Tunaaa的个人主页 - 老虎社区

Tunaaa

Tunaaa

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2021-07-02

Yolo trading! Lol . Like pls

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2021-08-09

$Exela Technologies, Inc.(XELA)$FLY! Fly high! Happy National Day Singapore

2021-10-13

Ok

Another Earnings Season Is Here. What to Expect This Time.<blockquote>又一个财报季到了。这次会发生什么。</blockquote>

2021-07-12

Like pls

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2021-07-16

Like

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2021-06-28

Hmm

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2021-06-24

Like back pls

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2021-07-29

Like for coins

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2021-06-18

Help me with 1 like pls

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2021-11-05

$Lucid Group Inc(LCID)$Let’s go $40

去老虎APP查看更多动态

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20:35","market":"us","language":"en","title":"Another Earnings Season Is Here. What to Expect This Time.<blockquote>又一个财报季到了。这次会发生什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160581040","media":"Barrons","summary":"Earnings season kicks off this week—and it may take some unusually impressive results for stocks to ","content":"<p>Earnings season kicks off this week—and it may take some unusually impressive results for stocks to rise after them.</p><p><blockquote>财报季将于本周拉开帷幕，股市可能需要一些异常令人印象深刻的业绩才能在财报季之后上涨。</blockquote></p><p> Reports from&nbsp;S&amp;P 500&nbsp;companies have been trickling in—only 21 companies in the index had reported through Monday—but this week marks the beginning of what is known as earnings season. Investors will hear from&nbsp;Delta Air Lines&nbsp;(DAL),<a href=\"https://laohu8.com/S/WBA\">Walgreens Boots Alliance</a>&nbsp;(WBA), and UnitedHealth Group (UNH), plus, banking heavyweights JPMorgan Chase &amp; Co. (JPM), Bank of America(BAC). It will provide a view of how businesses performed during the third quarter of 2021, and offer a glimpse into coming quarters as well.</p><p><blockquote>标准普尔500指数公司的报告源源不断——截至周一，该指数中只有21家公司发布了报告——但本周标志着所谓的财报季的开始。投资者将听取达美航空（DAL）的意见，<a href=\"https://laohu8.com/S/WBA\">沃尔格林靴子联盟</a>(WBA)、联合健康集团(UNH)、银行业巨头摩根大通(JPM)、美国银行(BAC)。它将提供2021年第三季度企业表现的视图，并提供未来几个季度的一瞥。</blockquote></p><p> Analysts are forecasting aggregate earnings per share on the S&amp;P 500 to grow 24.5%, according to S&amp;P Global Market Intelligence. Some of the most economically sensitive sectors are still expecting the largest rebound in EPS, as last year’s third quarter was still ravaged by partial lockdowns. S&amp;P 500 industrial and material companies are expected to see 73% and 90% year-over-year growth, respectively, with energy expected to go from losses to profits. Two of the slowest growing sectors will be the traditionally non-volatile and highly stable consumer staples and utility sectors, expected to see EPS grow 3% and fall 2.9%, respectively.</p><p><blockquote>根据标准普尔全球市场情报，分析师预测标普500的每股收益总额将增长24.5%。由于去年第三季度仍受到部分封锁的破坏，一些对经济最敏感的行业仍预计每股收益将出现最大反弹。标普500工业和材料公司预计将分别同比增长73%和90%，能源公司预计将扭亏为盈。增长最慢的两个行业将是传统上不波动且高度稳定的必需消费品和公用事业行业，预计每股收益将分别增长3%和下降2.9%。</blockquote></p><p> No matter the predicted growth, companies need to post big earnings beats in order for their shares to gain much. The S&amp;P 500 has already risen 17.9% this year, as companies benefited from the unprecedented reopening following Covid-19 shutdowns and trillions of dollars of fiscal stimulus. As a result, valuations already reflect a large earnings stream, with the average S&amp;P 500 stock trading at around 20.5 times 12-month forward earnings estimates, above the long-term average in the mid-teens. For the market to live up to those valuations, the index needs to beat expectations by at least 10% in order to rally into year-end, writes Nicholas Colas, co-founder of DataTrek.</p><p><blockquote>无论预测的增长如何，公司都需要公布大幅超出预期的盈利才能使其股价大幅上涨。标普500今年已经上涨了17.9%，因为企业受益于Covid-19关闭后前所未有的重新开放和数万亿美元的财政刺激。因此，估值已经反映了大量的盈利流，标普500股票的平均交易价格约为12个月预期盈利预期的20.5倍，高于十几岁左右的长期平均水平。DataTrek联合创始人尼古拉斯·科拉斯(Nicholas Colas)写道，为了让市场达到这些估值，该指数需要超出预期至少10%才能在年底前反弹。</blockquote></p><p> That won’t be easy. Nike (NKE) and FedEx (FDX), for example, posted mixed results as supply chain constraints and rising costs ate into sales and profit margins, causing the stocks to fall 6% and 9%, respectively, the trading day after their earnings reports. The size of earnings beats from early reporters has been shrinking as well. So far, early reporters have topped earnings forecasts by just 4%, well below the 23.2% and 15.5% during the second quarter in 2020 and 2021.</p><p><blockquote>那可不容易。例如，耐克(NKE)和联邦快递(FDX)公布的业绩好坏参半，因为供应链限制和成本上升侵蚀了销售额和利润率，导致股价在财报发布后的交易日分别下跌6%和9%。早期记者的盈利超出预期的规模也在缩小。到目前为止，早期记者的盈利预期仅高出4%，远低于2020年和2021年第二季度的23.2%和15.5%。</blockquote></p><p> “We believe that economic headwinds will mitigate the benefits from pricing power and operating leverage, leading to less robust surprises in the third quarter,” writes Jonathan Golub, chief U.S. equity strategist at Credit Suisse.</p><p><blockquote>瑞士信贷首席美国股票策略师乔纳森·戈卢布写道：“我们认为，经济逆风将削弱定价能力和运营杠杆带来的好处，导致第三季度的意外情况不那么强劲。”</blockquote></p><p> Earnings estimates have begun to reflect those headwinds. Third-quarter forecasts have fallen about 0.8% since the beginning of September. That may not seem like much, but if companies say they expect more difficulty accessing supplies and that higher costs are persisting, analysts could revise 2022 estimates lower. “This sets up the first earnings season in the recovery where earnings risk clearly exists,” writes Tavis McCourt, institutional equity strategist at Raymond James.</p><p><blockquote>盈利预测已开始反映这些不利因素。自9月初以来，第三季度预测下降了约0.8%。这可能看起来不多，但如果企业表示他们预计获得供应会更加困难，并且成本持续上升，分析师可能会下调2022年的预期。雷蒙德·詹姆斯(Raymond James)机构股票策略师塔维斯·麦考特(Tavis McCourt)写道：“这标志着复苏中第一个明显存在盈利风险的财报季。”</blockquote></p><p> The good news? The S&amp;P 500 is down 3.8% from its Sept. 2 all-time high, so there’s a chance that some of the earnings risks are already reflected in the market.</p><p><blockquote>好消息是什么？标普500较9月2日的历史高点下跌了3.8%，因此一些盈利风险有可能已经反映在市场上。</blockquote></p><p> The question is whether it’s enough.</p><p><blockquote>问题是这是否足够。</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>Another Earnings Season Is Here. 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What to Expect This Time.<blockquote>又一个财报季到了。这次会发生什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-10-12 20:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Earnings season kicks off this week—and it may take some unusually impressive results for stocks to rise after them.</p><p><blockquote>财报季将于本周拉开帷幕，股市可能需要一些异常令人印象深刻的业绩才能在财报季之后上涨。</blockquote></p><p> Reports from&nbsp;S&amp;P 500&nbsp;companies have been trickling in—only 21 companies in the index had reported through Monday—but this week marks the beginning of what is known as earnings season. Investors will hear from&nbsp;Delta Air Lines&nbsp;(DAL),<a href=\"https://laohu8.com/S/WBA\">Walgreens Boots Alliance</a>&nbsp;(WBA), and UnitedHealth Group (UNH), plus, banking heavyweights JPMorgan Chase &amp; Co. (JPM), Bank of America(BAC). It will provide a view of how businesses performed during the third quarter of 2021, and offer a glimpse into coming quarters as well.</p><p><blockquote>标准普尔500指数公司的报告源源不断——截至周一，该指数中只有21家公司发布了报告——但本周标志着所谓的财报季的开始。投资者将听取达美航空（DAL）的意见，<a href=\"https://laohu8.com/S/WBA\">沃尔格林靴子联盟</a>(WBA)、联合健康集团(UNH)、银行业巨头摩根大通(JPM)、美国银行(BAC)。它将提供2021年第三季度企业表现的视图，并提供未来几个季度的一瞥。</blockquote></p><p> Analysts are forecasting aggregate earnings per share on the S&amp;P 500 to grow 24.5%, according to S&amp;P Global Market Intelligence. Some of the most economically sensitive sectors are still expecting the largest rebound in EPS, as last year’s third quarter was still ravaged by partial lockdowns. S&amp;P 500 industrial and material companies are expected to see 73% and 90% year-over-year growth, respectively, with energy expected to go from losses to profits. Two of the slowest growing sectors will be the traditionally non-volatile and highly stable consumer staples and utility sectors, expected to see EPS grow 3% and fall 2.9%, respectively.</p><p><blockquote>根据标准普尔全球市场情报，分析师预测标普500的每股收益总额将增长24.5%。由于去年第三季度仍受到部分封锁的破坏，一些对经济最敏感的行业仍预计每股收益将出现最大反弹。标普500工业和材料公司预计将分别同比增长73%和90%，能源公司预计将扭亏为盈。增长最慢的两个行业将是传统上不波动且高度稳定的必需消费品和公用事业行业，预计每股收益将分别增长3%和下降2.9%。</blockquote></p><p> No matter the predicted growth, companies need to post big earnings beats in order for their shares to gain much. The S&amp;P 500 has already risen 17.9% this year, as companies benefited from the unprecedented reopening following Covid-19 shutdowns and trillions of dollars of fiscal stimulus. As a result, valuations already reflect a large earnings stream, with the average S&amp;P 500 stock trading at around 20.5 times 12-month forward earnings estimates, above the long-term average in the mid-teens. For the market to live up to those valuations, the index needs to beat expectations by at least 10% in order to rally into year-end, writes Nicholas Colas, co-founder of DataTrek.</p><p><blockquote>无论预测的增长如何，公司都需要公布大幅超出预期的盈利才能使其股价大幅上涨。标普500今年已经上涨了17.9%，因为企业受益于Covid-19关闭后前所未有的重新开放和数万亿美元的财政刺激。因此，估值已经反映了大量的盈利流，标普500股票的平均交易价格约为12个月预期盈利预期的20.5倍，高于十几岁左右的长期平均水平。DataTrek联合创始人尼古拉斯·科拉斯(Nicholas Colas)写道，为了让市场达到这些估值，该指数需要超出预期至少10%才能在年底前反弹。</blockquote></p><p> That won’t be easy. Nike (NKE) and FedEx (FDX), for example, posted mixed results as supply chain constraints and rising costs ate into sales and profit margins, causing the stocks to fall 6% and 9%, respectively, the trading day after their earnings reports. The size of earnings beats from early reporters has been shrinking as well. So far, early reporters have topped earnings forecasts by just 4%, well below the 23.2% and 15.5% during the second quarter in 2020 and 2021.</p><p><blockquote>那可不容易。例如，耐克(NKE)和联邦快递(FDX)公布的业绩好坏参半，因为供应链限制和成本上升侵蚀了销售额和利润率，导致股价在财报发布后的交易日分别下跌6%和9%。早期记者的盈利超出预期的规模也在缩小。到目前为止，早期记者的盈利预期仅高出4%，远低于2020年和2021年第二季度的23.2%和15.5%。</blockquote></p><p> “We believe that economic headwinds will mitigate the benefits from pricing power and operating leverage, leading to less robust surprises in the third quarter,” writes Jonathan Golub, chief U.S. equity strategist at Credit Suisse.</p><p><blockquote>瑞士信贷首席美国股票策略师乔纳森·戈卢布写道：“我们认为，经济逆风将削弱定价能力和运营杠杆带来的好处，导致第三季度的意外情况不那么强劲。”</blockquote></p><p> Earnings estimates have begun to reflect those headwinds. Third-quarter forecasts have fallen about 0.8% since the beginning of September. That may not seem like much, but if companies say they expect more difficulty accessing supplies and that higher costs are persisting, analysts could revise 2022 estimates lower. “This sets up the first earnings season in the recovery where earnings risk clearly exists,” writes Tavis McCourt, institutional equity strategist at Raymond James.</p><p><blockquote>盈利预测已开始反映这些不利因素。自9月初以来，第三季度预测下降了约0.8%。这可能看起来不多，但如果企业表示他们预计获得供应会更加困难，并且成本持续上升，分析师可能会下调2022年的预期。雷蒙德·詹姆斯(Raymond James)机构股票策略师塔维斯·麦考特(Tavis McCourt)写道：“这标志着复苏中第一个明显存在盈利风险的财报季。”</blockquote></p><p> The good news? The S&amp;P 500 is down 3.8% from its Sept. 2 all-time high, so there’s a chance that some of the earnings risks are already reflected in the market.</p><p><blockquote>好消息是什么？标普500较9月2日的历史高点下跌了3.8%，因此一些盈利风险有可能已经反映在市场上。</blockquote></p><p> The question is whether it’s enough.</p><p><blockquote>问题是这是否足够。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stock-market-earnings-season-preview-51633995452?mod=hp_LATEST\">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":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/stock-market-earnings-season-preview-51633995452?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160581040","content_text":"Earnings season kicks off this week—and it may take some unusually impressive results for stocks to rise after them.\nReports from S&P 500 companies have been trickling in—only 21 companies in the index had reported through Monday—but this week marks the beginning of what is known as earnings season. Investors will hear from Delta Air Lines (DAL),Walgreens Boots Alliance (WBA), and UnitedHealth Group (UNH), plus, banking heavyweights JPMorgan Chase & Co. (JPM), Bank of America(BAC). It will provide a view of how businesses performed during the third quarter of 2021, and offer a glimpse into coming quarters as well.\nAnalysts are forecasting aggregate earnings per share on the S&P 500 to grow 24.5%, according to S&P Global Market Intelligence. Some of the most economically sensitive sectors are still expecting the largest rebound in EPS, as last year’s third quarter was still ravaged by partial lockdowns. S&P 500 industrial and material companies are expected to see 73% and 90% year-over-year growth, respectively, with energy expected to go from losses to profits. Two of the slowest growing sectors will be the traditionally non-volatile and highly stable consumer staples and utility sectors, expected to see EPS grow 3% and fall 2.9%, respectively.\nNo matter the predicted growth, companies need to post big earnings beats in order for their shares to gain much. The S&P 500 has already risen 17.9% this year, as companies benefited from the unprecedented reopening following Covid-19 shutdowns and trillions of dollars of fiscal stimulus. As a result, valuations already reflect a large earnings stream, with the average S&P 500 stock trading at around 20.5 times 12-month forward earnings estimates, above the long-term average in the mid-teens. For the market to live up to those valuations, the index needs to beat expectations by at least 10% in order to rally into year-end, writes Nicholas Colas, co-founder of DataTrek.\nThat won’t be easy. Nike (NKE) and FedEx (FDX), for example, posted mixed results as supply chain constraints and rising costs ate into sales and profit margins, causing the stocks to fall 6% and 9%, respectively, the trading day after their earnings reports. The size of earnings beats from early reporters has been shrinking as well. So far, early reporters have topped earnings forecasts by just 4%, well below the 23.2% and 15.5% during the second quarter in 2020 and 2021.\n“We believe that economic headwinds will mitigate the benefits from pricing power and operating leverage, leading to less robust surprises in the third quarter,” writes Jonathan Golub, chief U.S. equity strategist at Credit Suisse.\nEarnings estimates have begun to reflect those headwinds. Third-quarter forecasts have fallen about 0.8% since the beginning of September. That may not seem like much, but if companies say they expect more difficulty accessing supplies and that higher costs are persisting, analysts could revise 2022 estimates lower. “This sets up the first earnings season in the recovery where earnings risk clearly exists,” writes Tavis McCourt, institutional equity strategist at Raymond James.\nThe good news? The S&P 500 is down 3.8% from its Sept. 2 all-time high, so there’s a chance that some of the earnings risks are already reflected in the market.\nThe question is whether it’s enough.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2628,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":815858383,"gmtCreate":1630668827642,"gmtModify":1632467826696,"author":{"id":"3586991451337808","authorId":"3586991451337808","name":"Tunaaa","avatar":"https://static.tigerbbs.com/ce153d45d93b437fb6713a9e09b459b7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586991451337808","idStr":"3586991451337808"},"themes":[],"htmlText":"Oh&nbsp;","listText":"Oh&nbsp;","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/815858383","repostId":"1190295914","repostType":4,"repost":{"id":"1190295914","kind":"news","pubTimestamp":1630668512,"share":"https://www.laohu8.com/m/news/1190295914?lang=zh_CN&edition=full","pubTime":"2021-09-03 19:28","market":"us","language":"en","title":"Sphere 3D Shares Dive On Discounted Equity Offering To Fund Crypto Mining<blockquote>Sphere 3D股价因打折股票发行为加密货币挖矿提供资金而暴跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190295914","media":"Benzinga","summary":"Data management firm Sphere 3D Corp agreed to raise $192.1 million by selling 22.6 million shares an","content":"<p><div> Data management firm Sphere 3D Corp agreed to raise $192.1 million by selling 22.6 million shares and warrants to purchase 11.3 million shares in a secondary institutional offering. The combined ...</p><p><blockquote><div>数据管理公司Sphere 3D Corp同意通过在二次机构发行中出售2260万股股票和购买1130万股股票的认股权证来筹集1.921亿美元。组合的...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/markets/cryptocurrency/21/09/22794536/sphere-3d-shares-dive-on-discounted-equity-offering-to-fund-crypto-mining\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/cryptocurrency/21/09/22794536/sphere-3d-shares-dive-on-discounted-equity-offering-to-fund-crypto-mining\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sphere 3D Shares Dive On Discounted Equity Offering To Fund Crypto Mining<blockquote>Sphere 3D股价因打折股票发行为加密货币挖矿提供资金而暴跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSphere 3D Shares Dive On Discounted Equity Offering To Fund Crypto Mining<blockquote>Sphere 3D股价因打折股票发行为加密货币挖矿提供资金而暴跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-09-03 19:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Data management firm Sphere 3D Corp agreed to raise $192.1 million by selling 22.6 million shares and warrants to purchase 11.3 million shares in a secondary institutional offering. The combined ...</p><p><blockquote><div>数据管理公司Sphere 3D Corp同意通过在二次机构发行中出售2260万股股票和购买1130万股股票的认股权证来筹集1.921亿美元。组合的...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/markets/cryptocurrency/21/09/22794536/sphere-3d-shares-dive-on-discounted-equity-offering-to-fund-crypto-mining\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/cryptocurrency/21/09/22794536/sphere-3d-shares-dive-on-discounted-equity-offering-to-fund-crypto-mining\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/markets/cryptocurrency/21/09/22794536/sphere-3d-shares-dive-on-discounted-equity-offering-to-fund-crypto-mining\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ANY":"Sphere 3D Corp"},"source_url":"https://www.benzinga.com/markets/cryptocurrency/21/09/22794536/sphere-3d-shares-dive-on-discounted-equity-offering-to-fund-crypto-mining","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190295914","content_text":"Data management firm Sphere 3D Corp agreed to raise $192.1 million by selling 22.6 million shares and warrants to purchase 11.3 million shares in a secondary institutional offering.\nThe combined purchase price for one share and one-half warrant to purchase one share is $8.50.\nThe five-year warrants have an exercise price of $9.50 per share.\nThe proceeds will partly purchase the initial 60,000 miners out of the potential 220,000 miners available through its agreements with Hertford Advisors.\nPrice Action: ANY shares traded lower by 28.72% at $6.70 in the premarket session on the last check Friday.","news_type":1,"symbols_score_info":{"ANY":0.9}},"isVote":1,"tweetType":1,"viewCount":1225,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831927498,"gmtCreate":1629281809314,"gmtModify":1631883841189,"author":{"id":"3586991451337808","authorId":"3586991451337808","name":"Tunaaa","avatar":"https://static.tigerbbs.com/ce153d45d93b437fb6713a9e09b459b7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586991451337808","idStr":"3586991451337808"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>Dipping still?","listText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>Dipping still?","text":"$Exela Technologies, Inc.(XELA)$Dipping still?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/831927498","isVote":1,"tweetType":1,"viewCount":2806,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896444570,"gmtCreate":1628603288890,"gmtModify":1631883841503,"author":{"id":"3586991451337808","authorId":"3586991451337808","name":"Tunaaa","avatar":"https://static.tigerbbs.com/ce153d45d93b437fb6713a9e09b459b7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586991451337808","idStr":"3586991451337808"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>Let’s go?","listText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>Let’s go?","text":"$Exela Technologies, Inc.(XELA)$Let’s go?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/896444570","isVote":1,"tweetType":1,"viewCount":2774,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896445788,"gmtCreate":1628603252644,"gmtModify":1633745815962,"author":{"id":"3586991451337808","authorId":"3586991451337808","name":"Tunaaa","avatar":"https://static.tigerbbs.com/ce153d45d93b437fb6713a9e09b459b7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586991451337808","idStr":"3586991451337808"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/EDU\">$New Oriental Education &amp; Technology(EDU)$</a>What is a good price to buy? Is it flying soon","listText":"<a href=\"https://laohu8.com/S/EDU\">$New Oriental Education &amp; Technology(EDU)$</a>What is a good price to buy? Is it flying soon","text":"$New Oriental Education & Technology(EDU)$What is a good price to buy? Is it flying soon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/896445788","isVote":1,"tweetType":1,"viewCount":1737,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898584575,"gmtCreate":1628511275697,"gmtModify":1631883841582,"author":{"id":"3586991451337808","authorId":"3586991451337808","name":"Tunaaa","avatar":"https://static.tigerbbs.com/ce153d45d93b437fb6713a9e09b459b7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586991451337808","idStr":"3586991451337808"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>FLY! Fly high! Happy National Day Singapore&nbsp;","listText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>FLY! Fly high! Happy National Day Singapore&nbsp;","text":"$Exela Technologies, Inc.(XELA)$FLY! Fly high! 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like&nbsp;","listText":"Ole like&nbsp;","text":"Ole like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/145467388","repostId":"1166729175","repostType":4,"isVote":1,"tweetType":1,"viewCount":508,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146505526,"gmtCreate":1626087994866,"gmtModify":1633930288926,"author":{"id":"3586991451337808","authorId":"3586991451337808","name":"Tunaaa","avatar":"https://static.tigerbbs.com/ce153d45d93b437fb6713a9e09b459b7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586991451337808","idStr":"3586991451337808"},"themes":[],"htmlText":"Like pls&nbsp;","listText":"Like pls&nbsp;","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/146505526","repostId":"1114863871","repostType":4,"isVote":1,"tweetType":1,"viewCount":369,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148789172,"gmtCreate":1626017188896,"gmtModify":1633930893033,"author":{"id":"3586991451337808","authorId":"3586991451337808","name":"Tunaaa","avatar":"https://static.tigerbbs.com/ce153d45d93b437fb6713a9e09b459b7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586991451337808","idStr":"3586991451337808"},"themes":[],"htmlText":"Ok. Like pls&nbsp;","listText":"Ok. Like pls&nbsp;","text":"Ok. Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/148789172","repostId":"1112201050","repostType":4,"repost":{"id":"1112201050","kind":"news","pubTimestamp":1625966101,"share":"https://www.laohu8.com/m/news/1112201050?lang=zh_CN&edition=full","pubTime":"2021-07-11 09:15","market":"us","language":"en","title":"The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易还远未结束。投资者需要知道的。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112201050","media":"Barrons","summary":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the de","content":"<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达（Blockbuster）的干涸尸体在一月份突然复活时，他们再次崩溃的时间已经在滴答作响。是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经半年了，核心“模因股”的交易水平仍然被研究它们多年的人认为令人发指。Clover Health Investments(CLOV)和Newegg Commerce(NEGG)等新名字最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易者——长期以来被嘲笑为“愚蠢的钱”——的集体努力成功地保持了股票的高位，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型或扭亏为盈的迹象，但情况确实如此。黑莓在最近一个季度烧钱，并警告其关键的网络安全部门将触及收入指引的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>尽管大型经纪商的交易量较2月份的峰值略有下降，但仍是大流行前的两到三倍。散户交易者青睐的股票中发生了数量惊人的此类活动。例如，AMC院线控股公司(AMC)6月份股票日均交易价值达到131亿美元，超过苹果(AAPL)的95亿美元和亚马逊(AMZN)的103亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉酸面团面包；交易者只会越来越饥渴。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种胃口，就像互联网泡沫破裂时一样。就目前而言，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“我发现‘逢低买入’的情绪一刻也没有减弱，”与朋友在线交易的美国海军电子技术员布兰登·卢泽克(Brandon Luczek)在给《巴伦周刊》的电子邮件中写道。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>散户投资者交易量的增加推动了模因股票的飙升。2020年，在线经纪商以创纪录的速度签约客户，新开户人数超过1000万人。这一纪录几乎肯定会在2021年被打破。一些顶级公司透露，今年不到一半，经纪商就已经增加了超过1000万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这一现象的马车，也是马。它们的价格突然飙升是由新投资者推动的，然后这种行为会推动更多的新人投资。数百万人在一月底和二月初下载了投资应用程序，只是为了享受乐趣。嘉信理财(SCHW)最近的一项调查发现，15%的当前交易者在2020年之后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>这一激增中最突出的参与者是Robinhood，该公司表示仅在第一季度就增加了550万个受资助账户。但它并不孤单。例如，富达宣布第一季度吸引了160万35岁以下的新客户，比去年同期增长了223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在Robinhood零佣金模式的压力下，所有主要经纪商都在2019年将佣金降至零。这为新的客户群体打开了闸门——他们可能没有那么多闲钱可供交易，但比前辈更加活跃和多样化。经纪人正在兑现。富达希望在投资者拥有驾驶执照之前就吸引他们，允许年仅13岁的儿童开设交易账户。Robinhood正在乘势进行首次公开募股，分析师预计其估值将超过其收入的10倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与老客户不同。E*Trade（现归摩根士丹利(MS)所有）交易主管克里斯·拉金(Chris Larkin)表示，多年来，“ETF的吸引力很大”。但挑选个股显然是“2021年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，股票交易所交易基金仍然表现良好，因为世界各地的投资者都押注于疫情复苏，并避免债券收益率疲软。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但ETF不像股票那样点亮留言板。对于顶级品牌来说，这并不是一条单程之旅。游戏驿站确实在二月份下跌，华尔街享受了一段幸灾乐祸的时刻。这并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>盈透证券(Interactive Brokers)首席策略师史蒂夫·索斯尼克(Steve Sosnick)写道：“就像蝉一样，模因交易者在看似地下几个月后，又以疯狂的活动回归。”索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种股票转向另一种股票。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>他写道：“我认为，在比特币和其他加密货币大幅调整后，模因股票重新焕发生机，这绝非巧合。”</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为模因股票是一个“独立的行业”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对模因股票革命的反应是孤立市场中专业人士认为非理性的部分。大多数卖空者不会碰这些股票，分析师也放弃了报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样将零售大军赶走，也不能指望它们在未来17年消失。股票交易已经永久转移。今年，零售活动占股本的24%，高于2019年的15%。新信条的追随者并不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>哥伦比亚大学法学院专门研究证券市场的教授约书亚·米茨(Joshua Mitts)表示：“这真正反映了我们看到的与个别公司的接触越来越少的趋势的逆转。”“技术正在拉近普通投资者与他或她投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>——Matt Kohrs，26岁，每天在YouTube上播放股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早期进入的人的生活，并且仍然名气更高。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯（Matt Kohrs）为例，他很早就投资了AMC院线。今年2月，他辞去了在纽约的程序员工作，搬到了费城，并开始每天在YouTube上播放7个小时的股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>它在YouTube上拥有35万粉丝，正在支付账单。科尔斯表示，凭借广告和股票的收入，他可以降低与以前大致相同的工资。但他也知道，像这样依赖股票的收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“你得到的挥杆肯定会让你有某种感觉，”他说。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给模因学家来理解新华尔街充满表情符号的语言，这样他们就可以避开他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC甚至在过去一周取消了拟议的股权融资，因为该公司显然不喜欢Reddit人群的氛围。过去一年，AMC的股票数量已经增加了五倍。首席执行官Adam Aron在推特上表示，他看到了对他增发2500万股股票的提议“许多是，许多不是”的反应，因此该提议将被取消，而不是在本月晚些时候的AMC年会上进行投票。该公司没有回应有关如何对股东进行民意调查的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室中确定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者花更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕散户行为进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在“阿尔法”，但可能需要一些激烈的数字运算才能达到这一目标。当然，并非所有留言板上的喋喋不休都会导致价格持续上涨，而且在没有大量数据分析的情况下，零售订单流无法轻易与机构订单流分开。对于拥有工具来确定散户投资者正在买入和卖出哪些股票的投资者，摩根大通建议做多买入兴趣最高的20%的股票，做空卖出兴趣最高的20%的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他们认为这几乎就像一份保险单，以限制他们的下行风险，”他说。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于散户来说，这种方法并不总是科学的。这一行动得到了社区精神的支持。其背后的力量既是经济上的，也是情感上的和道德上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是证明自己和惩罚保守派的愿望，就像利润一样。他们互相了解市场，有时会放大或揭穿有关华尔街的阴谋论。一些人将模因股票走势与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“华尔街让我们的经济陷入瘫痪，没有人因此惹上麻烦，”26岁的科尔斯说。“所以，我认为他们认为这不仅可以让我们赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格(Claire Hirschberg)是一名28岁的工会组织者，她在从朋友那里听说此事后，于1月份在Robinhood上购买了价值约50美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他父亲是一位长期的资金经理。“他对我买下游戏驿站并拒绝出售感到非常生气，”她笑着说。“这让我想永远拥有它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像旧华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，直到你成为合伙人后，你才会戴菲拉格慕领带。在总经理离开之前，你永远不会离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而不是这个顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万零售交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认经济损失是一种勇敢的行为，是内部坚韧和对集团信念的证明。你不把自己当回事，也不监管语言。你是“猿”或“弱智”大军的一员。你坚持住了崩溃，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>群体行动不仅仅是为了道义上的支持。交易策略取决于人们保持购买压力以迫使空头挤压或购买看涨期权，从而触发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔(Keith Gill)二月份几乎出现在众议院金融服务委员会听证会上，成为Reddit零售交易员大军的代言人，推动游戏驿站股价走高。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来为模因运动提供氧气。6月中旬，AMC的空头利息占该股流通量的17%，低于1月份的28%，但幅度不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格的上涨，空头们也身不由己。Wedbush Securities分析师Michael Pachter表示，他们开始“流口水，耳朵里冒出火焰”，多年来一直关注游戏驿站。“让我有点震惊的是精神错乱的定义，即一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头不断回来，”他说。“[游戏驿站公牛]基思·吉尔和他的Reddit攻略不断挤压他们，而且它一直在发挥作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit人群需要团结一致，但社区有时会出现裂痕。拥有最坚定粉丝群的两只模因股票——游戏驿站和AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更多善变的支持者。几只陷入迷因疯狂的股票已经暴跌。Bed Bath&amp;Beyond(BBBY)在1月底和6月初两次飙升，但现在的交易价格仅略高于1月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心wallstreetbets——最初引发游戏驿站狂热的Reddit留言板——发展如此之快，以至于失去了最初的精神，并可能变得容易受到操纵。一些人已经转移到其他留言板，如r/superstonk，希望恢复旧社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司Hype Equity的创始人特拉维斯·雷尔(Travis Rehl)表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常是由代表网上谈论的公司的公关公司雇佣的。现在，他看到越来越多的股票突然出现在留言板上，收到积极的议论，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“这引发了人们对什么是真正的讨论与什么是某人只是想炒作的讨论的质疑，”他说。wallstreetbets的版主禁止在该平台上进行市场操纵，Rehl表示，他们似乎正在努力监管错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>索斯尼克表示：“如果你能制造足够的轰动效应，让股票在短时间内上涨10%、20%甚至50%，那么就有巨大的动力这样做。”</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>证券交易委员会正在留言板上关注有趣的事情。美国证券交易委员会主席加里·詹斯勒(Gary Gensler)和一些国会议员讨论了改变市场规则，旨在增加保护零售交易者的透明度——尽管如果这些变化减慢交易速度或提高交易成本，也可能会激怒散户。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一可能抑制这一趋势的因素。fintech Betterment行为金融和投资副总裁丹·伊根(Dan Egan)认为，这一势头可能会在9月份失去动力。即使是“猿”也有责任。“孩子们开始回到学校；父母可以再次自由地去工作，”他说。“那是下一次从房间里抽出一些氧气的时候。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金激发的暂时疯狂。但那将是一个错误。如果零佣金经纪公司和游戏驿站的乐趣打破了数百万新投资者开户的障碍，这几乎肯定是一件好事，只要大多数人用他们并不立即需要的钱下注。许多新零售交易员表示，他们正在自学如何交易，并已开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>以这样或那样的形式，这就是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授Hendrik Bessembinder在2018年发表了开创性的研究，发现“在随机选择的月份随机选择的股票更有可能亏损而不是赚钱。”简而言之，挑选单一股票并持有集中的投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是受到了新一波交易的鼓舞。“我欢迎零售交易的增加，以及股票市场是一个广泛参与的地方的想法，”贝森宾德说。“经济学家不能告诉人们他们不应该找点乐子。”</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>The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易还远未结束。投资者需要知道的。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易还远未结束。投资者需要知道的。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-11 09:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达（Blockbuster）的干涸尸体在一月份突然复活时，他们再次崩溃的时间已经在滴答作响。是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经半年了，核心“模因股”的交易水平仍然被研究它们多年的人认为令人发指。Clover Health Investments(CLOV)和Newegg Commerce(NEGG)等新名字最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易者——长期以来被嘲笑为“愚蠢的钱”——的集体努力成功地保持了股票的高位，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型或扭亏为盈的迹象，但情况确实如此。黑莓在最近一个季度烧钱，并警告其关键的网络安全部门将触及收入指引的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>尽管大型经纪商的交易量较2月份的峰值略有下降，但仍是大流行前的两到三倍。散户交易者青睐的股票中发生了数量惊人的此类活动。例如，AMC院线控股公司(AMC)6月份股票日均交易价值达到131亿美元，超过苹果(AAPL)的95亿美元和亚马逊(AMZN)的103亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉酸面团面包；交易者只会越来越饥渴。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种胃口，就像互联网泡沫破裂时一样。就目前而言，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“我发现‘逢低买入’的情绪一刻也没有减弱，”与朋友在线交易的美国海军电子技术员布兰登·卢泽克(Brandon Luczek)在给《巴伦周刊》的电子邮件中写道。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>散户投资者交易量的增加推动了模因股票的飙升。2020年，在线经纪商以创纪录的速度签约客户，新开户人数超过1000万人。这一纪录几乎肯定会在2021年被打破。一些顶级公司透露，今年不到一半，经纪商就已经增加了超过1000万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这一现象的马车，也是马。它们的价格突然飙升是由新投资者推动的，然后这种行为会推动更多的新人投资。数百万人在一月底和二月初下载了投资应用程序，只是为了享受乐趣。嘉信理财(SCHW)最近的一项调查发现，15%的当前交易者在2020年之后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>这一激增中最突出的参与者是Robinhood，该公司表示仅在第一季度就增加了550万个受资助账户。但它并不孤单。例如，富达宣布第一季度吸引了160万35岁以下的新客户，比去年同期增长了223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在Robinhood零佣金模式的压力下，所有主要经纪商都在2019年将佣金降至零。这为新的客户群体打开了闸门——他们可能没有那么多闲钱可供交易，但比前辈更加活跃和多样化。经纪人正在兑现。富达希望在投资者拥有驾驶执照之前就吸引他们，允许年仅13岁的儿童开设交易账户。Robinhood正在乘势进行首次公开募股，分析师预计其估值将超过其收入的10倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与老客户不同。E*Trade（现归摩根士丹利(MS)所有）交易主管克里斯·拉金(Chris Larkin)表示，多年来，“ETF的吸引力很大”。但挑选个股显然是“2021年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，股票交易所交易基金仍然表现良好，因为世界各地的投资者都押注于疫情复苏，并避免债券收益率疲软。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但ETF不像股票那样点亮留言板。对于顶级品牌来说，这并不是一条单程之旅。游戏驿站确实在二月份下跌，华尔街享受了一段幸灾乐祸的时刻。这并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>盈透证券(Interactive Brokers)首席策略师史蒂夫·索斯尼克(Steve Sosnick)写道：“就像蝉一样，模因交易者在看似地下几个月后，又以疯狂的活动回归。”索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种股票转向另一种股票。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>他写道：“我认为，在比特币和其他加密货币大幅调整后，模因股票重新焕发生机，这绝非巧合。”</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为模因股票是一个“独立的行业”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对模因股票革命的反应是孤立市场中专业人士认为非理性的部分。大多数卖空者不会碰这些股票，分析师也放弃了报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样将零售大军赶走，也不能指望它们在未来17年消失。股票交易已经永久转移。今年，零售活动占股本的24%，高于2019年的15%。新信条的追随者并不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>哥伦比亚大学法学院专门研究证券市场的教授约书亚·米茨(Joshua Mitts)表示：“这真正反映了我们看到的与个别公司的接触越来越少的趋势的逆转。”“技术正在拉近普通投资者与他或她投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>——Matt Kohrs，26岁，每天在YouTube上播放股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早期进入的人的生活，并且仍然名气更高。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯（Matt Kohrs）为例，他很早就投资了AMC院线。今年2月，他辞去了在纽约的程序员工作，搬到了费城，并开始每天在YouTube上播放7个小时的股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>它在YouTube上拥有35万粉丝，正在支付账单。科尔斯表示，凭借广告和股票的收入，他可以降低与以前大致相同的工资。但他也知道，像这样依赖股票的收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“你得到的挥杆肯定会让你有某种感觉，”他说。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给模因学家来理解新华尔街充满表情符号的语言，这样他们就可以避开他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC甚至在过去一周取消了拟议的股权融资，因为该公司显然不喜欢Reddit人群的氛围。过去一年，AMC的股票数量已经增加了五倍。首席执行官Adam Aron在推特上表示，他看到了对他增发2500万股股票的提议“许多是，许多不是”的反应，因此该提议将被取消，而不是在本月晚些时候的AMC年会上进行投票。该公司没有回应有关如何对股东进行民意调查的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室中确定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者花更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕散户行为进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在“阿尔法”，但可能需要一些激烈的数字运算才能达到这一目标。当然，并非所有留言板上的喋喋不休都会导致价格持续上涨，而且在没有大量数据分析的情况下，零售订单流无法轻易与机构订单流分开。对于拥有工具来确定散户投资者正在买入和卖出哪些股票的投资者，摩根大通建议做多买入兴趣最高的20%的股票，做空卖出兴趣最高的20%的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他们认为这几乎就像一份保险单，以限制他们的下行风险，”他说。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于散户来说，这种方法并不总是科学的。这一行动得到了社区精神的支持。其背后的力量既是经济上的，也是情感上的和道德上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是证明自己和惩罚保守派的愿望，就像利润一样。他们互相了解市场，有时会放大或揭穿有关华尔街的阴谋论。一些人将模因股票走势与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“华尔街让我们的经济陷入瘫痪，没有人因此惹上麻烦，”26岁的科尔斯说。“所以，我认为他们认为这不仅可以让我们赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格(Claire Hirschberg)是一名28岁的工会组织者，她在从朋友那里听说此事后，于1月份在Robinhood上购买了价值约50美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他父亲是一位长期的资金经理。“他对我买下游戏驿站并拒绝出售感到非常生气，”她笑着说。“这让我想永远拥有它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像旧华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，直到你成为合伙人后，你才会戴菲拉格慕领带。在总经理离开之前，你永远不会离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而不是这个顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万零售交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认经济损失是一种勇敢的行为，是内部坚韧和对集团信念的证明。你不把自己当回事，也不监管语言。你是“猿”或“弱智”大军的一员。你坚持住了崩溃，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>群体行动不仅仅是为了道义上的支持。交易策略取决于人们保持购买压力以迫使空头挤压或购买看涨期权，从而触发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔(Keith Gill)二月份几乎出现在众议院金融服务委员会听证会上，成为Reddit零售交易员大军的代言人，推动游戏驿站股价走高。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来为模因运动提供氧气。6月中旬，AMC的空头利息占该股流通量的17%，低于1月份的28%，但幅度不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格的上涨，空头们也身不由己。Wedbush Securities分析师Michael Pachter表示，他们开始“流口水，耳朵里冒出火焰”，多年来一直关注游戏驿站。“让我有点震惊的是精神错乱的定义，即一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头不断回来，”他说。“[游戏驿站公牛]基思·吉尔和他的Reddit攻略不断挤压他们，而且它一直在发挥作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit人群需要团结一致，但社区有时会出现裂痕。拥有最坚定粉丝群的两只模因股票——游戏驿站和AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更多善变的支持者。几只陷入迷因疯狂的股票已经暴跌。Bed Bath&amp;Beyond(BBBY)在1月底和6月初两次飙升，但现在的交易价格仅略高于1月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心wallstreetbets——最初引发游戏驿站狂热的Reddit留言板——发展如此之快，以至于失去了最初的精神，并可能变得容易受到操纵。一些人已经转移到其他留言板，如r/superstonk，希望恢复旧社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司Hype Equity的创始人特拉维斯·雷尔(Travis Rehl)表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常是由代表网上谈论的公司的公关公司雇佣的。现在，他看到越来越多的股票突然出现在留言板上，收到积极的议论，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“这引发了人们对什么是真正的讨论与什么是某人只是想炒作的讨论的质疑，”他说。wallstreetbets的版主禁止在该平台上进行市场操纵，Rehl表示，他们似乎正在努力监管错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>索斯尼克表示：“如果你能制造足够的轰动效应，让股票在短时间内上涨10%、20%甚至50%，那么就有巨大的动力这样做。”</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>证券交易委员会正在留言板上关注有趣的事情。美国证券交易委员会主席加里·詹斯勒(Gary Gensler)和一些国会议员讨论了改变市场规则，旨在增加保护零售交易者的透明度——尽管如果这些变化减慢交易速度或提高交易成本，也可能会激怒散户。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一可能抑制这一趋势的因素。fintech Betterment行为金融和投资副总裁丹·伊根(Dan Egan)认为，这一势头可能会在9月份失去动力。即使是“猿”也有责任。“孩子们开始回到学校；父母可以再次自由地去工作，”他说。“那是下一次从房间里抽出一些氧气的时候。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金激发的暂时疯狂。但那将是一个错误。如果零佣金经纪公司和游戏驿站的乐趣打破了数百万新投资者开户的障碍，这几乎肯定是一件好事，只要大多数人用他们并不立即需要的钱下注。许多新零售交易员表示，他们正在自学如何交易，并已开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>以这样或那样的形式，这就是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授Hendrik Bessembinder在2018年发表了开创性的研究，发现“在随机选择的月份随机选择的股票更有可能亏损而不是赚钱。”简而言之，挑选单一股票并持有集中的投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是受到了新一波交易的鼓舞。“我欢迎零售交易的增加，以及股票市场是一个广泛参与的地方的想法，”贝森宾德说。“经济学家不能告诉人们他们不应该找点乐子。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO\">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":{"CLOV":"Clover Health Corp","BBBY":"Bed Bath & Beyond, Inc.","GME":"游戏驿站","NEGG":"Newegg Comm Inc.","WKHS":"Workhorse Group, Inc.","CARV":"卡弗储蓄","AMC":"AMC院线","BB":"黑莓","SCHW":"嘉信理财"},"source_url":"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112201050","content_text":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?\nIt has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like Clover Health Investments(CLOV) and Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.\nThe collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.\nThat is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.\nWhile trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.\nEven as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.\nA sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.\n\n“I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to Barron’s.\nThe meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.\nMeme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.\n\nThe most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.\nUnder pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.\nThese new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”\nTo be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.\nBut ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.\n“Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.\n“I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.\nSosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.\nIndeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.\nBut Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.\n\n“What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”\nThe swings you get can definitely make you feel some sort of way.\n— Matt Kohrs, 26, who streams stock analysis daily on YouTube\nIt is now changing the lives of those who got in early and are still riding the names higher.\nTake Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming stock analysis on YouTube for seven hours a day.\nWith 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.\n“The swings you get can definitely make you feel some sort of way,” he says.\nCompanies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.\nAMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.\nForget the boardroom. Corporate policy is now being determined in the chat room.\nBig investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.\nIn the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.\nThere can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.\nFor now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.\nFor retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.\nNew investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.\n“Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”\nClaire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”\nJust like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.\nThe new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.\nThe group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.\nKeith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.\nMany short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.\nAs the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”\nTo beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath & Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.\nDistrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.\nTravis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.\n“It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from Barron’s for comment.\n“If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.\nThe Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.\nRegulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”\nTraditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.\nIn one form or another, this is the future client base of Wall Street.\nArizona State University professor Hendrik Bessembinder published groundbreaking research in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.\nEven so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”","news_type":1,"symbols_score_info":{"AMC":0.9,"CARV":0.9,"CLOV":0.9,"MRIN":0.9,"WKHS":0.9,"NEGG":0.9,"SCHW":0.9,"GME":0.9,"BBBY":0.9,"BB":0.9}},"isVote":1,"tweetType":1,"viewCount":398,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141105452,"gmtCreate":1625840924976,"gmtModify":1633936795620,"author":{"id":"3586991451337808","authorId":"3586991451337808","name":"Tunaaa","avatar":"https://static.tigerbbs.com/ce153d45d93b437fb6713a9e09b459b7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586991451337808","idStr":"3586991451337808"},"themes":[],"htmlText":"AMC!","listText":"AMC!","text":"AMC!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/141105452","repostId":"1173374462","repostType":4,"repost":{"id":"1173374462","kind":"news","pubTimestamp":1625840008,"share":"https://www.laohu8.com/m/news/1173374462?lang=zh_CN&edition=full","pubTime":"2021-07-09 22:13","market":"us","language":"en","title":"Meme Stocks Like GameStop and AMC Reflect Market Reality<blockquote>游戏驿站和AMC等模因股票反映了市场现实</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1173374462","media":"Thestreet","summary":"Gamestop (GME) made some investors rich… and then it broke many more. Investing in AMC Entertainment","content":"<p>Gamestop&nbsp;(<b>GME</b>)&nbsp;made some investors rich… and then it broke many more. Investing in AMC Entertainment&nbsp;(<b>AMC</b>)&nbsp;did the exact same thing. These two stocks represent, if not failing businesses, at least ailing ones; companies that struggled to keep up with the new economy even before the pandemic shut down large swaths of it. Yet over the past few months they have posted some of the most volatile gains and losses on the market.</p><p><blockquote>游戏驿站(<b>GME</b>）让一些投资者变得富有……然后又破产了更多。投资AMC院线（<b>AMC</b>）做了完全相同的事情。这两只股票即使不是失败的企业，也至少代表了陷入困境的企业；甚至在大流行之前就努力跟上新经济的公司就关闭了大部分新经济。然而，在过去的几个月里，他们公布了市场上一些最不稳定的收益和损失。</blockquote></p><p> How?</p><p><blockquote>如何？</blockquote></p><p> It’s down to what Real Money's Timothy Collins calls the market of “meme stock hyperbole.” But, he writes, is it really all that different from how trading has always worked?</p><p><blockquote>这取决于Real Money的Timothy Collins评级市场的“模因股票夸张”。但是，他写道，这真的与交易一直以来的运作方式有那么大的不同吗？</blockquote></p><p> Have you ever really thought about the phrases 'to the moon' or 'conviction buy,' and how they mess with out perception of fair value?</p><p><blockquote>您是否真正想过“登月”或“信念购买”这两个短语，以及它们如何扰乱我们对公允价值的看法？</blockquote></p><p> \"Initially, I rolled my eyes at the continued use of the phrase 'To The Moon,'\" Collins says. \"It's not like 'Strong Buy with a price target of $65', for instance. 'To the moon' is completely arbitrary and open to interpretation, but then again so are most things about valuation, when you think about it,\" Collins wrote.</p><p><blockquote>“最初，我对继续使用‘去月球’这个词翻了个白眼，”柯林斯说。“例如，这不像‘强力买入，目标价为65美元’。‘登月’完全是任意的，可以进行解释，但话又说回来，当你仔细想想时，大多数关于估值的事情也是如此，”柯林斯写道。</blockquote></p><p> \"For instance, when an analyst pounds the table on a stock, how is that different from 'to the moon?' Or when someone says, 'all in.' Are they really all in? Did they cash in all their assets, pool the liquidity, and buy every share they possibly could? Probably not. Actually, I'd say definitely not 99.9999% of the time. Of course, there's always that one person,\" Collins said.</p><p><blockquote>“例如，当分析师在一只股票上敲打桌子时，这与‘飞向月球’有什么不同？或者当有人说‘全押’时。他们真的全押了吗？他们是否兑现了所有资产，汇集了流动性，并尽可能地购买了每一股？可能不会。事实上，我会说绝对不是99.9999%的情况。当然，总有那么一个人，”柯林斯说。</blockquote></p><p> \"But the point isWall Street has been arbitraryfor years. We can't even have a standard rating system. Is it 'Neutral' or 'Hold?' And really, do I want to hold something that is only in the middle of your range? No.\"</p><p><blockquote>“但关键是，华尔街多年来一直是武断的。我们甚至不能有一个标准的评级系统。它是‘中性’还是‘持有’？说真的，我想持有只在你的范围中间的东西吗？不。”</blockquote></p><p> Collins writes, \"The system should be 'buy' or 'sell.' That's it. Black or white. Own or don't own.\"</p><p><blockquote>柯林斯写道，“系统应该是‘买入’或‘卖出’。就是这样。黑或白。拥有或不拥有。”</blockquote></p><p> Assets like GameStop and even cryptocurrency seem to be selling on nothing more than pure emotion. Investors are taking these products for a joy ride, and that tends to send prices flying up and down the ladder.</p><p><blockquote>像游戏驿站甚至加密货币这样的资产似乎只不过是纯粹的情绪在出售。投资者正在享受这些产品，这往往会导致价格飞涨。</blockquote></p><p> That’s confusing, to be sure. Just, before you go throwing your hands in the air, it’s important to remember that the stock market has always been at least a little bit arbitrary.</p><p><blockquote>诚然，这很令人困惑。只是，在你举手之前，重要的是要记住股票市场总是至少有一点武断。</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>Meme Stocks Like GameStop and AMC Reflect Market Reality<blockquote>游戏驿站和AMC等模因股票反映了市场现实</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\">\nMeme Stocks Like GameStop and AMC Reflect Market Reality<blockquote>游戏驿站和AMC等模因股票反映了市场现实</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-07-09 22:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Gamestop&nbsp;(<b>GME</b>)&nbsp;made some investors rich… and then it broke many more. Investing in AMC Entertainment&nbsp;(<b>AMC</b>)&nbsp;did the exact same thing. These two stocks represent, if not failing businesses, at least ailing ones; companies that struggled to keep up with the new economy even before the pandemic shut down large swaths of it. Yet over the past few months they have posted some of the most volatile gains and losses on the market.</p><p><blockquote>游戏驿站(<b>GME</b>）让一些投资者变得富有……然后又破产了更多。投资AMC院线（<b>AMC</b>）做了完全相同的事情。这两只股票即使不是失败的企业，也至少代表了陷入困境的企业；甚至在大流行之前就努力跟上新经济的公司就关闭了大部分新经济。然而，在过去的几个月里，他们公布了市场上一些最不稳定的收益和损失。</blockquote></p><p> How?</p><p><blockquote>如何？</blockquote></p><p> It’s down to what Real Money's Timothy Collins calls the market of “meme stock hyperbole.” But, he writes, is it really all that different from how trading has always worked?</p><p><blockquote>这取决于Real Money的Timothy Collins评级市场的“模因股票夸张”。但是，他写道，这真的与交易一直以来的运作方式有那么大的不同吗？</blockquote></p><p> Have you ever really thought about the phrases 'to the moon' or 'conviction buy,' and how they mess with out perception of fair value?</p><p><blockquote>您是否真正想过“登月”或“信念购买”这两个短语，以及它们如何扰乱我们对公允价值的看法？</blockquote></p><p> \"Initially, I rolled my eyes at the continued use of the phrase 'To The Moon,'\" Collins says. \"It's not like 'Strong Buy with a price target of $65', for instance. 'To the moon' is completely arbitrary and open to interpretation, but then again so are most things about valuation, when you think about it,\" Collins wrote.</p><p><blockquote>“最初，我对继续使用‘去月球’这个词翻了个白眼，”柯林斯说。“例如，这不像‘强力买入，目标价为65美元’。‘登月’完全是任意的，可以进行解释，但话又说回来，当你仔细想想时，大多数关于估值的事情也是如此，”柯林斯写道。</blockquote></p><p> \"For instance, when an analyst pounds the table on a stock, how is that different from 'to the moon?' Or when someone says, 'all in.' Are they really all in? Did they cash in all their assets, pool the liquidity, and buy every share they possibly could? Probably not. Actually, I'd say definitely not 99.9999% of the time. Of course, there's always that one person,\" Collins said.</p><p><blockquote>“例如，当分析师在一只股票上敲打桌子时，这与‘飞向月球’有什么不同？或者当有人说‘全押’时。他们真的全押了吗？他们是否兑现了所有资产，汇集了流动性，并尽可能地购买了每一股？可能不会。事实上，我会说绝对不是99.9999%的情况。当然，总有那么一个人，”柯林斯说。</blockquote></p><p> \"But the point isWall Street has been arbitraryfor years. We can't even have a standard rating system. Is it 'Neutral' or 'Hold?' And really, do I want to hold something that is only in the middle of your range? No.\"</p><p><blockquote>“但关键是，华尔街多年来一直是武断的。我们甚至不能有一个标准的评级系统。它是‘中性’还是‘持有’？说真的，我想持有只在你的范围中间的东西吗？不。”</blockquote></p><p> Collins writes, \"The system should be 'buy' or 'sell.' That's it. Black or white. Own or don't own.\"</p><p><blockquote>柯林斯写道，“系统应该是‘买入’或‘卖出’。就是这样。黑或白。拥有或不拥有。”</blockquote></p><p> Assets like GameStop and even cryptocurrency seem to be selling on nothing more than pure emotion. Investors are taking these products for a joy ride, and that tends to send prices flying up and down the ladder.</p><p><blockquote>像游戏驿站甚至加密货币这样的资产似乎只不过是纯粹的情绪在出售。投资者正在享受这些产品，这往往会导致价格飞涨。</blockquote></p><p> That’s confusing, to be sure. Just, before you go throwing your hands in the air, it’s important to remember that the stock market has always been at least a little bit arbitrary.</p><p><blockquote>诚然，这很令人困惑。只是，在你举手之前，重要的是要记住股票市场总是至少有一点武断。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/meme-stocks-like-gamestop-amc-reflect-market-reality\">Thestreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线","GME":"游戏驿站"},"source_url":"https://www.thestreet.com/investing/meme-stocks-like-gamestop-amc-reflect-market-reality","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173374462","content_text":"Gamestop (GME) made some investors rich… and then it broke many more. Investing in AMC Entertainment (AMC) did the exact same thing. These two stocks represent, if not failing businesses, at least ailing ones; companies that struggled to keep up with the new economy even before the pandemic shut down large swaths of it. Yet over the past few months they have posted some of the most volatile gains and losses on the market.\nHow?\nIt’s down to what Real Money's Timothy Collins calls the market of “meme stock hyperbole.” But, he writes, is it really all that different from how trading has always worked?\nHave you ever really thought about the phrases 'to the moon' or 'conviction buy,' and how they mess with out perception of fair value?\n\"Initially, I rolled my eyes at the continued use of the phrase 'To The Moon,'\" Collins says. \"It's not like 'Strong Buy with a price target of $65', for instance. 'To the moon' is completely arbitrary and open to interpretation, but then again so are most things about valuation, when you think about it,\" Collins wrote.\n\"For instance, when an analyst pounds the table on a stock, how is that different from 'to the moon?' Or when someone says, 'all in.' Are they really all in? Did they cash in all their assets, pool the liquidity, and buy every share they possibly could? Probably not. Actually, I'd say definitely not 99.9999% of the time. Of course, there's always that one person,\" Collins said.\n\"But the point isWall Street has been arbitraryfor years. We can't even have a standard rating system. Is it 'Neutral' or 'Hold?' And really, do I want to hold something that is only in the middle of your range? No.\"\nCollins writes, \"The system should be 'buy' or 'sell.' That's it. Black or white. Own or don't own.\"\nAssets like GameStop and even cryptocurrency seem to be selling on nothing more than pure emotion. Investors are taking these products for a joy ride, and that tends to send prices flying up and down the ladder.\nThat’s confusing, to be sure. Just, before you go throwing your hands in the air, it’s important to remember that the stock market has always been at least a little bit arbitrary.","news_type":1,"symbols_score_info":{"AMC":0.9,"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":351,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":156198812,"gmtCreate":1625200360736,"gmtModify":1633942598437,"author":{"id":"3586991451337808","authorId":"3586991451337808","name":"Tunaaa","avatar":"https://static.tigerbbs.com/ce153d45d93b437fb6713a9e09b459b7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586991451337808","authorIdStr":"3586991451337808"},"themes":[],"htmlText":"Yolo trading! Lol . Like pls&nbsp;","listText":"Yolo trading! Lol . Like pls&nbsp;","text":"Yolo trading! Lol . Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/156198812","repostId":"1133090424","repostType":4,"isVote":1,"tweetType":1,"viewCount":336,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898584575,"gmtCreate":1628511275697,"gmtModify":1631883841582,"author":{"id":"3586991451337808","authorId":"3586991451337808","name":"Tunaaa","avatar":"https://static.tigerbbs.com/ce153d45d93b437fb6713a9e09b459b7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586991451337808","authorIdStr":"3586991451337808"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>FLY! Fly high! Happy National Day Singapore&nbsp;","listText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>FLY! Fly high! Happy National Day Singapore&nbsp;","text":"$Exela Technologies, Inc.(XELA)$FLY! Fly high! Happy National Day Singapore","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/898584575","isVote":1,"tweetType":1,"viewCount":3002,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":826759491,"gmtCreate":1634059467508,"gmtModify":1634059467695,"author":{"id":"3586991451337808","authorId":"3586991451337808","name":"Tunaaa","avatar":"https://static.tigerbbs.com/ce153d45d93b437fb6713a9e09b459b7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586991451337808","authorIdStr":"3586991451337808"},"themes":[],"htmlText":"Ok&nbsp;","listText":"Ok&nbsp;","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/826759491","repostId":"1160581040","repostType":4,"repost":{"id":"1160581040","kind":"news","pubTimestamp":1634042129,"share":"https://www.laohu8.com/m/news/1160581040?lang=zh_CN&edition=full","pubTime":"2021-10-12 20:35","market":"us","language":"en","title":"Another Earnings Season Is Here. What to Expect This Time.<blockquote>又一个财报季到了。这次会发生什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160581040","media":"Barrons","summary":"Earnings season kicks off this week—and it may take some unusually impressive results for stocks to ","content":"<p>Earnings season kicks off this week—and it may take some unusually impressive results for stocks to rise after them.</p><p><blockquote>财报季将于本周拉开帷幕，股市可能需要一些异常令人印象深刻的业绩才能在财报季之后上涨。</blockquote></p><p> Reports from&nbsp;S&amp;P 500&nbsp;companies have been trickling in—only 21 companies in the index had reported through Monday—but this week marks the beginning of what is known as earnings season. Investors will hear from&nbsp;Delta Air Lines&nbsp;(DAL),<a href=\"https://laohu8.com/S/WBA\">Walgreens Boots Alliance</a>&nbsp;(WBA), and UnitedHealth Group (UNH), plus, banking heavyweights JPMorgan Chase &amp; Co. (JPM), Bank of America(BAC). It will provide a view of how businesses performed during the third quarter of 2021, and offer a glimpse into coming quarters as well.</p><p><blockquote>标准普尔500指数公司的报告源源不断——截至周一，该指数中只有21家公司发布了报告——但本周标志着所谓的财报季的开始。投资者将听取达美航空（DAL）的意见，<a href=\"https://laohu8.com/S/WBA\">沃尔格林靴子联盟</a>(WBA)、联合健康集团(UNH)、银行业巨头摩根大通(JPM)、美国银行(BAC)。它将提供2021年第三季度企业表现的视图，并提供未来几个季度的一瞥。</blockquote></p><p> Analysts are forecasting aggregate earnings per share on the S&amp;P 500 to grow 24.5%, according to S&amp;P Global Market Intelligence. Some of the most economically sensitive sectors are still expecting the largest rebound in EPS, as last year’s third quarter was still ravaged by partial lockdowns. S&amp;P 500 industrial and material companies are expected to see 73% and 90% year-over-year growth, respectively, with energy expected to go from losses to profits. Two of the slowest growing sectors will be the traditionally non-volatile and highly stable consumer staples and utility sectors, expected to see EPS grow 3% and fall 2.9%, respectively.</p><p><blockquote>根据标准普尔全球市场情报，分析师预测标普500的每股收益总额将增长24.5%。由于去年第三季度仍受到部分封锁的破坏，一些对经济最敏感的行业仍预计每股收益将出现最大反弹。标普500工业和材料公司预计将分别同比增长73%和90%，能源公司预计将扭亏为盈。增长最慢的两个行业将是传统上不波动且高度稳定的必需消费品和公用事业行业，预计每股收益将分别增长3%和下降2.9%。</blockquote></p><p> No matter the predicted growth, companies need to post big earnings beats in order for their shares to gain much. The S&amp;P 500 has already risen 17.9% this year, as companies benefited from the unprecedented reopening following Covid-19 shutdowns and trillions of dollars of fiscal stimulus. As a result, valuations already reflect a large earnings stream, with the average S&amp;P 500 stock trading at around 20.5 times 12-month forward earnings estimates, above the long-term average in the mid-teens. For the market to live up to those valuations, the index needs to beat expectations by at least 10% in order to rally into year-end, writes Nicholas Colas, co-founder of DataTrek.</p><p><blockquote>无论预测的增长如何，公司都需要公布大幅超出预期的盈利才能使其股价大幅上涨。标普500今年已经上涨了17.9%，因为企业受益于Covid-19关闭后前所未有的重新开放和数万亿美元的财政刺激。因此，估值已经反映了大量的盈利流，标普500股票的平均交易价格约为12个月预期盈利预期的20.5倍，高于十几岁左右的长期平均水平。DataTrek联合创始人尼古拉斯·科拉斯(Nicholas Colas)写道，为了让市场达到这些估值，该指数需要超出预期至少10%才能在年底前反弹。</blockquote></p><p> That won’t be easy. Nike (NKE) and FedEx (FDX), for example, posted mixed results as supply chain constraints and rising costs ate into sales and profit margins, causing the stocks to fall 6% and 9%, respectively, the trading day after their earnings reports. The size of earnings beats from early reporters has been shrinking as well. So far, early reporters have topped earnings forecasts by just 4%, well below the 23.2% and 15.5% during the second quarter in 2020 and 2021.</p><p><blockquote>那可不容易。例如，耐克(NKE)和联邦快递(FDX)公布的业绩好坏参半，因为供应链限制和成本上升侵蚀了销售额和利润率，导致股价在财报发布后的交易日分别下跌6%和9%。早期记者的盈利超出预期的规模也在缩小。到目前为止，早期记者的盈利预期仅高出4%，远低于2020年和2021年第二季度的23.2%和15.5%。</blockquote></p><p> “We believe that economic headwinds will mitigate the benefits from pricing power and operating leverage, leading to less robust surprises in the third quarter,” writes Jonathan Golub, chief U.S. equity strategist at Credit Suisse.</p><p><blockquote>瑞士信贷首席美国股票策略师乔纳森·戈卢布写道：“我们认为，经济逆风将削弱定价能力和运营杠杆带来的好处，导致第三季度的意外情况不那么强劲。”</blockquote></p><p> Earnings estimates have begun to reflect those headwinds. Third-quarter forecasts have fallen about 0.8% since the beginning of September. That may not seem like much, but if companies say they expect more difficulty accessing supplies and that higher costs are persisting, analysts could revise 2022 estimates lower. “This sets up the first earnings season in the recovery where earnings risk clearly exists,” writes Tavis McCourt, institutional equity strategist at Raymond James.</p><p><blockquote>盈利预测已开始反映这些不利因素。自9月初以来，第三季度预测下降了约0.8%。这可能看起来不多，但如果企业表示他们预计获得供应会更加困难，并且成本持续上升，分析师可能会下调2022年的预期。雷蒙德·詹姆斯(Raymond James)机构股票策略师塔维斯·麦考特(Tavis McCourt)写道：“这标志着复苏中第一个明显存在盈利风险的财报季。”</blockquote></p><p> The good news? The S&amp;P 500 is down 3.8% from its Sept. 2 all-time high, so there’s a chance that some of the earnings risks are already reflected in the market.</p><p><blockquote>好消息是什么？标普500较9月2日的历史高点下跌了3.8%，因此一些盈利风险有可能已经反映在市场上。</blockquote></p><p> The question is whether it’s enough.</p><p><blockquote>问题是这是否足够。</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>Another Earnings Season Is Here. What to Expect This Time.<blockquote>又一个财报季到了。这次会发生什么。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAnother Earnings Season Is Here. What to Expect This Time.<blockquote>又一个财报季到了。这次会发生什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-10-12 20:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Earnings season kicks off this week—and it may take some unusually impressive results for stocks to rise after them.</p><p><blockquote>财报季将于本周拉开帷幕，股市可能需要一些异常令人印象深刻的业绩才能在财报季之后上涨。</blockquote></p><p> Reports from&nbsp;S&amp;P 500&nbsp;companies have been trickling in—only 21 companies in the index had reported through Monday—but this week marks the beginning of what is known as earnings season. Investors will hear from&nbsp;Delta Air Lines&nbsp;(DAL),<a href=\"https://laohu8.com/S/WBA\">Walgreens Boots Alliance</a>&nbsp;(WBA), and UnitedHealth Group (UNH), plus, banking heavyweights JPMorgan Chase &amp; Co. (JPM), Bank of America(BAC). It will provide a view of how businesses performed during the third quarter of 2021, and offer a glimpse into coming quarters as well.</p><p><blockquote>标准普尔500指数公司的报告源源不断——截至周一，该指数中只有21家公司发布了报告——但本周标志着所谓的财报季的开始。投资者将听取达美航空（DAL）的意见，<a href=\"https://laohu8.com/S/WBA\">沃尔格林靴子联盟</a>(WBA)、联合健康集团(UNH)、银行业巨头摩根大通(JPM)、美国银行(BAC)。它将提供2021年第三季度企业表现的视图，并提供未来几个季度的一瞥。</blockquote></p><p> Analysts are forecasting aggregate earnings per share on the S&amp;P 500 to grow 24.5%, according to S&amp;P Global Market Intelligence. Some of the most economically sensitive sectors are still expecting the largest rebound in EPS, as last year’s third quarter was still ravaged by partial lockdowns. S&amp;P 500 industrial and material companies are expected to see 73% and 90% year-over-year growth, respectively, with energy expected to go from losses to profits. Two of the slowest growing sectors will be the traditionally non-volatile and highly stable consumer staples and utility sectors, expected to see EPS grow 3% and fall 2.9%, respectively.</p><p><blockquote>根据标准普尔全球市场情报，分析师预测标普500的每股收益总额将增长24.5%。由于去年第三季度仍受到部分封锁的破坏，一些对经济最敏感的行业仍预计每股收益将出现最大反弹。标普500工业和材料公司预计将分别同比增长73%和90%，能源公司预计将扭亏为盈。增长最慢的两个行业将是传统上不波动且高度稳定的必需消费品和公用事业行业，预计每股收益将分别增长3%和下降2.9%。</blockquote></p><p> No matter the predicted growth, companies need to post big earnings beats in order for their shares to gain much. The S&amp;P 500 has already risen 17.9% this year, as companies benefited from the unprecedented reopening following Covid-19 shutdowns and trillions of dollars of fiscal stimulus. As a result, valuations already reflect a large earnings stream, with the average S&amp;P 500 stock trading at around 20.5 times 12-month forward earnings estimates, above the long-term average in the mid-teens. For the market to live up to those valuations, the index needs to beat expectations by at least 10% in order to rally into year-end, writes Nicholas Colas, co-founder of DataTrek.</p><p><blockquote>无论预测的增长如何，公司都需要公布大幅超出预期的盈利才能使其股价大幅上涨。标普500今年已经上涨了17.9%，因为企业受益于Covid-19关闭后前所未有的重新开放和数万亿美元的财政刺激。因此，估值已经反映了大量的盈利流，标普500股票的平均交易价格约为12个月预期盈利预期的20.5倍，高于十几岁左右的长期平均水平。DataTrek联合创始人尼古拉斯·科拉斯(Nicholas Colas)写道，为了让市场达到这些估值，该指数需要超出预期至少10%才能在年底前反弹。</blockquote></p><p> That won’t be easy. Nike (NKE) and FedEx (FDX), for example, posted mixed results as supply chain constraints and rising costs ate into sales and profit margins, causing the stocks to fall 6% and 9%, respectively, the trading day after their earnings reports. The size of earnings beats from early reporters has been shrinking as well. So far, early reporters have topped earnings forecasts by just 4%, well below the 23.2% and 15.5% during the second quarter in 2020 and 2021.</p><p><blockquote>那可不容易。例如，耐克(NKE)和联邦快递(FDX)公布的业绩好坏参半，因为供应链限制和成本上升侵蚀了销售额和利润率，导致股价在财报发布后的交易日分别下跌6%和9%。早期记者的盈利超出预期的规模也在缩小。到目前为止，早期记者的盈利预期仅高出4%，远低于2020年和2021年第二季度的23.2%和15.5%。</blockquote></p><p> “We believe that economic headwinds will mitigate the benefits from pricing power and operating leverage, leading to less robust surprises in the third quarter,” writes Jonathan Golub, chief U.S. equity strategist at Credit Suisse.</p><p><blockquote>瑞士信贷首席美国股票策略师乔纳森·戈卢布写道：“我们认为，经济逆风将削弱定价能力和运营杠杆带来的好处，导致第三季度的意外情况不那么强劲。”</blockquote></p><p> Earnings estimates have begun to reflect those headwinds. Third-quarter forecasts have fallen about 0.8% since the beginning of September. That may not seem like much, but if companies say they expect more difficulty accessing supplies and that higher costs are persisting, analysts could revise 2022 estimates lower. “This sets up the first earnings season in the recovery where earnings risk clearly exists,” writes Tavis McCourt, institutional equity strategist at Raymond James.</p><p><blockquote>盈利预测已开始反映这些不利因素。自9月初以来，第三季度预测下降了约0.8%。这可能看起来不多，但如果企业表示他们预计获得供应会更加困难，并且成本持续上升，分析师可能会下调2022年的预期。雷蒙德·詹姆斯(Raymond James)机构股票策略师塔维斯·麦考特(Tavis McCourt)写道：“这标志着复苏中第一个明显存在盈利风险的财报季。”</blockquote></p><p> The good news? The S&amp;P 500 is down 3.8% from its Sept. 2 all-time high, so there’s a chance that some of the earnings risks are already reflected in the market.</p><p><blockquote>好消息是什么？标普500较9月2日的历史高点下跌了3.8%，因此一些盈利风险有可能已经反映在市场上。</blockquote></p><p> The question is whether it’s enough.</p><p><blockquote>问题是这是否足够。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stock-market-earnings-season-preview-51633995452?mod=hp_LATEST\">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":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/stock-market-earnings-season-preview-51633995452?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160581040","content_text":"Earnings season kicks off this week—and it may take some unusually impressive results for stocks to rise after them.\nReports from S&P 500 companies have been trickling in—only 21 companies in the index had reported through Monday—but this week marks the beginning of what is known as earnings season. Investors will hear from Delta Air Lines (DAL),Walgreens Boots Alliance (WBA), and UnitedHealth Group (UNH), plus, banking heavyweights JPMorgan Chase & Co. (JPM), Bank of America(BAC). It will provide a view of how businesses performed during the third quarter of 2021, and offer a glimpse into coming quarters as well.\nAnalysts are forecasting aggregate earnings per share on the S&P 500 to grow 24.5%, according to S&P Global Market Intelligence. Some of the most economically sensitive sectors are still expecting the largest rebound in EPS, as last year’s third quarter was still ravaged by partial lockdowns. S&P 500 industrial and material companies are expected to see 73% and 90% year-over-year growth, respectively, with energy expected to go from losses to profits. Two of the slowest growing sectors will be the traditionally non-volatile and highly stable consumer staples and utility sectors, expected to see EPS grow 3% and fall 2.9%, respectively.\nNo matter the predicted growth, companies need to post big earnings beats in order for their shares to gain much. The S&P 500 has already risen 17.9% this year, as companies benefited from the unprecedented reopening following Covid-19 shutdowns and trillions of dollars of fiscal stimulus. As a result, valuations already reflect a large earnings stream, with the average S&P 500 stock trading at around 20.5 times 12-month forward earnings estimates, above the long-term average in the mid-teens. For the market to live up to those valuations, the index needs to beat expectations by at least 10% in order to rally into year-end, writes Nicholas Colas, co-founder of DataTrek.\nThat won’t be easy. Nike (NKE) and FedEx (FDX), for example, posted mixed results as supply chain constraints and rising costs ate into sales and profit margins, causing the stocks to fall 6% and 9%, respectively, the trading day after their earnings reports. The size of earnings beats from early reporters has been shrinking as well. So far, early reporters have topped earnings forecasts by just 4%, well below the 23.2% and 15.5% during the second quarter in 2020 and 2021.\n“We believe that economic headwinds will mitigate the benefits from pricing power and operating leverage, leading to less robust surprises in the third quarter,” writes Jonathan Golub, chief U.S. equity strategist at Credit Suisse.\nEarnings estimates have begun to reflect those headwinds. Third-quarter forecasts have fallen about 0.8% since the beginning of September. That may not seem like much, but if companies say they expect more difficulty accessing supplies and that higher costs are persisting, analysts could revise 2022 estimates lower. “This sets up the first earnings season in the recovery where earnings risk clearly exists,” writes Tavis McCourt, institutional equity strategist at Raymond James.\nThe good news? The S&P 500 is down 3.8% from its Sept. 2 all-time high, so there’s a chance that some of the earnings risks are already reflected in the market.\nThe question is whether it’s enough.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2628,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":146505526,"gmtCreate":1626087994866,"gmtModify":1633930288926,"author":{"id":"3586991451337808","authorId":"3586991451337808","name":"Tunaaa","avatar":"https://static.tigerbbs.com/ce153d45d93b437fb6713a9e09b459b7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586991451337808","authorIdStr":"3586991451337808"},"themes":[],"htmlText":"Like pls&nbsp;","listText":"Like pls&nbsp;","text":"Like 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back pls&nbsp;","listText":"Like back pls&nbsp;","text":"Like back pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/128006920","repostId":"2145156570","repostType":4,"isVote":1,"tweetType":1,"viewCount":273,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808125964,"gmtCreate":1627566089958,"gmtModify":1633763750033,"author":{"id":"3586991451337808","authorId":"3586991451337808","name":"Tunaaa","avatar":"https://static.tigerbbs.com/ce153d45d93b437fb6713a9e09b459b7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586991451337808","authorIdStr":"3586991451337808"},"themes":[],"htmlText":"Like for coins&nbsp;","listText":"Like for coins&nbsp;","text":"Like for coins","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/808125964","repostId":"1100467736","repostType":4,"isVote":1,"tweetType":1,"viewCount":611,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162933452,"gmtCreate":1624030568276,"gmtModify":1634023817323,"author":{"id":"3586991451337808","authorId":"3586991451337808","name":"Tunaaa","avatar":"https://static.tigerbbs.com/ce153d45d93b437fb6713a9e09b459b7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586991451337808","authorIdStr":"3586991451337808"},"themes":[],"htmlText":"Help me with 1 like pls&nbsp;","listText":"Help me with 1 like pls&nbsp;","text":"Help me with 1 like 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$40","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/842022742","isVote":1,"tweetType":1,"viewCount":2112,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}