p> While the company’s delivery business is at an earlier stage of development, JPMorgan said there’s growth potential due to the relatively fragmented, but large total addressable market for food delivery and groceries. But the bank said that Grab is likely to see losses in the near-to-mid term due to investments and competition for market share.</p><p><blockquote>虽然该公司的配送业务处于早期发展阶段，但摩根大通表示，由于食品配送和杂货市场相对分散，但总目标市场规模较大，因此存在增长潜力。但该行表示，由于投资和市场份额竞争，Grab可能会在中短期内出现亏损。</blockquote></p><p> The analysts warned, however, that Grab’s stock price could be volatile over the next six months as the free float expands due to staggered expiration of lock-ups that will release additional shares. Potential inclusion in MSCI indexes could also contribute to the volatility, JPMorgan said.</p><p><blockquote>然而，分析师警告称，随着自由流通量的扩大，Grab的股价在未来六个月内可能会波动，因为锁定期将释放额外股票。摩根大通表示，潜在纳入摩根士丹利资本国际指数也可能加剧波动。</blockquote></p><p> <b>Citi</b></p><p><blockquote><b>花旗银行</b></blockquote></p><p> Citi initiated coverage of Grab with a buy rating and a price target of $12 a share, but also flagged the stock as high risk.</p><p><blockquote>花旗首次对Grab给予买入评级，目标价为每股12美元，但也将该股标记为高风险。</blockquote></p><p> Compared with regional peers, Citi analysts said Grab benefits from its ability to capture larger volumes of consumer data given higher frequency of delivery and mobility demand compared to services like e-commerce. That gives the company an easier way to cross-sell its financial services products, they added.</p><p><blockquote>花旗分析师表示，与地区同行相比，Grab受益于其捕获大量消费者数据的能力，因为与电子商务等服务相比，交付频率和移动需求更高。他们补充说，这使该公司能够更轻松地交叉销售其金融服务产品。</blockquote></p><p> The analysts pointed out that Grab has a “broader geographic footprint with more equal strength in the ... Southeast Asia countries in which it operates,” compared with Indonesian rival GoTo Group.</p><p><blockquote>分析师指出，与印度尼西亚竞争对手GoTo Group相比，Grab“在其开展业务的东南亚国家拥有更广泛的地理足迹和更平等的实力”。</blockquote></p><p> Citi said, however, spending per transaction and per user is lower for Grab than other regional players like&nbsp;Sea, which operates e-commerce platform Shopee. That implies Grab would face more headwinds if Covid cases in the region surge again, forcing countries to impose lockdowns and other mobility restrictions.</p><p><blockquote>然而，花旗表示，Grab的每笔交易和每位用户的支出低于运营电子商务平台Shopee的Sea等其他地区参与者。这意味着，如果该地区的新冠病例再次激增，迫使各国实施封锁和其他流动限制，Grab将面临更多阻力。</blockquote></p><p> “Grab also lacks a high-margin gaming business and global exposure given its Southeast Asia focus,” Citi analysts said.</p><p><blockquote>花旗分析师表示：“鉴于Grab专注于东南亚，它还缺乏高利润的游戏业务和全球曝光率。”</blockquote></p><p> <b>Evercore</b></p><p><blockquote><b>Evercore</b></blockquote></p><p> Evercore initiated coverage with an outperform rating and a price target of $10.</p><p><blockquote>Evercore首次给予跑赢大盘评级，目标价为10美元。</blockquote></p><p> The firm said Grab will likely face more local competition in each market for its delivery business compared to ridesharing, where the only other international incumbent is GoTo Group’s Gojek — particularly, in Indonesia.</p><p><blockquote>该公司表示，与拼车相比，Grab的送货业务可能会在每个市场面临更多的本地竞争，拼车业务唯一的其他国际现有企业是GoTo Group的Gojek，尤其是在印度尼西亚。</blockquote></p><p> “Within its Delivery segment, Grab faces a bit more competition across its core geographies,” Evercore analysts said in a recent note. They flagged the likes of Foodpanda, Gojek and Deliveroo in Singapore, LineMan in Thailand as well as Now and Baemin in Vietnam as competitors.</p><p><blockquote>Evercore分析师在最近的一份报告中表示：“在配送领域，Grab在其核心地区面临更多竞争。”他们将Foodpanda、Gojek和户户送、Thailand Lineman以及Now和Baemin等公司列为竞争对手。</blockquote></p><p></p><p> “Lastly, Grab competes with last-mile logistics providers such as Gojek and Lalamove, and more local last-mile players such as AhaMove (Vietnam),” the analysts said.</p><p><blockquote>分析师表示：“最后，Grab与Gojek和货拉拉等最后一英里物流提供商以及AhaMove(Vietnam)等更多本地最后一英里物流提供商竞争。”</blockquote></p><p> In the financial services business, Grab faces competition from traditional players including credit card companies, banks as well as cash, which is still the predominant mode of payment in Southeast Asia.</p><p><blockquote>在金融服务业务方面，Grab面临着来自信用卡公司、银行以及现金等传统参与者的竞争，现金仍然是东南亚的主要支付方式。</blockquote></p><p> Still, the Evercore analysts said that most of Grab’s core business segments including delivery, mobility and financial services remain underpenetrated, which grants the Singapore-headquartered company “a probable long runway for growth.”</p><p><blockquote>尽管如此，Evercore分析师表示，Grab的大部分核心业务部门，包括送货、移动和金融服务，仍然渗透不足，这使得这家总部位于新加坡的公司“可能还有很长的增长空间”。</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>Grab stock climbed more than 3% in premarket trading<blockquote>Grab股价在盘前交易中上涨超过3%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGrab stock climbed more than 3% in premarket trading<blockquote>Grab股价在盘前交易中上涨超过3%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-27 20:40</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Grab stock climbed more than 3% in premarket trading&nbsp;as&nbsp;Wall Street saw massive upside for Asian tech giant Grab, after disappointing debut.</p><p><blockquote>Grab股价在盘前交易中上涨超过3%，华尔街认为亚洲科技巨头Grab在首次亮相令人失望后有巨大上涨空间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/722d12abbd9fc66fd8ccd5576d98e63c\" tg-width=\"841\" tg-height=\"619\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Grab debuted on the Nasdaq following a deal with blank-check company&nbsp;Altimeter Growth Corp., which&nbsp;valued the company at nearly $40 billion. It became the largest-ever company to close a SPAC merger and go public.</p><p><blockquote>Grab在与空白支票公司Altimeter Growth Corp.达成交易后在纳斯达克首次亮相，该公司估值接近400亿美元。它成为有史以来完成SPAC合并并上市的最大公司。</blockquote></p><p> But shares fell more than 20% from $13.06 to $8.75 a piece in the first day of trading. Since then, the stock has fallen another 16%.</p><p><blockquote>但股价在首日交易中下跌超过20%，从每股13.06美元跌至8.75美元。此后，该股又下跌了16%。</blockquote></p><p> Still, JPMorgan likes the stock and said the company has a “superior regional superapp” and multiple opportunities for “multi-year growth.” The investment bank said that Grab’s regional leadership in Southeast Asia is driven by a highly scalable and localized platform that is underpinned by its proprietary technology.</p><p><blockquote>尽管如此，摩根大通还是喜欢该股票，并表示该公司拥有“卓越的区域超级应用程序”和“多年增长”的多种机会。该投行表示，Grab在东南亚的区域领导地位是由一个高度可扩展和本地化的平台推动的，该平台以其专有技术为基础。</blockquote></p><p> “The platform enables Grab to offer its services at a structurally lower cost base vs peers, with higher retention rates,” JPMorgan analysts wrote in their initiation coverage note earlier this month. “Grab’s platform gives it further advantages over its peers with limited geographical presence and/or fewer services, as Grab can allocate cash flows across countries and services to deliver on growth.”</p><p><blockquote>摩根大通分析师在本月早些时候的启动报告中写道：“与同行相比，该平台使Grab能够以结构性更低的成本基础提供服务，并具有更高的保留率。”“与地理分布有限和/或服务较少的同行相比，Grab的平台使其具有进一步的优势，因为Grab可以在不同国家和服务之间分配现金流以实现增长。”</blockquote></p><p> Here are JPMorgan, Citi and Evercore’s ratings and price targets for Grab, and why they like the stock:</p><p><blockquote>以下是摩根大通、花旗和Evercore对Grab的评级和目标价，以及他们喜欢该股票的原因：</blockquote></p><p> <b>JPMorgan</b></p><p><blockquote><b>摩根大通</b></blockquote></p><p> JPMorgan initiated coverage on Grab with an overweight rating and a price target of $12.50 over the next 12 months — that represents over 70% upside from the Dec. 23 closing price of $7.35.</p><p><blockquote>摩根大通首次对Grab给予跑赢大盘评级，未来12个月的目标价为12.50美元，较12月23日收盘价7.35美元上涨超过70%。</blockquote></p><p> Based on the investment bank’s rating system, an overweight rating implies JPMorgan expects Grab’s stock to outperform over the next six to 12 months.</p><p><blockquote>根据投资银行的评级系统，跑赢大盘评级意味着摩根大通预计Grab的股票在未来6至12个月内将跑赢大盘。</blockquote></p><p> The analysts said Grab’s superior regional app, comprising multiple services including ride-hailing and food delivery, is “best geared to rising online consumption” in Southeast Asia. They said they identified gross merchandize value and revenue growth as key catalysts for the company and they see “multiple opportunities for multi-year growth.”</p><p><blockquote>分析师表示，Grab卓越的区域应用程序包括叫车和送餐等多种服务，最适合东南亚不断增长的在线消费。他们表示，他们认为商品总价值和收入增长是公司的关键催化剂，并看到了“多年增长的多种机会”。</blockquote></p><p> GMV is a metric&nbsp;often used in e-commerce&nbsp;to measure the total dollar value of goods sold&nbsp;over a certain period of time.</p><p><blockquote>GMV是电子商务中常用的衡量标准，用于衡量一定时期内销售商品的总美元价值。</blockquote></p><p> The investment bank said Grab is a leader in ride-hailing across the region and that could lead to a highly profitable mobility business, where lifting Covid restrictions and broader economic reopening could drive growth.</p><p><blockquote>该投资银行表示，Grab是该地区网约车领域的领导者，这可能会带来高利润的移动业务，取消新冠疫情限制和更广泛的经济重新开放可能会推动增长。</blockquote></p><p> While the company’s delivery business is at an earlier stage of development, JPMorgan said there’s growth potential due to the relatively fragmented, but large total addressable market for food delivery and groceries. But the bank said that Grab is likely to see losses in the near-to-mid term due to investments and competition for market share.</p><p><blockquote>虽然该公司的配送业务处于早期发展阶段，但摩根大通表示，由于食品配送和杂货市场相对分散，但总目标市场规模较大，因此存在增长潜力。但该行表示，由于投资和市场份额竞争，Grab可能会在中短期内出现亏损。</blockquote></p><p> The analysts warned, however, that Grab’s stock price could be volatile over the next six months as the free float expands due to staggered expiration of lock-ups that will release additional shares. Potential inclusion in MSCI indexes could also contribute to the volatility, JPMorgan said.</p><p><blockquote>然而，分析师警告称，随着自由流通量的扩大，Grab的股价在未来六个月内可能会波动，因为锁定期将释放额外股票。摩根大通表示，潜在纳入摩根士丹利资本国际指数也可能加剧波动。</blockquote></p><p> <b>Citi</b></p><p><blockquote><b>花旗银行</b></blockquote></p><p> Citi initiated coverage of Grab with a buy rating and a price target of $12 a share, but also flagged the stock as high risk.</p><p><blockquote>花旗首次对Grab给予买入评级，目标价为每股12美元，但也将该股标记为高风险。</blockquote></p><p> Compared with regional peers, Citi analysts said Grab benefits from its ability to capture larger volumes of consumer data given higher frequency of delivery and mobility demand compared to services like e-commerce. That gives the company an easier way to cross-sell its financial services products, they added.</p><p><blockquote>花旗分析师表示，与地区同行相比，Grab受益于其捕获大量消费者数据的能力，因为与电子商务等服务相比，交付频率和移动需求更高。他们补充说，这使该公司能够更轻松地交叉销售其金融服务产品。</blockquote></p><p> The analysts pointed out that Grab has a “broader geographic footprint with more equal strength in the ... Southeast Asia countries in which it operates,” compared with Indonesian rival GoTo Group.</p><p><blockquote>分析师指出，与印度尼西亚竞争对手GoTo Group相比，Grab“在其开展业务的东南亚国家拥有更广泛的地理足迹和更平等的实力”。</blockquote></p><p> Citi said, however, spending per transaction and per user is lower for Grab than other regional players like&nbsp;Sea, which operates e-commerce platform Shopee. That implies Grab would face more headwinds if Covid cases in the region surge again, forcing countries to impose lockdowns and other mobility restrictions.</p><p><blockquote>然而，花旗表示，Grab的每笔交易和每位用户的支出低于运营电子商务平台Shopee的Sea等其他地区参与者。这意味着，如果该地区的新冠病例再次激增，迫使各国实施封锁和其他流动限制，Grab将面临更多阻力。</blockquote></p><p> “Grab also lacks a high-margin gaming business and global exposure given its Southeast Asia focus,” Citi analysts said.</p><p><blockquote>花旗分析师表示：“鉴于Grab专注于东南亚，它还缺乏高利润的游戏业务和全球曝光率。”</blockquote></p><p> <b>Evercore</b></p><p><blockquote><b>Evercore</b></blockquote></p><p> Evercore initiated coverage with an outperform rating and a price target of $10.</p><p><blockquote>Evercore首次给予跑赢大盘评级，目标价为10美元。</blockquote></p><p> The firm said Grab will likely face more local competition in each market for its delivery business compared to ridesharing, where the only other international incumbent is GoTo Group’s Gojek — particularly, in Indonesia.</p><p><blockquote>该公司表示，与拼车相比，Grab的送货业务可能会在每个市场面临更多的本地竞争，拼车业务唯一的其他国际现有企业是GoTo Group的Gojek，尤其是在印度尼西亚。</blockquote></p><p> “Within its Delivery segment, Grab faces a bit more competition across its core geographies,” Evercore analysts said in a recent note. They flagged the likes of Foodpanda, Gojek and Deliveroo in Singapore, LineMan in Thailand as well as Now and Baemin in Vietnam as competitors.</p><p><blockquote>Evercore分析师在最近的一份报告中表示：“在配送领域，Grab在其核心地区面临更多竞争。”他们将Foodpanda、Gojek和户户送、Thailand Lineman以及Now和Baemin等公司列为竞争对手。</blockquote></p><p></p><p> “Lastly, Grab competes with last-mile logistics providers such as Gojek and Lalamove, and more local last-mile players such as AhaMove (Vietnam),” the analysts said.</p><p><blockquote>分析师表示：“最后，Grab与Gojek和货拉拉等最后一英里物流提供商以及AhaMove(Vietnam)等更多本地最后一英里物流提供商竞争。”</blockquote></p><p> In the financial services business, Grab faces competition from traditional players including credit card companies, banks as well as cash, which is still the predominant mode of payment in Southeast Asia.</p><p><blockquote>在金融服务业务方面，Grab面临着来自信用卡公司、银行以及现金等传统参与者的竞争，现金仍然是东南亚的主要支付方式。</blockquote></p><p> Still, the Evercore analysts said that most of Grab’s core business segments including delivery, mobility and financial services remain underpenetrated, which grants the Singapore-headquartered company “a probable long runway for growth.”</p><p><blockquote>尽管如此，Evercore分析师表示，Grab的大部分核心业务部门，包括送货、移动和金融服务，仍然渗透不足，这使得这家总部位于新加坡的公司“可能还有很长的增长空间”。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GRAB":"Grab Holdings"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122290660","content_text":"Grab stock climbed more than 3% in premarket trading as Wall Street saw massive upside for Asian tech giant Grab, after disappointing debut.\n\nGrab debuted on the Nasdaq following a deal with blank-check company Altimeter Growth Corp., which valued the company at nearly $40 billion. It became the largest-ever company to close a SPAC merger and go public.\nBut shares fell more than 20% from $13.06 to $8.75 a piece in the first day of trading. Since then, the stock has fallen another 16%.\nStill, JPMorgan likes the stock and said the company has a “superior regional superapp” and multiple opportunities for “multi-year growth.” The investment bank said that Grab’s regional leadership in Southeast Asia is driven by a highly scalable and localized platform that is underpinned by its proprietary technology.\n“The platform enables Grab to offer its services at a structurally lower cost base vs peers, with higher retention rates,” JPMorgan analysts wrote in their initiation coverage note earlier this month. “Grab’s platform gives it further advantages over its peers with limited geographical presence and/or fewer services, as Grab can allocate cash flows across countries and services to deliver on growth.”\nHere are JPMorgan, Citi and Evercore’s ratings and price targets for Grab, and why they like the stock:\nJPMorgan\nJPMorgan initiated coverage on Grab with an overweight rating and a price target of $12.50 over the next 12 months — that represents over 70% upside from the Dec. 23 closing price of $7.35.\nBased on the investment bank’s rating system, an overweight rating implies JPMorgan expects Grab’s stock to outperform over the next six to 12 months.\nThe analysts said Grab’s superior regional app, comprising multiple services including ride-hailing and food delivery, is “best geared to rising online consumption” in Southeast Asia. They said they identified gross merchandize value and revenue growth as key catalysts for the company and they see “multiple opportunities for multi-year growth.”\nGMV is a metric often used in e-commerce to measure the total dollar value of goods sold over a certain period of time.\nThe investment bank said Grab is a leader in ride-hailing across the region and that could lead to a highly profitable mobility business, where lifting Covid restrictions and broader economic reopening could drive growth.\nWhile the company’s delivery business is at an earlier stage of development, JPMorgan said there’s growth potential due to the relatively fragmented, but large total addressable market for food delivery and groceries. But the bank said that Grab is likely to see losses in the near-to-mid term due to investments and competition for market share.\nThe analysts warned, however, that Grab’s stock price could be volatile over the next six months as the free float expands due to staggered expiration of lock-ups that will release additional shares. Potential inclusion in MSCI indexes could also contribute to the volatility, JPMorgan said.\nCiti\nCiti initiated coverage of Grab with a buy rating and a price target of $12 a share, but also flagged the stock as high risk.\nCompared with regional peers, Citi analysts said Grab benefits from its ability to capture larger volumes of consumer data given higher frequency of delivery and mobility demand compared to services like e-commerce. That gives the company an easier way to cross-sell its financial services products, they added.\nThe analysts pointed out that Grab has a “broader geographic footprint with more equal strength in the ... Southeast Asia countries in which it operates,” compared with Indonesian rival GoTo Group.\nCiti said, however, spending per transaction and per user is lower for Grab than other regional players like Sea, which operates e-commerce platform Shopee. That implies Grab would face more headwinds if Covid cases in the region surge again, forcing countries to impose lockdowns and other mobility restrictions.\n“Grab also lacks a high-margin gaming business and global exposure given its Southeast Asia focus,” Citi analysts said.\nEvercore\nEvercore initiated coverage with an outperform rating and a price target of $10.\nThe firm said Grab will likely face more local competition in each market for its delivery business compared to ridesharing, where the only other international incumbent is GoTo Group’s Gojek — particularly, in Indonesia.\n“Within its Delivery segment, Grab faces a bit more competition across its core geographies,” Evercore analysts said in a recent note. They flagged the likes of Foodpanda, Gojek and Deliveroo in Singapore, LineMan in Thailand as well as Now and Baemin in Vietnam as competitors.\n“Lastly, Grab competes with last-mile logistics providers such as Gojek and Lalamove, and more local last-mile players such as AhaMove (Vietnam),” the analysts said.\nIn the financial services business, Grab faces competition from traditional players including credit card companies, banks as well as cash, which is still the predominant mode of payment in Southeast Asia.\nStill, the Evercore analysts said that most of Grab’s core business segments including delivery, mobility and financial services remain underpenetrated, which grants the Singapore-headquartered company “a probable long runway for growth.”","news_type":1,"symbols_score_info":{"GRAB":0.9}},"isVote":1,"tweetType":1,"viewCount":3615,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693183523,"gmtCreate":1639985355933,"gmtModify":1639985356384,"author":{"id":"3584860762907200","authorId":"3584860762907200","name":"littlekitten","avatar":"https://static.tigerbbs.com/ccd59ff6c96999c839e3b5709cfb00ef","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584860762907200","authorIdStr":"3584860762907200"},"themes":[],"title":"","htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693183523","repostId":"1175656936","repostType":4,"isVote":1,"tweetType":1,"viewCount":3265,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693183026,"gmtCreate":1639985295087,"gmtModify":1639985295484,"author":{"id":"3584860762907200","authorId":"3584860762907200","name":"littlekitten","avatar":"https://static.tigerbbs.com/ccd59ff6c96999c839e3b5709cfb00ef","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584860762907200","authorIdStr":"3584860762907200"},"themes":[],"title":"","htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693183026","repostId":"1158701453","repostType":4,"repost":{"id":"1158701453","kind":"news","pubTimestamp":1639981448,"share":"https://www.laohu8.com/m/news/1158701453?lang=zh_CN&edition=full","pubTime":"2021-12-20 14:24","market":"us","language":"en","title":"Bank of Montreal Is in Advanced Talks to Buy BNP Paribas’s U.S. Unit<blockquote>蒙特利尔银行正在就收购法国巴黎银行美国部门进行深入谈判</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158701453","media":"The Wall Street Journal","summary":"A deal could be completed as soon as this week\nBank of Montreal in Toronto.\nBank of Montrea is in ad","content":"<p>A deal could be completed as soon as this week</p><p><blockquote>交易最快可能在本周完成</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7cef540845d54b36ad460450dfa51af6\" tg-width=\"1290\" tg-height=\"860\" width=\"100%\" height=\"auto\"><span>Bank of Montreal in Toronto.</span></p><p><blockquote><p class=\"t-img-caption\"><span>多伦多蒙特利尔银行。</span></p></blockquote></p><p> Bank of Montrea&nbsp;is in advanced talks to buy&nbsp;BNP Paribas’s&nbsp;U.S. unit, Bank of the West, in what would be one of the largest recent bank deals.</p><p><blockquote>蒙特利尔银行正在就收购法国巴黎银行美国业务进行深入谈判。西部银行的子公司，这将是近期最大的银行交易之一。</blockquote></p><p> The Canadian bank could finalize an agreement as soon as this week, according to people familiar with the matter, assuming the talks don’t fall apart or get delayed.</p><p><blockquote>据知情人士透露，假设谈判不会破裂或推迟，这家加拿大银行最早可能在本周敲定一项协议。</blockquote></p><p> Terms of the potential deal couldn’t be learned.</p><p><blockquote>潜在交易的条款无法得知。</blockquote></p><p> The deal would facilitate Bank of Montreal’s expansion into the U.S., where it has worked to build its presence in recent years. Combined, the banks would have some $870 billion in assets.</p><p><blockquote>这笔交易将有助于蒙特利尔银行向美国扩张，该银行近年来一直致力于在美国建立业务。这些银行加起来将拥有约8700亿美元的资产。</blockquote></p><p> Bank of the West operates commercial- and consumer-banking segments, in addition to specialized financing and other services. The San Francisco-based bank has around $89 billion of deposits, assets of about $105 billion and roughly 500 branches in the Midwest and West. It has been owned by France’s BNP since 1979.</p><p><blockquote>除了专业融资和其他服务外，西方银行还经营商业和消费银行业务。这家总部位于旧金山的银行拥有约890亿美元的存款，约1050亿美元的资产，在中西部和西部拥有约500家分行。自1979年以来，它一直归法国巴黎银行所有。</blockquote></p><p> Bloomberg reported Thursday that BMO, as Bank of Montreal is known, had held initial talks about buying the BNP unit, which it said could be worth about $13.7 billion.</p><p><blockquote>彭博社周四报道称，蒙特利尔银行BMO已就收购法国巴黎银行部门进行了初步谈判，据称该部门价值约137亿美元。</blockquote></p><p> Bank of Montreal is the fourth-largest bank in Canada. Its U.S. division delivers about 38% of the bank’s revenue today, up from about 28% three years ago, Chief Executive Darryl White said on an investor call earlier this month. Earnings for the bank’s U.S. division rose 58% in the fourth quarter, compared with a 42% increase for its Canadian division.</p><p><blockquote>蒙特利尔银行是加拿大第四大银行。首席执行官Darryl White本月早些时候在投资者看涨期权上表示，其美国部门目前约占该银行收入的38%，高于三年前的约28%。该行美国部门第四季度盈利增长58%，而加拿大部门盈利增长42%。</blockquote></p><p> In the U.S., BMO operates commercial, retail, wealth-management and capital-markets businesses. The bank has said it sees a major opportunity for growth in its U.S. wealth-management business.</p><p><blockquote>在美国，BMO经营商业、零售、财富管理和资本市场业务。该银行表示，它看到了美国财富管理业务的重大增长机会。</blockquote></p><p> BMO opened its first stateside branch in 1818, about a year after its founding. In the 1990s, it became the first Canadian bank to trade on the New York Stock Exchange. The firm has a market value of around $69 billion.</p><p><blockquote>BMO于1818年（即成立约一年后）开设了第一家美国分行。20世纪90年代，它成为第一家在纽约证券交易所交易的加拿大银行。该公司的市值约为690亿美元。</blockquote></p><p> For larger Canadian lenders that want to expand, limited domestic options for growth have prompted them to look across the southern border.</p><p><blockquote>对于想要扩张的加拿大大型银行来说，有限的国内增长选择促使他们将目光投向南部边境。</blockquote></p><p> Royal Bank of Canada,the country’s second-largest lender, bought Los Angeles-based City National Corp. for $5.4 billion in 2015. Canada’s biggest bank,Toronto-Dominion,now operates more branches in the U.S. than in Canada.</p><p><blockquote>加拿大第二大银行加拿大皇家银行于2015年以54亿美元收购了总部位于洛杉矶的城市国家公司。加拿大最大的银行多伦多道明银行目前在美国运营的分行比在加拿大运营的分行还多。</blockquote></p><p> European lenders that planted flags in the U.S. starting in the late 1980s have failed to gain much ground.Royal Bank of Scotland Group&nbsp;PLC sold out of&nbsp;Citizens Financial Group&nbsp;Inc.&nbsp;in 2015.HSBC Holdings&nbsp;PLC said last year it would close one-third of its U.S. branches.</p><p><blockquote>从20世纪80年代末开始在美国插旗的欧洲银行未能取得多大进展。苏格兰皇家银行集团(Royal Bank of Scotland)于2015年出售了公民金融集团(Citizens Financial Group Inc.)。汇丰控股(HSBC Holdings PLC)去年表示，将关闭三分之一的美国分行。</blockquote></p><p> BBVA of Spain agreed to sell its U.S. arm roughly a year ago to&nbsp;PNC Financial Services Group&nbsp;Inc.&nbsp;for around $11.6 billion in a deal that created the fifth-largest retail bank in the U.S.</p><p><blockquote>大约一年前，西班牙BBVA同意以约116亿美元的价格将其美国分公司出售给PNC Financial Services Group Inc.，这笔交易创建了美国第五大零售银行。</blockquote></p><p> While big bank mergers have been rare since the 2008 crisis, there have been more so far this year than any time since then.</p><p><blockquote>尽管自2008年危机以来，大型银行合并很少见，但今年迄今为止的合并数量比自那时以来的任何时候都要多。</blockquote></p><p> But federal financial regulators have expressed interest in tamping down on the spate of mergers. Democratic members of the Federal Deposit Insurance Corporation’s board have in recent weeks pushed to review regulations around big-bank mergers. Banking-industry officials fear that such a review by the FDIC or other regulators, namely the Federal Reserve and Office of the Comptroller of the Currency, could result in stricter controls on larger deals.</p><p><blockquote>但联邦金融监管机构表示有兴趣遏制大量合并。联邦存款保险公司董事会的民主党成员最近几周推动审查有关大银行合并的法规。银行业官员担心，FDIC或其他监管机构（即美联储和货币监理署）的此类审查可能会导致对大型交易的更严格控制。</blockquote></p><p> The continued consolidation of financial institutions leaves consumers with fewer banking options and reduces competition, progressive policy makers have argued. Regional banks see joining forces as the best way to fight paltry lending profits and the ever-rising outlays required to keep pace with the technology improvements of the largest banks.</p><p><blockquote>进步政策制定者认为，金融机构的持续整合导致消费者的银行选择减少，并减少了竞争。地区性银行认为，联手是对抗微薄的贷款利润和跟上最大银行技术改进步伐所需的不断增长的支出的最佳方式。</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>Bank of Montreal Is in Advanced Talks to Buy BNP Paribas’s U.S. Unit<blockquote>蒙特利尔银行正在就收购法国巴黎银行美国部门进行深入谈判</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\">\nBank of Montreal Is in Advanced Talks to Buy BNP Paribas’s U.S. Unit<blockquote>蒙特利尔银行正在就收购法国巴黎银行美国部门进行深入谈判</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-12-20 14:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A deal could be completed as soon as this week</p><p><blockquote>交易最快可能在本周完成</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7cef540845d54b36ad460450dfa51af6\" tg-width=\"1290\" tg-height=\"860\" width=\"100%\" height=\"auto\"><span>Bank of Montreal in Toronto.</span></p><p><blockquote><p class=\"t-img-caption\"><span>多伦多蒙特利尔银行。</span></p></blockquote></p><p> Bank of Montrea&nbsp;is in advanced talks to buy&nbsp;BNP Paribas’s&nbsp;U.S. unit, Bank of the West, in what would be one of the largest recent bank deals.</p><p><blockquote>蒙特利尔银行正在就收购法国巴黎银行美国业务进行深入谈判。西部银行的子公司，这将是近期最大的银行交易之一。</blockquote></p><p> The Canadian bank could finalize an agreement as soon as this week, according to people familiar with the matter, assuming the talks don’t fall apart or get delayed.</p><p><blockquote>据知情人士透露，假设谈判不会破裂或推迟，这家加拿大银行最早可能在本周敲定一项协议。</blockquote></p><p> Terms of the potential deal couldn’t be learned.</p><p><blockquote>潜在交易的条款无法得知。</blockquote></p><p> The deal would facilitate Bank of Montreal’s expansion into the U.S., where it has worked to build its presence in recent years. Combined, the banks would have some $870 billion in assets.</p><p><blockquote>这笔交易将有助于蒙特利尔银行向美国扩张，该银行近年来一直致力于在美国建立业务。这些银行加起来将拥有约8700亿美元的资产。</blockquote></p><p> Bank of the West operates commercial- and consumer-banking segments, in addition to specialized financing and other services. The San Francisco-based bank has around $89 billion of deposits, assets of about $105 billion and roughly 500 branches in the Midwest and West. It has been owned by France’s BNP since 1979.</p><p><blockquote>除了专业融资和其他服务外，西方银行还经营商业和消费银行业务。这家总部位于旧金山的银行拥有约890亿美元的存款，约1050亿美元的资产，在中西部和西部拥有约500家分行。自1979年以来，它一直归法国巴黎银行所有。</blockquote></p><p> Bloomberg reported Thursday that BMO, as Bank of Montreal is known, had held initial talks about buying the BNP unit, which it said could be worth about $13.7 billion.</p><p><blockquote>彭博社周四报道称，蒙特利尔银行BMO已就收购法国巴黎银行部门进行了初步谈判，据称该部门价值约137亿美元。</blockquote></p><p> Bank of Montreal is the fourth-largest bank in Canada. Its U.S. division delivers about 38% of the bank’s revenue today, up from about 28% three years ago, Chief Executive Darryl White said on an investor call earlier this month. Earnings for the bank’s U.S. division rose 58% in the fourth quarter, compared with a 42% increase for its Canadian division.</p><p><blockquote>蒙特利尔银行是加拿大第四大银行。首席执行官Darryl White本月早些时候在投资者看涨期权上表示，其美国部门目前约占该银行收入的38%，高于三年前的约28%。该行美国部门第四季度盈利增长58%，而加拿大部门盈利增长42%。</blockquote></p><p> In the U.S., BMO operates commercial, retail, wealth-management and capital-markets businesses. The bank has said it sees a major opportunity for growth in its U.S. wealth-management business.</p><p><blockquote>在美国，BMO经营商业、零售、财富管理和资本市场业务。该银行表示，它看到了美国财富管理业务的重大增长机会。</blockquote></p><p> BMO opened its first stateside branch in 1818, about a year after its founding. In the 1990s, it became the first Canadian bank to trade on the New York Stock Exchange. The firm has a market value of around $69 billion.</p><p><blockquote>BMO于1818年（即成立约一年后）开设了第一家美国分行。20世纪90年代，它成为第一家在纽约证券交易所交易的加拿大银行。该公司的市值约为690亿美元。</blockquote></p><p> For larger Canadian lenders that want to expand, limited domestic options for growth have prompted them to look across the southern border.</p><p><blockquote>对于想要扩张的加拿大大型银行来说，有限的国内增长选择促使他们将目光投向南部边境。</blockquote></p><p> Royal Bank of Canada,the country’s second-largest lender, bought Los Angeles-based City National Corp. for $5.4 billion in 2015. Canada’s biggest bank,Toronto-Dominion,now operates more branches in the U.S. than in Canada.</p><p><blockquote>加拿大第二大银行加拿大皇家银行于2015年以54亿美元收购了总部位于洛杉矶的城市国家公司。加拿大最大的银行多伦多道明银行目前在美国运营的分行比在加拿大运营的分行还多。</blockquote></p><p> European lenders that planted flags in the U.S. starting in the late 1980s have failed to gain much ground.Royal Bank of Scotland Group&nbsp;PLC sold out of&nbsp;Citizens Financial Group&nbsp;Inc.&nbsp;in 2015.HSBC Holdings&nbsp;PLC said last year it would close one-third of its U.S. branches.</p><p><blockquote>从20世纪80年代末开始在美国插旗的欧洲银行未能取得多大进展。苏格兰皇家银行集团(Royal Bank of Scotland)于2015年出售了公民金融集团(Citizens Financial Group Inc.)。汇丰控股(HSBC Holdings PLC)去年表示，将关闭三分之一的美国分行。</blockquote></p><p> BBVA of Spain agreed to sell its U.S. arm roughly a year ago to&nbsp;PNC Financial Services Group&nbsp;Inc.&nbsp;for around $11.6 billion in a deal that created the fifth-largest retail bank in the U.S.</p><p><blockquote>大约一年前，西班牙BBVA同意以约116亿美元的价格将其美国分公司出售给PNC Financial Services Group Inc.，这笔交易创建了美国第五大零售银行。</blockquote></p><p> While big bank mergers have been rare since the 2008 crisis, there have been more so far this year than any time since then.</p><p><blockquote>尽管自2008年危机以来，大型银行合并很少见，但今年迄今为止的合并数量比自那时以来的任何时候都要多。</blockquote></p><p> But federal financial regulators have expressed interest in tamping down on the spate of mergers. Democratic members of the Federal Deposit Insurance Corporation’s board have in recent weeks pushed to review regulations around big-bank mergers. Banking-industry officials fear that such a review by the FDIC or other regulators, namely the Federal Reserve and Office of the Comptroller of the Currency, could result in stricter controls on larger deals.</p><p><blockquote>但联邦金融监管机构表示有兴趣遏制大量合并。联邦存款保险公司董事会的民主党成员最近几周推动审查有关大银行合并的法规。银行业官员担心，FDIC或其他监管机构（即美联储和货币监理署）的此类审查可能会导致对大型交易的更严格控制。</blockquote></p><p> The continued consolidation of financial institutions leaves consumers with fewer banking options and reduces competition, progressive policy makers have argued. Regional banks see joining forces as the best way to fight paltry lending profits and the ever-rising outlays required to keep pace with the technology improvements of the largest banks.</p><p><blockquote>进步政策制定者认为，金融机构的持续整合导致消费者的银行选择减少，并减少了竞争。地区性银行认为，联手是对抗微薄的贷款利润和跟上最大银行技术改进步伐所需的不断增长的支出的最佳方式。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/bank-of-montreal-is-in-advanced-talks-to-buy-bnp-paribass-u-s-unit-11639967503?mod=hp_lead_pos4\">The Wall Street Journal</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":{"0HB5.UK":"法国巴黎银行","BMO":"蒙特利尔银行","BNPQY":"BNP Paribas"},"source_url":"https://www.wsj.com/articles/bank-of-montreal-is-in-advanced-talks-to-buy-bnp-paribass-u-s-unit-11639967503?mod=hp_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158701453","content_text":"A deal could be completed as soon as this week\nBank of Montreal in Toronto.\nBank of Montrea is in advanced talks to buy BNP Paribas’s U.S. unit, Bank of the West, in what would be one of the largest recent bank deals.\nThe Canadian bank could finalize an agreement as soon as this week, according to people familiar with the matter, assuming the talks don’t fall apart or get delayed.\nTerms of the potential deal couldn’t be learned.\nThe deal would facilitate Bank of Montreal’s expansion into the U.S., where it has worked to build its presence in recent years. Combined, the banks would have some $870 billion in assets.\nBank of the West operates commercial- and consumer-banking segments, in addition to specialized financing and other services. The San Francisco-based bank has around $89 billion of deposits, assets of about $105 billion and roughly 500 branches in the Midwest and West. It has been owned by France’s BNP since 1979.\nBloomberg reported Thursday that BMO, as Bank of Montreal is known, had held initial talks about buying the BNP unit, which it said could be worth about $13.7 billion.\nBank of Montreal is the fourth-largest bank in Canada. Its U.S. division delivers about 38% of the bank’s revenue today, up from about 28% three years ago, Chief Executive Darryl White said on an investor call earlier this month. Earnings for the bank’s U.S. division rose 58% in the fourth quarter, compared with a 42% increase for its Canadian division.\nIn the U.S., BMO operates commercial, retail, wealth-management and capital-markets businesses. The bank has said it sees a major opportunity for growth in its U.S. wealth-management business.\nBMO opened its first stateside branch in 1818, about a year after its founding. In the 1990s, it became the first Canadian bank to trade on the New York Stock Exchange. The firm has a market value of around $69 billion.\nFor larger Canadian lenders that want to expand, limited domestic options for growth have prompted them to look across the southern border.\nRoyal Bank of Canada,the country’s second-largest lender, bought Los Angeles-based City National Corp. for $5.4 billion in 2015. Canada’s biggest bank,Toronto-Dominion,now operates more branches in the U.S. than in Canada.\nEuropean lenders that planted flags in the U.S. starting in the late 1980s have failed to gain much ground.Royal Bank of Scotland Group PLC sold out of Citizens Financial Group Inc. in 2015.HSBC Holdings PLC said last year it would close one-third of its U.S. branches.\nBBVA of Spain agreed to sell its U.S. arm roughly a year ago to PNC Financial Services Group Inc. for around $11.6 billion in a deal that created the fifth-largest retail bank in the U.S.\nWhile big bank mergers have been rare since the 2008 crisis, there have been more so far this year than any time since then.\nBut federal financial regulators have expressed interest in tamping down on the spate of mergers. Democratic members of the Federal Deposit Insurance Corporation’s board have in recent weeks pushed to review regulations around big-bank mergers. Banking-industry officials fear that such a review by the FDIC or other regulators, namely the Federal Reserve and Office of the Comptroller of the Currency, could result in stricter controls on larger deals.\nThe continued consolidation of financial institutions leaves consumers with fewer banking options and reduces competition, progressive policy makers have argued. Regional banks see joining forces as the best way to fight paltry lending profits and the ever-rising outlays required to keep pace with the technology improvements of the largest banks.","news_type":1,"symbols_score_info":{"BNPQY":0.9,"BMO":0.9,"0HB5.UK":0.9}},"isVote":1,"tweetType":1,"viewCount":990,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693189401,"gmtCreate":1639985278396,"gmtModify":1639985278837,"author":{"id":"3584860762907200","authorId":"3584860762907200","name":"littlekitten","avatar":"https://static.tigerbbs.com/ccd59ff6c96999c839e3b5709cfb00ef","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584860762907200","authorIdStr":"3584860762907200"},"themes":[],"title":"","htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693189401","repostId":"1104046826","repostType":4,"repost":{"id":"1104046826","kind":"news","pubTimestamp":1639982468,"share":"https://www.laohu8.com/m/news/1104046826?lang=zh_CN&edition=full","pubTime":"2021-12-20 14:41","market":"us","language":"en","title":"Royal Caribbean Stock: CEO Sees Smooth Sailing Ahead<blockquote>皇家加勒比股票：首席执行官认为未来一帆风顺</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104046826","media":"TheStreet","summary":"The cruise line was hit as hard as any business by the pandemic, but it stayed afloat.\nNearly the en","content":"<p>The cruise line was hit as hard as any business by the pandemic, but it stayed afloat.</p><p><blockquote>这家邮轮公司和任何企业一样受到了疫情的严重打击，但它仍然维持着运营。</blockquote></p><p> Nearly the entire cruise industry closed from roughly March 2020 through July 2021.</p><p><blockquote>大约从2020年3月到2021年7月，几乎整个邮轮行业都关闭了。</blockquote></p><p> Yes, there was a Royal Caribbean(<b>RCL</b>)&nbsp;ship sailing out of the Bahamas a little earlier in the summer and another operating in Singapore, but most of the fleet was either docked or at sea with skeleton crews for about 15 months.</p><p><blockquote>是的，有一个皇家加勒比（<b>RCL</b>）一艘船于今年夏天早些时候驶出巴哈马，另一艘船在新加坡运营，但大部分船队要么停靠在码头，要么带着骨干船员在海上航行了大约15个月。</blockquote></p><p> Now, Royal Caribbean has most of its fleet back at sea with paying customers and CEO Richard Fain said he thinks the worst has passed. He's also clearly quite tired of talking about Covid, according to his comments in the&nbsp;company third-quarter earnings call.</p><p><blockquote>现在，皇家加勒比的大部分船队都回到了海上，拥有付费客户，首席执行官理查德·费恩表示，他认为最糟糕的时期已经过去。根据他在公司第三季度收益看涨期权上的评论，他显然也厌倦了谈论新冠病毒。</blockquote></p><p>   Every conversation doesn't need to start with a description of the trauma we've experienced. Every discussion doesn't need to dwell on how awful it's been. Fortunately, the path forward appears clear and very positive for our company and for our industry. For some time now, we have said that we hope to take advantage of the special features of cruising and make cruising one of the safest places on earth to spend your vacation.    The numbers are now coming in and our objective appears to be validated.  Royal Caribbean has been slowly adding ships back to its operating fleet while also raising the capacities of the ships already in operation. It expects to have all of its cruise ships sailing by spring of 2022.</p><p><blockquote>每一次谈话都不需要以描述我们所经历的创伤开始。每一次讨论都不需要纠结于事情有多糟糕。幸运的是，对于我们公司和我们的行业来说，前进的道路似乎是清晰和非常积极的。一段时间以来，我们一直在说，我们希望利用巡航的特殊功能，使巡航成为地球上最安全的度假场所之一。数字现在出来了，我们的目标似乎得到了证实。皇家加勒比一直在慢慢地将船舶重新添加到其运营船队中，同时也提高了已运营船舶的运力。该公司预计其所有游轮将于2022年春季启航。</blockquote></p><p> <b>How Has Royal Caribbean Handled Its Restart?</b></p><p><blockquote><b>皇家加勒比是如何应对重启的？</b></blockquote></p><p> Fain said that his company has taken a walk-before-you-run approach with a focus on just getting back to business. He said that doing that has worked.</p><p><blockquote>费恩说，他的公司采取了先走后跑的方法，重点是恢复业务。他说这样做奏效了。</blockquote></p><p> \"Our strategy has been to get the flywheel spinning,\" he explained.</p><p><blockquote>“我们的策略是让飞轮旋转，”他解释道。</blockquote></p><p> That's because the company and its customers have been dealing with a high level of uncertainty. That has included cancellations, interruptions, confusing rules and changing protocols, Fain added.</p><p><blockquote>这是因为该公司及其客户一直在应对高度的不确定性。费恩补充说，这包括取消、中断、混淆规则和改变协议。</blockquote></p><p> \"Thankfully, today, we're operating almost normally. Our published itineraries are being delivered on a consistent basis. Two-thirds of our ships are already operating and virtually, everything will be back to normal in our core markets before the end of this year,\" he said.</p><p><blockquote>“值得庆幸的是，今天，我们几乎正常运营。我们公布的行程是在一致的基础上交付的。我们三分之二的船舶已经在运营，实际上，我们核心市场的一切都将在今年年底前恢复正常，”他说。</blockquote></p><p> Fain explained that the approach was chosen in order to rebuild confidence with its passengers and with travel agents. Basically, he wanted to reestablish trust so people felt like that if they booked a cruise it would happen more or less the way they planned for it.</p><p><blockquote>费恩解释说，选择这种方法是为了重建乘客和旅行社的信心。基本上，他想重建信任，这样人们就会觉得，如果他们预订了邮轮，事情或多或少会按照他们计划的方式发生。</blockquote></p><p> \"Like the pilot of a plane during takeoff, prioritizing speed over altitude, we have prioritized spreading the wealth,\" he said. \"We have prioritized starting up more ships even with lower loads per vessel rather than trying for higher load factors on fewer ships.\"</p><p><blockquote>“就像飞机飞行员在起飞时优先考虑速度而不是高度一样，我们优先考虑分配财富，”他说。“即使每艘船的负载较低，我们也优先考虑启动更多船舶，而不是尝试在更少的船舶上获得更高的负载系数。”</blockquote></p><p> <b>Getting Royal Caribbean Ready for Wave Season</b></p><p><blockquote><b>让皇家加勒比为海浪季节做好准备</b></blockquote></p><p> Operating ships with limited capacities has not returned Royal Caribbean to profitability. The company lost $1.2 billion in its most-recent quarter.</p><p><blockquote>运营运力有限的船舶并没有让皇家加勒比恢复盈利。该公司最近一个季度亏损12亿美元。</blockquote></p><p> Demand, however, has returned in numbers that approach 2019 levels. The company closed September with approximately $2.8 billion in customer deposits across its three core brands. In 2019, that number was $3.1 billion.</p><p><blockquote>然而，需求数量已恢复至接近2019年水平。截至9月份，该公司其三个核心品牌的客户存款约为28亿美元。2019年，这一数字为31亿美元。</blockquote></p><p> A portion of that number -- about 35% -- represents customers using future cruise credit (FCC) from previously cancelled cruises to book their new sailing. That number is down from 40% in the previous quarter.</p><p><blockquote>其中一部分（约35%）代表使用之前取消的邮轮的未来邮轮信用(FCC)预订新航行的客户。这一数字低于上一季度的40%。</blockquote></p><p> Fain said that his company has operated with the idea that it would be well-positioned for the period between January and March known as the \"Wave period.\" That's the traditional time of year when most cruises are booked in a \"wave\" of bookings.</p><p><blockquote>费恩表示，他的公司的运营理念是，在一月至三月期间（即“浪潮期”）做好准备。这是一年中大多数游轮预订“浪潮”的传统时间。</blockquote></p><p> \"January is the start of wave period and our goal is to have our core markets operating normally as quickly as possible,\" Fain said. \"...Our bookings are already showing that the public has a great deal of pent-up demand and is eager to travel again. We have a long period of poor bookings to make up for, but current booking trends give us a high level of confidence for 2022, especially from the summer on.\"</p><p><blockquote>费恩表示：“一月份是浪潮期的开始，我们的目标是让我们的核心市场尽快正常运行。”“……我们的预订已经表明，公众有大量被压抑的需求，渴望再次旅行。我们有很长一段时间的糟糕预订需要弥补，但目前的预订趋势让我们对2022年充满信心，尤其是从夏季开始。”</blockquote></p><p> Fain, who has served as Royal Caribbean's CEO for 33 years, will step down from that position on Jan. 3. He will remain chairman of the company and will be succeeded by CFO Jason Liberty.</p><p><blockquote>担任皇家加勒比首席执行官33年的费恩将于1月3日卸任。他将继续担任公司董事长，并由首席财务官Jason Liberty接任。</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>Royal Caribbean Stock: CEO Sees Smooth Sailing Ahead<blockquote>皇家加勒比股票：首席执行官认为未来一帆风顺</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\">\nRoyal Caribbean Stock: CEO Sees Smooth Sailing Ahead<blockquote>皇家加勒比股票：首席执行官认为未来一帆风顺</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-12-20 14:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The cruise line was hit as hard as any business by the pandemic, but it stayed afloat.</p><p><blockquote>这家邮轮公司和任何企业一样受到了疫情的严重打击，但它仍然维持着运营。</blockquote></p><p> Nearly the entire cruise industry closed from roughly March 2020 through July 2021.</p><p><blockquote>大约从2020年3月到2021年7月，几乎整个邮轮行业都关闭了。</blockquote></p><p> Yes, there was a Royal Caribbean(<b>RCL</b>)&nbsp;ship sailing out of the Bahamas a little earlier in the summer and another operating in Singapore, but most of the fleet was either docked or at sea with skeleton crews for about 15 months.</p><p><blockquote>是的，有一个皇家加勒比（<b>RCL</b>）一艘船于今年夏天早些时候驶出巴哈马，另一艘船在新加坡运营，但大部分船队要么停靠在码头，要么带着骨干船员在海上航行了大约15个月。</blockquote></p><p> Now, Royal Caribbean has most of its fleet back at sea with paying customers and CEO Richard Fain said he thinks the worst has passed. He's also clearly quite tired of talking about Covid, according to his comments in the&nbsp;company third-quarter earnings call.</p><p><blockquote>现在，皇家加勒比的大部分船队都回到了海上，拥有付费客户，首席执行官理查德·费恩表示，他认为最糟糕的时期已经过去。根据他在公司第三季度收益看涨期权上的评论，他显然也厌倦了谈论新冠病毒。</blockquote></p><p>   Every conversation doesn't need to start with a description of the trauma we've experienced. Every discussion doesn't need to dwell on how awful it's been. Fortunately, the path forward appears clear and very positive for our company and for our industry. For some time now, we have said that we hope to take advantage of the special features of cruising and make cruising one of the safest places on earth to spend your vacation.    The numbers are now coming in and our objective appears to be validated.  Royal Caribbean has been slowly adding ships back to its operating fleet while also raising the capacities of the ships already in operation. It expects to have all of its cruise ships sailing by spring of 2022.</p><p><blockquote>每一次谈话都不需要以描述我们所经历的创伤开始。每一次讨论都不需要纠结于事情有多糟糕。幸运的是，对于我们公司和我们的行业来说，前进的道路似乎是清晰和非常积极的。一段时间以来，我们一直在说，我们希望利用巡航的特殊功能，使巡航成为地球上最安全的度假场所之一。数字现在出来了，我们的目标似乎得到了证实。皇家加勒比一直在慢慢地将船舶重新添加到其运营船队中，同时也提高了已运营船舶的运力。该公司预计其所有游轮将于2022年春季启航。</blockquote></p><p> <b>How Has Royal Caribbean Handled Its Restart?</b></p><p><blockquote><b>皇家加勒比是如何应对重启的？</b></blockquote></p><p> Fain said that his company has taken a walk-before-you-run approach with a focus on just getting back to business. He said that doing that has worked.</p><p><blockquote>费恩说，他的公司采取了先走后跑的方法，重点是恢复业务。他说这样做奏效了。</blockquote></p><p> \"Our strategy has been to get the flywheel spinning,\" he explained.</p><p><blockquote>“我们的策略是让飞轮旋转，”他解释道。</blockquote></p><p> That's because the company and its customers have been dealing with a high level of uncertainty. That has included cancellations, interruptions, confusing rules and changing protocols, Fain added.</p><p><blockquote>这是因为该公司及其客户一直在应对高度的不确定性。费恩补充说，这包括取消、中断、混淆规则和改变协议。</blockquote></p><p> \"Thankfully, today, we're operating almost normally. Our published itineraries are being delivered on a consistent basis. Two-thirds of our ships are already operating and virtually, everything will be back to normal in our core markets before the end of this year,\" he said.</p><p><blockquote>“值得庆幸的是，今天，我们几乎正常运营。我们公布的行程是在一致的基础上交付的。我们三分之二的船舶已经在运营，实际上，我们核心市场的一切都将在今年年底前恢复正常，”他说。</blockquote></p><p> Fain explained that the approach was chosen in order to rebuild confidence with its passengers and with travel agents. Basically, he wanted to reestablish trust so people felt like that if they booked a cruise it would happen more or less the way they planned for it.</p><p><blockquote>费恩解释说，选择这种方法是为了重建乘客和旅行社的信心。基本上，他想重建信任，这样人们就会觉得，如果他们预订了邮轮，事情或多或少会按照他们计划的方式发生。</blockquote></p><p> \"Like the pilot of a plane during takeoff, prioritizing speed over altitude, we have prioritized spreading the wealth,\" he said. \"We have prioritized starting up more ships even with lower loads per vessel rather than trying for higher load factors on fewer ships.\"</p><p><blockquote>“就像飞机飞行员在起飞时优先考虑速度而不是高度一样，我们优先考虑分配财富，”他说。“即使每艘船的负载较低，我们也优先考虑启动更多船舶，而不是尝试在更少的船舶上获得更高的负载系数。”</blockquote></p><p> <b>Getting Royal Caribbean Ready for Wave Season</b></p><p><blockquote><b>让皇家加勒比为海浪季节做好准备</b></blockquote></p><p> Operating ships with limited capacities has not returned Royal Caribbean to profitability. The company lost $1.2 billion in its most-recent quarter.</p><p><blockquote>运营运力有限的船舶并没有让皇家加勒比恢复盈利。该公司最近一个季度亏损12亿美元。</blockquote></p><p> Demand, however, has returned in numbers that approach 2019 levels. The company closed September with approximately $2.8 billion in customer deposits across its three core brands. In 2019, that number was $3.1 billion.</p><p><blockquote>然而，需求数量已恢复至接近2019年水平。截至9月份，该公司其三个核心品牌的客户存款约为28亿美元。2019年，这一数字为31亿美元。</blockquote></p><p> A portion of that number -- about 35% -- represents customers using future cruise credit (FCC) from previously cancelled cruises to book their new sailing. That number is down from 40% in the previous quarter.</p><p><blockquote>其中一部分（约35%）代表使用之前取消的邮轮的未来邮轮信用(FCC)预订新航行的客户。这一数字低于上一季度的40%。</blockquote></p><p> Fain said that his company has operated with the idea that it would be well-positioned for the period between January and March known as the \"Wave period.\" That's the traditional time of year when most cruises are booked in a \"wave\" of bookings.</p><p><blockquote>费恩表示，他的公司的运营理念是，在一月至三月期间（即“浪潮期”）做好准备。这是一年中大多数游轮预订“浪潮”的传统时间。</blockquote></p><p> \"January is the start of wave period and our goal is to have our core markets operating normally as quickly as possible,\" Fain said. \"...Our bookings are already showing that the public has a great deal of pent-up demand and is eager to travel again. We have a long period of poor bookings to make up for, but current booking trends give us a high level of confidence for 2022, especially from the summer on.\"</p><p><blockquote>费恩表示：“一月份是浪潮期的开始，我们的目标是让我们的核心市场尽快正常运行。”“……我们的预订已经表明，公众有大量被压抑的需求，渴望再次旅行。我们有很长一段时间的糟糕预订需要弥补，但目前的预订趋势让我们对2022年充满信心，尤其是从夏季开始。”</blockquote></p><p> Fain, who has served as Royal Caribbean's CEO for 33 years, will step down from that position on Jan. 3. He will remain chairman of the company and will be succeeded by CFO Jason Liberty.</p><p><blockquote>担任皇家加勒比首席执行官33年的费恩将于1月3日卸任。他将继续担任公司董事长，并由首席财务官Jason Liberty接任。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/royal-caribbean-stock-ceo-sees-smooth-sailing-ahead\">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":{"RCL":"皇家加勒比邮轮"},"source_url":"https://www.thestreet.com/investing/royal-caribbean-stock-ceo-sees-smooth-sailing-ahead","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104046826","content_text":"The cruise line was hit as hard as any business by the pandemic, but it stayed afloat.\nNearly the entire cruise industry closed from roughly March 2020 through July 2021.\nYes, there was a Royal Caribbean(RCL) ship sailing out of the Bahamas a little earlier in the summer and another operating in Singapore, but most of the fleet was either docked or at sea with skeleton crews for about 15 months.\nNow, Royal Caribbean has most of its fleet back at sea with paying customers and CEO Richard Fain said he thinks the worst has passed. He's also clearly quite tired of talking about Covid, according to his comments in the company third-quarter earnings call.\n\n Every conversation doesn't need to start with a description of the trauma we've experienced. Every discussion doesn't need to dwell on how awful it's been. Fortunately, the path forward appears clear and very positive for our company and for our industry. For some time now, we have said that we hope to take advantage of the special features of cruising and make cruising one of the safest places on earth to spend your vacation.\n\n\n The numbers are now coming in and our objective appears to be validated.\n\nRoyal Caribbean has been slowly adding ships back to its operating fleet while also raising the capacities of the ships already in operation. It expects to have all of its cruise ships sailing by spring of 2022.\nHow Has Royal Caribbean Handled Its Restart?\nFain said that his company has taken a walk-before-you-run approach with a focus on just getting back to business. He said that doing that has worked.\n\"Our strategy has been to get the flywheel spinning,\" he explained.\nThat's because the company and its customers have been dealing with a high level of uncertainty. That has included cancellations, interruptions, confusing rules and changing protocols, Fain added.\n\"Thankfully, today, we're operating almost normally. Our published itineraries are being delivered on a consistent basis. Two-thirds of our ships are already operating and virtually, everything will be back to normal in our core markets before the end of this year,\" he said.\nFain explained that the approach was chosen in order to rebuild confidence with its passengers and with travel agents. Basically, he wanted to reestablish trust so people felt like that if they booked a cruise it would happen more or less the way they planned for it.\n\"Like the pilot of a plane during takeoff, prioritizing speed over altitude, we have prioritized spreading the wealth,\" he said. \"We have prioritized starting up more ships even with lower loads per vessel rather than trying for higher load factors on fewer ships.\"\nGetting Royal Caribbean Ready for Wave Season\nOperating ships with limited capacities has not returned Royal Caribbean to profitability. The company lost $1.2 billion in its most-recent quarter.\nDemand, however, has returned in numbers that approach 2019 levels. The company closed September with approximately $2.8 billion in customer deposits across its three core brands. In 2019, that number was $3.1 billion.\nA portion of that number -- about 35% -- represents customers using future cruise credit (FCC) from previously cancelled cruises to book their new sailing. That number is down from 40% in the previous quarter.\nFain said that his company has operated with the idea that it would be well-positioned for the period between January and March known as the \"Wave period.\" That's the traditional time of year when most cruises are booked in a \"wave\" of bookings.\n\"January is the start of wave period and our goal is to have our core markets operating normally as quickly as possible,\" Fain said. \"...Our bookings are already showing that the public has a great deal of pent-up demand and is eager to travel again. We have a long period of poor bookings to make up for, but current booking trends give us a high level of confidence for 2022, especially from the summer on.\"\nFain, who has served as Royal Caribbean's CEO for 33 years, will step down from that position on Jan. 3. He will remain chairman of the company and will be succeeded by CFO Jason Liberty.","news_type":1,"symbols_score_info":{"RCL":0.9}},"isVote":1,"tweetType":1,"viewCount":1152,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693189899,"gmtCreate":1639985254398,"gmtModify":1639985254803,"author":{"id":"3584860762907200","authorId":"3584860762907200","name":"littlekitten","avatar":"https://static.tigerbbs.com/ccd59ff6c96999c839e3b5709cfb00ef","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584860762907200","authorIdStr":"3584860762907200"},"themes":[],"title":"","htmlText":"...","listText":"...","text":"...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/693189899","repostId":"2192006906","repostType":4,"isVote":1,"tweetType":1,"viewCount":1124,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693189114,"gmtCreate":1639985244295,"gmtModify":1639985244739,"author":{"id":"3584860762907200","authorId":"3584860762907200","name":"littlekitten","avatar":"https://static.tigerbbs.com/ccd59ff6c96999c839e3b5709cfb00ef","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584860762907200","authorIdStr":"3584860762907200"},"themes":[],"title":"","htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693189114","repostId":"2192006906","repostType":4,"isVote":1,"tweetType":1,"viewCount":917,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693189927,"gmtCreate":1639985230494,"gmtModify":1639985230914,"author":{"id":"3584860762907200","authorId":"3584860762907200","name":"littlekitten","avatar":"https://static.tigerbbs.com/ccd59ff6c96999c839e3b5709cfb00ef","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584860762907200","authorIdStr":"3584860762907200"},"themes":[],"title":"","htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693189927","repostId":"1134947114","repostType":4,"isVote":1,"tweetType":1,"viewCount":1095,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693180485,"gmtCreate":1639985219273,"gmtModify":1639985219679,"author":{"id":"3584860762907200","authorId":"3584860762907200","name":"littlekitten","avatar":"https://static.tigerbbs.com/ccd59ff6c96999c839e3b5709cfb00ef","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584860762907200","authorIdStr":"3584860762907200"},"themes":[],"title":"","htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693180485","repostId":"1153004447","repostType":4,"isVote":1,"tweetType":1,"viewCount":1324,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699572474,"gmtCreate":1639869710491,"gmtModify":1639869710897,"author":{"id":"3584860762907200","authorId":"3584860762907200","name":"littlekitten","avatar":"https://static.tigerbbs.com/ccd59ff6c96999c839e3b5709cfb00ef","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584860762907200","authorIdStr":"3584860762907200"},"themes":[],"title":"","htmlText":"..","listText":"..","text":"..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699572474","repostId":"1133357047","repostType":4,"repost":{"id":"1133357047","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":1639732902,"share":"https://www.laohu8.com/m/news/1133357047?lang=zh_CN&edition=full","pubTime":"2021-12-17 17:21","market":"us","language":"en","title":"U.S. Steel slid nearly 5% in premarket trading after profit warning on slow down in orders<blockquote>订单放缓发布盈利预警后，美国钢铁公司盘前交易下跌近5%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1133357047","media":"Tiger Newspress","summary":"U.S. Steel slid nearly 5% in premarket trading after profit warning on slow down in orders.Earnings ","content":"<p>U.S. Steel slid nearly 5% in premarket trading after&nbsp;profit&nbsp;warning on&nbsp;slow&nbsp;down in&nbsp;orders.<img src=\"https://static.tigerbbs.com/3a3aa697977cd11a4f350084bd27b696\" tg-width=\"765\" tg-height=\"563\" width=\"100%\" height=\"auto\">Earnings before interest, taxes and amortization will be about $1.65 billion, the company said in a statement Thursday. That compares with the $2.13 billion average analysts had been expecting.&nbsp;</p><p><blockquote>因订单放缓而发出盈利预警后，美国钢铁公司在盘前交易中下跌近5%。该公司周四在一份声明中表示，息税摊销前利润约为16.5亿美元。相比之下，分析师此前平均预期为21.3亿美元。</blockquote></p><p> “Our fourth-quarter guidance indicates another quarter of strong performance yet reflects a temporary slowdown in order entry activity, which we believe is related to typical seasonal year-end buying activity,” U.S. Steel Chief Executive Officer David B. Burritt said in the statement.</p><p><blockquote>美国钢铁公司首席执行官David B.Burritt在声明中表示：“我们的第四季度指引表明又一个季度的强劲表现，但反映出订单进入活动暂时放缓，我们认为这与典型的季节性年终购买活动有关。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. Steel slid nearly 5% in premarket trading after profit warning on slow down in orders<blockquote>订单放缓发布盈利预警后，美国钢铁公司盘前交易下跌近5%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. Steel slid nearly 5% in premarket trading after profit warning on slow down in orders<blockquote>订单放缓发布盈利预警后，美国钢铁公司盘前交易下跌近5%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-17 17:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. Steel slid nearly 5% in premarket trading after&nbsp;profit&nbsp;warning on&nbsp;slow&nbsp;down in&nbsp;orders.<img src=\"https://static.tigerbbs.com/3a3aa697977cd11a4f350084bd27b696\" tg-width=\"765\" tg-height=\"563\" width=\"100%\" height=\"auto\">Earnings before interest, taxes and amortization will be about $1.65 billion, the company said in a statement Thursday. That compares with the $2.13 billion average analysts had been expecting.&nbsp;</p><p><blockquote>因订单放缓而发出盈利预警后，美国钢铁公司在盘前交易中下跌近5%。该公司周四在一份声明中表示，息税摊销前利润约为16.5亿美元。相比之下，分析师此前平均预期为21.3亿美元。</blockquote></p><p> “Our fourth-quarter guidance indicates another quarter of strong performance yet reflects a temporary slowdown in order entry activity, which we believe is related to typical seasonal year-end buying activity,” U.S. Steel Chief Executive Officer David B. Burritt said in the statement.</p><p><blockquote>美国钢铁公司首席执行官David B.Burritt在声明中表示：“我们的第四季度指引表明又一个季度的强劲表现，但反映出订单进入活动暂时放缓，我们认为这与典型的季节性年终购买活动有关。”</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"X":"美国钢铁"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133357047","content_text":"U.S. Steel slid nearly 5% in premarket trading after profit warning on slow down in orders.Earnings before interest, taxes and amortization will be about $1.65 billion, the company said in a statement Thursday. That compares with the $2.13 billion average analysts had been expecting. \n“Our fourth-quarter guidance indicates another quarter of strong performance yet reflects a temporary slowdown in order entry activity, which we believe is related to typical seasonal year-end buying activity,” U.S. Steel Chief Executive Officer David B. Burritt said in the statement.","news_type":1,"symbols_score_info":{"X":0.9}},"isVote":1,"tweetType":1,"viewCount":1356,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699572591,"gmtCreate":1639869703445,"gmtModify":1639869703854,"author":{"id":"3584860762907200","authorId":"3584860762907200","name":"littlekitten","avatar":"https://static.tigerbbs.com/ccd59ff6c96999c839e3b5709cfb00ef","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584860762907200","authorIdStr":"3584860762907200"},"themes":[],"title":"","htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699572591","repostId":"1133357047","repostType":4,"repost":{"id":"1133357047","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":1639732902,"share":"https://www.laohu8.com/m/news/1133357047?lang=zh_CN&edition=full","pubTime":"2021-12-17 17:21","market":"us","language":"en","title":"U.S. Steel slid nearly 5% in premarket trading after profit warning on slow down in orders<blockquote>订单放缓发布盈利预警后，美国钢铁公司盘前交易下跌近5%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1133357047","media":"Tiger Newspress","summary":"U.S. Steel slid nearly 5% in premarket trading after profit warning on slow down in orders.Earnings ","content":"<p>U.S. Steel slid nearly 5% in premarket trading after&nbsp;profit&nbsp;warning on&nbsp;slow&nbsp;down in&nbsp;orders.<img src=\"https://static.tigerbbs.com/3a3aa697977cd11a4f350084bd27b696\" tg-width=\"765\" tg-height=\"563\" width=\"100%\" height=\"auto\">Earnings before interest, taxes and amortization will be about $1.65 billion, the company said in a statement Thursday. That compares with the $2.13 billion average analysts had been expecting.&nbsp;</p><p><blockquote>因订单放缓而发出盈利预警后，美国钢铁公司在盘前交易中下跌近5%。该公司周四在一份声明中表示，息税摊销前利润约为16.5亿美元。相比之下，分析师此前平均预期为21.3亿美元。</blockquote></p><p> “Our fourth-quarter guidance indicates another quarter of strong performance yet reflects a temporary slowdown in order entry activity, which we believe is related to typical seasonal year-end buying activity,” U.S. Steel Chief Executive Officer David B. Burritt said in the statement.</p><p><blockquote>美国钢铁公司首席执行官David B.Burritt在声明中表示：“我们的第四季度指引表明又一个季度的强劲表现，但反映出订单进入活动暂时放缓，我们认为这与典型的季节性年终购买活动有关。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. Steel slid nearly 5% in premarket trading after profit warning on slow down in orders<blockquote>订单放缓发布盈利预警后，美国钢铁公司盘前交易下跌近5%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. Steel slid nearly 5% in premarket trading after profit warning on slow down in orders<blockquote>订单放缓发布盈利预警后，美国钢铁公司盘前交易下跌近5%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-17 17:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. Steel slid nearly 5% in premarket trading after&nbsp;profit&nbsp;warning on&nbsp;slow&nbsp;down in&nbsp;orders.<img src=\"https://static.tigerbbs.com/3a3aa697977cd11a4f350084bd27b696\" tg-width=\"765\" tg-height=\"563\" width=\"100%\" height=\"auto\">Earnings before interest, taxes and amortization will be about $1.65 billion, the company said in a statement Thursday. That compares with the $2.13 billion average analysts had been expecting.&nbsp;</p><p><blockquote>因订单放缓而发出盈利预警后，美国钢铁公司在盘前交易中下跌近5%。该公司周四在一份声明中表示，息税摊销前利润约为16.5亿美元。相比之下，分析师此前平均预期为21.3亿美元。</blockquote></p><p> “Our fourth-quarter guidance indicates another quarter of strong performance yet reflects a temporary slowdown in order entry activity, which we believe is related to typical seasonal year-end buying activity,” U.S. Steel Chief Executive Officer David B. Burritt said in the statement.</p><p><blockquote>美国钢铁公司首席执行官David B.Burritt在声明中表示：“我们的第四季度指引表明又一个季度的强劲表现，但反映出订单进入活动暂时放缓，我们认为这与典型的季节性年终购买活动有关。”</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"X":"美国钢铁"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133357047","content_text":"U.S. Steel slid nearly 5% in premarket trading after profit warning on slow down in orders.Earnings before interest, taxes and amortization will be about $1.65 billion, the company said in a statement Thursday. That compares with the $2.13 billion average analysts had been expecting. \n“Our fourth-quarter guidance indicates another quarter of strong performance yet reflects a temporary slowdown in order entry activity, which we believe is related to typical seasonal year-end buying activity,” U.S. Steel Chief Executive Officer David B. Burritt said in the statement.","news_type":1,"symbols_score_info":{"X":0.9}},"isVote":1,"tweetType":1,"viewCount":1228,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699572658,"gmtCreate":1639869691160,"gmtModify":1639869691619,"author":{"id":"3584860762907200","authorId":"3584860762907200","name":"littlekitten","avatar":"https://static.tigerbbs.com/ccd59ff6c96999c839e3b5709cfb00ef","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584860762907200","authorIdStr":"3584860762907200"},"themes":[],"title":"","htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699572658","repostId":"2192927938","repostType":4,"isVote":1,"tweetType":1,"viewCount":1207,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699572174,"gmtCreate":1639869675591,"gmtModify":1639869675995,"author":{"id":"3584860762907200","authorId":"3584860762907200","name":"littlekitten","avatar":"https://static.tigerbbs.com/ccd59ff6c96999c839e3b5709cfb00ef","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584860762907200","authorIdStr":"3584860762907200"},"themes":[],"title":"","htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699572174","repostId":"1196534471","repostType":4,"isVote":1,"tweetType":1,"viewCount":1214,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":168945140,"gmtCreate":1623948054580,"gmtModify":1634025363850,"author":{"id":"3584860762907200","authorId":"3584860762907200","name":"littlekitten","avatar":"https://static.tigerbbs.com/ccd59ff6c96999c839e3b5709cfb00ef","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584860762907200","idStr":"3584860762907200"},"themes":[],"title":"","htmlText":"Please 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23:24","market":"us","language":"en","title":"Is Snowflake Stock A Buy? Software Maker Sets Path To $10 Billion In Revenue By 2028<blockquote>雪花股票值得买入吗？软件制造商计划到 2028 年收入达到 100 亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1131839624","media":"investors","summary":"Think of Snowflake stock as a proxy on the torrid growth of cloud computing giantsAmazon.com(AMZN),M","content":"<p>Think of <a href=\"https://laohu8.com/S/SNOW\">Snowflake</a> stock as a proxy on the torrid growth of cloud computing giants<b><a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a></b>(AMZN),<b><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a></b>(MSFT) and<b><a href=\"https://laohu8.com/S/GOOG\">Alphabet</a></b>'s (GOOGL) Google.</p><p><blockquote>想想<a href=\"https://laohu8.com/S/SNOW\">雪花</a>股票作为云计算巨头快速增长的代表<b><a href=\"https://laohu8.com/S/AMZN\">亚马逊</a></b>（亚马逊），<b><a href=\"https://laohu8.com/S/MSFT\">微软</a></b>（MSFT）和<b><a href=\"https://laohu8.com/S/GOOG\">Alphabet</a></b>（GOOGL）谷歌。</blockquote></p><p> Many companies are turning to cloud computing services as part of \"digital transformation\" projects that aim to gain business insights from crunching massive volumes of data. The cloud computing titans offer their own data analytics and management tools.</p><p><blockquote>许多公司正在转向云计算服务，作为“数字化转型”项目的一部分，这些项目旨在从处理大量数据中获得业务洞察力。云计算巨头提供自己的数据分析和管理工具。</blockquote></p><p> In a \"coopetition\" model, thecloud giantsgive their customers a green light to buy<b>Snowflake</b>'s (SNOW) software. The reason is Snowflake's tools are better at some key tasks, such as letting companies compile, view, analyze and share massive amounts of data in an easy way.</p><p><blockquote>在“合作竞争”模式下，云巨头为客户购买开绿灯<b>雪花</b>的（雪）软件。原因是Snowflake的工具在一些关键任务上表现更好，比如让公司以简单的方式编译、查看、分析和共享海量数据。</blockquote></p><p> Nearly two-fifths of Fortune 500 companies use Snowflake's software in the cloud as they move away from on-premise data warehousing products from<b><a href=\"https://laohu8.com/S/TDC\">Teradata</a></b>(TDC),<b><a href=\"https://laohu8.com/S/ORCL\">Oracle</a></b>(ORCL) and<b><a href=\"https://laohu8.com/S/IBM\">IBM</a></b>(IBM).&nbsp;One Snowflake customer is pharma giant<b><a href=\"https://laohu8.com/S/PFE\">Pfizer</a></b>(PFE). Pfizer uses Snowflake tools to forecast product sales and to gain insights into thedistribution of the Covid-19 vaccine.</p><p><blockquote>近五分之二的财富 500 强公司在云中使用 Snowflake 软件，因为它们正在逐步淘汰本地数据仓库产品。<b><a href=\"https://laohu8.com/S/TDC\">特拉达塔</a></b>（贸发局），<b><a href=\"https://laohu8.com/S/ORCL\">甲骨文</a></b>（ORCL）和<b><a href=\"https://laohu8.com/S/IBM\">IBM</a></b>（IBM）。一个雪花客户是制药巨头<b><a href=\"https://laohu8.com/S/PFE\">辉瑞</a></b>（PFE）。辉瑞使用雪花工具来预测产品销售，并深入了解新冠肺炎疫苗的分销情况。</blockquote></p><p> Stellar customer growth enabled SNOW stock to pull off the largest initial public offering ever by a software company in September 2020. The IPO raised $3.4 billion.</p><p><blockquote>强劲的客户增长使 SNOW stock 于 2020 年 9 月完成了软件公司有史以来规模最大的首次公开募股。IPO筹集了34亿美元。</blockquote></p><p> But is Snowflake a buy right now? After a tough start to 2021, software growth stocks have rebounded. The iShares Expanded Tech-Software Sector ETF rose 3.4% in July and 8.7% in June.</p><p><blockquote>但是雪花现在值得购买吗？在经历了 2021 年的艰难开局后，软件成长型股票已经反弹。iShares Expanded 科技软件行业 ETF 7 月份上涨 3.4%，6 月份上涨 8.7%。</blockquote></p><p> <b>Snowflake Stock: Roadmap to $10 Billion In Revenue</b></p><p><blockquote><b>雪花股票：收入达到 100 亿美元的路线图</b></blockquote></p><p> Snowflake stock hit an all-time high of 429 in early December. But SNOW stock swooned in late 2020 amid analyst concerns over its lofty valuation.</p><p><blockquote>雪花股票在 12 月初创下 429 点的历史新高。但由于分析师对其高估值的担忧，SNOW 股票在 2020 年底暴跌。</blockquote></p><p> At a June 10 analyst day, Snowflake laid out a path to $10 billion in product revenue by fiscal 2029, which coincides with calendar 2028. The $10 billion revenue target would result in a compound annual growth rate of 44%.</p><p><blockquote>在 6 月 10 日的分析师日上，Snowflake 制定了到 2029 财年实现 100 亿美元产品收入的路径，该财年与 2028 财年相吻合。100亿美元的收入目标将带来44%的复合年增长率。</blockquote></p><p> The company said it expects to increase the number of customers with over $1 million in product revenue. Snowflake also guided to long-term operating margin of 10%-plus, lower than some analysts expected.</p><p><blockquote>该公司表示，预计产品收入将超过 100 万美元，从而增加客户数量。Snowflake 还预计长期营业利润率将超过 10%，低于一些分析师的预期。</blockquote></p><p> <b>Possible Threat From Amazon</b></p><p><blockquote><b>来自亚马逊的可能威胁</b></blockquote></p><p> Snowflake in July announced support for digital advertising standard Unified ID 2.0. Advertising is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of Snowflake's largest verticals with customers representing a large percentage of players in the space, noted a RBC Capital report. The move comes as Googlephases out internet cookies for targeted advertising.</p><p><blockquote>雪花在7月份宣布支持数字广告标准统一ID 2.0。广告是<a href=\"https://laohu8.com/S/AONE.U\">一</a>加拿大皇家银行资本 (RBC Capital) 的一份报告指出，雪花最大的垂直行业之一，其客户占该领域参与者的很大一部分。此举正值谷歌逐步淘汰用于定向广告的互联网cookies之际。</blockquote></p><p> Whether Amazon Web Services ratchets up competition remains a concern for SNOW stock. Plus, competition with privately held Databricks is heating up. A February funding roundvalued Databricks at $28 billion.</p><p><blockquote>亚马逊网络服务是否会加剧竞争仍然是 SNOW stock 关注的问题。此外，与私人持有的数据块的竞争正在白热化。2 月份的一笔融资使 Databricks 的估值达到 280 亿美元。</blockquote></p><p> Databricks, which usesartificial intelligence, is expected to launch its own IPO.</p><p><blockquote>使用人工智能的Databricks预计将启动自己的IPO。</blockquote></p><p> Snowflake stock bulls point to its seasoned management team as a strength no matter what unfolds.</p><p><blockquote>雪花股票的多头指出，无论发生什么，其经验丰富的管理团队都是一种优势。</blockquote></p><p> <a href=\"https://laohu8.com/S/TWOA.U\">Two</a> former Oracle engineers — Benoit Dageville and Thierry Cruanes — along with Marcin Zukowski, former chief executive of startup Vectorwise, started Snowflake in 2012. The company holds patents in database architecture, data warehouses and other areas.</p><p><blockquote><a href=\"https://laohu8.com/S/TWOA.U\">二</a>前甲骨文工程师Benoit Dageville和Thierry Cruanes以及初创公司Vectorwise的前首席执行官Marcin Zukowski于2012年创办了Snowflake。公司拥有数据库架构、数据仓库等领域的专利。</blockquote></p><p> <b>SNOW Stock: <a href=\"https://laohu8.com/S/NOW\">ServiceNow</a> Veterans Lead Company</b></p><p><blockquote><b>雪库存：<a href=\"https://laohu8.com/S/NOW\">服务现在</a>退伍军人牵头公司</b></blockquote></p><p> Snowflake brought inFrank Slootman as chief executive&nbsp;in May 2019. Slootman had stepped down as CEO of ServiceNow in early 2017. Former ServiceNow Chief Financial Officer Mike Scarpelli in 2019 also joined Snowflake in the same CFO position.</p><p><blockquote>Snowflake 于 2019 年 5 月任命 inFrank Slootman 为首席执行官。Slootman 已于 2017 年初辞去 ServiceNow 首席执行官一职。ServiceNow 前首席财务官 Mike Scarpelli 也于 2019 年加入 Snowflake，担任首席财务官一职。</blockquote></p><p> Unlike legacy, on-premise data management systems, Snowflake's platform was built from the ground up for cloud computing. It provides 100% of its software over the internet.</p><p><blockquote>与传统的本地数据管理系统不同，Snowflake的平台是为云计算从头开始构建的。它通过互联网提供100%的软件。</blockquote></p><p> Snowflake customers can share data with their partners across multiple online storage systems using the company's data warehouse. Snowflake also enables easily searchable data to be shared among applications.</p><p><blockquote>雪花客户可以使用公司的数据仓库，通过多个在线存储系统与合作伙伴共享数据。Snowflake还支持在应用程序之间共享易于搜索的数据。</blockquote></p><p> Snowflake's data analytics tools became available on Amazon Web Services in 2015, Microsoft's Azure in 2018 and on Google's cloud platform in 2020.</p><p><blockquote>雪花的数据分析工具于2015年在亚马逊网络服务上可用，2018年在微软的Azure上可用，2020年在谷歌云平台上可用。</blockquote></p><p> In June, Snowflake partnered with<b>C3.ai</b>(AI). The two companies will cooperate in offering artificial intelligence tools to companies.</p><p><blockquote>6月，雪花与<b>C3.艾</b>（人工智能）。两家公司将合作向企业提供人工智能工具。</blockquote></p><p> <b>Amazon Web Services A 'Frenemy'</b></p><p><blockquote><b>亚马逊网络服务是“敌友”</b></blockquote></p><p> \"While Snowflake is multi-cloud, it derives some 85% of its revenues from data analytics jobs deployed on Amazon Web Services, which is also Snowflake's biggest rival with AWS Redshift,\" UBS analyst Karl Keirstead said in a recent note to clients.</p><p><blockquote>瑞银分析师 Karl Keirstead 在最近给客户的一份报告中表示：“虽然 Snowflake 是多云的，但其约 85% 的收入来自部署在亚马逊网络服务上的数据分析工作，亚马逊网络服务也是 Snowflake 与 AWS Redshift 的最大竞争对手。”</blockquote></p><p></p><p> \"This 'frenemy' relationship is critical to Snowflake's success,\" Keirstead went on to say. \"AWS benefits far more from Snowflake spending on compute and storage infrastructure resources than they lose in the form of foregone AWS Redshift revenues. Snowflake represents a dream customer and partner for AWS and Microsoft Azure.\"</p><p><blockquote>“这种‘敌友’关系对于雪花的成功至关重要，”基尔斯特德继续说道。“AWS 从 Snowflake 在计算和存储基础设施资源上的支出中获得的好处远远大于他们因放弃的 AWS 红移收入而损失的好处。Snowflake 代表了 AWS 和微软 Azure 的梦想客户和合作伙伴。”</blockquote></p><p> Snowflake has focused on six core markets, including financial services, health care and life sciences, retail and consumer packaged goods, advertising media and entertainment, technology, and the government sector.</p><p><blockquote>雪花专注于六个核心市场，包括金融服务、医疗保健和生命科学、零售和消费品包装、广告媒体和娱乐、技术以及政府部门。</blockquote></p><p> When Snowflake went public in September it used a dual-class share structure that gave its CEO and insiderssuper-voting rights. However, Snowflake eliminated the dual-class structure in March.</p><p><blockquote>当 Snowflake 在 9 月份上市时，它采用了双重股权结构，赋予其首席执行官和内部人士超级投票权。然而，雪花在3月份取消了双级结构。</blockquote></p><p> Snowflake had been based in San Mateo, Calif. Amid the shift to remote work spurred by the coronavirus emergency, Snowflake in May said it no longer has a corporate headquarters. It designated Bozeman, Mont., as its principal executive office. Slootman and Scarpelli are based in Bozeman.</p><p><blockquote>雪花公司总部设在加利福尼亚州的圣马特奥。在冠状病毒紧急情况下向远程工作的转变中，雪花在5月份表示，它不再有公司总部。它指定蒙大拿州波兹曼。，作为其主要执行办公室。斯洛特曼和斯卡佩利的总部设在波兹曼。</blockquote></p><p> <b>Snowflake Stock Fundamental Analysis</b></p><p><blockquote><b>雪花股票基本面分析</b></blockquote></p><p> Software stocks typically trade as a multiple of forward-looking revenue growth. Software-as-a-service, or SaaS, companies, such as<b><a href=\"https://laohu8.com/S/CRM\">Salesforce.com</a></b>(CRM), typically provide the highest revenue growth. Salesforce is a key marketing partner of SNOW stock.</p><p><blockquote>软件股通常以前瞻性收入增长的倍数进行交易。软件即服务（SaaS）公司，例如<b><a href=\"https://laohu8.com/S/CRM\">销售力量网站</a></b>（CRM），通常提供最高的收入增长。Salesforce 是 SNOW stock 的主要营销合作伙伴。</blockquote></p><p> Snowflake also partners with consulting firms such as Deloitte and information technology firms such as privately held Informatica.</p><p><blockquote>Snowflake还与德勤等咨询公司和私人控股的Informatica等信息技术公司合作。</blockquote></p><p> Snowflake is not an SaaS company, however. Instead, it uses a consumption-based business model based on how much data its customers crunch and store.</p><p><blockquote>然而，雪花不是一家SaaS公司。相反，它使用基于消费的商业模式，基于客户处理和存储的数据量。</blockquote></p><p> Snowflake's revenue growth stands out. <a href=\"https://laohu8.com/S/FBNC\">First</a>-quartersales jumped 110%to $228.9 million. But there's less transparency and predictability than with subscription-based, recurring-revenue SaaS business models, analysts say.</p><p><blockquote>雪花的收入增长脱颖而出。<a href=\"https://laohu8.com/S/FBNC\">第一</a>-季度销售额增长 110%，达到 2.289 亿美元。但分析师表示，与基于订阅的经常性收入 SaaS 商业模式相比，透明度和可预测性较低。</blockquote></p><p> \"SNOW has a consumption model, whereby customers contract for a certain amount of compute and storage capacity,\" <a href=\"https://laohu8.com/S/MFG\">Mizuho</a> Securities analyst Gregg Moskowitz said in a note. \"The company only records revenue, however, as that capacity is used, so there can be a lag of several months or more before revenue recognition begins.\"</p><p><blockquote>“SNOW 有一个消费模式，客户通过该模式签订一定数量的计算和存储容量合同，”<a href=\"https://laohu8.com/S/MFG\">瑞穗</a>证券分析师格雷格·莫斯科维茨在一份报告中表示。“然而，该公司仅在产能被使用时才记录收入，因此在收入确认开始之前可能会有几个月或更长时间的滞后。”</blockquote></p><p> Snowflake is nearing an annual revenue run-rate of $1 billion. That's a big milestone for software growth companies. But SNOW stock is unprofitable on the two most common accounting standards.</p><p><blockquote>Snowflake 的年收入已接近 10 亿美元。这对于软件成长型公司来说是一个重要的里程碑。但根据两种最常见的会计准则，SNOW stock 是无利可图的。</blockquote></p><p> Many software companies are unprofitable using GAAP earnings, or generally accepted accounting principles, which includes stock-based compensation. But they're profitable on a non-GAAP or \"adjusted\" earnings basis.</p><p><blockquote>许多软件公司使用 GAAP 收益或普遍接受的会计原则（包括基于股票的薪酬）是无利可图的。但它们在非 GAAP 或“调整后”收益基础上是盈利的。</blockquote></p><p> <b>SNOW Stock Operates In The Red</b></p><p><blockquote><b>雪股亏损</b></blockquote></p><p> In the first quarter, Snowflake reported a GAAP operating loss of $205.6 million and a GAAP per-share loss of 70 cents. Snowflake stock subsequently fell. It recorded an adjusted operating loss of $35.8 million.</p><p><blockquote>第一季度，Snowflake 公布的 GAAP 运营亏损为 2.056 亿美元，GAAP 每股亏损为 70 美分。雪花股票随后下跌。经调整后的运营亏损为 3580 万美元。</blockquote></p><p> Snowflake doesn't break out adjusted earnings. Analysts estimate it lost 11 cents on an adjusted basis in the first quarter.</p><p><blockquote>雪花没有公布调整后的收益。分析师估计，第一季度调整后亏损 11 美分。</blockquote></p><p> Snowflake operates in the red amid sizable investments, analysts say. For fiscal 2022, for example, Snowflake has told analysts it plans to hire 1,200 net new employees, which would represent 48% growth in head count.</p><p><blockquote>分析师表示，Snowflake 在大量投资中处于亏损状态。例如，Snowflake 告诉分析师，2022 财年计划净招聘 1,200 名新员工，这将代表员工人数增长 48%。</blockquote></p><p> Still, investments are paying off in revenue growth. Snowflake had 4,532 customers as of April 30, up 67% from the year-earlier period. That includes 187 of the Fortune 500. In the April quarter, Snowflake added a record 27 customers with more than $1 million per year in product revenue, giving it 104 such customers overall.</p><p><blockquote>尽管如此，投资正在带来收入增长的回报。截至4月30日，Snowflake拥有4,532名客户，比去年同期增长67%。其中包括 187 家财富 500 强企业。在 4 月份的季度，Snowflake 新增了创纪录的 27 名客户，年收入超过 100 万美元，使其总共拥有 104 名此类客户。</blockquote></p><p> <a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a> analyst Kash Rangan is bullish on Snowflake's potential to dominate in cloud-based data analytics and management.</p><p><blockquote><a href=\"https://laohu8.com/S/GS\">高盛</a>分析师 Kash Rangan 看好 Snowflake 在基于云的数据分析和管理领域占据主导地位的潜力。</blockquote></p><p> \"We believe Snowflake will continue to replace incumbent warehousing solutions owing to their scalable and elastic cloud native data platform while also capitalizing on net new workloads and use cases as digital transformation drives greater digitization within the enterprise, and business intelligence and analytics remains a top priority for spending,\" he said in a note.</p><p><blockquote>“我们相信 Snowflake 将继续取代现有的仓储解决方案，因为它们具有可扩展和弹性的云原生数据平台，同时随着数字化转型推动企业内部更大的数字化，商业智能和分析仍然是支出的首要任务，”他在一份说明中说道。</blockquote></p><p> <b>SNOW Stock Technical Analysis</b></p><p><blockquote><b>雪股技术分析</b></blockquote></p><p> Snowflake stock went public on Sept. 16 at 120 a share. At the time, software growth stocks were hot as investors sought recurring revenue amid the coronavirus emergency.</p><p><blockquote>雪花股票于 9 月 16 日以每股 120 美元的价格上市。当时，由于投资者在冠状病毒紧急情况下寻求经常性收入，软件成长型股票炙手可热。</blockquote></p><p> SNOW stock popped as high as 319 on the first day of trading and closed 111.6% above the IPO price at 253.93. Shares pulled back as analysts debated Snowflake's valuation.</p><p><blockquote>SNOW 股票首日交易高达 319 点，收盘价较 IPO 价格上涨 111.6%，报 253.93 点。由于分析师对 Snowflake 的估值展开辩论，股价回落。</blockquote></p><p> Snowflake stock forged acup-with-handle baseover the next two months. The new base created an entry point of 301. SNOW stock blew past the buy point, hitting an all-time high of 429 on Dec. 8.</p><p><blockquote>雪花股票在接下来的两个月里锻造了带手柄的针尖底座。新基地创建了301的入口点。SNOW 股价突破买入点，12 月 8 日创下 429 点的历史新高。</blockquote></p><p></p><p> Snowflake stock swooned in late 2020 amid questions over its valuation even as the IBD Computer-Software <a href=\"https://laohu8.com/S/EBTC\">Enterprise</a> group stayed resilient. The Computer-Software <a href=\"https://laohu8.com/S/EFSC\">Enterprise</a> group did not break down until mid-February amid a market rotation to value.</p><p><blockquote>雪花股票在 2020 年底因估值受到质疑而崩溃，尽管 IBD 计算机软件<a href=\"https://laohu8.com/S/EBTC\">企业</a>团体保持弹性。计算机软件<a href=\"https://laohu8.com/S/EFSC\">企业</a>在市场价值轮动的情况下，集团直到二月中旬才破产。</blockquote></p><p> Snowflake stock hit a low of 184.71 on May 13.</p><p><blockquote>雪花股票在5月13日触及184.71点的低点。</blockquote></p><p> Canaccord Genuity analyst David Hynes said in a note that one question for investors is whether SNOW stock will trade in concert with software growth stocks. Software growth stocks have sold off onworries over inflation and rising interest rates.</p><p><blockquote>Canaccord Genuity 分析师 David Hynes 在一份报告中表示，投资者面临的一个问题是 SNOW 股票是否会与软件成长型股票一致交易。由于对通货膨胀和利率上升的担忧，软件成长型股票遭到抛售。</blockquote></p><p> <b>Is Snowflake Stock A Buy Right Now?</b></p><p><blockquote><b>雪花股票现在值得买入吗？</b></blockquote></p><p> Snowflake stock still trades at a substantial premium as a multiple of forward-looking revenue growth. SNOW stock holds anIBD Composite Ratingof 37 out of a best possible 99, according toIBD Stock Checkup.</p><p><blockquote>由于前瞻性收入增长的倍数，Snowflake 股票的交易价格仍然大幅溢价。根据 IBD 股票检查，SNOW 股票的 IBD 综合评级为 37 分（满分 99 分）。</blockquote></p><p> IBD's Composite Rating combines five separate proprietary ratings into one easy-to-use rating. The best growth stocks have a Composite Rating of 90 or better.</p><p><blockquote>IBD的综合评级将五个独立的专有评级合并为一个易于使用的评级。最好的成长型股票的综合评级为 90 或更高。</blockquote></p><p> One plus is that Snowflake stock owns an Accumulation/Distribution Rating of B, according toIBD MarketSmithanalysis. That rating analyzes price and volume changes in a stock over the past 13 weeks of trading.</p><p><blockquote>根据 IBD MarketSmithanalysis 的数据，一个优点是雪花股票的累积/分配评级为 B。该评级分析股票在过去 13 周交易中的价格和成交量变化。</blockquote></p><p> The rating, on an A+ to E scale, measures institutional buying and selling in a stock. A+ signifies heavy institutional buying; E means heavy selling. Think of the C grade as neutral.</p><p><blockquote>该评级范围为 A+ 至 E，衡量机构对股票的买卖情况。A+表示机构大量买入；E意味着大量抛售。把C级想象成中性。</blockquote></p><p> SNOW stock has yet toform a basewith a proper entry point. Snowflake stock has clawed above its 50-day moving average. If it holds above the 50-day line that could kick-start the right side of a deep base.</p><p><blockquote>雪股尚未形成一个具有适当切入点的基础。Snowflake 股票已突破 50 天移动平均线。如果它保持在 50 日线上方，可能会启动深底的右侧。</blockquote></p><p> As of Aug. 2, Snowflake stock is not a buy.</p><p><blockquote>截至 8 月 2 日，雪花股票不值得买入。</blockquote></p><p></p>","source":"lsy1610449120050","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 Snowflake Stock A Buy? Software Maker Sets Path To $10 Billion In Revenue By 2028<blockquote>雪花股票值得买入吗？软件制造商计划到 2028 年收入达到 100 亿美元</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\">\nIs Snowflake Stock A Buy? Software Maker Sets Path To $10 Billion In Revenue By 2028<blockquote>雪花股票值得买入吗？软件制造商计划到 2028 年收入达到 100 亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">investors</strong><span class=\"h-time small\">2021-08-02 23:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Think of <a href=\"https://laohu8.com/S/SNOW\">Snowflake</a> stock as a proxy on the torrid growth of cloud computing giants<b><a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a></b>(AMZN),<b><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a></b>(MSFT) and<b><a href=\"https://laohu8.com/S/GOOG\">Alphabet</a></b>'s (GOOGL) Google.</p><p><blockquote>想想<a href=\"https://laohu8.com/S/SNOW\">雪花</a>股票作为云计算巨头快速增长的代表<b><a href=\"https://laohu8.com/S/AMZN\">亚马逊</a></b>（亚马逊），<b><a href=\"https://laohu8.com/S/MSFT\">微软</a></b>（MSFT）和<b><a href=\"https://laohu8.com/S/GOOG\">Alphabet</a></b>（GOOGL）谷歌。</blockquote></p><p> Many companies are turning to cloud computing services as part of \"digital transformation\" projects that aim to gain business insights from crunching massive volumes of data. The cloud computing titans offer their own data analytics and management tools.</p><p><blockquote>许多公司正在转向云计算服务，作为“数字化转型”项目的一部分，这些项目旨在从处理大量数据中获得业务洞察力。云计算巨头提供自己的数据分析和管理工具。</blockquote></p><p> In a \"coopetition\" model, thecloud giantsgive their customers a green light to buy<b>Snowflake</b>'s (SNOW) software. The reason is Snowflake's tools are better at some key tasks, such as letting companies compile, view, analyze and share massive amounts of data in an easy way.</p><p><blockquote>在“合作竞争”模式下，云巨头为客户购买开绿灯<b>雪花</b>的（雪）软件。原因是Snowflake的工具在一些关键任务上表现更好，比如让公司以简单的方式编译、查看、分析和共享海量数据。</blockquote></p><p> Nearly two-fifths of Fortune 500 companies use Snowflake's software in the cloud as they move away from on-premise data warehousing products from<b><a href=\"https://laohu8.com/S/TDC\">Teradata</a></b>(TDC),<b><a href=\"https://laohu8.com/S/ORCL\">Oracle</a></b>(ORCL) and<b><a href=\"https://laohu8.com/S/IBM\">IBM</a></b>(IBM).&nbsp;One Snowflake customer is pharma giant<b><a href=\"https://laohu8.com/S/PFE\">Pfizer</a></b>(PFE). Pfizer uses Snowflake tools to forecast product sales and to gain insights into thedistribution of the Covid-19 vaccine.</p><p><blockquote>近五分之二的财富 500 强公司在云中使用 Snowflake 软件，因为它们正在逐步淘汰本地数据仓库产品。<b><a href=\"https://laohu8.com/S/TDC\">特拉达塔</a></b>（贸发局），<b><a href=\"https://laohu8.com/S/ORCL\">甲骨文</a></b>（ORCL）和<b><a href=\"https://laohu8.com/S/IBM\">IBM</a></b>（IBM）。一个雪花客户是制药巨头<b><a href=\"https://laohu8.com/S/PFE\">辉瑞</a></b>（PFE）。辉瑞使用雪花工具来预测产品销售，并深入了解新冠肺炎疫苗的分销情况。</blockquote></p><p> Stellar customer growth enabled SNOW stock to pull off the largest initial public offering ever by a software company in September 2020. The IPO raised $3.4 billion.</p><p><blockquote>强劲的客户增长使 SNOW stock 于 2020 年 9 月完成了软件公司有史以来规模最大的首次公开募股。IPO筹集了34亿美元。</blockquote></p><p> But is Snowflake a buy right now? After a tough start to 2021, software growth stocks have rebounded. The iShares Expanded Tech-Software Sector ETF rose 3.4% in July and 8.7% in June.</p><p><blockquote>但是雪花现在值得购买吗？在经历了 2021 年的艰难开局后，软件成长型股票已经反弹。iShares Expanded 科技软件行业 ETF 7 月份上涨 3.4%，6 月份上涨 8.7%。</blockquote></p><p> <b>Snowflake Stock: Roadmap to $10 Billion In Revenue</b></p><p><blockquote><b>雪花股票：收入达到 100 亿美元的路线图</b></blockquote></p><p> Snowflake stock hit an all-time high of 429 in early December. But SNOW stock swooned in late 2020 amid analyst concerns over its lofty valuation.</p><p><blockquote>雪花股票在 12 月初创下 429 点的历史新高。但由于分析师对其高估值的担忧，SNOW 股票在 2020 年底暴跌。</blockquote></p><p> At a June 10 analyst day, Snowflake laid out a path to $10 billion in product revenue by fiscal 2029, which coincides with calendar 2028. The $10 billion revenue target would result in a compound annual growth rate of 44%.</p><p><blockquote>在 6 月 10 日的分析师日上，Snowflake 制定了到 2029 财年实现 100 亿美元产品收入的路径，该财年与 2028 财年相吻合。100亿美元的收入目标将带来44%的复合年增长率。</blockquote></p><p> The company said it expects to increase the number of customers with over $1 million in product revenue. Snowflake also guided to long-term operating margin of 10%-plus, lower than some analysts expected.</p><p><blockquote>该公司表示，预计产品收入将超过 100 万美元，从而增加客户数量。Snowflake 还预计长期营业利润率将超过 10%，低于一些分析师的预期。</blockquote></p><p> <b>Possible Threat From Amazon</b></p><p><blockquote><b>来自亚马逊的可能威胁</b></blockquote></p><p> Snowflake in July announced support for digital advertising standard Unified ID 2.0. Advertising is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of Snowflake's largest verticals with customers representing a large percentage of players in the space, noted a RBC Capital report. The move comes as Googlephases out internet cookies for targeted advertising.</p><p><blockquote>雪花在7月份宣布支持数字广告标准统一ID 2.0。广告是<a href=\"https://laohu8.com/S/AONE.U\">一</a>加拿大皇家银行资本 (RBC Capital) 的一份报告指出，雪花最大的垂直行业之一，其客户占该领域参与者的很大一部分。此举正值谷歌逐步淘汰用于定向广告的互联网cookies之际。</blockquote></p><p> Whether Amazon Web Services ratchets up competition remains a concern for SNOW stock. Plus, competition with privately held Databricks is heating up. A February funding roundvalued Databricks at $28 billion.</p><p><blockquote>亚马逊网络服务是否会加剧竞争仍然是 SNOW stock 关注的问题。此外，与私人持有的数据块的竞争正在白热化。2 月份的一笔融资使 Databricks 的估值达到 280 亿美元。</blockquote></p><p> Databricks, which usesartificial intelligence, is expected to launch its own IPO.</p><p><blockquote>使用人工智能的Databricks预计将启动自己的IPO。</blockquote></p><p> Snowflake stock bulls point to its seasoned management team as a strength no matter what unfolds.</p><p><blockquote>雪花股票的多头指出，无论发生什么，其经验丰富的管理团队都是一种优势。</blockquote></p><p> <a href=\"https://laohu8.com/S/TWOA.U\">Two</a> former Oracle engineers — Benoit Dageville and Thierry Cruanes — along with Marcin Zukowski, former chief executive of startup Vectorwise, started Snowflake in 2012. The company holds patents in database architecture, data warehouses and other areas.</p><p><blockquote><a href=\"https://laohu8.com/S/TWOA.U\">二</a>前甲骨文工程师Benoit Dageville和Thierry Cruanes以及初创公司Vectorwise的前首席执行官Marcin Zukowski于2012年创办了Snowflake。公司拥有数据库架构、数据仓库等领域的专利。</blockquote></p><p> <b>SNOW Stock: <a href=\"https://laohu8.com/S/NOW\">ServiceNow</a> Veterans Lead Company</b></p><p><blockquote><b>雪库存：<a href=\"https://laohu8.com/S/NOW\">服务现在</a>退伍军人牵头公司</b></blockquote></p><p> Snowflake brought inFrank Slootman as chief executive&nbsp;in May 2019. Slootman had stepped down as CEO of ServiceNow in early 2017. Former ServiceNow Chief Financial Officer Mike Scarpelli in 2019 also joined Snowflake in the same CFO position.</p><p><blockquote>Snowflake 于 2019 年 5 月任命 inFrank Slootman 为首席执行官。Slootman 已于 2017 年初辞去 ServiceNow 首席执行官一职。ServiceNow 前首席财务官 Mike Scarpelli 也于 2019 年加入 Snowflake，担任首席财务官一职。</blockquote></p><p> Unlike legacy, on-premise data management systems, Snowflake's platform was built from the ground up for cloud computing. It provides 100% of its software over the internet.</p><p><blockquote>与传统的本地数据管理系统不同，Snowflake的平台是为云计算从头开始构建的。它通过互联网提供100%的软件。</blockquote></p><p> Snowflake customers can share data with their partners across multiple online storage systems using the company's data warehouse. Snowflake also enables easily searchable data to be shared among applications.</p><p><blockquote>雪花客户可以使用公司的数据仓库，通过多个在线存储系统与合作伙伴共享数据。Snowflake还支持在应用程序之间共享易于搜索的数据。</blockquote></p><p> Snowflake's data analytics tools became available on Amazon Web Services in 2015, Microsoft's Azure in 2018 and on Google's cloud platform in 2020.</p><p><blockquote>雪花的数据分析工具于2015年在亚马逊网络服务上可用，2018年在微软的Azure上可用，2020年在谷歌云平台上可用。</blockquote></p><p> In June, Snowflake partnered with<b>C3.ai</b>(AI). The two companies will cooperate in offering artificial intelligence tools to companies.</p><p><blockquote>6月，雪花与<b>C3.艾</b>（人工智能）。两家公司将合作向企业提供人工智能工具。</blockquote></p><p> <b>Amazon Web Services A 'Frenemy'</b></p><p><blockquote><b>亚马逊网络服务是“敌友”</b></blockquote></p><p> \"While Snowflake is multi-cloud, it derives some 85% of its revenues from data analytics jobs deployed on Amazon Web Services, which is also Snowflake's biggest rival with AWS Redshift,\" UBS analyst Karl Keirstead said in a recent note to clients.</p><p><blockquote>瑞银分析师 Karl Keirstead 在最近给客户的一份报告中表示：“虽然 Snowflake 是多云的，但其约 85% 的收入来自部署在亚马逊网络服务上的数据分析工作，亚马逊网络服务也是 Snowflake 与 AWS Redshift 的最大竞争对手。”</blockquote></p><p></p><p> \"This 'frenemy' relationship is critical to Snowflake's success,\" Keirstead went on to say. \"AWS benefits far more from Snowflake spending on compute and storage infrastructure resources than they lose in the form of foregone AWS Redshift revenues. Snowflake represents a dream customer and partner for AWS and Microsoft Azure.\"</p><p><blockquote>“这种‘敌友’关系对于雪花的成功至关重要，”基尔斯特德继续说道。“AWS 从 Snowflake 在计算和存储基础设施资源上的支出中获得的好处远远大于他们因放弃的 AWS 红移收入而损失的好处。Snowflake 代表了 AWS 和微软 Azure 的梦想客户和合作伙伴。”</blockquote></p><p> Snowflake has focused on six core markets, including financial services, health care and life sciences, retail and consumer packaged goods, advertising media and entertainment, technology, and the government sector.</p><p><blockquote>雪花专注于六个核心市场，包括金融服务、医疗保健和生命科学、零售和消费品包装、广告媒体和娱乐、技术以及政府部门。</blockquote></p><p> When Snowflake went public in September it used a dual-class share structure that gave its CEO and insiderssuper-voting rights. However, Snowflake eliminated the dual-class structure in March.</p><p><blockquote>当 Snowflake 在 9 月份上市时，它采用了双重股权结构，赋予其首席执行官和内部人士超级投票权。然而，雪花在3月份取消了双级结构。</blockquote></p><p> Snowflake had been based in San Mateo, Calif. Amid the shift to remote work spurred by the coronavirus emergency, Snowflake in May said it no longer has a corporate headquarters. It designated Bozeman, Mont., as its principal executive office. Slootman and Scarpelli are based in Bozeman.</p><p><blockquote>雪花公司总部设在加利福尼亚州的圣马特奥。在冠状病毒紧急情况下向远程工作的转变中，雪花在5月份表示，它不再有公司总部。它指定蒙大拿州波兹曼。，作为其主要执行办公室。斯洛特曼和斯卡佩利的总部设在波兹曼。</blockquote></p><p> <b>Snowflake Stock Fundamental Analysis</b></p><p><blockquote><b>雪花股票基本面分析</b></blockquote></p><p> Software stocks typically trade as a multiple of forward-looking revenue growth. Software-as-a-service, or SaaS, companies, such as<b><a href=\"https://laohu8.com/S/CRM\">Salesforce.com</a></b>(CRM), typically provide the highest revenue growth. Salesforce is a key marketing partner of SNOW stock.</p><p><blockquote>软件股通常以前瞻性收入增长的倍数进行交易。软件即服务（SaaS）公司，例如<b><a href=\"https://laohu8.com/S/CRM\">销售力量网站</a></b>（CRM），通常提供最高的收入增长。Salesforce 是 SNOW stock 的主要营销合作伙伴。</blockquote></p><p> Snowflake also partners with consulting firms such as Deloitte and information technology firms such as privately held Informatica.</p><p><blockquote>Snowflake还与德勤等咨询公司和私人控股的Informatica等信息技术公司合作。</blockquote></p><p> Snowflake is not an SaaS company, however. Instead, it uses a consumption-based business model based on how much data its customers crunch and store.</p><p><blockquote>然而，雪花不是一家SaaS公司。相反，它使用基于消费的商业模式，基于客户处理和存储的数据量。</blockquote></p><p> Snowflake's revenue growth stands out. <a href=\"https://laohu8.com/S/FBNC\">First</a>-quartersales jumped 110%to $228.9 million. But there's less transparency and predictability than with subscription-based, recurring-revenue SaaS business models, analysts say.</p><p><blockquote>雪花的收入增长脱颖而出。<a href=\"https://laohu8.com/S/FBNC\">第一</a>-季度销售额增长 110%，达到 2.289 亿美元。但分析师表示，与基于订阅的经常性收入 SaaS 商业模式相比，透明度和可预测性较低。</blockquote></p><p> \"SNOW has a consumption model, whereby customers contract for a certain amount of compute and storage capacity,\" <a href=\"https://laohu8.com/S/MFG\">Mizuho</a> Securities analyst Gregg Moskowitz said in a note. \"The company only records revenue, however, as that capacity is used, so there can be a lag of several months or more before revenue recognition begins.\"</p><p><blockquote>“SNOW 有一个消费模式，客户通过该模式签订一定数量的计算和存储容量合同，”<a href=\"https://laohu8.com/S/MFG\">瑞穗</a>证券分析师格雷格·莫斯科维茨在一份报告中表示。“然而，该公司仅在产能被使用时才记录收入，因此在收入确认开始之前可能会有几个月或更长时间的滞后。”</blockquote></p><p> Snowflake is nearing an annual revenue run-rate of $1 billion. That's a big milestone for software growth companies. But SNOW stock is unprofitable on the two most common accounting standards.</p><p><blockquote>Snowflake 的年收入已接近 10 亿美元。这对于软件成长型公司来说是一个重要的里程碑。但根据两种最常见的会计准则，SNOW stock 是无利可图的。</blockquote></p><p> Many software companies are unprofitable using GAAP earnings, or generally accepted accounting principles, which includes stock-based compensation. But they're profitable on a non-GAAP or \"adjusted\" earnings basis.</p><p><blockquote>许多软件公司使用 GAAP 收益或普遍接受的会计原则（包括基于股票的薪酬）是无利可图的。但它们在非 GAAP 或“调整后”收益基础上是盈利的。</blockquote></p><p> <b>SNOW Stock Operates In The Red</b></p><p><blockquote><b>雪股亏损</b></blockquote></p><p> In the first quarter, Snowflake reported a GAAP operating loss of $205.6 million and a GAAP per-share loss of 70 cents. Snowflake stock subsequently fell. It recorded an adjusted operating loss of $35.8 million.</p><p><blockquote>第一季度，Snowflake 公布的 GAAP 运营亏损为 2.056 亿美元，GAAP 每股亏损为 70 美分。雪花股票随后下跌。经调整后的运营亏损为 3580 万美元。</blockquote></p><p> Snowflake doesn't break out adjusted earnings. Analysts estimate it lost 11 cents on an adjusted basis in the first quarter.</p><p><blockquote>雪花没有公布调整后的收益。分析师估计，第一季度调整后亏损 11 美分。</blockquote></p><p> Snowflake operates in the red amid sizable investments, analysts say. For fiscal 2022, for example, Snowflake has told analysts it plans to hire 1,200 net new employees, which would represent 48% growth in head count.</p><p><blockquote>分析师表示，Snowflake 在大量投资中处于亏损状态。例如，Snowflake 告诉分析师，2022 财年计划净招聘 1,200 名新员工，这将代表员工人数增长 48%。</blockquote></p><p> Still, investments are paying off in revenue growth. Snowflake had 4,532 customers as of April 30, up 67% from the year-earlier period. That includes 187 of the Fortune 500. In the April quarter, Snowflake added a record 27 customers with more than $1 million per year in product revenue, giving it 104 such customers overall.</p><p><blockquote>尽管如此，投资正在带来收入增长的回报。截至4月30日，Snowflake拥有4,532名客户，比去年同期增长67%。其中包括 187 家财富 500 强企业。在 4 月份的季度，Snowflake 新增了创纪录的 27 名客户，年收入超过 100 万美元，使其总共拥有 104 名此类客户。</blockquote></p><p> <a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a> analyst Kash Rangan is bullish on Snowflake's potential to dominate in cloud-based data analytics and management.</p><p><blockquote><a href=\"https://laohu8.com/S/GS\">高盛</a>分析师 Kash Rangan 看好 Snowflake 在基于云的数据分析和管理领域占据主导地位的潜力。</blockquote></p><p> \"We believe Snowflake will continue to replace incumbent warehousing solutions owing to their scalable and elastic cloud native data platform while also capitalizing on net new workloads and use cases as digital transformation drives greater digitization within the enterprise, and business intelligence and analytics remains a top priority for spending,\" he said in a note.</p><p><blockquote>“我们相信 Snowflake 将继续取代现有的仓储解决方案，因为它们具有可扩展和弹性的云原生数据平台，同时随着数字化转型推动企业内部更大的数字化，商业智能和分析仍然是支出的首要任务，”他在一份说明中说道。</blockquote></p><p> <b>SNOW Stock Technical Analysis</b></p><p><blockquote><b>雪股技术分析</b></blockquote></p><p> Snowflake stock went public on Sept. 16 at 120 a share. At the time, software growth stocks were hot as investors sought recurring revenue amid the coronavirus emergency.</p><p><blockquote>雪花股票于 9 月 16 日以每股 120 美元的价格上市。当时，由于投资者在冠状病毒紧急情况下寻求经常性收入，软件成长型股票炙手可热。</blockquote></p><p> SNOW stock popped as high as 319 on the first day of trading and closed 111.6% above the IPO price at 253.93. Shares pulled back as analysts debated Snowflake's valuation.</p><p><blockquote>SNOW 股票首日交易高达 319 点，收盘价较 IPO 价格上涨 111.6%，报 253.93 点。由于分析师对 Snowflake 的估值展开辩论，股价回落。</blockquote></p><p> Snowflake stock forged acup-with-handle baseover the next two months. The new base created an entry point of 301. SNOW stock blew past the buy point, hitting an all-time high of 429 on Dec. 8.</p><p><blockquote>雪花股票在接下来的两个月里锻造了带手柄的针尖底座。新基地创建了301的入口点。SNOW 股价突破买入点，12 月 8 日创下 429 点的历史新高。</blockquote></p><p></p><p> Snowflake stock swooned in late 2020 amid questions over its valuation even as the IBD Computer-Software <a href=\"https://laohu8.com/S/EBTC\">Enterprise</a> group stayed resilient. The Computer-Software <a href=\"https://laohu8.com/S/EFSC\">Enterprise</a> group did not break down until mid-February amid a market rotation to value.</p><p><blockquote>雪花股票在 2020 年底因估值受到质疑而崩溃，尽管 IBD 计算机软件<a href=\"https://laohu8.com/S/EBTC\">企业</a>团体保持弹性。计算机软件<a href=\"https://laohu8.com/S/EFSC\">企业</a>在市场价值轮动的情况下，集团直到二月中旬才破产。</blockquote></p><p> Snowflake stock hit a low of 184.71 on May 13.</p><p><blockquote>雪花股票在5月13日触及184.71点的低点。</blockquote></p><p> Canaccord Genuity analyst David Hynes said in a note that one question for investors is whether SNOW stock will trade in concert with software growth stocks. Software growth stocks have sold off onworries over inflation and rising interest rates.</p><p><blockquote>Canaccord Genuity 分析师 David Hynes 在一份报告中表示，投资者面临的一个问题是 SNOW 股票是否会与软件成长型股票一致交易。由于对通货膨胀和利率上升的担忧，软件成长型股票遭到抛售。</blockquote></p><p> <b>Is Snowflake Stock A Buy Right Now?</b></p><p><blockquote><b>雪花股票现在值得买入吗？</b></blockquote></p><p> Snowflake stock still trades at a substantial premium as a multiple of forward-looking revenue growth. SNOW stock holds anIBD Composite Ratingof 37 out of a best possible 99, according toIBD Stock Checkup.</p><p><blockquote>由于前瞻性收入增长的倍数，Snowflake 股票的交易价格仍然大幅溢价。根据 IBD 股票检查，SNOW 股票的 IBD 综合评级为 37 分（满分 99 分）。</blockquote></p><p> IBD's Composite Rating combines five separate proprietary ratings into one easy-to-use rating. The best growth stocks have a Composite Rating of 90 or better.</p><p><blockquote>IBD的综合评级将五个独立的专有评级合并为一个易于使用的评级。最好的成长型股票的综合评级为 90 或更高。</blockquote></p><p> One plus is that Snowflake stock owns an Accumulation/Distribution Rating of B, according toIBD MarketSmithanalysis. That rating analyzes price and volume changes in a stock over the past 13 weeks of trading.</p><p><blockquote>根据 IBD MarketSmithanalysis 的数据，一个优点是雪花股票的累积/分配评级为 B。该评级分析股票在过去 13 周交易中的价格和成交量变化。</blockquote></p><p> The rating, on an A+ to E scale, measures institutional buying and selling in a stock. A+ signifies heavy institutional buying; E means heavy selling. Think of the C grade as neutral.</p><p><blockquote>该评级范围为 A+ 至 E，衡量机构对股票的买卖情况。A+表示机构大量买入；E意味着大量抛售。把C级想象成中性。</blockquote></p><p> SNOW stock has yet toform a basewith a proper entry point. Snowflake stock has clawed above its 50-day moving average. If it holds above the 50-day line that could kick-start the right side of a deep base.</p><p><blockquote>雪股尚未形成一个具有适当切入点的基础。Snowflake 股票已突破 50 天移动平均线。如果它保持在 50 日线上方，可能会启动深底的右侧。</blockquote></p><p> As of Aug. 2, Snowflake stock is not a buy.</p><p><blockquote>截至 8 月 2 日，雪花股票不值得买入。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investors.com/news/technology/snowflake-snow-stock-buy-now/?src=A00220\">investors</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":{"SNOW":"Snowflake"},"source_url":"https://www.investors.com/news/technology/snowflake-snow-stock-buy-now/?src=A00220","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131839624","content_text":"Think of Snowflake stock as a proxy on the torrid growth of cloud computing giantsAmazon.com(AMZN),Microsoft(MSFT) andAlphabet's (GOOGL) Google.\nMany companies are turning to cloud computing services as part of \"digital transformation\" projects that aim to gain business insights from crunching massive volumes of data. The cloud computing titans offer their own data analytics and management tools.\nIn a \"coopetition\" model, thecloud giantsgive their customers a green light to buySnowflake's (SNOW) software. The reason is Snowflake's tools are better at some key tasks, such as letting companies compile, view, analyze and share massive amounts of data in an easy way.\nNearly two-fifths of Fortune 500 companies use Snowflake's software in the cloud as they move away from on-premise data warehousing products fromTeradata(TDC),Oracle(ORCL) andIBM(IBM). One Snowflake customer is pharma giantPfizer(PFE). Pfizer uses Snowflake tools to forecast product sales and to gain insights into thedistribution of the Covid-19 vaccine.\nStellar customer growth enabled SNOW stock to pull off the largest initial public offering ever by a software company in September 2020. The IPO raised $3.4 billion.\nBut is Snowflake a buy right now? After a tough start to 2021, software growth stocks have rebounded. The iShares Expanded Tech-Software Sector ETF rose 3.4% in July and 8.7% in June.\nSnowflake Stock: Roadmap to $10 Billion In Revenue\nSnowflake stock hit an all-time high of 429 in early December. But SNOW stock swooned in late 2020 amid analyst concerns over its lofty valuation.\nAt a June 10 analyst day, Snowflake laid out a path to $10 billion in product revenue by fiscal 2029, which coincides with calendar 2028. The $10 billion revenue target would result in a compound annual growth rate of 44%.\nThe company said it expects to increase the number of customers with over $1 million in product revenue. Snowflake also guided to long-term operating margin of 10%-plus, lower than some analysts expected.\nPossible Threat From Amazon\nSnowflake in July announced support for digital advertising standard Unified ID 2.0. Advertising is one of Snowflake's largest verticals with customers representing a large percentage of players in the space, noted a RBC Capital report. The move comes as Googlephases out internet cookies for targeted advertising.\nWhether Amazon Web Services ratchets up competition remains a concern for SNOW stock. Plus, competition with privately held Databricks is heating up. A February funding roundvalued Databricks at $28 billion.\nDatabricks, which usesartificial intelligence, is expected to launch its own IPO.\nSnowflake stock bulls point to its seasoned management team as a strength no matter what unfolds.\nTwo former Oracle engineers — Benoit Dageville and Thierry Cruanes — along with Marcin Zukowski, former chief executive of startup Vectorwise, started Snowflake in 2012. The company holds patents in database architecture, data warehouses and other areas.\nSNOW Stock: ServiceNow Veterans Lead Company\nSnowflake brought inFrank Slootman as chief executive in May 2019. Slootman had stepped down as CEO of ServiceNow in early 2017. Former ServiceNow Chief Financial Officer Mike Scarpelli in 2019 also joined Snowflake in the same CFO position.\nUnlike legacy, on-premise data management systems, Snowflake's platform was built from the ground up for cloud computing. It provides 100% of its software over the internet.\nSnowflake customers can share data with their partners across multiple online storage systems using the company's data warehouse. Snowflake also enables easily searchable data to be shared among applications.\nSnowflake's data analytics tools became available on Amazon Web Services in 2015, Microsoft's Azure in 2018 and on Google's cloud platform in 2020.\nIn June, Snowflake partnered withC3.ai(AI). The two companies will cooperate in offering artificial intelligence tools to companies.\nAmazon Web Services A 'Frenemy'\n\"While Snowflake is multi-cloud, it derives some 85% of its revenues from data analytics jobs deployed on Amazon Web Services, which is also Snowflake's biggest rival with AWS Redshift,\" UBS analyst Karl Keirstead said in a recent note to clients.\n\"This 'frenemy' relationship is critical to Snowflake's success,\" Keirstead went on to say. \"AWS benefits far more from Snowflake spending on compute and storage infrastructure resources than they lose in the form of foregone AWS Redshift revenues. Snowflake represents a dream customer and partner for AWS and Microsoft Azure.\"\nSnowflake has focused on six core markets, including financial services, health care and life sciences, retail and consumer packaged goods, advertising media and entertainment, technology, and the government sector.\nWhen Snowflake went public in September it used a dual-class share structure that gave its CEO and insiderssuper-voting rights. However, Snowflake eliminated the dual-class structure in March.\nSnowflake had been based in San Mateo, Calif. Amid the shift to remote work spurred by the coronavirus emergency, Snowflake in May said it no longer has a corporate headquarters. It designated Bozeman, Mont., as its principal executive office. Slootman and Scarpelli are based in Bozeman.\nSnowflake Stock Fundamental Analysis\nSoftware stocks typically trade as a multiple of forward-looking revenue growth. Software-as-a-service, or SaaS, companies, such asSalesforce.com(CRM), typically provide the highest revenue growth. Salesforce is a key marketing partner of SNOW stock.\nSnowflake also partners with consulting firms such as Deloitte and information technology firms such as privately held Informatica.\nSnowflake is not an SaaS company, however. Instead, it uses a consumption-based business model based on how much data its customers crunch and store.\nSnowflake's revenue growth stands out. First-quartersales jumped 110%to $228.9 million. But there's less transparency and predictability than with subscription-based, recurring-revenue SaaS business models, analysts say.\n\"SNOW has a consumption model, whereby customers contract for a certain amount of compute and storage capacity,\" Mizuho Securities analyst Gregg Moskowitz said in a note. \"The company only records revenue, however, as that capacity is used, so there can be a lag of several months or more before revenue recognition begins.\"\nSnowflake is nearing an annual revenue run-rate of $1 billion. That's a big milestone for software growth companies. But SNOW stock is unprofitable on the two most common accounting standards.\nMany software companies are unprofitable using GAAP earnings, or generally accepted accounting principles, which includes stock-based compensation. But they're profitable on a non-GAAP or \"adjusted\" earnings basis.\nSNOW Stock Operates In The Red\nIn the first quarter, Snowflake reported a GAAP operating loss of $205.6 million and a GAAP per-share loss of 70 cents. Snowflake stock subsequently fell. It recorded an adjusted operating loss of $35.8 million.\nSnowflake doesn't break out adjusted earnings. Analysts estimate it lost 11 cents on an adjusted basis in the first quarter.\nSnowflake operates in the red amid sizable investments, analysts say. For fiscal 2022, for example, Snowflake has told analysts it plans to hire 1,200 net new employees, which would represent 48% growth in head count.\nStill, investments are paying off in revenue growth. Snowflake had 4,532 customers as of April 30, up 67% from the year-earlier period. That includes 187 of the Fortune 500. In the April quarter, Snowflake added a record 27 customers with more than $1 million per year in product revenue, giving it 104 such customers overall.\nGoldman Sachs analyst Kash Rangan is bullish on Snowflake's potential to dominate in cloud-based data analytics and management.\n\"We believe Snowflake will continue to replace incumbent warehousing solutions owing to their scalable and elastic cloud native data platform while also capitalizing on net new workloads and use cases as digital transformation drives greater digitization within the enterprise, and business intelligence and analytics remains a top priority for spending,\" he said in a note.\nSNOW Stock Technical Analysis\nSnowflake stock went public on Sept. 16 at 120 a share. At the time, software growth stocks were hot as investors sought recurring revenue amid the coronavirus emergency.\nSNOW stock popped as high as 319 on the first day of trading and closed 111.6% above the IPO price at 253.93. Shares pulled back as analysts debated Snowflake's valuation.\nSnowflake stock forged acup-with-handle baseover the next two months. The new base created an entry point of 301. SNOW stock blew past the buy point, hitting an all-time high of 429 on Dec. 8.\nSnowflake stock swooned in late 2020 amid questions over its valuation even as the IBD Computer-Software Enterprise group stayed resilient. The Computer-Software Enterprise group did not break down until mid-February amid a market rotation to value.\nSnowflake stock hit a low of 184.71 on May 13.\nCanaccord Genuity analyst David Hynes said in a note that one question for investors is whether SNOW stock will trade in concert with software growth stocks. Software growth stocks have sold off onworries over inflation and rising interest rates.\nIs Snowflake Stock A Buy Right Now?\nSnowflake stock still trades at a substantial premium as a multiple of forward-looking revenue growth. SNOW stock holds anIBD Composite Ratingof 37 out of a best possible 99, according toIBD Stock Checkup.\nIBD's Composite Rating combines five separate proprietary ratings into one easy-to-use rating. The best growth stocks have a Composite Rating of 90 or better.\nOne plus is that Snowflake stock owns an Accumulation/Distribution Rating of B, according toIBD MarketSmithanalysis. That rating analyzes price and volume changes in a stock over the past 13 weeks of trading.\nThe rating, on an A+ to E scale, measures institutional buying and selling in a stock. A+ signifies heavy institutional buying; E means heavy selling. Think of the C grade as neutral.\nSNOW stock has yet toform a basewith a proper entry point. Snowflake stock has clawed above its 50-day moving average. If it holds above the 50-day line that could kick-start the right side of a deep base.\nAs of Aug. 2, Snowflake stock is not a buy.","news_type":1,"symbols_score_info":{"SNOW":0.9}},"isVote":1,"tweetType":1,"viewCount":533,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177559620,"gmtCreate":1627254597560,"gmtModify":1633766949573,"author":{"id":"3584860762907200","authorId":"3584860762907200","name":"littlekitten","avatar":"https://static.tigerbbs.com/ccd59ff6c96999c839e3b5709cfb00ef","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584860762907200","idStr":"3584860762907200"},"themes":[],"title":"","htmlText":"Great!","listText":"Great!","text":"Great!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/177559620","repostId":"2153936352","repostType":4,"isVote":1,"tweetType":1,"viewCount":502,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173600130,"gmtCreate":1626655605620,"gmtModify":1633925245846,"author":{"id":"3584860762907200","authorId":"3584860762907200","name":"littlekitten","avatar":"https://static.tigerbbs.com/ccd59ff6c96999c839e3b5709cfb00ef","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584860762907200","idStr":"3584860762907200"},"themes":[],"title":"","htmlText":"Hey!","listText":"Hey!","text":"Hey!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/173600130","repostId":"2152682113","repostType":4,"isVote":1,"tweetType":1,"viewCount":656,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165643531,"gmtCreate":1624140401923,"gmtModify":1634010438323,"author":{"id":"3584860762907200","authorId":"3584860762907200","name":"littlekitten","avatar":"https://static.tigerbbs.com/ccd59ff6c96999c839e3b5709cfb00ef","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584860762907200","idStr":"3584860762907200"},"themes":[],"title":"","htmlText":"Cool! Please like","listText":"Cool! Please like","text":"Cool! Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/165643531","repostId":"1113942445","repostType":4,"isVote":1,"tweetType":1,"viewCount":605,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802871577,"gmtCreate":1627772004999,"gmtModify":1633756615678,"author":{"id":"3584860762907200","authorId":"3584860762907200","name":"littlekitten","avatar":"https://static.tigerbbs.com/ccd59ff6c96999c839e3b5709cfb00ef","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584860762907200","idStr":"3584860762907200"},"themes":[],"title":"","htmlText":"Yeah!","listText":"Yeah!","text":"Yeah!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802871577","repostId":"1154216466","repostType":4,"repost":{"id":"1154216466","kind":"news","pubTimestamp":1627713678,"share":"https://www.laohu8.com/m/news/1154216466?lang=zh_CN&edition=full","pubTime":"2021-07-31 14:41","market":"us","language":"en","title":"Antitrust Activists Want to Go Full Throttle. Here’s a Lesson They Should Consider First<blockquote>反垄断活动人士希望全力以赴。这是他们应该首先考虑的一个教训</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154216466","media":"Barron's","summary":"About the author: Thomas W. Hazlett is H.H. Macaulay endowed professor of economics at Clemson Unive","content":"<p><i>About the author: Thomas W. Hazlett is H.H. Macaulay endowed professor of economics at Clemson University, and previously served as chief economist of the Federal Communications Commission.&nbsp;His latest book is</i>The Political Spectrum: The Tumultuous Liberation of Wireless Technologies, from Herbert Hoover to the Smartphone.</p><p><blockquote><i>作者简介：托马斯·W·黑兹利特是H.H。麦考利是克莱姆森大学经济学捐赠教授，此前曾担任联邦通信委员会首席经济学家，其最新著作是</i>政治光谱：从赫伯特·胡佛到智能手机，无线技术的混乱解放。</blockquote></p><p> Big Tech is in the antitrust hot seat. But before the Department of Justice tries to break up companies likeGoogleorApple,it should recall the history, and eventual outcome, of theAT&amp;T-Time Warner merger.</p><p><blockquote>大型科技公司陷入反垄断困境。但在司法部试图拆分谷歌或苹果等公司之前，它应该回顾一下美国电话电报公司与时代华纳合并的历史和最终结果。</blockquote></p><p> The DOJ expended extensive time and resources to stop AT&amp;T’s acquisition of Time Warner, marking the department’s first challenge to a major vertical merger in over 40 years. The government was unsuccessful despite its best efforts, which included an appeal to the D.C. Circuit, and time reveals that its concerns were evidently misplaced all along. The merger did not result in higher prices, program blackouts, or even any appreciable advantage for the companies.</p><p><blockquote>DOJ花费了大量时间和资源来阻止美国电话电报公司收购时代华纳，这标志着该部门40多年来首次挑战重大垂直合并。尽管政府尽了最大努力，包括向华盛顿巡回法院上诉，但还是没有成功，《时代》杂志揭示了它的担忧显然一直都是错误的。合并并没有导致更高的价格、项目中断，甚至没有给公司带来任何明显的优势。</blockquote></p><p> In October 2016 AT&amp;Tannouncedits plan to buy Time Warner.&nbsp; Donald Trump’s presidential campaign trashed the merger in a statement: &nbsp;“AT&amp;T … is now trying to buy Time Warner and thus the wildly anti-Trump CNN. Donald Trump would never approve such a deal.”&nbsp; With Trump in office, the DOJ moved to block it.</p><p><blockquote>2016年10月，美国电话电报公司宣布了收购时代华纳的计划。唐纳德·特朗普的总统竞选团队在一份声明中抨击了此次合并：“美国电话电报公司……现在正试图收购时代华纳，从而收购疯狂反特朗普的CNN。唐纳德·特朗普永远不会批准这样的交易。”随着特朗普的上任，DOJ采取行动阻止了它。</blockquote></p><p> In 2017, the DOJ went to court tocomplainthat the merger would “substantially lessen competition in video” by allowing AT&amp;T to “use Time Warner’s ‘must have’” networks like CNN, TNT, TBS, and HBO to raise fees charged to rival cable TV distributors like Comcast or DISH. AT&amp;T, which had acquired national satellite operator DirecTV, could threaten “blackouts” depriving rival distributors of key programs—their subscribers would then quit and flock to DirecTV (AT&amp;T) so as to keep watching CNN or the NBA Playoffs on TNT. Not only would major TV and cable systems be hurt, but emerging online streaming services would be crushed.</p><p><blockquote>2017年，美国司法部向法院投诉称，此次合并将“大大减少视频领域的竞争”，允许美国电话电报公司“使用时代华纳的‘必备’网络，如CNN、TNT、TBS和HBO，提高向竞争对手有线电视收取的费用。康卡斯特或DISH等分销商。收购了国家卫星运营商DirecTV的美国电话电报公司可能会威胁“停电”，剥夺竞争对手分销商的关键节目——他们的订户会退出，涌向DirecTV（美国电话电报公司），以便继续在TNT上观看CNN或NBA季后赛。不仅主要的电视和有线电视系统会受到伤害，新兴的在线流媒体服务也会受到挤压。</blockquote></p><p> The government’s case focused on “vertical leveraging,” where a company uses two complementary products to make it more difficult for rivals to compete in the individual markets.&nbsp;Here, AT&amp;T was combining video content creation with video program distribution; the allegation was that competitors in either segment might be hurt.&nbsp;Yet there are clear efficiencies to be had, as widely found in studies of vertically integrated firms, with joint operations boosting consumer happiness. Buyers at Costco eagerly snap up Costco-supplied Kirkland products—which the retailer stocks in place of those of some independent producers—if they improve price or quality.&nbsp;So facts, not just a story, are needed.&nbsp; District Court Judge Richard J. Leonfoundthat the DOJ case “falls far short of establishing the validity of its… theory.”</p><p><blockquote>政府的案例集中在“垂直杠杆”上，即一家公司使用两种互补的产品，使竞争对手更难在单个市场竞争。在这里，美国电话电报公司将视频内容创作与视频节目分发相结合；指控是，这两个领域的竞争对手都可能受到伤害。然而，正如在对垂直整合公司的研究中广泛发现的那样，联合运营会提高消费者的幸福感，这是显而易见的。如果Costco供应的Kirkland产品提高了价格或质量，Costco的买家就会急切地snap这些产品——零售商用这些产品代替了一些独立生产商的产品。因此，需要的是事实，而不仅仅是一个故事。地区法院法官Richard J.Leon发现，司法部的案件“远远没有证明其……理论的有效性。”</blockquote></p><p> Aside from the political overtones of the case, there was good historical reason to doubt the official complaint. A cable TV programmer combined with (or split from) a video distributor several times in recent years.&nbsp;Vertical integration did not cause higher prices, as shown by econometric analysis. Nor did vertical integration lead to “blackouts,” as the DOJ conceded. A three-judge panel of the D.C. Circuit confirmed Judge Leon’s opinion, finding that “the industry had become dynamic in recent years with the emergence, for example, of Netflix and Hulu.”</p><p><blockquote>除了此案的政治含义，有充分的历史理由怀疑官方的投诉。一家有线电视节目制作商近年来数次与一家视频分销商合并（或分拆）。垂直整合并没有引起更高的价格，如计量经济学分析所示。正如司法部承认的那样，垂直整合也没有导致“停电”。华盛顿巡回法院的三名法官小组证实了莱昂法官的观点，发现“近年来，随着Netflix和Hulu等公司的出现，该行业变得充满活力。”</blockquote></p><p> Owning DirecTV and Time Warner together turned out to be not much advantage, let alone a monopoly. Despite a huge boost in pandemic demand for video content, rivals soon dined on AT&amp;T-Time Warner’s lunch. When AT&amp;T bought DirecTV in 2015, it paid $67 billion.&nbsp;In February 2021, with DirecTV’s satellite subscriber base collapsing, the spun-off operation wasvaluedat $16.3 billion.</p><p><blockquote>事实证明，同时拥有DirecTV和时代华纳并没有多大优势，更不用说垄断了。尽管疫情对视频内容的需求大幅增长，但竞争对手很快就享用了AT&amp;T-时代华纳的午餐。当美国电话电报公司在2015年收购DirecTV时，它支付了670亿美元。2021年2月，随着DirecTV的卫星用户群崩溃，分拆业务的价值为163亿美元。</blockquote></p><p> And AT&amp;Tthen unloaded the video assets of Time Warner. A new enterprise—Warner Bros. Discovery—is being spun off and merged with Discovery (Discovery Channel, Animal Planet, TLC, HGTV, the Food Networkand more). The content-only firm voluntarily severs the link the DOJ critiqued as easy monopoly money. With the allegations of anticompetitive bundling, it has been cast off as not worth the trouble.AT&amp;T shareholders receive $43 billion, less than half the $100 billion AT&amp;T expended (in debt and equity) for Time Warner three years ago. The government’s scenario of anti-competitive vertical integration proved a fantasy.</p><p><blockquote>AT&amp;T当时出售了时代华纳的视频资产。一家新企业——华纳兄弟探索频道——正在剥离并与探索频道（探索频道、动物星球、TLC、HGTV、美食网等）合并。这家只提供内容的公司自愿切断了司法部批评为轻松垄断资金的链接。由于反竞争捆绑的指控，它被认为不值得麻烦。AT&amp;T股东获得了430亿美元，不到三年前AT&amp;T为时代华纳花费的1000亿美元（债务和股权）的一半。事实证明，政府反竞争纵向一体化的设想是一种幻想。</blockquote></p><p></p><p> AT&amp;T’s maneuvers deserve whatever scorn billions in shareholder losses can buy. A cynic might offer that antitrust laws be beefed up to protect against such corporate errors, ignoring that economic penalties—more reliable and harsher than whatever antitrust enforcers might deal—are visibly in place. But little note has been made of the ironic political saga. Policymakers are moving full throttle to enact statutes to beef up antitrust prosecution in tech for exactly what AT&amp;T so spectacularly failed to do in video.&nbsp; Rep. Pramila Jayapal (D-Wash.) and Rep. Lance Gooden (R-Texas) introduced the “Ending Monopoly Platforms Act” that would restrict vertical mergers in online services, for example. At least five other bills for new antitrust rules have been introduced.</p><p><blockquote>美国电话电报公司的策略值得数十亿股东损失所能买到的任何蔑视。愤世嫉俗者可能会建议加强反垄断法，以防止此类企业错误，而忽视了经济处罚——比反垄断执法者可能处理的任何事情都更可靠、更严厉——显然已经到位。但是很少有人注意到这个具有讽刺意味的政治传奇。政策制定者正在全力以赴制定法规，加强科技领域的反垄断起诉，这正是美国电话电报公司在视频领域未能做到的。众议员普拉米拉·贾亚帕尔（D-Wash。）和众议员兰斯·古登（R-Texas）提出了“结束垄断平台法案”，例如，该法案将限制在线服务的垂直合并。至少还有五项新的反垄断规则法案已经出台。</blockquote></p><p> Not only can such policies be expensive legal diversions, they can block the innovations igniting exciting new choices for customers. Netflix has integrated from streaming into movie production, after launching Roku. Hulu was created by News Corp. (Fox) and NBC-Universal (Comcast).&nbsp;Amazon Prime Video, Sling, YouTube TV, Apple TV, Disney Plus, HBO Max and Paramount Plus—each has extended a large media or e-commerce platform. Each evolved from a quest for better products. Treating entrepreneurship as suspect puts the screws to just the disruptions now roiling online entertainment markets. AT&amp;T learned the hard way that owning complementary products is no guarantee of success. </p><p><blockquote>此类政策不仅可能是昂贵的法律转移，还可能阻碍为客户带来令人兴奋的新选择的创新。在推出Roku后，Netflix已从流媒体融入电影制作。Hulu是由新闻集团（Fox）和NBC-Universal（Comcast）创建的。Amazon Prime Video、Sling、YouTube TV、苹果TV、Disney Plus、HBO Max和Paramount Plus——每个都扩展了一个大型媒体或电子商务平台。每一个都是从对更好产品的追求演变而来的。将企业家精神视为嫌疑人只会加剧目前扰乱在线娱乐市场的混乱。美国电话电报公司惨痛地认识到，拥有互补产品并不能保证成功。</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Antitrust Activists Want to Go Full Throttle. Here’s a Lesson They Should Consider First<blockquote>反垄断活动人士希望全力以赴。这是他们应该首先考虑的一个教训</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\">\nAntitrust Activists Want to Go Full Throttle. Here’s a Lesson They Should Consider First<blockquote>反垄断活动人士希望全力以赴。这是他们应该首先考虑的一个教训</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-07-31 14:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i>About the author: Thomas W. Hazlett is H.H. Macaulay endowed professor of economics at Clemson University, and previously served as chief economist of the Federal Communications Commission.&nbsp;His latest book is</i>The Political Spectrum: The Tumultuous Liberation of Wireless Technologies, from Herbert Hoover to the Smartphone.</p><p><blockquote><i>作者简介：托马斯·W·黑兹利特是H.H。麦考利是克莱姆森大学经济学捐赠教授，此前曾担任联邦通信委员会首席经济学家，其最新著作是</i>政治光谱：从赫伯特·胡佛到智能手机，无线技术的混乱解放。</blockquote></p><p> Big Tech is in the antitrust hot seat. But before the Department of Justice tries to break up companies likeGoogleorApple,it should recall the history, and eventual outcome, of theAT&amp;T-Time Warner merger.</p><p><blockquote>大型科技公司陷入反垄断困境。但在司法部试图拆分谷歌或苹果等公司之前，它应该回顾一下美国电话电报公司与时代华纳合并的历史和最终结果。</blockquote></p><p> The DOJ expended extensive time and resources to stop AT&amp;T’s acquisition of Time Warner, marking the department’s first challenge to a major vertical merger in over 40 years. The government was unsuccessful despite its best efforts, which included an appeal to the D.C. Circuit, and time reveals that its concerns were evidently misplaced all along. The merger did not result in higher prices, program blackouts, or even any appreciable advantage for the companies.</p><p><blockquote>DOJ花费了大量时间和资源来阻止美国电话电报公司收购时代华纳，这标志着该部门40多年来首次挑战重大垂直合并。尽管政府尽了最大努力，包括向华盛顿巡回法院上诉，但还是没有成功，《时代》杂志揭示了它的担忧显然一直都是错误的。合并并没有导致更高的价格、项目中断，甚至没有给公司带来任何明显的优势。</blockquote></p><p> In October 2016 AT&amp;Tannouncedits plan to buy Time Warner.&nbsp; Donald Trump’s presidential campaign trashed the merger in a statement: &nbsp;“AT&amp;T … is now trying to buy Time Warner and thus the wildly anti-Trump CNN. Donald Trump would never approve such a deal.”&nbsp; With Trump in office, the DOJ moved to block it.</p><p><blockquote>2016年10月，美国电话电报公司宣布了收购时代华纳的计划。唐纳德·特朗普的总统竞选团队在一份声明中抨击了此次合并：“美国电话电报公司……现在正试图收购时代华纳，从而收购疯狂反特朗普的CNN。唐纳德·特朗普永远不会批准这样的交易。”随着特朗普的上任，DOJ采取行动阻止了它。</blockquote></p><p> In 2017, the DOJ went to court tocomplainthat the merger would “substantially lessen competition in video” by allowing AT&amp;T to “use Time Warner’s ‘must have’” networks like CNN, TNT, TBS, and HBO to raise fees charged to rival cable TV distributors like Comcast or DISH. AT&amp;T, which had acquired national satellite operator DirecTV, could threaten “blackouts” depriving rival distributors of key programs—their subscribers would then quit and flock to DirecTV (AT&amp;T) so as to keep watching CNN or the NBA Playoffs on TNT. Not only would major TV and cable systems be hurt, but emerging online streaming services would be crushed.</p><p><blockquote>2017年，美国司法部向法院投诉称，此次合并将“大大减少视频领域的竞争”，允许美国电话电报公司“使用时代华纳的‘必备’网络，如CNN、TNT、TBS和HBO，提高向竞争对手有线电视收取的费用。康卡斯特或DISH等分销商。收购了国家卫星运营商DirecTV的美国电话电报公司可能会威胁“停电”，剥夺竞争对手分销商的关键节目——他们的订户会退出，涌向DirecTV（美国电话电报公司），以便继续在TNT上观看CNN或NBA季后赛。不仅主要的电视和有线电视系统会受到伤害，新兴的在线流媒体服务也会受到挤压。</blockquote></p><p> The government’s case focused on “vertical leveraging,” where a company uses two complementary products to make it more difficult for rivals to compete in the individual markets.&nbsp;Here, AT&amp;T was combining video content creation with video program distribution; the allegation was that competitors in either segment might be hurt.&nbsp;Yet there are clear efficiencies to be had, as widely found in studies of vertically integrated firms, with joint operations boosting consumer happiness. Buyers at Costco eagerly snap up Costco-supplied Kirkland products—which the retailer stocks in place of those of some independent producers—if they improve price or quality.&nbsp;So facts, not just a story, are needed.&nbsp; District Court Judge Richard J. Leonfoundthat the DOJ case “falls far short of establishing the validity of its… theory.”</p><p><blockquote>政府的案例集中在“垂直杠杆”上，即一家公司使用两种互补的产品，使竞争对手更难在单个市场竞争。在这里，美国电话电报公司将视频内容创作与视频节目分发相结合；指控是，这两个领域的竞争对手都可能受到伤害。然而，正如在对垂直整合公司的研究中广泛发现的那样，联合运营会提高消费者的幸福感，这是显而易见的。如果Costco供应的Kirkland产品提高了价格或质量，Costco的买家就会急切地snap这些产品——零售商用这些产品代替了一些独立生产商的产品。因此，需要的是事实，而不仅仅是一个故事。地区法院法官Richard J.Leon发现，司法部的案件“远远没有证明其……理论的有效性。”</blockquote></p><p> Aside from the political overtones of the case, there was good historical reason to doubt the official complaint. A cable TV programmer combined with (or split from) a video distributor several times in recent years.&nbsp;Vertical integration did not cause higher prices, as shown by econometric analysis. Nor did vertical integration lead to “blackouts,” as the DOJ conceded. A three-judge panel of the D.C. Circuit confirmed Judge Leon’s opinion, finding that “the industry had become dynamic in recent years with the emergence, for example, of Netflix and Hulu.”</p><p><blockquote>除了此案的政治含义，有充分的历史理由怀疑官方的投诉。一家有线电视节目制作商近年来数次与一家视频分销商合并（或分拆）。垂直整合并没有引起更高的价格，如计量经济学分析所示。正如司法部承认的那样，垂直整合也没有导致“停电”。华盛顿巡回法院的三名法官小组证实了莱昂法官的观点，发现“近年来，随着Netflix和Hulu等公司的出现，该行业变得充满活力。”</blockquote></p><p> Owning DirecTV and Time Warner together turned out to be not much advantage, let alone a monopoly. Despite a huge boost in pandemic demand for video content, rivals soon dined on AT&amp;T-Time Warner’s lunch. When AT&amp;T bought DirecTV in 2015, it paid $67 billion.&nbsp;In February 2021, with DirecTV’s satellite subscriber base collapsing, the spun-off operation wasvaluedat $16.3 billion.</p><p><blockquote>事实证明，同时拥有DirecTV和时代华纳并没有多大优势，更不用说垄断了。尽管疫情对视频内容的需求大幅增长，但竞争对手很快就享用了AT&amp;T-时代华纳的午餐。当美国电话电报公司在2015年收购DirecTV时，它支付了670亿美元。2021年2月，随着DirecTV的卫星用户群崩溃，分拆业务的价值为163亿美元。</blockquote></p><p> And AT&amp;Tthen unloaded the video assets of Time Warner. A new enterprise—Warner Bros. Discovery—is being spun off and merged with Discovery (Discovery Channel, Animal Planet, TLC, HGTV, the Food Networkand more). The content-only firm voluntarily severs the link the DOJ critiqued as easy monopoly money. With the allegations of anticompetitive bundling, it has been cast off as not worth the trouble.AT&amp;T shareholders receive $43 billion, less than half the $100 billion AT&amp;T expended (in debt and equity) for Time Warner three years ago. The government’s scenario of anti-competitive vertical integration proved a fantasy.</p><p><blockquote>AT&amp;T当时出售了时代华纳的视频资产。一家新企业——华纳兄弟探索频道——正在剥离并与探索频道（探索频道、动物星球、TLC、HGTV、美食网等）合并。这家只提供内容的公司自愿切断了司法部批评为轻松垄断资金的链接。由于反竞争捆绑的指控，它被认为不值得麻烦。AT&amp;T股东获得了430亿美元，不到三年前AT&amp;T为时代华纳花费的1000亿美元（债务和股权）的一半。事实证明，政府反竞争纵向一体化的设想是一种幻想。</blockquote></p><p></p><p> AT&amp;T’s maneuvers deserve whatever scorn billions in shareholder losses can buy. A cynic might offer that antitrust laws be beefed up to protect against such corporate errors, ignoring that economic penalties—more reliable and harsher than whatever antitrust enforcers might deal—are visibly in place. But little note has been made of the ironic political saga. Policymakers are moving full throttle to enact statutes to beef up antitrust prosecution in tech for exactly what AT&amp;T so spectacularly failed to do in video.&nbsp; Rep. Pramila Jayapal (D-Wash.) and Rep. Lance Gooden (R-Texas) introduced the “Ending Monopoly Platforms Act” that would restrict vertical mergers in online services, for example. At least five other bills for new antitrust rules have been introduced.</p><p><blockquote>美国电话电报公司的策略值得数十亿股东损失所能买到的任何蔑视。愤世嫉俗者可能会建议加强反垄断法，以防止此类企业错误，而忽视了经济处罚——比反垄断执法者可能处理的任何事情都更可靠、更严厉——显然已经到位。但是很少有人注意到这个具有讽刺意味的政治传奇。政策制定者正在全力以赴制定法规，加强科技领域的反垄断起诉，这正是美国电话电报公司在视频领域未能做到的。众议员普拉米拉·贾亚帕尔（D-Wash。）和众议员兰斯·古登（R-Texas）提出了“结束垄断平台法案”，例如，该法案将限制在线服务的垂直合并。至少还有五项新的反垄断规则法案已经出台。</blockquote></p><p> Not only can such policies be expensive legal diversions, they can block the innovations igniting exciting new choices for customers. Netflix has integrated from streaming into movie production, after launching Roku. Hulu was created by News Corp. (Fox) and NBC-Universal (Comcast).&nbsp;Amazon Prime Video, Sling, YouTube TV, Apple TV, Disney Plus, HBO Max and Paramount Plus—each has extended a large media or e-commerce platform. Each evolved from a quest for better products. Treating entrepreneurship as suspect puts the screws to just the disruptions now roiling online entertainment markets. AT&amp;T learned the hard way that owning complementary products is no guarantee of success. </p><p><blockquote>此类政策不仅可能是昂贵的法律转移，还可能阻碍为客户带来令人兴奋的新选择的创新。在推出Roku后，Netflix已从流媒体融入电影制作。Hulu是由新闻集团（Fox）和NBC-Universal（Comcast）创建的。Amazon Prime Video、Sling、YouTube TV、苹果TV、Disney Plus、HBO Max和Paramount Plus——每个都扩展了一个大型媒体或电子商务平台。每一个都是从对更好产品的追求演变而来的。将企业家精神视为嫌疑人只会加剧目前扰乱在线娱乐市场的混乱。美国电话电报公司惨痛地认识到，拥有互补产品并不能保证成功。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/antitrust-activists-want-to-go-full-throttle-heres-a-lesson-they-should-consider-first-51627509048?mod=hp_COMMENTARY_3\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.barrons.com/articles/antitrust-activists-want-to-go-full-throttle-heres-a-lesson-they-should-consider-first-51627509048?mod=hp_COMMENTARY_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154216466","content_text":"About the author: Thomas W. Hazlett is H.H. Macaulay endowed professor of economics at Clemson University, and previously served as chief economist of the Federal Communications Commission. His latest book isThe Political Spectrum: The Tumultuous Liberation of Wireless Technologies, from Herbert Hoover to the Smartphone.\nBig Tech is in the antitrust hot seat. But before the Department of Justice tries to break up companies likeGoogleorApple,it should recall the history, and eventual outcome, of theAT&T-Time Warner merger.\nThe DOJ expended extensive time and resources to stop AT&T’s acquisition of Time Warner, marking the department’s first challenge to a major vertical merger in over 40 years. The government was unsuccessful despite its best efforts, which included an appeal to the D.C. Circuit, and time reveals that its concerns were evidently misplaced all along. The merger did not result in higher prices, program blackouts, or even any appreciable advantage for the companies.\nIn October 2016 AT&Tannouncedits plan to buy Time Warner.  Donald Trump’s presidential campaign trashed the merger in a statement:  “AT&T … is now trying to buy Time Warner and thus the wildly anti-Trump CNN. Donald Trump would never approve such a deal.”  With Trump in office, the DOJ moved to block it.\nIn 2017, the DOJ went to court tocomplainthat the merger would “substantially lessen competition in video” by allowing AT&T to “use Time Warner’s ‘must have’” networks like CNN, TNT, TBS, and HBO to raise fees charged to rival cable TV distributors like Comcast or DISH. AT&T, which had acquired national satellite operator DirecTV, could threaten “blackouts” depriving rival distributors of key programs—their subscribers would then quit and flock to DirecTV (AT&T) so as to keep watching CNN or the NBA Playoffs on TNT. Not only would major TV and cable systems be hurt, but emerging online streaming services would be crushed.\nThe government’s case focused on “vertical leveraging,” where a company uses two complementary products to make it more difficult for rivals to compete in the individual markets. Here, AT&T was combining video content creation with video program distribution; the allegation was that competitors in either segment might be hurt. Yet there are clear efficiencies to be had, as widely found in studies of vertically integrated firms, with joint operations boosting consumer happiness. Buyers at Costco eagerly snap up Costco-supplied Kirkland products—which the retailer stocks in place of those of some independent producers—if they improve price or quality. So facts, not just a story, are needed.  District Court Judge Richard J. Leonfoundthat the DOJ case “falls far short of establishing the validity of its… theory.”\nAside from the political overtones of the case, there was good historical reason to doubt the official complaint. A cable TV programmer combined with (or split from) a video distributor several times in recent years. Vertical integration did not cause higher prices, as shown by econometric analysis. Nor did vertical integration lead to “blackouts,” as the DOJ conceded. A three-judge panel of the D.C. Circuit confirmed Judge Leon’s opinion, finding that “the industry had become dynamic in recent years with the emergence, for example, of Netflix and Hulu.”\nOwning DirecTV and Time Warner together turned out to be not much advantage, let alone a monopoly. Despite a huge boost in pandemic demand for video content, rivals soon dined on AT&T-Time Warner’s lunch. When AT&T bought DirecTV in 2015, it paid $67 billion. In February 2021, with DirecTV’s satellite subscriber base collapsing, the spun-off operation wasvaluedat $16.3 billion.\nAnd AT&Tthen unloaded the video assets of Time Warner. A new enterprise—Warner Bros. Discovery—is being spun off and merged with Discovery (Discovery Channel, Animal Planet, TLC, HGTV, the Food Networkand more). The content-only firm voluntarily severs the link the DOJ critiqued as easy monopoly money. With the allegations of anticompetitive bundling, it has been cast off as not worth the trouble.AT&T shareholders receive $43 billion, less than half the $100 billion AT&T expended (in debt and equity) for Time Warner three years ago. The government’s scenario of anti-competitive vertical integration proved a fantasy.\nAT&T’s maneuvers deserve whatever scorn billions in shareholder losses can buy. A cynic might offer that antitrust laws be beefed up to protect against such corporate errors, ignoring that economic penalties—more reliable and harsher than whatever antitrust enforcers might deal—are visibly in place. But little note has been made of the ironic political saga. Policymakers are moving full throttle to enact statutes to beef up antitrust prosecution in tech for exactly what AT&T so spectacularly failed to do in video.  Rep. Pramila Jayapal (D-Wash.) and Rep. Lance Gooden (R-Texas) introduced the “Ending Monopoly Platforms Act” that would restrict vertical mergers in online services, for example. At least five other bills for new antitrust rules have been introduced.\nNot only can such policies be expensive legal diversions, they can block the innovations igniting exciting new choices for customers. Netflix has integrated from streaming into movie production, after launching Roku. Hulu was created by News Corp. (Fox) and NBC-Universal (Comcast). Amazon Prime Video, Sling, YouTube TV, Apple TV, Disney Plus, HBO Max and Paramount Plus—each has extended a large media or e-commerce platform. Each evolved from a quest for better products. Treating entrepreneurship as suspect puts the screws to just the disruptions now roiling online entertainment markets. AT&T learned the hard way that owning complementary products is no guarantee of success.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":696,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177559988,"gmtCreate":1627254575644,"gmtModify":1633766950062,"author":{"id":"3584860762907200","authorId":"3584860762907200","name":"littlekitten","avatar":"https://static.tigerbbs.com/ccd59ff6c96999c839e3b5709cfb00ef","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584860762907200","idStr":"3584860762907200"},"themes":[],"title":"","htmlText":"Cool!","listText":"Cool!","text":"Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/177559988","repostId":"1176552691","repostType":4,"repost":{"id":"1176552691","kind":"news","pubTimestamp":1627183789,"share":"https://www.laohu8.com/m/news/1176552691?lang=zh_CN&edition=full","pubTime":"2021-07-25 11:29","market":"us","language":"en","title":"Is IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1176552691","media":"seekingalpha","summary":"Summary\n\nIBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>IBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.</li>  <li>Prior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.</li>  <li>More transparency is needed regarding the Kyndryl spinoff.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c798e0536c6804d44b195f6f349fab5\" tg-width=\"1536\" tg-height=\"1044\" width=\"100%\" height=\"auto\"><span>Ethan Miller/Getty Images News</span></p><p><blockquote><ul><li>随着云收入和营业利润率的改善，IBM第二季度盈利超出了分析师的预期。</li><li>在第一季度之前，IBM连续四个季度收入下降，过去34个季度中有30个季度收入下降。</li><li>Kyndryl分拆需要更多透明度。</li></ul><p class=\"t-img-caption\"><span>伊森·米勒/盖蒂图片社新闻</span></p></blockquote></p><p> International Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.</p><p><blockquote>国际商业机器公司（IBM）是一家转型中的公司。不幸的是，对于投资者来说，这种转变已经持续了十年的大部分时间。这些扭亏为盈的努力包括对云计算和人工智能的投资以及剥离遗留业务。虽然现在有绿芽的迹象，但播下的种子是否落在岩石上还有待观察。</blockquote></p><p> Although the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.</p><p><blockquote>尽管该公司在混合云产品方面拥有快速增长的业务，并在量子计算方面拥有潜在的增长引擎，但它面临着前一个行业的激烈竞争和后一个行业的不确定前景。该公司的大多数其他业务都处于低迷状态，因此IBM的增长前景不明朗。</blockquote></p><p> What is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.</p><p><blockquote>可以肯定的是，截至今天，IBM的债务负担合理且不断减少，自由现金流强劲。</blockquote></p><p> Management is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.</p><p><blockquote>管理层正试图通过专注于公司的云产品来部分解决增长问题，同时剥离其托管基础设施业务。该公司将被命名为Kyndryl。然而，新实体将承担的债务以及其将承担的当前股息部分尚未透露。</blockquote></p><p> <b>Recent Quarterly Results</b></p><p><blockquote><b>最近季度业绩</b></blockquote></p><p> IBM&nbsp;reported&nbsp;Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.</p><p><blockquote>IBM上周一公布了第二季度业绩。该公司的非GAAP每股收益为2.33美元，超出预期0.04美元。</blockquote></p><p> Revenue of $18.7 billion was flat when adjusted for currency and divestitures.</p><p><blockquote>经货币和资产剥离调整后，营收为187亿美元，持平。</blockquote></p><p> The negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.</p><p><blockquote>该报告的负面影响是系统收入下降了7%。然而，这主要是由于正常的IBM Z大型机周期，同比下降13%。</blockquote></p><p> The global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.</p><p><blockquote>全球融资部门在总收入中所占比例较低，下降了9%。全球技术服务约占总收入的三分之一，并将主要分拆为Kyndryl，但增长平缓。</blockquote></p><p> The positive side of the report had Cloud &amp; Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.</p><p><blockquote>该报告的积极一面是云和认知软件云收入增长了29%，全球商业服务云收入增长了35%。过去12个月，云总收入为270亿美元，增长了15%，而本季度云收入增长了13%，达到70亿美元。</blockquote></p><p> Net cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.</p><p><blockquote>过去12个月，经营活动产生的净现金达到177亿美元，调整后的自由现金流总计110亿美元。</blockquote></p><p> Since year-end 2020, the company has reduced debt by $6.4 billion.</p><p><blockquote>自2020年底以来，该公司已减少债务64亿美元。</blockquote></p><p> Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021.</p><p><blockquote>2021年调整后自由现金流110亿至120亿美元的管理指南。</blockquote></p><p> <b>Where IBM Stands Tall</b></p><p><blockquote><b>IBM屹立不倒的地方</b></blockquote></p><p> IBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.</p><p><blockquote>许多人认为IBM往好了说是一家三流IT公司，往坏了说是一只濒临灭绝的恐龙。</blockquote></p><p> It is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.</p><p><blockquote>很明显，该公司的收入多年来一直在下降；然而，为了准确评估该股票，投资者必须了解IBM的传统业务有许多优势。</blockquote></p><p> For example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.</p><p><blockquote>例如，IBM是世界上最大的IT服务公司，也是大型机的主要提供商。在财富50强公司中，有47家是IBM的客户。</blockquote></p><p> Half of the world’s wireless connections are handled by the firm.</p><p><blockquote>世界上一半的无线连接由该公司处理。</blockquote></p><p> IBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.</p><p><blockquote>IBM的大型机系统处理全球近90%的信用卡交易，97%的全球最大银行依赖IBM的产品和服务。因此，每年使用IBM系统处理290亿笔ATM交易。</blockquote></p><p> Eight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.</p><p><blockquote>十分之八的全球零售商依赖IBM的产品和服务，而80%的旅游业预订通过IBM系统进行。这导致使用该公司的IT服务处理40亿次航班预订。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ace4f1436fd2697c5ad266b5017e1dd\" tg-width=\"960\" tg-height=\"721\" width=\"100%\" height=\"auto\"><span>Source: Forbes</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：福布斯</span></p></blockquote></p><p> It is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.</p><p><blockquote>很明显，IBM拥有庞大的客户群，提供了大规模的经常性收入。在许多情况下，转向竞争对手的产品意味着冒着敏感信息转移的风险，而许多人不愿意采取这一举措。</blockquote></p><p> However, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.</p><p><blockquote>然而，随着向云服务和开源软件的过渡，越来越多的公司采用混合搭配的IT基础设施。反过来，这正在侵蚀IBM与客户转换成本相关的竞争优势。</blockquote></p><p> <b>The Sources Of Potential Growth</b></p><p><blockquote><b>潜在增长的来源</b></blockquote></p><p></p><p> Investors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh&nbsp;provided insight&nbsp;into how hybrid cloud drives revenue in some of IBM’s other divisions.</p><p><blockquote>投资者普遍了解IBM通过其混合云产品推动增长的努力。然而，在摩根大通最近的投资者会议上，首席财务官吉姆·卡瓦诺（Jim Kavanaugh）就混合云如何推动IBM其他一些部门的收入提供了见解。</blockquote></p><p>   For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall.  Of course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.</p><p><blockquote>我们在混合云平台上每投入1美元（业务），我们就会看到3到5美元的软件拖累和6到8美元的服务拖累。当然，Kavanaugh使用drag来指的是与采用IBM混合云相关的软件和服务收入的增加。如果卡瓦诺的说法准确，这意味着在该公司混合云平台上花费的每一美元都可以从该公司的软件和服务产品中获得9至13美元的额外收入。</blockquote></p><p> Because hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.</p><p><blockquote>由于混合云混合使用内部私有云和公共云服务，因此它为客户提供了一定程度的数据隐私。这是医疗保健和金融服务客户特别关注的问题。因此，我认为IBM在与其他混合云提供商的竞争中可能具有优势，因为它在这些行业中拥有广泛的关系。</blockquote></p><p> I reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm&nbsp;forecasts&nbsp;a CAGR of 18.73% from 2021 through 2026.</p><p><blockquote>我回顾了关于混合云市场预计增长率的各种预测。最近的研究，也属于其他预测的中间，是由魔多情报局进行的。该公司预测2021年至2026年的复合年增长率为18.73%。</blockquote></p><p> Investors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.</p><p><blockquote>投资者应该知道，该领域的主要运营商是思科(CSCO)、惠普(HPE)、亚马逊(AMZN)、思杰系统(CTXS)和IBM。</blockquote></p><p> The following chart provides a record of the firm’s total cloud growth over the last six quarters.</p><p><blockquote>下图提供了该公司过去六个季度的总云增长记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5fc85156e70f6caf8ae809f76126a723\" tg-width=\"576\" tg-height=\"336\" width=\"100%\" height=\"auto\"><span>Source: Company reports / Chart by Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司报告/作者图表</span></p></blockquote></p><p> Aside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.</p><p><blockquote>除了云之外，还有另一个潜在增长的来源，尽管它不太可能很快实现。</blockquote></p><p> Early in 2019, IBM&nbsp;introduced&nbsp;the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.</p><p><blockquote>2019年初，IBM推出了Q System One。IBM Q systems是世界上第一台专为科学和商业用途而设计的量子计算机。</blockquote></p><p> Pardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence&nbsp;forecasts&nbsp;a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.</p><p><blockquote>原谅我的双关语，但量子计算机代表了技术的巨大飞跃。Prescient And Strategic Intelligence预测，到2030年，该行业的CAGR将达到56%，量子计算机市场份额将达到近650亿美元。</blockquote></p><p> For additional insights regarding quantum computing and IBM’s position within that industry, I point you to&nbsp;my article, “IBM: Why My Eye Is Fixed On Big Blue.”</p><p><blockquote>有关量子计算和IBM在该行业中的地位的更多见解，我向您推荐我的文章“IBM：为什么我的眼睛盯着蓝色巨人”。</blockquote></p><p> <b>Understanding Kyndryl</b></p><p><blockquote><b>了解Kyndryl</b></blockquote></p><p> Once&nbsp;Kyndryl&nbsp;is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.</p><p><blockquote>Kyndryl一旦上市，将在115个国家拥有9万多名员工和4600多家客户。新实体的服务积压量为600亿美元，预计收入为190亿美元。该公司的规模是最接近的竞争对手的两倍，将成为全球最大的托管基础设施服务提供商。</blockquote></p><p> The split will&nbsp;transform&nbsp;IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.</p><p><blockquote>此次分拆将使IBM从一家一半收入来自服务的公司转变为一家软件和解决方案业务经常性收入超过一半的公司。</blockquote></p><p> Global Business Services, which currently constitutes 22% of the company’s revenue, will&nbsp;account&nbsp;for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.</p><p><blockquote>全球商业服务目前占公司收入的22%，将占销售额的40%以上。值得注意的是，该部门上季度的收入同比增长了12%。</blockquote></p><p> IBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.</p><p><blockquote>IBM将保留Red Hat及其解决方案提供商业务、系统业务、关键任务公共云服务，以及专注于大数据、人工智能和安全的软件组合。</blockquote></p><p> Initially, the two companies will each be the largest customer of the other.</p><p><blockquote>最初，两家公司将各自成为对方的最大客户。</blockquote></p><p> What remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.</p><p><blockquote>关于分拆，尚待了解的是每家公司将承担多少债务，以及公司将支付的股息份额。克里希纳表示，两家公司将共同努力维持目前的支付水平。</blockquote></p><p> <b>Has IBM Turned The Corner?</b></p><p><blockquote><b>IBM转危为安了吗？</b></blockquote></p><p> Anyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.</p><p><blockquote>任何关注IBM的人都知道该公司经历了长期的糟糕业绩。下图提供了该公司过去十四个季度的季度自由现金流记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60cc8b82052f97dd449205999ee30711\" tg-width=\"577\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Data from ycharts / chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：数据来自ycharts/作者图表</span></p></blockquote></p><p> While this is not proof positive that the company is back on track, the recent trend is at least encouraging.</p><p><blockquote>虽然这并不能证明该公司重回正轨，但最近的趋势至少令人鼓舞。</blockquote></p><p> In 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.</p><p><blockquote>2020年，IBM产生了108亿美元的自由现金流。2021年调整后自由现金流110亿至120亿美元的管理指南。这不包括与Kyndryl分拆相关的30亿美元结构性影响。</blockquote></p><p> The CEO&nbsp;recently stated&nbsp;he expects IBM to generate $12 billion to $13 billion in FCF in 2022.</p><p><blockquote>这位首席执行官最近表示，他预计IBM将在2022年产生120亿至130亿美元的自由现金流。</blockquote></p><p> <b>Debt And Dividend</b></p><p><blockquote><b>债务和股息</b></blockquote></p><p></p><p> While investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.</p><p><blockquote>虽然投资者可以理所当然地抱怨多年来的各种管理层举措，但该公司在进行多项收购的同时保持了合理的债务状况。</blockquote></p><p> The company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.</p><p><blockquote>自2019年年中达到峰值以来，该公司已将债务减少了约180亿美元。IBM维持投资级信用评级，下图记录了该公司最近偿还债务的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b73e613157c486a5f5e8306546121971\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Source: IBM Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：IBM演示文稿</span></p></blockquote></p><p> IBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.</p><p><blockquote>IBM的收益率为4.64%，派息率略低于61%，5年股息增长率为4.26%。如前所述，Kyndryl分拆后，两家公司将合作提供相当于当前股息的派息。</blockquote></p><p> <b>Is IBM Stock Overvalued?</b></p><p><blockquote><b>IBM股票是否被高估？</b></blockquote></p><p> IBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.</p><p><blockquote>IBM股价交易价格为141.13美元。8位分析师的平均12个月目标价为153.50美元。自上次收益报告以来，对该股进行评级的3位分析师的目标价为151.33美元。</blockquote></p><p> IBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.</p><p><blockquote>IBM的市盈率为24.05倍，远期市盈率为17.67倍。相比之下，其五年平均值分别为16.42倍和13.25倍。这远低于行业平均水平，这两个指标都在三十左右。</blockquote></p><p> The 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.</p><p><blockquote>Seeking Alpha Premium提供的3至5年期PEG为1.16倍。嘉信理财计算的PEG为1.49倍，雅虎没有提供PEG比率。</blockquote></p><p> I believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.</p><p><blockquote>我相信该股目前的市盈率反映了投资者对分拆完成后IBM增长加速的预期。PEG比率显示该股票估值合理。</blockquote></p><p> <b>Is IBM Stock A Good Long-Term Investment?</b></p><p><blockquote><b>IBM股票是一项不错的长期投资吗？</b></blockquote></p><p> IBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.</p><p><blockquote>IBM在全球许多最大的公司中有着根深蒂固但不断发展的地位。不幸的是，被视为该公司主要增长途径的云也可能导致该公司一些遗留业务的缓慢恶化。</blockquote></p><p> That the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.</p><p><blockquote>云业务一直在快速增长是显而易见的：IBM现在拥有超过3,200个客户使用该公司的混合云平台。这几乎是收购红帽之前的四倍。</blockquote></p><p> If management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.</p><p><blockquote>如果管理层的说法准确，混合云平台将为软件和服务部门的收入带来强劲增长。结合Kyndryl缓慢增长的托管基础设施服务业务的分拆，有理由相信IBM将见证增长。</blockquote></p><p> IBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.</p><p><blockquote>IBM拥有稳健的资产负债表和强劲的收益率，当使用PEG比率作为股票估值的基础时，该股的交易价格略有折扣。</blockquote></p><p> All considered, I rate IBM as a BUY.</p><p><blockquote>综合考虑，我对IBM的评级为买入。</blockquote></p><p> I think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.</p><p><blockquote>我认为中短期最糟糕的情况是公司增长缓慢，而投资者则获得相当强劲的股息。</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 IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-25 11:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>IBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.</li>  <li>Prior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.</li>  <li>More transparency is needed regarding the Kyndryl spinoff.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c798e0536c6804d44b195f6f349fab5\" tg-width=\"1536\" tg-height=\"1044\" width=\"100%\" height=\"auto\"><span>Ethan Miller/Getty Images News</span></p><p><blockquote><ul><li>随着云收入和营业利润率的改善，IBM第二季度盈利超出了分析师的预期。</li><li>在第一季度之前，IBM连续四个季度收入下降，过去34个季度中有30个季度收入下降。</li><li>Kyndryl分拆需要更多透明度。</li></ul><p class=\"t-img-caption\"><span>伊森·米勒/盖蒂图片社新闻</span></p></blockquote></p><p> International Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.</p><p><blockquote>国际商业机器公司（IBM）是一家转型中的公司。不幸的是，对于投资者来说，这种转变已经持续了十年的大部分时间。这些扭亏为盈的努力包括对云计算和人工智能的投资以及剥离遗留业务。虽然现在有绿芽的迹象，但播下的种子是否落在岩石上还有待观察。</blockquote></p><p> Although the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.</p><p><blockquote>尽管该公司在混合云产品方面拥有快速增长的业务，并在量子计算方面拥有潜在的增长引擎，但它面临着前一个行业的激烈竞争和后一个行业的不确定前景。该公司的大多数其他业务都处于低迷状态，因此IBM的增长前景不明朗。</blockquote></p><p> What is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.</p><p><blockquote>可以肯定的是，截至今天，IBM的债务负担合理且不断减少，自由现金流强劲。</blockquote></p><p> Management is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.</p><p><blockquote>管理层正试图通过专注于公司的云产品来部分解决增长问题，同时剥离其托管基础设施业务。该公司将被命名为Kyndryl。然而，新实体将承担的债务以及其将承担的当前股息部分尚未透露。</blockquote></p><p> <b>Recent Quarterly Results</b></p><p><blockquote><b>最近季度业绩</b></blockquote></p><p> IBM&nbsp;reported&nbsp;Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.</p><p><blockquote>IBM上周一公布了第二季度业绩。该公司的非GAAP每股收益为2.33美元，超出预期0.04美元。</blockquote></p><p> Revenue of $18.7 billion was flat when adjusted for currency and divestitures.</p><p><blockquote>经货币和资产剥离调整后，营收为187亿美元，持平。</blockquote></p><p> The negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.</p><p><blockquote>该报告的负面影响是系统收入下降了7%。然而，这主要是由于正常的IBM Z大型机周期，同比下降13%。</blockquote></p><p> The global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.</p><p><blockquote>全球融资部门在总收入中所占比例较低，下降了9%。全球技术服务约占总收入的三分之一，并将主要分拆为Kyndryl，但增长平缓。</blockquote></p><p> The positive side of the report had Cloud &amp; Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.</p><p><blockquote>该报告的积极一面是云和认知软件云收入增长了29%，全球商业服务云收入增长了35%。过去12个月，云总收入为270亿美元，增长了15%，而本季度云收入增长了13%，达到70亿美元。</blockquote></p><p> Net cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.</p><p><blockquote>过去12个月，经营活动产生的净现金达到177亿美元，调整后的自由现金流总计110亿美元。</blockquote></p><p> Since year-end 2020, the company has reduced debt by $6.4 billion.</p><p><blockquote>自2020年底以来，该公司已减少债务64亿美元。</blockquote></p><p> Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021.</p><p><blockquote>2021年调整后自由现金流110亿至120亿美元的管理指南。</blockquote></p><p> <b>Where IBM Stands Tall</b></p><p><blockquote><b>IBM屹立不倒的地方</b></blockquote></p><p> IBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.</p><p><blockquote>许多人认为IBM往好了说是一家三流IT公司，往坏了说是一只濒临灭绝的恐龙。</blockquote></p><p> It is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.</p><p><blockquote>很明显，该公司的收入多年来一直在下降；然而，为了准确评估该股票，投资者必须了解IBM的传统业务有许多优势。</blockquote></p><p> For example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.</p><p><blockquote>例如，IBM是世界上最大的IT服务公司，也是大型机的主要提供商。在财富50强公司中，有47家是IBM的客户。</blockquote></p><p> Half of the world’s wireless connections are handled by the firm.</p><p><blockquote>世界上一半的无线连接由该公司处理。</blockquote></p><p> IBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.</p><p><blockquote>IBM的大型机系统处理全球近90%的信用卡交易，97%的全球最大银行依赖IBM的产品和服务。因此，每年使用IBM系统处理290亿笔ATM交易。</blockquote></p><p> Eight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.</p><p><blockquote>十分之八的全球零售商依赖IBM的产品和服务，而80%的旅游业预订通过IBM系统进行。这导致使用该公司的IT服务处理40亿次航班预订。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ace4f1436fd2697c5ad266b5017e1dd\" tg-width=\"960\" tg-height=\"721\" width=\"100%\" height=\"auto\"><span>Source: Forbes</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：福布斯</span></p></blockquote></p><p> It is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.</p><p><blockquote>很明显，IBM拥有庞大的客户群，提供了大规模的经常性收入。在许多情况下，转向竞争对手的产品意味着冒着敏感信息转移的风险，而许多人不愿意采取这一举措。</blockquote></p><p> However, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.</p><p><blockquote>然而，随着向云服务和开源软件的过渡，越来越多的公司采用混合搭配的IT基础设施。反过来，这正在侵蚀IBM与客户转换成本相关的竞争优势。</blockquote></p><p> <b>The Sources Of Potential Growth</b></p><p><blockquote><b>潜在增长的来源</b></blockquote></p><p></p><p> Investors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh&nbsp;provided insight&nbsp;into how hybrid cloud drives revenue in some of IBM’s other divisions.</p><p><blockquote>投资者普遍了解IBM通过其混合云产品推动增长的努力。然而，在摩根大通最近的投资者会议上，首席财务官吉姆·卡瓦诺（Jim Kavanaugh）就混合云如何推动IBM其他一些部门的收入提供了见解。</blockquote></p><p>   For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall.  Of course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.</p><p><blockquote>我们在混合云平台上每投入1美元（业务），我们就会看到3到5美元的软件拖累和6到8美元的服务拖累。当然，Kavanaugh使用drag来指的是与采用IBM混合云相关的软件和服务收入的增加。如果卡瓦诺的说法准确，这意味着在该公司混合云平台上花费的每一美元都可以从该公司的软件和服务产品中获得9至13美元的额外收入。</blockquote></p><p> Because hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.</p><p><blockquote>由于混合云混合使用内部私有云和公共云服务，因此它为客户提供了一定程度的数据隐私。这是医疗保健和金融服务客户特别关注的问题。因此，我认为IBM在与其他混合云提供商的竞争中可能具有优势，因为它在这些行业中拥有广泛的关系。</blockquote></p><p> I reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm&nbsp;forecasts&nbsp;a CAGR of 18.73% from 2021 through 2026.</p><p><blockquote>我回顾了关于混合云市场预计增长率的各种预测。最近的研究，也属于其他预测的中间，是由魔多情报局进行的。该公司预测2021年至2026年的复合年增长率为18.73%。</blockquote></p><p> Investors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.</p><p><blockquote>投资者应该知道，该领域的主要运营商是思科(CSCO)、惠普(HPE)、亚马逊(AMZN)、思杰系统(CTXS)和IBM。</blockquote></p><p> The following chart provides a record of the firm’s total cloud growth over the last six quarters.</p><p><blockquote>下图提供了该公司过去六个季度的总云增长记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5fc85156e70f6caf8ae809f76126a723\" tg-width=\"576\" tg-height=\"336\" width=\"100%\" height=\"auto\"><span>Source: Company reports / Chart by Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司报告/作者图表</span></p></blockquote></p><p> Aside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.</p><p><blockquote>除了云之外，还有另一个潜在增长的来源，尽管它不太可能很快实现。</blockquote></p><p> Early in 2019, IBM&nbsp;introduced&nbsp;the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.</p><p><blockquote>2019年初，IBM推出了Q System One。IBM Q systems是世界上第一台专为科学和商业用途而设计的量子计算机。</blockquote></p><p> Pardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence&nbsp;forecasts&nbsp;a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.</p><p><blockquote>原谅我的双关语，但量子计算机代表了技术的巨大飞跃。Prescient And Strategic Intelligence预测，到2030年，该行业的CAGR将达到56%，量子计算机市场份额将达到近650亿美元。</blockquote></p><p> For additional insights regarding quantum computing and IBM’s position within that industry, I point you to&nbsp;my article, “IBM: Why My Eye Is Fixed On Big Blue.”</p><p><blockquote>有关量子计算和IBM在该行业中的地位的更多见解，我向您推荐我的文章“IBM：为什么我的眼睛盯着蓝色巨人”。</blockquote></p><p> <b>Understanding Kyndryl</b></p><p><blockquote><b>了解Kyndryl</b></blockquote></p><p> Once&nbsp;Kyndryl&nbsp;is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.</p><p><blockquote>Kyndryl一旦上市，将在115个国家拥有9万多名员工和4600多家客户。新实体的服务积压量为600亿美元，预计收入为190亿美元。该公司的规模是最接近的竞争对手的两倍，将成为全球最大的托管基础设施服务提供商。</blockquote></p><p> The split will&nbsp;transform&nbsp;IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.</p><p><blockquote>此次分拆将使IBM从一家一半收入来自服务的公司转变为一家软件和解决方案业务经常性收入超过一半的公司。</blockquote></p><p> Global Business Services, which currently constitutes 22% of the company’s revenue, will&nbsp;account&nbsp;for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.</p><p><blockquote>全球商业服务目前占公司收入的22%，将占销售额的40%以上。值得注意的是，该部门上季度的收入同比增长了12%。</blockquote></p><p> IBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.</p><p><blockquote>IBM将保留Red Hat及其解决方案提供商业务、系统业务、关键任务公共云服务，以及专注于大数据、人工智能和安全的软件组合。</blockquote></p><p> Initially, the two companies will each be the largest customer of the other.</p><p><blockquote>最初，两家公司将各自成为对方的最大客户。</blockquote></p><p> What remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.</p><p><blockquote>关于分拆，尚待了解的是每家公司将承担多少债务，以及公司将支付的股息份额。克里希纳表示，两家公司将共同努力维持目前的支付水平。</blockquote></p><p> <b>Has IBM Turned The Corner?</b></p><p><blockquote><b>IBM转危为安了吗？</b></blockquote></p><p> Anyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.</p><p><blockquote>任何关注IBM的人都知道该公司经历了长期的糟糕业绩。下图提供了该公司过去十四个季度的季度自由现金流记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60cc8b82052f97dd449205999ee30711\" tg-width=\"577\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Data from ycharts / chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：数据来自ycharts/作者图表</span></p></blockquote></p><p> While this is not proof positive that the company is back on track, the recent trend is at least encouraging.</p><p><blockquote>虽然这并不能证明该公司重回正轨，但最近的趋势至少令人鼓舞。</blockquote></p><p> In 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.</p><p><blockquote>2020年，IBM产生了108亿美元的自由现金流。2021年调整后自由现金流110亿至120亿美元的管理指南。这不包括与Kyndryl分拆相关的30亿美元结构性影响。</blockquote></p><p> The CEO&nbsp;recently stated&nbsp;he expects IBM to generate $12 billion to $13 billion in FCF in 2022.</p><p><blockquote>这位首席执行官最近表示，他预计IBM将在2022年产生120亿至130亿美元的自由现金流。</blockquote></p><p> <b>Debt And Dividend</b></p><p><blockquote><b>债务和股息</b></blockquote></p><p></p><p> While investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.</p><p><blockquote>虽然投资者可以理所当然地抱怨多年来的各种管理层举措，但该公司在进行多项收购的同时保持了合理的债务状况。</blockquote></p><p> The company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.</p><p><blockquote>自2019年年中达到峰值以来，该公司已将债务减少了约180亿美元。IBM维持投资级信用评级，下图记录了该公司最近偿还债务的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b73e613157c486a5f5e8306546121971\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Source: IBM Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：IBM演示文稿</span></p></blockquote></p><p> IBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.</p><p><blockquote>IBM的收益率为4.64%，派息率略低于61%，5年股息增长率为4.26%。如前所述，Kyndryl分拆后，两家公司将合作提供相当于当前股息的派息。</blockquote></p><p> <b>Is IBM Stock Overvalued?</b></p><p><blockquote><b>IBM股票是否被高估？</b></blockquote></p><p> IBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.</p><p><blockquote>IBM股价交易价格为141.13美元。8位分析师的平均12个月目标价为153.50美元。自上次收益报告以来，对该股进行评级的3位分析师的目标价为151.33美元。</blockquote></p><p> IBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.</p><p><blockquote>IBM的市盈率为24.05倍，远期市盈率为17.67倍。相比之下，其五年平均值分别为16.42倍和13.25倍。这远低于行业平均水平，这两个指标都在三十左右。</blockquote></p><p> The 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.</p><p><blockquote>Seeking Alpha Premium提供的3至5年期PEG为1.16倍。嘉信理财计算的PEG为1.49倍，雅虎没有提供PEG比率。</blockquote></p><p> I believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.</p><p><blockquote>我相信该股目前的市盈率反映了投资者对分拆完成后IBM增长加速的预期。PEG比率显示该股票估值合理。</blockquote></p><p> <b>Is IBM Stock A Good Long-Term Investment?</b></p><p><blockquote><b>IBM股票是一项不错的长期投资吗？</b></blockquote></p><p> IBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.</p><p><blockquote>IBM在全球许多最大的公司中有着根深蒂固但不断发展的地位。不幸的是，被视为该公司主要增长途径的云也可能导致该公司一些遗留业务的缓慢恶化。</blockquote></p><p> That the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.</p><p><blockquote>云业务一直在快速增长是显而易见的：IBM现在拥有超过3,200个客户使用该公司的混合云平台。这几乎是收购红帽之前的四倍。</blockquote></p><p> If management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.</p><p><blockquote>如果管理层的说法准确，混合云平台将为软件和服务部门的收入带来强劲增长。结合Kyndryl缓慢增长的托管基础设施服务业务的分拆，有理由相信IBM将见证增长。</blockquote></p><p> IBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.</p><p><blockquote>IBM拥有稳健的资产负债表和强劲的收益率，当使用PEG比率作为股票估值的基础时，该股的交易价格略有折扣。</blockquote></p><p> All considered, I rate IBM as a BUY.</p><p><blockquote>综合考虑，我对IBM的评级为买入。</blockquote></p><p> I think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.</p><p><blockquote>我认为中短期最糟糕的情况是公司增长缓慢，而投资者则获得相当强劲的股息。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4440996-is-ibm-stock-undervalued-overvalued\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IBM":"IBM"},"source_url":"https://seekingalpha.com/article/4440996-is-ibm-stock-undervalued-overvalued","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176552691","content_text":"Summary\n\nIBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.\nPrior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.\nMore transparency is needed regarding the Kyndryl spinoff.\n\nEthan Miller/Getty Images News\nInternational Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.\nAlthough the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.\nWhat is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.\nManagement is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.\nRecent Quarterly Results\nIBM reported Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.\nRevenue of $18.7 billion was flat when adjusted for currency and divestitures.\nThe negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.\nThe global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.\nThe positive side of the report had Cloud & Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.\nNet cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.\nSince year-end 2020, the company has reduced debt by $6.4 billion.\nManagement guides for adjusted free cash flow of $11 billion to $12 billion in 2021.\nWhere IBM Stands Tall\nIBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.\nIt is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.\nFor example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.\nHalf of the world’s wireless connections are handled by the firm.\nIBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.\nEight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.\nSource: Forbes\nIt is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.\nHowever, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.\nThe Sources Of Potential Growth\nInvestors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh provided insight into how hybrid cloud drives revenue in some of IBM’s other divisions.\n\n For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall.\n\nOf course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.\nBecause hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.\nI reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm forecasts a CAGR of 18.73% from 2021 through 2026.\nInvestors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.\nThe following chart provides a record of the firm’s total cloud growth over the last six quarters.\nSource: Company reports / Chart by Author\nAside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.\nEarly in 2019, IBM introduced the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.\nPardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence forecasts a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.\nFor additional insights regarding quantum computing and IBM’s position within that industry, I point you to my article, “IBM: Why My Eye Is Fixed On Big Blue.”\nUnderstanding Kyndryl\nOnce Kyndryl is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.\nThe split will transform IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.\nGlobal Business Services, which currently constitutes 22% of the company’s revenue, will account for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.\nIBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.\nInitially, the two companies will each be the largest customer of the other.\nWhat remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.\nHas IBM Turned The Corner?\nAnyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.\nSource: Data from ycharts / chart by author\nWhile this is not proof positive that the company is back on track, the recent trend is at least encouraging.\nIn 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.\nThe CEO recently stated he expects IBM to generate $12 billion to $13 billion in FCF in 2022.\nDebt And Dividend\nWhile investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.\nThe company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.\nSource: IBM Presentation\nIBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.\nIs IBM Stock Overvalued?\nIBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.\nIBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.\nThe 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.\nI believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.\nIs IBM Stock A Good Long-Term Investment?\nIBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.\nThat the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.\nIf management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.\nIBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.\nAll considered, I rate IBM as a BUY.\nI think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.","news_type":1,"symbols_score_info":{"IBM":0.9}},"isVote":1,"tweetType":1,"viewCount":695,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}