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2021-07-29

Good 👍

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2021-07-19

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2021-07-16

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2021-07-16

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2021-07-16

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2021-07-14

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2021-07-14

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2021-07-12

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2021-07-12

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Earnings Kick Off With Sky-High Forecasts, Record Stock Market<blockquote>盈利以极高的预测和创纪录的股市开始</blockquote>

2021-07-12

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2021-07-12

Yes

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2021-07-11

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2021-07-11

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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>

2021-07-11

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2021-07-11

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Disney shares rises nearly 2%,as Shanghai Disneyland raising prices up to 10%.<blockquote>迪士尼股价上涨近2%，上海迪士尼乐园提价高达10%。</blockquote>

2021-07-11

Great

Apple shares surges 1.4%,climbing to a new record high.<blockquote>苹果股价飙升1.4%，攀升至历史新高。</blockquote>

2021-07-10

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2021-07-10

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2021-07-10

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2021-07-08

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👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/146248963","repostId":"1114204942","repostType":4,"isVote":1,"tweetType":1,"viewCount":1865,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146102209,"gmtCreate":1626056775201,"gmtModify":1631891560119,"author":{"id":"4088029059058460","authorId":"4088029059058460","name":"Foreverhappy","avatar":"https://static.tigerbbs.com/f283a5fea6544040fd5f8b4c904d2053","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088029059058460","authorIdStr":"4088029059058460"},"themes":[],"htmlText":"Great&nbsp;","listText":"Great&nbsp;","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/146102209","repostId":"1133868961","repostType":4,"repost":{"id":"1133868961","kind":"news","pubTimestamp":1626047742,"share":"https://www.laohu8.com/m/news/1133868961?lang=zh_CN&edition=full","pubTime":"2021-07-12 07:55","market":"us","language":"en","title":"Earnings Kick Off With Sky-High Forecasts, Record Stock Market<blockquote>盈利以极高的预测和创纪录的股市开始</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1133868961","media":"The Wall Street Journal","summary":"With stock valuations sitting above long-term norms, investors will be looking to company executives","content":"<p>  With stock valuations sitting above long-term norms, investors will be looking to company executives for clues on future profits.  Wall Street is heading into earnings season this week with high expectations after strong profits fueled a stock market rally in the first half of the year.</p><p><blockquote>由于股票估值高于长期正常水平，投资者将向公司高管寻求未来利润的线索。在上半年强劲的利润推动股市上涨后，华尔街本周带着很高的期望进入财报季。</blockquote></p><p> Money managers will be watching whether companies will again trounce Wall Street’s forecasts for earnings. The S&amp;P 500 has gained 16% this year and notched 38 record closes, most recently on Friday.</p><p><blockquote>基金经理将关注公司是否会再次超出华尔街的盈利预测。标普500今年已上涨16%，并创下38次收盘纪录，最近一次是在周五。</blockquote></p><p> With stock valuations sitting above long-term norms, investors will also be looking to executives for clues on what the future holds for company profits.</p><p><blockquote>由于股票估值高于长期正常水平，投资者还将向高管寻求有关公司利润未来前景的线索。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a3b557a54040f8c8702b3328a3c51ed9\" tg-width=\"337\" tg-height=\"414\" referrerpolicy=\"no-referrer\">“Do people reward the markets even further from the levels that we’re seeing today?” said Amy Kong, chief investment officer at Barrett Asset Management. “It really depends I think on what management teams would say.”</p><p><blockquote>“人们对市场的回报是否会比我们今天看到的水平更高？”巴雷特资产管理公司首席投资官Amy Kong表示。“我认为这真的取决于管理团队会怎么说。”</blockquote></p><p> Investors this week will parse results from big banks like JPMorgan Chase &amp; Co. and Bank of America Corp., as well as from companies ranging from PepsiCo Inc. toDelta Air LinesInc.DAL2.02%toUnitedHealth GroupInc.UNH0.53%</p><p><blockquote>投资者本周将分析摩根大通和美国银行等大银行以及百事可乐公司、达美航空公司、联合健康集团等公司的业绩</blockquote></p><p> The company earnings will offer a glimpse into how businesses are doing more than a year after the pandemicplunged the U.S. into a recession. With questions about the path of inflation and the labor market unresolved, investors haveshown signs of skittishnessabout the market’s course in the coming months.</p><p><blockquote>在疫情使美国陷入衰退一年多后，该公司的收益将让我们一睹企业的表现。由于有关通胀路径和劳动力市场的问题尚未解决，投资者对未来几个月的市场走势表现出不安的迹象。</blockquote></p><p> Analysts project that profits for S&amp;P 500 companies rose 64% in the second quarter from a year earlier, according to FactSet, a growth rate that would be the highest in more than a decade. However, the growth will be measured from a period when much of the economy had been brought to a standstill from the pandemic as consumers retreated and some businesses saw steep declines in revenue. Analysts expect businesses constrained by the pandemic and economic slowdown, like the financial and industrial sectors, to more than double their profits from the same period in 2020.</p><p><blockquote>FactSet的数据显示，分析师预计标普500公司第二季度利润同比增长64%，这一增长率将是十多年来的最高水平。然而，这一增长将是在疫情导致大部分经济陷入停滞的时期来衡量的，因为消费者撤退，一些企业的收入急剧下降。分析师预计，受疫情和经济放缓限制的企业，如金融和工业部门，其利润将比2020年同期增长一倍以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ea3485d0ca239f089d056ae1a67be293\" tg-width=\"317\" tg-height=\"429\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Also, forecasts have drifted higher in recent months, helped by an unusually large number of companies advising investors that they expect earnings to come in higher than analysts had been estimating.</p><p><blockquote>此外，近几个月来，预测有所上升，这得益于数量异常多的公司向投资者表示，他们预计盈利将高于分析师的预期。</blockquote></p><p> “The reason for that is simple: The speed and robustness of the recovery is greater today than everyone anticipated three months ago,” said Hal Reynolds, chief investment officer at Los Angeles Capital Management.</p><p><blockquote>洛杉矶资本管理公司首席投资官哈尔·雷诺兹表示：“原因很简单：今天复苏的速度和强劲程度超出了三个月前所有人的预期。”</blockquote></p><p> It is more common for companies to try to lower expectations as they head into a reporting season.</p><p><blockquote>在进入财报季时，公司试图降低预期的情况更为常见。</blockquote></p><p> Federal Reserve officials at the central bank’s June policy meeting suggested theymight need to dial back their supportfor the economy earlier than expected because growth has been so strong.</p><p><blockquote>美联储官员在六月政策会议上表示，他们可能需要比预期更早地减少对经济的支持，因为经济增长如此强劲。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/106ca1452ace2794d634ea68a562e334\" tg-width=\"296\" tg-height=\"417\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> At the same time, investors in recent days have been considering the threat that labor shortages, supply-chain bottlenecks and thehighly contagious Delta variantof the coronavirus might pose to their rosy economic outlooks.</p><p><blockquote>与此同时，投资者最近几天一直在考虑劳动力短缺、供应链瓶颈和高传染性的冠状病毒三角洲变种可能对其乐观的经济前景构成的威胁。</blockquote></p><p> A rally in ultrasafe government bonds pushed the yield on the benchmark 10-year U.S. Treasury notebelow 1.3% last week, settling Thursday at its lowest level since February. Stocks sold off, with the S&amp;P 500, Dow Jones Industrial Average and tech-heavy Nasdaq Composite on Thursdaysuffering their worst daily performancesin nearly three weeks before bouncing higher Friday.</p><p><blockquote>超安全政府债券的上涨推动基准10年期美国国债收益率上周跌破1.3%，周四收于2月份以来的最低水平。股市遭到抛售，标普500、道琼斯工业平均指数和以科技股为主的纳斯达克综合指数周四遭遇近三周来最差单日表现，周五反弹走高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/628f86f4b1c8df342c39ad290fcf6670\" tg-width=\"333\" tg-height=\"416\" referrerpolicy=\"no-referrer\">Investors are weighing each new development with an eye on the hefty price tags that stocks have commanded since the market last year rocketed up from its pandemic lows.</p><p><blockquote>投资者正在权衡每一项新进展，着眼于自去年市场从大流行低点飙升以来股市的高昂价格。</blockquote></p><p> The S&amp;P 500 traded Thursday at nearly 22 times expected earnings over the next 12 months, above a five-year average of a little more than 18.</p><p><blockquote>标普500周四的市盈率接近未来12个月预期市盈率的22倍，高于略高于18的五年平均水平。</blockquote></p><p> “Valuations on their own don’t kill a market, but valuations make you vulnerable if there’s an unpleasant surprise,” said Tom Hancock, lead portfolio manager of the GMO Quality Fund.</p><p><blockquote>转基因质量基金首席投资组合经理汤姆·汉考克表示：“估值本身不会扼杀市场，但如果出现令人不快的意外，估值会让你变得脆弱。”</blockquote></p><p> The economy’s rebound from the pandemic has driven asurge in consumer prices, and investors want to know how higher costs for anything from materials to labor will affect corporations’ bottom lines.</p><p><blockquote>经济从疫情中的反弹推动了消费者价格的飙升，投资者想知道从材料到劳动力的成本上升将如何影响企业的利润。</blockquote></p><p> Forecasts call for an S&amp;P 500 net profit margin of 11.8% in the second quarter, above the five-year average of 10.6%, according to FactSet. That recent efficiency in generating profits could be vulnerable as costs rise.</p><p><blockquote>FactSet的数据显示，看涨期权预计第二季度标普500净利润率为11.8%，高于10.6%的五年平均水平。随着成本上升，最近的盈利效率可能会变得脆弱。</blockquote></p><p></p><p> There are signs investors might look harshly on companies struggling to stay fully staffed.FedExCorp.shares fell 3.9% the day after the delivery giant’s June earnings report—and executives saiddifficulty hiring package handlershad driven wages higher and created inefficiency.</p><p><blockquote>有迹象表明，投资者可能会严厉看待那些努力保持人员充足的公司。在这家快递巨头发布6月份收益报告后的第二天，联邦快递公司股价下跌3.9%，高管们表示，招聘包裹处理员的困难导致工资上涨并造成效率低下。</blockquote></p><p> If that experience turns out to be widely shared, it could reshape expectations for the costs that U.S. companies will bear going forward—and potentially the prices their shares are worth.</p><p><blockquote>如果这一经验被广泛分享，它可能会重塑人们对美国公司未来将承担的成本的预期，并可能重塑其股票的价值。</blockquote></p><p> “I come back to inflation and margins being something that could really create a pause with stocks,” said Larry Cordisco, co-lead portfolio manager of the Osterweis Growth &amp; Income Fund. “Certainly if there’s wage inflation that starts to take hold, I think that is going to get people’s attention.”</p><p><blockquote>Osterweis Growth&amp;Income基金联席首席投资组合经理拉里·科迪斯科(Larry Cordisco)表示：“我回到通胀和利润率确实可能导致股市暂停。”“当然，如果工资通胀开始蔓延，我认为这将会引起人们的注意。”</blockquote></p><p> Shares ofDarden RestaurantsInc.meanwhile, rose 3.2% the day after the parent company of Olive Gardentopped earnings estimates, even as it pointed to a rise in the costs of food and labor. The company shared a sales forecast that assumes full operating capacity for essentially all restaurants and no significant interruptions related to the pandemic.</p><p><blockquote>与此同时，Olive Garden母公司盈利超出预期的第二天，Darden Restaurants Inc.的股价上涨3.2%，尽管该公司指出食品和劳动力成本上涨。该公司分享了一份销售预测，假设基本上所有餐厅都已满负荷运营，并且没有与大流行相关的重大中断。</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>Earnings Kick Off With Sky-High Forecasts, Record Stock Market<blockquote>盈利以极高的预测和创纪录的股市开始</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\">\nEarnings Kick Off With Sky-High Forecasts, Record Stock Market<blockquote>盈利以极高的预测和创纪录的股市开始</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-07-12 07:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  With stock valuations sitting above long-term norms, investors will be looking to company executives for clues on future profits.  Wall Street is heading into earnings season this week with high expectations after strong profits fueled a stock market rally in the first half of the year.</p><p><blockquote>由于股票估值高于长期正常水平，投资者将向公司高管寻求未来利润的线索。在上半年强劲的利润推动股市上涨后，华尔街本周带着很高的期望进入财报季。</blockquote></p><p> Money managers will be watching whether companies will again trounce Wall Street’s forecasts for earnings. The S&amp;P 500 has gained 16% this year and notched 38 record closes, most recently on Friday.</p><p><blockquote>基金经理将关注公司是否会再次超出华尔街的盈利预测。标普500今年已上涨16%，并创下38次收盘纪录，最近一次是在周五。</blockquote></p><p> With stock valuations sitting above long-term norms, investors will also be looking to executives for clues on what the future holds for company profits.</p><p><blockquote>由于股票估值高于长期正常水平，投资者还将向高管寻求有关公司利润未来前景的线索。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a3b557a54040f8c8702b3328a3c51ed9\" tg-width=\"337\" tg-height=\"414\" referrerpolicy=\"no-referrer\">“Do people reward the markets even further from the levels that we’re seeing today?” said Amy Kong, chief investment officer at Barrett Asset Management. “It really depends I think on what management teams would say.”</p><p><blockquote>“人们对市场的回报是否会比我们今天看到的水平更高？”巴雷特资产管理公司首席投资官Amy Kong表示。“我认为这真的取决于管理团队会怎么说。”</blockquote></p><p> Investors this week will parse results from big banks like JPMorgan Chase &amp; Co. and Bank of America Corp., as well as from companies ranging from PepsiCo Inc. toDelta Air LinesInc.DAL2.02%toUnitedHealth GroupInc.UNH0.53%</p><p><blockquote>投资者本周将分析摩根大通和美国银行等大银行以及百事可乐公司、达美航空公司、联合健康集团等公司的业绩</blockquote></p><p> The company earnings will offer a glimpse into how businesses are doing more than a year after the pandemicplunged the U.S. into a recession. With questions about the path of inflation and the labor market unresolved, investors haveshown signs of skittishnessabout the market’s course in the coming months.</p><p><blockquote>在疫情使美国陷入衰退一年多后，该公司的收益将让我们一睹企业的表现。由于有关通胀路径和劳动力市场的问题尚未解决，投资者对未来几个月的市场走势表现出不安的迹象。</blockquote></p><p> Analysts project that profits for S&amp;P 500 companies rose 64% in the second quarter from a year earlier, according to FactSet, a growth rate that would be the highest in more than a decade. However, the growth will be measured from a period when much of the economy had been brought to a standstill from the pandemic as consumers retreated and some businesses saw steep declines in revenue. Analysts expect businesses constrained by the pandemic and economic slowdown, like the financial and industrial sectors, to more than double their profits from the same period in 2020.</p><p><blockquote>FactSet的数据显示，分析师预计标普500公司第二季度利润同比增长64%，这一增长率将是十多年来的最高水平。然而，这一增长将是在疫情导致大部分经济陷入停滞的时期来衡量的，因为消费者撤退，一些企业的收入急剧下降。分析师预计，受疫情和经济放缓限制的企业，如金融和工业部门，其利润将比2020年同期增长一倍以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ea3485d0ca239f089d056ae1a67be293\" tg-width=\"317\" tg-height=\"429\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Also, forecasts have drifted higher in recent months, helped by an unusually large number of companies advising investors that they expect earnings to come in higher than analysts had been estimating.</p><p><blockquote>此外，近几个月来，预测有所上升，这得益于数量异常多的公司向投资者表示，他们预计盈利将高于分析师的预期。</blockquote></p><p> “The reason for that is simple: The speed and robustness of the recovery is greater today than everyone anticipated three months ago,” said Hal Reynolds, chief investment officer at Los Angeles Capital Management.</p><p><blockquote>洛杉矶资本管理公司首席投资官哈尔·雷诺兹表示：“原因很简单：今天复苏的速度和强劲程度超出了三个月前所有人的预期。”</blockquote></p><p> It is more common for companies to try to lower expectations as they head into a reporting season.</p><p><blockquote>在进入财报季时，公司试图降低预期的情况更为常见。</blockquote></p><p> Federal Reserve officials at the central bank’s June policy meeting suggested theymight need to dial back their supportfor the economy earlier than expected because growth has been so strong.</p><p><blockquote>美联储官员在六月政策会议上表示，他们可能需要比预期更早地减少对经济的支持，因为经济增长如此强劲。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/106ca1452ace2794d634ea68a562e334\" tg-width=\"296\" tg-height=\"417\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> At the same time, investors in recent days have been considering the threat that labor shortages, supply-chain bottlenecks and thehighly contagious Delta variantof the coronavirus might pose to their rosy economic outlooks.</p><p><blockquote>与此同时，投资者最近几天一直在考虑劳动力短缺、供应链瓶颈和高传染性的冠状病毒三角洲变种可能对其乐观的经济前景构成的威胁。</blockquote></p><p> A rally in ultrasafe government bonds pushed the yield on the benchmark 10-year U.S. Treasury notebelow 1.3% last week, settling Thursday at its lowest level since February. Stocks sold off, with the S&amp;P 500, Dow Jones Industrial Average and tech-heavy Nasdaq Composite on Thursdaysuffering their worst daily performancesin nearly three weeks before bouncing higher Friday.</p><p><blockquote>超安全政府债券的上涨推动基准10年期美国国债收益率上周跌破1.3%，周四收于2月份以来的最低水平。股市遭到抛售，标普500、道琼斯工业平均指数和以科技股为主的纳斯达克综合指数周四遭遇近三周来最差单日表现，周五反弹走高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/628f86f4b1c8df342c39ad290fcf6670\" tg-width=\"333\" tg-height=\"416\" referrerpolicy=\"no-referrer\">Investors are weighing each new development with an eye on the hefty price tags that stocks have commanded since the market last year rocketed up from its pandemic lows.</p><p><blockquote>投资者正在权衡每一项新进展，着眼于自去年市场从大流行低点飙升以来股市的高昂价格。</blockquote></p><p> The S&amp;P 500 traded Thursday at nearly 22 times expected earnings over the next 12 months, above a five-year average of a little more than 18.</p><p><blockquote>标普500周四的市盈率接近未来12个月预期市盈率的22倍，高于略高于18的五年平均水平。</blockquote></p><p> “Valuations on their own don’t kill a market, but valuations make you vulnerable if there’s an unpleasant surprise,” said Tom Hancock, lead portfolio manager of the GMO Quality Fund.</p><p><blockquote>转基因质量基金首席投资组合经理汤姆·汉考克表示：“估值本身不会扼杀市场，但如果出现令人不快的意外，估值会让你变得脆弱。”</blockquote></p><p> The economy’s rebound from the pandemic has driven asurge in consumer prices, and investors want to know how higher costs for anything from materials to labor will affect corporations’ bottom lines.</p><p><blockquote>经济从疫情中的反弹推动了消费者价格的飙升，投资者想知道从材料到劳动力的成本上升将如何影响企业的利润。</blockquote></p><p> Forecasts call for an S&amp;P 500 net profit margin of 11.8% in the second quarter, above the five-year average of 10.6%, according to FactSet. That recent efficiency in generating profits could be vulnerable as costs rise.</p><p><blockquote>FactSet的数据显示，看涨期权预计第二季度标普500净利润率为11.8%，高于10.6%的五年平均水平。随着成本上升，最近的盈利效率可能会变得脆弱。</blockquote></p><p></p><p> There are signs investors might look harshly on companies struggling to stay fully staffed.FedExCorp.shares fell 3.9% the day after the delivery giant’s June earnings report—and executives saiddifficulty hiring package handlershad driven wages higher and created inefficiency.</p><p><blockquote>有迹象表明，投资者可能会严厉看待那些努力保持人员充足的公司。在这家快递巨头发布6月份收益报告后的第二天，联邦快递公司股价下跌3.9%，高管们表示，招聘包裹处理员的困难导致工资上涨并造成效率低下。</blockquote></p><p> If that experience turns out to be widely shared, it could reshape expectations for the costs that U.S. companies will bear going forward—and potentially the prices their shares are worth.</p><p><blockquote>如果这一经验被广泛分享，它可能会重塑人们对美国公司未来将承担的成本的预期，并可能重塑其股票的价值。</blockquote></p><p> “I come back to inflation and margins being something that could really create a pause with stocks,” said Larry Cordisco, co-lead portfolio manager of the Osterweis Growth &amp; Income Fund. “Certainly if there’s wage inflation that starts to take hold, I think that is going to get people’s attention.”</p><p><blockquote>Osterweis Growth&amp;Income基金联席首席投资组合经理拉里·科迪斯科(Larry Cordisco)表示：“我回到通胀和利润率确实可能导致股市暂停。”“当然，如果工资通胀开始蔓延，我认为这将会引起人们的注意。”</blockquote></p><p> Shares ofDarden RestaurantsInc.meanwhile, rose 3.2% the day after the parent company of Olive Gardentopped earnings estimates, even as it pointed to a rise in the costs of food and labor. The company shared a sales forecast that assumes full operating capacity for essentially all restaurants and no significant interruptions related to the pandemic.</p><p><blockquote>与此同时，Olive Garden母公司盈利超出预期的第二天，Darden Restaurants Inc.的股价上涨3.2%，尽管该公司指出食品和劳动力成本上涨。该公司分享了一份销售预测，假设基本上所有餐厅都已满负荷运营，并且没有与大流行相关的重大中断。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/earnings-kick-off-with-sky-high-forecasts-record-stock-market-11625995802?mod=hp_lead_pos1\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF"},"source_url":"https://www.wsj.com/articles/earnings-kick-off-with-sky-high-forecasts-record-stock-market-11625995802?mod=hp_lead_pos1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133868961","content_text":"With stock valuations sitting above long-term norms, investors will be looking to company executives for clues on future profits.\n\nWall Street is heading into earnings season this week with high expectations after strong profits fueled a stock market rally in the first half of the year.\nMoney managers will be watching whether companies will again trounce Wall Street’s forecasts for earnings. The S&P 500 has gained 16% this year and notched 38 record closes, most recently on Friday.\nWith stock valuations sitting above long-term norms, investors will also be looking to executives for clues on what the future holds for company profits.\n“Do people reward the markets even further from the levels that we’re seeing today?” said Amy Kong, chief investment officer at Barrett Asset Management. “It really depends I think on what management teams would say.”\nInvestors this week will parse results from big banks like JPMorgan Chase & Co. and Bank of America Corp., as well as from companies ranging from PepsiCo Inc. toDelta Air LinesInc.DAL2.02%toUnitedHealth GroupInc.UNH0.53%\nThe company earnings will offer a glimpse into how businesses are doing more than a year after the pandemicplunged the U.S. into a recession. With questions about the path of inflation and the labor market unresolved, investors haveshown signs of skittishnessabout the market’s course in the coming months.\nAnalysts project that profits for S&P 500 companies rose 64% in the second quarter from a year earlier, according to FactSet, a growth rate that would be the highest in more than a decade. However, the growth will be measured from a period when much of the economy had been brought to a standstill from the pandemic as consumers retreated and some businesses saw steep declines in revenue. Analysts expect businesses constrained by the pandemic and economic slowdown, like the financial and industrial sectors, to more than double their profits from the same period in 2020.\n\nAlso, forecasts have drifted higher in recent months, helped by an unusually large number of companies advising investors that they expect earnings to come in higher than analysts had been estimating.\n“The reason for that is simple: The speed and robustness of the recovery is greater today than everyone anticipated three months ago,” said Hal Reynolds, chief investment officer at Los Angeles Capital Management.\nIt is more common for companies to try to lower expectations as they head into a reporting season.\nFederal Reserve officials at the central bank’s June policy meeting suggested theymight need to dial back their supportfor the economy earlier than expected because growth has been so strong.\n\nAt the same time, investors in recent days have been considering the threat that labor shortages, supply-chain bottlenecks and thehighly contagious Delta variantof the coronavirus might pose to their rosy economic outlooks.\nA rally in ultrasafe government bonds pushed the yield on the benchmark 10-year U.S. Treasury notebelow 1.3% last week, settling Thursday at its lowest level since February. Stocks sold off, with the S&P 500, Dow Jones Industrial Average and tech-heavy Nasdaq Composite on Thursdaysuffering their worst daily performancesin nearly three weeks before bouncing higher Friday.\nInvestors are weighing each new development with an eye on the hefty price tags that stocks have commanded since the market last year rocketed up from its pandemic lows.\nThe S&P 500 traded Thursday at nearly 22 times expected earnings over the next 12 months, above a five-year average of a little more than 18.\n“Valuations on their own don’t kill a market, but valuations make you vulnerable if there’s an unpleasant surprise,” said Tom Hancock, lead portfolio manager of the GMO Quality Fund.\nThe economy’s rebound from the pandemic has driven asurge in consumer prices, and investors want to know how higher costs for anything from materials to labor will affect corporations’ bottom lines.\nForecasts call for an S&P 500 net profit margin of 11.8% in the second quarter, above the five-year average of 10.6%, according to FactSet. That recent efficiency in generating profits could be vulnerable as costs rise.\nThere are signs investors might look harshly on companies struggling to stay fully staffed.FedExCorp.shares fell 3.9% the day after the delivery giant’s June earnings report—and executives saiddifficulty hiring package handlershad driven wages higher and created inefficiency.\nIf that experience turns out to be widely shared, it could reshape expectations for the costs that U.S. companies will bear going forward—and potentially the prices their shares are worth.\n“I come back to inflation and margins being something that could really create a pause with stocks,” said Larry Cordisco, co-lead portfolio manager of the Osterweis Growth & Income Fund. “Certainly if there’s wage inflation that starts to take hold, I think that is going to get people’s attention.”\nShares ofDarden RestaurantsInc.meanwhile, rose 3.2% the day after the parent company of Olive Gardentopped earnings estimates, even as it pointed to a rise in the costs of food and labor. The company shared a sales forecast that assumes full operating capacity for essentially all restaurants and no significant interruptions related to the pandemic.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":828,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146108576,"gmtCreate":1626056696595,"gmtModify":1631891560120,"author":{"id":"4088029059058460","authorId":"4088029059058460","name":"Foreverhappy","avatar":"https://static.tigerbbs.com/f283a5fea6544040fd5f8b4c904d2053","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088029059058460","authorIdStr":"4088029059058460"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/146108576","repostId":"1128954643","repostType":4,"isVote":1,"tweetType":1,"viewCount":3223,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148748878,"gmtCreate":1626026525094,"gmtModify":1633930859817,"author":{"id":"4088029059058460","authorId":"4088029059058460","name":"Foreverhappy","avatar":"https://static.tigerbbs.com/f283a5fea6544040fd5f8b4c904d2053","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088029059058460","authorIdStr":"4088029059058460"},"themes":[],"htmlText":"Yes&nbsp;","listText":"Yes&nbsp;","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/148748878","repostId":"2150463301","repostType":4,"isVote":1,"tweetType":1,"viewCount":838,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148459181,"gmtCreate":1626009393243,"gmtModify":1633930951098,"author":{"id":"4088029059058460","authorId":"4088029059058460","name":"Foreverhappy","avatar":"https://static.tigerbbs.com/f283a5fea6544040fd5f8b4c904d2053","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088029059058460","authorIdStr":"4088029059058460"},"themes":[],"htmlText":"Great 👍&nbsp;","listText":"Great 👍&nbsp;","text":"Great 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/148459181","repostId":"1101087642","repostType":4,"isVote":1,"tweetType":1,"viewCount":469,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148564012,"gmtCreate":1625990315336,"gmtModify":1633931044333,"author":{"id":"4088029059058460","authorId":"4088029059058460","name":"Foreverhappy","avatar":"https://static.tigerbbs.com/f283a5fea6544040fd5f8b4c904d2053","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088029059058460","authorIdStr":"4088029059058460"},"themes":[],"htmlText":"Great 👍&nbsp;","listText":"Great 👍&nbsp;","text":"Great 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/148564012","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，这并不是单程旅行。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>哥伦比亚法学院证券市场教授乔舒亚·米茨（Joshua Mits）说，“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亏损了。</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。证交会主席盖瑞·根斯勒和一些国会议员讨论改变市场规则，意图增加透明度保护零售商——尽管如果改变交易速度减慢或让交易变得更贵，这些变化也可能激怒零售商群体。</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，这并不是单程旅行。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>哥伦比亚法学院证券市场教授乔舒亚·米茨（Joshua Mits）说，“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亏损了。</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。证交会主席盖瑞·根斯勒和一些国会议员讨论改变市场规则，意图增加透明度保护零售商——尽管如果改变交易速度减慢或让交易变得更贵，这些变化也可能激怒零售商群体。</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":{"NEGG":"Newegg Comm Inc.","CLOV":"Clover Health Corp","AMC":"AMC院线","SCHW":"嘉信理财","BB":"黑莓","CARV":"卡弗储蓄","WKHS":"Workhorse Group, Inc.","GME":"游戏驿站","BBBY":"Bed Bath & Beyond, Inc."},"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":{"BBBY":0.9,"SCHW":0.9,"GME":0.9,"NEGG":0.9,"AMC":0.9,"MRIN":0.9,"CARV":0.9,"BB":0.9,"WKHS":0.9,"CLOV":0.9}},"isVote":1,"tweetType":1,"viewCount":535,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148220733,"gmtCreate":1625980490422,"gmtModify":1633931130759,"author":{"id":"4088029059058460","authorId":"4088029059058460","name":"Foreverhappy","avatar":"https://static.tigerbbs.com/f283a5fea6544040fd5f8b4c904d2053","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088029059058460","authorIdStr":"4088029059058460"},"themes":[],"htmlText":"Great 👍&nbsp;","listText":"Great 👍&nbsp;","text":"Great 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/148220733","repostId":"1135090843","repostType":4,"isVote":1,"tweetType":1,"viewCount":365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148349924,"gmtCreate":1625936547368,"gmtModify":1633931478399,"author":{"id":"4088029059058460","authorId":"4088029059058460","name":"Foreverhappy","avatar":"https://static.tigerbbs.com/f283a5fea6544040fd5f8b4c904d2053","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088029059058460","authorIdStr":"4088029059058460"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/148349924","repostId":"1187480487","repostType":4,"repost":{"id":"1187480487","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625838849,"share":"https://www.laohu8.com/m/news/1187480487?lang=zh_CN&edition=full","pubTime":"2021-07-09 21:54","market":"us","language":"en","title":"Disney shares rises nearly 2%,as Shanghai Disneyland raising prices up to 10%.<blockquote>迪士尼股价上涨近2%，上海迪士尼乐园提价高达10%。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187480487","media":"Tiger Newspress","summary":"Disney shares rises nearly 2%,as Shanghai Disneyland raising prices up to 10%.\n\n\nShanghai Disneyland","content":"<p>Disney&nbsp;shares&nbsp;rises&nbsp;nearly&nbsp;2%,as&nbsp;Shanghai Disneyland raising prices up to 10%.</p><p><blockquote>迪士尼股价上涨近2%，上海迪士尼乐园提价高达10%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c8b245ccacada732569aab91c7bad577\" tg-width=\"803\" tg-height=\"601\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <ul>  <li>Shanghai Disneyland (DIS+0.7%) willraise its ticket prices starting in January.</li>  <li>The resort indicated it would boost prices on Jan. 9, setting new rates for four tiers: Regular, Regular Plus, Peak (most days in summer season and other peak visitation days), and Peak Plus.</li>  <li>The Regular price at that time will be 435 yuan (about $67.13). Regular Plus will be 545 yuan (about $84.11). Meanwhile, Peak price is set at 659 yuan ($101.70) and Peak Plus at 769 yuan ($118.67).</li>  <li>That results in increases of 9-10% across the board.</li>  <b>Disney</b>&nbsp;is gearing up for a big weekend at the box office as the long-delayed \"Black Widow\" is set for its theatrical release worldwide on July 9. Disney stock rose.</p><p><blockquote><ul><li>上海迪士尼乐园(DIS+0.7%)将从一月份开始提高门票价格。</li><li>该度假村表示将于1月9日提高价格，为四个等级设定新的价格：常规、常规加、高峰（夏季的大多数日子和其他高峰访问日）和高峰加。</li><li>届时的正常价格将为435元人民币（约合67.13美元）。普通Plus售价为545元（约合84.11美元）。与此同时，Peak价格定为659元（101.70美元），Peak Plus为769元（118.67美元）。</li><li>这导致全面增长9-10%。</li><b>迪斯尼</b>期待已久的《黑寡妇》将于7月9日在全球影院上映，正在为一个票房大周末做准备。迪士尼股价上涨。</ul></blockquote></p><p>  Worldwide estimates for \"Black Widow\" are as high as $140 million, according to Deadline. That doesn't include China, Marvel's biggest market, as it doesn't yet have a release date there.</p><p><blockquote>据Deadline报道，《黑寡妇》的全球票房高达1.4亿美元。这还不包括漫威最大的市场中国，因为它还没有在那里的发布日期。</blockquote></p><p> </ul></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Disney shares rises nearly 2%,as Shanghai Disneyland raising prices up to 10%.<blockquote>迪士尼股价上涨近2%，上海迪士尼乐园提价高达10%。</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\">\nDisney shares rises nearly 2%,as Shanghai Disneyland raising prices up to 10%.<blockquote>迪士尼股价上涨近2%，上海迪士尼乐园提价高达10%。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-09 21:54</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Disney&nbsp;shares&nbsp;rises&nbsp;nearly&nbsp;2%,as&nbsp;Shanghai Disneyland raising prices up to 10%.</p><p><blockquote>迪士尼股价上涨近2%，上海迪士尼乐园提价高达10%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c8b245ccacada732569aab91c7bad577\" tg-width=\"803\" tg-height=\"601\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <ul>  <li>Shanghai Disneyland (DIS+0.7%) willraise its ticket prices starting in January.</li>  <li>The resort indicated it would boost prices on Jan. 9, setting new rates for four tiers: Regular, Regular Plus, Peak (most days in summer season and other peak visitation days), and Peak Plus.</li>  <li>The Regular price at that time will be 435 yuan (about $67.13). Regular Plus will be 545 yuan (about $84.11). Meanwhile, Peak price is set at 659 yuan ($101.70) and Peak Plus at 769 yuan ($118.67).</li>  <li>That results in increases of 9-10% across the board.</li>  <b>Disney</b>&nbsp;is gearing up for a big weekend at the box office as the long-delayed \"Black Widow\" is set for its theatrical release worldwide on July 9. Disney stock rose.</p><p><blockquote><ul><li>上海迪士尼乐园(DIS+0.7%)将从一月份开始提高门票价格。</li><li>该度假村表示将于1月9日提高价格，为四个等级设定新的价格：常规、常规加、高峰（夏季的大多数日子和其他高峰访问日）和高峰加。</li><li>届时的正常价格将为435元人民币（约合67.13美元）。普通Plus售价为545元（约合84.11美元）。与此同时，Peak价格定为659元（101.70美元），Peak Plus为769元（118.67美元）。</li><li>这导致全面增长9-10%。</li><b>迪斯尼</b>期待已久的《黑寡妇》将于7月9日在全球影院上映，正在为一个票房大周末做准备。迪士尼股价上涨。</ul></blockquote></p><p>  Worldwide estimates for \"Black Widow\" are as high as $140 million, according to Deadline. That doesn't include China, Marvel's biggest market, as it doesn't yet have a release date there.</p><p><blockquote>据Deadline报道，《黑寡妇》的全球票房高达1.4亿美元。这还不包括漫威最大的市场中国，因为它还没有在那里的发布日期。</blockquote></p><p> </ul></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DIS":"迪士尼"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187480487","content_text":"Disney shares rises nearly 2%,as Shanghai Disneyland raising prices up to 10%.\n\n\nShanghai Disneyland (DIS+0.7%) willraise its ticket prices starting in January.\nThe resort indicated it would boost prices on Jan. 9, setting new rates for four tiers: Regular, Regular Plus, Peak (most days in summer season and other peak visitation days), and Peak Plus.\nThe Regular price at that time will be 435 yuan (about $67.13). Regular Plus will be 545 yuan (about $84.11). Meanwhile, Peak price is set at 659 yuan ($101.70) and Peak Plus at 769 yuan ($118.67).\nThat results in increases of 9-10% across the board.\nDisney is gearing up for a big weekend at the box office as the long-delayed \"Black Widow\" is set for its theatrical release worldwide on July 9. Disney stock rose.\nWorldwide estimates for \"Black Widow\" are as high as $140 million, according to Deadline. That doesn't include China, Marvel's biggest market, as it doesn't yet have a release date there.","news_type":1,"symbols_score_info":{"DIS":0.9}},"isVote":1,"tweetType":1,"viewCount":417,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148340417,"gmtCreate":1625936402239,"gmtModify":1633931478766,"author":{"id":"4088029059058460","authorId":"4088029059058460","name":"Foreverhappy","avatar":"https://static.tigerbbs.com/f283a5fea6544040fd5f8b4c904d2053","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088029059058460","authorIdStr":"4088029059058460"},"themes":[],"htmlText":"Great&nbsp;","listText":"Great&nbsp;","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/148340417","repostId":"1173679159","repostType":4,"repost":{"id":"1173679159","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625842396,"share":"https://www.laohu8.com/m/news/1173679159?lang=zh_CN&edition=full","pubTime":"2021-07-09 22:53","market":"us","language":"en","title":"Apple shares surges 1.4%,climbing to a new record high.<blockquote>苹果股价飙升1.4%，攀升至历史新高。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1173679159","media":"Tiger Newspress","summary":"Apple shares surges 1.4%,climbing to a new record high.","content":"<p>Apple shares surges&nbsp;1.4%,climbing to a new&nbsp;record high.</p><p><blockquote>苹果股价飙升1.4%，攀升至历史新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4ec1879e2b236e7f57fd94e6811ef06e\" tg-width=\"792\" tg-height=\"628\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple shares surges 1.4%,climbing to a new record high.<blockquote>苹果股价飙升1.4%，攀升至历史新高。</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\">\nApple shares surges 1.4%,climbing to a new record high.<blockquote>苹果股价飙升1.4%，攀升至历史新高。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-09 22:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Apple shares surges&nbsp;1.4%,climbing to a new&nbsp;record high.</p><p><blockquote>苹果股价飙升1.4%，攀升至历史新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4ec1879e2b236e7f57fd94e6811ef06e\" tg-width=\"792\" tg-height=\"628\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173679159","content_text":"Apple shares surges 1.4%,climbing to a new record high.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":504,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148955695,"gmtCreate":1625921617517,"gmtModify":1633936110002,"author":{"id":"4088029059058460","authorId":"4088029059058460","name":"Foreverhappy","avatar":"https://static.tigerbbs.com/f283a5fea6544040fd5f8b4c904d2053","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088029059058460","authorIdStr":"4088029059058460"},"themes":[],"htmlText":"Great 👍&nbsp;","listText":"Great 👍&nbsp;","text":"Great 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👍&nbsp;","listText":"Great 👍&nbsp;","text":"Great 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/148564012","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，这并不是单程旅行。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>哥伦比亚法学院证券市场教授乔舒亚·米茨（Joshua Mits）说，“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亏损了。</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。证交会主席盖瑞·根斯勒和一些国会议员讨论改变市场规则，意图增加透明度保护零售商——尽管如果改变交易速度减慢或让交易变得更贵，这些变化也可能激怒零售商群体。</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，这并不是单程旅行。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>哥伦比亚法学院证券市场教授乔舒亚·米茨（Joshua Mits）说，“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亏损了。</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。证交会主席盖瑞·根斯勒和一些国会议员讨论改变市场规则，意图增加透明度保护零售商——尽管如果改变交易速度减慢或让交易变得更贵，这些变化也可能激怒零售商群体。</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":{"NEGG":"Newegg Comm Inc.","CLOV":"Clover Health Corp","AMC":"AMC院线","SCHW":"嘉信理财","BB":"黑莓","CARV":"卡弗储蓄","WKHS":"Workhorse Group, Inc.","GME":"游戏驿站","BBBY":"Bed Bath & Beyond, Inc."},"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":{"BBBY":0.9,"SCHW":0.9,"GME":0.9,"NEGG":0.9,"AMC":0.9,"MRIN":0.9,"CARV":0.9,"BB":0.9,"WKHS":0.9,"CLOV":0.9}},"isVote":1,"tweetType":1,"viewCount":535,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145510251,"gmtCreate":1626229482673,"gmtModify":1631891560080,"author":{"id":"4088029059058460","authorId":"4088029059058460","name":"Foreverhappy","avatar":"https://static.tigerbbs.com/f283a5fea6544040fd5f8b4c904d2053","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088029059058460","authorIdStr":"4088029059058460"},"themes":[],"htmlText":"Good 👍&nbsp;","listText":"Good 👍&nbsp;","text":"Good 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/145510251","repostId":"1125022776","repostType":4,"isVote":1,"tweetType":1,"viewCount":1704,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140795921,"gmtCreate":1625671941763,"gmtModify":1633938472220,"author":{"id":"4088029059058460","authorId":"4088029059058460","name":"Foreverhappy","avatar":"https://static.tigerbbs.com/f283a5fea6544040fd5f8b4c904d2053","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088029059058460","authorIdStr":"4088029059058460"},"themes":[],"htmlText":"Great&nbsp;","listText":"Great&nbsp;","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/140795921","repostId":"1101799762","repostType":4,"repost":{"id":"1101799762","kind":"news","pubTimestamp":1625665650,"share":"https://www.laohu8.com/m/news/1101799762?lang=zh_CN&edition=full","pubTime":"2021-07-07 21:47","market":"us","language":"en","title":"Apple Shares Gain on Samsung Profit Forecast, Treasury Bond Yield Retreat<blockquote>苹果股价因三星盈利预测和国债收益率回落而上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101799762","media":"Thestreet","summary":"Apple Inc. (AAPL)  shares moved higher Wednesday, and open within touching distance of the stock's J","content":"<p>Apple Inc.&nbsp;(<b>AAPL</b>) &nbsp;shares moved higher Wednesday, and&nbsp;open within touching distance of the stock's January all-time peak, following a pullback in Treasury bond yields and a bullish profit outlook at rival Samsung.</p><p><blockquote>苹果公司（<b>AAPL</b>）由于美国国债收益率回落以及竞争对手三星的利润前景看涨，该股周三走高，开盘接近该股一月份的历史峰值。</blockquote></p><p> South Korea-based Samsung, the world's biggest chipmaker, said June quarter profits are likely to rise by 53% from last year to 12.5 trillion won ($11 billion) with analysts betting that an increase in semiconductor shipments, as well as stronger prices for memory chips, will offset a slowdown in handset sales.</p><p><blockquote>全球最大的芯片制造商韩国三星表示，6月份季度利润可能比去年增长53%，达到12.5万亿韩元（110亿美元），分析师押注半导体出货量的增加以及存储芯片价格的走强，将抵消手机销售放缓的影响。</blockquote></p><p> Samsung's flash memory and DRAM chips are important components in Apple's global supply chain.</p><p><blockquote>三星的闪存和DRAM芯片是苹果全球供应链的重要组成部分。</blockquote></p><p> Apple was also supported by a $5 price target boost from JPMorgan, which carries an overweight rating on the tech giant, to $170.00 per share. Analyst Samik Chatterjee said that while Apple shares have underperformed \"significantly\" this year, resilient iPhone 12 volumes, as well as historical gains linked to September launch events, are providing upside support for the shares heading into the summer months.</p><p><blockquote>摩根大通将这家科技巨头的跑赢大盘评级上调5美元，至每股170.00美元，这也为苹果提供了支撑。分析师Samik Chatterjee表示，虽然苹果股价今年表现“明显”不佳，但强劲的iPhone 12销量以及与9月份发布活动相关的历史涨幅为该股进入夏季提供了上行支撑。</blockquote></p><p> \"The upside pressure on volumes for the iPhone 12 series, historical outperformance in the July-September time period heading into launch event, and further catalysts in relation to outperformance for iPhone 13 volumes relative to lowered investor expectations implies a very attractive set up for the shares in the second half of the year,\" Chatterjee said.</p><p><blockquote>“iPhone 12系列销量面临的上行压力、7月至9月发布活动前的历史优异表现，以及iPhone 13销量相对于投资者预期降低的优异表现的进一步催化剂，意味着iPhone 12系列的销量非常有吸引力。下半年的股票，”查特吉说。</blockquote></p><p> \"As we look forward to the next three to six months, we see the shares set up for a strong outperformance, similar to the trends in previous years, but likely with stronger momentum on two key reasons,\" Chatterjee said, noting \"upside pressure to the current generation iPhone 12 product cycle, led by recent momentum and share gains in key geographies, including China\" and \"low expectations going into the iPhone 13 product cycle, which will likely drive an outperformance to expectations.\"</p><p><blockquote>查特吉表示：“展望未来三到六个月，我们看到该股将表现强劲，与前几年的趋势类似，但由于两个关键原因，势头可能会更强劲。”他指出，“当前一代iPhone 12产品周期的上行压力，由最近的势头和包括中国在内的关键地区的份额增长带动”，以及“对iPhone 13产品周期的预期较低，这可能会推动其表现超出预期。”</blockquote></p><p> Apple shares were marked 0.5% higher in pre-market trading Wednesday to indicate an opening bell price of $142.73&nbsp;each, supported in part by a pullback in Treasury bond yields to 1.343%, the lowest since early February.&nbsp;Apple hit a post-split high of $145.09 each on January 25.</p><p><blockquote>苹果股价周三在盘前交易中上涨0.5%，开盘价为每股142.73美元，部分原因是美国国债收益率回落至1.343%，为2月初以来的最低水平。苹果在1月25日触及每股145.09美元的拆分后高点。</blockquote></p><p> Apple is set to report its third quarter earnings on July 27, with CFO Luca Maestri cautioning investors in late April that the group is likely to experience a \"steeper than usual\" sequential revenue decline thanks in part to supply constraints linked to the global semiconductor shortage following Street-blasting sales of nearly $90 billion for the three months ending in March.</p><p><blockquote>苹果将于7月27日公布第三季度收益，首席财务官卢卡·马埃斯特里(Luca Maestri)在4月底警告投资者，该集团可能会经历“比平常更严重”的收入环比下降，部分原因是与全球半导体相关的供应限制。截至3月份的三个月，街头销售额接近900亿美元，导致短缺。</blockquote></p><p> Apple said iPhone revenues rose 65% from last year to $47.94 billion, well ahead of the $41.7 billion Street forecast, thanks to what CEO Tim Cook called \"strong demand for the iPhone 12 family\".</p><p><blockquote>苹果表示，得益于首席执行官Tim Cook所说的“对iPhone 12系列的强劲需求”，iPhone营收较去年增长65%至479.4亿美元，远高于华尔街预测的417亿美元。</blockquote></p><p> Greater China revenues, Apple said, rose 88% from last year's pandemic trough to $17.728 billion, while overall services revenues rose 26.6% to $16.9 billion.</p><p><blockquote>苹果表示，大中华区收入较去年疫情低谷增长88%，达到177.28亿美元，而整体服务收入增长26.6%，达到169亿美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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}\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\">\nApple Shares Gain on Samsung Profit Forecast, Treasury Bond Yield Retreat<blockquote>苹果股价因三星盈利预测和国债收益率回落而上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-07-07 21:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple Inc.&nbsp;(<b>AAPL</b>) &nbsp;shares moved higher Wednesday, and&nbsp;open within touching distance of the stock's January all-time peak, following a pullback in Treasury bond yields and a bullish profit outlook at rival Samsung.</p><p><blockquote>苹果公司（<b>AAPL</b>）由于美国国债收益率回落以及竞争对手三星的利润前景看涨，该股周三走高，开盘接近该股一月份的历史峰值。</blockquote></p><p> South Korea-based Samsung, the world's biggest chipmaker, said June quarter profits are likely to rise by 53% from last year to 12.5 trillion won ($11 billion) with analysts betting that an increase in semiconductor shipments, as well as stronger prices for memory chips, will offset a slowdown in handset sales.</p><p><blockquote>全球最大的芯片制造商韩国三星表示，6月份季度利润可能比去年增长53%，达到12.5万亿韩元（110亿美元），分析师押注半导体出货量的增加以及存储芯片价格的走强，将抵消手机销售放缓的影响。</blockquote></p><p> Samsung's flash memory and DRAM chips are important components in Apple's global supply chain.</p><p><blockquote>三星的闪存和DRAM芯片是苹果全球供应链的重要组成部分。</blockquote></p><p> Apple was also supported by a $5 price target boost from JPMorgan, which carries an overweight rating on the tech giant, to $170.00 per share. Analyst Samik Chatterjee said that while Apple shares have underperformed \"significantly\" this year, resilient iPhone 12 volumes, as well as historical gains linked to September launch events, are providing upside support for the shares heading into the summer months.</p><p><blockquote>摩根大通将这家科技巨头的跑赢大盘评级上调5美元，至每股170.00美元，这也为苹果提供了支撑。分析师Samik Chatterjee表示，虽然苹果股价今年表现“明显”不佳，但强劲的iPhone 12销量以及与9月份发布活动相关的历史涨幅为该股进入夏季提供了上行支撑。</blockquote></p><p> \"The upside pressure on volumes for the iPhone 12 series, historical outperformance in the July-September time period heading into launch event, and further catalysts in relation to outperformance for iPhone 13 volumes relative to lowered investor expectations implies a very attractive set up for the shares in the second half of the year,\" Chatterjee said.</p><p><blockquote>“iPhone 12系列销量面临的上行压力、7月至9月发布活动前的历史优异表现，以及iPhone 13销量相对于投资者预期降低的优异表现的进一步催化剂，意味着iPhone 12系列的销量非常有吸引力。下半年的股票，”查特吉说。</blockquote></p><p> \"As we look forward to the next three to six months, we see the shares set up for a strong outperformance, similar to the trends in previous years, but likely with stronger momentum on two key reasons,\" Chatterjee said, noting \"upside pressure to the current generation iPhone 12 product cycle, led by recent momentum and share gains in key geographies, including China\" and \"low expectations going into the iPhone 13 product cycle, which will likely drive an outperformance to expectations.\"</p><p><blockquote>查特吉表示：“展望未来三到六个月，我们看到该股将表现强劲，与前几年的趋势类似，但由于两个关键原因，势头可能会更强劲。”他指出，“当前一代iPhone 12产品周期的上行压力，由最近的势头和包括中国在内的关键地区的份额增长带动”，以及“对iPhone 13产品周期的预期较低，这可能会推动其表现超出预期。”</blockquote></p><p> Apple shares were marked 0.5% higher in pre-market trading Wednesday to indicate an opening bell price of $142.73&nbsp;each, supported in part by a pullback in Treasury bond yields to 1.343%, the lowest since early February.&nbsp;Apple hit a post-split high of $145.09 each on January 25.</p><p><blockquote>苹果股价周三在盘前交易中上涨0.5%，开盘价为每股142.73美元，部分原因是美国国债收益率回落至1.343%，为2月初以来的最低水平。苹果在1月25日触及每股145.09美元的拆分后高点。</blockquote></p><p> Apple is set to report its third quarter earnings on July 27, with CFO Luca Maestri cautioning investors in late April that the group is likely to experience a \"steeper than usual\" sequential revenue decline thanks in part to supply constraints linked to the global semiconductor shortage following Street-blasting sales of nearly $90 billion for the three months ending in March.</p><p><blockquote>苹果将于7月27日公布第三季度收益，首席财务官卢卡·马埃斯特里(Luca Maestri)在4月底警告投资者，该集团可能会经历“比平常更严重”的收入环比下降，部分原因是与全球半导体相关的供应限制。截至3月份的三个月，街头销售额接近900亿美元，导致短缺。</blockquote></p><p> Apple said iPhone revenues rose 65% from last year to $47.94 billion, well ahead of the $41.7 billion Street forecast, thanks to what CEO Tim Cook called \"strong demand for the iPhone 12 family\".</p><p><blockquote>苹果表示，得益于首席执行官Tim Cook所说的“对iPhone 12系列的强劲需求”，iPhone营收较去年增长65%至479.4亿美元，远高于华尔街预测的417亿美元。</blockquote></p><p> Greater China revenues, Apple said, rose 88% from last year's pandemic trough to $17.728 billion, while overall services revenues rose 26.6% to $16.9 billion.</p><p><blockquote>苹果表示，大中华区收入较去年疫情低谷增长88%，达到177.28亿美元，而整体服务收入增长26.6%，达到169亿美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/apple-gains-on-samsung-profit-forecast-treasury-yield-retreat\">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":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/investing/apple-gains-on-samsung-profit-forecast-treasury-yield-retreat","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101799762","content_text":"Apple Inc. (AAPL)  shares moved higher Wednesday, and open within touching distance of the stock's January all-time peak, following a pullback in Treasury bond yields and a bullish profit outlook at rival Samsung.\nSouth Korea-based Samsung, the world's biggest chipmaker, said June quarter profits are likely to rise by 53% from last year to 12.5 trillion won ($11 billion) with analysts betting that an increase in semiconductor shipments, as well as stronger prices for memory chips, will offset a slowdown in handset sales.\nSamsung's flash memory and DRAM chips are important components in Apple's global supply chain.\nApple was also supported by a $5 price target boost from JPMorgan, which carries an overweight rating on the tech giant, to $170.00 per share. Analyst Samik Chatterjee said that while Apple shares have underperformed \"significantly\" this year, resilient iPhone 12 volumes, as well as historical gains linked to September launch events, are providing upside support for the shares heading into the summer months.\n\"The upside pressure on volumes for the iPhone 12 series, historical outperformance in the July-September time period heading into launch event, and further catalysts in relation to outperformance for iPhone 13 volumes relative to lowered investor expectations implies a very attractive set up for the shares in the second half of the year,\" Chatterjee said.\n\"As we look forward to the next three to six months, we see the shares set up for a strong outperformance, similar to the trends in previous years, but likely with stronger momentum on two key reasons,\" Chatterjee said, noting \"upside pressure to the current generation iPhone 12 product cycle, led by recent momentum and share gains in key geographies, including China\" and \"low expectations going into the iPhone 13 product cycle, which will likely drive an outperformance to expectations.\"\nApple shares were marked 0.5% higher in pre-market trading Wednesday to indicate an opening bell price of $142.73 each, supported in part by a pullback in Treasury bond yields to 1.343%, the lowest since early February. Apple hit a post-split high of $145.09 each on January 25.\nApple is set to report its third quarter earnings on July 27, with CFO Luca Maestri cautioning investors in late April that the group is likely to experience a \"steeper than usual\" sequential revenue decline thanks in part to supply constraints linked to the global semiconductor shortage following Street-blasting sales of nearly $90 billion for the three months ending in March.\nApple said iPhone revenues rose 65% from last year to $47.94 billion, well ahead of the $41.7 billion Street forecast, thanks to what CEO Tim Cook called \"strong demand for the iPhone 12 family\".\nGreater China revenues, Apple said, rose 88% from last year's pandemic trough to $17.728 billion, while overall services revenues rose 26.6% to $16.9 billion.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":516,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140369328,"gmtCreate":1625630240264,"gmtModify":1633938884649,"author":{"id":"4088029059058460","authorId":"4088029059058460","name":"Foreverhappy","avatar":"https://static.tigerbbs.com/f283a5fea6544040fd5f8b4c904d2053","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088029059058460","authorIdStr":"4088029059058460"},"themes":[],"htmlText":"Great&nbsp;","listText":"Great&nbsp;","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/140369328","repostId":"1132297948","repostType":4,"repost":{"id":"1132297948","kind":"news","pubTimestamp":1625624046,"share":"https://www.laohu8.com/m/news/1132297948?lang=zh_CN&edition=full","pubTime":"2021-07-07 10:14","market":"us","language":"en","title":"Hong Kong stock exchange rose 4% in wednesday morning tradin<blockquote>香港证券交易所周三早盘上涨4%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132297948","media":"Tiger Newspress","summary":"HKEX$$rose 4% in wednesday morning trading.Hong Kong stock exchange is set to shorten the time for an initial public offering from pricing to listing to two days from the current five by the fourth quarter next year at the earliest, aligning its market more with other financial hubs.Through a digital platform known as “FINI,” brokers, underwriters and regulators and other involved parties will be able to monitor and coordinate work flow of the whole process through to the start of trading, accor","content":"<p>HKEX<a href=\"https://laohu8.com/S/00388\">$(00388)$</a>rose 4% in wednesday morning trading.<img src=\"https://static.tigerbbs.com/006da7cd1ca220233662d164638afbdb\" tg-width=\"697\" tg-height=\"531\" referrerpolicy=\"no-referrer\">Hong Kong stock exchange is set to shorten the time for an initial public offering from pricing to listing to two days from the current five by the fourth quarter next year at the earliest, aligning its market more with other financial hubs.</p><p><blockquote>香港交易所<a href=\"https://laohu8.com/S/00388\">$(00388)$</a>周三早盘上涨4%。香港证券交易所计划最早在明年第四季度将首次公开募股从定价到上市的时间从目前的五天缩短至两天，使其市场与其他金融中心更加一致。</blockquote></p><p> Through a digital platform known as “FINI,” brokers, underwriters and regulators and other involved parties will be able to monitor and coordinate work flow of the whole process through to the start of trading, according to a Hong Kong Exchanges &amp; Clearing Ltd. statement on Tuesday.</p><p><blockquote>香港交易及结算所有限公司表示，通过一个名为“FINI”的数字平台，经纪商、承销商、监管机构和其他相关方将能够监控和协调整个流程直至交易开始的工作流程。周二的声明。</blockquote></p><p> The change will allow for a settlement cycle of two days, known as T+2, paring back an initial proposal of just <a href=\"https://laohu8.com/S/AONE\">one</a> settlement day. The shorter cycle will likely cut income for brokerages who can earn interest on cash placed by investors during the settlement period.</p><p><blockquote>这一变化将允许两天的结算周期，称为T+2，削减了最初的提议<a href=\"https://laohu8.com/S/AONE\">一</a>结算日。较短的周期可能会减少券商的收入，因为券商可以从投资者在结算期间存入的现金中赚取利息。</blockquote></p><p> The move will drive market efficiency and reinforce “Hong Kong’s position as the world’s premier IPO market,” HKEX’s Chief Executive Officer Nicolas Aguzin said in thestatement.</p><p><blockquote>香港交易所首席执行官尼古拉斯·阿古津在声明中表示，此举将提高市场效率，并巩固“香港作为全球首屈一指的IPO市场的地位”。</blockquote></p><p> Hong Kong has seen HK$30.32 billion ($3.9 billion) raised through IPOs so far this year. But the long settlement cycle has often dried up liquidity in the local money market, pushing up short-term interest rates and adding risks for the city’s currency peg with dollar.</p><p><blockquote>今年迄今为止，香港已通过IPO筹集了303.2亿港元（合39亿美元）。但漫长的结算周期往往会耗尽当地货币市场的流动性，推高短期利率，并增加了该市与美元挂钩的货币风险。</blockquote></p><p> The new platform would help to solve another local problem where retail investors have placed duplicate orders through different brokers to have a better chance of getting shares in popular IPOs, a practice that has been banned by local securities rules but has yet to be eradicated over the years.</p><p><blockquote>新平台将有助于解决另一个当地问题，即散户投资者通过不同的经纪商下重复订单，以便有更好的机会获得热门IPO的股票，这种做法已被当地证券法规禁止，但多年来尚未根除。</blockquote></p><p> The bourse also announced that starting Monday all companies seeking to sell shares on the Asian bourse must do itentirely electronically.</p><p><blockquote>该交易所还宣布，从周一开始，所有寻求在亚洲交易所出售股票的公司必须完全通过电子方式进行。</blockquote></p><p> Hong Kong Looks to Speed Up IPO Process to Reduce Risks (1)</p><p><blockquote>香港希望加快IPO进程以降低风险(1)</blockquote></p><p></p>","source":"lsy1610602759241","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>Hong Kong stock exchange rose 4% in wednesday morning tradin<blockquote>香港证券交易所周三早盘上涨4%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHong Kong stock exchange rose 4% in wednesday morning tradin<blockquote>香港证券交易所周三早盘上涨4%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Tiger Newspress</strong><span class=\"h-time small\">2021-07-07 10:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p>HKEX<a href=\"https://laohu8.com/S/00388\">$(00388)$</a>rose 4% in wednesday morning trading.<img src=\"https://static.tigerbbs.com/006da7cd1ca220233662d164638afbdb\" tg-width=\"697\" tg-height=\"531\" referrerpolicy=\"no-referrer\">Hong Kong stock exchange is set to shorten the time for an initial public offering from pricing to listing to two days from the current five by the fourth quarter next year at the earliest, aligning its market more with other financial hubs.</p><p><blockquote>香港交易所<a href=\"https://laohu8.com/S/00388\">$(00388)$</a>周三早盘上涨4%。香港证券交易所计划最早在明年第四季度将首次公开募股从定价到上市的时间从目前的五天缩短至两天，使其市场与其他金融中心更加一致。</blockquote></p><p> Through a digital platform known as “FINI,” brokers, underwriters and regulators and other involved parties will be able to monitor and coordinate work flow of the whole process through to the start of trading, according to a Hong Kong Exchanges &amp; Clearing Ltd. statement on Tuesday.</p><p><blockquote>香港交易及结算所有限公司表示，通过一个名为“FINI”的数字平台，经纪商、承销商、监管机构和其他相关方将能够监控和协调整个流程直至交易开始的工作流程。周二的声明。</blockquote></p><p> The change will allow for a settlement cycle of two days, known as T+2, paring back an initial proposal of just <a href=\"https://laohu8.com/S/AONE\">one</a> settlement day. The shorter cycle will likely cut income for brokerages who can earn interest on cash placed by investors during the settlement period.</p><p><blockquote>这一变化将允许两天的结算周期，称为T+2，削减了最初的提议<a href=\"https://laohu8.com/S/AONE\">一</a>结算日。较短的周期可能会减少券商的收入，因为券商可以从投资者在结算期间存入的现金中赚取利息。</blockquote></p><p> The move will drive market efficiency and reinforce “Hong Kong’s position as the world’s premier IPO market,” HKEX’s Chief Executive Officer Nicolas Aguzin said in thestatement.</p><p><blockquote>香港交易所首席执行官尼古拉斯·阿古津在声明中表示，此举将提高市场效率，并巩固“香港作为全球首屈一指的IPO市场的地位”。</blockquote></p><p> Hong Kong has seen HK$30.32 billion ($3.9 billion) raised through IPOs so far this year. But the long settlement cycle has often dried up liquidity in the local money market, pushing up short-term interest rates and adding risks for the city’s currency peg with dollar.</p><p><blockquote>今年迄今为止，香港已通过IPO筹集了303.2亿港元（合39亿美元）。但漫长的结算周期往往会耗尽当地货币市场的流动性，推高短期利率，并增加了该市与美元挂钩的货币风险。</blockquote></p><p> The new platform would help to solve another local problem where retail investors have placed duplicate orders through different brokers to have a better chance of getting shares in popular IPOs, a practice that has been banned by local securities rules but has yet to be eradicated over the years.</p><p><blockquote>新平台将有助于解决另一个当地问题，即散户投资者通过不同的经纪商下重复订单，以便有更好的机会获得热门IPO的股票，这种做法已被当地证券法规禁止，但多年来尚未根除。</blockquote></p><p> The bourse also announced that starting Monday all companies seeking to sell shares on the Asian bourse must do itentirely electronically.</p><p><blockquote>该交易所还宣布，从周一开始，所有寻求在亚洲交易所出售股票的公司必须完全通过电子方式进行。</blockquote></p><p> Hong Kong Looks to Speed Up IPO Process to Reduce Risks (1)</p><p><blockquote>香港希望加快IPO进程以降低风险(1)</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-07-06/hong-kong-to-shorten-ipo-cycle-by-fourth-quarter-next-year?srnd=premium-asia\">Tiger Newspress</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":{"00388":"香港交易所"},"source_url":"https://www.bloomberg.com/news/articles/2021-07-06/hong-kong-to-shorten-ipo-cycle-by-fourth-quarter-next-year?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132297948","content_text":"HKEX$(00388)$rose 4% in wednesday morning trading.Hong Kong stock exchange is set to shorten the time for an initial public offering from pricing to listing to two days from the current five by the fourth quarter next year at the earliest, aligning its market more with other financial hubs.\nThrough a digital platform known as “FINI,” brokers, underwriters and regulators and other involved parties will be able to monitor and coordinate work flow of the whole process through to the start of trading, according to a Hong Kong Exchanges & Clearing Ltd. statement on Tuesday.\nThe change will allow for a settlement cycle of two days, known as T+2, paring back an initial proposal of just one settlement day. The shorter cycle will likely cut income for brokerages who can earn interest on cash placed by investors during the settlement period.\nThe move will drive market efficiency and reinforce “Hong Kong’s position as the world’s premier IPO market,” HKEX’s Chief Executive Officer Nicolas Aguzin said in thestatement.\nHong Kong has seen HK$30.32 billion ($3.9 billion) raised through IPOs so far this year. But the long settlement cycle has often dried up liquidity in the local money market, pushing up short-term interest rates and adding risks for the city’s currency peg with dollar.\nThe new platform would help to solve another local problem where retail investors have placed duplicate orders through different brokers to have a better chance of getting shares in popular IPOs, a practice that has been banned by local securities rules but has yet to be eradicated over the years.\nThe bourse also announced that starting Monday all companies seeking to sell shares on the Asian bourse must do itentirely electronically.\nHong Kong Looks to Speed Up IPO Process to Reduce Risks (1)","news_type":1,"symbols_score_info":{"00388":0.9}},"isVote":1,"tweetType":1,"viewCount":291,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170474220,"gmtCreate":1626448708460,"gmtModify":1631891560041,"author":{"id":"4088029059058460","authorId":"4088029059058460","name":"Foreverhappy","avatar":"https://static.tigerbbs.com/f283a5fea6544040fd5f8b4c904d2053","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088029059058460","authorIdStr":"4088029059058460"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/170474220","repostId":"1144679332","repostType":4,"isVote":1,"tweetType":1,"viewCount":1773,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148952575,"gmtCreate":1625921472497,"gmtModify":1633936110716,"author":{"id":"4088029059058460","authorId":"4088029059058460","name":"Foreverhappy","avatar":"https://static.tigerbbs.com/f283a5fea6544040fd5f8b4c904d2053","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088029059058460","authorIdStr":"4088029059058460"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/148952575","repostId":"1101087642","repostType":4,"isVote":1,"tweetType":1,"viewCount":602,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140739655,"gmtCreate":1625672197677,"gmtModify":1633938469667,"author":{"id":"4088029059058460","authorId":"4088029059058460","name":"Foreverhappy","avatar":"https://static.tigerbbs.com/f283a5fea6544040fd5f8b4c904d2053","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088029059058460","authorIdStr":"4088029059058460"},"themes":[],"htmlText":"Great&nbsp;","listText":"Great&nbsp;","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/140739655","repostId":"1199106132","repostType":4,"isVote":1,"tweetType":1,"viewCount":248,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140360634,"gmtCreate":1625630202128,"gmtModify":1633938885239,"author":{"id":"4088029059058460","authorId":"4088029059058460","name":"Foreverhappy","avatar":"https://static.tigerbbs.com/f283a5fea6544040fd5f8b4c904d2053","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088029059058460","authorIdStr":"4088029059058460"},"themes":[],"htmlText":"Great&nbsp;","listText":"Great&nbsp;","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/140360634","repostId":"1132297948","repostType":4,"repost":{"id":"1132297948","kind":"news","pubTimestamp":1625624046,"share":"https://www.laohu8.com/m/news/1132297948?lang=zh_CN&edition=full","pubTime":"2021-07-07 10:14","market":"us","language":"en","title":"Hong Kong stock exchange rose 4% in wednesday morning tradin<blockquote>香港证券交易所周三早盘上涨4%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132297948","media":"Tiger Newspress","summary":"HKEX$$rose 4% in wednesday morning trading.Hong Kong stock exchange is set to shorten the time for an initial public offering from pricing to listing to two days from the current five by the fourth quarter next year at the earliest, aligning its market more with other financial hubs.Through a digital platform known as “FINI,” brokers, underwriters and regulators and other involved parties will be able to monitor and coordinate work flow of the whole process through to the start of trading, accor","content":"<p>HKEX<a href=\"https://laohu8.com/S/00388\">$(00388)$</a>rose 4% in wednesday morning trading.<img src=\"https://static.tigerbbs.com/006da7cd1ca220233662d164638afbdb\" tg-width=\"697\" tg-height=\"531\" referrerpolicy=\"no-referrer\">Hong Kong stock exchange is set to shorten the time for an initial public offering from pricing to listing to two days from the current five by the fourth quarter next year at the earliest, aligning its market more with other financial hubs.</p><p><blockquote>香港交易所<a href=\"https://laohu8.com/S/00388\">$(00388)$</a>周三早盘上涨4%。香港证券交易所计划最早在明年第四季度将首次公开募股从定价到上市的时间从目前的五天缩短至两天，使其市场与其他金融中心更加一致。</blockquote></p><p> Through a digital platform known as “FINI,” brokers, underwriters and regulators and other involved parties will be able to monitor and coordinate work flow of the whole process through to the start of trading, according to a Hong Kong Exchanges &amp; Clearing Ltd. statement on Tuesday.</p><p><blockquote>香港交易及结算所有限公司表示，通过一个名为“FINI”的数字平台，经纪商、承销商、监管机构和其他相关方将能够监控和协调整个流程直至交易开始的工作流程。周二的声明。</blockquote></p><p> The change will allow for a settlement cycle of two days, known as T+2, paring back an initial proposal of just <a href=\"https://laohu8.com/S/AONE\">one</a> settlement day. The shorter cycle will likely cut income for brokerages who can earn interest on cash placed by investors during the settlement period.</p><p><blockquote>这一变化将允许两天的结算周期，称为T+2，削减了最初的提议<a href=\"https://laohu8.com/S/AONE\">一</a>结算日。较短的周期可能会减少券商的收入，因为券商可以从投资者在结算期间存入的现金中赚取利息。</blockquote></p><p> The move will drive market efficiency and reinforce “Hong Kong’s position as the world’s premier IPO market,” HKEX’s Chief Executive Officer Nicolas Aguzin said in thestatement.</p><p><blockquote>香港交易所首席执行官尼古拉斯·阿古津在声明中表示，此举将提高市场效率，并巩固“香港作为全球首屈一指的IPO市场的地位”。</blockquote></p><p> Hong Kong has seen HK$30.32 billion ($3.9 billion) raised through IPOs so far this year. But the long settlement cycle has often dried up liquidity in the local money market, pushing up short-term interest rates and adding risks for the city’s currency peg with dollar.</p><p><blockquote>今年迄今为止，香港已通过IPO筹集了303.2亿港元（合39亿美元）。但漫长的结算周期往往会耗尽当地货币市场的流动性，推高短期利率，并增加了该市与美元挂钩的货币风险。</blockquote></p><p> The new platform would help to solve another local problem where retail investors have placed duplicate orders through different brokers to have a better chance of getting shares in popular IPOs, a practice that has been banned by local securities rules but has yet to be eradicated over the years.</p><p><blockquote>新平台将有助于解决另一个当地问题，即散户投资者通过不同的经纪商下重复订单，以便有更好的机会获得热门IPO的股票，这种做法已被当地证券法规禁止，但多年来尚未根除。</blockquote></p><p> The bourse also announced that starting Monday all companies seeking to sell shares on the Asian bourse must do itentirely electronically.</p><p><blockquote>该交易所还宣布，从周一开始，所有寻求在亚洲交易所出售股票的公司必须完全通过电子方式进行。</blockquote></p><p> Hong Kong Looks to Speed Up IPO Process to Reduce Risks (1)</p><p><blockquote>香港希望加快IPO进程以降低风险(1)</blockquote></p><p></p>","source":"lsy1610602759241","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>Hong Kong stock exchange rose 4% in wednesday morning tradin<blockquote>香港证券交易所周三早盘上涨4%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHong Kong stock exchange rose 4% in wednesday morning tradin<blockquote>香港证券交易所周三早盘上涨4%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Tiger Newspress</strong><span class=\"h-time small\">2021-07-07 10:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p>HKEX<a href=\"https://laohu8.com/S/00388\">$(00388)$</a>rose 4% in wednesday morning trading.<img src=\"https://static.tigerbbs.com/006da7cd1ca220233662d164638afbdb\" tg-width=\"697\" tg-height=\"531\" referrerpolicy=\"no-referrer\">Hong Kong stock exchange is set to shorten the time for an initial public offering from pricing to listing to two days from the current five by the fourth quarter next year at the earliest, aligning its market more with other financial hubs.</p><p><blockquote>香港交易所<a href=\"https://laohu8.com/S/00388\">$(00388)$</a>周三早盘上涨4%。香港证券交易所计划最早在明年第四季度将首次公开募股从定价到上市的时间从目前的五天缩短至两天，使其市场与其他金融中心更加一致。</blockquote></p><p> Through a digital platform known as “FINI,” brokers, underwriters and regulators and other involved parties will be able to monitor and coordinate work flow of the whole process through to the start of trading, according to a Hong Kong Exchanges &amp; Clearing Ltd. statement on Tuesday.</p><p><blockquote>香港交易及结算所有限公司表示，通过一个名为“FINI”的数字平台，经纪商、承销商、监管机构和其他相关方将能够监控和协调整个流程直至交易开始的工作流程。周二的声明。</blockquote></p><p> The change will allow for a settlement cycle of two days, known as T+2, paring back an initial proposal of just <a href=\"https://laohu8.com/S/AONE\">one</a> settlement day. The shorter cycle will likely cut income for brokerages who can earn interest on cash placed by investors during the settlement period.</p><p><blockquote>这一变化将允许两天的结算周期，称为T+2，削减了最初的提议<a href=\"https://laohu8.com/S/AONE\">一</a>结算日。较短的周期可能会减少券商的收入，因为券商可以从投资者在结算期间存入的现金中赚取利息。</blockquote></p><p> The move will drive market efficiency and reinforce “Hong Kong’s position as the world’s premier IPO market,” HKEX’s Chief Executive Officer Nicolas Aguzin said in thestatement.</p><p><blockquote>香港交易所首席执行官尼古拉斯·阿古津在声明中表示，此举将提高市场效率，并巩固“香港作为全球首屈一指的IPO市场的地位”。</blockquote></p><p> Hong Kong has seen HK$30.32 billion ($3.9 billion) raised through IPOs so far this year. But the long settlement cycle has often dried up liquidity in the local money market, pushing up short-term interest rates and adding risks for the city’s currency peg with dollar.</p><p><blockquote>今年迄今为止，香港已通过IPO筹集了303.2亿港元（合39亿美元）。但漫长的结算周期往往会耗尽当地货币市场的流动性，推高短期利率，并增加了该市与美元挂钩的货币风险。</blockquote></p><p> The new platform would help to solve another local problem where retail investors have placed duplicate orders through different brokers to have a better chance of getting shares in popular IPOs, a practice that has been banned by local securities rules but has yet to be eradicated over the years.</p><p><blockquote>新平台将有助于解决另一个当地问题，即散户投资者通过不同的经纪商下重复订单，以便有更好的机会获得热门IPO的股票，这种做法已被当地证券法规禁止，但多年来尚未根除。</blockquote></p><p> The bourse also announced that starting Monday all companies seeking to sell shares on the Asian bourse must do itentirely electronically.</p><p><blockquote>该交易所还宣布，从周一开始，所有寻求在亚洲交易所出售股票的公司必须完全通过电子方式进行。</blockquote></p><p> Hong Kong Looks to Speed Up IPO Process to Reduce Risks (1)</p><p><blockquote>香港希望加快IPO进程以降低风险(1)</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-07-06/hong-kong-to-shorten-ipo-cycle-by-fourth-quarter-next-year?srnd=premium-asia\">Tiger Newspress</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"00388":"香港交易所"},"source_url":"https://www.bloomberg.com/news/articles/2021-07-06/hong-kong-to-shorten-ipo-cycle-by-fourth-quarter-next-year?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132297948","content_text":"HKEX$(00388)$rose 4% in wednesday morning trading.Hong Kong stock exchange is set to shorten the time for an initial public offering from pricing to listing to two days from the current five by the fourth quarter next year at the earliest, aligning its market more with other financial hubs.\nThrough a digital platform known as “FINI,” brokers, underwriters and regulators and other involved parties will be able to monitor and coordinate work flow of the whole process through to the start of trading, according to a Hong Kong Exchanges & Clearing Ltd. statement on Tuesday.\nThe change will allow for a settlement cycle of two days, known as T+2, paring back an initial proposal of just one settlement day. The shorter cycle will likely cut income for brokerages who can earn interest on cash placed by investors during the settlement period.\nThe move will drive market efficiency and reinforce “Hong Kong’s position as the world’s premier IPO market,” HKEX’s Chief Executive Officer Nicolas Aguzin said in thestatement.\nHong Kong has seen HK$30.32 billion ($3.9 billion) raised through IPOs so far this year. But the long settlement cycle has often dried up liquidity in the local money market, pushing up short-term interest rates and adding risks for the city’s currency peg with dollar.\nThe new platform would help to solve another local problem where retail investors have placed duplicate orders through different brokers to have a better chance of getting shares in popular IPOs, a practice that has been banned by local securities rules but has yet to be eradicated over the years.\nThe bourse also announced that starting Monday all companies seeking to sell shares on the Asian bourse must do itentirely electronically.\nHong Kong Looks to Speed Up IPO Process to Reduce Risks (1)","news_type":1,"symbols_score_info":{"00388":0.9}},"isVote":1,"tweetType":1,"viewCount":524,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154957088,"gmtCreate":1625472508544,"gmtModify":1633940369154,"author":{"id":"4088029059058460","authorId":"4088029059058460","name":"Foreverhappy","avatar":"https://static.tigerbbs.com/f283a5fea6544040fd5f8b4c904d2053","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088029059058460","authorIdStr":"4088029059058460"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/154957088","repostId":"1109703914","repostType":4,"repost":{"id":"1109703914","kind":"news","pubTimestamp":1625464355,"share":"https://www.laohu8.com/m/news/1109703914?lang=zh_CN&edition=full","pubTime":"2021-07-05 13:52","market":"us","language":"en","title":"Is the Stock Market Open or Closed on Independence Day?<blockquote>独立日股票市场是开放还是关闭？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109703914","media":"Thestreet","summary":"Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.So will the major markets open or close for the holiday?The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.It's one of nine full-closing daysfor the stock market this year.For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading i","content":"<p>Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.</p><p><blockquote>对许多人来说，美国的独立日是野餐和海滩日。但今年7月4日是周日，这在美国不是交易日。</blockquote></p><p> So will the major markets open or close for the holiday?</p><p><blockquote>那么假期主要市场会开盘还是收盘呢？</blockquote></p><p> The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.</p><p><blockquote>事实上，纽约证券交易所和纳斯达克将于7月5日星期一休市，以庆祝独立日。</blockquote></p><p> It's&nbsp;one of nine full-closing daysfor the stock market this year.</p><p><blockquote>这是今年股市九个完整休市日之一。</blockquote></p><p> For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.</p><p><blockquote>例如，股市将于11月25日星期四感恩节休市。11月26日星期五，交易时间为半天多一点，上午9:30至下午1点。美国东部时间。</blockquote></p><p> Normal stock-trading hours run 9:30 a.m. to 4 p.m. ET.</p><p><blockquote>正常股票交易时间为上午9:30至下午4点。东部时间。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is the Stock Market Open or Closed on Independence Day?<blockquote>独立日股票市场是开放还是关闭？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs the Stock Market Open or Closed on Independence Day?<blockquote>独立日股票市场是开放还是关闭？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-07-05 13:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.</p><p><blockquote>对许多人来说，美国的独立日是野餐和海滩日。但今年7月4日是周日，这在美国不是交易日。</blockquote></p><p> So will the major markets open or close for the holiday?</p><p><blockquote>那么假期主要市场会开盘还是收盘呢？</blockquote></p><p> The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.</p><p><blockquote>事实上，纽约证券交易所和纳斯达克将于7月5日星期一休市，以庆祝独立日。</blockquote></p><p> It's&nbsp;one of nine full-closing daysfor the stock market this year.</p><p><blockquote>这是今年股市九个完整休市日之一。</blockquote></p><p> For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.</p><p><blockquote>例如，股市将于11月25日星期四感恩节休市。11月26日星期五，交易时间为半天多一点，上午9:30至下午1点。美国东部时间。</blockquote></p><p> Normal stock-trading hours run 9:30 a.m. to 4 p.m. ET.</p><p><blockquote>正常股票交易时间为上午9:30至下午4点。东部时间。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/independence-day-stock-markets-trading-hours\">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":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.thestreet.com/investing/independence-day-stock-markets-trading-hours","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109703914","content_text":"Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.\nSo will the major markets open or close for the holiday?\nThe New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.\nIt's one of nine full-closing daysfor the stock market this year.\nFor instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.\nNormal stock-trading hours run 9:30 a.m. to 4 p.m. ET.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":352,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808905301,"gmtCreate":1627548382003,"gmtModify":1631891560016,"author":{"id":"4088029059058460","authorId":"4088029059058460","name":"Foreverhappy","avatar":"https://static.tigerbbs.com/f283a5fea6544040fd5f8b4c904d2053","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088029059058460","authorIdStr":"4088029059058460"},"themes":[],"htmlText":"Good 👍&nbsp;","listText":"Good 👍&nbsp;","text":"Good 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/808905301","repostId":"2155755908","repostType":4,"isVote":1,"tweetType":1,"viewCount":1585,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170607083,"gmtCreate":1626424408842,"gmtModify":1631891560054,"author":{"id":"4088029059058460","authorId":"4088029059058460","name":"Foreverhappy","avatar":"https://static.tigerbbs.com/f283a5fea6544040fd5f8b4c904d2053","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088029059058460","authorIdStr":"4088029059058460"},"themes":[],"htmlText":"Good 👍&nbsp;","listText":"Good 👍&nbsp;","text":"Good 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/170607083","repostId":"1122179575","repostType":4,"isVote":1,"tweetType":1,"viewCount":1210,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170604060,"gmtCreate":1626424347550,"gmtModify":1631891560065,"author":{"id":"4088029059058460","authorId":"4088029059058460","name":"Foreverhappy","avatar":"https://static.tigerbbs.com/f283a5fea6544040fd5f8b4c904d2053","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088029059058460","authorIdStr":"4088029059058460"},"themes":[],"htmlText":"Great 👍&nbsp;","listText":"Great 👍&nbsp;","text":"Great 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/170604060","repostId":"2151704365","repostType":4,"isVote":1,"tweetType":1,"viewCount":2174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146102209,"gmtCreate":1626056775201,"gmtModify":1631891560119,"author":{"id":"4088029059058460","authorId":"4088029059058460","name":"Foreverhappy","avatar":"https://static.tigerbbs.com/f283a5fea6544040fd5f8b4c904d2053","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088029059058460","authorIdStr":"4088029059058460"},"themes":[],"htmlText":"Great&nbsp;","listText":"Great&nbsp;","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/146102209","repostId":"1133868961","repostType":4,"repost":{"id":"1133868961","kind":"news","pubTimestamp":1626047742,"share":"https://www.laohu8.com/m/news/1133868961?lang=zh_CN&edition=full","pubTime":"2021-07-12 07:55","market":"us","language":"en","title":"Earnings Kick Off With Sky-High Forecasts, Record Stock Market<blockquote>盈利以极高的预测和创纪录的股市开始</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1133868961","media":"The Wall Street Journal","summary":"With stock valuations sitting above long-term norms, investors will be looking to company executives","content":"<p>  With stock valuations sitting above long-term norms, investors will be looking to company executives for clues on future profits.  Wall Street is heading into earnings season this week with high expectations after strong profits fueled a stock market rally in the first half of the year.</p><p><blockquote>由于股票估值高于长期正常水平，投资者将向公司高管寻求未来利润的线索。在上半年强劲的利润推动股市上涨后，华尔街本周带着很高的期望进入财报季。</blockquote></p><p> Money managers will be watching whether companies will again trounce Wall Street’s forecasts for earnings. The S&amp;P 500 has gained 16% this year and notched 38 record closes, most recently on Friday.</p><p><blockquote>基金经理将关注公司是否会再次超出华尔街的盈利预测。标普500今年已上涨16%，并创下38次收盘纪录，最近一次是在周五。</blockquote></p><p> With stock valuations sitting above long-term norms, investors will also be looking to executives for clues on what the future holds for company profits.</p><p><blockquote>由于股票估值高于长期正常水平，投资者还将向高管寻求有关公司利润未来前景的线索。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a3b557a54040f8c8702b3328a3c51ed9\" tg-width=\"337\" tg-height=\"414\" referrerpolicy=\"no-referrer\">“Do people reward the markets even further from the levels that we’re seeing today?” said Amy Kong, chief investment officer at Barrett Asset Management. “It really depends I think on what management teams would say.”</p><p><blockquote>“人们对市场的回报是否会比我们今天看到的水平更高？”巴雷特资产管理公司首席投资官Amy Kong表示。“我认为这真的取决于管理团队会怎么说。”</blockquote></p><p> Investors this week will parse results from big banks like JPMorgan Chase &amp; Co. and Bank of America Corp., as well as from companies ranging from PepsiCo Inc. toDelta Air LinesInc.DAL2.02%toUnitedHealth GroupInc.UNH0.53%</p><p><blockquote>投资者本周将分析摩根大通和美国银行等大银行以及百事可乐公司、达美航空公司、联合健康集团等公司的业绩</blockquote></p><p> The company earnings will offer a glimpse into how businesses are doing more than a year after the pandemicplunged the U.S. into a recession. With questions about the path of inflation and the labor market unresolved, investors haveshown signs of skittishnessabout the market’s course in the coming months.</p><p><blockquote>在疫情使美国陷入衰退一年多后，该公司的收益将让我们一睹企业的表现。由于有关通胀路径和劳动力市场的问题尚未解决，投资者对未来几个月的市场走势表现出不安的迹象。</blockquote></p><p> Analysts project that profits for S&amp;P 500 companies rose 64% in the second quarter from a year earlier, according to FactSet, a growth rate that would be the highest in more than a decade. However, the growth will be measured from a period when much of the economy had been brought to a standstill from the pandemic as consumers retreated and some businesses saw steep declines in revenue. Analysts expect businesses constrained by the pandemic and economic slowdown, like the financial and industrial sectors, to more than double their profits from the same period in 2020.</p><p><blockquote>FactSet的数据显示，分析师预计标普500公司第二季度利润同比增长64%，这一增长率将是十多年来的最高水平。然而，这一增长将是在疫情导致大部分经济陷入停滞的时期来衡量的，因为消费者撤退，一些企业的收入急剧下降。分析师预计，受疫情和经济放缓限制的企业，如金融和工业部门，其利润将比2020年同期增长一倍以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ea3485d0ca239f089d056ae1a67be293\" tg-width=\"317\" tg-height=\"429\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Also, forecasts have drifted higher in recent months, helped by an unusually large number of companies advising investors that they expect earnings to come in higher than analysts had been estimating.</p><p><blockquote>此外，近几个月来，预测有所上升，这得益于数量异常多的公司向投资者表示，他们预计盈利将高于分析师的预期。</blockquote></p><p> “The reason for that is simple: The speed and robustness of the recovery is greater today than everyone anticipated three months ago,” said Hal Reynolds, chief investment officer at Los Angeles Capital Management.</p><p><blockquote>洛杉矶资本管理公司首席投资官哈尔·雷诺兹表示：“原因很简单：今天复苏的速度和强劲程度超出了三个月前所有人的预期。”</blockquote></p><p> It is more common for companies to try to lower expectations as they head into a reporting season.</p><p><blockquote>在进入财报季时，公司试图降低预期的情况更为常见。</blockquote></p><p> Federal Reserve officials at the central bank’s June policy meeting suggested theymight need to dial back their supportfor the economy earlier than expected because growth has been so strong.</p><p><blockquote>美联储官员在六月政策会议上表示，他们可能需要比预期更早地减少对经济的支持，因为经济增长如此强劲。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/106ca1452ace2794d634ea68a562e334\" tg-width=\"296\" tg-height=\"417\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> At the same time, investors in recent days have been considering the threat that labor shortages, supply-chain bottlenecks and thehighly contagious Delta variantof the coronavirus might pose to their rosy economic outlooks.</p><p><blockquote>与此同时，投资者最近几天一直在考虑劳动力短缺、供应链瓶颈和高传染性的冠状病毒三角洲变种可能对其乐观的经济前景构成的威胁。</blockquote></p><p> A rally in ultrasafe government bonds pushed the yield on the benchmark 10-year U.S. Treasury notebelow 1.3% last week, settling Thursday at its lowest level since February. Stocks sold off, with the S&amp;P 500, Dow Jones Industrial Average and tech-heavy Nasdaq Composite on Thursdaysuffering their worst daily performancesin nearly three weeks before bouncing higher Friday.</p><p><blockquote>超安全政府债券的上涨推动基准10年期美国国债收益率上周跌破1.3%，周四收于2月份以来的最低水平。股市遭到抛售，标普500、道琼斯工业平均指数和以科技股为主的纳斯达克综合指数周四遭遇近三周来最差单日表现，周五反弹走高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/628f86f4b1c8df342c39ad290fcf6670\" tg-width=\"333\" tg-height=\"416\" referrerpolicy=\"no-referrer\">Investors are weighing each new development with an eye on the hefty price tags that stocks have commanded since the market last year rocketed up from its pandemic lows.</p><p><blockquote>投资者正在权衡每一项新进展，着眼于自去年市场从大流行低点飙升以来股市的高昂价格。</blockquote></p><p> The S&amp;P 500 traded Thursday at nearly 22 times expected earnings over the next 12 months, above a five-year average of a little more than 18.</p><p><blockquote>标普500周四的市盈率接近未来12个月预期市盈率的22倍，高于略高于18的五年平均水平。</blockquote></p><p> “Valuations on their own don’t kill a market, but valuations make you vulnerable if there’s an unpleasant surprise,” said Tom Hancock, lead portfolio manager of the GMO Quality Fund.</p><p><blockquote>转基因质量基金首席投资组合经理汤姆·汉考克表示：“估值本身不会扼杀市场，但如果出现令人不快的意外，估值会让你变得脆弱。”</blockquote></p><p> The economy’s rebound from the pandemic has driven asurge in consumer prices, and investors want to know how higher costs for anything from materials to labor will affect corporations’ bottom lines.</p><p><blockquote>经济从疫情中的反弹推动了消费者价格的飙升，投资者想知道从材料到劳动力的成本上升将如何影响企业的利润。</blockquote></p><p> Forecasts call for an S&amp;P 500 net profit margin of 11.8% in the second quarter, above the five-year average of 10.6%, according to FactSet. That recent efficiency in generating profits could be vulnerable as costs rise.</p><p><blockquote>FactSet的数据显示，看涨期权预计第二季度标普500净利润率为11.8%，高于10.6%的五年平均水平。随着成本上升，最近的盈利效率可能会变得脆弱。</blockquote></p><p></p><p> There are signs investors might look harshly on companies struggling to stay fully staffed.FedExCorp.shares fell 3.9% the day after the delivery giant’s June earnings report—and executives saiddifficulty hiring package handlershad driven wages higher and created inefficiency.</p><p><blockquote>有迹象表明，投资者可能会严厉看待那些努力保持人员充足的公司。在这家快递巨头发布6月份收益报告后的第二天，联邦快递公司股价下跌3.9%，高管们表示，招聘包裹处理员的困难导致工资上涨并造成效率低下。</blockquote></p><p> If that experience turns out to be widely shared, it could reshape expectations for the costs that U.S. companies will bear going forward—and potentially the prices their shares are worth.</p><p><blockquote>如果这一经验被广泛分享，它可能会重塑人们对美国公司未来将承担的成本的预期，并可能重塑其股票的价值。</blockquote></p><p> “I come back to inflation and margins being something that could really create a pause with stocks,” said Larry Cordisco, co-lead portfolio manager of the Osterweis Growth &amp; Income Fund. “Certainly if there’s wage inflation that starts to take hold, I think that is going to get people’s attention.”</p><p><blockquote>Osterweis Growth&amp;Income基金联席首席投资组合经理拉里·科迪斯科(Larry Cordisco)表示：“我回到通胀和利润率确实可能导致股市暂停。”“当然，如果工资通胀开始蔓延，我认为这将会引起人们的注意。”</blockquote></p><p> Shares ofDarden RestaurantsInc.meanwhile, rose 3.2% the day after the parent company of Olive Gardentopped earnings estimates, even as it pointed to a rise in the costs of food and labor. The company shared a sales forecast that assumes full operating capacity for essentially all restaurants and no significant interruptions related to the pandemic.</p><p><blockquote>与此同时，Olive Garden母公司盈利超出预期的第二天，Darden Restaurants Inc.的股价上涨3.2%，尽管该公司指出食品和劳动力成本上涨。该公司分享了一份销售预测，假设基本上所有餐厅都已满负荷运营，并且没有与大流行相关的重大中断。</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>Earnings Kick Off With Sky-High Forecasts, Record Stock Market<blockquote>盈利以极高的预测和创纪录的股市开始</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\">\nEarnings Kick Off With Sky-High Forecasts, Record Stock Market<blockquote>盈利以极高的预测和创纪录的股市开始</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-07-12 07:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  With stock valuations sitting above long-term norms, investors will be looking to company executives for clues on future profits.  Wall Street is heading into earnings season this week with high expectations after strong profits fueled a stock market rally in the first half of the year.</p><p><blockquote>由于股票估值高于长期正常水平，投资者将向公司高管寻求未来利润的线索。在上半年强劲的利润推动股市上涨后，华尔街本周带着很高的期望进入财报季。</blockquote></p><p> Money managers will be watching whether companies will again trounce Wall Street’s forecasts for earnings. The S&amp;P 500 has gained 16% this year and notched 38 record closes, most recently on Friday.</p><p><blockquote>基金经理将关注公司是否会再次超出华尔街的盈利预测。标普500今年已上涨16%，并创下38次收盘纪录，最近一次是在周五。</blockquote></p><p> With stock valuations sitting above long-term norms, investors will also be looking to executives for clues on what the future holds for company profits.</p><p><blockquote>由于股票估值高于长期正常水平，投资者还将向高管寻求有关公司利润未来前景的线索。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a3b557a54040f8c8702b3328a3c51ed9\" tg-width=\"337\" tg-height=\"414\" referrerpolicy=\"no-referrer\">“Do people reward the markets even further from the levels that we’re seeing today?” said Amy Kong, chief investment officer at Barrett Asset Management. “It really depends I think on what management teams would say.”</p><p><blockquote>“人们对市场的回报是否会比我们今天看到的水平更高？”巴雷特资产管理公司首席投资官Amy Kong表示。“我认为这真的取决于管理团队会怎么说。”</blockquote></p><p> Investors this week will parse results from big banks like JPMorgan Chase &amp; Co. and Bank of America Corp., as well as from companies ranging from PepsiCo Inc. toDelta Air LinesInc.DAL2.02%toUnitedHealth GroupInc.UNH0.53%</p><p><blockquote>投资者本周将分析摩根大通和美国银行等大银行以及百事可乐公司、达美航空公司、联合健康集团等公司的业绩</blockquote></p><p> The company earnings will offer a glimpse into how businesses are doing more than a year after the pandemicplunged the U.S. into a recession. With questions about the path of inflation and the labor market unresolved, investors haveshown signs of skittishnessabout the market’s course in the coming months.</p><p><blockquote>在疫情使美国陷入衰退一年多后，该公司的收益将让我们一睹企业的表现。由于有关通胀路径和劳动力市场的问题尚未解决，投资者对未来几个月的市场走势表现出不安的迹象。</blockquote></p><p> Analysts project that profits for S&amp;P 500 companies rose 64% in the second quarter from a year earlier, according to FactSet, a growth rate that would be the highest in more than a decade. However, the growth will be measured from a period when much of the economy had been brought to a standstill from the pandemic as consumers retreated and some businesses saw steep declines in revenue. Analysts expect businesses constrained by the pandemic and economic slowdown, like the financial and industrial sectors, to more than double their profits from the same period in 2020.</p><p><blockquote>FactSet的数据显示，分析师预计标普500公司第二季度利润同比增长64%，这一增长率将是十多年来的最高水平。然而，这一增长将是在疫情导致大部分经济陷入停滞的时期来衡量的，因为消费者撤退，一些企业的收入急剧下降。分析师预计，受疫情和经济放缓限制的企业，如金融和工业部门，其利润将比2020年同期增长一倍以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ea3485d0ca239f089d056ae1a67be293\" tg-width=\"317\" tg-height=\"429\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Also, forecasts have drifted higher in recent months, helped by an unusually large number of companies advising investors that they expect earnings to come in higher than analysts had been estimating.</p><p><blockquote>此外，近几个月来，预测有所上升，这得益于数量异常多的公司向投资者表示，他们预计盈利将高于分析师的预期。</blockquote></p><p> “The reason for that is simple: The speed and robustness of the recovery is greater today than everyone anticipated three months ago,” said Hal Reynolds, chief investment officer at Los Angeles Capital Management.</p><p><blockquote>洛杉矶资本管理公司首席投资官哈尔·雷诺兹表示：“原因很简单：今天复苏的速度和强劲程度超出了三个月前所有人的预期。”</blockquote></p><p> It is more common for companies to try to lower expectations as they head into a reporting season.</p><p><blockquote>在进入财报季时，公司试图降低预期的情况更为常见。</blockquote></p><p> Federal Reserve officials at the central bank’s June policy meeting suggested theymight need to dial back their supportfor the economy earlier than expected because growth has been so strong.</p><p><blockquote>美联储官员在六月政策会议上表示，他们可能需要比预期更早地减少对经济的支持，因为经济增长如此强劲。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/106ca1452ace2794d634ea68a562e334\" tg-width=\"296\" tg-height=\"417\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> At the same time, investors in recent days have been considering the threat that labor shortages, supply-chain bottlenecks and thehighly contagious Delta variantof the coronavirus might pose to their rosy economic outlooks.</p><p><blockquote>与此同时，投资者最近几天一直在考虑劳动力短缺、供应链瓶颈和高传染性的冠状病毒三角洲变种可能对其乐观的经济前景构成的威胁。</blockquote></p><p> A rally in ultrasafe government bonds pushed the yield on the benchmark 10-year U.S. Treasury notebelow 1.3% last week, settling Thursday at its lowest level since February. Stocks sold off, with the S&amp;P 500, Dow Jones Industrial Average and tech-heavy Nasdaq Composite on Thursdaysuffering their worst daily performancesin nearly three weeks before bouncing higher Friday.</p><p><blockquote>超安全政府债券的上涨推动基准10年期美国国债收益率上周跌破1.3%，周四收于2月份以来的最低水平。股市遭到抛售，标普500、道琼斯工业平均指数和以科技股为主的纳斯达克综合指数周四遭遇近三周来最差单日表现，周五反弹走高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/628f86f4b1c8df342c39ad290fcf6670\" tg-width=\"333\" tg-height=\"416\" referrerpolicy=\"no-referrer\">Investors are weighing each new development with an eye on the hefty price tags that stocks have commanded since the market last year rocketed up from its pandemic lows.</p><p><blockquote>投资者正在权衡每一项新进展，着眼于自去年市场从大流行低点飙升以来股市的高昂价格。</blockquote></p><p> The S&amp;P 500 traded Thursday at nearly 22 times expected earnings over the next 12 months, above a five-year average of a little more than 18.</p><p><blockquote>标普500周四的市盈率接近未来12个月预期市盈率的22倍，高于略高于18的五年平均水平。</blockquote></p><p> “Valuations on their own don’t kill a market, but valuations make you vulnerable if there’s an unpleasant surprise,” said Tom Hancock, lead portfolio manager of the GMO Quality Fund.</p><p><blockquote>转基因质量基金首席投资组合经理汤姆·汉考克表示：“估值本身不会扼杀市场，但如果出现令人不快的意外，估值会让你变得脆弱。”</blockquote></p><p> The economy’s rebound from the pandemic has driven asurge in consumer prices, and investors want to know how higher costs for anything from materials to labor will affect corporations’ bottom lines.</p><p><blockquote>经济从疫情中的反弹推动了消费者价格的飙升，投资者想知道从材料到劳动力的成本上升将如何影响企业的利润。</blockquote></p><p> Forecasts call for an S&amp;P 500 net profit margin of 11.8% in the second quarter, above the five-year average of 10.6%, according to FactSet. That recent efficiency in generating profits could be vulnerable as costs rise.</p><p><blockquote>FactSet的数据显示，看涨期权预计第二季度标普500净利润率为11.8%，高于10.6%的五年平均水平。随着成本上升，最近的盈利效率可能会变得脆弱。</blockquote></p><p></p><p> There are signs investors might look harshly on companies struggling to stay fully staffed.FedExCorp.shares fell 3.9% the day after the delivery giant’s June earnings report—and executives saiddifficulty hiring package handlershad driven wages higher and created inefficiency.</p><p><blockquote>有迹象表明，投资者可能会严厉看待那些努力保持人员充足的公司。在这家快递巨头发布6月份收益报告后的第二天，联邦快递公司股价下跌3.9%，高管们表示，招聘包裹处理员的困难导致工资上涨并造成效率低下。</blockquote></p><p> If that experience turns out to be widely shared, it could reshape expectations for the costs that U.S. companies will bear going forward—and potentially the prices their shares are worth.</p><p><blockquote>如果这一经验被广泛分享，它可能会重塑人们对美国公司未来将承担的成本的预期，并可能重塑其股票的价值。</blockquote></p><p> “I come back to inflation and margins being something that could really create a pause with stocks,” said Larry Cordisco, co-lead portfolio manager of the Osterweis Growth &amp; Income Fund. “Certainly if there’s wage inflation that starts to take hold, I think that is going to get people’s attention.”</p><p><blockquote>Osterweis Growth&amp;Income基金联席首席投资组合经理拉里·科迪斯科(Larry Cordisco)表示：“我回到通胀和利润率确实可能导致股市暂停。”“当然，如果工资通胀开始蔓延，我认为这将会引起人们的注意。”</blockquote></p><p> Shares ofDarden RestaurantsInc.meanwhile, rose 3.2% the day after the parent company of Olive Gardentopped earnings estimates, even as it pointed to a rise in the costs of food and labor. The company shared a sales forecast that assumes full operating capacity for essentially all restaurants and no significant interruptions related to the pandemic.</p><p><blockquote>与此同时，Olive Garden母公司盈利超出预期的第二天，Darden Restaurants Inc.的股价上涨3.2%，尽管该公司指出食品和劳动力成本上涨。该公司分享了一份销售预测，假设基本上所有餐厅都已满负荷运营，并且没有与大流行相关的重大中断。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/earnings-kick-off-with-sky-high-forecasts-record-stock-market-11625995802?mod=hp_lead_pos1\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF"},"source_url":"https://www.wsj.com/articles/earnings-kick-off-with-sky-high-forecasts-record-stock-market-11625995802?mod=hp_lead_pos1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133868961","content_text":"With stock valuations sitting above long-term norms, investors will be looking to company executives for clues on future profits.\n\nWall Street is heading into earnings season this week with high expectations after strong profits fueled a stock market rally in the first half of the year.\nMoney managers will be watching whether companies will again trounce Wall Street’s forecasts for earnings. The S&P 500 has gained 16% this year and notched 38 record closes, most recently on Friday.\nWith stock valuations sitting above long-term norms, investors will also be looking to executives for clues on what the future holds for company profits.\n“Do people reward the markets even further from the levels that we’re seeing today?” said Amy Kong, chief investment officer at Barrett Asset Management. “It really depends I think on what management teams would say.”\nInvestors this week will parse results from big banks like JPMorgan Chase & Co. and Bank of America Corp., as well as from companies ranging from PepsiCo Inc. toDelta Air LinesInc.DAL2.02%toUnitedHealth GroupInc.UNH0.53%\nThe company earnings will offer a glimpse into how businesses are doing more than a year after the pandemicplunged the U.S. into a recession. With questions about the path of inflation and the labor market unresolved, investors haveshown signs of skittishnessabout the market’s course in the coming months.\nAnalysts project that profits for S&P 500 companies rose 64% in the second quarter from a year earlier, according to FactSet, a growth rate that would be the highest in more than a decade. However, the growth will be measured from a period when much of the economy had been brought to a standstill from the pandemic as consumers retreated and some businesses saw steep declines in revenue. Analysts expect businesses constrained by the pandemic and economic slowdown, like the financial and industrial sectors, to more than double their profits from the same period in 2020.\n\nAlso, forecasts have drifted higher in recent months, helped by an unusually large number of companies advising investors that they expect earnings to come in higher than analysts had been estimating.\n“The reason for that is simple: The speed and robustness of the recovery is greater today than everyone anticipated three months ago,” said Hal Reynolds, chief investment officer at Los Angeles Capital Management.\nIt is more common for companies to try to lower expectations as they head into a reporting season.\nFederal Reserve officials at the central bank’s June policy meeting suggested theymight need to dial back their supportfor the economy earlier than expected because growth has been so strong.\n\nAt the same time, investors in recent days have been considering the threat that labor shortages, supply-chain bottlenecks and thehighly contagious Delta variantof the coronavirus might pose to their rosy economic outlooks.\nA rally in ultrasafe government bonds pushed the yield on the benchmark 10-year U.S. Treasury notebelow 1.3% last week, settling Thursday at its lowest level since February. Stocks sold off, with the S&P 500, Dow Jones Industrial Average and tech-heavy Nasdaq Composite on Thursdaysuffering their worst daily performancesin nearly three weeks before bouncing higher Friday.\nInvestors are weighing each new development with an eye on the hefty price tags that stocks have commanded since the market last year rocketed up from its pandemic lows.\nThe S&P 500 traded Thursday at nearly 22 times expected earnings over the next 12 months, above a five-year average of a little more than 18.\n“Valuations on their own don’t kill a market, but valuations make you vulnerable if there’s an unpleasant surprise,” said Tom Hancock, lead portfolio manager of the GMO Quality Fund.\nThe economy’s rebound from the pandemic has driven asurge in consumer prices, and investors want to know how higher costs for anything from materials to labor will affect corporations’ bottom lines.\nForecasts call for an S&P 500 net profit margin of 11.8% in the second quarter, above the five-year average of 10.6%, according to FactSet. That recent efficiency in generating profits could be vulnerable as costs rise.\nThere are signs investors might look harshly on companies struggling to stay fully staffed.FedExCorp.shares fell 3.9% the day after the delivery giant’s June earnings report—and executives saiddifficulty hiring package handlershad driven wages higher and created inefficiency.\nIf that experience turns out to be widely shared, it could reshape expectations for the costs that U.S. companies will bear going forward—and potentially the prices their shares are worth.\n“I come back to inflation and margins being something that could really create a pause with stocks,” said Larry Cordisco, co-lead portfolio manager of the Osterweis Growth & Income Fund. “Certainly if there’s wage inflation that starts to take hold, I think that is going to get people’s attention.”\nShares ofDarden RestaurantsInc.meanwhile, rose 3.2% the day after the parent company of Olive Gardentopped earnings estimates, even as it pointed to a rise in the costs of food and labor. The company shared a sales forecast that assumes full operating capacity for essentially all restaurants and no significant interruptions related to the pandemic.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":828,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146108576,"gmtCreate":1626056696595,"gmtModify":1631891560120,"author":{"id":"4088029059058460","authorId":"4088029059058460","name":"Foreverhappy","avatar":"https://static.tigerbbs.com/f283a5fea6544040fd5f8b4c904d2053","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088029059058460","authorIdStr":"4088029059058460"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/146108576","repostId":"1128954643","repostType":4,"isVote":1,"tweetType":1,"viewCount":3223,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}