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Flameon
Flameon
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2021-12-15
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Flameon
Flameon
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2021-10-16
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What Happens When the Fed Tapers?<blockquote>美联储缩减规模会发生什么？</blockquote>
What happens when the Fed tapers? That is the billion (or trillion) dollar question. Before we delve
What Happens When the Fed Tapers?<blockquote>美联储缩减规模会发生什么？</blockquote>
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Flameon
Flameon
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2021-10-06
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Flameon
Flameon
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2021-10-05
😞
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Flameon
Flameon
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2021-09-20
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GameStop: With Short Interest Of Less Than 15% Don't Expect Another Squeeze<blockquote>游戏驿站：空头利息低于 15%，预计不会再次出现挤压</blockquote>
Summary GameStop continues to be a struggling video gaming retailer with limited upside and no abil
GameStop: With Short Interest Of Less Than 15% Don't Expect Another Squeeze<blockquote>游戏驿站：空头利息低于 15%，预计不会再次出现挤压</blockquote>
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Flameon
Flameon
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2021-09-13
Maybe
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Flameon
Flameon
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2021-09-12
Seriously
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Flameon
Flameon
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2021-09-11
Will up again
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Flameon
Flameon
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2021-09-10
Good
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Flameon
Flameon
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2021-09-04
Stong
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Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1634280465,"share":"https://www.laohu8.com/m/news/1139202309?lang=zh_CN&edition=full","pubTime":"2021-10-15 14:47","market":"us","language":"en","title":"What Happens When the Fed Tapers?<blockquote>美联储缩减规模会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139202309","media":"Benzinga","summary":"What happens when the Fed tapers? That is the billion (or trillion) dollar question. Before we delve","content":"<p>What happens when the Fed tapers? That is the billion (or trillion) dollar question. Before we delve into the possible outcome(s) though, we must first understand what tapering means.</p><p><blockquote>美联储缩减规模会发生什么？这是一个价值十亿（或万亿）美元的问题。然而，在我们深入研究可能的结果之前，我们必须首先理解缩减意味着什么。</blockquote></p><p> In response to the coronavirus pandemic, the Federal Reserve slashed interest rates to zero in March 2020 to help bolster growth. It also began its $120 billion in monthly asset purchases, a program known as quantitative easing (QE) that has roughly doubled the Fed’s balance sheet to about $8.5 trillion since the start of the pandemic.</p><p><blockquote>为了应对冠状病毒大流行，美联储于2020年3月将利率下调至零，以帮助提振增长。它还开始每月购买1200亿美元的资产，这是一项被称为量化宽松（QE）的计划，自疫情开始以来，该计划已使美联储的资产负债表增加了大约一倍，达到约8.5万亿美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d66984161d481448082b5856b1c7465c\" tg-width=\"1200\" tg-height=\"800\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cfe5a1c43965ba4fe7c492c026c915b8\" tg-width=\"1200\" tg-height=\"800\" width=\"100%\" height=\"auto\"><span>Source: Board of Governors of the Federal Reserve System</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：联邦储备系统理事会</span></p></blockquote></p><p> QE helps by reducing long-term interest rates, thereby encouraging borrowing to help spur spending, and in turn, the economy. In doing so, the Fed essentially reduces the available supply of these bonds in the open market, forcing investors who want to own them to drive up prices. Driving up bond prices has the effect of lowering interest rates, which lowers the borrowing costs of households on their mortgages, or the costs of corporations to borrow by issuing debt.</p><p><blockquote>量化宽松有助于降低长期利率，从而鼓励借贷以帮助刺激支出，进而刺激经济。通过这样做，美联储实质上减少了这些债券在公开市场上的可用供应，迫使想要持有它们的投资者推高价格。推高债券价格会降低利率，从而降低家庭抵押贷款的借贷成本，或企业通过发行债务借款的成本。</blockquote></p><p> As the Fed eases the pace and pares back the amount of these purchases, tapering begins with the ultimate goal of sending interest rates back to “normal.” Tapering can impact long-term interest rates, as this typically sends a signal to the markets that the Fed is shifting to a less accommodative policy stance in the future. The key is to understand that tapering does not mean the Fed stops purchasing assets, but it just reduces the pace of its balance sheet expansion. This is different than tightening, which means the Fed will no longer add assets to its balance sheet and will instead reduce the assets it holds by selling them — with large companies recently including <b>Caterpillar Inc.</b> and <b>Home Depot</b> taking advantage of to issue new bonds.</p><p><blockquote>随着美联储放慢步伐并削减这些购买数量，缩减购债规模的最终目标是让利率回归“正常”。缩减规模可能会影响长期利率，因为这通常会向市场发出信号，表明美联储未来将转向不太宽松的政策立场。关键是要明白，缩减并不意味着美联储停止购买资产，而只是降低了其资产负债表扩张的步伐。这与紧缩不同，紧缩意味着美联储将不再在其资产负债表上增加资产，而是通过出售资产来减少其持有的资产——最近大公司包括<b>卡特彼勒公司。</b>和<b>家得宝</b>利用发行新债券。</blockquote></p><p> Aside from interest rates, tapering could have an impact on the U.S. dollar. The trajectory of the U.S. dollar is important for investors as it impacts everything from commodity prices to corporate earnings. Higher yields make dollar-denominated assets more attractive to income seeking investors. Tapering is typically bullish for the dollar as it means a move toward tighter monetary policy. Since currencies normally appreciate when their domestic short-term rates rise, as the Fed continues to signal imminent tightening, markets are pricing in higher rates. This offers support to the dollar amid an already choppy risk environment that is a positive for the safe haven dollar. As mentioned above, if the Fed will be buying fewer debt assets, there would be fewer dollars in circulation.</p><p><blockquote>除了利率之外，缩减购债规模也可能对美元产生影响。美元的走势对投资者来说很重要，因为它影响着从大宗商品价格到企业盈利的方方面面。较高的收益率使美元计价资产对寻求收入的投资者更具吸引力。缩减购债规模通常对美元有利，因为这意味着货币政策转向收紧。由于当国内短期利率上升时，货币通常会升值，随着美联储继续发出即将紧缩的信号，市场正在消化更高的利率。在本已动荡的风险环境中，这为美元提供了支撑，这对避险美元有利。如上所述，如果美联储购买更少的债务资产，流通中的美元就会减少。</blockquote></p><p> The market is anticipating the beginning of the taper process could begin sometime in the fourth quarter of this year, possibly as soon as November. In addition, half of the Fed vice presidents project interest rates rising at some point in 2022. Fed Chairman Powell is anticipating the taper process could end around the middle of next year, as long as the recovery remains on track. The Central Bank has insisted that they expect to keep the funds rate near zero until labor market conditions have reached levels consistent with their projections of maximum employment. We are nowhere near pre-pandemic unemployment levels (with 8.4 million unemployed persons in the U.S. now versus 5.7 million in February 2020). This could lead to concern over whether the Fed risks tightening monetary policy at a time when the economy might be significantly weaker than it already is today. At the end of the day, if the Fed is priming the markets for a taper in the fourth quarter of 2021, we could be in for a period of extended volatility.</p><p><blockquote>市场预计缩减进程可能会在今年第四季度的某个时候开始，最早可能在11月。此外，一半的美联储副主席预计利率将在2022年的某个时候上升。美联储主席鲍威尔预计，只要复苏仍在正轨上，缩减进程可能会在明年年中左右结束。央行坚称，他们预计将基金利率保持在接近零的水平，直到劳动力市场状况达到与其最大就业预测一致的水平。我们远未达到大流行前的失业率水平（美国目前有840万失业人员，而2020年2月为570万）。这可能会引发人们的担忧，即在经济可能明显弱于目前的情况下，美联储是否会冒险收紧货币政策。归根结底，如果美联储为2021年第四季度缩减规模做好市场准备，我们可能会面临一段长期波动的时期。</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>What Happens When the Fed Tapers?<blockquote>美联储缩减规模会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens When the Fed Tapers?<blockquote>美联储缩减规模会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-10-15 14:47</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>What happens when the Fed tapers? That is the billion (or trillion) dollar question. Before we delve into the possible outcome(s) though, we must first understand what tapering means.</p><p><blockquote>美联储缩减规模会发生什么？这是一个价值十亿（或万亿）美元的问题。然而，在我们深入研究可能的结果之前，我们必须首先理解缩减意味着什么。</blockquote></p><p> In response to the coronavirus pandemic, the Federal Reserve slashed interest rates to zero in March 2020 to help bolster growth. It also began its $120 billion in monthly asset purchases, a program known as quantitative easing (QE) that has roughly doubled the Fed’s balance sheet to about $8.5 trillion since the start of the pandemic.</p><p><blockquote>为了应对冠状病毒大流行，美联储于2020年3月将利率下调至零，以帮助提振增长。它还开始每月购买1200亿美元的资产，这是一项被称为量化宽松（QE）的计划，自疫情开始以来，该计划已使美联储的资产负债表增加了大约一倍，达到约8.5万亿美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d66984161d481448082b5856b1c7465c\" tg-width=\"1200\" tg-height=\"800\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cfe5a1c43965ba4fe7c492c026c915b8\" tg-width=\"1200\" tg-height=\"800\" width=\"100%\" height=\"auto\"><span>Source: Board of Governors of the Federal Reserve System</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：联邦储备系统理事会</span></p></blockquote></p><p> QE helps by reducing long-term interest rates, thereby encouraging borrowing to help spur spending, and in turn, the economy. In doing so, the Fed essentially reduces the available supply of these bonds in the open market, forcing investors who want to own them to drive up prices. Driving up bond prices has the effect of lowering interest rates, which lowers the borrowing costs of households on their mortgages, or the costs of corporations to borrow by issuing debt.</p><p><blockquote>量化宽松有助于降低长期利率，从而鼓励借贷以帮助刺激支出，进而刺激经济。通过这样做，美联储实质上减少了这些债券在公开市场上的可用供应，迫使想要持有它们的投资者推高价格。推高债券价格会降低利率，从而降低家庭抵押贷款的借贷成本，或企业通过发行债务借款的成本。</blockquote></p><p> As the Fed eases the pace and pares back the amount of these purchases, tapering begins with the ultimate goal of sending interest rates back to “normal.” Tapering can impact long-term interest rates, as this typically sends a signal to the markets that the Fed is shifting to a less accommodative policy stance in the future. The key is to understand that tapering does not mean the Fed stops purchasing assets, but it just reduces the pace of its balance sheet expansion. This is different than tightening, which means the Fed will no longer add assets to its balance sheet and will instead reduce the assets it holds by selling them — with large companies recently including <b>Caterpillar Inc.</b> and <b>Home Depot</b> taking advantage of to issue new bonds.</p><p><blockquote>随着美联储放慢步伐并削减这些购买数量，缩减购债规模的最终目标是让利率回归“正常”。缩减规模可能会影响长期利率，因为这通常会向市场发出信号，表明美联储未来将转向不太宽松的政策立场。关键是要明白，缩减并不意味着美联储停止购买资产，而只是降低了其资产负债表扩张的步伐。这与紧缩不同，紧缩意味着美联储将不再在其资产负债表上增加资产，而是通过出售资产来减少其持有的资产——最近大公司包括<b>卡特彼勒公司。</b>和<b>家得宝</b>利用发行新债券。</blockquote></p><p> Aside from interest rates, tapering could have an impact on the U.S. dollar. The trajectory of the U.S. dollar is important for investors as it impacts everything from commodity prices to corporate earnings. Higher yields make dollar-denominated assets more attractive to income seeking investors. Tapering is typically bullish for the dollar as it means a move toward tighter monetary policy. Since currencies normally appreciate when their domestic short-term rates rise, as the Fed continues to signal imminent tightening, markets are pricing in higher rates. This offers support to the dollar amid an already choppy risk environment that is a positive for the safe haven dollar. As mentioned above, if the Fed will be buying fewer debt assets, there would be fewer dollars in circulation.</p><p><blockquote>除了利率之外，缩减购债规模也可能对美元产生影响。美元的走势对投资者来说很重要，因为它影响着从大宗商品价格到企业盈利的方方面面。较高的收益率使美元计价资产对寻求收入的投资者更具吸引力。缩减购债规模通常对美元有利，因为这意味着货币政策转向收紧。由于当国内短期利率上升时，货币通常会升值，随着美联储继续发出即将紧缩的信号，市场正在消化更高的利率。在本已动荡的风险环境中，这为美元提供了支撑，这对避险美元有利。如上所述，如果美联储购买更少的债务资产，流通中的美元就会减少。</blockquote></p><p> The market is anticipating the beginning of the taper process could begin sometime in the fourth quarter of this year, possibly as soon as November. In addition, half of the Fed vice presidents project interest rates rising at some point in 2022. Fed Chairman Powell is anticipating the taper process could end around the middle of next year, as long as the recovery remains on track. The Central Bank has insisted that they expect to keep the funds rate near zero until labor market conditions have reached levels consistent with their projections of maximum employment. We are nowhere near pre-pandemic unemployment levels (with 8.4 million unemployed persons in the U.S. now versus 5.7 million in February 2020). This could lead to concern over whether the Fed risks tightening monetary policy at a time when the economy might be significantly weaker than it already is today. At the end of the day, if the Fed is priming the markets for a taper in the fourth quarter of 2021, we could be in for a period of extended volatility.</p><p><blockquote>市场预计缩减进程可能会在今年第四季度的某个时候开始，最早可能在11月。此外，一半的美联储副主席预计利率将在2022年的某个时候上升。美联储主席鲍威尔预计，只要复苏仍在正轨上，缩减进程可能会在明年年中左右结束。央行坚称，他们预计将基金利率保持在接近零的水平，直到劳动力市场状况达到与其最大就业预测一致的水平。我们远未达到大流行前的失业率水平（美国目前有840万失业人员，而2020年2月为570万）。这可能会引发人们的担忧，即在经济可能明显弱于目前的情况下，美联储是否会冒险收紧货币政策。归根结底，如果美联储为2021年第四季度缩减规模做好市场准备，我们可能会面临一段长期波动的时期。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139202309","content_text":"What happens when the Fed tapers? That is the billion (or trillion) dollar question. Before we delve into the possible outcome(s) though, we must first understand what tapering means.\nIn response to the coronavirus pandemic, the Federal Reserve slashed interest rates to zero in March 2020 to help bolster growth. It also began its $120 billion in monthly asset purchases, a program known as quantitative easing (QE) that has roughly doubled the Fed’s balance sheet to about $8.5 trillion since the start of the pandemic.\n\nSource: Board of Governors of the Federal Reserve System\nQE helps by reducing long-term interest rates, thereby encouraging borrowing to help spur spending, and in turn, the economy. In doing so, the Fed essentially reduces the available supply of these bonds in the open market, forcing investors who want to own them to drive up prices. Driving up bond prices has the effect of lowering interest rates, which lowers the borrowing costs of households on their mortgages, or the costs of corporations to borrow by issuing debt.\nAs the Fed eases the pace and pares back the amount of these purchases, tapering begins with the ultimate goal of sending interest rates back to “normal.” Tapering can impact long-term interest rates, as this typically sends a signal to the markets that the Fed is shifting to a less accommodative policy stance in the future. The key is to understand that tapering does not mean the Fed stops purchasing assets, but it just reduces the pace of its balance sheet expansion. This is different than tightening, which means the Fed will no longer add assets to its balance sheet and will instead reduce the assets it holds by selling them — with large companies recently including Caterpillar Inc. and Home Depot taking advantage of to issue new bonds.\nAside from interest rates, tapering could have an impact on the U.S. dollar. The trajectory of the U.S. dollar is important for investors as it impacts everything from commodity prices to corporate earnings. Higher yields make dollar-denominated assets more attractive to income seeking investors. Tapering is typically bullish for the dollar as it means a move toward tighter monetary policy. Since currencies normally appreciate when their domestic short-term rates rise, as the Fed continues to signal imminent tightening, markets are pricing in higher rates. This offers support to the dollar amid an already choppy risk environment that is a positive for the safe haven dollar. As mentioned above, if the Fed will be buying fewer debt assets, there would be fewer dollars in circulation.\nThe market is anticipating the beginning of the taper process could begin sometime in the fourth quarter of this year, possibly as soon as November. In addition, half of the Fed vice presidents project interest rates rising at some point in 2022. Fed Chairman Powell is anticipating the taper process could end around the middle of next year, as long as the recovery remains on track. The Central Bank has insisted that they expect to keep the funds rate near zero until labor market conditions have reached levels consistent with their projections of maximum employment. We are nowhere near pre-pandemic unemployment levels (with 8.4 million unemployed persons in the U.S. now versus 5.7 million in February 2020). This could lead to concern over whether the Fed risks tightening monetary policy at a time when the economy might be significantly weaker than it already is today. At the end of the day, if the Fed is priming the markets for a taper in the fourth quarter of 2021, we could be in for a period of extended volatility.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3545,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":829322964,"gmtCreate":1633476117839,"gmtModify":1633476117945,"author":{"id":"3562566709596645","authorId":"3562566709596645","name":"Flameon","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562566709596645","idStr":"3562566709596645"},"themes":[],"title":"","htmlText":"👍🏻","listText":"👍🏻","text":"👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/829322964","repostId":"1101968131","repostType":4,"isVote":1,"tweetType":1,"viewCount":2505,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":820591107,"gmtCreate":1633399623011,"gmtModify":1633399868482,"author":{"id":"3562566709596645","authorId":"3562566709596645","name":"Flameon","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562566709596645","idStr":"3562566709596645"},"themes":[],"title":"","htmlText":"😞","listText":"😞","text":"😞","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/820591107","repostId":"1196509629","repostType":2,"isVote":1,"tweetType":1,"viewCount":3112,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":860049958,"gmtCreate":1632111359574,"gmtModify":1632802758206,"author":{"id":"3562566709596645","authorId":"3562566709596645","name":"Flameon","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562566709596645","idStr":"3562566709596645"},"themes":[],"title":"","htmlText":"👍🏻","listText":"👍🏻","text":"👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/860049958","repostId":"1147063668","repostType":4,"repost":{"id":"1147063668","kind":"news","pubTimestamp":1632110101,"share":"https://www.laohu8.com/m/news/1147063668?lang=zh_CN&edition=full","pubTime":"2021-09-20 11:55","market":"us","language":"en","title":"GameStop: With Short Interest Of Less Than 15% Don't Expect Another Squeeze<blockquote>游戏驿站：空头利息低于 15%，预计不会再次出现挤压</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147063668","media":"Seeking Alpha","summary":"Summary\n\nGameStop continues to be a struggling video gaming retailer with limited upside and no abil","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>GameStop continues to be a struggling video gaming retailer with limited upside and no ability to create additional shareholder value anytime soon.</li> <li>With short interest of less than 15%, investors shouldn’t expect to see another squeeze happening in the following months.</li> <li>We stick to our opinion that it’s better to avoid GameStop, especially since its stock is extremely overvalued at the current price.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ee370c1ebf4419a57b44005fd9139eda\" tg-width=\"1536\" tg-height=\"1050\" width=\"100%\" height=\"auto\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>游戏驿站仍然是一家陷入困境的视频游戏零售商，上涨空间有限，也没有能力在短期内创造额外的股东价值。</li><li>由于空头利息低于 15%，投资者不应指望在未来几个月内再次出现挤压。</li><li>我们坚持认为，最好避开游戏驿站，尤其是考虑到其股票目前的价格被严重高估。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> It’s safe to say that GameStop’s (GME) squeeze has run its course and with a short interest of less than 15%, investors shouldn’t expect to see another squeeze happening anytime soon. In addition, as GameStop continues to struggle to improve its performance, while the gaming industry experiences double-digit growth, it’s unlikely that the retailer will be able to create additional shareholder value in the foreseeable future. Considering this, we stick to our opinion that it’s better to avoid GameStop, especially since it’s extremely overvalued at the current levels.</p><p><blockquote>可以肯定地说，游戏驿站（GME）的挤压已经结束，由于空头权益不到15%，投资者不应指望很快会看到另一次挤压。此外，由于游戏驿站继续努力提高业绩，而博彩业却实现了两位数的增长，因此在可预见的未来，该零售商不太可能创造额外的股东价值。考虑到这一点，我们坚持认为最好避免游戏驿站，尤其是在目前水平上，它被严重高估的情况下。</blockquote></p><p> <b>Nothing To Look At</b></p><p><blockquote><b>没什么好看的</b></blockquote></p><p> GameStop continues to be a struggling video gaming retailer at this stage. Its business failed to significantly improve during the greatest growth of the video gaming industry in a decade, and it’s unlikely going to improve anytime soon. While retail traders managed to squeeze short-sellers earlier this year, GameStop’s stock failed to gain any traction in recent months. We were right when we said that its momentum is fading away, as the stock is down nearly 7% from when our last article on the company was published in late June, while the S&P 500 is up over 5% for the same period. Going forward, we continue to believe that GameStop’s shares will depreciate even more in the foreseeable future.</p><p><blockquote>现阶段，游戏驿站仍然是一家苦苦挣扎的视频游戏零售商。在视频游戏行业十年来最大的增长时期，该公司的业务未能明显改善，而且短期内也不太可能好转。虽然零售商在今年早些时候设法挤压了卖空者，但游戏驿站的股票在最近几个月却未能获得任何牵引力。当我们说它的势头正在消退时，我们是对的，因为自我们 6 月底发表有关该公司的上一篇文章以来，该股已下跌近 7%，而标普500同期上涨超过 5%。展望未来，我们仍然相信，在可预见的未来，游戏驿站的股价将进一步贬值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4696f8a9da1fed768fa7fb834d81999b\" tg-width=\"1280\" tg-height=\"443\" width=\"100%\" height=\"auto\"><span>Chart: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表：寻求阿尔法</span></p></blockquote></p><p> Just last week GameStop released its Q2 earnings results. During the period, the company managed to generate only $1.18 billion in revenues, up 25.3% Y/Y, barely beating the estimates by $60 million. The problem is that a 25.3% Y/Y growth is terrible for a company such as GameStop since lots of its stores were shut down during the same period last year due to the pandemic and a minimal amount of revenue was generated. On top of that, the company’s non-GAAP EPS was -$0.76, below the estimates by $0.09, while its net loss stood at $61.6 million.</p><p><blockquote>就在上周，游戏驿站发布了第二季度盈利结果。在此期间，该公司仅创造了11.8亿美元的收入，同比增长25.3%，仅比预期高出6000万美元。问题是，对于游戏驿站这样的公司来说，25.3%的同比增长是可怕的，因为去年同期，由于疫情，该公司的许多商店关闭，产生的收入微乎其微。除此之外，该公司的非美国通用会计准则每股收益为-0.76美元，比预期低0.09美元，净亏损为6160万美元。</blockquote></p><p> The biggest downside of GameStop is that it doesn’t have any unique positioning in the video gaming industry. The company acts as a middleman with no clear advantages to publishers or consumers, while at the same time its retail-focused business model is unable to adapt to the new reality where games can be easily and legally downloaded online. Another problem of GameStop is that at the end of Q2 most of its revenues come from the sale of hardware such as consoles, which were released last year. Once the demand for new devices decreases over time, the sales of the hardware side of the business will decline as well.</p><p><blockquote>游戏驿站最大的缺点是它在视频游戏行业没有任何独特的定位。该公司充当中间商，对发行商或消费者没有明显优势，同时其以零售为中心的商业模式无法适应游戏可以轻松合法地在线下载的新现实。游戏驿站的另一个问题是，在Q2末，其大部分收入来自去年发布的游戏机等硬件的销售。一旦对新设备的需求随着时间的推移而减少，硬件方面的销售也会下降。</blockquote></p><p> With Ryan Cohen as the new chairman of the board, the goal of GameStop right now is to pivot to the eCommerce business. However, we find it hard to believe that the company has a decent shot of becoming a video gaming behemoth in the eCommerce field. The problem is that GameStop doesn’t have any pricing power in the software business, as publishers such as Microsoft (MSFT), Sony (SNE), Ubisoft (OTCPK:UBSFY), Electronic Arts (EA), and others are already ahead of GameStop in online presence. Most of them have their own first-party subscription services that make it more attractive for gamers to use the services directly and play games at a significant discount rather than buy games from GameStop. On top of that, cloud gaming becomes more of a reality with each passing year thanks to the introduction of services such as PlayStation Now and Xbox Cloud Gaming, which let consumers play games without owning them in the first place. As the industry continues to digitize more and more every year, GameStop will continue to lose market share, as its retail stores will continue to drain the cash, while eCommerce efforts are unlikely going to generate meaningful returns anytime soon.</p><p><blockquote>随着Ryan Cohen成为新的董事会主席，游戏驿站现在的目标是转向电子商务业务。然而，我们很难相信该公司有机会成为电子商务领域的视频游戏巨头。问题在于，游戏驿站在软件业务中没有任何定价权，因为微软（MSFT）、索尼公司（SNE）、育碧（OTCPK:UBSFY）、艺电（EA）等出版商在在线业务方面已经领先于游戏驿站。他们中的大多数都有自己的第一方订阅服务，这使得游戏玩家直接使用服务并以大幅折扣玩游戏比从游戏驿站购买游戏更具吸引力。最重要的是，由于PlayStation Now和Xbox Cloud Gaming等服务的推出，云游戏每年都变得更加现实，这些服务让消费者可以在不拥有游戏的情况下玩游戏。随着该行业每年都越来越数字化，游戏驿站将继续失去市场份额，因为其零售店将继续耗尽现金，而电子商务努力不太可能很快产生有意义的回报。</blockquote></p><p> Another downside of GameStop is that the management has been quiet about how GameStop will transform itself, leaving investors in the dark. No questions from analysts were taken during the last three conference calls and no guidance was issued as well. We consider this to be a major red flag and believe this to be one of the main reasons why GameStop is an unattractive investment.</p><p><blockquote>游戏驿站的另一个缺点是，管理层对游戏驿站将如何转型保持沉默，让投资者蒙在鼓里。在过去的三次会议评级中，没有回答分析师的问题，也没有发布任何指导意见。我们认为这是一个重大危险信号，并认为这是游戏驿站缺乏吸引力的投资的主要原因之一。</blockquote></p><p></p><p> The only positive thing about the company is that it doesn’t have an overleveraged balance sheet, as its liquidity at the end of Q2 stood at $1.72 billion, while long-term debt was only $47.5 million. However, other than that, we don’t see any other upside of GameStop and believe that its momentum will continue to fade. It’s already safe to say that the squeeze has run its course, as the stock has a short interest of less than 15%, and there are no catalysts for growth at the current levels. On top of that, the company’s annual revenue is unlikely to return to pre-pandemic levels anytime soon. Currently, the business is expected to continue to generate less than $6 billion in annual revenues this year, as its retail-focused business model is slowly dying, while the video gaming industry continues to grow at a double-digit rate every year.</p><p><blockquote>该公司唯一的积极因素是它的资产负债表没有过度杠杆化，因为第二季度末的流动性为 17.2 亿美元，而长期债务仅为 4750 万美元。然而，除此之外，我们看不到游戏驿站的任何其他优势，并认为其发展势头将继续减弱。可以肯定地说，挤压已经结束，因为该股的空头权益不到 15%，而且在目前的水平上没有增长的催化剂。除此之外，该公司的年收入不太可能很快恢复到大流行前的水平。目前，该业务预计今年的年收入将继续低于60亿美元，因为其以零售为中心的商业模式正在慢慢消亡，而视频游戏行业每年继续以两位数的速度增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb72f458ec8ffd4315f63b7f456e4b13\" tg-width=\"875\" tg-height=\"375\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Seeking Alpha</span></p></blockquote></p><p> In addition, GameStop’s business has been unprofitable in the last three years when the gaming industry was growing, and it’s likely going to remain unprofitable this year, as nearly all of the company’s profitability metrics are below the sector median, while most of its margins are negative.</p><p><blockquote>此外，在过去三年博彩业发展的时候，游戏驿站的业务一直没有盈利，今年也很可能继续没有盈利，因为该公司几乎所有的盈利指标都低于行业中位数，而大部分利润率都为负值。</blockquote></p><p> Considering all of this, we find it hard to justify buying GameStop’s stock at a ~$15 billion market cap, as we see no catalysts that could’ve helped the business to improve its performance in the future. Also, most of the street analysts remain bearish on the stock, as the current consensus price target for GameStop’s shares is $37.50 per share, which represents more than 75% downside from the current market price. For that reason, we stick to our opinion that the momentum is fading away and it’s better to avoid GameStop at this stage.</p><p><blockquote>考虑到所有这些，我们发现很难证明以约 150 亿美元的市值购买游戏驿站的股票是合理的，因为我们没有看到任何催化剂可以帮助该公司改善未来的业绩。此外，大多数华尔街分析师仍然看跌该股，因为游戏驿站股票目前的一致目标价为每股 37.50 美元，比当前市场价格下跌了 75% 以上。因此，我们坚持认为，势头正在消退，现阶段最好避免游戏驿站。</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>GameStop: With Short Interest Of Less Than 15% Don't Expect Another Squeeze<blockquote>游戏驿站：空头利息低于 15%，预计不会再次出现挤压</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\">\nGameStop: With Short Interest Of Less Than 15% Don't Expect Another Squeeze<blockquote>游戏驿站：空头利息低于 15%，预计不会再次出现挤压</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-20 11:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>GameStop continues to be a struggling video gaming retailer with limited upside and no ability to create additional shareholder value anytime soon.</li> <li>With short interest of less than 15%, investors shouldn’t expect to see another squeeze happening in the following months.</li> <li>We stick to our opinion that it’s better to avoid GameStop, especially since its stock is extremely overvalued at the current price.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ee370c1ebf4419a57b44005fd9139eda\" tg-width=\"1536\" tg-height=\"1050\" width=\"100%\" height=\"auto\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>游戏驿站仍然是一家陷入困境的视频游戏零售商，上涨空间有限，也没有能力在短期内创造额外的股东价值。</li><li>由于空头利息低于 15%，投资者不应指望在未来几个月内再次出现挤压。</li><li>我们坚持认为，最好避开游戏驿站，尤其是考虑到其股票目前的价格被严重高估。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> It’s safe to say that GameStop’s (GME) squeeze has run its course and with a short interest of less than 15%, investors shouldn’t expect to see another squeeze happening anytime soon. In addition, as GameStop continues to struggle to improve its performance, while the gaming industry experiences double-digit growth, it’s unlikely that the retailer will be able to create additional shareholder value in the foreseeable future. Considering this, we stick to our opinion that it’s better to avoid GameStop, especially since it’s extremely overvalued at the current levels.</p><p><blockquote>可以肯定地说，游戏驿站（GME）的挤压已经结束，由于空头权益不到15%，投资者不应指望很快会看到另一次挤压。此外，由于游戏驿站继续努力提高业绩，而博彩业却实现了两位数的增长，因此在可预见的未来，该零售商不太可能创造额外的股东价值。考虑到这一点，我们坚持认为最好避免游戏驿站，尤其是在目前水平上，它被严重高估的情况下。</blockquote></p><p> <b>Nothing To Look At</b></p><p><blockquote><b>没什么好看的</b></blockquote></p><p> GameStop continues to be a struggling video gaming retailer at this stage. Its business failed to significantly improve during the greatest growth of the video gaming industry in a decade, and it’s unlikely going to improve anytime soon. While retail traders managed to squeeze short-sellers earlier this year, GameStop’s stock failed to gain any traction in recent months. We were right when we said that its momentum is fading away, as the stock is down nearly 7% from when our last article on the company was published in late June, while the S&P 500 is up over 5% for the same period. Going forward, we continue to believe that GameStop’s shares will depreciate even more in the foreseeable future.</p><p><blockquote>现阶段，游戏驿站仍然是一家苦苦挣扎的视频游戏零售商。在视频游戏行业十年来最大的增长时期，该公司的业务未能明显改善，而且短期内也不太可能好转。虽然零售商在今年早些时候设法挤压了卖空者，但游戏驿站的股票在最近几个月却未能获得任何牵引力。当我们说它的势头正在消退时，我们是对的，因为自我们 6 月底发表有关该公司的上一篇文章以来，该股已下跌近 7%，而标普500同期上涨超过 5%。展望未来，我们仍然相信，在可预见的未来，游戏驿站的股价将进一步贬值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4696f8a9da1fed768fa7fb834d81999b\" tg-width=\"1280\" tg-height=\"443\" width=\"100%\" height=\"auto\"><span>Chart: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表：寻求阿尔法</span></p></blockquote></p><p> Just last week GameStop released its Q2 earnings results. During the period, the company managed to generate only $1.18 billion in revenues, up 25.3% Y/Y, barely beating the estimates by $60 million. The problem is that a 25.3% Y/Y growth is terrible for a company such as GameStop since lots of its stores were shut down during the same period last year due to the pandemic and a minimal amount of revenue was generated. On top of that, the company’s non-GAAP EPS was -$0.76, below the estimates by $0.09, while its net loss stood at $61.6 million.</p><p><blockquote>就在上周，游戏驿站发布了第二季度盈利结果。在此期间，该公司仅创造了11.8亿美元的收入，同比增长25.3%，仅比预期高出6000万美元。问题是，对于游戏驿站这样的公司来说，25.3%的同比增长是可怕的，因为去年同期，由于疫情，该公司的许多商店关闭，产生的收入微乎其微。除此之外，该公司的非美国通用会计准则每股收益为-0.76美元，比预期低0.09美元，净亏损为6160万美元。</blockquote></p><p> The biggest downside of GameStop is that it doesn’t have any unique positioning in the video gaming industry. The company acts as a middleman with no clear advantages to publishers or consumers, while at the same time its retail-focused business model is unable to adapt to the new reality where games can be easily and legally downloaded online. Another problem of GameStop is that at the end of Q2 most of its revenues come from the sale of hardware such as consoles, which were released last year. Once the demand for new devices decreases over time, the sales of the hardware side of the business will decline as well.</p><p><blockquote>游戏驿站最大的缺点是它在视频游戏行业没有任何独特的定位。该公司充当中间商，对发行商或消费者没有明显优势，同时其以零售为中心的商业模式无法适应游戏可以轻松合法地在线下载的新现实。游戏驿站的另一个问题是，在Q2末，其大部分收入来自去年发布的游戏机等硬件的销售。一旦对新设备的需求随着时间的推移而减少，硬件方面的销售也会下降。</blockquote></p><p> With Ryan Cohen as the new chairman of the board, the goal of GameStop right now is to pivot to the eCommerce business. However, we find it hard to believe that the company has a decent shot of becoming a video gaming behemoth in the eCommerce field. The problem is that GameStop doesn’t have any pricing power in the software business, as publishers such as Microsoft (MSFT), Sony (SNE), Ubisoft (OTCPK:UBSFY), Electronic Arts (EA), and others are already ahead of GameStop in online presence. Most of them have their own first-party subscription services that make it more attractive for gamers to use the services directly and play games at a significant discount rather than buy games from GameStop. On top of that, cloud gaming becomes more of a reality with each passing year thanks to the introduction of services such as PlayStation Now and Xbox Cloud Gaming, which let consumers play games without owning them in the first place. As the industry continues to digitize more and more every year, GameStop will continue to lose market share, as its retail stores will continue to drain the cash, while eCommerce efforts are unlikely going to generate meaningful returns anytime soon.</p><p><blockquote>随着Ryan Cohen成为新的董事会主席，游戏驿站现在的目标是转向电子商务业务。然而，我们很难相信该公司有机会成为电子商务领域的视频游戏巨头。问题在于，游戏驿站在软件业务中没有任何定价权，因为微软（MSFT）、索尼公司（SNE）、育碧（OTCPK:UBSFY）、艺电（EA）等出版商在在线业务方面已经领先于游戏驿站。他们中的大多数都有自己的第一方订阅服务，这使得游戏玩家直接使用服务并以大幅折扣玩游戏比从游戏驿站购买游戏更具吸引力。最重要的是，由于PlayStation Now和Xbox Cloud Gaming等服务的推出，云游戏每年都变得更加现实，这些服务让消费者可以在不拥有游戏的情况下玩游戏。随着该行业每年都越来越数字化，游戏驿站将继续失去市场份额，因为其零售店将继续耗尽现金，而电子商务努力不太可能很快产生有意义的回报。</blockquote></p><p> Another downside of GameStop is that the management has been quiet about how GameStop will transform itself, leaving investors in the dark. No questions from analysts were taken during the last three conference calls and no guidance was issued as well. We consider this to be a major red flag and believe this to be one of the main reasons why GameStop is an unattractive investment.</p><p><blockquote>游戏驿站的另一个缺点是，管理层对游戏驿站将如何转型保持沉默，让投资者蒙在鼓里。在过去的三次会议评级中，没有回答分析师的问题，也没有发布任何指导意见。我们认为这是一个重大危险信号，并认为这是游戏驿站缺乏吸引力的投资的主要原因之一。</blockquote></p><p></p><p> The only positive thing about the company is that it doesn’t have an overleveraged balance sheet, as its liquidity at the end of Q2 stood at $1.72 billion, while long-term debt was only $47.5 million. However, other than that, we don’t see any other upside of GameStop and believe that its momentum will continue to fade. It’s already safe to say that the squeeze has run its course, as the stock has a short interest of less than 15%, and there are no catalysts for growth at the current levels. On top of that, the company’s annual revenue is unlikely to return to pre-pandemic levels anytime soon. Currently, the business is expected to continue to generate less than $6 billion in annual revenues this year, as its retail-focused business model is slowly dying, while the video gaming industry continues to grow at a double-digit rate every year.</p><p><blockquote>该公司唯一的积极因素是它的资产负债表没有过度杠杆化，因为第二季度末的流动性为 17.2 亿美元，而长期债务仅为 4750 万美元。然而，除此之外，我们看不到游戏驿站的任何其他优势，并认为其发展势头将继续减弱。可以肯定地说，挤压已经结束，因为该股的空头权益不到 15%，而且在目前的水平上没有增长的催化剂。除此之外，该公司的年收入不太可能很快恢复到大流行前的水平。目前，该业务预计今年的年收入将继续低于60亿美元，因为其以零售为中心的商业模式正在慢慢消亡，而视频游戏行业每年继续以两位数的速度增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb72f458ec8ffd4315f63b7f456e4b13\" tg-width=\"875\" tg-height=\"375\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Seeking Alpha</span></p></blockquote></p><p> In addition, GameStop’s business has been unprofitable in the last three years when the gaming industry was growing, and it’s likely going to remain unprofitable this year, as nearly all of the company’s profitability metrics are below the sector median, while most of its margins are negative.</p><p><blockquote>此外，在过去三年博彩业发展的时候，游戏驿站的业务一直没有盈利，今年也很可能继续没有盈利，因为该公司几乎所有的盈利指标都低于行业中位数，而大部分利润率都为负值。</blockquote></p><p> Considering all of this, we find it hard to justify buying GameStop’s stock at a ~$15 billion market cap, as we see no catalysts that could’ve helped the business to improve its performance in the future. Also, most of the street analysts remain bearish on the stock, as the current consensus price target for GameStop’s shares is $37.50 per share, which represents more than 75% downside from the current market price. For that reason, we stick to our opinion that the momentum is fading away and it’s better to avoid GameStop at this stage.</p><p><blockquote>考虑到所有这些，我们发现很难证明以约 150 亿美元的市值购买游戏驿站的股票是合理的，因为我们没有看到任何催化剂可以帮助该公司改善未来的业绩。此外，大多数华尔街分析师仍然看跌该股，因为游戏驿站股票目前的一致目标价为每股 37.50 美元，比当前市场价格下跌了 75% 以上。因此，我们坚持认为，势头正在消退，现阶段最好避免游戏驿站。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4455492-gamestop-with-short-interest-of-less-than-15-percent-dont-expect-another-squeeze\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://seekingalpha.com/article/4455492-gamestop-with-short-interest-of-less-than-15-percent-dont-expect-another-squeeze","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147063668","content_text":"Summary\n\nGameStop continues to be a struggling video gaming retailer with limited upside and no ability to create additional shareholder value anytime soon.\nWith short interest of less than 15%, investors shouldn’t expect to see another squeeze happening in the following months.\nWe stick to our opinion that it’s better to avoid GameStop, especially since its stock is extremely overvalued at the current price.\n\nJustin Sullivan/Getty Images News\nIt’s safe to say that GameStop’s (GME) squeeze has run its course and with a short interest of less than 15%, investors shouldn’t expect to see another squeeze happening anytime soon. In addition, as GameStop continues to struggle to improve its performance, while the gaming industry experiences double-digit growth, it’s unlikely that the retailer will be able to create additional shareholder value in the foreseeable future. Considering this, we stick to our opinion that it’s better to avoid GameStop, especially since it’s extremely overvalued at the current levels.\nNothing To Look At\nGameStop continues to be a struggling video gaming retailer at this stage. Its business failed to significantly improve during the greatest growth of the video gaming industry in a decade, and it’s unlikely going to improve anytime soon. While retail traders managed to squeeze short-sellers earlier this year, GameStop’s stock failed to gain any traction in recent months. We were right when we said that its momentum is fading away, as the stock is down nearly 7% from when our last article on the company was published in late June, while the S&P 500 is up over 5% for the same period. Going forward, we continue to believe that GameStop’s shares will depreciate even more in the foreseeable future.\nChart: Seeking Alpha\nJust last week GameStop released its Q2 earnings results. During the period, the company managed to generate only $1.18 billion in revenues, up 25.3% Y/Y, barely beating the estimates by $60 million. The problem is that a 25.3% Y/Y growth is terrible for a company such as GameStop since lots of its stores were shut down during the same period last year due to the pandemic and a minimal amount of revenue was generated. On top of that, the company’s non-GAAP EPS was -$0.76, below the estimates by $0.09, while its net loss stood at $61.6 million.\nThe biggest downside of GameStop is that it doesn’t have any unique positioning in the video gaming industry. The company acts as a middleman with no clear advantages to publishers or consumers, while at the same time its retail-focused business model is unable to adapt to the new reality where games can be easily and legally downloaded online. Another problem of GameStop is that at the end of Q2 most of its revenues come from the sale of hardware such as consoles, which were released last year. Once the demand for new devices decreases over time, the sales of the hardware side of the business will decline as well.\nWith Ryan Cohen as the new chairman of the board, the goal of GameStop right now is to pivot to the eCommerce business. However, we find it hard to believe that the company has a decent shot of becoming a video gaming behemoth in the eCommerce field. The problem is that GameStop doesn’t have any pricing power in the software business, as publishers such as Microsoft (MSFT), Sony (SNE), Ubisoft (OTCPK:UBSFY), Electronic Arts (EA), and others are already ahead of GameStop in online presence. Most of them have their own first-party subscription services that make it more attractive for gamers to use the services directly and play games at a significant discount rather than buy games from GameStop. On top of that, cloud gaming becomes more of a reality with each passing year thanks to the introduction of services such as PlayStation Now and Xbox Cloud Gaming, which let consumers play games without owning them in the first place. As the industry continues to digitize more and more every year, GameStop will continue to lose market share, as its retail stores will continue to drain the cash, while eCommerce efforts are unlikely going to generate meaningful returns anytime soon.\nAnother downside of GameStop is that the management has been quiet about how GameStop will transform itself, leaving investors in the dark. No questions from analysts were taken during the last three conference calls and no guidance was issued as well. We consider this to be a major red flag and believe this to be one of the main reasons why GameStop is an unattractive investment.\nThe only positive thing about the company is that it doesn’t have an overleveraged balance sheet, as its liquidity at the end of Q2 stood at $1.72 billion, while long-term debt was only $47.5 million. However, other than that, we don’t see any other upside of GameStop and believe that its momentum will continue to fade. It’s already safe to say that the squeeze has run its course, as the stock has a short interest of less than 15%, and there are no catalysts for growth at the current levels. On top of that, the company’s annual revenue is unlikely to return to pre-pandemic levels anytime soon. Currently, the business is expected to continue to generate less than $6 billion in annual revenues this year, as its retail-focused business model is slowly dying, while the video gaming industry continues to grow at a double-digit rate every year.\nSource: Seeking Alpha\nIn addition, GameStop’s business has been unprofitable in the last three years when the gaming industry was growing, and it’s likely going to remain unprofitable this year, as nearly all of the company’s profitability metrics are below the sector median, while most of its margins are negative.\nConsidering all of this, we find it hard to justify buying GameStop’s stock at a ~$15 billion market cap, as we see no catalysts that could’ve helped the business to improve its performance in the future. Also, most of the street analysts remain bearish on the stock, as the current consensus price target for GameStop’s shares is $37.50 per share, which represents more than 75% downside from the current market price. For that reason, we stick to our opinion that the momentum is fading away and it’s better to avoid GameStop at this stage.","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":2244,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":888859571,"gmtCreate":1631489712893,"gmtModify":1631891356364,"author":{"id":"3562566709596645","authorId":"3562566709596645","name":"Flameon","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562566709596645","idStr":"3562566709596645"},"themes":[],"title":"","htmlText":"Maybe ","listText":"Maybe ","text":"Maybe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/888859571","repostId":"2166772293","repostType":4,"isVote":1,"tweetType":1,"viewCount":2989,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881739669,"gmtCreate":1631403646451,"gmtModify":1631891356381,"author":{"id":"3562566709596645","authorId":"3562566709596645","name":"Flameon","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562566709596645","idStr":"3562566709596645"},"themes":[],"title":"","htmlText":"Seriously ","listText":"Seriously ","text":"Seriously","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/881739669","repostId":"1127699574","repostType":4,"isVote":1,"tweetType":1,"viewCount":2332,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881135203,"gmtCreate":1631315859802,"gmtModify":1631891356387,"author":{"id":"3562566709596645","authorId":"3562566709596645","name":"Flameon","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562566709596645","idStr":"3562566709596645"},"themes":[],"title":"","htmlText":"Will up again","listText":"Will up again","text":"Will up again","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/881135203","repostId":"2166711943","repostType":4,"isVote":1,"tweetType":1,"viewCount":2335,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883152267,"gmtCreate":1631229442959,"gmtModify":1631891356398,"author":{"id":"3562566709596645","authorId":"3562566709596645","name":"Flameon","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562566709596645","idStr":"3562566709596645"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/883152267","repostId":"2166341028","repostType":4,"isVote":1,"tweetType":1,"viewCount":2157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":815775094,"gmtCreate":1630723348018,"gmtModify":1631891356412,"author":{"id":"3562566709596645","authorId":"3562566709596645","name":"Flameon","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562566709596645","idStr":"3562566709596645"},"themes":[],"title":"","htmlText":"Stong ","listText":"Stong ","text":"Stong","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/815775094","repostId":"1186003479","repostType":4,"isVote":1,"tweetType":1,"viewCount":3568,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}