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2021-08-06

Good read

Warren Buffett-Backed BYD Sold More EVs In July Than Nio, Xpeng, Li's Combined Deliveries<blockquote>巴菲特支持的比亚迪 7 月份电动汽车销量超过了蔚来、小鹏和理想的总交付量</blockquote>

2021-06-16

Good insight.

Tesla Bulls Look for Stock Catalysts. They Found Three.<blockquote>特斯拉多头寻找股票催化剂。他们找到了三个。</blockquote>

2021-08-26

Good

抱歉，原内容已删除

2021-07-01

Good read

Amazon: Undervalued With Potential Upside Of 25%<blockquote>亚马逊：被低估，潜在上涨空间为 25%</blockquote>

2021-06-18

Good read

Looking for hedges against inflation? Try Apple, Nike, Verizon and stocks with this in common, strategists say<blockquote>寻找对冲通货膨胀的工具？策略师表示，尝试苹果、耐克、威瑞森和有这些共同点的股票</blockquote>

2021-06-14

$Huntington Bancshares Inc(HBANM)$Goodread

2021-06-13

Thank tou

抱歉，原内容已删除

2021-08-07

👍

抱歉，原内容已删除

2021-07-13

Good

Dow narrowly misses first close at 35,000 but all 3 stock indexes log back-to-back record finishes ahead of bank earnings<blockquote>道琼斯指数以微弱劣势错失首次收盘价 35,000 点，但所有 3 个股指均在银行财报公布前连续创纪录收盘</blockquote>

2021-07-01

Good read

Amazon: Undervalued With Potential Upside Of 25%<blockquote>亚马逊：被低估，潜在上涨空间为 25%</blockquote>

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Day，估计老美和国内也差不多，趁着促销打折买不少东西，大类服装肯定少不了，所以7月服装和在线消费都少了呗，但是亚麻就不知道淘宝双十一后面还有个双十二？？？就不会搞个返场？？再看下6月数据，电子和电器大涨，汽车和家装大跌再看下近几个月的零售环比数据看没看出来？有没有一种感觉？恐怖数据确实恐怖，赤裸裸的展现出美国人民饥一顿饱一顿的生活状态。老百姓都这样过日子了，Delta疫情还控制不住，通胀还越来越高，睡王拜登估计现在在总统宝座上也是如坐针毡啊，喊话OPEC+提高产量也没人搭理，阿富汗买办政府说完蛋就完蛋，现在只要鲍爷在全力支持美国政府，所以药不能停！舞还得跳！ Worldmeters单日新增病例：美国9.5万，印度3.5万，巴西3.7万，俄罗斯2万，法国2.8万，英国2.6万，伊朗5万，印尼2万。最早在9月！美国计划开打疫苗加强针。在发现1例新冠确诊病例后，新西兰宣布全国进入封锁。Moderna，辉瑞，BioNTec","listText":"你说奇怪不奇怪，号称恐怖数据的美国7月零售销售环比减少1.1%，预期减少0.3%，前值增加0.6%。说明经济恢复没有想象的好，老百姓不愿意消费。可这个雷其实周五的消费者信心指数就已经爆过一次了，为什么上周五三大指数V型反弹，背后的逻辑是经济恢复缓慢，疫情影响慢慢体现出来，美联储还会买买买，QE收紧的预期会降低，所以市场有了先悲观经济后又暗喜经济政策的利好。可昨晚零售数据的公布只演了前半段下跌，后半段却不演了。这种不按照剧本演戏的行为，差评！Delta疫情的影响慢慢体现出来了，疫情纾困金没了，联邦的300元失业补助金也慢慢没了，现在工作也不是，不工作也不是，但地主家也没有余粮了，哪有钱消费呢，从消费类别来看，影响大头是汽车，服装，和非商店零售（在线）。汽车因为芯片短缺价格一直很高，打退了人们的消费欲望，最近几个月销售都在下降。6月有Amazon的Primary Day，估计老美和国内也差不多，趁着促销打折买不少东西，大类服装肯定少不了，所以7月服装和在线消费都少了呗，但是亚麻就不知道淘宝双十一后面还有个双十二？？？就不会搞个返场？？再看下6月数据，电子和电器大涨，汽车和家装大跌再看下近几个月的零售环比数据看没看出来？有没有一种感觉？恐怖数据确实恐怖，赤裸裸的展现出美国人民饥一顿饱一顿的生活状态。老百姓都这样过日子了，Delta疫情还控制不住，通胀还越来越高，睡王拜登估计现在在总统宝座上也是如坐针毡啊，喊话OPEC+提高产量也没人搭理，阿富汗买办政府说完蛋就完蛋，现在只要鲍爷在全力支持美国政府，所以药不能停！舞还得跳！ Worldmeters单日新增病例：美国9.5万，印度3.5万，巴西3.7万，俄罗斯2万，法国2.8万，英国2.6万，伊朗5万，印尼2万。最早在9月！美国计划开打疫苗加强针。在发现1例新冠确诊病例后，新西兰宣布全国进入封锁。Moderna，辉瑞，BioNTec","text":"你说奇怪不奇怪，号称恐怖数据的美国7月零售销售环比减少1.1%，预期减少0.3%，前值增加0.6%。说明经济恢复没有想象的好，老百姓不愿意消费。可这个雷其实周五的消费者信心指数就已经爆过一次了，为什么上周五三大指数V型反弹，背后的逻辑是经济恢复缓慢，疫情影响慢慢体现出来，美联储还会买买买，QE收紧的预期会降低，所以市场有了先悲观经济后又暗喜经济政策的利好。可昨晚零售数据的公布只演了前半段下跌，后半段却不演了。这种不按照剧本演戏的行为，差评！Delta疫情的影响慢慢体现出来了，疫情纾困金没了，联邦的300元失业补助金也慢慢没了，现在工作也不是，不工作也不是，但地主家也没有余粮了，哪有钱消费呢，从消费类别来看，影响大头是汽车，服装，和非商店零售（在线）。汽车因为芯片短缺价格一直很高，打退了人们的消费欲望，最近几个月销售都在下降。6月有Amazon的Primary Day，估计老美和国内也差不多，趁着促销打折买不少东西，大类服装肯定少不了，所以7月服装和在线消费都少了呗，但是亚麻就不知道淘宝双十一后面还有个双十二？？？就不会搞个返场？？再看下6月数据，电子和电器大涨，汽车和家装大跌再看下近几个月的零售环比数据看没看出来？有没有一种感觉？恐怖数据确实恐怖，赤裸裸的展现出美国人民饥一顿饱一顿的生活状态。老百姓都这样过日子了，Delta疫情还控制不住，通胀还越来越高，睡王拜登估计现在在总统宝座上也是如坐针毡啊，喊话OPEC+提高产量也没人搭理，阿富汗买办政府说完蛋就完蛋，现在只要鲍爷在全力支持美国政府，所以药不能停！舞还得跳！ Worldmeters单日新增病例：美国9.5万，印度3.5万，巴西3.7万，俄罗斯2万，法国2.8万，英国2.6万，伊朗5万，印尼2万。最早在9月！美国计划开打疫苗加强针。在发现1例新冠确诊病例后，新西兰宣布全国进入封锁。Moderna，辉瑞，BioNTec","images":[{"img":"https://static.tigerbbs.com/e5336c5f5a49e9c69cbd3e83c1d83d9c","width":"800","height":"566"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/831950962","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":1,"comments":[],"imageCount":4,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2788,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":834264886,"gmtCreate":1629807906845,"gmtModify":1631889924385,"author":{"id":"3586294769337954","authorId":"3586294769337954","name":"20Rose","avatar":"https://static.tigerbbs.com/be5e86f120cf46968b3f070cd2bd360f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586294769337954","idStr":"3586294769337954"},"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/834264886","repostId":"831950962","repostType":1,"repost":{"id":831950962,"gmtCreate":1629281824056,"gmtModify":1744960725185,"author":{"id":"3451627561239325","authorId":"3451627561239325","name":"漫投资","avatar":"https://static.tigerbbs.com/84032dec87e05e119903d285a35661a1","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3451627561239325","idStr":"3451627561239325"},"themes":[],"title":"恐怖数据确实恐怖，赤裸裸的展现出😂","htmlText":"你说奇怪不奇怪，号称恐怖数据的美国7月零售销售环比减少1.1%，预期减少0.3%，前值增加0.6%。说明经济恢复没有想象的好，老百姓不愿意消费。可这个雷其实周五的消费者信心指数就已经爆过一次了，为什么上周五三大指数V型反弹，背后的逻辑是经济恢复缓慢，疫情影响慢慢体现出来，美联储还会买买买，QE收紧的预期会降低，所以市场有了先悲观经济后又暗喜经济政策的利好。可昨晚零售数据的公布只演了前半段下跌，后半段却不演了。这种不按照剧本演戏的行为，差评！Delta疫情的影响慢慢体现出来了，疫情纾困金没了，联邦的300元失业补助金也慢慢没了，现在工作也不是，不工作也不是，但地主家也没有余粮了，哪有钱消费呢，从消费类别来看，影响大头是汽车，服装，和非商店零售（在线）。汽车因为芯片短缺价格一直很高，打退了人们的消费欲望，最近几个月销售都在下降。6月有Amazon的Primary Day，估计老美和国内也差不多，趁着促销打折买不少东西，大类服装肯定少不了，所以7月服装和在线消费都少了呗，但是亚麻就不知道淘宝双十一后面还有个双十二？？？就不会搞个返场？？再看下6月数据，电子和电器大涨，汽车和家装大跌再看下近几个月的零售环比数据看没看出来？有没有一种感觉？恐怖数据确实恐怖，赤裸裸的展现出美国人民饥一顿饱一顿的生活状态。老百姓都这样过日子了，Delta疫情还控制不住，通胀还越来越高，睡王拜登估计现在在总统宝座上也是如坐针毡啊，喊话OPEC+提高产量也没人搭理，阿富汗买办政府说完蛋就完蛋，现在只要鲍爷在全力支持美国政府，所以药不能停！舞还得跳！ Worldmeters单日新增病例：美国9.5万，印度3.5万，巴西3.7万，俄罗斯2万，法国2.8万，英国2.6万，伊朗5万，印尼2万。最早在9月！美国计划开打疫苗加强针。在发现1例新冠确诊病例后，新西兰宣布全国进入封锁。Moderna，辉瑞，BioNTec","listText":"你说奇怪不奇怪，号称恐怖数据的美国7月零售销售环比减少1.1%，预期减少0.3%，前值增加0.6%。说明经济恢复没有想象的好，老百姓不愿意消费。可这个雷其实周五的消费者信心指数就已经爆过一次了，为什么上周五三大指数V型反弹，背后的逻辑是经济恢复缓慢，疫情影响慢慢体现出来，美联储还会买买买，QE收紧的预期会降低，所以市场有了先悲观经济后又暗喜经济政策的利好。可昨晚零售数据的公布只演了前半段下跌，后半段却不演了。这种不按照剧本演戏的行为，差评！Delta疫情的影响慢慢体现出来了，疫情纾困金没了，联邦的300元失业补助金也慢慢没了，现在工作也不是，不工作也不是，但地主家也没有余粮了，哪有钱消费呢，从消费类别来看，影响大头是汽车，服装，和非商店零售（在线）。汽车因为芯片短缺价格一直很高，打退了人们的消费欲望，最近几个月销售都在下降。6月有Amazon的Primary Day，估计老美和国内也差不多，趁着促销打折买不少东西，大类服装肯定少不了，所以7月服装和在线消费都少了呗，但是亚麻就不知道淘宝双十一后面还有个双十二？？？就不会搞个返场？？再看下6月数据，电子和电器大涨，汽车和家装大跌再看下近几个月的零售环比数据看没看出来？有没有一种感觉？恐怖数据确实恐怖，赤裸裸的展现出美国人民饥一顿饱一顿的生活状态。老百姓都这样过日子了，Delta疫情还控制不住，通胀还越来越高，睡王拜登估计现在在总统宝座上也是如坐针毡啊，喊话OPEC+提高产量也没人搭理，阿富汗买办政府说完蛋就完蛋，现在只要鲍爷在全力支持美国政府，所以药不能停！舞还得跳！ Worldmeters单日新增病例：美国9.5万，印度3.5万，巴西3.7万，俄罗斯2万，法国2.8万，英国2.6万，伊朗5万，印尼2万。最早在9月！美国计划开打疫苗加强针。在发现1例新冠确诊病例后，新西兰宣布全国进入封锁。Moderna，辉瑞，BioNTec","text":"你说奇怪不奇怪，号称恐怖数据的美国7月零售销售环比减少1.1%，预期减少0.3%，前值增加0.6%。说明经济恢复没有想象的好，老百姓不愿意消费。可这个雷其实周五的消费者信心指数就已经爆过一次了，为什么上周五三大指数V型反弹，背后的逻辑是经济恢复缓慢，疫情影响慢慢体现出来，美联储还会买买买，QE收紧的预期会降低，所以市场有了先悲观经济后又暗喜经济政策的利好。可昨晚零售数据的公布只演了前半段下跌，后半段却不演了。这种不按照剧本演戏的行为，差评！Delta疫情的影响慢慢体现出来了，疫情纾困金没了，联邦的300元失业补助金也慢慢没了，现在工作也不是，不工作也不是，但地主家也没有余粮了，哪有钱消费呢，从消费类别来看，影响大头是汽车，服装，和非商店零售（在线）。汽车因为芯片短缺价格一直很高，打退了人们的消费欲望，最近几个月销售都在下降。6月有Amazon的Primary Day，估计老美和国内也差不多，趁着促销打折买不少东西，大类服装肯定少不了，所以7月服装和在线消费都少了呗，但是亚麻就不知道淘宝双十一后面还有个双十二？？？就不会搞个返场？？再看下6月数据，电子和电器大涨，汽车和家装大跌再看下近几个月的零售环比数据看没看出来？有没有一种感觉？恐怖数据确实恐怖，赤裸裸的展现出美国人民饥一顿饱一顿的生活状态。老百姓都这样过日子了，Delta疫情还控制不住，通胀还越来越高，睡王拜登估计现在在总统宝座上也是如坐针毡啊，喊话OPEC+提高产量也没人搭理，阿富汗买办政府说完蛋就完蛋，现在只要鲍爷在全力支持美国政府，所以药不能停！舞还得跳！ Worldmeters单日新增病例：美国9.5万，印度3.5万，巴西3.7万，俄罗斯2万，法国2.8万，英国2.6万，伊朗5万，印尼2万。最早在9月！美国计划开打疫苗加强针。在发现1例新冠确诊病例后，新西兰宣布全国进入封锁。Moderna，辉瑞，BioNTec","images":[{"img":"https://static.tigerbbs.com/e5336c5f5a49e9c69cbd3e83c1d83d9c","width":"800","height":"566"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/831950962","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":1,"comments":[],"imageCount":4,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832976792,"gmtCreate":1629584095416,"gmtModify":1631889924395,"author":{"id":"3586294769337954","authorId":"3586294769337954","name":"20Rose","avatar":"https://static.tigerbbs.com/be5e86f120cf46968b3f070cd2bd360f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586294769337954","idStr":"3586294769337954"},"themes":[],"title":"","htmlText":"Good read&nbsp;","listText":"Good read&nbsp;","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/832976792","repostId":"831456930","repostType":1,"repost":{"id":831456930,"gmtCreate":1629342991320,"gmtModify":1631888772385,"author":{"id":"3580803391749200","authorId":"3580803391749200","name":"WindFreedom","avatar":"https://static.tigerbbs.com/a827c020e4512af822ef9d61c718dc95","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580803391749200","idStr":"3580803391749200"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/09988\">$Alibaba(09988)$</a>如果跌不破165，就是新的支撑点了","listText":"<a href=\"https://laohu8.com/S/09988\">$Alibaba(09988)$</a>如果跌不破165，就是新的支撑点了","text":"$Alibaba(09988)$如果跌不破165，就是新的支撑点了","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/831456930","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3660,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836221434,"gmtCreate":1629502357428,"gmtModify":1631889924410,"author":{"id":"3586294769337954","authorId":"3586294769337954","name":"20Rose","avatar":"https://static.tigerbbs.com/be5e86f120cf46968b3f070cd2bd360f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586294769337954","idStr":"3586294769337954"},"themes":[],"title":"","htmlText":"//<a href=\"https://laohu8.com/U/3586294769337954\">@20Rose</a>:Thank you&nbsp;","listText":"//<a href=\"https://laohu8.com/U/3586294769337954\">@20Rose</a>:Thank you&nbsp;","text":"//@20Rose:Thank you","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/836221434","repostId":"2142788415","repostType":2,"isVote":1,"tweetType":1,"viewCount":3204,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836223508,"gmtCreate":1629502282304,"gmtModify":1631889924422,"author":{"id":"3586294769337954","authorId":"3586294769337954","name":"20Rose","avatar":"https://static.tigerbbs.com/be5e86f120cf46968b3f070cd2bd360f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586294769337954","idStr":"3586294769337954"},"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/836223508","repostId":"833146909","repostType":1,"repost":{"id":833146909,"gmtCreate":1629212322298,"gmtModify":1744852209341,"author":{"id":"3491416357875149","authorId":"3491416357875149","name":"交易员Owen","avatar":"https://static.tigerbbs.com/e18f8a3a764631dcc921c6316d840259","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3491416357875149","idStr":"3491416357875149"},"themes":[],"title":"丢失阿富汗，美国的损失远超你的想象","htmlText":"利空总喜欢扎推儿爆发，而且是在你以为市场已经企稳，刚刚要喘口气，喝口茶的间歇，突然瞅冷子给你来这么一下。 今天上证指数午后突遭砸盘，暴跌了2个百分点，之前刚有企稳迹象的大白马，消费类，机械制造，有色金属，材料等板块几乎尽墨，再看港股，腾讯，快手，阿里都跌了4个点以上，小米也跟跌了将近2%，不用说，今晚的美股也好不到哪里去，特别是这次利空风暴的重点板块：中概股。 好在我们之前早有预警，已经预判到A股在涨过前期阻力位后肯定有一波二次探底，但没想到会是以这样一种激烈的方式出现。 <a href=\"https://laohu8.com/TW/896769047\" target=\"_blank\">回顾：换一种姿态，重新拥抱A股</a> 一天多的时间，发生了太多的事情，从阿富汗的政变成功，到中国再度升级监管，再到美国证券交易委员会暂停中资企业的VIE架构申请（并无官宣），甚至SEC的主席亲自发文提醒美国投资者注意美国上市的中国企业的市场风险。 感觉两边的对抗性已经越来越明显，当然，如果咱们非要考虑一下这三个事件的背后联系，其实想象空间还是非常大的。但最终事实还是要以官方媒体的论调为准，起码有一点是确定的，塔利班在阿富汗的政变成功对中&nbsp;国有着间接的利好，而美国的损失则远远超过你的想象。 先谈谈美国的损失吧 且不说美国在这么些年里往阿富汗战争和后期控制上投入了几万亿的经费，这次撤军葬送的，是一个中亚地区的咽喉要地，更是一个可以用来牵制俄罗斯，印度，袭扰中G，打压伊朗的战略部署中心。 阿富汗这个主要以逊尼派穆斯林为主的国度，可以利用宗教冲突为话题，煽动一切可能的矛盾来制造麻烦干扰中俄的外交局面，同时压制甚至控制伊朗和印度的政z局面。你要知道，伊印两国的穆斯林人口占有绝大部分，而俄罗斯和中&nbsp;&nbsp;国的&nbsp;新&nbsp;&nbsp;疆&nbsp;&nbsp;地区","listText":"利空总喜欢扎推儿爆发，而且是在你以为市场已经企稳，刚刚要喘口气，喝口茶的间歇，突然瞅冷子给你来这么一下。 今天上证指数午后突遭砸盘，暴跌了2个百分点，之前刚有企稳迹象的大白马，消费类，机械制造，有色金属，材料等板块几乎尽墨，再看港股，腾讯，快手，阿里都跌了4个点以上，小米也跟跌了将近2%，不用说，今晚的美股也好不到哪里去，特别是这次利空风暴的重点板块：中概股。 好在我们之前早有预警，已经预判到A股在涨过前期阻力位后肯定有一波二次探底，但没想到会是以这样一种激烈的方式出现。 <a href=\"https://laohu8.com/TW/896769047\" target=\"_blank\">回顾：换一种姿态，重新拥抱A股</a> 一天多的时间，发生了太多的事情，从阿富汗的政变成功，到中国再度升级监管，再到美国证券交易委员会暂停中资企业的VIE架构申请（并无官宣），甚至SEC的主席亲自发文提醒美国投资者注意美国上市的中国企业的市场风险。 感觉两边的对抗性已经越来越明显，当然，如果咱们非要考虑一下这三个事件的背后联系，其实想象空间还是非常大的。但最终事实还是要以官方媒体的论调为准，起码有一点是确定的，塔利班在阿富汗的政变成功对中&nbsp;国有着间接的利好，而美国的损失则远远超过你的想象。 先谈谈美国的损失吧 且不说美国在这么些年里往阿富汗战争和后期控制上投入了几万亿的经费，这次撤军葬送的，是一个中亚地区的咽喉要地，更是一个可以用来牵制俄罗斯，印度，袭扰中G，打压伊朗的战略部署中心。 阿富汗这个主要以逊尼派穆斯林为主的国度，可以利用宗教冲突为话题，煽动一切可能的矛盾来制造麻烦干扰中俄的外交局面，同时压制甚至控制伊朗和印度的政z局面。你要知道，伊印两国的穆斯林人口占有绝大部分，而俄罗斯和中&nbsp;&nbsp;国的&nbsp;新&nbsp;&nbsp;疆&nbsp;&nbsp;地区","text":"利空总喜欢扎推儿爆发，而且是在你以为市场已经企稳，刚刚要喘口气，喝口茶的间歇，突然瞅冷子给你来这么一下。 今天上证指数午后突遭砸盘，暴跌了2个百分点，之前刚有企稳迹象的大白马，消费类，机械制造，有色金属，材料等板块几乎尽墨，再看港股，腾讯，快手，阿里都跌了4个点以上，小米也跟跌了将近2%，不用说，今晚的美股也好不到哪里去，特别是这次利空风暴的重点板块：中概股。 好在我们之前早有预警，已经预判到A股在涨过前期阻力位后肯定有一波二次探底，但没想到会是以这样一种激烈的方式出现。 回顾：换一种姿态，重新拥抱A股 一天多的时间，发生了太多的事情，从阿富汗的政变成功，到中国再度升级监管，再到美国证券交易委员会暂停中资企业的VIE架构申请（并无官宣），甚至SEC的主席亲自发文提醒美国投资者注意美国上市的中国企业的市场风险。 感觉两边的对抗性已经越来越明显，当然，如果咱们非要考虑一下这三个事件的背后联系，其实想象空间还是非常大的。但最终事实还是要以官方媒体的论调为准，起码有一点是确定的，塔利班在阿富汗的政变成功对中 国有着间接的利好，而美国的损失则远远超过你的想象。 先谈谈美国的损失吧 且不说美国在这么些年里往阿富汗战争和后期控制上投入了几万亿的经费，这次撤军葬送的，是一个中亚地区的咽喉要地，更是一个可以用来牵制俄罗斯，印度，袭扰中G，打压伊朗的战略部署中心。 阿富汗这个主要以逊尼派穆斯林为主的国度，可以利用宗教冲突为话题，煽动一切可能的矛盾来制造麻烦干扰中俄的外交局面，同时压制甚至控制伊朗和印度的政z局面。你要知道，伊印两国的穆斯林人口占有绝大部分，而俄罗斯和中 国的 新 疆 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Let's get this done.&nbsp;&nbsp;[得意]&nbsp;","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>If I can hodl, so can you. Let's get this done.&nbsp;&nbsp;[得意]&nbsp;","text":"$AMC Entertainment(AMC)$If I can hodl, so can you. Let's get this done. 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tead","listText":"Good tead","text":"Good tead","images":[{"img":"https://static.tigerbbs.com/4e85799a6f8b45db2c5f6d6c4ced016b","width":"1125","height":"3781"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/893554376","isVote":1,"tweetType":1,"viewCount":1529,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":893333194,"gmtCreate":1628236857518,"gmtModify":1633752349675,"author":{"id":"3586294769337954","authorId":"3586294769337954","name":"20Rose","avatar":"https://static.tigerbbs.com/be5e86f120cf46968b3f070cd2bd360f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586294769337954","idStr":"3586294769337954"},"themes":[],"title":"","htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/893333194","repostId":"1193039903","repostType":4,"repost":{"id":"1193039903","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1628235933,"share":"https://www.laohunote.com/m/news/1193039903?lang=zh_CN&edition=full","pubTime":"2021-08-06 15:45","market":"hk","language":"en","title":"Warren Buffett-Backed BYD Sold More EVs In July Than Nio, Xpeng, Li's Combined Deliveries<blockquote>巴菲特支持的比亚迪 7 月份电动汽车销量超过了蔚来、小鹏和理想的总交付量</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193039903","media":"Benzinga Earnings","summary":"The Shenzhen-based, Chinese automaker BYD Co’s BYDD Fall-electric vehicle sales more than doubled in","content":"<p>The Shenzhen-based, Chinese automaker&nbsp;<b>BYD Co’s</b>&nbsp;BYDD&nbsp;Fall-electric vehicle sales more than doubled in July and the company sold more vehicles than the combined delivery numbers of the three homegrown newcomers<b>Nio Inc</b>NIO,<b>Xpeng Inc</b>XPEV 0.01%, and<b>Li Auto</b>NASDAQLiduring the month.</p><p><blockquote>这家总部位于深圳的中国汽车制造商<b>比亚迪公司</b>比亚迪秋季——7月份电动汽车销量翻了一番多，该公司的汽车销量超过了三家本土新来者的交付量总和<b>蔚来公司</b>蔚来,<b>小鹏汽车</b>XPEV 0.01%，和<b>理想汽车</b>纳斯达克本月。</blockquote></p><p> <b>What Happened: Berkshire Hathaway Inc</b>(NYSE:BRK-A) (NYSE:BRK-B) Chairman&nbsp;<b>Warren Buffett</b>-backed BYD sold 24,996 battery-powered electric vehicles in July, a 139% jump year-on-year. On a sequential basis, the growth was 23%.</p><p><blockquote><b>发生了什么：伯克希尔哈撒韦公司</b>（纽约证券交易所代码：BRK-A）（纽约证券交易所代码：BRK-B）主席<b>沃伦·巴菲特</b>-支持的比亚迪7月份售出24,996辆电池驱动电动汽车，同比增长139%。环比增长23%。</blockquote></p><p> BYD’s electric vehicle sales volume in July edged past the combined delivery numbers of the upcoming Chinese rivals Nio, Xpeng and Li’s combined sales by a whisker at 24,560 electric vehicles.</p><p><blockquote>比亚迪 7 月份的电动汽车销量略微超过了即将上市的中国竞争对手蔚来、小鹏和理想的总交付量，为 24,560 辆。</blockquote></p><p> Nio&nbsp;delivered 7,931 vehicles in July, while rival Xpeng delivered 8,040 vehicles and Li Auto reported 8,589 deliveries during the month.</p><p><blockquote>蔚来 7 月份交付了 7,931 辆汽车，而竞争对手小鹏汽车当月交付了 8,040 辆汽车，理想汽车当月交付了 8,589 辆汽车。</blockquote></p><p> BYD’s new energy vehicles sales more than tripled to 50,492 vehicles in July from a year ago.</p><p><blockquote>比亚迪7月份的新能源汽车销量同比增长了两倍多，达到50492辆。</blockquote></p><p> In the New Energy Vehicle (NEV) category, which includes hybrids, BYD sales more than tripled to 50,492 vehicles in July, or a year-on-year jump of nearly 234.4%.</p><p><blockquote>在包括混合动力汽车在内的新能源汽车（NEV）类别中，比亚迪7月销量增长了两倍多，达到50,492辆，同比增长近234.4%。</blockquote></p><p> In China, NEV is used to define plug-in electric vehicles eligible for public subsidies which also includes plug-in hybrid electric vehicles and fuel cell electric vehicles besides the battery electric vehicles (BEVs).</p><p><blockquote>在中国，新能源汽车用于定义合资格获得公共补贴的插电式电动汽车，除电池电动汽车（BEV）外，还包括插电式混合动力电动汽车和燃料电池电动汽车。</blockquote></p><p> These could be cars, buses, trucks, or two-wheelers.&nbsp; BYD’s NEV portfolio consists of cars, buses, and trucks. The automaker’s battery-powered electric vehicle sales is the metric most-suited for like-to-like comparison with Chinese peers and also<b>TeslaInc</b>TSLA.</p><p><blockquote>这些车辆可以是轿车、公共汽车、卡车或两轮车。比亚迪的新能源产品组合包括轿车、公共汽车和卡车。该汽车制造商的电池驱动电动汽车销量是最适合与中国同行进行同类比较的指标，而且<b>特斯拉因克</b>特斯拉。</blockquote></p><p> <b>Gas-powered Sales Drop:</b>&nbsp;Interestingly, BYD's sales of oil-guzzling vehicles fell 57.5% to 6,918 vehicles in July. The decline was led by a sharp drop in oil-fueled SUVs where sales fell 65.3% to 4,556 vehicles.</p><p><blockquote><b>燃气动力销量下降：</b>有趣的是，比亚迪7月份耗油量汽车销量下降57.5%，至6918辆。下降的主要原因是燃油 SUV 销量大幅下降，销量下降 65.3%，至 4,556 辆。</blockquote></p><p> <b>Why It Matters:</b>&nbsp;Nio&nbsp;delivered 7,931 vehicles in July, while rival Xpeng delivered 8,040 vehicles and Li Auto reported 8,589 deliveries during the month.</p><p><blockquote><b>为什么重要：</b>蔚来 7 月份交付了 7,931 辆汽车，而竞争对手小鹏汽车当月交付了 8,040 辆汽车，理想汽车当月交付了 8,589 辆汽车。</blockquote></p><p> BYD’s sales jump comes amid stiff competition from the local newcomers as well as Tesla which has been ramping up investment plans in China.</p><p><blockquote>比亚迪的销量猛增是在来自本地新来者以及一直在加大在华投资计划的特斯拉的激烈竞争中实现的。</blockquote></p><p> The upcoming rivals have been going all the way to grab market share. For instance, Nio, which is on the threshold of entering the European market, has partnered with chipmaker<b>NVIDIACorp</b>NVDAfor autonomous driving capabilities. Others are planning similar feats and expansion plans.</p><p><blockquote>即将到来的竞争对手一直在一路抢夺市场份额。例如，即将进入欧洲市场的蔚来就与芯片制造商合作<b>英伟达公司</b>NVDAfor 自动驾驶功能。其他人正在计划类似的壮举和扩张计划。</blockquote></p><p> <b>Price Action:</b>&nbsp;BYD shares closed 1.27% higher at $35.90 on Thursday.</p><p><blockquote><b>价格行为：</b>比亚迪股价周四收盘上涨 1.27%，至 35.90 美元。</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>Warren Buffett-Backed BYD Sold More EVs In July Than Nio, Xpeng, Li's Combined Deliveries<blockquote>巴菲特支持的比亚迪 7 月份电动汽车销量超过了蔚来、小鹏和理想的总交付量</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\">\nWarren Buffett-Backed BYD Sold More EVs In July Than Nio, Xpeng, Li's Combined Deliveries<blockquote>巴菲特支持的比亚迪 7 月份电动汽车销量超过了蔚来、小鹏和理想的总交付量</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-08-06 15:45</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>The Shenzhen-based, Chinese automaker&nbsp;<b>BYD Co’s</b>&nbsp;BYDD&nbsp;Fall-electric vehicle sales more than doubled in July and the company sold more vehicles than the combined delivery numbers of the three homegrown newcomers<b>Nio Inc</b>NIO,<b>Xpeng Inc</b>XPEV 0.01%, and<b>Li Auto</b>NASDAQLiduring the month.</p><p><blockquote>这家总部位于深圳的中国汽车制造商<b>比亚迪公司</b>比亚迪秋季——7月份电动汽车销量翻了一番多，该公司的汽车销量超过了三家本土新来者的交付量总和<b>蔚来公司</b>蔚来,<b>小鹏汽车</b>XPEV 0.01%，和<b>理想汽车</b>纳斯达克本月。</blockquote></p><p> <b>What Happened: Berkshire Hathaway Inc</b>(NYSE:BRK-A) (NYSE:BRK-B) Chairman&nbsp;<b>Warren Buffett</b>-backed BYD sold 24,996 battery-powered electric vehicles in July, a 139% jump year-on-year. On a sequential basis, the growth was 23%.</p><p><blockquote><b>发生了什么：伯克希尔哈撒韦公司</b>（纽约证券交易所代码：BRK-A）（纽约证券交易所代码：BRK-B）主席<b>沃伦·巴菲特</b>-支持的比亚迪7月份售出24,996辆电池驱动电动汽车，同比增长139%。环比增长23%。</blockquote></p><p> BYD’s electric vehicle sales volume in July edged past the combined delivery numbers of the upcoming Chinese rivals Nio, Xpeng and Li’s combined sales by a whisker at 24,560 electric vehicles.</p><p><blockquote>比亚迪 7 月份的电动汽车销量略微超过了即将上市的中国竞争对手蔚来、小鹏和理想的总交付量，为 24,560 辆。</blockquote></p><p> Nio&nbsp;delivered 7,931 vehicles in July, while rival Xpeng delivered 8,040 vehicles and Li Auto reported 8,589 deliveries during the month.</p><p><blockquote>蔚来 7 月份交付了 7,931 辆汽车，而竞争对手小鹏汽车当月交付了 8,040 辆汽车，理想汽车当月交付了 8,589 辆汽车。</blockquote></p><p> BYD’s new energy vehicles sales more than tripled to 50,492 vehicles in July from a year ago.</p><p><blockquote>比亚迪7月份的新能源汽车销量同比增长了两倍多，达到50492辆。</blockquote></p><p> In the New Energy Vehicle (NEV) category, which includes hybrids, BYD sales more than tripled to 50,492 vehicles in July, or a year-on-year jump of nearly 234.4%.</p><p><blockquote>在包括混合动力汽车在内的新能源汽车（NEV）类别中，比亚迪7月销量增长了两倍多，达到50,492辆，同比增长近234.4%。</blockquote></p><p> In China, NEV is used to define plug-in electric vehicles eligible for public subsidies which also includes plug-in hybrid electric vehicles and fuel cell electric vehicles besides the battery electric vehicles (BEVs).</p><p><blockquote>在中国，新能源汽车用于定义合资格获得公共补贴的插电式电动汽车，除电池电动汽车（BEV）外，还包括插电式混合动力电动汽车和燃料电池电动汽车。</blockquote></p><p> These could be cars, buses, trucks, or two-wheelers.&nbsp; BYD’s NEV portfolio consists of cars, buses, and trucks. The automaker’s battery-powered electric vehicle sales is the metric most-suited for like-to-like comparison with Chinese peers and also<b>TeslaInc</b>TSLA.</p><p><blockquote>这些车辆可以是轿车、公共汽车、卡车或两轮车。比亚迪的新能源产品组合包括轿车、公共汽车和卡车。该汽车制造商的电池驱动电动汽车销量是最适合与中国同行进行同类比较的指标，而且<b>特斯拉因克</b>特斯拉。</blockquote></p><p> <b>Gas-powered Sales Drop:</b>&nbsp;Interestingly, BYD's sales of oil-guzzling vehicles fell 57.5% to 6,918 vehicles in July. The decline was led by a sharp drop in oil-fueled SUVs where sales fell 65.3% to 4,556 vehicles.</p><p><blockquote><b>燃气动力销量下降：</b>有趣的是，比亚迪7月份耗油量汽车销量下降57.5%，至6918辆。下降的主要原因是燃油 SUV 销量大幅下降，销量下降 65.3%，至 4,556 辆。</blockquote></p><p> <b>Why It Matters:</b>&nbsp;Nio&nbsp;delivered 7,931 vehicles in July, while rival Xpeng delivered 8,040 vehicles and Li Auto reported 8,589 deliveries during the month.</p><p><blockquote><b>为什么重要：</b>蔚来 7 月份交付了 7,931 辆汽车，而竞争对手小鹏汽车当月交付了 8,040 辆汽车，理想汽车当月交付了 8,589 辆汽车。</blockquote></p><p> BYD’s sales jump comes amid stiff competition from the local newcomers as well as Tesla which has been ramping up investment plans in China.</p><p><blockquote>比亚迪的销量猛增是在来自本地新来者以及一直在加大在华投资计划的特斯拉的激烈竞争中实现的。</blockquote></p><p> The upcoming rivals have been going all the way to grab market share. For instance, Nio, which is on the threshold of entering the European market, has partnered with chipmaker<b>NVIDIACorp</b>NVDAfor autonomous driving capabilities. Others are planning similar feats and expansion plans.</p><p><blockquote>即将到来的竞争对手一直在一路抢夺市场份额。例如，即将进入欧洲市场的蔚来就与芯片制造商合作<b>英伟达公司</b>NVDAfor 自动驾驶功能。其他人正在计划类似的壮举和扩张计划。</blockquote></p><p> <b>Price Action:</b>&nbsp;BYD shares closed 1.27% higher at $35.90 on Thursday.</p><p><blockquote><b>价格行为：</b>比亚迪股价周四收盘上涨 1.27%，至 35.90 美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"002594":"比亚迪","00285":"比亚迪电子","01211":"比亚迪股份","BYDDY":"比亚迪ADR"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193039903","content_text":"The Shenzhen-based, Chinese automaker BYD Co’s BYDD Fall-electric vehicle sales more than doubled in July and the company sold more vehicles than the combined delivery numbers of the three homegrown newcomersNio IncNIO,Xpeng IncXPEV 0.01%, andLi AutoNASDAQLiduring the month.\nWhat Happened: Berkshire Hathaway Inc(NYSE:BRK-A) (NYSE:BRK-B) Chairman Warren Buffett-backed BYD sold 24,996 battery-powered electric vehicles in July, a 139% jump year-on-year. On a sequential basis, the growth was 23%.\nBYD’s electric vehicle sales volume in July edged past the combined delivery numbers of the upcoming Chinese rivals Nio, Xpeng and Li’s combined sales by a whisker at 24,560 electric vehicles.\nNio delivered 7,931 vehicles in July, while rival Xpeng delivered 8,040 vehicles and Li Auto reported 8,589 deliveries during the month.\nBYD’s new energy vehicles sales more than tripled to 50,492 vehicles in July from a year ago.\nIn the New Energy Vehicle (NEV) category, which includes hybrids, BYD sales more than tripled to 50,492 vehicles in July, or a year-on-year jump of nearly 234.4%.\nIn China, NEV is used to define plug-in electric vehicles eligible for public subsidies which also includes plug-in hybrid electric vehicles and fuel cell electric vehicles besides the battery electric vehicles (BEVs).\nThese could be cars, buses, trucks, or two-wheelers.  BYD’s NEV portfolio consists of cars, buses, and trucks. The automaker’s battery-powered electric vehicle sales is the metric most-suited for like-to-like comparison with Chinese peers and alsoTeslaIncTSLA.\nGas-powered Sales Drop: Interestingly, BYD's sales of oil-guzzling vehicles fell 57.5% to 6,918 vehicles in July. The decline was led by a sharp drop in oil-fueled SUVs where sales fell 65.3% to 4,556 vehicles.\nWhy It Matters: Nio delivered 7,931 vehicles in July, while rival Xpeng delivered 8,040 vehicles and Li Auto reported 8,589 deliveries during the month.\nBYD’s sales jump comes amid stiff competition from the local newcomers as well as Tesla which has been ramping up investment plans in China.\nThe upcoming rivals have been going all the way to grab market share. For instance, Nio, which is on the threshold of entering the European market, has partnered with chipmakerNVIDIACorpNVDAfor autonomous driving capabilities. Others are planning similar feats and expansion plans.\nPrice Action: BYD shares closed 1.27% higher at $35.90 on Thursday.","news_type":1,"symbols_score_info":{"002594":0.9,"BYDDY":0.9,"01211":0.9,"00285":0.9}},"isVote":1,"tweetType":1,"viewCount":949,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142297662,"gmtCreate":1626151199556,"gmtModify":1633929601760,"author":{"id":"3586294769337954","authorId":"3586294769337954","name":"20Rose","avatar":"https://static.tigerbbs.com/be5e86f120cf46968b3f070cd2bd360f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586294769337954","idStr":"3586294769337954"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/142297662","repostId":"1119839711","repostType":4,"repost":{"id":"1119839711","kind":"news","pubTimestamp":1626126339,"share":"https://www.laohunote.com/m/news/1119839711?lang=zh_CN&edition=full","pubTime":"2021-07-13 05:45","market":"us","language":"en","title":"Dow narrowly misses first close at 35,000 but all 3 stock indexes log back-to-back record finishes ahead of bank earnings<blockquote>道琼斯指数以微弱劣势错失首次收盘价 35,000 点，但所有 3 个股指均在银行财报公布前连续创纪录收盘</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1119839711","media":"MarketWatch","summary":"Dow ends just shy of 35,000 milestone.\n\nThe Dow Jones Industrial Average, S&P 500 index and Nasdaq C","content":"<p>  <b>Dow ends just shy of 35,000 milestone.</b>  The Dow Jones Industrial Average, S&amp;P 500 index and <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> Composite on Monday advanced to back-to-back record finishes, starting the week the way the ended last week.</p><p><blockquote><b>道琼斯指数最终仅接近 35,000 点里程碑。</b>道琼斯工业平均指数、标普500指数和<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>周一的综合指数连续创下历史新高，本周开始时与上周结束时持平。</blockquote></p><p> The record finish comes as investors await semiannual testimony from Federal Reserve Chairman Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> beginning Wednesday and a batch of economic reports throughout the week, the unofficial start of corporate quarterly results.</p><p><blockquote>创纪录的结束是在投资者等待美联储主席杰罗姆半年一次的证词之际<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>从周三开始，本周将发布一系列经济报告，企业季度业绩的非官方开始。</blockquote></p><p> <b>How did stock benchmarks end?</b></p><p><blockquote><b>股票基准是如何结束的？</b></blockquote></p><p> <ul>  <li>The Dow Jones Industrial AverageDJIA,+0.36%rose 126.02 points, or 0.4%, to end at a record 34,996.18.</li>  <li>S&amp;P 500 indexSPX,+0.35%added 15.08 points, or 0.4%, closing at a record 4,384.63, after touching an intraday high at 4,386.68.</li>  <li>Nasdaq Composite IndexCOMP,+0.21%advanced 31.32 points, or 0.2%, finishing at a record 14,733.24, after establishing an intraday all-time high at 14,761.08.</li> </ul> On Friday, the Dow and S&amp;P 500 finished the session at record highs, booking weekly gains of about 0.2% and 0.4%, respectively. The Nasdaq Composite finished the week at an all-time high with a 0.4% weekly gain.</p><p><blockquote><ul><li>道琼斯工业平均指数（DJIA）上涨 126.02 点，涨幅 0.4%，收于创纪录的 34,996.18 点。</li><li>标普500指数SPX,+0.35%上涨15.08点，即0.4%，收于创纪录的4,384.63点，此前触及盘中高点4,386.68点。</li><li>纳斯达克综合指数COMP,+0.21%上涨31.32点，即0.2%，收于创纪录的14,733.24点，盘中创下历史新高14,761.08点。</li></ul>周五，道琼斯指数和标普500指数收盘创下历史新高，周涨幅分别约为0.2%和0.4%。纳斯达克综合指数本周收盘创下历史新高，周涨幅为 0.4%。</blockquote></p><p> <b>What drove the market?</b></p><p><blockquote><b>是什么推动了市场？</b></blockquote></p><p> Major stock indexes rose to back-to-back closing records on Monday. The advance came ahead of a number of key events that could serve as catalysts later in the week, including the unofficial start of earnings season, which<b><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a> &amp; Co</b>.JPM,+1.43%will kick off Tuesday, Powell’s testimony on Capitol <a href=\"https://laohu8.com/S/HIL\">Hill</a>, and fresh readings on inflation.</p><p><blockquote>周一，主要股指连续上涨至收盘纪录。这一上涨发生在本周晚些时候可能成为催化剂的一系列关键事件之前，其中包括财报季的非官方开始，这<b><a href=\"https://laohu8.com/S/JPM\">摩根大通</a>公司</b>.JPM,+1.43% 将于周二开盘，鲍威尔在国会大厦作证<a href=\"https://laohu8.com/S/HIL\">山丘</a>以及有关通胀的最新数据。</blockquote></p><p> “People are thinking earnings are going to be strong and that may propel the market higher,” said John Carey, director of <a href=\"https://laohu8.com/S/EQR\">Equity</a> Income at Amundi U.S., adding that, for now, earnings have overshadowed uncertainty in <a href=\"https://laohu8.com/S/WASH\">Washington</a> over planned infrastructure spending and potentially higher corporate taxes.</p><p><blockquote>“人们认为盈利将会强劲，这可能会推动市场走高，”该公司董事约翰-凯里（John Carey）说。<a href=\"https://laohu8.com/S/EQR\">公平</a>Amundi U.S. 的收入，并补充说，就目前而言，盈利掩盖了不确定性<a href=\"https://laohu8.com/S/WASH\">华盛顿</a>超出计划的基础设施支出和潜在的更高的公司税。</blockquote></p><p> “Most people seem to be focused on the strength of the economy and the possibility of better earnings to support stock prices, which are definitely at high levels,” Carey told MarketWatch.</p><p><blockquote>“凯里告诉 MarketWatch：”大多数人似乎都关注经济的实力以及更好的盈利来支撑股价的可能性，而股价肯定处于高位。</blockquote></p><p> Equity markets experienced a bout of turbulence last week before ending with a flourish, prompted partly by a drop in Treasury yields. Lower-bound rates for government debt had raised questions about the outlook for the U.S. economy in the recovery from the pandemic. The spread of the delta variant of COVID-19 has emerged as a concern, but so has the lofty valuations assigned to some segments of the market.</p><p><blockquote>股市上周经历了一轮动荡，随后以繁荣告终，部分原因是国债收益率下降。政府债务利率下限引发了人们对美国经济从疫情中复苏前景的质疑。新冠肺炎德尔塔变异毒株的传播已经成为一个令人担忧的问题，但分配给某些细分市场的高估值也是一个令人担忧的问题。</blockquote></p><p> Questions about the Fed’s monetary policy in the face of growing evidence of percolating inflation also have been blamed for some of the rocky trading.</p><p><blockquote>面对越来越多的通胀渗透证据，对美联储货币政策的质疑也被归咎于一些不稳定的交易。</blockquote></p><p> Yields for the 10-yearTMUBMUSD10Y,1.365%edged up less than a basis point to 1.362% on Monday, while the 30-year Treasury yieldsTMUBMUSD30Y,2.000%advanced by 1.2 basis points to 1.993%, near lows last seen in February.</p><p><blockquote>10年期MUBMUSD10Y,1.365%收益率周一小幅上涨不到一个基点至1.362%，而30年期国债收益率STMUBMUSD30Y,2.000%上涨1.2个基点至1.993%，接近2月份的低点。</blockquote></p><p> Federal Reserve Bank ofNew York President John <a href=\"https://laohu8.com/S/WMB\">Williams</a> told reportersMonday that conditions for scaling back its $120 billion a month bond-buying stimulus program have yet to be met.</p><p><blockquote>纽约联邦储备银行行长约翰<a href=\"https://laohu8.com/S/WMB\">威廉姆斯</a>周一对记者表示，缩减每月 1200 亿美元债券购买刺激计划的条件尚未满足。</blockquote></p><p> Although inflation and peak growth concerns continue to percolate andworry U.S. households, some strategists said those concerns may be “over-hyped” for markets.</p><p><blockquote>尽管对通货膨胀和增长峰值的担忧继续渗透并困扰着美国家庭，但一些策略师表示，这些担忧可能对市场来说 “过度炒作”。</blockquote></p><p> “Both the previous inflation concerns and the current peak growth concerns are likely over-extrapolated reflections of near-term trends that will not persist,” Glenmede’s team led by Jason Pride and Michael Reynolds, wrote in a Monday note.</p><p><blockquote>“由杰森-普莱德（Jason Pride）和迈克尔-雷诺兹（Michael Reynolds）领导的格伦米德团队在周一的一份报告中写道：”之前对通胀的担忧和当前对增长峰值的担忧都可能是对近期趋势的过度推断反映，不会持续下去。</blockquote></p><p> “Markets may remain volatile as they attempt to adjust to the rapidly&nbsp;evolving information flow during the ongoing recovery from the pandemic,” but those factors “should not be disruptive of markets longer term.”</p><p><blockquote>“在从大流行病中持续复苏的过程中，市场可能会继续波动，因为它们试图适应快速变化的信息流”，但这些因素 “从长远来看不应扰乱市场”。</blockquote></p><p> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> also have been keeping an eye on delta-driven COVID infections. The U.S. leads the world with a total of 33.85 million COVID cases and in deaths with 607,156. Dr. Anthony Fauci said on Monday thatboosters weren’t needed for now, but duringa Sunday CNN inview said it was “horrifying”to see conservatives cheer for low vaccination rates, blaming “ideological rigidity” for hobbling the fight against the pandemic.</p><p><blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>也一直在关注三角洲驱动的COVID感染。美国以 3385 万例 COVID 病例和 607,156 例死亡病例位居世界第一。安东尼-福奇（Anthony Fauci）博士周一表示，目前不需要加强剂，但在周日接受美国有线电视新闻网（CNN）采访时表示，看到保守派为低疫苗接种率欢呼，并指责 “意识形态僵化 ”阻碍了抗击大流行病的斗争，这令人 “恐惧”。</blockquote></p><p> “We have long warned that vaccinations would be unlikely to trigger a smooth transition to normalcy,” Ben May, <a href=\"https://laohu8.com/S/OXM\">Oxford</a> Economics’ director of global macro research wrote Monday.</p><p><blockquote>“本-梅（Ben May）说：”我们早就警告说，接种疫苗不太可能引发向正常的平稳过渡。<a href=\"https://laohu8.com/S/OXM\">牛津</a>《经济学》全球宏观研究总监周一写道。</blockquote></p><p> No key data were on deck Monday ahead of a busy week in economic reports, starting with a reading of consumer prices on Tuesday.</p><p><blockquote>在经济报告繁忙的一周之前，周一没有关键数据公布，首先是周二的消费者价格读数。</blockquote></p><p> Separately, investors also were focused on discussions among finance ministers from the G-20, who are trying to assess the potential implications of a proposal for a global minimum tax.</p><p><blockquote>另外，投资者还关注了20国集团财长之间的讨论，他们正试图评估全球最低税提案的潜在影响。</blockquote></p><p></p><p> “We need sustainable sources of revenue that do not rely on further taxing workers’ wages and exacerbating the economic disparities that we are all committed to reducing,” U.S. Treasury Secretary Janet Yellen said in a speech to European Union countries about revamping the corporate tax code internationally.</p><p><blockquote>“美国财政部长珍妮特-耶伦（Janet Yellen）在就修改国际企业税法向欧盟国家发表讲话时说：”我们需要可持续的收入来源，而不是依赖于对工人工资进一步征税和加剧我们都致力于减少的经济差距。</blockquote></p><p> “We need to put an end to corporations shifting capital income to low tax jurisdictions, and to accounting gimmicks that allow them to avoid paying their fair share,” she said.</p><p><blockquote>“她说：”我们需要杜绝企业将资本收入转移到低税收管辖区，杜绝允许企业逃避支付公平份额的会计噱头。</blockquote></p><p> <b>Which companies were in focus?</b></p><p><blockquote><b>哪些公司成为焦点？</b></blockquote></p><p> <ul>  <li><b><a href=\"https://laohu8.com/S/AVGO\">Broadcom</a> Inc</b>.AVGO,+1.16%shares rose 1.2% Monday afterThe Wall Street Journal reportedthe chip and software company was in talks to buy SAS Institute Inc. in a deal that could value the smashup at $15 billion to $20 billion.</li>  <li><b><a href=\"https://laohu8.com/S/AAPL\">Apple</a> Inc</b>.AAPL,-0.42%&nbsp;shares fell 0.4% a day after a Delaware federal judgedismissed a Blix Inc. suit,saying it failed to demonstrate how Apple harmed competition in the mobile operating system market.</li>  <li><b><a href=\"https://laohu8.com/S/LB\">L Brands Inc</a></b>.LB,+4.16%&nbsp;said it’s separating into two publiclytraded businesses next month, with theVictoria’s Secret &amp; Co.‘s underwear unit as “VSCO,” while the Bath &amp; BodyWorks Inc. arm under the “BBWI” ticker, starting Aug. 3.</li>  <li><b><a href=\"https://laohu8.com/S/GME\">GameStop</a>&nbsp;Inc</b>.GME,-1.04%shares shed 1% Monday after Ascendiant Capital Markets lifted its 12-month price target to $25 from $10, but still nowhere near the company’s $189.25 closing price Monday.</li>  <li>Weber, the maker of outdoor grills,has filed to go public, nearly 50 years after it’s iconic dome-like grill was made. Shares are set to&nbsp;trade on the <a href=\"https://laohu8.com/S/NWY\">New York</a> Stock Exchange under the ticker WEBR.</li>  <li>Shares of<b><a href=\"https://laohu8.com/S/SPCE.WS\">Virgin Galactic Holdings Inc</a>.</b>&nbsp;SPCEskid 17.3% Monday, it’s largest daily percent slump since March 16, 2020, a day after founder Richard Branson and five crewmates successfully flew into&nbsp;suborbital space on the company’s VSS <a href=\"https://laohu8.com/S/UNTY\">Unity</a>&nbsp;rocket-powered spaceplane.</li>  <li><b>Couchbase Inc</b>.&nbsp;BASE,&nbsp;a provider of a database for enterprise applications, set terms for its initial public offering on Monday, with plans to offer 7 million shares, priced at $20 to $23 each. The company has applied to list on Nasdaq, under the ticker ‘BASE.’</li>  <li>Shares of<b>Moderna Inc</b>.&nbsp;MRNArose 2.8% Monday after the company said it would supply 20 million doses of its COVID-19 vaccine to Argentina.</li>  <li>Shares of<b><a href=\"https://laohu8.com/S/SWI\">SolarWinds Corp</a>.</b>&nbsp;SWI&nbsp;were 1.8% lower Monday, even after the information technology infrastructure management software company provided an upbeat second-quarter revenue outlook.</li> </ul> <b>How did other assets trade?</b></p><p><blockquote><ul><li><b><a href=\"https://laohu8.com/S/AVGO\">博通</a>公司</b>.AVGO,+1.16%周一，《华尔街日报》报道这家芯片和软件公司正在洽谈收购 SAS Institute Inc.，此前该公司股价上涨 1.2%，交易估值可能达到 150 亿至 200 亿美元。</li><li><b><a href=\"https://laohu8.com/S/AAPL\">苹果</a>公司</b>.AAPL,-0.42% 特拉华州联邦法官驳回了 Blix Inc. 的诉讼，称该诉讼未能证明苹果如何损害移动操作系统市场的竞争，一天后，AAPL 股价下跌 0.4%。</li><li><b><a href=\"https://laohu8.com/S/LB\">L品牌公司</a></b>.LB,+4.16% 表示，该公司将于下个月拆分为两家上市业务，维多利亚的秘密公司（Victoria's Secret&amp;Co.）的内衣部门将更名为 “VSCO”，而 Bath &amp; BodyWorks Inc. 从 8 月 3 日开始，股票代码为 “BBWI ”。</li><li><b><a href=\"https://laohu8.com/S/GME\">游戏驿站</a>公司</b>.GME,-1.04%股价周一下跌1%，此前Ascendiant Capital Markets将其12个月目标价从10美元上调至25美元，但仍远低于该公司周一189.25美元的收盘价。</li><li>韦伯是户外烤架的制造商，在其标志性的圆顶状烤架问世近 50 年后，该公司已申请上市。股份将于<a href=\"https://laohu8.com/S/NWY\">纽约</a>股票代码为WEBR的证券交易所。</li><li>股份<b><a href=\"https://laohu8.com/S/SPCE.WS\">维珍银河控股公司</a>.</b>SPCEskid 周一下跌 17.3%，这是自 2020 年 3 月 16 日以来最大的单日百分比跌幅，一天前，创始人理查德-布兰森（Richard Branson）和五名机组人员乘坐该公司的 VSS 成功飞入亚轨道空间。<a href=\"https://laohu8.com/S/UNTY\">团结</a>火箭动力航天飞机。</li><li><b>沙发基地公司</b>企业应用数据库提供商BASE周一确定了首次公开募股的条款，计划发行700万股股票，每股定价20至23美元。该公司已申请在纳斯达克上市，股票代码为 “BASE”。</li><li>股份<b>现代公司</b>该公司表示将向阿根廷供应 2000 万剂 COVID-19 疫苗，周一上涨 2.8%。</li><li>股份<b><a href=\"https://laohu8.com/S/SWI\">太阳风公司</a>.</b>SWI 周一下跌 1.8%，尽管这家信息技术基础设施管理软件公司提供了乐观的第二季度收入前景。</li></ul><b>其他资产是如何交易的？</b></blockquote></p><p> <ul>  <li>The ICE U.S. Dollar Index&nbsp;DXY,&nbsp;a measure of the currency against six major rivals, was up 0.1%.</li>  <li>Oil futures closed lower Monday, with the U.S. benchmark&nbsp;CL00&nbsp;CL.1,-0.51%down 0.6% settling at $74.10 a barrel. Gold&nbsp;GC00&nbsp;settled 0.3% lower at $1,805.90 an ounce.</li>  <li>In European equities, the Stoxx Europe 600&nbsp;SXXP&nbsp;closed 0.7% higher, while London’s <a href=\"https://laohu8.com/S/.100.UK\">FTSE 100</a>&nbsp;UKX&nbsp;finished up 0.05% on Monday.</li>  <li>In <a href=\"https://laohu8.com/S/00662\">Asia</a>, the Shanghai Composite&nbsp;SHCOMP&nbsp;gained 0.7%, Hong Kong’s Hang Seng Index&nbsp;HSI&nbsp;rose 0.6% on the session and Japan’s Nikkei 225&nbsp;NIK&nbsp;rallied 2.3% on Monday.</li> </ul></p><p><blockquote><ul><li>ICE 美元指数 DXY（衡量美元兑六大主要竞争对手的指标）上涨 0.1%。</li><li>石油期货周一收低，美国基准CL00 CL.1,-0.51%下跌0.6%，收于每桶74.10美元。黄金 GC00 收盘下跌 0.3%，至每盎司 1,805.90 美元。</li><li>欧洲股市方面，斯托克欧洲 600 SXXP 指数收盘上涨 0.7%，伦敦<a href=\"https://laohu8.com/S/.100.UK\">富时100</a>UKX 周一收盘上涨 0.05%。</li><li>在<a href=\"https://laohu8.com/S/00662\">亚洲</a>周一，上证综指上涨 0.7%，香港恒生指数恒生指数上涨 0.6%，日本日经 225 NIK 指数上涨 2.3%。</li></ul></blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dow narrowly misses first close at 35,000 but all 3 stock indexes log back-to-back record finishes ahead of bank earnings<blockquote>道琼斯指数以微弱劣势错失首次收盘价 35,000 点，但所有 3 个股指均在银行财报公布前连续创纪录收盘</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\">\nDow narrowly misses first close at 35,000 but all 3 stock indexes log back-to-back record finishes ahead of bank earnings<blockquote>道琼斯指数以微弱劣势错失首次收盘价 35,000 点，但所有 3 个股指均在银行财报公布前连续创纪录收盘</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-13 05:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Dow ends just shy of 35,000 milestone.</b>  The Dow Jones Industrial Average, S&amp;P 500 index and <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> Composite on Monday advanced to back-to-back record finishes, starting the week the way the ended last week.</p><p><blockquote><b>道琼斯指数最终仅接近 35,000 点里程碑。</b>道琼斯工业平均指数、标普500指数和<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>周一的综合指数连续创下历史新高，本周开始时与上周结束时持平。</blockquote></p><p> The record finish comes as investors await semiannual testimony from Federal Reserve Chairman Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> beginning Wednesday and a batch of economic reports throughout the week, the unofficial start of corporate quarterly results.</p><p><blockquote>创纪录的结束是在投资者等待美联储主席杰罗姆半年一次的证词之际<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>从周三开始，本周将发布一系列经济报告，企业季度业绩的非官方开始。</blockquote></p><p> <b>How did stock benchmarks end?</b></p><p><blockquote><b>股票基准是如何结束的？</b></blockquote></p><p> <ul>  <li>The Dow Jones Industrial AverageDJIA,+0.36%rose 126.02 points, or 0.4%, to end at a record 34,996.18.</li>  <li>S&amp;P 500 indexSPX,+0.35%added 15.08 points, or 0.4%, closing at a record 4,384.63, after touching an intraday high at 4,386.68.</li>  <li>Nasdaq Composite IndexCOMP,+0.21%advanced 31.32 points, or 0.2%, finishing at a record 14,733.24, after establishing an intraday all-time high at 14,761.08.</li> </ul> On Friday, the Dow and S&amp;P 500 finished the session at record highs, booking weekly gains of about 0.2% and 0.4%, respectively. The Nasdaq Composite finished the week at an all-time high with a 0.4% weekly gain.</p><p><blockquote><ul><li>道琼斯工业平均指数（DJIA）上涨 126.02 点，涨幅 0.4%，收于创纪录的 34,996.18 点。</li><li>标普500指数SPX,+0.35%上涨15.08点，即0.4%，收于创纪录的4,384.63点，此前触及盘中高点4,386.68点。</li><li>纳斯达克综合指数COMP,+0.21%上涨31.32点，即0.2%，收于创纪录的14,733.24点，盘中创下历史新高14,761.08点。</li></ul>周五，道琼斯指数和标普500指数收盘创下历史新高，周涨幅分别约为0.2%和0.4%。纳斯达克综合指数本周收盘创下历史新高，周涨幅为 0.4%。</blockquote></p><p> <b>What drove the market?</b></p><p><blockquote><b>是什么推动了市场？</b></blockquote></p><p> Major stock indexes rose to back-to-back closing records on Monday. The advance came ahead of a number of key events that could serve as catalysts later in the week, including the unofficial start of earnings season, which<b><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a> &amp; Co</b>.JPM,+1.43%will kick off Tuesday, Powell’s testimony on Capitol <a href=\"https://laohu8.com/S/HIL\">Hill</a>, and fresh readings on inflation.</p><p><blockquote>周一，主要股指连续上涨至收盘纪录。这一上涨发生在本周晚些时候可能成为催化剂的一系列关键事件之前，其中包括财报季的非官方开始，这<b><a href=\"https://laohu8.com/S/JPM\">摩根大通</a>公司</b>.JPM,+1.43% 将于周二开盘，鲍威尔在国会大厦作证<a href=\"https://laohu8.com/S/HIL\">山丘</a>以及有关通胀的最新数据。</blockquote></p><p> “People are thinking earnings are going to be strong and that may propel the market higher,” said John Carey, director of <a href=\"https://laohu8.com/S/EQR\">Equity</a> Income at Amundi U.S., adding that, for now, earnings have overshadowed uncertainty in <a href=\"https://laohu8.com/S/WASH\">Washington</a> over planned infrastructure spending and potentially higher corporate taxes.</p><p><blockquote>“人们认为盈利将会强劲，这可能会推动市场走高，”该公司董事约翰-凯里（John Carey）说。<a href=\"https://laohu8.com/S/EQR\">公平</a>Amundi U.S. 的收入，并补充说，就目前而言，盈利掩盖了不确定性<a href=\"https://laohu8.com/S/WASH\">华盛顿</a>超出计划的基础设施支出和潜在的更高的公司税。</blockquote></p><p> “Most people seem to be focused on the strength of the economy and the possibility of better earnings to support stock prices, which are definitely at high levels,” Carey told MarketWatch.</p><p><blockquote>“凯里告诉 MarketWatch：”大多数人似乎都关注经济的实力以及更好的盈利来支撑股价的可能性，而股价肯定处于高位。</blockquote></p><p> Equity markets experienced a bout of turbulence last week before ending with a flourish, prompted partly by a drop in Treasury yields. Lower-bound rates for government debt had raised questions about the outlook for the U.S. economy in the recovery from the pandemic. The spread of the delta variant of COVID-19 has emerged as a concern, but so has the lofty valuations assigned to some segments of the market.</p><p><blockquote>股市上周经历了一轮动荡，随后以繁荣告终，部分原因是国债收益率下降。政府债务利率下限引发了人们对美国经济从疫情中复苏前景的质疑。新冠肺炎德尔塔变异毒株的传播已经成为一个令人担忧的问题，但分配给某些细分市场的高估值也是一个令人担忧的问题。</blockquote></p><p> Questions about the Fed’s monetary policy in the face of growing evidence of percolating inflation also have been blamed for some of the rocky trading.</p><p><blockquote>面对越来越多的通胀渗透证据，对美联储货币政策的质疑也被归咎于一些不稳定的交易。</blockquote></p><p> Yields for the 10-yearTMUBMUSD10Y,1.365%edged up less than a basis point to 1.362% on Monday, while the 30-year Treasury yieldsTMUBMUSD30Y,2.000%advanced by 1.2 basis points to 1.993%, near lows last seen in February.</p><p><blockquote>10年期MUBMUSD10Y,1.365%收益率周一小幅上涨不到一个基点至1.362%，而30年期国债收益率STMUBMUSD30Y,2.000%上涨1.2个基点至1.993%，接近2月份的低点。</blockquote></p><p> Federal Reserve Bank ofNew York President John <a href=\"https://laohu8.com/S/WMB\">Williams</a> told reportersMonday that conditions for scaling back its $120 billion a month bond-buying stimulus program have yet to be met.</p><p><blockquote>纽约联邦储备银行行长约翰<a href=\"https://laohu8.com/S/WMB\">威廉姆斯</a>周一对记者表示，缩减每月 1200 亿美元债券购买刺激计划的条件尚未满足。</blockquote></p><p> Although inflation and peak growth concerns continue to percolate andworry U.S. households, some strategists said those concerns may be “over-hyped” for markets.</p><p><blockquote>尽管对通货膨胀和增长峰值的担忧继续渗透并困扰着美国家庭，但一些策略师表示，这些担忧可能对市场来说 “过度炒作”。</blockquote></p><p> “Both the previous inflation concerns and the current peak growth concerns are likely over-extrapolated reflections of near-term trends that will not persist,” Glenmede’s team led by Jason Pride and Michael Reynolds, wrote in a Monday note.</p><p><blockquote>“由杰森-普莱德（Jason Pride）和迈克尔-雷诺兹（Michael Reynolds）领导的格伦米德团队在周一的一份报告中写道：”之前对通胀的担忧和当前对增长峰值的担忧都可能是对近期趋势的过度推断反映，不会持续下去。</blockquote></p><p> “Markets may remain volatile as they attempt to adjust to the rapidly&nbsp;evolving information flow during the ongoing recovery from the pandemic,” but those factors “should not be disruptive of markets longer term.”</p><p><blockquote>“在从大流行病中持续复苏的过程中，市场可能会继续波动，因为它们试图适应快速变化的信息流”，但这些因素 “从长远来看不应扰乱市场”。</blockquote></p><p> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> also have been keeping an eye on delta-driven COVID infections. The U.S. leads the world with a total of 33.85 million COVID cases and in deaths with 607,156. Dr. Anthony Fauci said on Monday thatboosters weren’t needed for now, but duringa Sunday CNN inview said it was “horrifying”to see conservatives cheer for low vaccination rates, blaming “ideological rigidity” for hobbling the fight against the pandemic.</p><p><blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>也一直在关注三角洲驱动的COVID感染。美国以 3385 万例 COVID 病例和 607,156 例死亡病例位居世界第一。安东尼-福奇（Anthony Fauci）博士周一表示，目前不需要加强剂，但在周日接受美国有线电视新闻网（CNN）采访时表示，看到保守派为低疫苗接种率欢呼，并指责 “意识形态僵化 ”阻碍了抗击大流行病的斗争，这令人 “恐惧”。</blockquote></p><p> “We have long warned that vaccinations would be unlikely to trigger a smooth transition to normalcy,” Ben May, <a href=\"https://laohu8.com/S/OXM\">Oxford</a> Economics’ director of global macro research wrote Monday.</p><p><blockquote>“本-梅（Ben May）说：”我们早就警告说，接种疫苗不太可能引发向正常的平稳过渡。<a href=\"https://laohu8.com/S/OXM\">牛津</a>《经济学》全球宏观研究总监周一写道。</blockquote></p><p> No key data were on deck Monday ahead of a busy week in economic reports, starting with a reading of consumer prices on Tuesday.</p><p><blockquote>在经济报告繁忙的一周之前，周一没有关键数据公布，首先是周二的消费者价格读数。</blockquote></p><p> Separately, investors also were focused on discussions among finance ministers from the G-20, who are trying to assess the potential implications of a proposal for a global minimum tax.</p><p><blockquote>另外，投资者还关注了20国集团财长之间的讨论，他们正试图评估全球最低税提案的潜在影响。</blockquote></p><p></p><p> “We need sustainable sources of revenue that do not rely on further taxing workers’ wages and exacerbating the economic disparities that we are all committed to reducing,” U.S. Treasury Secretary Janet Yellen said in a speech to European Union countries about revamping the corporate tax code internationally.</p><p><blockquote>“美国财政部长珍妮特-耶伦（Janet Yellen）在就修改国际企业税法向欧盟国家发表讲话时说：”我们需要可持续的收入来源，而不是依赖于对工人工资进一步征税和加剧我们都致力于减少的经济差距。</blockquote></p><p> “We need to put an end to corporations shifting capital income to low tax jurisdictions, and to accounting gimmicks that allow them to avoid paying their fair share,” she said.</p><p><blockquote>“她说：”我们需要杜绝企业将资本收入转移到低税收管辖区，杜绝允许企业逃避支付公平份额的会计噱头。</blockquote></p><p> <b>Which companies were in focus?</b></p><p><blockquote><b>哪些公司成为焦点？</b></blockquote></p><p> <ul>  <li><b><a href=\"https://laohu8.com/S/AVGO\">Broadcom</a> Inc</b>.AVGO,+1.16%shares rose 1.2% Monday afterThe Wall Street Journal reportedthe chip and software company was in talks to buy SAS Institute Inc. in a deal that could value the smashup at $15 billion to $20 billion.</li>  <li><b><a href=\"https://laohu8.com/S/AAPL\">Apple</a> Inc</b>.AAPL,-0.42%&nbsp;shares fell 0.4% a day after a Delaware federal judgedismissed a Blix Inc. suit,saying it failed to demonstrate how Apple harmed competition in the mobile operating system market.</li>  <li><b><a href=\"https://laohu8.com/S/LB\">L Brands Inc</a></b>.LB,+4.16%&nbsp;said it’s separating into two publiclytraded businesses next month, with theVictoria’s Secret &amp; Co.‘s underwear unit as “VSCO,” while the Bath &amp; BodyWorks Inc. arm under the “BBWI” ticker, starting Aug. 3.</li>  <li><b><a href=\"https://laohu8.com/S/GME\">GameStop</a>&nbsp;Inc</b>.GME,-1.04%shares shed 1% Monday after Ascendiant Capital Markets lifted its 12-month price target to $25 from $10, but still nowhere near the company’s $189.25 closing price Monday.</li>  <li>Weber, the maker of outdoor grills,has filed to go public, nearly 50 years after it’s iconic dome-like grill was made. Shares are set to&nbsp;trade on the <a href=\"https://laohu8.com/S/NWY\">New York</a> Stock Exchange under the ticker WEBR.</li>  <li>Shares of<b><a href=\"https://laohu8.com/S/SPCE.WS\">Virgin Galactic Holdings Inc</a>.</b>&nbsp;SPCEskid 17.3% Monday, it’s largest daily percent slump since March 16, 2020, a day after founder Richard Branson and five crewmates successfully flew into&nbsp;suborbital space on the company’s VSS <a href=\"https://laohu8.com/S/UNTY\">Unity</a>&nbsp;rocket-powered spaceplane.</li>  <li><b>Couchbase Inc</b>.&nbsp;BASE,&nbsp;a provider of a database for enterprise applications, set terms for its initial public offering on Monday, with plans to offer 7 million shares, priced at $20 to $23 each. The company has applied to list on Nasdaq, under the ticker ‘BASE.’</li>  <li>Shares of<b>Moderna Inc</b>.&nbsp;MRNArose 2.8% Monday after the company said it would supply 20 million doses of its COVID-19 vaccine to Argentina.</li>  <li>Shares of<b><a href=\"https://laohu8.com/S/SWI\">SolarWinds Corp</a>.</b>&nbsp;SWI&nbsp;were 1.8% lower Monday, even after the information technology infrastructure management software company provided an upbeat second-quarter revenue outlook.</li> </ul> <b>How did other assets trade?</b></p><p><blockquote><ul><li><b><a href=\"https://laohu8.com/S/AVGO\">博通</a>公司</b>.AVGO,+1.16%周一，《华尔街日报》报道这家芯片和软件公司正在洽谈收购 SAS Institute Inc.，此前该公司股价上涨 1.2%，交易估值可能达到 150 亿至 200 亿美元。</li><li><b><a href=\"https://laohu8.com/S/AAPL\">苹果</a>公司</b>.AAPL,-0.42% 特拉华州联邦法官驳回了 Blix Inc. 的诉讼，称该诉讼未能证明苹果如何损害移动操作系统市场的竞争，一天后，AAPL 股价下跌 0.4%。</li><li><b><a href=\"https://laohu8.com/S/LB\">L品牌公司</a></b>.LB,+4.16% 表示，该公司将于下个月拆分为两家上市业务，维多利亚的秘密公司（Victoria's Secret&amp;Co.）的内衣部门将更名为 “VSCO”，而 Bath &amp; BodyWorks Inc. 从 8 月 3 日开始，股票代码为 “BBWI ”。</li><li><b><a href=\"https://laohu8.com/S/GME\">游戏驿站</a>公司</b>.GME,-1.04%股价周一下跌1%，此前Ascendiant Capital Markets将其12个月目标价从10美元上调至25美元，但仍远低于该公司周一189.25美元的收盘价。</li><li>韦伯是户外烤架的制造商，在其标志性的圆顶状烤架问世近 50 年后，该公司已申请上市。股份将于<a href=\"https://laohu8.com/S/NWY\">纽约</a>股票代码为WEBR的证券交易所。</li><li>股份<b><a href=\"https://laohu8.com/S/SPCE.WS\">维珍银河控股公司</a>.</b>SPCEskid 周一下跌 17.3%，这是自 2020 年 3 月 16 日以来最大的单日百分比跌幅，一天前，创始人理查德-布兰森（Richard Branson）和五名机组人员乘坐该公司的 VSS 成功飞入亚轨道空间。<a href=\"https://laohu8.com/S/UNTY\">团结</a>火箭动力航天飞机。</li><li><b>沙发基地公司</b>企业应用数据库提供商BASE周一确定了首次公开募股的条款，计划发行700万股股票，每股定价20至23美元。该公司已申请在纳斯达克上市，股票代码为 “BASE”。</li><li>股份<b>现代公司</b>该公司表示将向阿根廷供应 2000 万剂 COVID-19 疫苗，周一上涨 2.8%。</li><li>股份<b><a href=\"https://laohu8.com/S/SWI\">太阳风公司</a>.</b>SWI 周一下跌 1.8%，尽管这家信息技术基础设施管理软件公司提供了乐观的第二季度收入前景。</li></ul><b>其他资产是如何交易的？</b></blockquote></p><p> <ul>  <li>The ICE U.S. Dollar Index&nbsp;DXY,&nbsp;a measure of the currency against six major rivals, was up 0.1%.</li>  <li>Oil futures closed lower Monday, with the U.S. benchmark&nbsp;CL00&nbsp;CL.1,-0.51%down 0.6% settling at $74.10 a barrel. Gold&nbsp;GC00&nbsp;settled 0.3% lower at $1,805.90 an ounce.</li>  <li>In European equities, the Stoxx Europe 600&nbsp;SXXP&nbsp;closed 0.7% higher, while London’s <a href=\"https://laohu8.com/S/.100.UK\">FTSE 100</a>&nbsp;UKX&nbsp;finished up 0.05% on Monday.</li>  <li>In <a href=\"https://laohu8.com/S/00662\">Asia</a>, the Shanghai Composite&nbsp;SHCOMP&nbsp;gained 0.7%, Hong Kong’s Hang Seng Index&nbsp;HSI&nbsp;rose 0.6% on the session and Japan’s Nikkei 225&nbsp;NIK&nbsp;rallied 2.3% on Monday.</li> </ul></p><p><blockquote><ul><li>ICE 美元指数 DXY（衡量美元兑六大主要竞争对手的指标）上涨 0.1%。</li><li>石油期货周一收低，美国基准CL00 CL.1,-0.51%下跌0.6%，收于每桶74.10美元。黄金 GC00 收盘下跌 0.3%，至每盎司 1,805.90 美元。</li><li>欧洲股市方面，斯托克欧洲 600 SXXP 指数收盘上涨 0.7%，伦敦<a href=\"https://laohu8.com/S/.100.UK\">富时100</a>UKX 周一收盘上涨 0.05%。</li><li>在<a href=\"https://laohu8.com/S/00662\">亚洲</a>周一，上证综指上涨 0.7%，香港恒生指数恒生指数上涨 0.6%，日本日经 225 NIK 指数上涨 2.3%。</li></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/dow-set-for-pullback-from-records-tech-stocks-seen-buoyant-as-investors-await-earnings-powell-and-fresh-inflation-data-11626089989?mod=hp_LATEST\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/dow-set-for-pullback-from-records-tech-stocks-seen-buoyant-as-investors-await-earnings-powell-and-fresh-inflation-data-11626089989?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119839711","content_text":"Dow ends just shy of 35,000 milestone.\n\nThe Dow Jones Industrial Average, S&P 500 index and Nasdaq Composite on Monday advanced to back-to-back record finishes, starting the week the way the ended last week.\nThe record finish comes as investors await semiannual testimony from Federal Reserve Chairman Jerome Powell beginning Wednesday and a batch of economic reports throughout the week, the unofficial start of corporate quarterly results.\nHow did stock benchmarks end?\n\nThe Dow Jones Industrial AverageDJIA,+0.36%rose 126.02 points, or 0.4%, to end at a record 34,996.18.\nS&P 500 indexSPX,+0.35%added 15.08 points, or 0.4%, closing at a record 4,384.63, after touching an intraday high at 4,386.68.\nNasdaq Composite IndexCOMP,+0.21%advanced 31.32 points, or 0.2%, finishing at a record 14,733.24, after establishing an intraday all-time high at 14,761.08.\n\nOn Friday, the Dow and S&P 500 finished the session at record highs, booking weekly gains of about 0.2% and 0.4%, respectively. The Nasdaq Composite finished the week at an all-time high with a 0.4% weekly gain.\nWhat drove the market?\nMajor stock indexes rose to back-to-back closing records on Monday. The advance came ahead of a number of key events that could serve as catalysts later in the week, including the unofficial start of earnings season, whichJPMorgan Chase & Co.JPM,+1.43%will kick off Tuesday, Powell’s testimony on Capitol Hill, and fresh readings on inflation.\n“People are thinking earnings are going to be strong and that may propel the market higher,” said John Carey, director of Equity Income at Amundi U.S., adding that, for now, earnings have overshadowed uncertainty in Washington over planned infrastructure spending and potentially higher corporate taxes.\n“Most people seem to be focused on the strength of the economy and the possibility of better earnings to support stock prices, which are definitely at high levels,” Carey told MarketWatch.\nEquity markets experienced a bout of turbulence last week before ending with a flourish, prompted partly by a drop in Treasury yields. Lower-bound rates for government debt had raised questions about the outlook for the U.S. economy in the recovery from the pandemic. The spread of the delta variant of COVID-19 has emerged as a concern, but so has the lofty valuations assigned to some segments of the market.\nQuestions about the Fed’s monetary policy in the face of growing evidence of percolating inflation also have been blamed for some of the rocky trading.\nYields for the 10-yearTMUBMUSD10Y,1.365%edged up less than a basis point to 1.362% on Monday, while the 30-year Treasury yieldsTMUBMUSD30Y,2.000%advanced by 1.2 basis points to 1.993%, near lows last seen in February.\nFederal Reserve Bank ofNew York President John Williams told reportersMonday that conditions for scaling back its $120 billion a month bond-buying stimulus program have yet to be met.\nAlthough inflation and peak growth concerns continue to percolate andworry U.S. households, some strategists said those concerns may be “over-hyped” for markets.\n“Both the previous inflation concerns and the current peak growth concerns are likely over-extrapolated reflections of near-term trends that will not persist,” Glenmede’s team led by Jason Pride and Michael Reynolds, wrote in a Monday note.\n“Markets may remain volatile as they attempt to adjust to the rapidly evolving information flow during the ongoing recovery from the pandemic,” but those factors “should not be disruptive of markets longer term.”\nInvestors also have been keeping an eye on delta-driven COVID infections. The U.S. leads the world with a total of 33.85 million COVID cases and in deaths with 607,156. Dr. Anthony Fauci said on Monday thatboosters weren’t needed for now, but duringa Sunday CNN inview said it was “horrifying”to see conservatives cheer for low vaccination rates, blaming “ideological rigidity” for hobbling the fight against the pandemic.\n“We have long warned that vaccinations would be unlikely to trigger a smooth transition to normalcy,” Ben May, Oxford Economics’ director of global macro research wrote Monday.\nNo key data were on deck Monday ahead of a busy week in economic reports, starting with a reading of consumer prices on Tuesday.\nSeparately, investors also were focused on discussions among finance ministers from the G-20, who are trying to assess the potential implications of a proposal for a global minimum tax.\n“We need sustainable sources of revenue that do not rely on further taxing workers’ wages and exacerbating the economic disparities that we are all committed to reducing,” U.S. Treasury Secretary Janet Yellen said in a speech to European Union countries about revamping the corporate tax code internationally.\n“We need to put an end to corporations shifting capital income to low tax jurisdictions, and to accounting gimmicks that allow them to avoid paying their fair share,” she said.\nWhich companies were in focus?\n\nBroadcom Inc.AVGO,+1.16%shares rose 1.2% Monday afterThe Wall Street Journal reportedthe chip and software company was in talks to buy SAS Institute Inc. in a deal that could value the smashup at $15 billion to $20 billion.\nApple Inc.AAPL,-0.42% shares fell 0.4% a day after a Delaware federal judgedismissed a Blix Inc. suit,saying it failed to demonstrate how Apple harmed competition in the mobile operating system market.\nL Brands Inc.LB,+4.16% said it’s separating into two publiclytraded businesses next month, with theVictoria’s Secret & Co.‘s underwear unit as “VSCO,” while the Bath & BodyWorks Inc. arm under the “BBWI” ticker, starting Aug. 3.\nGameStop Inc.GME,-1.04%shares shed 1% Monday after Ascendiant Capital Markets lifted its 12-month price target to $25 from $10, but still nowhere near the company’s $189.25 closing price Monday.\nWeber, the maker of outdoor grills,has filed to go public, nearly 50 years after it’s iconic dome-like grill was made. Shares are set to trade on the New York Stock Exchange under the ticker WEBR.\nShares ofVirgin Galactic Holdings Inc. SPCEskid 17.3% Monday, it’s largest daily percent slump since March 16, 2020, a day after founder Richard Branson and five crewmates successfully flew into suborbital space on the company’s VSS Unity rocket-powered spaceplane.\nCouchbase Inc. BASE, a provider of a database for enterprise applications, set terms for its initial public offering on Monday, with plans to offer 7 million shares, priced at $20 to $23 each. The company has applied to list on Nasdaq, under the ticker ‘BASE.’\nShares ofModerna Inc. MRNArose 2.8% Monday after the company said it would supply 20 million doses of its COVID-19 vaccine to Argentina.\nShares ofSolarWinds Corp. SWI were 1.8% lower Monday, even after the information technology infrastructure management software company provided an upbeat second-quarter revenue outlook.\n\nHow did other assets trade?\n\nThe ICE U.S. Dollar Index DXY, a measure of the currency against six major rivals, was up 0.1%.\nOil futures closed lower Monday, with the U.S. benchmark CL00 CL.1,-0.51%down 0.6% settling at $74.10 a barrel. Gold GC00 settled 0.3% lower at $1,805.90 an ounce.\nIn European equities, the Stoxx Europe 600 SXXP closed 0.7% higher, while London’s FTSE 100 UKX finished up 0.05% on Monday.\nIn Asia, the Shanghai Composite SHCOMP gained 0.7%, Hong Kong’s Hang Seng Index HSI rose 0.6% on the session and Japan’s Nikkei 225 NIK rallied 2.3% on Monday.","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1603,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146406089,"gmtCreate":1626094758041,"gmtModify":1633930219691,"author":{"id":"3586294769337954","authorId":"3586294769337954","name":"20Rose","avatar":"https://static.tigerbbs.com/be5e86f120cf46968b3f070cd2bd360f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586294769337954","idStr":"3586294769337954"},"themes":[],"title":"","htmlText":"Good read","listText":"Good read","text":"Good 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read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/893333194","repostId":"1193039903","repostType":4,"repost":{"id":"1193039903","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1628235933,"share":"https://www.laohunote.com/m/news/1193039903?lang=zh_CN&edition=full","pubTime":"2021-08-06 15:45","market":"hk","language":"en","title":"Warren Buffett-Backed BYD Sold More EVs In July Than Nio, Xpeng, Li's Combined Deliveries<blockquote>巴菲特支持的比亚迪 7 月份电动汽车销量超过了蔚来、小鹏和理想的总交付量</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193039903","media":"Benzinga Earnings","summary":"The Shenzhen-based, Chinese automaker BYD Co’s BYDD Fall-electric vehicle sales more than doubled in","content":"<p>The Shenzhen-based, Chinese automaker&nbsp;<b>BYD Co’s</b>&nbsp;BYDD&nbsp;Fall-electric vehicle sales more than doubled in July and the company sold more vehicles than the combined delivery numbers of the three homegrown newcomers<b>Nio Inc</b>NIO,<b>Xpeng Inc</b>XPEV 0.01%, and<b>Li Auto</b>NASDAQLiduring the month.</p><p><blockquote>这家总部位于深圳的中国汽车制造商<b>比亚迪公司</b>比亚迪秋季——7月份电动汽车销量翻了一番多，该公司的汽车销量超过了三家本土新来者的交付量总和<b>蔚来公司</b>蔚来,<b>小鹏汽车</b>XPEV 0.01%，和<b>理想汽车</b>纳斯达克本月。</blockquote></p><p> <b>What Happened: Berkshire Hathaway Inc</b>(NYSE:BRK-A) (NYSE:BRK-B) Chairman&nbsp;<b>Warren Buffett</b>-backed BYD sold 24,996 battery-powered electric vehicles in July, a 139% jump year-on-year. On a sequential basis, the growth was 23%.</p><p><blockquote><b>发生了什么：伯克希尔哈撒韦公司</b>（纽约证券交易所代码：BRK-A）（纽约证券交易所代码：BRK-B）主席<b>沃伦·巴菲特</b>-支持的比亚迪7月份售出24,996辆电池驱动电动汽车，同比增长139%。环比增长23%。</blockquote></p><p> BYD’s electric vehicle sales volume in July edged past the combined delivery numbers of the upcoming Chinese rivals Nio, Xpeng and Li’s combined sales by a whisker at 24,560 electric vehicles.</p><p><blockquote>比亚迪 7 月份的电动汽车销量略微超过了即将上市的中国竞争对手蔚来、小鹏和理想的总交付量，为 24,560 辆。</blockquote></p><p> Nio&nbsp;delivered 7,931 vehicles in July, while rival Xpeng delivered 8,040 vehicles and Li Auto reported 8,589 deliveries during the month.</p><p><blockquote>蔚来 7 月份交付了 7,931 辆汽车，而竞争对手小鹏汽车当月交付了 8,040 辆汽车，理想汽车当月交付了 8,589 辆汽车。</blockquote></p><p> BYD’s new energy vehicles sales more than tripled to 50,492 vehicles in July from a year ago.</p><p><blockquote>比亚迪7月份的新能源汽车销量同比增长了两倍多，达到50492辆。</blockquote></p><p> In the New Energy Vehicle (NEV) category, which includes hybrids, BYD sales more than tripled to 50,492 vehicles in July, or a year-on-year jump of nearly 234.4%.</p><p><blockquote>在包括混合动力汽车在内的新能源汽车（NEV）类别中，比亚迪7月销量增长了两倍多，达到50,492辆，同比增长近234.4%。</blockquote></p><p> In China, NEV is used to define plug-in electric vehicles eligible for public subsidies which also includes plug-in hybrid electric vehicles and fuel cell electric vehicles besides the battery electric vehicles (BEVs).</p><p><blockquote>在中国，新能源汽车用于定义合资格获得公共补贴的插电式电动汽车，除电池电动汽车（BEV）外，还包括插电式混合动力电动汽车和燃料电池电动汽车。</blockquote></p><p> These could be cars, buses, trucks, or two-wheelers.&nbsp; BYD’s NEV portfolio consists of cars, buses, and trucks. The automaker’s battery-powered electric vehicle sales is the metric most-suited for like-to-like comparison with Chinese peers and also<b>TeslaInc</b>TSLA.</p><p><blockquote>这些车辆可以是轿车、公共汽车、卡车或两轮车。比亚迪的新能源产品组合包括轿车、公共汽车和卡车。该汽车制造商的电池驱动电动汽车销量是最适合与中国同行进行同类比较的指标，而且<b>特斯拉因克</b>特斯拉。</blockquote></p><p> <b>Gas-powered Sales Drop:</b>&nbsp;Interestingly, BYD's sales of oil-guzzling vehicles fell 57.5% to 6,918 vehicles in July. The decline was led by a sharp drop in oil-fueled SUVs where sales fell 65.3% to 4,556 vehicles.</p><p><blockquote><b>燃气动力销量下降：</b>有趣的是，比亚迪7月份耗油量汽车销量下降57.5%，至6918辆。下降的主要原因是燃油 SUV 销量大幅下降，销量下降 65.3%，至 4,556 辆。</blockquote></p><p> <b>Why It Matters:</b>&nbsp;Nio&nbsp;delivered 7,931 vehicles in July, while rival Xpeng delivered 8,040 vehicles and Li Auto reported 8,589 deliveries during the month.</p><p><blockquote><b>为什么重要：</b>蔚来 7 月份交付了 7,931 辆汽车，而竞争对手小鹏汽车当月交付了 8,040 辆汽车，理想汽车当月交付了 8,589 辆汽车。</blockquote></p><p> BYD’s sales jump comes amid stiff competition from the local newcomers as well as Tesla which has been ramping up investment plans in China.</p><p><blockquote>比亚迪的销量猛增是在来自本地新来者以及一直在加大在华投资计划的特斯拉的激烈竞争中实现的。</blockquote></p><p> The upcoming rivals have been going all the way to grab market share. For instance, Nio, which is on the threshold of entering the European market, has partnered with chipmaker<b>NVIDIACorp</b>NVDAfor autonomous driving capabilities. Others are planning similar feats and expansion plans.</p><p><blockquote>即将到来的竞争对手一直在一路抢夺市场份额。例如，即将进入欧洲市场的蔚来就与芯片制造商合作<b>英伟达公司</b>NVDAfor 自动驾驶功能。其他人正在计划类似的壮举和扩张计划。</blockquote></p><p> <b>Price Action:</b>&nbsp;BYD shares closed 1.27% higher at $35.90 on Thursday.</p><p><blockquote><b>价格行为：</b>比亚迪股价周四收盘上涨 1.27%，至 35.90 美元。</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>Warren Buffett-Backed BYD Sold More EVs In July Than Nio, Xpeng, Li's Combined Deliveries<blockquote>巴菲特支持的比亚迪 7 月份电动汽车销量超过了蔚来、小鹏和理想的总交付量</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\">\nWarren Buffett-Backed BYD Sold More EVs In July Than Nio, Xpeng, Li's Combined Deliveries<blockquote>巴菲特支持的比亚迪 7 月份电动汽车销量超过了蔚来、小鹏和理想的总交付量</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-08-06 15:45</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>The Shenzhen-based, Chinese automaker&nbsp;<b>BYD Co’s</b>&nbsp;BYDD&nbsp;Fall-electric vehicle sales more than doubled in July and the company sold more vehicles than the combined delivery numbers of the three homegrown newcomers<b>Nio Inc</b>NIO,<b>Xpeng Inc</b>XPEV 0.01%, and<b>Li Auto</b>NASDAQLiduring the month.</p><p><blockquote>这家总部位于深圳的中国汽车制造商<b>比亚迪公司</b>比亚迪秋季——7月份电动汽车销量翻了一番多，该公司的汽车销量超过了三家本土新来者的交付量总和<b>蔚来公司</b>蔚来,<b>小鹏汽车</b>XPEV 0.01%，和<b>理想汽车</b>纳斯达克本月。</blockquote></p><p> <b>What Happened: Berkshire Hathaway Inc</b>(NYSE:BRK-A) (NYSE:BRK-B) Chairman&nbsp;<b>Warren Buffett</b>-backed BYD sold 24,996 battery-powered electric vehicles in July, a 139% jump year-on-year. On a sequential basis, the growth was 23%.</p><p><blockquote><b>发生了什么：伯克希尔哈撒韦公司</b>（纽约证券交易所代码：BRK-A）（纽约证券交易所代码：BRK-B）主席<b>沃伦·巴菲特</b>-支持的比亚迪7月份售出24,996辆电池驱动电动汽车，同比增长139%。环比增长23%。</blockquote></p><p> BYD’s electric vehicle sales volume in July edged past the combined delivery numbers of the upcoming Chinese rivals Nio, Xpeng and Li’s combined sales by a whisker at 24,560 electric vehicles.</p><p><blockquote>比亚迪 7 月份的电动汽车销量略微超过了即将上市的中国竞争对手蔚来、小鹏和理想的总交付量，为 24,560 辆。</blockquote></p><p> Nio&nbsp;delivered 7,931 vehicles in July, while rival Xpeng delivered 8,040 vehicles and Li Auto reported 8,589 deliveries during the month.</p><p><blockquote>蔚来 7 月份交付了 7,931 辆汽车，而竞争对手小鹏汽车当月交付了 8,040 辆汽车，理想汽车当月交付了 8,589 辆汽车。</blockquote></p><p> BYD’s new energy vehicles sales more than tripled to 50,492 vehicles in July from a year ago.</p><p><blockquote>比亚迪7月份的新能源汽车销量同比增长了两倍多，达到50492辆。</blockquote></p><p> In the New Energy Vehicle (NEV) category, which includes hybrids, BYD sales more than tripled to 50,492 vehicles in July, or a year-on-year jump of nearly 234.4%.</p><p><blockquote>在包括混合动力汽车在内的新能源汽车（NEV）类别中，比亚迪7月销量增长了两倍多，达到50,492辆，同比增长近234.4%。</blockquote></p><p> In China, NEV is used to define plug-in electric vehicles eligible for public subsidies which also includes plug-in hybrid electric vehicles and fuel cell electric vehicles besides the battery electric vehicles (BEVs).</p><p><blockquote>在中国，新能源汽车用于定义合资格获得公共补贴的插电式电动汽车，除电池电动汽车（BEV）外，还包括插电式混合动力电动汽车和燃料电池电动汽车。</blockquote></p><p> These could be cars, buses, trucks, or two-wheelers.&nbsp; BYD’s NEV portfolio consists of cars, buses, and trucks. The automaker’s battery-powered electric vehicle sales is the metric most-suited for like-to-like comparison with Chinese peers and also<b>TeslaInc</b>TSLA.</p><p><blockquote>这些车辆可以是轿车、公共汽车、卡车或两轮车。比亚迪的新能源产品组合包括轿车、公共汽车和卡车。该汽车制造商的电池驱动电动汽车销量是最适合与中国同行进行同类比较的指标，而且<b>特斯拉因克</b>特斯拉。</blockquote></p><p> <b>Gas-powered Sales Drop:</b>&nbsp;Interestingly, BYD's sales of oil-guzzling vehicles fell 57.5% to 6,918 vehicles in July. The decline was led by a sharp drop in oil-fueled SUVs where sales fell 65.3% to 4,556 vehicles.</p><p><blockquote><b>燃气动力销量下降：</b>有趣的是，比亚迪7月份耗油量汽车销量下降57.5%，至6918辆。下降的主要原因是燃油 SUV 销量大幅下降，销量下降 65.3%，至 4,556 辆。</blockquote></p><p> <b>Why It Matters:</b>&nbsp;Nio&nbsp;delivered 7,931 vehicles in July, while rival Xpeng delivered 8,040 vehicles and Li Auto reported 8,589 deliveries during the month.</p><p><blockquote><b>为什么重要：</b>蔚来 7 月份交付了 7,931 辆汽车，而竞争对手小鹏汽车当月交付了 8,040 辆汽车，理想汽车当月交付了 8,589 辆汽车。</blockquote></p><p> BYD’s sales jump comes amid stiff competition from the local newcomers as well as Tesla which has been ramping up investment plans in China.</p><p><blockquote>比亚迪的销量猛增是在来自本地新来者以及一直在加大在华投资计划的特斯拉的激烈竞争中实现的。</blockquote></p><p> The upcoming rivals have been going all the way to grab market share. For instance, Nio, which is on the threshold of entering the European market, has partnered with chipmaker<b>NVIDIACorp</b>NVDAfor autonomous driving capabilities. Others are planning similar feats and expansion plans.</p><p><blockquote>即将到来的竞争对手一直在一路抢夺市场份额。例如，即将进入欧洲市场的蔚来就与芯片制造商合作<b>英伟达公司</b>NVDAfor 自动驾驶功能。其他人正在计划类似的壮举和扩张计划。</blockquote></p><p> <b>Price Action:</b>&nbsp;BYD shares closed 1.27% higher at $35.90 on Thursday.</p><p><blockquote><b>价格行为：</b>比亚迪股价周四收盘上涨 1.27%，至 35.90 美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"002594":"比亚迪","00285":"比亚迪电子","01211":"比亚迪股份","BYDDY":"比亚迪ADR"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193039903","content_text":"The Shenzhen-based, Chinese automaker BYD Co’s BYDD Fall-electric vehicle sales more than doubled in July and the company sold more vehicles than the combined delivery numbers of the three homegrown newcomersNio IncNIO,Xpeng IncXPEV 0.01%, andLi AutoNASDAQLiduring the month.\nWhat Happened: Berkshire Hathaway Inc(NYSE:BRK-A) (NYSE:BRK-B) Chairman Warren Buffett-backed BYD sold 24,996 battery-powered electric vehicles in July, a 139% jump year-on-year. On a sequential basis, the growth was 23%.\nBYD’s electric vehicle sales volume in July edged past the combined delivery numbers of the upcoming Chinese rivals Nio, Xpeng and Li’s combined sales by a whisker at 24,560 electric vehicles.\nNio delivered 7,931 vehicles in July, while rival Xpeng delivered 8,040 vehicles and Li Auto reported 8,589 deliveries during the month.\nBYD’s new energy vehicles sales more than tripled to 50,492 vehicles in July from a year ago.\nIn the New Energy Vehicle (NEV) category, which includes hybrids, BYD sales more than tripled to 50,492 vehicles in July, or a year-on-year jump of nearly 234.4%.\nIn China, NEV is used to define plug-in electric vehicles eligible for public subsidies which also includes plug-in hybrid electric vehicles and fuel cell electric vehicles besides the battery electric vehicles (BEVs).\nThese could be cars, buses, trucks, or two-wheelers.  BYD’s NEV portfolio consists of cars, buses, and trucks. The automaker’s battery-powered electric vehicle sales is the metric most-suited for like-to-like comparison with Chinese peers and alsoTeslaIncTSLA.\nGas-powered Sales Drop: Interestingly, BYD's sales of oil-guzzling vehicles fell 57.5% to 6,918 vehicles in July. The decline was led by a sharp drop in oil-fueled SUVs where sales fell 65.3% to 4,556 vehicles.\nWhy It Matters: Nio delivered 7,931 vehicles in July, while rival Xpeng delivered 8,040 vehicles and Li Auto reported 8,589 deliveries during the month.\nBYD’s sales jump comes amid stiff competition from the local newcomers as well as Tesla which has been ramping up investment plans in China.\nThe upcoming rivals have been going all the way to grab market share. For instance, Nio, which is on the threshold of entering the European market, has partnered with chipmakerNVIDIACorpNVDAfor autonomous driving capabilities. Others are planning similar feats and expansion plans.\nPrice Action: BYD shares closed 1.27% higher at $35.90 on Thursday.","news_type":1,"symbols_score_info":{"002594":0.9,"BYDDY":0.9,"01211":0.9,"00285":0.9}},"isVote":1,"tweetType":1,"viewCount":949,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169232541,"gmtCreate":1623837044983,"gmtModify":1634027342079,"author":{"id":"3586294769337954","authorId":"3586294769337954","name":"20Rose","avatar":"https://static.tigerbbs.com/be5e86f120cf46968b3f070cd2bd360f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586294769337954","authorIdStr":"3586294769337954"},"themes":[],"title":"","htmlText":"Good insight.&nbsp;","listText":"Good insight.&nbsp;","text":"Good insight.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/169232541","repostId":"1105892749","repostType":4,"repost":{"id":"1105892749","kind":"news","pubTimestamp":1623809672,"share":"https://www.laohunote.com/m/news/1105892749?lang=zh_CN&edition=full","pubTime":"2021-06-16 10:14","market":"us","language":"en","title":"Tesla Bulls Look for Stock Catalysts. They Found Three.<blockquote>特斯拉多头寻找股票催化剂。他们找到了三个。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105892749","media":"Barrons","summary":"Weak performance from Tesla stock has bullish analysts feeling disappointed these days. They are looking for catalysts to break shares out of their recent funk.That performance is flummoxing Tesla bulls. “Let’s begin with a healthy dose of intellectual honesty on the starting point for the stock,” writes Morgan Stanley analyst Adam Jonas in a Monday evening report. He is a Tesla bull rating shares Buy. His price target for the stock is $900 a share, almost 50% higher than recent levels. “Even bu","content":"<p>Weak performance from Tesla stock has bullish analysts feeling disappointed these days. They are looking for catalysts to break shares out of their recent funk.</p><p><blockquote>特斯拉股票的疲软表现让看涨的分析师感到失望。他们正在寻找催化剂来打破近期的恐慌情绪。</blockquote></p><p> Tesla stock (ticker: TSLA) is down about 15% year to date and off about 50% from its January 52-week high of $900.40. Tesla has ceded leadership—from a stock perspective—back to traditional auto makers: General Motors (GM) and Ford Motor (F) shares are up 45% and 70% year to date, respectively.</p><p><blockquote>特斯拉股价（股票代码：TSLA）今年迄今已下跌约 15%，较 1 月份 900.40 美元的 52 周高点下跌约 50%。从股票的角度来看，特斯拉已经将领先地位拱手让给了传统汽车制造商：通用汽车 (GM) 和福特汽车公司 (F) 的股价今年迄今分别上涨了 45% 和 70%。</blockquote></p><p> That performance is flummoxing Tesla bulls. “Let’s begin with a healthy dose of intellectual honesty on the starting point for the stock,” writes Morgan Stanley analyst&nbsp;Adam Jonas&nbsp;in a Monday evening report. He is a Tesla bull rating shares Buy. His price target for the stock is $900 a share, almost 50% higher than recent levels. “Even bulls should admit that the rise in the stock price during the second half of 2020, while perhaps deserved in principle, was packed into a&nbsp;highly concentrated&nbsp;time frame,” he writes.</p><p><blockquote>这一表现让特斯拉公牛队感到困惑。“摩根士丹利（Morgan Stanley）分析师亚当-乔纳斯（Adam Jonas）在周一晚间的一份报告中写道：”让我们从健康的知识诚实开始，作为股票的起点。他给予特斯拉看涨股票买入评级。他对该股的目标价为每股 900 美元，比近期水平高出近 50%。“他写道：”即使是看涨者也应该承认，2020 年下半年股价的上涨虽然在原则上是理所应当的，但却是在一个高度集中的时间框架内实现的。</blockquote></p><p> Tesla shares rose 227% in the second half of 2020, buoyed by strong earnings, strong deliveries, and the stock’s inclusion in the&nbsp;S&amp;P 500.</p><p><blockquote>受强劲盈利、强劲交付以及该股被纳入标普500的提振，特斯拉股价在 2020 年下半年上涨了 227%。</blockquote></p><p> “The stock had the better part of five years-worth of performance packed into about five month,” Jonas adds. He says his clients are now looking for the next big thing that can drive the stock forward again. His ideas include capacity expansion in Texas and Germany. After that, he predicts Tesla will open up five more plants between now and the middle of this decade.</p><p><blockquote>“乔纳斯补充说：”该股在大约五个月内就取得了五年来的大部分表现。他表示，他的客户现在正在寻找下一件可以推动股价再次上涨的大事。他的想法包括扩大德克萨斯州和德国的产能。此后，他预测从现在到本十年中期，特斯拉将再开设五家工厂。</blockquote></p><p> Jonas is also looking for Tesla to unveil another new vehicle model. By his estimation, Tesla covers only about 15% of the total addressable market for the auto industry with its Y, X, 3, and S models. Model expansion will be a positive. That isn’t on the near-term horizon, though the company is due to deliver its Cybertruck later in 2021.</p><p><blockquote>Jonas 还在寻找特斯拉推出另一款新车型。据他估计，特斯拉的Y、X、3和S车型仅覆盖了汽车行业总潜在市场的15%左右。模型扩展将是积极的。虽然该公司将于 2021 年晚些时候交付 Cybertruck，但这并不在近期内。</blockquote></p><p> Canaccord analyst&nbsp;Jonathan Dorsheimer&nbsp;is looking in a different area for a catalyst: residential solar power. Part of the reason he is bullish is that “Tesla is creating an energy brand and an Apple-esque ecosystem of products with customer focused connectivity, seamlessly marrying car, solar, and back-up power,” he wrote in a report released Sunday.</p><p><blockquote>Canaccord 分析师 Jonathan Dorsheimer 正在寻找不同领域的催化剂：住宅太阳能。他看好的部分原因是 “特斯拉正在创建一个能源品牌和一个苹果式的产品生态系统，以客户为中心的连接性，将汽车、太阳能和备用电源无缝结合，”他在周日发布的一份报告中写道。</blockquote></p><p> Dorsheimer is bullish, but feeling a little down lately. He still rates the stock Buy, but he cut his&nbsp;price target&nbsp;to $812 from $974 in his report. Among other things, he is disappointed by battery delays. Tesla is planning to use larger battery cells that promise better range, charge time, and costs. Those batteries aren’t available yet.</p><p><blockquote>多尔斯海默很乐观，但最近感觉有点沮丧。他仍然给予该股买入评级，但在报告中将目标价从 974 美元下调至 812 美元。除此之外，他对电池延迟感到失望。特斯拉计划使用更大的电池单元，这有望提供更好的续航里程、充电时间和成本。这些电池还没有上市。</blockquote></p><p> Looking a little further back, Goldman Sachs analyst&nbsp;Mark Delaney&nbsp;was watching Tesla’s Model S Plaid delivery event last week. The Plaid can go zero to 60 miles per hour in less than two seconds. Delaney was impressed by the technology, but pointed out the Plaid, at roughly $130,000, is a niche vehicle. He is looking for 2021 deliveries to exceed expectations. Delaney is modeling 875,000 vehicles for Tesla in 2021. The Wall Street consensus number is closer to 825,000.</p><p><blockquote>再往前看，高盛分析师马克-德莱尼（Mark Delaney）上周正在观看特斯拉的 Model S Plaid 交付活动。Plaid 可以在不到两秒的时间内从零加速到 60 英里/小时。德莱尼对这项技术印象深刻，但他指出，售价约为 13 万美元的 Plaid 是一款小众汽车。他希望2021年的交付量能够超出预期。德莱尼将在2021年为特斯拉建造875,000辆汽车。华尔街的共识数字接近82.5万。</blockquote></p><p> Delaney rates shares Buy and has an $860 price target.</p><p><blockquote>德莱尼将股票评级为买入，目标价为 860 美元。</blockquote></p><p> New production ramping up, strong deliveries, and a growing solar business is what these three will watch for in coming months. If all goes well, those catalysts should be enough to drive Tesla stock higher, as long as there is no bad news in the meantime.</p><p><blockquote>未来几个月，这三家公司将关注新产量的增加、强劲的交付和不断增长的太阳能业务。如果一切顺利，只要同时没有坏消息，这些催化剂应该足以推动特斯拉股价走高。</blockquote></p><p> Tesla stock was down 3%&nbsp;to $599.36&nbsp;on&nbsp;Tuesday, and down slightly for the week.</p><p><blockquote>特斯拉股价周二下跌 3%，至 599.36 美元，本周小幅下跌。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Bulls Look for Stock Catalysts. They Found Three.<blockquote>特斯拉多头寻找股票催化剂。他们找到了三个。</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\">\nTesla Bulls Look for Stock Catalysts. They Found Three.<blockquote>特斯拉多头寻找股票催化剂。他们找到了三个。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-16 10:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Weak performance from Tesla stock has bullish analysts feeling disappointed these days. They are looking for catalysts to break shares out of their recent funk.</p><p><blockquote>特斯拉股票的疲软表现让看涨的分析师感到失望。他们正在寻找催化剂来打破近期的恐慌情绪。</blockquote></p><p> Tesla stock (ticker: TSLA) is down about 15% year to date and off about 50% from its January 52-week high of $900.40. Tesla has ceded leadership—from a stock perspective—back to traditional auto makers: General Motors (GM) and Ford Motor (F) shares are up 45% and 70% year to date, respectively.</p><p><blockquote>特斯拉股价（股票代码：TSLA）今年迄今已下跌约 15%，较 1 月份 900.40 美元的 52 周高点下跌约 50%。从股票的角度来看，特斯拉已经将领先地位拱手让给了传统汽车制造商：通用汽车 (GM) 和福特汽车公司 (F) 的股价今年迄今分别上涨了 45% 和 70%。</blockquote></p><p> That performance is flummoxing Tesla bulls. “Let’s begin with a healthy dose of intellectual honesty on the starting point for the stock,” writes Morgan Stanley analyst&nbsp;Adam Jonas&nbsp;in a Monday evening report. He is a Tesla bull rating shares Buy. His price target for the stock is $900 a share, almost 50% higher than recent levels. “Even bulls should admit that the rise in the stock price during the second half of 2020, while perhaps deserved in principle, was packed into a&nbsp;highly concentrated&nbsp;time frame,” he writes.</p><p><blockquote>这一表现让特斯拉公牛队感到困惑。“摩根士丹利（Morgan Stanley）分析师亚当-乔纳斯（Adam Jonas）在周一晚间的一份报告中写道：”让我们从健康的知识诚实开始，作为股票的起点。他给予特斯拉看涨股票买入评级。他对该股的目标价为每股 900 美元，比近期水平高出近 50%。“他写道：”即使是看涨者也应该承认，2020 年下半年股价的上涨虽然在原则上是理所应当的，但却是在一个高度集中的时间框架内实现的。</blockquote></p><p> Tesla shares rose 227% in the second half of 2020, buoyed by strong earnings, strong deliveries, and the stock’s inclusion in the&nbsp;S&amp;P 500.</p><p><blockquote>受强劲盈利、强劲交付以及该股被纳入标普500的提振，特斯拉股价在 2020 年下半年上涨了 227%。</blockquote></p><p> “The stock had the better part of five years-worth of performance packed into about five month,” Jonas adds. He says his clients are now looking for the next big thing that can drive the stock forward again. His ideas include capacity expansion in Texas and Germany. After that, he predicts Tesla will open up five more plants between now and the middle of this decade.</p><p><blockquote>“乔纳斯补充说：”该股在大约五个月内就取得了五年来的大部分表现。他表示，他的客户现在正在寻找下一件可以推动股价再次上涨的大事。他的想法包括扩大德克萨斯州和德国的产能。此后，他预测从现在到本十年中期，特斯拉将再开设五家工厂。</blockquote></p><p> Jonas is also looking for Tesla to unveil another new vehicle model. By his estimation, Tesla covers only about 15% of the total addressable market for the auto industry with its Y, X, 3, and S models. Model expansion will be a positive. That isn’t on the near-term horizon, though the company is due to deliver its Cybertruck later in 2021.</p><p><blockquote>Jonas 还在寻找特斯拉推出另一款新车型。据他估计，特斯拉的Y、X、3和S车型仅覆盖了汽车行业总潜在市场的15%左右。模型扩展将是积极的。虽然该公司将于 2021 年晚些时候交付 Cybertruck，但这并不在近期内。</blockquote></p><p> Canaccord analyst&nbsp;Jonathan Dorsheimer&nbsp;is looking in a different area for a catalyst: residential solar power. Part of the reason he is bullish is that “Tesla is creating an energy brand and an Apple-esque ecosystem of products with customer focused connectivity, seamlessly marrying car, solar, and back-up power,” he wrote in a report released Sunday.</p><p><blockquote>Canaccord 分析师 Jonathan Dorsheimer 正在寻找不同领域的催化剂：住宅太阳能。他看好的部分原因是 “特斯拉正在创建一个能源品牌和一个苹果式的产品生态系统，以客户为中心的连接性，将汽车、太阳能和备用电源无缝结合，”他在周日发布的一份报告中写道。</blockquote></p><p> Dorsheimer is bullish, but feeling a little down lately. He still rates the stock Buy, but he cut his&nbsp;price target&nbsp;to $812 from $974 in his report. Among other things, he is disappointed by battery delays. Tesla is planning to use larger battery cells that promise better range, charge time, and costs. Those batteries aren’t available yet.</p><p><blockquote>多尔斯海默很乐观，但最近感觉有点沮丧。他仍然给予该股买入评级，但在报告中将目标价从 974 美元下调至 812 美元。除此之外，他对电池延迟感到失望。特斯拉计划使用更大的电池单元，这有望提供更好的续航里程、充电时间和成本。这些电池还没有上市。</blockquote></p><p> Looking a little further back, Goldman Sachs analyst&nbsp;Mark Delaney&nbsp;was watching Tesla’s Model S Plaid delivery event last week. The Plaid can go zero to 60 miles per hour in less than two seconds. Delaney was impressed by the technology, but pointed out the Plaid, at roughly $130,000, is a niche vehicle. He is looking for 2021 deliveries to exceed expectations. Delaney is modeling 875,000 vehicles for Tesla in 2021. The Wall Street consensus number is closer to 825,000.</p><p><blockquote>再往前看，高盛分析师马克-德莱尼（Mark Delaney）上周正在观看特斯拉的 Model S Plaid 交付活动。Plaid 可以在不到两秒的时间内从零加速到 60 英里/小时。德莱尼对这项技术印象深刻，但他指出，售价约为 13 万美元的 Plaid 是一款小众汽车。他希望2021年的交付量能够超出预期。德莱尼将在2021年为特斯拉建造875,000辆汽车。华尔街的共识数字接近82.5万。</blockquote></p><p> Delaney rates shares Buy and has an $860 price target.</p><p><blockquote>德莱尼将股票评级为买入，目标价为 860 美元。</blockquote></p><p> New production ramping up, strong deliveries, and a growing solar business is what these three will watch for in coming months. If all goes well, those catalysts should be enough to drive Tesla stock higher, as long as there is no bad news in the meantime.</p><p><blockquote>未来几个月，这三家公司将关注新产量的增加、强劲的交付和不断增长的太阳能业务。如果一切顺利，只要同时没有坏消息，这些催化剂应该足以推动特斯拉股价走高。</blockquote></p><p> Tesla stock was down 3%&nbsp;to $599.36&nbsp;on&nbsp;Tuesday, and down slightly for the week.</p><p><blockquote>特斯拉股价周二下跌 3%，至 599.36 美元，本周小幅下跌。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-bulls-look-for-stock-catalysts-they-found-three-51623774479?mod=RTA\">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":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-bulls-look-for-stock-catalysts-they-found-three-51623774479?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105892749","content_text":"Weak performance from Tesla stock has bullish analysts feeling disappointed these days. They are looking for catalysts to break shares out of their recent funk.\nTesla stock (ticker: TSLA) is down about 15% year to date and off about 50% from its January 52-week high of $900.40. Tesla has ceded leadership—from a stock perspective—back to traditional auto makers: General Motors (GM) and Ford Motor (F) shares are up 45% and 70% year to date, respectively.\nThat performance is flummoxing Tesla bulls. “Let’s begin with a healthy dose of intellectual honesty on the starting point for the stock,” writes Morgan Stanley analyst Adam Jonas in a Monday evening report. He is a Tesla bull rating shares Buy. His price target for the stock is $900 a share, almost 50% higher than recent levels. “Even bulls should admit that the rise in the stock price during the second half of 2020, while perhaps deserved in principle, was packed into a highly concentrated time frame,” he writes.\nTesla shares rose 227% in the second half of 2020, buoyed by strong earnings, strong deliveries, and the stock’s inclusion in the S&P 500.\n“The stock had the better part of five years-worth of performance packed into about five month,” Jonas adds. He says his clients are now looking for the next big thing that can drive the stock forward again. His ideas include capacity expansion in Texas and Germany. After that, he predicts Tesla will open up five more plants between now and the middle of this decade.\nJonas is also looking for Tesla to unveil another new vehicle model. By his estimation, Tesla covers only about 15% of the total addressable market for the auto industry with its Y, X, 3, and S models. Model expansion will be a positive. That isn’t on the near-term horizon, though the company is due to deliver its Cybertruck later in 2021.\nCanaccord analyst Jonathan Dorsheimer is looking in a different area for a catalyst: residential solar power. Part of the reason he is bullish is that “Tesla is creating an energy brand and an Apple-esque ecosystem of products with customer focused connectivity, seamlessly marrying car, solar, and back-up power,” he wrote in a report released Sunday.\nDorsheimer is bullish, but feeling a little down lately. He still rates the stock Buy, but he cut his price target to $812 from $974 in his report. Among other things, he is disappointed by battery delays. Tesla is planning to use larger battery cells that promise better range, charge time, and costs. Those batteries aren’t available yet.\nLooking a little further back, Goldman Sachs analyst Mark Delaney was watching Tesla’s Model S Plaid delivery event last week. The Plaid can go zero to 60 miles per hour in less than two seconds. Delaney was impressed by the technology, but pointed out the Plaid, at roughly $130,000, is a niche vehicle. He is looking for 2021 deliveries to exceed expectations. Delaney is modeling 875,000 vehicles for Tesla in 2021. The Wall Street consensus number is closer to 825,000.\nDelaney rates shares Buy and has an $860 price target.\nNew production ramping up, strong deliveries, and a growing solar business is what these three will watch for in coming months. If all goes well, those catalysts should be enough to drive Tesla stock higher, as long as there is no bad news in the meantime.\nTesla stock was down 3% to $599.36 on Tuesday, and down slightly for the week.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":943,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837719353,"gmtCreate":1629925475672,"gmtModify":1631889924365,"author":{"id":"3586294769337954","authorId":"3586294769337954","name":"20Rose","avatar":"https://static.tigerbbs.com/be5e86f120cf46968b3f070cd2bd360f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586294769337954","authorIdStr":"3586294769337954"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/837719353","repostId":"2162087564","repostType":4,"isVote":1,"tweetType":1,"viewCount":3120,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158184857,"gmtCreate":1625137332379,"gmtModify":1633944404782,"author":{"id":"3586294769337954","authorId":"3586294769337954","name":"20Rose","avatar":"https://static.tigerbbs.com/be5e86f120cf46968b3f070cd2bd360f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586294769337954","authorIdStr":"3586294769337954"},"themes":[],"title":"","htmlText":"Good read&nbsp;","listText":"Good read&nbsp;","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/158184857","repostId":"1113357649","repostType":2,"repost":{"id":"1113357649","kind":"news","pubTimestamp":1625133776,"share":"https://www.laohunote.com/m/news/1113357649?lang=zh_CN&edition=full","pubTime":"2021-07-01 18:02","market":"us","language":"en","title":"Amazon: Undervalued With Potential Upside Of 25%<blockquote>亚马逊：被低估，潜在上涨空间为 25%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1113357649","media":"seekingalpha","summary":"Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.I initiate Amazon with a bullish rating and a fair value of $3576/share .The company's improving top line and bottom line performance  suggests that the stock is currently undervalued by 3.9%.Amazon, a $1.74 trillion company. This is the current market capitalization  of the company and this implies that it is currently 15.18% away from being a $2 trillion company, not bad no?I initiate","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.</li>  <li>I initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share).</li>  <li>The company's improving top line and bottom line performance (which is expected to continue) suggests that the stock is currently undervalued by 3.9%.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/51ce52baed5afae04a384059297465d3\" tg-width=\"1536\" tg-height=\"1024\"><span>Daria Nipot/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>亚马逊是一家独特且不断发展的公司，它利用其颠覆性平台来颠覆它进入的任何新业务。</li><li>我对亚马逊给予看涨评级，公允价值为3576美元/股（当前价格为3443美元/股）。</li><li>该公司不断改善的营收和利润表现（预计将持续）表明该股目前被低估 3.9%。</li></ul><p class=\"t-img-caption\"><span>Daria Nipot/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Company Overview</b></p><p><blockquote><b>公司概况</b></blockquote></p><p> Amazon(NASDAQ:AMZN), a $1.74 trillion company. This is the current market capitalization (as of 06/29/2021) of the company and this implies that it is currently 15.18% away from being a $2 trillion company, not bad no?</p><p><blockquote>亚马逊（纳斯达克股票代码：AMZN），一家市值 1.74 万亿美元的公司。这是该公司目前的市值（截至2021年6月29日），这意味着它目前距离成为一家2万亿美元的公司还有15.18%，不错吧？</blockquote></p><p> Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters. For example, when Amazon announced the acquisition of Whole Foods, Walmart(NYSE:WMT), Kroger(NYSE:KR), Target(NYSE:TGT)took a&nbsp;nice hit&nbsp;in market value. I believe that the company will be able to keep delivering strong top line growth and continued growth in margins, fueled not only by the company's current business expansion but also by entering into new markets and new businesses.</p><p><blockquote>亚马逊是一家独特且不断发展的公司，它利用其颠覆性平台来颠覆它进入的任何新业务。例如，当亚马逊宣布收购全食超市时，沃尔玛（纽约证券交易所股票代码：WMT）、克罗格（纽约证券交易所股票代码：KR）、塔吉特（纽约证券交易所股票代码：TGT）的市值受到了不小的打击。我相信，公司将能够继续实现强劲的营收增长和利润率的持续增长，这不仅得益于公司当前的业务扩张，还得益于进入新市场和新业务。</blockquote></p><p> <b>Company Analysis</b></p><p><blockquote><b>公司分析</b></blockquote></p><p> I initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share). The FV is an algorithm-adjusted fair value (the algorithm takes into account fundamental and technical factors, such as DCF FV, momentum, etc.) and it implies that the stock is undervalued by 3.9%.</p><p><blockquote>我对亚马逊给予看涨评级，公允价值为3576美元/股（当前价格为3443美元/股）。FV 是算法调整后的公允价值（该算法考虑了基本面和技术因素，例如 DCF FV、动量等），这意味着该股票被低估了 3.9%。</blockquote></p><p> To compute the DCF FV, I used the trailing twelve-month numbers and I also restated the financials since I capitalized on R&amp;D expenses with an amortizable life of 3 years. As&nbsp;with Apple(NASDAQ:AAPL), I don't believe that Amazon's R&amp;D is an operating expense, and for this reason, I treat it as CapEx. By taking into account the R&amp;D, the following metrics have been restated (all numbers in $mm).</p><p><blockquote>为了计算 DCF FV，我使用了过去 12 个月的数字，并且还重述了财务数据，因为我将 R&amp;D 费用资本化，摊销年限为 3 年。与苹果（纳斯达克股票代码：AAPL）一样，我不认为亚马逊的研发是运营费用，因此我将其视为资本支出。考虑到研发，以下指标已重述（所有数字均以百万美元为单位）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb427d462596db1e1cb1ffc99acc90e4\" tg-width=\"571\" tg-height=\"240\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> Capitalizing on R&amp;D expenses, we have now a more clear picture of the company (i.e. the restated operating margin is now 9.03% TTM vs the non-restated operating margin is 6.63% TTM).</p><p><blockquote>利用R&amp;D费用，我们现在对公司有了更清晰的了解（即重述的营业利润率现在为9.03% TTM，而非重述的营业利润率为6.63% TTM）。</blockquote></p><p> <b>Discounted Cash Flow Model</b></p><p><blockquote><b>贴现现金流量模型</b></blockquote></p><p> Now, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.</p><p><blockquote>现在，让我们转向贴现现金流估值部分。下面，你可以看到我所做的相对假设的结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e215b21ca0b3be5a5e0e7b62e36fb5f\" tg-width=\"640\" tg-height=\"268\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> In my DCF model, I assume a revenue growth for the Y1 of 21.2%, a CAGR Y2-Y5 of 15% and I assume a terminal year growth rate of 1.48% (or the current yield on 10Y Treasury). The decision of using the current and not expected yield is due to the willingness to remain market neutral (perhaps you can use&nbsp;Goldman Sachs expectations&nbsp;of 1.9%). The current assumptions lead to revenues of $1,253,844 million in Y10.</p><p><blockquote>在我的 DCF 模型中，我假设第一年的收入增长率为 21.2%，第二年至第五年的复合年增长率为 15%，我假设最终年增长率为 1.48%（或 10 年期国债的当前收益率）。使用当前收益率而不是预期收益率的决定是由于愿意保持市场中立（也许你可以使用高盛1.9%的预期）。目前的假设导致 Y10 的收入为 12.538.44 亿美元。</blockquote></p><p> Along the road, I also assume an improving outlook for operating margins with the target operating margin of 13.2% (vs current restated operating margin of 9.03%). If the company will be able to meet this target, it will result in operating margins in Y10 of $163,097 million.</p><p><blockquote>在此过程中，我还假设营业利润率前景会有所改善，目标营业利润率为 13.2%（而当前重述营业利润率为 9.03%）。如果该公司能够实现这一目标，Y10 年的营业利润率将达到 1,630.97 亿美元。</blockquote></p><p> Finally, in doing my estimates, I used a WACC of 5.75% and a sales to capital ratio (or how much the company is going to reinvest to keep its business growing) of 2.95.</p><p><blockquote>最后，在进行估计时，我使用了 5.75% 的 WACC 和 2.95 的销售资本比率（或公司将再投资多少以保持业务增长）。</blockquote></p><p> By putting it together, I obtain a DCF value of $3328/share.</p><p><blockquote>把它放在一起，我得到了3328美元/股的DCF价值。</blockquote></p><p> <b>Monte Carlo Simulation</b></p><p><blockquote><b>蒙特卡罗模拟</b></blockquote></p><p> Rather than showing you only my point estimates, which may be right but also may be wrong, let's use probability distributions for inputs. Simulations allow us to assess the impact of continuous risk (e.g., changes in operating margins). In particular, I would like to focus on what I consider the main inputs of interest to get a bigger picture of the risk in the company. Those inputs are:</p><p><blockquote>与其只向你展示我的点估计，这可能是对的，也可能是错的，让我们使用概率分布作为输入。模拟使我们能够评估持续风险的影响（例如，营业利润率的变化）。特别是，我想重点关注我认为感兴趣的主要输入，以更好地了解公司的风险。这些投入是：</blockquote></p><p> <i>1. Revenue Growth:</i></p><p><blockquote><i>1.收入增长：</i></blockquote></p><p></p><p> In my DCF analysis, I assumed an expected CAGR Y2-Y5 of 15% with lower rates going forward. This assumption lead to revenues in Y10 of $1,253,844 million. While it is a reasonable assumption, Amazon is full of surprises, and it may deliver a top line growth well above my expectations. In the latter, I see a possible scenario with a CAGR Y2-Y5 of 24%, resulting in Y10 revenues of $1,989,952 million. However, we all know that regulators represent a big risk for the company. According to&nbsp;WSJ sources, if the \"giant-tech bill\" will pass, the company may be forced to either split into two companies or spin off its private-label product businesses. This represents a big risk that may slow down Amazon's growth, which could translate into a growth rate of 6% (resulting in Y10 revenues of $764,723 million). To sum up, I will assume a uniform distribution with a maximum of 24% and a minimum of 6%. The results are displayed below (this simulation and the next one have been performed 10,000 times).</p><p><blockquote>在我的 DCF 分析中，我假设 Y2-Y5 的预期复合年增长率为 15%，未来利率将会下降。这一假设导致 Y10 的收入为 12.538.44 亿美元。虽然这是一个合理的假设，但亚马逊充满了惊喜，它可能会带来远远超出我预期的营收增长。在后者中，我看到了一个可能的情况，CAGR Y2-Y5为24%，导致Y10收入为19.899.52亿美元。然而，我们都知道监管机构对公司来说是一个很大的风险。据《华尔街日报》消息人士透露，如果“巨型科技法案”获得通过，该公司可能被迫拆分为两家公司或剥离其自有品牌产品业务。这代表着一个巨大的风险，可能会减缓亚马逊的增长，这可能会转化为6%的增长率（导致Y10收入为7.647.23亿美元）。总而言之，我将假设均匀分布，最大为24%，最小为6%。结果显示在下面（这个模拟和下一个模拟已经执行了10,000次）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/893dff753c8ca210759feb31b3966a5c\" tg-width=\"640\" tg-height=\"235\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> <i>2. Operating Margin</i>:</p><p><blockquote><i>2.营业利润率</i>:</blockquote></p><p> Currently, Amazon has a restated operating margin of 9.03% TTM (vs not restated EBIT margin of 6.83%). In my DCF, I assumed a target operating margin of 13.2%. While this represents my most likely scenario for the company, I cannot close my eyes to the fact that, even if the company is improving its margins, it is following a very slow climb. Below, I display the non-restated EBIT margin for the last 5 years.</p><p><blockquote>目前，亚马逊的重述营业利润率为 9.03% TTM（未重述息税前利润率为 6.83%）。在我的 DCF 中，我假设目标营业利润率为 13.2%。虽然这代表了我对公司最有可能的情况，但我不能对这样一个事实视而不见：即使公司正在提高利润率，它的增长也非常缓慢。下面，我显示了过去 5 年未经重述的息税前利润率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6d66fcb05f4254b15de278f016121ffa\" tg-width=\"640\" tg-height=\"221\"><span>Source:SeekingAlpha.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SeekingAlpha.com</span></p></blockquote></p><p> However, as I stated at the beginning, Amazon is a disruptive company with the ability to do extraordinary things. For instance, AWS presents a current operating margin of 30% TTM and a revenue growth rate of 29.53% in 2020. A trend which is expected to continue, driven by improving outlook and with new partners joining the party. The last to join the party are Ferrari(NYSE:RACE)and Swisscom(OTCPK:SWZCF)who have chosen AWS as their&nbsp;preferred cloud partner.</p><p><blockquote>然而，正如我在开头所说，亚马逊是一家具有颠覆性的公司，有能力做非凡的事情。例如，AWS目前的营业利润率为30%，2020年收入增长率为29.53%。在前景改善和新伙伴加入该党的推动下，这一趋势预计将继续下去。最后加入这一行列的是法拉利（纽约证券交易所股票代码：RACE）和瑞士电信（OTCPK：SWZCF），它们选择 AWS 作为首选云合作伙伴。</blockquote></p><p> In 2020,according to Gartner, AWS generated revenue 2 times bigger than Microsoft(NASDAQ:MSFT). As stated by Gartner:</p><p><blockquote>根据 Gartner 的数据，2020 年 AWS 的收入是微软（纳斯达克股票代码：MSFT）的两倍。正如Gartner所说：</blockquote></p><p>   <i>The worldwide</i>&nbsp;  <i>infrastructure as a service(IaaS) market grew 40.7% in 2020 to total $64.3 billion, up from $45.7 billion in 2019, according to Gartner, Inc. Amazon retained the No. 1 position in the IaaS market in 2020, followed by Microsoft, Alibaba, Google and Huawei... Amazon continued to lead the worldwide IaaS market with $26.2 billion of revenue in 2020 and 41% market share.</i>  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ac00a17cbbd930ad6464a63f6d4f98eb\" tg-width=\"640\" tg-height=\"388\"><span>Source:Gartner.com</span></p><p><blockquote><i>全球</i> <i>根据Gartner，Inc.的数据，基础设施即服务（IaaS）市场在2020年增长了40.7%，总额从2019年的457亿美元增长到643亿美元。亚马逊在2020年保持了IaaS市场的第一位置，其次是微软、阿里巴巴-SW、谷歌和华为……亚马逊在2020年以262亿美元的收入和41%的市场份额继续引领全球IaaS市场。</i><p class=\"t-img-caption\"><span>资料来源：Gartner.com</span></p></blockquote></p><p> Finally, to account for my concerns and beliefs, I will assume a triangular distribution with the following limits: the likeliest target operating margin of 13.2%, a maximum of 18.4%, and a minimum of 8% (close to the current company's EBIT margin). The results are displayed below.</p><p><blockquote>最后，为了说明我的担忧和信念，我将假设一个具有以下限制的三角形分布：最有可能的目标营业利润率为13.2%，最大为18.4%，最小为8%（接近当前公司的息税前利润率）。结果显示如下。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/054e2db392be500768de741516186013\" tg-width=\"640\" tg-height=\"237\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> <i>3. Cost of Capital:</i></p><p><blockquote><i>3.资金成本：</i></blockquote></p><p> The last input of interest is the cost of capital. In doing my analysis, I estimated a cost of capital of 5.8% (with the current 10Y rate of 1.48 and an implied ERP of 4.54%). However, I may be wrong due to sector risk estimates or changes in the business mix (or both). To account for the possibility that I made some mistakes along the road, I will rely on a lognormal distribution with the most likely scenario of 5.8%. The results of the simulation are displayed below.</p><p><blockquote>利息的最后一个投入是资本成本。在进行分析时，我估计资本成本为 5.8%（当前 10 年利率为 1.48，隐含 ERP 为 4.54%）。然而，由于行业风险估计或业务组合的变化（或两者兼而有之），我可能是错误的。为了说明我在路上犯了一些错误的可能性，我将依赖于最有可能的情况为5.8%的对数正态分布。模拟结果如下所示。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a7d51740fa35eb9aedbc58c4c49d96eb\" tg-width=\"640\" tg-height=\"235\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> By putting all of this together, the simulations return the following results.</p><p><blockquote>通过将所有这些放在一起，模拟返回以下结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/139c89300706eab1e37dd1c992286d31\" tg-width=\"640\" tg-height=\"222\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> For completeness, I also display below the relative and cumulative frequency of the simulation.</p><p><blockquote>为了完整起见，我还在下面显示了模拟的相对频率和累积频率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af7a908e21b8678a775a3e1742161a7d\" tg-width=\"573\" tg-height=\"644\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> By looking at the results, we can see that the 50th percentile or the median is equal to $3274, close to the expected DCF FV of $3328. While the algorithm-adjusted FV of $3576 is the 60th percentile in my simulations (note also the long right tail).</p><p><blockquote>通过查看结果，我们可以看到第 50 个百分位数或中位数等于 3274 美元，接近预期的 DCF FV 3328 美元。而算法调整后的 FV 为 3576 美元，是我模拟中的第 60 个百分位数（还要注意长长的右尾）。</blockquote></p><p></p><p> Finally, simulation results give us an interesting insight into a potential exit point. I believe that an interesting take profit point may be within the 80th percentile, which implies a potential upside of 24.89%. Why within the 80th percentile? I believe that, after reaching the $2.0 trillion company status, we will see the last climb of euphoria before investors start to take profits.</p><p><blockquote>最后，模拟结果让我们对潜在的退出点有了有趣的了解。我相信一个有趣的止盈点可能在第 80 个百分位内，这意味着潜在的上涨空间为 24.89%。为什么在第80个百分位以内？我相信，在达到 2.0 万亿美元的公司地位后，我们将看到投资者开始获利了结之前的最后一次兴奋。</blockquote></p><p> <b>Final Thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> Both the algorithm-adjusted fair value and the Monte Carlo simulation suggest and support the bullish rating. The results found suggest that the stock is currently undervalued and that the company has still more room to go. What may drive the price to go higher? Well, there are different factors that may drive it. One of those is for sure corporate news. For instance, the company may introduce new products or announce a stock split (For the latter, I think this is unlikely, at least not now). However, don't forget also the other side, the risks. There are many risks associated with being invested in the company, one of those is represented by antitrust and regulators.</p><p><blockquote>算法调整后的公允价值和蒙特卡罗模拟都建议并支持看涨评级。结果表明，该股目前被低估，该公司仍有更大的发展空间。什么可能会推动价格上涨？嗯，有不同的因素可能会驱动它。其中之一肯定是企业新闻。例如，公司可能会推出新产品或宣布股票分割（对于后者，我认为这不太可能，至少现在不会）。然而，不要忘记另一面，风险。投资该公司存在许多风险，其中之一就是反垄断和监管机构。</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>Amazon: Undervalued With Potential Upside Of 25%<blockquote>亚马逊：被低估，潜在上涨空间为 25%</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\">\nAmazon: Undervalued With Potential Upside Of 25%<blockquote>亚马逊：被低估，潜在上涨空间为 25%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-01 18:02</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>Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.</li>  <li>I initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share).</li>  <li>The company's improving top line and bottom line performance (which is expected to continue) suggests that the stock is currently undervalued by 3.9%.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/51ce52baed5afae04a384059297465d3\" tg-width=\"1536\" tg-height=\"1024\"><span>Daria Nipot/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>亚马逊是一家独特且不断发展的公司，它利用其颠覆性平台来颠覆它进入的任何新业务。</li><li>我对亚马逊给予看涨评级，公允价值为3576美元/股（当前价格为3443美元/股）。</li><li>该公司不断改善的营收和利润表现（预计将持续）表明该股目前被低估 3.9%。</li></ul><p class=\"t-img-caption\"><span>Daria Nipot/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Company Overview</b></p><p><blockquote><b>公司概况</b></blockquote></p><p> Amazon(NASDAQ:AMZN), a $1.74 trillion company. This is the current market capitalization (as of 06/29/2021) of the company and this implies that it is currently 15.18% away from being a $2 trillion company, not bad no?</p><p><blockquote>亚马逊（纳斯达克股票代码：AMZN），一家市值 1.74 万亿美元的公司。这是该公司目前的市值（截至2021年6月29日），这意味着它目前距离成为一家2万亿美元的公司还有15.18%，不错吧？</blockquote></p><p> Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters. For example, when Amazon announced the acquisition of Whole Foods, Walmart(NYSE:WMT), Kroger(NYSE:KR), Target(NYSE:TGT)took a&nbsp;nice hit&nbsp;in market value. I believe that the company will be able to keep delivering strong top line growth and continued growth in margins, fueled not only by the company's current business expansion but also by entering into new markets and new businesses.</p><p><blockquote>亚马逊是一家独特且不断发展的公司，它利用其颠覆性平台来颠覆它进入的任何新业务。例如，当亚马逊宣布收购全食超市时，沃尔玛（纽约证券交易所股票代码：WMT）、克罗格（纽约证券交易所股票代码：KR）、塔吉特（纽约证券交易所股票代码：TGT）的市值受到了不小的打击。我相信，公司将能够继续实现强劲的营收增长和利润率的持续增长，这不仅得益于公司当前的业务扩张，还得益于进入新市场和新业务。</blockquote></p><p> <b>Company Analysis</b></p><p><blockquote><b>公司分析</b></blockquote></p><p> I initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share). The FV is an algorithm-adjusted fair value (the algorithm takes into account fundamental and technical factors, such as DCF FV, momentum, etc.) and it implies that the stock is undervalued by 3.9%.</p><p><blockquote>我对亚马逊给予看涨评级，公允价值为3576美元/股（当前价格为3443美元/股）。FV 是算法调整后的公允价值（该算法考虑了基本面和技术因素，例如 DCF FV、动量等），这意味着该股票被低估了 3.9%。</blockquote></p><p> To compute the DCF FV, I used the trailing twelve-month numbers and I also restated the financials since I capitalized on R&amp;D expenses with an amortizable life of 3 years. As&nbsp;with Apple(NASDAQ:AAPL), I don't believe that Amazon's R&amp;D is an operating expense, and for this reason, I treat it as CapEx. By taking into account the R&amp;D, the following metrics have been restated (all numbers in $mm).</p><p><blockquote>为了计算 DCF FV，我使用了过去 12 个月的数字，并且还重述了财务数据，因为我将 R&amp;D 费用资本化，摊销年限为 3 年。与苹果（纳斯达克股票代码：AAPL）一样，我不认为亚马逊的研发是运营费用，因此我将其视为资本支出。考虑到研发，以下指标已重述（所有数字均以百万美元为单位）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb427d462596db1e1cb1ffc99acc90e4\" tg-width=\"571\" tg-height=\"240\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> Capitalizing on R&amp;D expenses, we have now a more clear picture of the company (i.e. the restated operating margin is now 9.03% TTM vs the non-restated operating margin is 6.63% TTM).</p><p><blockquote>利用R&amp;D费用，我们现在对公司有了更清晰的了解（即重述的营业利润率现在为9.03% TTM，而非重述的营业利润率为6.63% TTM）。</blockquote></p><p> <b>Discounted Cash Flow Model</b></p><p><blockquote><b>贴现现金流量模型</b></blockquote></p><p> Now, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.</p><p><blockquote>现在，让我们转向贴现现金流估值部分。下面，你可以看到我所做的相对假设的结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e215b21ca0b3be5a5e0e7b62e36fb5f\" tg-width=\"640\" tg-height=\"268\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> In my DCF model, I assume a revenue growth for the Y1 of 21.2%, a CAGR Y2-Y5 of 15% and I assume a terminal year growth rate of 1.48% (or the current yield on 10Y Treasury). The decision of using the current and not expected yield is due to the willingness to remain market neutral (perhaps you can use&nbsp;Goldman Sachs expectations&nbsp;of 1.9%). The current assumptions lead to revenues of $1,253,844 million in Y10.</p><p><blockquote>在我的 DCF 模型中，我假设第一年的收入增长率为 21.2%，第二年至第五年的复合年增长率为 15%，我假设最终年增长率为 1.48%（或 10 年期国债的当前收益率）。使用当前收益率而不是预期收益率的决定是由于愿意保持市场中立（也许你可以使用高盛1.9%的预期）。目前的假设导致 Y10 的收入为 12.538.44 亿美元。</blockquote></p><p> Along the road, I also assume an improving outlook for operating margins with the target operating margin of 13.2% (vs current restated operating margin of 9.03%). If the company will be able to meet this target, it will result in operating margins in Y10 of $163,097 million.</p><p><blockquote>在此过程中，我还假设营业利润率前景会有所改善，目标营业利润率为 13.2%（而当前重述营业利润率为 9.03%）。如果该公司能够实现这一目标，Y10 年的营业利润率将达到 1,630.97 亿美元。</blockquote></p><p> Finally, in doing my estimates, I used a WACC of 5.75% and a sales to capital ratio (or how much the company is going to reinvest to keep its business growing) of 2.95.</p><p><blockquote>最后，在进行估计时，我使用了 5.75% 的 WACC 和 2.95 的销售资本比率（或公司将再投资多少以保持业务增长）。</blockquote></p><p> By putting it together, I obtain a DCF value of $3328/share.</p><p><blockquote>把它放在一起，我得到了3328美元/股的DCF价值。</blockquote></p><p> <b>Monte Carlo Simulation</b></p><p><blockquote><b>蒙特卡罗模拟</b></blockquote></p><p> Rather than showing you only my point estimates, which may be right but also may be wrong, let's use probability distributions for inputs. Simulations allow us to assess the impact of continuous risk (e.g., changes in operating margins). In particular, I would like to focus on what I consider the main inputs of interest to get a bigger picture of the risk in the company. Those inputs are:</p><p><blockquote>与其只向你展示我的点估计，这可能是对的，也可能是错的，让我们使用概率分布作为输入。模拟使我们能够评估持续风险的影响（例如，营业利润率的变化）。特别是，我想重点关注我认为感兴趣的主要输入，以更好地了解公司的风险。这些投入是：</blockquote></p><p> <i>1. Revenue Growth:</i></p><p><blockquote><i>1.收入增长：</i></blockquote></p><p></p><p> In my DCF analysis, I assumed an expected CAGR Y2-Y5 of 15% with lower rates going forward. This assumption lead to revenues in Y10 of $1,253,844 million. While it is a reasonable assumption, Amazon is full of surprises, and it may deliver a top line growth well above my expectations. In the latter, I see a possible scenario with a CAGR Y2-Y5 of 24%, resulting in Y10 revenues of $1,989,952 million. However, we all know that regulators represent a big risk for the company. According to&nbsp;WSJ sources, if the \"giant-tech bill\" will pass, the company may be forced to either split into two companies or spin off its private-label product businesses. This represents a big risk that may slow down Amazon's growth, which could translate into a growth rate of 6% (resulting in Y10 revenues of $764,723 million). To sum up, I will assume a uniform distribution with a maximum of 24% and a minimum of 6%. The results are displayed below (this simulation and the next one have been performed 10,000 times).</p><p><blockquote>在我的 DCF 分析中，我假设 Y2-Y5 的预期复合年增长率为 15%，未来利率将会下降。这一假设导致 Y10 的收入为 12.538.44 亿美元。虽然这是一个合理的假设，但亚马逊充满了惊喜，它可能会带来远远超出我预期的营收增长。在后者中，我看到了一个可能的情况，CAGR Y2-Y5为24%，导致Y10收入为19.899.52亿美元。然而，我们都知道监管机构对公司来说是一个很大的风险。据《华尔街日报》消息人士透露，如果“巨型科技法案”获得通过，该公司可能被迫拆分为两家公司或剥离其自有品牌产品业务。这代表着一个巨大的风险，可能会减缓亚马逊的增长，这可能会转化为6%的增长率（导致Y10收入为7.647.23亿美元）。总而言之，我将假设均匀分布，最大为24%，最小为6%。结果显示在下面（这个模拟和下一个模拟已经执行了10,000次）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/893dff753c8ca210759feb31b3966a5c\" tg-width=\"640\" tg-height=\"235\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> <i>2. Operating Margin</i>:</p><p><blockquote><i>2.营业利润率</i>:</blockquote></p><p> Currently, Amazon has a restated operating margin of 9.03% TTM (vs not restated EBIT margin of 6.83%). In my DCF, I assumed a target operating margin of 13.2%. While this represents my most likely scenario for the company, I cannot close my eyes to the fact that, even if the company is improving its margins, it is following a very slow climb. Below, I display the non-restated EBIT margin for the last 5 years.</p><p><blockquote>目前，亚马逊的重述营业利润率为 9.03% TTM（未重述息税前利润率为 6.83%）。在我的 DCF 中，我假设目标营业利润率为 13.2%。虽然这代表了我对公司最有可能的情况，但我不能对这样一个事实视而不见：即使公司正在提高利润率，它的增长也非常缓慢。下面，我显示了过去 5 年未经重述的息税前利润率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6d66fcb05f4254b15de278f016121ffa\" tg-width=\"640\" tg-height=\"221\"><span>Source:SeekingAlpha.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SeekingAlpha.com</span></p></blockquote></p><p> However, as I stated at the beginning, Amazon is a disruptive company with the ability to do extraordinary things. For instance, AWS presents a current operating margin of 30% TTM and a revenue growth rate of 29.53% in 2020. A trend which is expected to continue, driven by improving outlook and with new partners joining the party. The last to join the party are Ferrari(NYSE:RACE)and Swisscom(OTCPK:SWZCF)who have chosen AWS as their&nbsp;preferred cloud partner.</p><p><blockquote>然而，正如我在开头所说，亚马逊是一家具有颠覆性的公司，有能力做非凡的事情。例如，AWS目前的营业利润率为30%，2020年收入增长率为29.53%。在前景改善和新伙伴加入该党的推动下，这一趋势预计将继续下去。最后加入这一行列的是法拉利（纽约证券交易所股票代码：RACE）和瑞士电信（OTCPK：SWZCF），它们选择 AWS 作为首选云合作伙伴。</blockquote></p><p> In 2020,according to Gartner, AWS generated revenue 2 times bigger than Microsoft(NASDAQ:MSFT). As stated by Gartner:</p><p><blockquote>根据 Gartner 的数据，2020 年 AWS 的收入是微软（纳斯达克股票代码：MSFT）的两倍。正如Gartner所说：</blockquote></p><p>   <i>The worldwide</i>&nbsp;  <i>infrastructure as a service(IaaS) market grew 40.7% in 2020 to total $64.3 billion, up from $45.7 billion in 2019, according to Gartner, Inc. Amazon retained the No. 1 position in the IaaS market in 2020, followed by Microsoft, Alibaba, Google and Huawei... Amazon continued to lead the worldwide IaaS market with $26.2 billion of revenue in 2020 and 41% market share.</i>  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ac00a17cbbd930ad6464a63f6d4f98eb\" tg-width=\"640\" tg-height=\"388\"><span>Source:Gartner.com</span></p><p><blockquote><i>全球</i> <i>根据Gartner，Inc.的数据，基础设施即服务（IaaS）市场在2020年增长了40.7%，总额从2019年的457亿美元增长到643亿美元。亚马逊在2020年保持了IaaS市场的第一位置，其次是微软、阿里巴巴-SW、谷歌和华为……亚马逊在2020年以262亿美元的收入和41%的市场份额继续引领全球IaaS市场。</i><p class=\"t-img-caption\"><span>资料来源：Gartner.com</span></p></blockquote></p><p> Finally, to account for my concerns and beliefs, I will assume a triangular distribution with the following limits: the likeliest target operating margin of 13.2%, a maximum of 18.4%, and a minimum of 8% (close to the current company's EBIT margin). The results are displayed below.</p><p><blockquote>最后，为了说明我的担忧和信念，我将假设一个具有以下限制的三角形分布：最有可能的目标营业利润率为13.2%，最大为18.4%，最小为8%（接近当前公司的息税前利润率）。结果显示如下。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/054e2db392be500768de741516186013\" tg-width=\"640\" tg-height=\"237\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> <i>3. Cost of Capital:</i></p><p><blockquote><i>3.资金成本：</i></blockquote></p><p> The last input of interest is the cost of capital. In doing my analysis, I estimated a cost of capital of 5.8% (with the current 10Y rate of 1.48 and an implied ERP of 4.54%). However, I may be wrong due to sector risk estimates or changes in the business mix (or both). To account for the possibility that I made some mistakes along the road, I will rely on a lognormal distribution with the most likely scenario of 5.8%. The results of the simulation are displayed below.</p><p><blockquote>利息的最后一个投入是资本成本。在进行分析时，我估计资本成本为 5.8%（当前 10 年利率为 1.48，隐含 ERP 为 4.54%）。然而，由于行业风险估计或业务组合的变化（或两者兼而有之），我可能是错误的。为了说明我在路上犯了一些错误的可能性，我将依赖于最有可能的情况为5.8%的对数正态分布。模拟结果如下所示。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a7d51740fa35eb9aedbc58c4c49d96eb\" tg-width=\"640\" tg-height=\"235\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> By putting all of this together, the simulations return the following results.</p><p><blockquote>通过将所有这些放在一起，模拟返回以下结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/139c89300706eab1e37dd1c992286d31\" tg-width=\"640\" tg-height=\"222\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> For completeness, I also display below the relative and cumulative frequency of the simulation.</p><p><blockquote>为了完整起见，我还在下面显示了模拟的相对频率和累积频率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af7a908e21b8678a775a3e1742161a7d\" tg-width=\"573\" tg-height=\"644\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> By looking at the results, we can see that the 50th percentile or the median is equal to $3274, close to the expected DCF FV of $3328. While the algorithm-adjusted FV of $3576 is the 60th percentile in my simulations (note also the long right tail).</p><p><blockquote>通过查看结果，我们可以看到第 50 个百分位数或中位数等于 3274 美元，接近预期的 DCF FV 3328 美元。而算法调整后的 FV 为 3576 美元，是我模拟中的第 60 个百分位数（还要注意长长的右尾）。</blockquote></p><p></p><p> Finally, simulation results give us an interesting insight into a potential exit point. I believe that an interesting take profit point may be within the 80th percentile, which implies a potential upside of 24.89%. Why within the 80th percentile? I believe that, after reaching the $2.0 trillion company status, we will see the last climb of euphoria before investors start to take profits.</p><p><blockquote>最后，模拟结果让我们对潜在的退出点有了有趣的了解。我相信一个有趣的止盈点可能在第 80 个百分位内，这意味着潜在的上涨空间为 24.89%。为什么在第80个百分位以内？我相信，在达到 2.0 万亿美元的公司地位后，我们将看到投资者开始获利了结之前的最后一次兴奋。</blockquote></p><p> <b>Final Thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> Both the algorithm-adjusted fair value and the Monte Carlo simulation suggest and support the bullish rating. The results found suggest that the stock is currently undervalued and that the company has still more room to go. What may drive the price to go higher? Well, there are different factors that may drive it. One of those is for sure corporate news. For instance, the company may introduce new products or announce a stock split (For the latter, I think this is unlikely, at least not now). However, don't forget also the other side, the risks. There are many risks associated with being invested in the company, one of those is represented by antitrust and regulators.</p><p><blockquote>算法调整后的公允价值和蒙特卡罗模拟都建议并支持看涨评级。结果表明，该股目前被低估，该公司仍有更大的发展空间。什么可能会推动价格上涨？嗯，有不同的因素可能会驱动它。其中之一肯定是企业新闻。例如，公司可能会推出新产品或宣布股票分割（对于后者，我认为这不太可能，至少现在不会）。然而，不要忘记另一面，风险。投资该公司存在许多风险，其中之一就是反垄断和监管机构。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4437291-amazon-stock-amzn-undervalued-with-potential-upside-of-25-percent\">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":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4437291-amazon-stock-amzn-undervalued-with-potential-upside-of-25-percent","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113357649","content_text":"Summary\n\nAmazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.\nI initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share).\nThe company's improving top line and bottom line performance (which is expected to continue) suggests that the stock is currently undervalued by 3.9%.\n\nDaria Nipot/iStock Editorial via Getty Images\nCompany Overview\nAmazon(NASDAQ:AMZN), a $1.74 trillion company. This is the current market capitalization (as of 06/29/2021) of the company and this implies that it is currently 15.18% away from being a $2 trillion company, not bad no?\nAmazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters. For example, when Amazon announced the acquisition of Whole Foods, Walmart(NYSE:WMT), Kroger(NYSE:KR), Target(NYSE:TGT)took a nice hit in market value. I believe that the company will be able to keep delivering strong top line growth and continued growth in margins, fueled not only by the company's current business expansion but also by entering into new markets and new businesses.\nCompany Analysis\nI initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share). The FV is an algorithm-adjusted fair value (the algorithm takes into account fundamental and technical factors, such as DCF FV, momentum, etc.) and it implies that the stock is undervalued by 3.9%.\nTo compute the DCF FV, I used the trailing twelve-month numbers and I also restated the financials since I capitalized on R&D expenses with an amortizable life of 3 years. As with Apple(NASDAQ:AAPL), I don't believe that Amazon's R&D is an operating expense, and for this reason, I treat it as CapEx. By taking into account the R&D, the following metrics have been restated (all numbers in $mm).\nSource:Author's estimates using data from the latest 10-K report\nCapitalizing on R&D expenses, we have now a more clear picture of the company (i.e. the restated operating margin is now 9.03% TTM vs the non-restated operating margin is 6.63% TTM).\nDiscounted Cash Flow Model\nNow, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.\nSource:Author's estimates using data from the latest 10-K report\nIn my DCF model, I assume a revenue growth for the Y1 of 21.2%, a CAGR Y2-Y5 of 15% and I assume a terminal year growth rate of 1.48% (or the current yield on 10Y Treasury). The decision of using the current and not expected yield is due to the willingness to remain market neutral (perhaps you can use Goldman Sachs expectations of 1.9%). The current assumptions lead to revenues of $1,253,844 million in Y10.\nAlong the road, I also assume an improving outlook for operating margins with the target operating margin of 13.2% (vs current restated operating margin of 9.03%). If the company will be able to meet this target, it will result in operating margins in Y10 of $163,097 million.\nFinally, in doing my estimates, I used a WACC of 5.75% and a sales to capital ratio (or how much the company is going to reinvest to keep its business growing) of 2.95.\nBy putting it together, I obtain a DCF value of $3328/share.\nMonte Carlo Simulation\nRather than showing you only my point estimates, which may be right but also may be wrong, let's use probability distributions for inputs. Simulations allow us to assess the impact of continuous risk (e.g., changes in operating margins). In particular, I would like to focus on what I consider the main inputs of interest to get a bigger picture of the risk in the company. Those inputs are:\n1. Revenue Growth:\nIn my DCF analysis, I assumed an expected CAGR Y2-Y5 of 15% with lower rates going forward. This assumption lead to revenues in Y10 of $1,253,844 million. While it is a reasonable assumption, Amazon is full of surprises, and it may deliver a top line growth well above my expectations. In the latter, I see a possible scenario with a CAGR Y2-Y5 of 24%, resulting in Y10 revenues of $1,989,952 million. However, we all know that regulators represent a big risk for the company. According to WSJ sources, if the \"giant-tech bill\" will pass, the company may be forced to either split into two companies or spin off its private-label product businesses. This represents a big risk that may slow down Amazon's growth, which could translate into a growth rate of 6% (resulting in Y10 revenues of $764,723 million). To sum up, I will assume a uniform distribution with a maximum of 24% and a minimum of 6%. The results are displayed below (this simulation and the next one have been performed 10,000 times).\nSource:Author's estimates\n2. Operating Margin:\nCurrently, Amazon has a restated operating margin of 9.03% TTM (vs not restated EBIT margin of 6.83%). In my DCF, I assumed a target operating margin of 13.2%. While this represents my most likely scenario for the company, I cannot close my eyes to the fact that, even if the company is improving its margins, it is following a very slow climb. Below, I display the non-restated EBIT margin for the last 5 years.\nSource:SeekingAlpha.com\nHowever, as I stated at the beginning, Amazon is a disruptive company with the ability to do extraordinary things. For instance, AWS presents a current operating margin of 30% TTM and a revenue growth rate of 29.53% in 2020. A trend which is expected to continue, driven by improving outlook and with new partners joining the party. The last to join the party are Ferrari(NYSE:RACE)and Swisscom(OTCPK:SWZCF)who have chosen AWS as their preferred cloud partner.\nIn 2020,according to Gartner, AWS generated revenue 2 times bigger than Microsoft(NASDAQ:MSFT). As stated by Gartner:\n\nThe worldwide \n infrastructure as a service(IaaS) market grew 40.7% in 2020 to total $64.3 billion, up from $45.7 billion in 2019, according to Gartner, Inc. Amazon retained the No. 1 position in the IaaS market in 2020, followed by Microsoft, Alibaba, Google and Huawei... Amazon continued to lead the worldwide IaaS market with $26.2 billion of revenue in 2020 and 41% market share.\n\nSource:Gartner.com\nFinally, to account for my concerns and beliefs, I will assume a triangular distribution with the following limits: the likeliest target operating margin of 13.2%, a maximum of 18.4%, and a minimum of 8% (close to the current company's EBIT margin). The results are displayed below.\nSource:Author's estimates\n3. Cost of Capital:\nThe last input of interest is the cost of capital. In doing my analysis, I estimated a cost of capital of 5.8% (with the current 10Y rate of 1.48 and an implied ERP of 4.54%). However, I may be wrong due to sector risk estimates or changes in the business mix (or both). To account for the possibility that I made some mistakes along the road, I will rely on a lognormal distribution with the most likely scenario of 5.8%. The results of the simulation are displayed below.\nSource:Author's estimates\nBy putting all of this together, the simulations return the following results.\nSource:Author's estimates\nFor completeness, I also display below the relative and cumulative frequency of the simulation.\nSource:Author's estimates\nBy looking at the results, we can see that the 50th percentile or the median is equal to $3274, close to the expected DCF FV of $3328. While the algorithm-adjusted FV of $3576 is the 60th percentile in my simulations (note also the long right tail).\nFinally, simulation results give us an interesting insight into a potential exit point. I believe that an interesting take profit point may be within the 80th percentile, which implies a potential upside of 24.89%. Why within the 80th percentile? I believe that, after reaching the $2.0 trillion company status, we will see the last climb of euphoria before investors start to take profits.\nFinal Thoughts\nBoth the algorithm-adjusted fair value and the Monte Carlo simulation suggest and support the bullish rating. The results found suggest that the stock is currently undervalued and that the company has still more room to go. What may drive the price to go higher? Well, there are different factors that may drive it. One of those is for sure corporate news. For instance, the company may introduce new products or announce a stock split (For the latter, I think this is unlikely, at least not now). However, don't forget also the other side, the risks. There are many risks associated with being invested in the company, one of those is represented by antitrust and regulators.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":742,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168164529,"gmtCreate":1623966734461,"gmtModify":1634025228947,"author":{"id":"3586294769337954","authorId":"3586294769337954","name":"20Rose","avatar":"https://static.tigerbbs.com/be5e86f120cf46968b3f070cd2bd360f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586294769337954","authorIdStr":"3586294769337954"},"themes":[],"title":"","htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/168164529","repostId":"2144745081","repostType":2,"repost":{"id":"2144745081","kind":"highlight","pubTimestamp":1623999815,"share":"https://www.laohunote.com/m/news/2144745081?lang=zh_CN&edition=full","pubTime":"2021-06-18 15:03","market":"hk","language":"en","title":"Looking for hedges against inflation? Try Apple, Nike, Verizon and stocks with this in common, strategists say<blockquote>寻找对冲通货膨胀的工具？策略师表示，尝试苹果、耐克、威瑞森和有这些共同点的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2144745081","media":"MarketWatch","summary":"Stocks are set for a poor performance on Thursday, as markets absorb the Federal Reserve's indicatio","content":"<p>Stocks are set for a poor performance on Thursday, as markets absorb the Federal Reserve's indication that interest rate increases are coming sooner than expected, while the central bank remains alert to inflation risks.</p><p><blockquote>周四股市将表现不佳，因为市场消化了美联储加息比预期更早的迹象，而央行仍对通胀风险保持警惕。</blockquote></p><p> \"There is probably no bigger macro issue, both tactically and strategically, than inflation and what this means for portfolios,\" said strategists led by Inigo Fraser Jenkins at Bernstein Research on Thursday.</p><p><blockquote>伯恩斯坦研究公司 Inigo Fraser Jenkins 领导的策略师周四表示：“从战术和战略角度来看，可能没有比通胀及其对投资组合的意义更大的宏观问题了。”</blockquote></p><p> Fraser Jenkins and his team have our call of the day: that investors should look to buy shares in companies with a long maturity of debt as an effective hedge against inflation.</p><p><blockquote>Fraser Jenkins 和他的团队有我们今天的看涨期权：投资者应该购买债务期限较长的公司的股票，作为对冲通货膨胀的有效手段。</blockquote></p><p> Companies issued debt at an astounding rate through the COVID-19 pandemic. Much of it was a necessary move to meet funding needs, but for some groups it was an opportunity to take advantage of the Fed's measures supporting credit markets, which provided an ability to increase the maturity of debt, the strategists said.</p><p><blockquote>在新冠肺炎疫情期间，公司以惊人的速度发行债务。策略师表示，这在很大程度上是满足融资需求的必要举措，但对于一些团体来说，这是一个利用美联储支持信贷市场的措施的机会，这些措施提供了延长债务期限的能力。</blockquote></p><p> According to the team at Bernstein, for companies that have long maturity of debt, have issued fixed-rate debt, and are going concerns -- i.e. can continue operating while meeting financial obligations -- inflation could be a positive thing. \"Inflation would erode the real value of the debt relative to earnings (which are tied to the real economy),\" the strategists said.</p><p><blockquote>伯恩斯坦团队表示，对于债务期限较长、发行固定利率债务且持续经营的公司（即可以在履行财务义务的同时继续运营）来说，通货膨胀可能是一件积极的事情。策略师表示：“通货膨胀将侵蚀债务相对于收益（与实体经济挂钩）的实际价值。”</blockquote></p><p> \"There is no one solution\" to finding suitable hedges for inflation, Fraser Jenkins' group said, noting that a good response may involve more equities, real assets, gold, and even crypto assets like bitcoin . But \"another possible string to the inflation-hedging bow\" is companies that emerge from the pandemic with a long maturity of debt.</p><p><blockquote>Fraser Jenkins 集团表示，寻找合适的通胀对冲工具“没有唯一的解决方案”，并指出良好的应对措施可能涉及更多股票、实物资产、黄金，甚至比特币等加密资产。但“通胀对冲弓的另一个可能因素”是那些从疫情中脱颖而出、债务期限较长的公司。</blockquote></p><p> \"A basket of U.S. long debt maturity stocks has outperformed a basket of short debt maturity stocks by 7% this year and trades at more attractive valuations than their short debt maturity peers,\" Fraser Jenkins and his team added.</p><p><blockquote>弗雷泽·詹金斯和他的团队补充道：“今年，一篮子美国长债期限股票的表现比一篮子短债期限股票高出 7%，而且其交易估值比短债期限股票更具吸引力。”</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1aca07448aa8168cf9edc9e49d933435\" tg-width=\"1260\" tg-height=\"672\" referrerpolicy=\"no-referrer\"><span>CHART VIA BERNSTEIN RESEARCH.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表来自伯恩斯坦研究。</span></p></blockquote></p><p> There are a lot of these stocks: the strategists at Bernstein have a list of more than 80. Some of those picks include Big Tech names Apple <a href=\"https://laohu8.com/S/AAPL\">$(AAPL)$</a>, Alphabet <a href=\"https://laohu8.com/S/GOOGL\">$(GOOGL)$</a>(GOOGL), Amazon <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>, and Microsoft <a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a>, as well as other technology companies like videogame developer Electronic Arts <a href=\"https://laohu8.com/S/EA\">$(EA)$</a> and semiconductor groups Nvidia <a href=\"https://laohu8.com/S/NVDA\">$(NVDA)$</a>, Texas Instruments <a href=\"https://laohu8.com/S/TXN\">$(TXN)$</a>, and Qualcomm <a href=\"https://laohu8.com/S/QCOM\">$(QCOM)$</a>.</p><p><blockquote>这类股票有很多：伯恩斯坦的策略师列出了 80 多只股票。其中一些选择包括大型科技公司苹果<a href=\"https://laohu8.com/S/AAPL\">$(苹果)$</a>Alphabet<a href=\"https://laohu8.com/S/GOOGL\">$(GOOGL)$</a>（GOOGL），亚马逊<a href=\"https://laohu8.com/S/AMZN\">$(亚马逊)$</a>和微软<a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a>以及视频游戏开发商艺电等其他科技公司<a href=\"https://laohu8.com/S/EA\">$(EA)$</a>和半导体集团英伟达<a href=\"https://laohu8.com/S/NVDA\">$(NVDA)$</a>,德州仪器<a href=\"https://laohu8.com/S/TXN\">$(TXN)$</a>和高通<a href=\"https://laohu8.com/S/QCOM\">$(QCOM)$</a>.</blockquote></p><p> Telecom giants AT&amp;T <a href=\"https://laohu8.com/S/T\">$(T)$</a> and Verizon <a href=\"https://laohu8.com/S/VZ\">$(VZ)$</a> are also on the list, as are retailers and consumer-products groups such as Home Depot <a href=\"https://laohu8.com/S/HD\">$(HD)$</a>, Target <a href=\"https://laohu8.com/S/TGT\">$(TGT)$</a>, McDonalds <a href=\"https://laohu8.com/S/MCD\">$(MCD)$</a>, Starbucks <a href=\"https://laohu8.com/S/SBUX\">$(SBUX)$</a>, Nike <a href=\"https://laohu8.com/S/NKE\">$(NKE)$</a>, Kraft Heinz <a href=\"https://laohu8.com/S/KHC\">$(KHC)$</a>, Estée Lauder <a href=\"https://laohu8.com/S/EL\">$(EL)$</a>, and Coca-Cola <a href=\"https://laohu8.com/S/KO\">$(KO)$</a>.</p><p><blockquote>电信巨头美国电话电报公司<a href=\"https://laohu8.com/S/T\">$(T)$</a>和威瑞森<a href=\"https://laohu8.com/S/VZ\">$(VZ)$</a>家得宝等零售商和消费品集团也榜上有名<a href=\"https://laohu8.com/S/HD\">$(高清)$</a>,目标<a href=\"https://laohu8.com/S/TGT\">$(TGT)$</a>, 麦当劳<a href=\"https://laohu8.com/S/MCD\">$(麦当劳)$</a>, 星巴克<a href=\"https://laohu8.com/S/SBUX\">$(SBUX)$</a>,耐克<a href=\"https://laohu8.com/S/NKE\">$(NKE)$</a>卡夫亨氏<a href=\"https://laohu8.com/S/KHC\">$(KHC)$</a>,雅诗兰黛<a href=\"https://laohu8.com/S/EL\">$(埃尔)$</a>和可口可乐<a href=\"https://laohu8.com/S/KO\">$(科)$</a>.</blockquote></p><p> Health and biotechnology stocks like Johnson &amp; Johnson <a href=\"https://laohu8.com/S/JNJ\">$(JNJ)$</a>, Pfizer <a href=\"https://laohu8.com/S/PFE\">$(PFE)$</a>, Gilead Sciences <a href=\"https://laohu8.com/S/GILD\">$(GILD)$</a>, Regeneron <a href=\"https://laohu8.com/S/REGN\">$(REGN)$</a>, and Biogen <a href=\"https://laohu8.com/S/BIIB\">$(BIIB)$</a> also make the cut, as do railroad operators Kansas City Southern <a href=\"https://laohu8.com/S/KSU\">$(KSU)$</a> and Union Pacific <a href=\"https://laohu8.com/S/UNP\">$(UNP)$</a>. Defense companies Lockheed Martin <a href=\"https://laohu8.com/S/LMT\">$(LMT)$</a>, Northrop Grumman <a href=\"https://laohu8.com/S/NOC\">$(NOC)$</a>, and Raytheon Technologies <a href=\"https://laohu8.com/S/RTX\">$(RTX)$</a> also qualify.</p><p><blockquote>强生等健康和生物技术股票<a href=\"https://laohu8.com/S/JNJ\">$(JNJ)$</a>,辉瑞<a href=\"https://laohu8.com/S/PFE\">$(PFE)$</a>吉利德科学<a href=\"https://laohu8.com/S/GILD\">$(金)$</a>,再生元<a href=\"https://laohu8.com/S/REGN\">$(雨)$</a>和百健<a href=\"https://laohu8.com/S/BIIB\">$(BIIB)$</a>铁路运营商堪萨斯城南方铁路公司也参与其中<a href=\"https://laohu8.com/S/KSU\">$(KSU)$</a>和联合太平洋<a href=\"https://laohu8.com/S/UNP\">$(UNP)$</a>洛克希德·马丁公司<a href=\"https://laohu8.com/S/LMT\">$(LMT)$</a>诺斯罗普·格鲁曼公司<a href=\"https://laohu8.com/S/NOC\">$(NOC)$</a>和雷神技术公司<a href=\"https://laohu8.com/S/RTX\">$(RTX)$</a>也有资格。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Looking for hedges against inflation? Try Apple, Nike, Verizon and stocks with this in common, strategists say<blockquote>寻找对冲通货膨胀的工具？策略师表示，尝试苹果、耐克、威瑞森和有这些共同点的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLooking for hedges against inflation? Try Apple, Nike, Verizon and stocks with this in common, strategists say<blockquote>寻找对冲通货膨胀的工具？策略师表示，尝试苹果、耐克、威瑞森和有这些共同点的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-06-18 15:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stocks are set for a poor performance on Thursday, as markets absorb the Federal Reserve's indication that interest rate increases are coming sooner than expected, while the central bank remains alert to inflation risks.</p><p><blockquote>周四股市将表现不佳，因为市场消化了美联储加息比预期更早的迹象，而央行仍对通胀风险保持警惕。</blockquote></p><p> \"There is probably no bigger macro issue, both tactically and strategically, than inflation and what this means for portfolios,\" said strategists led by Inigo Fraser Jenkins at Bernstein Research on Thursday.</p><p><blockquote>伯恩斯坦研究公司 Inigo Fraser Jenkins 领导的策略师周四表示：“从战术和战略角度来看，可能没有比通胀及其对投资组合的意义更大的宏观问题了。”</blockquote></p><p> Fraser Jenkins and his team have our call of the day: that investors should look to buy shares in companies with a long maturity of debt as an effective hedge against inflation.</p><p><blockquote>Fraser Jenkins 和他的团队有我们今天的看涨期权：投资者应该购买债务期限较长的公司的股票，作为对冲通货膨胀的有效手段。</blockquote></p><p> Companies issued debt at an astounding rate through the COVID-19 pandemic. Much of it was a necessary move to meet funding needs, but for some groups it was an opportunity to take advantage of the Fed's measures supporting credit markets, which provided an ability to increase the maturity of debt, the strategists said.</p><p><blockquote>在新冠肺炎疫情期间，公司以惊人的速度发行债务。策略师表示，这在很大程度上是满足融资需求的必要举措，但对于一些团体来说，这是一个利用美联储支持信贷市场的措施的机会，这些措施提供了延长债务期限的能力。</blockquote></p><p> According to the team at Bernstein, for companies that have long maturity of debt, have issued fixed-rate debt, and are going concerns -- i.e. can continue operating while meeting financial obligations -- inflation could be a positive thing. \"Inflation would erode the real value of the debt relative to earnings (which are tied to the real economy),\" the strategists said.</p><p><blockquote>伯恩斯坦团队表示，对于债务期限较长、发行固定利率债务且持续经营的公司（即可以在履行财务义务的同时继续运营）来说，通货膨胀可能是一件积极的事情。策略师表示：“通货膨胀将侵蚀债务相对于收益（与实体经济挂钩）的实际价值。”</blockquote></p><p> \"There is no one solution\" to finding suitable hedges for inflation, Fraser Jenkins' group said, noting that a good response may involve more equities, real assets, gold, and even crypto assets like bitcoin . But \"another possible string to the inflation-hedging bow\" is companies that emerge from the pandemic with a long maturity of debt.</p><p><blockquote>Fraser Jenkins 集团表示，寻找合适的通胀对冲工具“没有唯一的解决方案”，并指出良好的应对措施可能涉及更多股票、实物资产、黄金，甚至比特币等加密资产。但“通胀对冲弓的另一个可能因素”是那些从疫情中脱颖而出、债务期限较长的公司。</blockquote></p><p> \"A basket of U.S. long debt maturity stocks has outperformed a basket of short debt maturity stocks by 7% this year and trades at more attractive valuations than their short debt maturity peers,\" Fraser Jenkins and his team added.</p><p><blockquote>弗雷泽·詹金斯和他的团队补充道：“今年，一篮子美国长债期限股票的表现比一篮子短债期限股票高出 7%，而且其交易估值比短债期限股票更具吸引力。”</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1aca07448aa8168cf9edc9e49d933435\" tg-width=\"1260\" tg-height=\"672\" referrerpolicy=\"no-referrer\"><span>CHART VIA BERNSTEIN RESEARCH.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表来自伯恩斯坦研究。</span></p></blockquote></p><p> There are a lot of these stocks: the strategists at Bernstein have a list of more than 80. Some of those picks include Big Tech names Apple <a href=\"https://laohu8.com/S/AAPL\">$(AAPL)$</a>, Alphabet <a href=\"https://laohu8.com/S/GOOGL\">$(GOOGL)$</a>(GOOGL), Amazon <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>, and Microsoft <a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a>, as well as other technology companies like videogame developer Electronic Arts <a href=\"https://laohu8.com/S/EA\">$(EA)$</a> and semiconductor groups Nvidia <a href=\"https://laohu8.com/S/NVDA\">$(NVDA)$</a>, Texas Instruments <a href=\"https://laohu8.com/S/TXN\">$(TXN)$</a>, and Qualcomm <a href=\"https://laohu8.com/S/QCOM\">$(QCOM)$</a>.</p><p><blockquote>这类股票有很多：伯恩斯坦的策略师列出了 80 多只股票。其中一些选择包括大型科技公司苹果<a href=\"https://laohu8.com/S/AAPL\">$(苹果)$</a>Alphabet<a href=\"https://laohu8.com/S/GOOGL\">$(GOOGL)$</a>（GOOGL），亚马逊<a href=\"https://laohu8.com/S/AMZN\">$(亚马逊)$</a>和微软<a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a>以及视频游戏开发商艺电等其他科技公司<a href=\"https://laohu8.com/S/EA\">$(EA)$</a>和半导体集团英伟达<a href=\"https://laohu8.com/S/NVDA\">$(NVDA)$</a>,德州仪器<a href=\"https://laohu8.com/S/TXN\">$(TXN)$</a>和高通<a href=\"https://laohu8.com/S/QCOM\">$(QCOM)$</a>.</blockquote></p><p> Telecom giants AT&amp;T <a href=\"https://laohu8.com/S/T\">$(T)$</a> and Verizon <a href=\"https://laohu8.com/S/VZ\">$(VZ)$</a> are also on the list, as are retailers and consumer-products groups such as Home Depot <a href=\"https://laohu8.com/S/HD\">$(HD)$</a>, Target <a href=\"https://laohu8.com/S/TGT\">$(TGT)$</a>, McDonalds <a href=\"https://laohu8.com/S/MCD\">$(MCD)$</a>, Starbucks <a href=\"https://laohu8.com/S/SBUX\">$(SBUX)$</a>, Nike <a href=\"https://laohu8.com/S/NKE\">$(NKE)$</a>, Kraft Heinz <a href=\"https://laohu8.com/S/KHC\">$(KHC)$</a>, Estée Lauder <a href=\"https://laohu8.com/S/EL\">$(EL)$</a>, and Coca-Cola <a href=\"https://laohu8.com/S/KO\">$(KO)$</a>.</p><p><blockquote>电信巨头美国电话电报公司<a href=\"https://laohu8.com/S/T\">$(T)$</a>和威瑞森<a href=\"https://laohu8.com/S/VZ\">$(VZ)$</a>家得宝等零售商和消费品集团也榜上有名<a href=\"https://laohu8.com/S/HD\">$(高清)$</a>,目标<a href=\"https://laohu8.com/S/TGT\">$(TGT)$</a>, 麦当劳<a href=\"https://laohu8.com/S/MCD\">$(麦当劳)$</a>, 星巴克<a href=\"https://laohu8.com/S/SBUX\">$(SBUX)$</a>,耐克<a href=\"https://laohu8.com/S/NKE\">$(NKE)$</a>卡夫亨氏<a href=\"https://laohu8.com/S/KHC\">$(KHC)$</a>,雅诗兰黛<a href=\"https://laohu8.com/S/EL\">$(埃尔)$</a>和可口可乐<a href=\"https://laohu8.com/S/KO\">$(科)$</a>.</blockquote></p><p> Health and biotechnology stocks like Johnson &amp; Johnson <a href=\"https://laohu8.com/S/JNJ\">$(JNJ)$</a>, Pfizer <a href=\"https://laohu8.com/S/PFE\">$(PFE)$</a>, Gilead Sciences <a href=\"https://laohu8.com/S/GILD\">$(GILD)$</a>, Regeneron <a href=\"https://laohu8.com/S/REGN\">$(REGN)$</a>, and Biogen <a href=\"https://laohu8.com/S/BIIB\">$(BIIB)$</a> also make the cut, as do railroad operators Kansas City Southern <a href=\"https://laohu8.com/S/KSU\">$(KSU)$</a> and Union Pacific <a href=\"https://laohu8.com/S/UNP\">$(UNP)$</a>. Defense companies Lockheed Martin <a href=\"https://laohu8.com/S/LMT\">$(LMT)$</a>, Northrop Grumman <a href=\"https://laohu8.com/S/NOC\">$(NOC)$</a>, and Raytheon Technologies <a href=\"https://laohu8.com/S/RTX\">$(RTX)$</a> also qualify.</p><p><blockquote>强生等健康和生物技术股票<a href=\"https://laohu8.com/S/JNJ\">$(JNJ)$</a>,辉瑞<a href=\"https://laohu8.com/S/PFE\">$(PFE)$</a>吉利德科学<a href=\"https://laohu8.com/S/GILD\">$(金)$</a>,再生元<a href=\"https://laohu8.com/S/REGN\">$(雨)$</a>和百健<a href=\"https://laohu8.com/S/BIIB\">$(BIIB)$</a>铁路运营商堪萨斯城南方铁路公司也参与其中<a href=\"https://laohu8.com/S/KSU\">$(KSU)$</a>和联合太平洋<a href=\"https://laohu8.com/S/UNP\">$(UNP)$</a>洛克希德·马丁公司<a href=\"https://laohu8.com/S/LMT\">$(LMT)$</a>诺斯罗普·格鲁曼公司<a href=\"https://laohu8.com/S/NOC\">$(NOC)$</a>和雷神技术公司<a href=\"https://laohu8.com/S/RTX\">$(RTX)$</a>也有资格。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/looking-for-hedges-against-inflation-try-apple-nike-verizon-and-stocks-with-this-in-common-strategists-say-11623928849?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊","KO":"可口可乐","NKE":"耐克","HD":"家得宝","MCD":"麦当劳","TXN":"德州仪器","LMT":"洛克希德马丁","GOOG":"谷歌","NVDA":"英伟达","JNJ":"强生","RTX":"雷神技术公司","GOOGL":"谷歌A","SBUX":"星巴克","PFE":"辉瑞","MSFT":"微软","AAPL":"苹果","GILD":"吉利德科学","UNP":"联合太平洋","REGN":"再生元制药公司","KHC":"卡夫亨氏","QCOM":"高通","EL":"雅诗兰黛","TGT":"塔吉特","EA":"艺电","NOC":"诺斯罗普格鲁曼","VZ":"Verizon Comms"},"source_url":"https://www.marketwatch.com/story/looking-for-hedges-against-inflation-try-apple-nike-verizon-and-stocks-with-this-in-common-strategists-say-11623928849?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144745081","content_text":"Stocks are set for a poor performance on Thursday, as markets absorb the Federal Reserve's indication that interest rate increases are coming sooner than expected, while the central bank remains alert to inflation risks.\n\"There is probably no bigger macro issue, both tactically and strategically, than inflation and what this means for portfolios,\" said strategists led by Inigo Fraser Jenkins at Bernstein Research on Thursday.\nFraser Jenkins and his team have our call of the day: that investors should look to buy shares in companies with a long maturity of debt as an effective hedge against inflation.\nCompanies issued debt at an astounding rate through the COVID-19 pandemic. Much of it was a necessary move to meet funding needs, but for some groups it was an opportunity to take advantage of the Fed's measures supporting credit markets, which provided an ability to increase the maturity of debt, the strategists said.\nAccording to the team at Bernstein, for companies that have long maturity of debt, have issued fixed-rate debt, and are going concerns -- i.e. can continue operating while meeting financial obligations -- inflation could be a positive thing. \"Inflation would erode the real value of the debt relative to earnings (which are tied to the real economy),\" the strategists said.\n\"There is no one solution\" to finding suitable hedges for inflation, Fraser Jenkins' group said, noting that a good response may involve more equities, real assets, gold, and even crypto assets like bitcoin . But \"another possible string to the inflation-hedging bow\" is companies that emerge from the pandemic with a long maturity of debt.\n\"A basket of U.S. long debt maturity stocks has outperformed a basket of short debt maturity stocks by 7% this year and trades at more attractive valuations than their short debt maturity peers,\" Fraser Jenkins and his team added.\nCHART VIA BERNSTEIN RESEARCH.\nThere are a lot of these stocks: the strategists at Bernstein have a list of more than 80. Some of those picks include Big Tech names Apple $(AAPL)$, Alphabet $(GOOGL)$(GOOGL), Amazon $(AMZN)$, and Microsoft $(MSFT)$, as well as other technology companies like videogame developer Electronic Arts $(EA)$ and semiconductor groups Nvidia $(NVDA)$, Texas Instruments $(TXN)$, and Qualcomm $(QCOM)$.\nTelecom giants AT&T $(T)$ and Verizon $(VZ)$ are also on the list, as are retailers and consumer-products groups such as Home Depot $(HD)$, Target $(TGT)$, McDonalds $(MCD)$, Starbucks $(SBUX)$, Nike $(NKE)$, Kraft Heinz $(KHC)$, Estée Lauder $(EL)$, and Coca-Cola $(KO)$.\nHealth and biotechnology stocks like Johnson & Johnson $(JNJ)$, Pfizer $(PFE)$, Gilead Sciences $(GILD)$, Regeneron $(REGN)$, and Biogen $(BIIB)$ also make the cut, as do railroad operators Kansas City Southern $(KSU)$ and Union Pacific $(UNP)$. Defense companies Lockheed Martin $(LMT)$, Northrop Grumman $(NOC)$, and Raytheon Technologies $(RTX)$ also qualify.","news_type":1,"symbols_score_info":{"TGT":0.9,"JNJ":0.9,"KO":0.9,"GOOG":0.9,"AMZN":0.9,"RTX":0.9,"TXN":0.9,"AAPL":0.9,"REGN":0.9,"SBUX":0.9,"LMT":0.9,"PFE":0.9,"GILD":0.9,"QCOM":0.9,"EL":0.9,"NKE":0.9,"UNP":0.9,"HD":0.9,"MCD":0.9,"EA":0.9,"KHC":0.9,"NOC":0.9,"GOOGL":0.9,"KSU":0.9,"VZ":0.9,"VZA":0.9,"NVDA":0.9,"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":638,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182759223,"gmtCreate":1623623263762,"gmtModify":1634031196577,"author":{"id":"3586294769337954","authorId":"3586294769337954","name":"20Rose","avatar":"https://static.tigerbbs.com/be5e86f120cf46968b3f070cd2bd360f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586294769337954","authorIdStr":"3586294769337954"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/HBANM\">$Huntington Bancshares Inc(HBANM)$</a>Goodread","listText":"<a href=\"https://laohu8.com/S/HBANM\">$Huntington Bancshares Inc(HBANM)$</a>Goodread","text":"$Huntington Bancshares Inc(HBANM)$Goodread","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/182759223","isVote":1,"tweetType":1,"viewCount":896,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182879343,"gmtCreate":1623565317982,"gmtModify":1634031592883,"author":{"id":"3586294769337954","authorId":"3586294769337954","name":"20Rose","avatar":"https://static.tigerbbs.com/be5e86f120cf46968b3f070cd2bd360f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586294769337954","authorIdStr":"3586294769337954"},"themes":[],"title":"","htmlText":"Thank tou","listText":"Thank tou","text":"Thank tou","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/182879343","repostId":"2142788415","repostType":2,"isVote":1,"tweetType":1,"viewCount":653,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893540424,"gmtCreate":1628291919868,"gmtModify":1631889924446,"author":{"id":"3586294769337954","authorId":"3586294769337954","name":"20Rose","avatar":"https://static.tigerbbs.com/be5e86f120cf46968b3f070cd2bd360f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586294769337954","authorIdStr":"3586294769337954"},"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/893540424","repostId":"1174322042","repostType":4,"isVote":1,"tweetType":1,"viewCount":2594,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142297662,"gmtCreate":1626151199556,"gmtModify":1633929601760,"author":{"id":"3586294769337954","authorId":"3586294769337954","name":"20Rose","avatar":"https://static.tigerbbs.com/be5e86f120cf46968b3f070cd2bd360f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586294769337954","authorIdStr":"3586294769337954"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/142297662","repostId":"1119839711","repostType":4,"repost":{"id":"1119839711","kind":"news","pubTimestamp":1626126339,"share":"https://www.laohunote.com/m/news/1119839711?lang=zh_CN&edition=full","pubTime":"2021-07-13 05:45","market":"us","language":"en","title":"Dow narrowly misses first close at 35,000 but all 3 stock indexes log back-to-back record finishes ahead of bank earnings<blockquote>道琼斯指数以微弱劣势错失首次收盘价 35,000 点，但所有 3 个股指均在银行财报公布前连续创纪录收盘</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1119839711","media":"MarketWatch","summary":"Dow ends just shy of 35,000 milestone.\n\nThe Dow Jones Industrial Average, S&P 500 index and Nasdaq C","content":"<p>  <b>Dow ends just shy of 35,000 milestone.</b>  The Dow Jones Industrial Average, S&amp;P 500 index and <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> Composite on Monday advanced to back-to-back record finishes, starting the week the way the ended last week.</p><p><blockquote><b>道琼斯指数最终仅接近 35,000 点里程碑。</b>道琼斯工业平均指数、标普500指数和<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>周一的综合指数连续创下历史新高，本周开始时与上周结束时持平。</blockquote></p><p> The record finish comes as investors await semiannual testimony from Federal Reserve Chairman Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> beginning Wednesday and a batch of economic reports throughout the week, the unofficial start of corporate quarterly results.</p><p><blockquote>创纪录的结束是在投资者等待美联储主席杰罗姆半年一次的证词之际<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>从周三开始，本周将发布一系列经济报告，企业季度业绩的非官方开始。</blockquote></p><p> <b>How did stock benchmarks end?</b></p><p><blockquote><b>股票基准是如何结束的？</b></blockquote></p><p> <ul>  <li>The Dow Jones Industrial AverageDJIA,+0.36%rose 126.02 points, or 0.4%, to end at a record 34,996.18.</li>  <li>S&amp;P 500 indexSPX,+0.35%added 15.08 points, or 0.4%, closing at a record 4,384.63, after touching an intraday high at 4,386.68.</li>  <li>Nasdaq Composite IndexCOMP,+0.21%advanced 31.32 points, or 0.2%, finishing at a record 14,733.24, after establishing an intraday all-time high at 14,761.08.</li> </ul> On Friday, the Dow and S&amp;P 500 finished the session at record highs, booking weekly gains of about 0.2% and 0.4%, respectively. The Nasdaq Composite finished the week at an all-time high with a 0.4% weekly gain.</p><p><blockquote><ul><li>道琼斯工业平均指数（DJIA）上涨 126.02 点，涨幅 0.4%，收于创纪录的 34,996.18 点。</li><li>标普500指数SPX,+0.35%上涨15.08点，即0.4%，收于创纪录的4,384.63点，此前触及盘中高点4,386.68点。</li><li>纳斯达克综合指数COMP,+0.21%上涨31.32点，即0.2%，收于创纪录的14,733.24点，盘中创下历史新高14,761.08点。</li></ul>周五，道琼斯指数和标普500指数收盘创下历史新高，周涨幅分别约为0.2%和0.4%。纳斯达克综合指数本周收盘创下历史新高，周涨幅为 0.4%。</blockquote></p><p> <b>What drove the market?</b></p><p><blockquote><b>是什么推动了市场？</b></blockquote></p><p> Major stock indexes rose to back-to-back closing records on Monday. The advance came ahead of a number of key events that could serve as catalysts later in the week, including the unofficial start of earnings season, which<b><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a> &amp; Co</b>.JPM,+1.43%will kick off Tuesday, Powell’s testimony on Capitol <a href=\"https://laohu8.com/S/HIL\">Hill</a>, and fresh readings on inflation.</p><p><blockquote>周一，主要股指连续上涨至收盘纪录。这一上涨发生在本周晚些时候可能成为催化剂的一系列关键事件之前，其中包括财报季的非官方开始，这<b><a href=\"https://laohu8.com/S/JPM\">摩根大通</a>公司</b>.JPM,+1.43% 将于周二开盘，鲍威尔在国会大厦作证<a href=\"https://laohu8.com/S/HIL\">山丘</a>以及有关通胀的最新数据。</blockquote></p><p> “People are thinking earnings are going to be strong and that may propel the market higher,” said John Carey, director of <a href=\"https://laohu8.com/S/EQR\">Equity</a> Income at Amundi U.S., adding that, for now, earnings have overshadowed uncertainty in <a href=\"https://laohu8.com/S/WASH\">Washington</a> over planned infrastructure spending and potentially higher corporate taxes.</p><p><blockquote>“人们认为盈利将会强劲，这可能会推动市场走高，”该公司董事约翰-凯里（John Carey）说。<a href=\"https://laohu8.com/S/EQR\">公平</a>Amundi U.S. 的收入，并补充说，就目前而言，盈利掩盖了不确定性<a href=\"https://laohu8.com/S/WASH\">华盛顿</a>超出计划的基础设施支出和潜在的更高的公司税。</blockquote></p><p> “Most people seem to be focused on the strength of the economy and the possibility of better earnings to support stock prices, which are definitely at high levels,” Carey told MarketWatch.</p><p><blockquote>“凯里告诉 MarketWatch：”大多数人似乎都关注经济的实力以及更好的盈利来支撑股价的可能性，而股价肯定处于高位。</blockquote></p><p> Equity markets experienced a bout of turbulence last week before ending with a flourish, prompted partly by a drop in Treasury yields. Lower-bound rates for government debt had raised questions about the outlook for the U.S. economy in the recovery from the pandemic. The spread of the delta variant of COVID-19 has emerged as a concern, but so has the lofty valuations assigned to some segments of the market.</p><p><blockquote>股市上周经历了一轮动荡，随后以繁荣告终，部分原因是国债收益率下降。政府债务利率下限引发了人们对美国经济从疫情中复苏前景的质疑。新冠肺炎德尔塔变异毒株的传播已经成为一个令人担忧的问题，但分配给某些细分市场的高估值也是一个令人担忧的问题。</blockquote></p><p> Questions about the Fed’s monetary policy in the face of growing evidence of percolating inflation also have been blamed for some of the rocky trading.</p><p><blockquote>面对越来越多的通胀渗透证据，对美联储货币政策的质疑也被归咎于一些不稳定的交易。</blockquote></p><p> Yields for the 10-yearTMUBMUSD10Y,1.365%edged up less than a basis point to 1.362% on Monday, while the 30-year Treasury yieldsTMUBMUSD30Y,2.000%advanced by 1.2 basis points to 1.993%, near lows last seen in February.</p><p><blockquote>10年期MUBMUSD10Y,1.365%收益率周一小幅上涨不到一个基点至1.362%，而30年期国债收益率STMUBMUSD30Y,2.000%上涨1.2个基点至1.993%，接近2月份的低点。</blockquote></p><p> Federal Reserve Bank ofNew York President John <a href=\"https://laohu8.com/S/WMB\">Williams</a> told reportersMonday that conditions for scaling back its $120 billion a month bond-buying stimulus program have yet to be met.</p><p><blockquote>纽约联邦储备银行行长约翰<a href=\"https://laohu8.com/S/WMB\">威廉姆斯</a>周一对记者表示，缩减每月 1200 亿美元债券购买刺激计划的条件尚未满足。</blockquote></p><p> Although inflation and peak growth concerns continue to percolate andworry U.S. households, some strategists said those concerns may be “over-hyped” for markets.</p><p><blockquote>尽管对通货膨胀和增长峰值的担忧继续渗透并困扰着美国家庭，但一些策略师表示，这些担忧可能对市场来说 “过度炒作”。</blockquote></p><p> “Both the previous inflation concerns and the current peak growth concerns are likely over-extrapolated reflections of near-term trends that will not persist,” Glenmede’s team led by Jason Pride and Michael Reynolds, wrote in a Monday note.</p><p><blockquote>“由杰森-普莱德（Jason Pride）和迈克尔-雷诺兹（Michael Reynolds）领导的格伦米德团队在周一的一份报告中写道：”之前对通胀的担忧和当前对增长峰值的担忧都可能是对近期趋势的过度推断反映，不会持续下去。</blockquote></p><p> “Markets may remain volatile as they attempt to adjust to the rapidly&nbsp;evolving information flow during the ongoing recovery from the pandemic,” but those factors “should not be disruptive of markets longer term.”</p><p><blockquote>“在从大流行病中持续复苏的过程中，市场可能会继续波动，因为它们试图适应快速变化的信息流”，但这些因素 “从长远来看不应扰乱市场”。</blockquote></p><p> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> also have been keeping an eye on delta-driven COVID infections. The U.S. leads the world with a total of 33.85 million COVID cases and in deaths with 607,156. Dr. Anthony Fauci said on Monday thatboosters weren’t needed for now, but duringa Sunday CNN inview said it was “horrifying”to see conservatives cheer for low vaccination rates, blaming “ideological rigidity” for hobbling the fight against the pandemic.</p><p><blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>也一直在关注三角洲驱动的COVID感染。美国以 3385 万例 COVID 病例和 607,156 例死亡病例位居世界第一。安东尼-福奇（Anthony Fauci）博士周一表示，目前不需要加强剂，但在周日接受美国有线电视新闻网（CNN）采访时表示，看到保守派为低疫苗接种率欢呼，并指责 “意识形态僵化 ”阻碍了抗击大流行病的斗争，这令人 “恐惧”。</blockquote></p><p> “We have long warned that vaccinations would be unlikely to trigger a smooth transition to normalcy,” Ben May, <a href=\"https://laohu8.com/S/OXM\">Oxford</a> Economics’ director of global macro research wrote Monday.</p><p><blockquote>“本-梅（Ben May）说：”我们早就警告说，接种疫苗不太可能引发向正常的平稳过渡。<a href=\"https://laohu8.com/S/OXM\">牛津</a>《经济学》全球宏观研究总监周一写道。</blockquote></p><p> No key data were on deck Monday ahead of a busy week in economic reports, starting with a reading of consumer prices on Tuesday.</p><p><blockquote>在经济报告繁忙的一周之前，周一没有关键数据公布，首先是周二的消费者价格读数。</blockquote></p><p> Separately, investors also were focused on discussions among finance ministers from the G-20, who are trying to assess the potential implications of a proposal for a global minimum tax.</p><p><blockquote>另外，投资者还关注了20国集团财长之间的讨论，他们正试图评估全球最低税提案的潜在影响。</blockquote></p><p></p><p> “We need sustainable sources of revenue that do not rely on further taxing workers’ wages and exacerbating the economic disparities that we are all committed to reducing,” U.S. Treasury Secretary Janet Yellen said in a speech to European Union countries about revamping the corporate tax code internationally.</p><p><blockquote>“美国财政部长珍妮特-耶伦（Janet Yellen）在就修改国际企业税法向欧盟国家发表讲话时说：”我们需要可持续的收入来源，而不是依赖于对工人工资进一步征税和加剧我们都致力于减少的经济差距。</blockquote></p><p> “We need to put an end to corporations shifting capital income to low tax jurisdictions, and to accounting gimmicks that allow them to avoid paying their fair share,” she said.</p><p><blockquote>“她说：”我们需要杜绝企业将资本收入转移到低税收管辖区，杜绝允许企业逃避支付公平份额的会计噱头。</blockquote></p><p> <b>Which companies were in focus?</b></p><p><blockquote><b>哪些公司成为焦点？</b></blockquote></p><p> <ul>  <li><b><a href=\"https://laohu8.com/S/AVGO\">Broadcom</a> Inc</b>.AVGO,+1.16%shares rose 1.2% Monday afterThe Wall Street Journal reportedthe chip and software company was in talks to buy SAS Institute Inc. in a deal that could value the smashup at $15 billion to $20 billion.</li>  <li><b><a href=\"https://laohu8.com/S/AAPL\">Apple</a> Inc</b>.AAPL,-0.42%&nbsp;shares fell 0.4% a day after a Delaware federal judgedismissed a Blix Inc. suit,saying it failed to demonstrate how Apple harmed competition in the mobile operating system market.</li>  <li><b><a href=\"https://laohu8.com/S/LB\">L Brands Inc</a></b>.LB,+4.16%&nbsp;said it’s separating into two publiclytraded businesses next month, with theVictoria’s Secret &amp; Co.‘s underwear unit as “VSCO,” while the Bath &amp; BodyWorks Inc. arm under the “BBWI” ticker, starting Aug. 3.</li>  <li><b><a href=\"https://laohu8.com/S/GME\">GameStop</a>&nbsp;Inc</b>.GME,-1.04%shares shed 1% Monday after Ascendiant Capital Markets lifted its 12-month price target to $25 from $10, but still nowhere near the company’s $189.25 closing price Monday.</li>  <li>Weber, the maker of outdoor grills,has filed to go public, nearly 50 years after it’s iconic dome-like grill was made. Shares are set to&nbsp;trade on the <a href=\"https://laohu8.com/S/NWY\">New York</a> Stock Exchange under the ticker WEBR.</li>  <li>Shares of<b><a href=\"https://laohu8.com/S/SPCE.WS\">Virgin Galactic Holdings Inc</a>.</b>&nbsp;SPCEskid 17.3% Monday, it’s largest daily percent slump since March 16, 2020, a day after founder Richard Branson and five crewmates successfully flew into&nbsp;suborbital space on the company’s VSS <a href=\"https://laohu8.com/S/UNTY\">Unity</a>&nbsp;rocket-powered spaceplane.</li>  <li><b>Couchbase Inc</b>.&nbsp;BASE,&nbsp;a provider of a database for enterprise applications, set terms for its initial public offering on Monday, with plans to offer 7 million shares, priced at $20 to $23 each. The company has applied to list on Nasdaq, under the ticker ‘BASE.’</li>  <li>Shares of<b>Moderna Inc</b>.&nbsp;MRNArose 2.8% Monday after the company said it would supply 20 million doses of its COVID-19 vaccine to Argentina.</li>  <li>Shares of<b><a href=\"https://laohu8.com/S/SWI\">SolarWinds Corp</a>.</b>&nbsp;SWI&nbsp;were 1.8% lower Monday, even after the information technology infrastructure management software company provided an upbeat second-quarter revenue outlook.</li> </ul> <b>How did other assets trade?</b></p><p><blockquote><ul><li><b><a href=\"https://laohu8.com/S/AVGO\">博通</a>公司</b>.AVGO,+1.16%周一，《华尔街日报》报道这家芯片和软件公司正在洽谈收购 SAS Institute Inc.，此前该公司股价上涨 1.2%，交易估值可能达到 150 亿至 200 亿美元。</li><li><b><a href=\"https://laohu8.com/S/AAPL\">苹果</a>公司</b>.AAPL,-0.42% 特拉华州联邦法官驳回了 Blix Inc. 的诉讼，称该诉讼未能证明苹果如何损害移动操作系统市场的竞争，一天后，AAPL 股价下跌 0.4%。</li><li><b><a href=\"https://laohu8.com/S/LB\">L品牌公司</a></b>.LB,+4.16% 表示，该公司将于下个月拆分为两家上市业务，维多利亚的秘密公司（Victoria's Secret&amp;Co.）的内衣部门将更名为 “VSCO”，而 Bath &amp; BodyWorks Inc. 从 8 月 3 日开始，股票代码为 “BBWI ”。</li><li><b><a href=\"https://laohu8.com/S/GME\">游戏驿站</a>公司</b>.GME,-1.04%股价周一下跌1%，此前Ascendiant Capital Markets将其12个月目标价从10美元上调至25美元，但仍远低于该公司周一189.25美元的收盘价。</li><li>韦伯是户外烤架的制造商，在其标志性的圆顶状烤架问世近 50 年后，该公司已申请上市。股份将于<a href=\"https://laohu8.com/S/NWY\">纽约</a>股票代码为WEBR的证券交易所。</li><li>股份<b><a href=\"https://laohu8.com/S/SPCE.WS\">维珍银河控股公司</a>.</b>SPCEskid 周一下跌 17.3%，这是自 2020 年 3 月 16 日以来最大的单日百分比跌幅，一天前，创始人理查德-布兰森（Richard Branson）和五名机组人员乘坐该公司的 VSS 成功飞入亚轨道空间。<a href=\"https://laohu8.com/S/UNTY\">团结</a>火箭动力航天飞机。</li><li><b>沙发基地公司</b>企业应用数据库提供商BASE周一确定了首次公开募股的条款，计划发行700万股股票，每股定价20至23美元。该公司已申请在纳斯达克上市，股票代码为 “BASE”。</li><li>股份<b>现代公司</b>该公司表示将向阿根廷供应 2000 万剂 COVID-19 疫苗，周一上涨 2.8%。</li><li>股份<b><a href=\"https://laohu8.com/S/SWI\">太阳风公司</a>.</b>SWI 周一下跌 1.8%，尽管这家信息技术基础设施管理软件公司提供了乐观的第二季度收入前景。</li></ul><b>其他资产是如何交易的？</b></blockquote></p><p> <ul>  <li>The ICE U.S. Dollar Index&nbsp;DXY,&nbsp;a measure of the currency against six major rivals, was up 0.1%.</li>  <li>Oil futures closed lower Monday, with the U.S. benchmark&nbsp;CL00&nbsp;CL.1,-0.51%down 0.6% settling at $74.10 a barrel. Gold&nbsp;GC00&nbsp;settled 0.3% lower at $1,805.90 an ounce.</li>  <li>In European equities, the Stoxx Europe 600&nbsp;SXXP&nbsp;closed 0.7% higher, while London’s <a href=\"https://laohu8.com/S/.100.UK\">FTSE 100</a>&nbsp;UKX&nbsp;finished up 0.05% on Monday.</li>  <li>In <a href=\"https://laohu8.com/S/00662\">Asia</a>, the Shanghai Composite&nbsp;SHCOMP&nbsp;gained 0.7%, Hong Kong’s Hang Seng Index&nbsp;HSI&nbsp;rose 0.6% on the session and Japan’s Nikkei 225&nbsp;NIK&nbsp;rallied 2.3% on Monday.</li> </ul></p><p><blockquote><ul><li>ICE 美元指数 DXY（衡量美元兑六大主要竞争对手的指标）上涨 0.1%。</li><li>石油期货周一收低，美国基准CL00 CL.1,-0.51%下跌0.6%，收于每桶74.10美元。黄金 GC00 收盘下跌 0.3%，至每盎司 1,805.90 美元。</li><li>欧洲股市方面，斯托克欧洲 600 SXXP 指数收盘上涨 0.7%，伦敦<a href=\"https://laohu8.com/S/.100.UK\">富时100</a>UKX 周一收盘上涨 0.05%。</li><li>在<a href=\"https://laohu8.com/S/00662\">亚洲</a>周一，上证综指上涨 0.7%，香港恒生指数恒生指数上涨 0.6%，日本日经 225 NIK 指数上涨 2.3%。</li></ul></blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dow narrowly misses first close at 35,000 but all 3 stock indexes log back-to-back record finishes ahead of bank earnings<blockquote>道琼斯指数以微弱劣势错失首次收盘价 35,000 点，但所有 3 个股指均在银行财报公布前连续创纪录收盘</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\">\nDow narrowly misses first close at 35,000 but all 3 stock indexes log back-to-back record finishes ahead of bank earnings<blockquote>道琼斯指数以微弱劣势错失首次收盘价 35,000 点，但所有 3 个股指均在银行财报公布前连续创纪录收盘</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-13 05:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Dow ends just shy of 35,000 milestone.</b>  The Dow Jones Industrial Average, S&amp;P 500 index and <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> Composite on Monday advanced to back-to-back record finishes, starting the week the way the ended last week.</p><p><blockquote><b>道琼斯指数最终仅接近 35,000 点里程碑。</b>道琼斯工业平均指数、标普500指数和<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>周一的综合指数连续创下历史新高，本周开始时与上周结束时持平。</blockquote></p><p> The record finish comes as investors await semiannual testimony from Federal Reserve Chairman Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> beginning Wednesday and a batch of economic reports throughout the week, the unofficial start of corporate quarterly results.</p><p><blockquote>创纪录的结束是在投资者等待美联储主席杰罗姆半年一次的证词之际<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>从周三开始，本周将发布一系列经济报告，企业季度业绩的非官方开始。</blockquote></p><p> <b>How did stock benchmarks end?</b></p><p><blockquote><b>股票基准是如何结束的？</b></blockquote></p><p> <ul>  <li>The Dow Jones Industrial AverageDJIA,+0.36%rose 126.02 points, or 0.4%, to end at a record 34,996.18.</li>  <li>S&amp;P 500 indexSPX,+0.35%added 15.08 points, or 0.4%, closing at a record 4,384.63, after touching an intraday high at 4,386.68.</li>  <li>Nasdaq Composite IndexCOMP,+0.21%advanced 31.32 points, or 0.2%, finishing at a record 14,733.24, after establishing an intraday all-time high at 14,761.08.</li> </ul> On Friday, the Dow and S&amp;P 500 finished the session at record highs, booking weekly gains of about 0.2% and 0.4%, respectively. The Nasdaq Composite finished the week at an all-time high with a 0.4% weekly gain.</p><p><blockquote><ul><li>道琼斯工业平均指数（DJIA）上涨 126.02 点，涨幅 0.4%，收于创纪录的 34,996.18 点。</li><li>标普500指数SPX,+0.35%上涨15.08点，即0.4%，收于创纪录的4,384.63点，此前触及盘中高点4,386.68点。</li><li>纳斯达克综合指数COMP,+0.21%上涨31.32点，即0.2%，收于创纪录的14,733.24点，盘中创下历史新高14,761.08点。</li></ul>周五，道琼斯指数和标普500指数收盘创下历史新高，周涨幅分别约为0.2%和0.4%。纳斯达克综合指数本周收盘创下历史新高，周涨幅为 0.4%。</blockquote></p><p> <b>What drove the market?</b></p><p><blockquote><b>是什么推动了市场？</b></blockquote></p><p> Major stock indexes rose to back-to-back closing records on Monday. The advance came ahead of a number of key events that could serve as catalysts later in the week, including the unofficial start of earnings season, which<b><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a> &amp; Co</b>.JPM,+1.43%will kick off Tuesday, Powell’s testimony on Capitol <a href=\"https://laohu8.com/S/HIL\">Hill</a>, and fresh readings on inflation.</p><p><blockquote>周一，主要股指连续上涨至收盘纪录。这一上涨发生在本周晚些时候可能成为催化剂的一系列关键事件之前，其中包括财报季的非官方开始，这<b><a href=\"https://laohu8.com/S/JPM\">摩根大通</a>公司</b>.JPM,+1.43% 将于周二开盘，鲍威尔在国会大厦作证<a href=\"https://laohu8.com/S/HIL\">山丘</a>以及有关通胀的最新数据。</blockquote></p><p> “People are thinking earnings are going to be strong and that may propel the market higher,” said John Carey, director of <a href=\"https://laohu8.com/S/EQR\">Equity</a> Income at Amundi U.S., adding that, for now, earnings have overshadowed uncertainty in <a href=\"https://laohu8.com/S/WASH\">Washington</a> over planned infrastructure spending and potentially higher corporate taxes.</p><p><blockquote>“人们认为盈利将会强劲，这可能会推动市场走高，”该公司董事约翰-凯里（John Carey）说。<a href=\"https://laohu8.com/S/EQR\">公平</a>Amundi U.S. 的收入，并补充说，就目前而言，盈利掩盖了不确定性<a href=\"https://laohu8.com/S/WASH\">华盛顿</a>超出计划的基础设施支出和潜在的更高的公司税。</blockquote></p><p> “Most people seem to be focused on the strength of the economy and the possibility of better earnings to support stock prices, which are definitely at high levels,” Carey told MarketWatch.</p><p><blockquote>“凯里告诉 MarketWatch：”大多数人似乎都关注经济的实力以及更好的盈利来支撑股价的可能性，而股价肯定处于高位。</blockquote></p><p> Equity markets experienced a bout of turbulence last week before ending with a flourish, prompted partly by a drop in Treasury yields. Lower-bound rates for government debt had raised questions about the outlook for the U.S. economy in the recovery from the pandemic. The spread of the delta variant of COVID-19 has emerged as a concern, but so has the lofty valuations assigned to some segments of the market.</p><p><blockquote>股市上周经历了一轮动荡，随后以繁荣告终，部分原因是国债收益率下降。政府债务利率下限引发了人们对美国经济从疫情中复苏前景的质疑。新冠肺炎德尔塔变异毒株的传播已经成为一个令人担忧的问题，但分配给某些细分市场的高估值也是一个令人担忧的问题。</blockquote></p><p> Questions about the Fed’s monetary policy in the face of growing evidence of percolating inflation also have been blamed for some of the rocky trading.</p><p><blockquote>面对越来越多的通胀渗透证据，对美联储货币政策的质疑也被归咎于一些不稳定的交易。</blockquote></p><p> Yields for the 10-yearTMUBMUSD10Y,1.365%edged up less than a basis point to 1.362% on Monday, while the 30-year Treasury yieldsTMUBMUSD30Y,2.000%advanced by 1.2 basis points to 1.993%, near lows last seen in February.</p><p><blockquote>10年期MUBMUSD10Y,1.365%收益率周一小幅上涨不到一个基点至1.362%，而30年期国债收益率STMUBMUSD30Y,2.000%上涨1.2个基点至1.993%，接近2月份的低点。</blockquote></p><p> Federal Reserve Bank ofNew York President John <a href=\"https://laohu8.com/S/WMB\">Williams</a> told reportersMonday that conditions for scaling back its $120 billion a month bond-buying stimulus program have yet to be met.</p><p><blockquote>纽约联邦储备银行行长约翰<a href=\"https://laohu8.com/S/WMB\">威廉姆斯</a>周一对记者表示，缩减每月 1200 亿美元债券购买刺激计划的条件尚未满足。</blockquote></p><p> Although inflation and peak growth concerns continue to percolate andworry U.S. households, some strategists said those concerns may be “over-hyped” for markets.</p><p><blockquote>尽管对通货膨胀和增长峰值的担忧继续渗透并困扰着美国家庭，但一些策略师表示，这些担忧可能对市场来说 “过度炒作”。</blockquote></p><p> “Both the previous inflation concerns and the current peak growth concerns are likely over-extrapolated reflections of near-term trends that will not persist,” Glenmede’s team led by Jason Pride and Michael Reynolds, wrote in a Monday note.</p><p><blockquote>“由杰森-普莱德（Jason Pride）和迈克尔-雷诺兹（Michael Reynolds）领导的格伦米德团队在周一的一份报告中写道：”之前对通胀的担忧和当前对增长峰值的担忧都可能是对近期趋势的过度推断反映，不会持续下去。</blockquote></p><p> “Markets may remain volatile as they attempt to adjust to the rapidly&nbsp;evolving information flow during the ongoing recovery from the pandemic,” but those factors “should not be disruptive of markets longer term.”</p><p><blockquote>“在从大流行病中持续复苏的过程中，市场可能会继续波动，因为它们试图适应快速变化的信息流”，但这些因素 “从长远来看不应扰乱市场”。</blockquote></p><p> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> also have been keeping an eye on delta-driven COVID infections. The U.S. leads the world with a total of 33.85 million COVID cases and in deaths with 607,156. Dr. Anthony Fauci said on Monday thatboosters weren’t needed for now, but duringa Sunday CNN inview said it was “horrifying”to see conservatives cheer for low vaccination rates, blaming “ideological rigidity” for hobbling the fight against the pandemic.</p><p><blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>也一直在关注三角洲驱动的COVID感染。美国以 3385 万例 COVID 病例和 607,156 例死亡病例位居世界第一。安东尼-福奇（Anthony Fauci）博士周一表示，目前不需要加强剂，但在周日接受美国有线电视新闻网（CNN）采访时表示，看到保守派为低疫苗接种率欢呼，并指责 “意识形态僵化 ”阻碍了抗击大流行病的斗争，这令人 “恐惧”。</blockquote></p><p> “We have long warned that vaccinations would be unlikely to trigger a smooth transition to normalcy,” Ben May, <a href=\"https://laohu8.com/S/OXM\">Oxford</a> Economics’ director of global macro research wrote Monday.</p><p><blockquote>“本-梅（Ben May）说：”我们早就警告说，接种疫苗不太可能引发向正常的平稳过渡。<a href=\"https://laohu8.com/S/OXM\">牛津</a>《经济学》全球宏观研究总监周一写道。</blockquote></p><p> No key data were on deck Monday ahead of a busy week in economic reports, starting with a reading of consumer prices on Tuesday.</p><p><blockquote>在经济报告繁忙的一周之前，周一没有关键数据公布，首先是周二的消费者价格读数。</blockquote></p><p> Separately, investors also were focused on discussions among finance ministers from the G-20, who are trying to assess the potential implications of a proposal for a global minimum tax.</p><p><blockquote>另外，投资者还关注了20国集团财长之间的讨论，他们正试图评估全球最低税提案的潜在影响。</blockquote></p><p></p><p> “We need sustainable sources of revenue that do not rely on further taxing workers’ wages and exacerbating the economic disparities that we are all committed to reducing,” U.S. Treasury Secretary Janet Yellen said in a speech to European Union countries about revamping the corporate tax code internationally.</p><p><blockquote>“美国财政部长珍妮特-耶伦（Janet Yellen）在就修改国际企业税法向欧盟国家发表讲话时说：”我们需要可持续的收入来源，而不是依赖于对工人工资进一步征税和加剧我们都致力于减少的经济差距。</blockquote></p><p> “We need to put an end to corporations shifting capital income to low tax jurisdictions, and to accounting gimmicks that allow them to avoid paying their fair share,” she said.</p><p><blockquote>“她说：”我们需要杜绝企业将资本收入转移到低税收管辖区，杜绝允许企业逃避支付公平份额的会计噱头。</blockquote></p><p> <b>Which companies were in focus?</b></p><p><blockquote><b>哪些公司成为焦点？</b></blockquote></p><p> <ul>  <li><b><a href=\"https://laohu8.com/S/AVGO\">Broadcom</a> Inc</b>.AVGO,+1.16%shares rose 1.2% Monday afterThe Wall Street Journal reportedthe chip and software company was in talks to buy SAS Institute Inc. in a deal that could value the smashup at $15 billion to $20 billion.</li>  <li><b><a href=\"https://laohu8.com/S/AAPL\">Apple</a> Inc</b>.AAPL,-0.42%&nbsp;shares fell 0.4% a day after a Delaware federal judgedismissed a Blix Inc. suit,saying it failed to demonstrate how Apple harmed competition in the mobile operating system market.</li>  <li><b><a href=\"https://laohu8.com/S/LB\">L Brands Inc</a></b>.LB,+4.16%&nbsp;said it’s separating into two publiclytraded businesses next month, with theVictoria’s Secret &amp; Co.‘s underwear unit as “VSCO,” while the Bath &amp; BodyWorks Inc. arm under the “BBWI” ticker, starting Aug. 3.</li>  <li><b><a href=\"https://laohu8.com/S/GME\">GameStop</a>&nbsp;Inc</b>.GME,-1.04%shares shed 1% Monday after Ascendiant Capital Markets lifted its 12-month price target to $25 from $10, but still nowhere near the company’s $189.25 closing price Monday.</li>  <li>Weber, the maker of outdoor grills,has filed to go public, nearly 50 years after it’s iconic dome-like grill was made. Shares are set to&nbsp;trade on the <a href=\"https://laohu8.com/S/NWY\">New York</a> Stock Exchange under the ticker WEBR.</li>  <li>Shares of<b><a href=\"https://laohu8.com/S/SPCE.WS\">Virgin Galactic Holdings Inc</a>.</b>&nbsp;SPCEskid 17.3% Monday, it’s largest daily percent slump since March 16, 2020, a day after founder Richard Branson and five crewmates successfully flew into&nbsp;suborbital space on the company’s VSS <a href=\"https://laohu8.com/S/UNTY\">Unity</a>&nbsp;rocket-powered spaceplane.</li>  <li><b>Couchbase Inc</b>.&nbsp;BASE,&nbsp;a provider of a database for enterprise applications, set terms for its initial public offering on Monday, with plans to offer 7 million shares, priced at $20 to $23 each. The company has applied to list on Nasdaq, under the ticker ‘BASE.’</li>  <li>Shares of<b>Moderna Inc</b>.&nbsp;MRNArose 2.8% Monday after the company said it would supply 20 million doses of its COVID-19 vaccine to Argentina.</li>  <li>Shares of<b><a href=\"https://laohu8.com/S/SWI\">SolarWinds Corp</a>.</b>&nbsp;SWI&nbsp;were 1.8% lower Monday, even after the information technology infrastructure management software company provided an upbeat second-quarter revenue outlook.</li> </ul> <b>How did other assets trade?</b></p><p><blockquote><ul><li><b><a href=\"https://laohu8.com/S/AVGO\">博通</a>公司</b>.AVGO,+1.16%周一，《华尔街日报》报道这家芯片和软件公司正在洽谈收购 SAS Institute Inc.，此前该公司股价上涨 1.2%，交易估值可能达到 150 亿至 200 亿美元。</li><li><b><a href=\"https://laohu8.com/S/AAPL\">苹果</a>公司</b>.AAPL,-0.42% 特拉华州联邦法官驳回了 Blix Inc. 的诉讼，称该诉讼未能证明苹果如何损害移动操作系统市场的竞争，一天后，AAPL 股价下跌 0.4%。</li><li><b><a href=\"https://laohu8.com/S/LB\">L品牌公司</a></b>.LB,+4.16% 表示，该公司将于下个月拆分为两家上市业务，维多利亚的秘密公司（Victoria's Secret&amp;Co.）的内衣部门将更名为 “VSCO”，而 Bath &amp; BodyWorks Inc. 从 8 月 3 日开始，股票代码为 “BBWI ”。</li><li><b><a href=\"https://laohu8.com/S/GME\">游戏驿站</a>公司</b>.GME,-1.04%股价周一下跌1%，此前Ascendiant Capital Markets将其12个月目标价从10美元上调至25美元，但仍远低于该公司周一189.25美元的收盘价。</li><li>韦伯是户外烤架的制造商，在其标志性的圆顶状烤架问世近 50 年后，该公司已申请上市。股份将于<a href=\"https://laohu8.com/S/NWY\">纽约</a>股票代码为WEBR的证券交易所。</li><li>股份<b><a href=\"https://laohu8.com/S/SPCE.WS\">维珍银河控股公司</a>.</b>SPCEskid 周一下跌 17.3%，这是自 2020 年 3 月 16 日以来最大的单日百分比跌幅，一天前，创始人理查德-布兰森（Richard Branson）和五名机组人员乘坐该公司的 VSS 成功飞入亚轨道空间。<a href=\"https://laohu8.com/S/UNTY\">团结</a>火箭动力航天飞机。</li><li><b>沙发基地公司</b>企业应用数据库提供商BASE周一确定了首次公开募股的条款，计划发行700万股股票，每股定价20至23美元。该公司已申请在纳斯达克上市，股票代码为 “BASE”。</li><li>股份<b>现代公司</b>该公司表示将向阿根廷供应 2000 万剂 COVID-19 疫苗，周一上涨 2.8%。</li><li>股份<b><a href=\"https://laohu8.com/S/SWI\">太阳风公司</a>.</b>SWI 周一下跌 1.8%，尽管这家信息技术基础设施管理软件公司提供了乐观的第二季度收入前景。</li></ul><b>其他资产是如何交易的？</b></blockquote></p><p> <ul>  <li>The ICE U.S. Dollar Index&nbsp;DXY,&nbsp;a measure of the currency against six major rivals, was up 0.1%.</li>  <li>Oil futures closed lower Monday, with the U.S. benchmark&nbsp;CL00&nbsp;CL.1,-0.51%down 0.6% settling at $74.10 a barrel. Gold&nbsp;GC00&nbsp;settled 0.3% lower at $1,805.90 an ounce.</li>  <li>In European equities, the Stoxx Europe 600&nbsp;SXXP&nbsp;closed 0.7% higher, while London’s <a href=\"https://laohu8.com/S/.100.UK\">FTSE 100</a>&nbsp;UKX&nbsp;finished up 0.05% on Monday.</li>  <li>In <a href=\"https://laohu8.com/S/00662\">Asia</a>, the Shanghai Composite&nbsp;SHCOMP&nbsp;gained 0.7%, Hong Kong’s Hang Seng Index&nbsp;HSI&nbsp;rose 0.6% on the session and Japan’s Nikkei 225&nbsp;NIK&nbsp;rallied 2.3% on Monday.</li> </ul></p><p><blockquote><ul><li>ICE 美元指数 DXY（衡量美元兑六大主要竞争对手的指标）上涨 0.1%。</li><li>石油期货周一收低，美国基准CL00 CL.1,-0.51%下跌0.6%，收于每桶74.10美元。黄金 GC00 收盘下跌 0.3%，至每盎司 1,805.90 美元。</li><li>欧洲股市方面，斯托克欧洲 600 SXXP 指数收盘上涨 0.7%，伦敦<a href=\"https://laohu8.com/S/.100.UK\">富时100</a>UKX 周一收盘上涨 0.05%。</li><li>在<a href=\"https://laohu8.com/S/00662\">亚洲</a>周一，上证综指上涨 0.7%，香港恒生指数恒生指数上涨 0.6%，日本日经 225 NIK 指数上涨 2.3%。</li></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/dow-set-for-pullback-from-records-tech-stocks-seen-buoyant-as-investors-await-earnings-powell-and-fresh-inflation-data-11626089989?mod=hp_LATEST\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/dow-set-for-pullback-from-records-tech-stocks-seen-buoyant-as-investors-await-earnings-powell-and-fresh-inflation-data-11626089989?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119839711","content_text":"Dow ends just shy of 35,000 milestone.\n\nThe Dow Jones Industrial Average, S&P 500 index and Nasdaq Composite on Monday advanced to back-to-back record finishes, starting the week the way the ended last week.\nThe record finish comes as investors await semiannual testimony from Federal Reserve Chairman Jerome Powell beginning Wednesday and a batch of economic reports throughout the week, the unofficial start of corporate quarterly results.\nHow did stock benchmarks end?\n\nThe Dow Jones Industrial AverageDJIA,+0.36%rose 126.02 points, or 0.4%, to end at a record 34,996.18.\nS&P 500 indexSPX,+0.35%added 15.08 points, or 0.4%, closing at a record 4,384.63, after touching an intraday high at 4,386.68.\nNasdaq Composite IndexCOMP,+0.21%advanced 31.32 points, or 0.2%, finishing at a record 14,733.24, after establishing an intraday all-time high at 14,761.08.\n\nOn Friday, the Dow and S&P 500 finished the session at record highs, booking weekly gains of about 0.2% and 0.4%, respectively. The Nasdaq Composite finished the week at an all-time high with a 0.4% weekly gain.\nWhat drove the market?\nMajor stock indexes rose to back-to-back closing records on Monday. The advance came ahead of a number of key events that could serve as catalysts later in the week, including the unofficial start of earnings season, whichJPMorgan Chase & Co.JPM,+1.43%will kick off Tuesday, Powell’s testimony on Capitol Hill, and fresh readings on inflation.\n“People are thinking earnings are going to be strong and that may propel the market higher,” said John Carey, director of Equity Income at Amundi U.S., adding that, for now, earnings have overshadowed uncertainty in Washington over planned infrastructure spending and potentially higher corporate taxes.\n“Most people seem to be focused on the strength of the economy and the possibility of better earnings to support stock prices, which are definitely at high levels,” Carey told MarketWatch.\nEquity markets experienced a bout of turbulence last week before ending with a flourish, prompted partly by a drop in Treasury yields. Lower-bound rates for government debt had raised questions about the outlook for the U.S. economy in the recovery from the pandemic. The spread of the delta variant of COVID-19 has emerged as a concern, but so has the lofty valuations assigned to some segments of the market.\nQuestions about the Fed’s monetary policy in the face of growing evidence of percolating inflation also have been blamed for some of the rocky trading.\nYields for the 10-yearTMUBMUSD10Y,1.365%edged up less than a basis point to 1.362% on Monday, while the 30-year Treasury yieldsTMUBMUSD30Y,2.000%advanced by 1.2 basis points to 1.993%, near lows last seen in February.\nFederal Reserve Bank ofNew York President John Williams told reportersMonday that conditions for scaling back its $120 billion a month bond-buying stimulus program have yet to be met.\nAlthough inflation and peak growth concerns continue to percolate andworry U.S. households, some strategists said those concerns may be “over-hyped” for markets.\n“Both the previous inflation concerns and the current peak growth concerns are likely over-extrapolated reflections of near-term trends that will not persist,” Glenmede’s team led by Jason Pride and Michael Reynolds, wrote in a Monday note.\n“Markets may remain volatile as they attempt to adjust to the rapidly evolving information flow during the ongoing recovery from the pandemic,” but those factors “should not be disruptive of markets longer term.”\nInvestors also have been keeping an eye on delta-driven COVID infections. The U.S. leads the world with a total of 33.85 million COVID cases and in deaths with 607,156. Dr. Anthony Fauci said on Monday thatboosters weren’t needed for now, but duringa Sunday CNN inview said it was “horrifying”to see conservatives cheer for low vaccination rates, blaming “ideological rigidity” for hobbling the fight against the pandemic.\n“We have long warned that vaccinations would be unlikely to trigger a smooth transition to normalcy,” Ben May, Oxford Economics’ director of global macro research wrote Monday.\nNo key data were on deck Monday ahead of a busy week in economic reports, starting with a reading of consumer prices on Tuesday.\nSeparately, investors also were focused on discussions among finance ministers from the G-20, who are trying to assess the potential implications of a proposal for a global minimum tax.\n“We need sustainable sources of revenue that do not rely on further taxing workers’ wages and exacerbating the economic disparities that we are all committed to reducing,” U.S. Treasury Secretary Janet Yellen said in a speech to European Union countries about revamping the corporate tax code internationally.\n“We need to put an end to corporations shifting capital income to low tax jurisdictions, and to accounting gimmicks that allow them to avoid paying their fair share,” she said.\nWhich companies were in focus?\n\nBroadcom Inc.AVGO,+1.16%shares rose 1.2% Monday afterThe Wall Street Journal reportedthe chip and software company was in talks to buy SAS Institute Inc. in a deal that could value the smashup at $15 billion to $20 billion.\nApple Inc.AAPL,-0.42% shares fell 0.4% a day after a Delaware federal judgedismissed a Blix Inc. suit,saying it failed to demonstrate how Apple harmed competition in the mobile operating system market.\nL Brands Inc.LB,+4.16% said it’s separating into two publiclytraded businesses next month, with theVictoria’s Secret & Co.‘s underwear unit as “VSCO,” while the Bath & BodyWorks Inc. arm under the “BBWI” ticker, starting Aug. 3.\nGameStop Inc.GME,-1.04%shares shed 1% Monday after Ascendiant Capital Markets lifted its 12-month price target to $25 from $10, but still nowhere near the company’s $189.25 closing price Monday.\nWeber, the maker of outdoor grills,has filed to go public, nearly 50 years after it’s iconic dome-like grill was made. Shares are set to trade on the New York Stock Exchange under the ticker WEBR.\nShares ofVirgin Galactic Holdings Inc. SPCEskid 17.3% Monday, it’s largest daily percent slump since March 16, 2020, a day after founder Richard Branson and five crewmates successfully flew into suborbital space on the company’s VSS Unity rocket-powered spaceplane.\nCouchbase Inc. BASE, a provider of a database for enterprise applications, set terms for its initial public offering on Monday, with plans to offer 7 million shares, priced at $20 to $23 each. The company has applied to list on Nasdaq, under the ticker ‘BASE.’\nShares ofModerna Inc. MRNArose 2.8% Monday after the company said it would supply 20 million doses of its COVID-19 vaccine to Argentina.\nShares ofSolarWinds Corp. SWI were 1.8% lower Monday, even after the information technology infrastructure management software company provided an upbeat second-quarter revenue outlook.\n\nHow did other assets trade?\n\nThe ICE U.S. Dollar Index DXY, a measure of the currency against six major rivals, was up 0.1%.\nOil futures closed lower Monday, with the U.S. benchmark CL00 CL.1,-0.51%down 0.6% settling at $74.10 a barrel. Gold GC00 settled 0.3% lower at $1,805.90 an ounce.\nIn European equities, the Stoxx Europe 600 SXXP closed 0.7% higher, while London’s FTSE 100 UKX finished up 0.05% on Monday.\nIn Asia, the Shanghai Composite SHCOMP gained 0.7%, Hong Kong’s Hang Seng Index HSI rose 0.6% on the session and Japan’s Nikkei 225 NIK rallied 2.3% on Monday.","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1603,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158128715,"gmtCreate":1625138551837,"gmtModify":1633944392646,"author":{"id":"3586294769337954","authorId":"3586294769337954","name":"20Rose","avatar":"https://static.tigerbbs.com/be5e86f120cf46968b3f070cd2bd360f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586294769337954","authorIdStr":"3586294769337954"},"themes":[],"title":"","htmlText":"Good read&nbsp;","listText":"Good read&nbsp;","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/158128715","repostId":"1113357649","repostType":2,"repost":{"id":"1113357649","kind":"news","pubTimestamp":1625133776,"share":"https://www.laohunote.com/m/news/1113357649?lang=zh_CN&edition=full","pubTime":"2021-07-01 18:02","market":"us","language":"en","title":"Amazon: Undervalued With Potential Upside Of 25%<blockquote>亚马逊：被低估，潜在上涨空间为 25%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1113357649","media":"seekingalpha","summary":"Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.I initiate Amazon with a bullish rating and a fair value of $3576/share .The company's improving top line and bottom line performance  suggests that the stock is currently undervalued by 3.9%.Amazon, a $1.74 trillion company. This is the current market capitalization  of the company and this implies that it is currently 15.18% away from being a $2 trillion company, not bad no?I initiate","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.</li>  <li>I initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share).</li>  <li>The company's improving top line and bottom line performance (which is expected to continue) suggests that the stock is currently undervalued by 3.9%.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/51ce52baed5afae04a384059297465d3\" tg-width=\"1536\" tg-height=\"1024\"><span>Daria Nipot/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>亚马逊是一家独特且不断发展的公司，它利用其颠覆性平台来颠覆它进入的任何新业务。</li><li>我对亚马逊给予看涨评级，公允价值为3576美元/股（当前价格为3443美元/股）。</li><li>该公司不断改善的营收和利润表现（预计将持续）表明该股目前被低估 3.9%。</li></ul><p class=\"t-img-caption\"><span>Daria Nipot/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Company Overview</b></p><p><blockquote><b>公司概况</b></blockquote></p><p> Amazon(NASDAQ:AMZN), a $1.74 trillion company. This is the current market capitalization (as of 06/29/2021) of the company and this implies that it is currently 15.18% away from being a $2 trillion company, not bad no?</p><p><blockquote>亚马逊（纳斯达克股票代码：AMZN），一家市值 1.74 万亿美元的公司。这是该公司目前的市值（截至2021年6月29日），这意味着它目前距离成为一家2万亿美元的公司还有15.18%，不错吧？</blockquote></p><p> Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters. For example, when Amazon announced the acquisition of Whole Foods, Walmart(NYSE:WMT), Kroger(NYSE:KR), Target(NYSE:TGT)took a&nbsp;nice hit&nbsp;in market value. I believe that the company will be able to keep delivering strong top line growth and continued growth in margins, fueled not only by the company's current business expansion but also by entering into new markets and new businesses.</p><p><blockquote>亚马逊是一家独特且不断发展的公司，它利用其颠覆性平台来颠覆它进入的任何新业务。例如，当亚马逊宣布收购全食超市时，沃尔玛（纽约证券交易所股票代码：WMT）、克罗格（纽约证券交易所股票代码：KR）、塔吉特（纽约证券交易所股票代码：TGT）的市值受到了不小的打击。我相信，公司将能够继续实现强劲的营收增长和利润率的持续增长，这不仅得益于公司当前的业务扩张，还得益于进入新市场和新业务。</blockquote></p><p> <b>Company Analysis</b></p><p><blockquote><b>公司分析</b></blockquote></p><p> I initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share). The FV is an algorithm-adjusted fair value (the algorithm takes into account fundamental and technical factors, such as DCF FV, momentum, etc.) and it implies that the stock is undervalued by 3.9%.</p><p><blockquote>我对亚马逊给予看涨评级，公允价值为3576美元/股（当前价格为3443美元/股）。FV 是算法调整后的公允价值（该算法考虑了基本面和技术因素，例如 DCF FV、动量等），这意味着该股票被低估了 3.9%。</blockquote></p><p> To compute the DCF FV, I used the trailing twelve-month numbers and I also restated the financials since I capitalized on R&amp;D expenses with an amortizable life of 3 years. As&nbsp;with Apple(NASDAQ:AAPL), I don't believe that Amazon's R&amp;D is an operating expense, and for this reason, I treat it as CapEx. By taking into account the R&amp;D, the following metrics have been restated (all numbers in $mm).</p><p><blockquote>为了计算 DCF FV，我使用了过去 12 个月的数字，并且还重述了财务数据，因为我将 R&amp;D 费用资本化，摊销年限为 3 年。与苹果（纳斯达克股票代码：AAPL）一样，我不认为亚马逊的研发是运营费用，因此我将其视为资本支出。考虑到研发，以下指标已重述（所有数字均以百万美元为单位）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb427d462596db1e1cb1ffc99acc90e4\" tg-width=\"571\" tg-height=\"240\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> Capitalizing on R&amp;D expenses, we have now a more clear picture of the company (i.e. the restated operating margin is now 9.03% TTM vs the non-restated operating margin is 6.63% TTM).</p><p><blockquote>利用R&amp;D费用，我们现在对公司有了更清晰的了解（即重述的营业利润率现在为9.03% TTM，而非重述的营业利润率为6.63% TTM）。</blockquote></p><p> <b>Discounted Cash Flow Model</b></p><p><blockquote><b>贴现现金流量模型</b></blockquote></p><p> Now, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.</p><p><blockquote>现在，让我们转向贴现现金流估值部分。下面，你可以看到我所做的相对假设的结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e215b21ca0b3be5a5e0e7b62e36fb5f\" tg-width=\"640\" tg-height=\"268\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> In my DCF model, I assume a revenue growth for the Y1 of 21.2%, a CAGR Y2-Y5 of 15% and I assume a terminal year growth rate of 1.48% (or the current yield on 10Y Treasury). The decision of using the current and not expected yield is due to the willingness to remain market neutral (perhaps you can use&nbsp;Goldman Sachs expectations&nbsp;of 1.9%). The current assumptions lead to revenues of $1,253,844 million in Y10.</p><p><blockquote>在我的 DCF 模型中，我假设第一年的收入增长率为 21.2%，第二年至第五年的复合年增长率为 15%，我假设最终年增长率为 1.48%（或 10 年期国债的当前收益率）。使用当前收益率而不是预期收益率的决定是由于愿意保持市场中立（也许你可以使用高盛1.9%的预期）。目前的假设导致 Y10 的收入为 12.538.44 亿美元。</blockquote></p><p> Along the road, I also assume an improving outlook for operating margins with the target operating margin of 13.2% (vs current restated operating margin of 9.03%). If the company will be able to meet this target, it will result in operating margins in Y10 of $163,097 million.</p><p><blockquote>在此过程中，我还假设营业利润率前景会有所改善，目标营业利润率为 13.2%（而当前重述营业利润率为 9.03%）。如果该公司能够实现这一目标，Y10 年的营业利润率将达到 1,630.97 亿美元。</blockquote></p><p> Finally, in doing my estimates, I used a WACC of 5.75% and a sales to capital ratio (or how much the company is going to reinvest to keep its business growing) of 2.95.</p><p><blockquote>最后，在进行估计时，我使用了 5.75% 的 WACC 和 2.95 的销售资本比率（或公司将再投资多少以保持业务增长）。</blockquote></p><p> By putting it together, I obtain a DCF value of $3328/share.</p><p><blockquote>把它放在一起，我得到了3328美元/股的DCF价值。</blockquote></p><p> <b>Monte Carlo Simulation</b></p><p><blockquote><b>蒙特卡罗模拟</b></blockquote></p><p> Rather than showing you only my point estimates, which may be right but also may be wrong, let's use probability distributions for inputs. Simulations allow us to assess the impact of continuous risk (e.g., changes in operating margins). In particular, I would like to focus on what I consider the main inputs of interest to get a bigger picture of the risk in the company. Those inputs are:</p><p><blockquote>与其只向你展示我的点估计，这可能是对的，也可能是错的，让我们使用概率分布作为输入。模拟使我们能够评估持续风险的影响（例如，营业利润率的变化）。特别是，我想重点关注我认为感兴趣的主要输入，以更好地了解公司的风险。这些投入是：</blockquote></p><p> <i>1. Revenue Growth:</i></p><p><blockquote><i>1.收入增长：</i></blockquote></p><p></p><p> In my DCF analysis, I assumed an expected CAGR Y2-Y5 of 15% with lower rates going forward. This assumption lead to revenues in Y10 of $1,253,844 million. While it is a reasonable assumption, Amazon is full of surprises, and it may deliver a top line growth well above my expectations. In the latter, I see a possible scenario with a CAGR Y2-Y5 of 24%, resulting in Y10 revenues of $1,989,952 million. However, we all know that regulators represent a big risk for the company. According to&nbsp;WSJ sources, if the \"giant-tech bill\" will pass, the company may be forced to either split into two companies or spin off its private-label product businesses. This represents a big risk that may slow down Amazon's growth, which could translate into a growth rate of 6% (resulting in Y10 revenues of $764,723 million). To sum up, I will assume a uniform distribution with a maximum of 24% and a minimum of 6%. The results are displayed below (this simulation and the next one have been performed 10,000 times).</p><p><blockquote>在我的 DCF 分析中，我假设 Y2-Y5 的预期复合年增长率为 15%，未来利率将会下降。这一假设导致 Y10 的收入为 12.538.44 亿美元。虽然这是一个合理的假设，但亚马逊充满了惊喜，它可能会带来远远超出我预期的营收增长。在后者中，我看到了一个可能的情况，CAGR Y2-Y5为24%，导致Y10收入为19.899.52亿美元。然而，我们都知道监管机构对公司来说是一个很大的风险。据《华尔街日报》消息人士透露，如果“巨型科技法案”获得通过，该公司可能被迫拆分为两家公司或剥离其自有品牌产品业务。这代表着一个巨大的风险，可能会减缓亚马逊的增长，这可能会转化为6%的增长率（导致Y10收入为7.647.23亿美元）。总而言之，我将假设均匀分布，最大为24%，最小为6%。结果显示在下面（这个模拟和下一个模拟已经执行了10,000次）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/893dff753c8ca210759feb31b3966a5c\" tg-width=\"640\" tg-height=\"235\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> <i>2. Operating Margin</i>:</p><p><blockquote><i>2.营业利润率</i>:</blockquote></p><p> Currently, Amazon has a restated operating margin of 9.03% TTM (vs not restated EBIT margin of 6.83%). In my DCF, I assumed a target operating margin of 13.2%. While this represents my most likely scenario for the company, I cannot close my eyes to the fact that, even if the company is improving its margins, it is following a very slow climb. Below, I display the non-restated EBIT margin for the last 5 years.</p><p><blockquote>目前，亚马逊的重述营业利润率为 9.03% TTM（未重述息税前利润率为 6.83%）。在我的 DCF 中，我假设目标营业利润率为 13.2%。虽然这代表了我对公司最有可能的情况，但我不能对这样一个事实视而不见：即使公司正在提高利润率，它的增长也非常缓慢。下面，我显示了过去 5 年未经重述的息税前利润率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6d66fcb05f4254b15de278f016121ffa\" tg-width=\"640\" tg-height=\"221\"><span>Source:SeekingAlpha.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SeekingAlpha.com</span></p></blockquote></p><p> However, as I stated at the beginning, Amazon is a disruptive company with the ability to do extraordinary things. For instance, AWS presents a current operating margin of 30% TTM and a revenue growth rate of 29.53% in 2020. A trend which is expected to continue, driven by improving outlook and with new partners joining the party. The last to join the party are Ferrari(NYSE:RACE)and Swisscom(OTCPK:SWZCF)who have chosen AWS as their&nbsp;preferred cloud partner.</p><p><blockquote>然而，正如我在开头所说，亚马逊是一家具有颠覆性的公司，有能力做非凡的事情。例如，AWS目前的营业利润率为30%，2020年收入增长率为29.53%。在前景改善和新伙伴加入该党的推动下，这一趋势预计将继续下去。最后加入这一行列的是法拉利（纽约证券交易所股票代码：RACE）和瑞士电信（OTCPK：SWZCF），它们选择 AWS 作为首选云合作伙伴。</blockquote></p><p> In 2020,according to Gartner, AWS generated revenue 2 times bigger than Microsoft(NASDAQ:MSFT). As stated by Gartner:</p><p><blockquote>根据 Gartner 的数据，2020 年 AWS 的收入是微软（纳斯达克股票代码：MSFT）的两倍。正如Gartner所说：</blockquote></p><p>   <i>The worldwide</i>&nbsp;  <i>infrastructure as a service(IaaS) market grew 40.7% in 2020 to total $64.3 billion, up from $45.7 billion in 2019, according to Gartner, Inc. Amazon retained the No. 1 position in the IaaS market in 2020, followed by Microsoft, Alibaba, Google and Huawei... Amazon continued to lead the worldwide IaaS market with $26.2 billion of revenue in 2020 and 41% market share.</i>  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ac00a17cbbd930ad6464a63f6d4f98eb\" tg-width=\"640\" tg-height=\"388\"><span>Source:Gartner.com</span></p><p><blockquote><i>全球</i> <i>根据Gartner，Inc.的数据，基础设施即服务（IaaS）市场在2020年增长了40.7%，总额从2019年的457亿美元增长到643亿美元。亚马逊在2020年保持了IaaS市场的第一位置，其次是微软、阿里巴巴-SW、谷歌和华为……亚马逊在2020年以262亿美元的收入和41%的市场份额继续引领全球IaaS市场。</i><p class=\"t-img-caption\"><span>资料来源：Gartner.com</span></p></blockquote></p><p> Finally, to account for my concerns and beliefs, I will assume a triangular distribution with the following limits: the likeliest target operating margin of 13.2%, a maximum of 18.4%, and a minimum of 8% (close to the current company's EBIT margin). The results are displayed below.</p><p><blockquote>最后，为了说明我的担忧和信念，我将假设一个具有以下限制的三角形分布：最有可能的目标营业利润率为13.2%，最大为18.4%，最小为8%（接近当前公司的息税前利润率）。结果显示如下。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/054e2db392be500768de741516186013\" tg-width=\"640\" tg-height=\"237\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> <i>3. Cost of Capital:</i></p><p><blockquote><i>3.资金成本：</i></blockquote></p><p> The last input of interest is the cost of capital. In doing my analysis, I estimated a cost of capital of 5.8% (with the current 10Y rate of 1.48 and an implied ERP of 4.54%). However, I may be wrong due to sector risk estimates or changes in the business mix (or both). To account for the possibility that I made some mistakes along the road, I will rely on a lognormal distribution with the most likely scenario of 5.8%. The results of the simulation are displayed below.</p><p><blockquote>利息的最后一个投入是资本成本。在进行分析时，我估计资本成本为 5.8%（当前 10 年利率为 1.48，隐含 ERP 为 4.54%）。然而，由于行业风险估计或业务组合的变化（或两者兼而有之），我可能是错误的。为了说明我在路上犯了一些错误的可能性，我将依赖于最有可能的情况为5.8%的对数正态分布。模拟结果如下所示。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a7d51740fa35eb9aedbc58c4c49d96eb\" tg-width=\"640\" tg-height=\"235\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> By putting all of this together, the simulations return the following results.</p><p><blockquote>通过将所有这些放在一起，模拟返回以下结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/139c89300706eab1e37dd1c992286d31\" tg-width=\"640\" tg-height=\"222\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> For completeness, I also display below the relative and cumulative frequency of the simulation.</p><p><blockquote>为了完整起见，我还在下面显示了模拟的相对频率和累积频率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af7a908e21b8678a775a3e1742161a7d\" tg-width=\"573\" tg-height=\"644\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> By looking at the results, we can see that the 50th percentile or the median is equal to $3274, close to the expected DCF FV of $3328. While the algorithm-adjusted FV of $3576 is the 60th percentile in my simulations (note also the long right tail).</p><p><blockquote>通过查看结果，我们可以看到第 50 个百分位数或中位数等于 3274 美元，接近预期的 DCF FV 3328 美元。而算法调整后的 FV 为 3576 美元，是我模拟中的第 60 个百分位数（还要注意长长的右尾）。</blockquote></p><p></p><p> Finally, simulation results give us an interesting insight into a potential exit point. I believe that an interesting take profit point may be within the 80th percentile, which implies a potential upside of 24.89%. Why within the 80th percentile? I believe that, after reaching the $2.0 trillion company status, we will see the last climb of euphoria before investors start to take profits.</p><p><blockquote>最后，模拟结果让我们对潜在的退出点有了有趣的了解。我相信一个有趣的止盈点可能在第 80 个百分位内，这意味着潜在的上涨空间为 24.89%。为什么在第80个百分位以内？我相信，在达到 2.0 万亿美元的公司地位后，我们将看到投资者开始获利了结之前的最后一次兴奋。</blockquote></p><p> <b>Final Thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> Both the algorithm-adjusted fair value and the Monte Carlo simulation suggest and support the bullish rating. The results found suggest that the stock is currently undervalued and that the company has still more room to go. What may drive the price to go higher? Well, there are different factors that may drive it. One of those is for sure corporate news. For instance, the company may introduce new products or announce a stock split (For the latter, I think this is unlikely, at least not now). However, don't forget also the other side, the risks. There are many risks associated with being invested in the company, one of those is represented by antitrust and regulators.</p><p><blockquote>算法调整后的公允价值和蒙特卡罗模拟都建议并支持看涨评级。结果表明，该股目前被低估，该公司仍有更大的发展空间。什么可能会推动价格上涨？嗯，有不同的因素可能会驱动它。其中之一肯定是企业新闻。例如，公司可能会推出新产品或宣布股票分割（对于后者，我认为这不太可能，至少现在不会）。然而，不要忘记另一面，风险。投资该公司存在许多风险，其中之一就是反垄断和监管机构。</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>Amazon: Undervalued With Potential Upside Of 25%<blockquote>亚马逊：被低估，潜在上涨空间为 25%</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\">\nAmazon: Undervalued With Potential Upside Of 25%<blockquote>亚马逊：被低估，潜在上涨空间为 25%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-01 18:02</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>Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.</li>  <li>I initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share).</li>  <li>The company's improving top line and bottom line performance (which is expected to continue) suggests that the stock is currently undervalued by 3.9%.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/51ce52baed5afae04a384059297465d3\" tg-width=\"1536\" tg-height=\"1024\"><span>Daria Nipot/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>亚马逊是一家独特且不断发展的公司，它利用其颠覆性平台来颠覆它进入的任何新业务。</li><li>我对亚马逊给予看涨评级，公允价值为3576美元/股（当前价格为3443美元/股）。</li><li>该公司不断改善的营收和利润表现（预计将持续）表明该股目前被低估 3.9%。</li></ul><p class=\"t-img-caption\"><span>Daria Nipot/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Company Overview</b></p><p><blockquote><b>公司概况</b></blockquote></p><p> Amazon(NASDAQ:AMZN), a $1.74 trillion company. This is the current market capitalization (as of 06/29/2021) of the company and this implies that it is currently 15.18% away from being a $2 trillion company, not bad no?</p><p><blockquote>亚马逊（纳斯达克股票代码：AMZN），一家市值 1.74 万亿美元的公司。这是该公司目前的市值（截至2021年6月29日），这意味着它目前距离成为一家2万亿美元的公司还有15.18%，不错吧？</blockquote></p><p> Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters. For example, when Amazon announced the acquisition of Whole Foods, Walmart(NYSE:WMT), Kroger(NYSE:KR), Target(NYSE:TGT)took a&nbsp;nice hit&nbsp;in market value. I believe that the company will be able to keep delivering strong top line growth and continued growth in margins, fueled not only by the company's current business expansion but also by entering into new markets and new businesses.</p><p><blockquote>亚马逊是一家独特且不断发展的公司，它利用其颠覆性平台来颠覆它进入的任何新业务。例如，当亚马逊宣布收购全食超市时，沃尔玛（纽约证券交易所股票代码：WMT）、克罗格（纽约证券交易所股票代码：KR）、塔吉特（纽约证券交易所股票代码：TGT）的市值受到了不小的打击。我相信，公司将能够继续实现强劲的营收增长和利润率的持续增长，这不仅得益于公司当前的业务扩张，还得益于进入新市场和新业务。</blockquote></p><p> <b>Company Analysis</b></p><p><blockquote><b>公司分析</b></blockquote></p><p> I initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share). The FV is an algorithm-adjusted fair value (the algorithm takes into account fundamental and technical factors, such as DCF FV, momentum, etc.) and it implies that the stock is undervalued by 3.9%.</p><p><blockquote>我对亚马逊给予看涨评级，公允价值为3576美元/股（当前价格为3443美元/股）。FV 是算法调整后的公允价值（该算法考虑了基本面和技术因素，例如 DCF FV、动量等），这意味着该股票被低估了 3.9%。</blockquote></p><p> To compute the DCF FV, I used the trailing twelve-month numbers and I also restated the financials since I capitalized on R&amp;D expenses with an amortizable life of 3 years. As&nbsp;with Apple(NASDAQ:AAPL), I don't believe that Amazon's R&amp;D is an operating expense, and for this reason, I treat it as CapEx. By taking into account the R&amp;D, the following metrics have been restated (all numbers in $mm).</p><p><blockquote>为了计算 DCF FV，我使用了过去 12 个月的数字，并且还重述了财务数据，因为我将 R&amp;D 费用资本化，摊销年限为 3 年。与苹果（纳斯达克股票代码：AAPL）一样，我不认为亚马逊的研发是运营费用，因此我将其视为资本支出。考虑到研发，以下指标已重述（所有数字均以百万美元为单位）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb427d462596db1e1cb1ffc99acc90e4\" tg-width=\"571\" tg-height=\"240\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> Capitalizing on R&amp;D expenses, we have now a more clear picture of the company (i.e. the restated operating margin is now 9.03% TTM vs the non-restated operating margin is 6.63% TTM).</p><p><blockquote>利用R&amp;D费用，我们现在对公司有了更清晰的了解（即重述的营业利润率现在为9.03% TTM，而非重述的营业利润率为6.63% TTM）。</blockquote></p><p> <b>Discounted Cash Flow Model</b></p><p><blockquote><b>贴现现金流量模型</b></blockquote></p><p> Now, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.</p><p><blockquote>现在，让我们转向贴现现金流估值部分。下面，你可以看到我所做的相对假设的结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e215b21ca0b3be5a5e0e7b62e36fb5f\" tg-width=\"640\" tg-height=\"268\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> In my DCF model, I assume a revenue growth for the Y1 of 21.2%, a CAGR Y2-Y5 of 15% and I assume a terminal year growth rate of 1.48% (or the current yield on 10Y Treasury). The decision of using the current and not expected yield is due to the willingness to remain market neutral (perhaps you can use&nbsp;Goldman Sachs expectations&nbsp;of 1.9%). The current assumptions lead to revenues of $1,253,844 million in Y10.</p><p><blockquote>在我的 DCF 模型中，我假设第一年的收入增长率为 21.2%，第二年至第五年的复合年增长率为 15%，我假设最终年增长率为 1.48%（或 10 年期国债的当前收益率）。使用当前收益率而不是预期收益率的决定是由于愿意保持市场中立（也许你可以使用高盛1.9%的预期）。目前的假设导致 Y10 的收入为 12.538.44 亿美元。</blockquote></p><p> Along the road, I also assume an improving outlook for operating margins with the target operating margin of 13.2% (vs current restated operating margin of 9.03%). If the company will be able to meet this target, it will result in operating margins in Y10 of $163,097 million.</p><p><blockquote>在此过程中，我还假设营业利润率前景会有所改善，目标营业利润率为 13.2%（而当前重述营业利润率为 9.03%）。如果该公司能够实现这一目标，Y10 年的营业利润率将达到 1,630.97 亿美元。</blockquote></p><p> Finally, in doing my estimates, I used a WACC of 5.75% and a sales to capital ratio (or how much the company is going to reinvest to keep its business growing) of 2.95.</p><p><blockquote>最后，在进行估计时，我使用了 5.75% 的 WACC 和 2.95 的销售资本比率（或公司将再投资多少以保持业务增长）。</blockquote></p><p> By putting it together, I obtain a DCF value of $3328/share.</p><p><blockquote>把它放在一起，我得到了3328美元/股的DCF价值。</blockquote></p><p> <b>Monte Carlo Simulation</b></p><p><blockquote><b>蒙特卡罗模拟</b></blockquote></p><p> Rather than showing you only my point estimates, which may be right but also may be wrong, let's use probability distributions for inputs. Simulations allow us to assess the impact of continuous risk (e.g., changes in operating margins). In particular, I would like to focus on what I consider the main inputs of interest to get a bigger picture of the risk in the company. Those inputs are:</p><p><blockquote>与其只向你展示我的点估计，这可能是对的，也可能是错的，让我们使用概率分布作为输入。模拟使我们能够评估持续风险的影响（例如，营业利润率的变化）。特别是，我想重点关注我认为感兴趣的主要输入，以更好地了解公司的风险。这些投入是：</blockquote></p><p> <i>1. Revenue Growth:</i></p><p><blockquote><i>1.收入增长：</i></blockquote></p><p></p><p> In my DCF analysis, I assumed an expected CAGR Y2-Y5 of 15% with lower rates going forward. This assumption lead to revenues in Y10 of $1,253,844 million. While it is a reasonable assumption, Amazon is full of surprises, and it may deliver a top line growth well above my expectations. In the latter, I see a possible scenario with a CAGR Y2-Y5 of 24%, resulting in Y10 revenues of $1,989,952 million. However, we all know that regulators represent a big risk for the company. According to&nbsp;WSJ sources, if the \"giant-tech bill\" will pass, the company may be forced to either split into two companies or spin off its private-label product businesses. This represents a big risk that may slow down Amazon's growth, which could translate into a growth rate of 6% (resulting in Y10 revenues of $764,723 million). To sum up, I will assume a uniform distribution with a maximum of 24% and a minimum of 6%. The results are displayed below (this simulation and the next one have been performed 10,000 times).</p><p><blockquote>在我的 DCF 分析中，我假设 Y2-Y5 的预期复合年增长率为 15%，未来利率将会下降。这一假设导致 Y10 的收入为 12.538.44 亿美元。虽然这是一个合理的假设，但亚马逊充满了惊喜，它可能会带来远远超出我预期的营收增长。在后者中，我看到了一个可能的情况，CAGR Y2-Y5为24%，导致Y10收入为19.899.52亿美元。然而，我们都知道监管机构对公司来说是一个很大的风险。据《华尔街日报》消息人士透露，如果“巨型科技法案”获得通过，该公司可能被迫拆分为两家公司或剥离其自有品牌产品业务。这代表着一个巨大的风险，可能会减缓亚马逊的增长，这可能会转化为6%的增长率（导致Y10收入为7.647.23亿美元）。总而言之，我将假设均匀分布，最大为24%，最小为6%。结果显示在下面（这个模拟和下一个模拟已经执行了10,000次）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/893dff753c8ca210759feb31b3966a5c\" tg-width=\"640\" tg-height=\"235\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> <i>2. Operating Margin</i>:</p><p><blockquote><i>2.营业利润率</i>:</blockquote></p><p> Currently, Amazon has a restated operating margin of 9.03% TTM (vs not restated EBIT margin of 6.83%). In my DCF, I assumed a target operating margin of 13.2%. While this represents my most likely scenario for the company, I cannot close my eyes to the fact that, even if the company is improving its margins, it is following a very slow climb. Below, I display the non-restated EBIT margin for the last 5 years.</p><p><blockquote>目前，亚马逊的重述营业利润率为 9.03% TTM（未重述息税前利润率为 6.83%）。在我的 DCF 中，我假设目标营业利润率为 13.2%。虽然这代表了我对公司最有可能的情况，但我不能对这样一个事实视而不见：即使公司正在提高利润率，它的增长也非常缓慢。下面，我显示了过去 5 年未经重述的息税前利润率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6d66fcb05f4254b15de278f016121ffa\" tg-width=\"640\" tg-height=\"221\"><span>Source:SeekingAlpha.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SeekingAlpha.com</span></p></blockquote></p><p> However, as I stated at the beginning, Amazon is a disruptive company with the ability to do extraordinary things. For instance, AWS presents a current operating margin of 30% TTM and a revenue growth rate of 29.53% in 2020. A trend which is expected to continue, driven by improving outlook and with new partners joining the party. The last to join the party are Ferrari(NYSE:RACE)and Swisscom(OTCPK:SWZCF)who have chosen AWS as their&nbsp;preferred cloud partner.</p><p><blockquote>然而，正如我在开头所说，亚马逊是一家具有颠覆性的公司，有能力做非凡的事情。例如，AWS目前的营业利润率为30%，2020年收入增长率为29.53%。在前景改善和新伙伴加入该党的推动下，这一趋势预计将继续下去。最后加入这一行列的是法拉利（纽约证券交易所股票代码：RACE）和瑞士电信（OTCPK：SWZCF），它们选择 AWS 作为首选云合作伙伴。</blockquote></p><p> In 2020,according to Gartner, AWS generated revenue 2 times bigger than Microsoft(NASDAQ:MSFT). As stated by Gartner:</p><p><blockquote>根据 Gartner 的数据，2020 年 AWS 的收入是微软（纳斯达克股票代码：MSFT）的两倍。正如Gartner所说：</blockquote></p><p>   <i>The worldwide</i>&nbsp;  <i>infrastructure as a service(IaaS) market grew 40.7% in 2020 to total $64.3 billion, up from $45.7 billion in 2019, according to Gartner, Inc. Amazon retained the No. 1 position in the IaaS market in 2020, followed by Microsoft, Alibaba, Google and Huawei... Amazon continued to lead the worldwide IaaS market with $26.2 billion of revenue in 2020 and 41% market share.</i>  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ac00a17cbbd930ad6464a63f6d4f98eb\" tg-width=\"640\" tg-height=\"388\"><span>Source:Gartner.com</span></p><p><blockquote><i>全球</i> <i>根据Gartner，Inc.的数据，基础设施即服务（IaaS）市场在2020年增长了40.7%，总额从2019年的457亿美元增长到643亿美元。亚马逊在2020年保持了IaaS市场的第一位置，其次是微软、阿里巴巴-SW、谷歌和华为……亚马逊在2020年以262亿美元的收入和41%的市场份额继续引领全球IaaS市场。</i><p class=\"t-img-caption\"><span>资料来源：Gartner.com</span></p></blockquote></p><p> Finally, to account for my concerns and beliefs, I will assume a triangular distribution with the following limits: the likeliest target operating margin of 13.2%, a maximum of 18.4%, and a minimum of 8% (close to the current company's EBIT margin). The results are displayed below.</p><p><blockquote>最后，为了说明我的担忧和信念，我将假设一个具有以下限制的三角形分布：最有可能的目标营业利润率为13.2%，最大为18.4%，最小为8%（接近当前公司的息税前利润率）。结果显示如下。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/054e2db392be500768de741516186013\" tg-width=\"640\" tg-height=\"237\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> <i>3. Cost of Capital:</i></p><p><blockquote><i>3.资金成本：</i></blockquote></p><p> The last input of interest is the cost of capital. In doing my analysis, I estimated a cost of capital of 5.8% (with the current 10Y rate of 1.48 and an implied ERP of 4.54%). However, I may be wrong due to sector risk estimates or changes in the business mix (or both). To account for the possibility that I made some mistakes along the road, I will rely on a lognormal distribution with the most likely scenario of 5.8%. The results of the simulation are displayed below.</p><p><blockquote>利息的最后一个投入是资本成本。在进行分析时，我估计资本成本为 5.8%（当前 10 年利率为 1.48，隐含 ERP 为 4.54%）。然而，由于行业风险估计或业务组合的变化（或两者兼而有之），我可能是错误的。为了说明我在路上犯了一些错误的可能性，我将依赖于最有可能的情况为5.8%的对数正态分布。模拟结果如下所示。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a7d51740fa35eb9aedbc58c4c49d96eb\" tg-width=\"640\" tg-height=\"235\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> By putting all of this together, the simulations return the following results.</p><p><blockquote>通过将所有这些放在一起，模拟返回以下结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/139c89300706eab1e37dd1c992286d31\" tg-width=\"640\" tg-height=\"222\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> For completeness, I also display below the relative and cumulative frequency of the simulation.</p><p><blockquote>为了完整起见，我还在下面显示了模拟的相对频率和累积频率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af7a908e21b8678a775a3e1742161a7d\" tg-width=\"573\" tg-height=\"644\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> By looking at the results, we can see that the 50th percentile or the median is equal to $3274, close to the expected DCF FV of $3328. While the algorithm-adjusted FV of $3576 is the 60th percentile in my simulations (note also the long right tail).</p><p><blockquote>通过查看结果，我们可以看到第 50 个百分位数或中位数等于 3274 美元，接近预期的 DCF FV 3328 美元。而算法调整后的 FV 为 3576 美元，是我模拟中的第 60 个百分位数（还要注意长长的右尾）。</blockquote></p><p></p><p> Finally, simulation results give us an interesting insight into a potential exit point. I believe that an interesting take profit point may be within the 80th percentile, which implies a potential upside of 24.89%. Why within the 80th percentile? I believe that, after reaching the $2.0 trillion company status, we will see the last climb of euphoria before investors start to take profits.</p><p><blockquote>最后，模拟结果让我们对潜在的退出点有了有趣的了解。我相信一个有趣的止盈点可能在第 80 个百分位内，这意味着潜在的上涨空间为 24.89%。为什么在第80个百分位以内？我相信，在达到 2.0 万亿美元的公司地位后，我们将看到投资者开始获利了结之前的最后一次兴奋。</blockquote></p><p> <b>Final Thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> Both the algorithm-adjusted fair value and the Monte Carlo simulation suggest and support the bullish rating. The results found suggest that the stock is currently undervalued and that the company has still more room to go. What may drive the price to go higher? Well, there are different factors that may drive it. One of those is for sure corporate news. For instance, the company may introduce new products or announce a stock split (For the latter, I think this is unlikely, at least not now). However, don't forget also the other side, the risks. There are many risks associated with being invested in the company, one of those is represented by antitrust and regulators.</p><p><blockquote>算法调整后的公允价值和蒙特卡罗模拟都建议并支持看涨评级。结果表明，该股目前被低估，该公司仍有更大的发展空间。什么可能会推动价格上涨？嗯，有不同的因素可能会驱动它。其中之一肯定是企业新闻。例如，公司可能会推出新产品或宣布股票分割（对于后者，我认为这不太可能，至少现在不会）。然而，不要忘记另一面，风险。投资该公司存在许多风险，其中之一就是反垄断和监管机构。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4437291-amazon-stock-amzn-undervalued-with-potential-upside-of-25-percent\">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":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4437291-amazon-stock-amzn-undervalued-with-potential-upside-of-25-percent","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113357649","content_text":"Summary\n\nAmazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.\nI initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share).\nThe company's improving top line and bottom line performance (which is expected to continue) suggests that the stock is currently undervalued by 3.9%.\n\nDaria Nipot/iStock Editorial via Getty Images\nCompany Overview\nAmazon(NASDAQ:AMZN), a $1.74 trillion company. This is the current market capitalization (as of 06/29/2021) of the company and this implies that it is currently 15.18% away from being a $2 trillion company, not bad no?\nAmazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters. For example, when Amazon announced the acquisition of Whole Foods, Walmart(NYSE:WMT), Kroger(NYSE:KR), Target(NYSE:TGT)took a nice hit in market value. I believe that the company will be able to keep delivering strong top line growth and continued growth in margins, fueled not only by the company's current business expansion but also by entering into new markets and new businesses.\nCompany Analysis\nI initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share). The FV is an algorithm-adjusted fair value (the algorithm takes into account fundamental and technical factors, such as DCF FV, momentum, etc.) and it implies that the stock is undervalued by 3.9%.\nTo compute the DCF FV, I used the trailing twelve-month numbers and I also restated the financials since I capitalized on R&D expenses with an amortizable life of 3 years. As with Apple(NASDAQ:AAPL), I don't believe that Amazon's R&D is an operating expense, and for this reason, I treat it as CapEx. By taking into account the R&D, the following metrics have been restated (all numbers in $mm).\nSource:Author's estimates using data from the latest 10-K report\nCapitalizing on R&D expenses, we have now a more clear picture of the company (i.e. the restated operating margin is now 9.03% TTM vs the non-restated operating margin is 6.63% TTM).\nDiscounted Cash Flow Model\nNow, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.\nSource:Author's estimates using data from the latest 10-K report\nIn my DCF model, I assume a revenue growth for the Y1 of 21.2%, a CAGR Y2-Y5 of 15% and I assume a terminal year growth rate of 1.48% (or the current yield on 10Y Treasury). The decision of using the current and not expected yield is due to the willingness to remain market neutral (perhaps you can use Goldman Sachs expectations of 1.9%). The current assumptions lead to revenues of $1,253,844 million in Y10.\nAlong the road, I also assume an improving outlook for operating margins with the target operating margin of 13.2% (vs current restated operating margin of 9.03%). If the company will be able to meet this target, it will result in operating margins in Y10 of $163,097 million.\nFinally, in doing my estimates, I used a WACC of 5.75% and a sales to capital ratio (or how much the company is going to reinvest to keep its business growing) of 2.95.\nBy putting it together, I obtain a DCF value of $3328/share.\nMonte Carlo Simulation\nRather than showing you only my point estimates, which may be right but also may be wrong, let's use probability distributions for inputs. Simulations allow us to assess the impact of continuous risk (e.g., changes in operating margins). In particular, I would like to focus on what I consider the main inputs of interest to get a bigger picture of the risk in the company. Those inputs are:\n1. Revenue Growth:\nIn my DCF analysis, I assumed an expected CAGR Y2-Y5 of 15% with lower rates going forward. This assumption lead to revenues in Y10 of $1,253,844 million. While it is a reasonable assumption, Amazon is full of surprises, and it may deliver a top line growth well above my expectations. In the latter, I see a possible scenario with a CAGR Y2-Y5 of 24%, resulting in Y10 revenues of $1,989,952 million. However, we all know that regulators represent a big risk for the company. According to WSJ sources, if the \"giant-tech bill\" will pass, the company may be forced to either split into two companies or spin off its private-label product businesses. This represents a big risk that may slow down Amazon's growth, which could translate into a growth rate of 6% (resulting in Y10 revenues of $764,723 million). To sum up, I will assume a uniform distribution with a maximum of 24% and a minimum of 6%. The results are displayed below (this simulation and the next one have been performed 10,000 times).\nSource:Author's estimates\n2. Operating Margin:\nCurrently, Amazon has a restated operating margin of 9.03% TTM (vs not restated EBIT margin of 6.83%). In my DCF, I assumed a target operating margin of 13.2%. While this represents my most likely scenario for the company, I cannot close my eyes to the fact that, even if the company is improving its margins, it is following a very slow climb. Below, I display the non-restated EBIT margin for the last 5 years.\nSource:SeekingAlpha.com\nHowever, as I stated at the beginning, Amazon is a disruptive company with the ability to do extraordinary things. For instance, AWS presents a current operating margin of 30% TTM and a revenue growth rate of 29.53% in 2020. A trend which is expected to continue, driven by improving outlook and with new partners joining the party. The last to join the party are Ferrari(NYSE:RACE)and Swisscom(OTCPK:SWZCF)who have chosen AWS as their preferred cloud partner.\nIn 2020,according to Gartner, AWS generated revenue 2 times bigger than Microsoft(NASDAQ:MSFT). As stated by Gartner:\n\nThe worldwide \n infrastructure as a service(IaaS) market grew 40.7% in 2020 to total $64.3 billion, up from $45.7 billion in 2019, according to Gartner, Inc. Amazon retained the No. 1 position in the IaaS market in 2020, followed by Microsoft, Alibaba, Google and Huawei... Amazon continued to lead the worldwide IaaS market with $26.2 billion of revenue in 2020 and 41% market share.\n\nSource:Gartner.com\nFinally, to account for my concerns and beliefs, I will assume a triangular distribution with the following limits: the likeliest target operating margin of 13.2%, a maximum of 18.4%, and a minimum of 8% (close to the current company's EBIT margin). The results are displayed below.\nSource:Author's estimates\n3. Cost of Capital:\nThe last input of interest is the cost of capital. In doing my analysis, I estimated a cost of capital of 5.8% (with the current 10Y rate of 1.48 and an implied ERP of 4.54%). However, I may be wrong due to sector risk estimates or changes in the business mix (or both). To account for the possibility that I made some mistakes along the road, I will rely on a lognormal distribution with the most likely scenario of 5.8%. The results of the simulation are displayed below.\nSource:Author's estimates\nBy putting all of this together, the simulations return the following results.\nSource:Author's estimates\nFor completeness, I also display below the relative and cumulative frequency of the simulation.\nSource:Author's estimates\nBy looking at the results, we can see that the 50th percentile or the median is equal to $3274, close to the expected DCF FV of $3328. While the algorithm-adjusted FV of $3576 is the 60th percentile in my simulations (note also the long right tail).\nFinally, simulation results give us an interesting insight into a potential exit point. I believe that an interesting take profit point may be within the 80th percentile, which implies a potential upside of 24.89%. Why within the 80th percentile? I believe that, after reaching the $2.0 trillion company status, we will see the last climb of euphoria before investors start to take profits.\nFinal Thoughts\nBoth the algorithm-adjusted fair value and the Monte Carlo simulation suggest and support the bullish rating. The results found suggest that the stock is currently undervalued and that the company has still more room to go. What may drive the price to go higher? Well, there are different factors that may drive it. One of those is for sure corporate news. For instance, the company may introduce new products or announce a stock split (For the latter, I think this is unlikely, at least not now). However, don't forget also the other side, the risks. There are many risks associated with being invested in the company, one of those is represented by antitrust and regulators.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":765,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}