社区
首页
集团介绍
社区
资讯
行情
学堂
TigerAI
登录
注册
Ivanhojh
IP属地:未知
+关注
帖子 · 277
帖子 · 277
关注 · 0
关注 · 0
粉丝 · 0
粉丝 · 0
Ivanhojh
Ivanhojh
·
2021-12-13
Like pls
Bull Run Enters Late Cycle<blockquote>牛市进入后期周期</blockquote>
Summary The short-term correction has probably not ended yet. Macroeconomic indicators signal furth
Bull Run Enters Late Cycle<blockquote>牛市进入后期周期</blockquote>
看
3,881
回复
2
点赞
6
编组 21备份 2
分享
举报
Ivanhojh
Ivanhojh
·
2021-12-08
Like pls
非常抱歉,此主贴已删除
看
3,543
回复
1
点赞
4
编组 21备份 2
分享
举报
Ivanhojh
Ivanhojh
·
2021-12-07
Like pls
非常抱歉,此主贴已删除
看
2,240
回复
1
点赞
7
编组 21备份 2
分享
举报
Ivanhojh
Ivanhojh
·
2021-12-05
Like pls
非常抱歉,此主贴已删除
看
3,096
回复
2
点赞
4
编组 21备份 2
分享
举报
Ivanhojh
Ivanhojh
·
2021-12-01
Like pls
Direct Listings Jump. Why This Path to Going Public Is Getting Noticed.<blockquote>直接列表跳转。为什么这条上市之路受到关注。</blockquote>
Direct listings have jumped this year, but are still in the single digits because that path to the p
Direct Listings Jump. Why This Path to Going Public Is Getting Noticed.<blockquote>直接列表跳转。为什么这条上市之路受到关注。</blockquote>
看
2,818
回复
1
点赞
3
编组 21备份 2
分享
举报
Ivanhojh
Ivanhojh
·
2021-11-30
Like pls
Moderna CEO says vaccines likely less effective against Omicron<blockquote>Moderna首席执行官表示疫苗对奥密克戎病毒的效果可能较差</blockquote>
SYDNEY, Nov 30 (Reuters) - The head of drugmaker Moderna said COVID-19 vaccines are unlikely to be a
Moderna CEO says vaccines likely less effective against Omicron<blockquote>Moderna首席执行官表示疫苗对奥密克戎病毒的效果可能较差</blockquote>
看
3,715
回复
2
点赞
6
编组 21备份 2
分享
举报
Ivanhojh
Ivanhojh
·
2021-11-29
Like pls
November jobs report: What to know this week<blockquote>11月就业报告:本周需要了解什么</blockquote>
As investors return from the Thanksgiving-shortened trading week, focus will shift to the U.S. labor
November jobs report: What to know this week<blockquote>11月就业报告:本周需要了解什么</blockquote>
看
2,156
回复
1
点赞
4
编组 21备份 2
分享
举报
Ivanhojh
Ivanhojh
·
2021-11-23
Like pls
Tesla Cybertruck reservation backlog reaches $80 billion in value based on latest tally<blockquote>根据最新统计,特斯拉Cybertruck预订积压价值达到800亿美元</blockquote>
Based on the latest tally, Tesla has a backlog of over 1.2 million Cybertruck reservations worth ove
Tesla Cybertruck reservation backlog reaches $80 billion in value based on latest tally<blockquote>根据最新统计,特斯拉Cybertruck预订积压价值达到800亿美元</blockquote>
看
2,835
回复
3
点赞
5
编组 21备份 2
分享
举报
Ivanhojh
Ivanhojh
·
2021-11-15
Like pls
非常抱歉,此主贴已删除
看
3,172
回复
4
点赞
10
编组 21备份 2
分享
举报
Ivanhojh
Ivanhojh
·
2021-11-14
Like pls
非常抱歉,此主贴已删除
看
3,678
回复
2
点赞
6
编组 21备份 2
分享
举报
加载更多
暂无关注
热议股票
{"i18n":{"language":"zh_CN"},"isCurrentUser":false,"userPageInfo":{"id":"3575241823069388","uuid":"3575241823069388","gmtCreate":1612147799562,"gmtModify":1612251146460,"name":"Ivanhojh","pinyin":"ivanhojh","introduction":"","introductionEn":"","signature":"","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":25,"headSize":4,"tweetSize":277,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":3,"name":"书生虎","nameTw":"書生虎","represent":"努力向上","factor":"发布10条非转发主帖,其中5条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"228c86a078844d74991fff2b7ab2428d-3","templateUuid":"228c86a078844d74991fff2b7ab2428d","name":"投资合伙人虎","description":"证券账户累计交易金额达到100万美元","bigImgUrl":"https://static.tigerbbs.com/fbeac6bb240db7da8b972e5183d050ba","smallImgUrl":"https://static.tigerbbs.com/436cdf80292b99f0a992e78750ac4e3a","grayImgUrl":"https://static.tigerbbs.com/506a259a7b456f037592c3b23c779599","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.14","exceedPercentage":"93.22%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-1","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"出道虎友","description":"加入老虎社区500天","bigImgUrl":"https://static.tigerbbs.com/0e4d0ca1da0456dc7894c946d44bf9ab","smallImgUrl":"https://static.tigerbbs.com/0f2f65e8ce4cfaae8db2bea9b127f58b","grayImgUrl":"https://static.tigerbbs.com/c5948a31b6edf154422335b265235809","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.06.17","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"35ec162348d5460f88c959321e554969-3","templateUuid":"35ec162348d5460f88c959321e554969","name":"传说交易员","description":"证券或期货账户累计交易次数达到300次","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.04.15","exceedPercentage":"93.83%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"976c19eed35f4cd78f17501c2e99ef37-1","templateUuid":"976c19eed35f4cd78f17501c2e99ef37","name":"博闻投资者","description":"累计交易超过10只正股","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"page":1,"watchlist":null,"tweetList":[{"id":604886191,"gmtCreate":1639370137336,"gmtModify":1639370168830,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575241823069388","idStr":"3575241823069388"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/604886191","repostId":"1169099899","repostType":4,"repost":{"id":"1169099899","kind":"news","pubTimestamp":1639367858,"share":"https://www.laohu8.com/m/news/1169099899?lang=zh_CN&edition=full","pubTime":"2021-12-13 11:57","market":"us","language":"en","title":"Bull Run Enters Late Cycle<blockquote>牛市进入后期周期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169099899","media":"Seeking Alpha","summary":"Summary\n\nThe short-term correction has probably not ended yet.\nMacroeconomic indicators signal furth","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>The short-term correction has probably not ended yet.</li> <li>Macroeconomic indicators signal further upside for stocks despite short-term correction potential.</li> <li>The Fed could face tough challenges with its loose monetary stance sooner than many expect.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/35de74b68a683fda3b95d3fd873bc678\" tg-width=\"1536\" tg-height=\"1025\" width=\"100%\" height=\"auto\"><span>MundusImages/E+ via Getty Images</span></p><p><blockquote><ul><li>短期回调很可能还没有结束。</li><li>尽管短期存在回调潜力,但宏观经济指标表明股市将进一步上涨。</li><li>美联储可能会比许多人预期更快地面临宽松货币立场的严峻挑战。</li></ul><p class=\"t-img-caption\"><span>MundusImages/E+来自Getty Images</span></p></blockquote></p><p> The business cycle is maturing but has not ended yet. It is probably entering the late-cycle stage, according to Stouff capital's estimates. Their US Long-Term Macro Index gauge reached the 90% threshold, an early indicator for economic recessions. That's relevant because recessions had a perfect track record for bear markets in stocks. Every NBER recession in the past 170 involved a bear market in US stocks.</p><p><blockquote>商业周期正在成熟,但尚未结束。根据Stouff capital的估计,它可能正在进入周期后期阶段。他们的美国长期宏观指数指标达到了90%的阈值,这是经济衰退的早期指标。这是相关的,因为经济衰退对于股市熊市来说有着完美的记录。过去170年的每一次NBER衰退都涉及美国股市的熊市。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/631eab7d5b7d2c62994d942fc86cdcfc\" tg-width=\"640\" tg-height=\"511\" width=\"100%\" height=\"auto\"><span>(Source: Refinitiv, Stouff Capital)</span></p><p><blockquote><p class=\"t-img-caption\"><span>(来源:Refinitiv、Stouff Capital)</span></p></blockquote></p><p> Nonetheless, entering the late stage of the business cycle does not imply that equities are in a bear market. On the contrary, equities developed positively during the late stage of the business cycle during the past century. The recession stage of the business cycle is the time window that investors want to avoid if they believe in statistical evidence. Other leading indicators, which have been reliable historically, do not signal an imminent recession yet. The labor market has been constructive until the last report. Moreover, the conference board Leading Economic Index (LEI) marked an all-time high on its latest reading. Historically, the labor market and the LEI reached their cycle peak several months ahead of the economy. Most often, both indices peaked even ahead of the US stock market before the US economy went into recession. Likewise, the yield curve is not flashing recessionary signals yet. Historically, it inverted shortly before a recession arrived and was also a leading indicator for cyclical stock market highs. That's neither the case today.</p><p><blockquote>尽管如此,进入商业周期后期并不意味着股市处于熊市。相反,股票在上个世纪商业周期的后期发展积极。如果投资者相信统计证据,商业周期的衰退阶段是他们想要避开的时间窗口。历史上可靠的其他领先指标尚未表明经济衰退即将来临。在上次报告之前,劳动力市场一直是建设性的。此外,世界大型企业联合会领先经济指数(LEI)的最新读数创下历史新高。从历史上看,劳动力市场和LEI比经济提前几个月达到周期峰值。大多数情况下,在美国经济陷入衰退之前,这两个指数甚至先于美国股市见顶。同样,收益率曲线尚未闪烁衰退信号。从历史上看,它在经济衰退到来前不久反转,也是周期性股市高点的领先指标。今天的情况也不是这样。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9fed5b5760550aa77356656aee41f1d0\" tg-width=\"640\" tg-height=\"379\" width=\"100%\" height=\"auto\"><span>(Source: Refinitiv, CEIC, Pictet Asset Management)</span></p><p><blockquote><p class=\"t-img-caption\"><span>(资料来源:路孚特、CEIC、百达资产管理)</span></p></blockquote></p><p> However, equities corrected 5%-10% from their most recent highs into early December. The drop was not surprising because the market was running hot, as explained in our mid-November article here on Seeking Alpha. Sentiment and technical indicators signaled an imminent 5%-10% correction. Nonetheless, the correction is probably not finished short term. Some more weakness remains the base case during the next couple of weeks.</p><p><blockquote>然而,截至12月初,股市从近期高点回调了5%-10%。正如我们在11月中旬关于Seeking Alpha的文章中所解释的那样,下跌并不令人意外,因为市场正在火热。情绪和技术指标表明即将出现5%-10%的回调。尽管如此,调整可能不会在短期内完成。在接下来的几周里,更多的疲软仍然是基本情况。</blockquote></p><p> Moreover, there is something peculiar about the current cycle. It is unfolding at an unprecedented speed. Therefore, the late-cycle stage may surprise many by not lasting as long as it usually does. Further, the current environment might prove extraordinarily challenging for central banks as inflation increases rapidly. The chart above shows that European purchasing prices are more than 20% higher versus last year. That's the steepest increase of the index since the '70s. The '70s were the latest period that recorded double-digit inflation after the breakup of the Bretton-Woods exchange-rate system. Inflation pressure is also mounting in the United States as well. Not only do goods become expensive due to supply shortages, but services also joined the party lately. The development is a problem for central banks as they have no effective tools against supply-side shortages. Consequently, we are unlikely to witness monetary easing short-term. That has been a headwind for equities in recent years. Yet again, that's not a hit-and-run event and we are not there yet. Historically, equities reached their cyclical high typically well after the initial rate hike.</p><p><blockquote>此外,当前的周期还有一些奇特之处。它正以前所未有的速度展开。因此,周期后期可能会让许多人感到惊讶,因为它不会像通常那样持续很长时间。此外,随着通胀迅速上升,当前环境对央行来说可能极具挑战性。上图显示,欧洲的采购价格比去年上涨了20%以上。这是该指数自70年代以来的最大涨幅。70年代是布雷顿森林汇率体系解体后最近一个出现两位数通胀的时期。美国的通胀压力也在加大。由于供应短缺,不仅商品变得昂贵,服务最近也加入了这一行列。这一发展对央行来说是一个问题,因为它们没有有效的工具来应对供应方短缺。因此,我们不太可能在短期内看到货币宽松。近年来,这一直是股市的阻力。再说一次,这不是肇事逃逸事件,我们还没有到那一步。从历史上看,股市通常在首次加息后很久就会达到周期性高点。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bfdb33a6b0c068438eae297a0bd32d1d\" tg-width=\"640\" tg-height=\"390\" width=\"100%\" height=\"auto\"><span>(Source: Refinitiv, CEIC, Pictet Asset Management)</span></p><p><blockquote><p class=\"t-img-caption\"><span>(资料来源:路孚特、CEIC、百达资产管理)</span></p></blockquote></p><p> Technicals support the macro evidence outlined above. Most of the major indices probably unfolded bearish Elliot waves from their November highs. The S&P 500 counts best as an extending leading diagonal into the December 6th low. That's a signal that the short-term correction may not be over yet. The pattern will probably morph into a three-wave corrective leg towards 4250-4390 instead.</p><p><blockquote>技术面支持上述宏观证据。大多数主要指数可能从11月高点展开看跌艾略特波浪。标普500最好被视为延伸到12月6日低点的领先对角线。这是一个信号,表明短期调整可能尚未结束。相反,该形态可能会演变为朝向4250-4390的三浪修正腿。</blockquote></p><p></p><p> All in all, there is potential for more damage short term. Technical evidence hints at another attack at the 4390 S/R before seeing the next sustainable leg up. Time will tell if it is the last leg up before the cycle ends. Some of the macro indicators discussed above will probably provide further hints before things turn sour. The bottom line is that the bull trend is most likely intact despite further short-term correction potential.</p><p><blockquote>总而言之,短期内有可能造成更多损害。技术证据暗示,在看到下一次可持续上涨之前,4390 S/R将再次受到攻击。时间会证明这是否是周期结束前的最后一次上涨。上面讨论的一些宏观指标可能会在事情变糟之前提供进一步的暗示。最重要的是,尽管短期内有进一步回调的潜力,但牛市趋势很可能完好无损。</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>Bull Run Enters Late Cycle<blockquote>牛市进入后期周期</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\">\nBull Run Enters Late Cycle<blockquote>牛市进入后期周期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-13 11:57</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>The short-term correction has probably not ended yet.</li> <li>Macroeconomic indicators signal further upside for stocks despite short-term correction potential.</li> <li>The Fed could face tough challenges with its loose monetary stance sooner than many expect.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/35de74b68a683fda3b95d3fd873bc678\" tg-width=\"1536\" tg-height=\"1025\" width=\"100%\" height=\"auto\"><span>MundusImages/E+ via Getty Images</span></p><p><blockquote><ul><li>短期回调很可能还没有结束。</li><li>尽管短期存在回调潜力,但宏观经济指标表明股市将进一步上涨。</li><li>美联储可能会比许多人预期更快地面临宽松货币立场的严峻挑战。</li></ul><p class=\"t-img-caption\"><span>MundusImages/E+来自Getty Images</span></p></blockquote></p><p> The business cycle is maturing but has not ended yet. It is probably entering the late-cycle stage, according to Stouff capital's estimates. Their US Long-Term Macro Index gauge reached the 90% threshold, an early indicator for economic recessions. That's relevant because recessions had a perfect track record for bear markets in stocks. Every NBER recession in the past 170 involved a bear market in US stocks.</p><p><blockquote>商业周期正在成熟,但尚未结束。根据Stouff capital的估计,它可能正在进入周期后期阶段。他们的美国长期宏观指数指标达到了90%的阈值,这是经济衰退的早期指标。这是相关的,因为经济衰退对于股市熊市来说有着完美的记录。过去170年的每一次NBER衰退都涉及美国股市的熊市。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/631eab7d5b7d2c62994d942fc86cdcfc\" tg-width=\"640\" tg-height=\"511\" width=\"100%\" height=\"auto\"><span>(Source: Refinitiv, Stouff Capital)</span></p><p><blockquote><p class=\"t-img-caption\"><span>(来源:Refinitiv、Stouff Capital)</span></p></blockquote></p><p> Nonetheless, entering the late stage of the business cycle does not imply that equities are in a bear market. On the contrary, equities developed positively during the late stage of the business cycle during the past century. The recession stage of the business cycle is the time window that investors want to avoid if they believe in statistical evidence. Other leading indicators, which have been reliable historically, do not signal an imminent recession yet. The labor market has been constructive until the last report. Moreover, the conference board Leading Economic Index (LEI) marked an all-time high on its latest reading. Historically, the labor market and the LEI reached their cycle peak several months ahead of the economy. Most often, both indices peaked even ahead of the US stock market before the US economy went into recession. Likewise, the yield curve is not flashing recessionary signals yet. Historically, it inverted shortly before a recession arrived and was also a leading indicator for cyclical stock market highs. That's neither the case today.</p><p><blockquote>尽管如此,进入商业周期后期并不意味着股市处于熊市。相反,股票在上个世纪商业周期的后期发展积极。如果投资者相信统计证据,商业周期的衰退阶段是他们想要避开的时间窗口。历史上可靠的其他领先指标尚未表明经济衰退即将来临。在上次报告之前,劳动力市场一直是建设性的。此外,世界大型企业联合会领先经济指数(LEI)的最新读数创下历史新高。从历史上看,劳动力市场和LEI比经济提前几个月达到周期峰值。大多数情况下,在美国经济陷入衰退之前,这两个指数甚至先于美国股市见顶。同样,收益率曲线尚未闪烁衰退信号。从历史上看,它在经济衰退到来前不久反转,也是周期性股市高点的领先指标。今天的情况也不是这样。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9fed5b5760550aa77356656aee41f1d0\" tg-width=\"640\" tg-height=\"379\" width=\"100%\" height=\"auto\"><span>(Source: Refinitiv, CEIC, Pictet Asset Management)</span></p><p><blockquote><p class=\"t-img-caption\"><span>(资料来源:路孚特、CEIC、百达资产管理)</span></p></blockquote></p><p> However, equities corrected 5%-10% from their most recent highs into early December. The drop was not surprising because the market was running hot, as explained in our mid-November article here on Seeking Alpha. Sentiment and technical indicators signaled an imminent 5%-10% correction. Nonetheless, the correction is probably not finished short term. Some more weakness remains the base case during the next couple of weeks.</p><p><blockquote>然而,截至12月初,股市从近期高点回调了5%-10%。正如我们在11月中旬关于Seeking Alpha的文章中所解释的那样,下跌并不令人意外,因为市场正在火热。情绪和技术指标表明即将出现5%-10%的回调。尽管如此,调整可能不会在短期内完成。在接下来的几周里,更多的疲软仍然是基本情况。</blockquote></p><p> Moreover, there is something peculiar about the current cycle. It is unfolding at an unprecedented speed. Therefore, the late-cycle stage may surprise many by not lasting as long as it usually does. Further, the current environment might prove extraordinarily challenging for central banks as inflation increases rapidly. The chart above shows that European purchasing prices are more than 20% higher versus last year. That's the steepest increase of the index since the '70s. The '70s were the latest period that recorded double-digit inflation after the breakup of the Bretton-Woods exchange-rate system. Inflation pressure is also mounting in the United States as well. Not only do goods become expensive due to supply shortages, but services also joined the party lately. The development is a problem for central banks as they have no effective tools against supply-side shortages. Consequently, we are unlikely to witness monetary easing short-term. That has been a headwind for equities in recent years. Yet again, that's not a hit-and-run event and we are not there yet. Historically, equities reached their cyclical high typically well after the initial rate hike.</p><p><blockquote>此外,当前的周期还有一些奇特之处。它正以前所未有的速度展开。因此,周期后期可能会让许多人感到惊讶,因为它不会像通常那样持续很长时间。此外,随着通胀迅速上升,当前环境对央行来说可能极具挑战性。上图显示,欧洲的采购价格比去年上涨了20%以上。这是该指数自70年代以来的最大涨幅。70年代是布雷顿森林汇率体系解体后最近一个出现两位数通胀的时期。美国的通胀压力也在加大。由于供应短缺,不仅商品变得昂贵,服务最近也加入了这一行列。这一发展对央行来说是一个问题,因为它们没有有效的工具来应对供应方短缺。因此,我们不太可能在短期内看到货币宽松。近年来,这一直是股市的阻力。再说一次,这不是肇事逃逸事件,我们还没有到那一步。从历史上看,股市通常在首次加息后很久就会达到周期性高点。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bfdb33a6b0c068438eae297a0bd32d1d\" tg-width=\"640\" tg-height=\"390\" width=\"100%\" height=\"auto\"><span>(Source: Refinitiv, CEIC, Pictet Asset Management)</span></p><p><blockquote><p class=\"t-img-caption\"><span>(资料来源:路孚特、CEIC、百达资产管理)</span></p></blockquote></p><p> Technicals support the macro evidence outlined above. Most of the major indices probably unfolded bearish Elliot waves from their November highs. The S&P 500 counts best as an extending leading diagonal into the December 6th low. That's a signal that the short-term correction may not be over yet. The pattern will probably morph into a three-wave corrective leg towards 4250-4390 instead.</p><p><blockquote>技术面支持上述宏观证据。大多数主要指数可能从11月高点展开看跌艾略特波浪。标普500最好被视为延伸到12月6日低点的领先对角线。这是一个信号,表明短期调整可能尚未结束。相反,该形态可能会演变为朝向4250-4390的三浪修正腿。</blockquote></p><p></p><p> All in all, there is potential for more damage short term. Technical evidence hints at another attack at the 4390 S/R before seeing the next sustainable leg up. Time will tell if it is the last leg up before the cycle ends. Some of the macro indicators discussed above will probably provide further hints before things turn sour. The bottom line is that the bull trend is most likely intact despite further short-term correction potential.</p><p><blockquote>总而言之,短期内有可能造成更多损害。技术证据暗示,在看到下一次可持续上涨之前,4390 S/R将再次受到攻击。时间会证明这是否是周期结束前的最后一次上涨。上面讨论的一些宏观指标可能会在事情变糟之前提供进一步的暗示。最重要的是,尽管短期内有进一步回调的潜力,但牛市趋势很可能完好无损。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://seekingalpha.com/article/4474830-bull-run-enters-late-cycle\">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":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://seekingalpha.com/article/4474830-bull-run-enters-late-cycle","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169099899","content_text":"Summary\n\nThe short-term correction has probably not ended yet.\nMacroeconomic indicators signal further upside for stocks despite short-term correction potential.\nThe Fed could face tough challenges with its loose monetary stance sooner than many expect.\n\nMundusImages/E+ via Getty Images\nThe business cycle is maturing but has not ended yet. It is probably entering the late-cycle stage, according to Stouff capital's estimates. Their US Long-Term Macro Index gauge reached the 90% threshold, an early indicator for economic recessions. That's relevant because recessions had a perfect track record for bear markets in stocks. Every NBER recession in the past 170 involved a bear market in US stocks.\n(Source: Refinitiv, Stouff Capital)\nNonetheless, entering the late stage of the business cycle does not imply that equities are in a bear market. On the contrary, equities developed positively during the late stage of the business cycle during the past century. The recession stage of the business cycle is the time window that investors want to avoid if they believe in statistical evidence. Other leading indicators, which have been reliable historically, do not signal an imminent recession yet. The labor market has been constructive until the last report. Moreover, the conference board Leading Economic Index (LEI) marked an all-time high on its latest reading. Historically, the labor market and the LEI reached their cycle peak several months ahead of the economy. Most often, both indices peaked even ahead of the US stock market before the US economy went into recession. Likewise, the yield curve is not flashing recessionary signals yet. Historically, it inverted shortly before a recession arrived and was also a leading indicator for cyclical stock market highs. That's neither the case today.\n(Source: Refinitiv, CEIC, Pictet Asset Management)\nHowever, equities corrected 5%-10% from their most recent highs into early December. The drop was not surprising because the market was running hot, as explained in our mid-November article here on Seeking Alpha. Sentiment and technical indicators signaled an imminent 5%-10% correction. Nonetheless, the correction is probably not finished short term. Some more weakness remains the base case during the next couple of weeks.\nMoreover, there is something peculiar about the current cycle. It is unfolding at an unprecedented speed. Therefore, the late-cycle stage may surprise many by not lasting as long as it usually does. Further, the current environment might prove extraordinarily challenging for central banks as inflation increases rapidly. The chart above shows that European purchasing prices are more than 20% higher versus last year. That's the steepest increase of the index since the '70s. The '70s were the latest period that recorded double-digit inflation after the breakup of the Bretton-Woods exchange-rate system. Inflation pressure is also mounting in the United States as well. Not only do goods become expensive due to supply shortages, but services also joined the party lately. The development is a problem for central banks as they have no effective tools against supply-side shortages. Consequently, we are unlikely to witness monetary easing short-term. That has been a headwind for equities in recent years. Yet again, that's not a hit-and-run event and we are not there yet. Historically, equities reached their cyclical high typically well after the initial rate hike.\n(Source: Refinitiv, CEIC, Pictet Asset Management)\nTechnicals support the macro evidence outlined above. Most of the major indices probably unfolded bearish Elliot waves from their November highs. The S&P 500 counts best as an extending leading diagonal into the December 6th low. That's a signal that the short-term correction may not be over yet. The pattern will probably morph into a three-wave corrective leg towards 4250-4390 instead.\nAll in all, there is potential for more damage short term. Technical evidence hints at another attack at the 4390 S/R before seeing the next sustainable leg up. Time will tell if it is the last leg up before the cycle ends. Some of the macro indicators discussed above will probably provide further hints before things turn sour. The bottom line is that the bull trend is most likely intact despite further short-term correction potential.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":3881,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":602043578,"gmtCreate":1638947471300,"gmtModify":1638947471596,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575241823069388","idStr":"3575241823069388"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/602043578","repostId":"2189719656","repostType":4,"isVote":1,"tweetType":1,"viewCount":3543,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":606161047,"gmtCreate":1638843660945,"gmtModify":1638843661341,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575241823069388","idStr":"3575241823069388"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/606161047","repostId":"2189686612","repostType":4,"isVote":1,"tweetType":1,"viewCount":2240,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":608806123,"gmtCreate":1638673844331,"gmtModify":1638673844520,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575241823069388","idStr":"3575241823069388"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":1,"link":"https://laohu8.com/post/608806123","repostId":"1140678193","repostType":4,"isVote":1,"tweetType":1,"viewCount":3096,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":603962544,"gmtCreate":1638353829251,"gmtModify":1638353829725,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575241823069388","idStr":"3575241823069388"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/603962544","repostId":"1163333225","repostType":4,"repost":{"id":"1163333225","kind":"news","pubTimestamp":1638353038,"share":"https://www.laohu8.com/m/news/1163333225?lang=zh_CN&edition=full","pubTime":"2021-12-01 18:03","market":"us","language":"en","title":"Direct Listings Jump. Why This Path to Going Public Is Getting Noticed.<blockquote>直接列表跳转。为什么这条上市之路受到关注。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1163333225","media":"Barrons","summary":"Direct listings have jumped this year, but are still in the single digits because that path to the p","content":"<p>Direct listings have jumped this year, but are still in the single digits because that path to the public markets is a narrow one—so narrow that most companies will keep choosing IPOs or SPAC mergers, experts tell <i>Barron’s.</i></p><p><blockquote>专家表示,今年直接上市数量大幅增加,但仍处于个位数,因为通往公开市场的道路很狭窄——狭窄到大多数公司将继续选择IPO或SPAC合并<i>巴伦周刊。</i></blockquote></p><p> So far this year, 942 companies have gone public—raising $299 billion, numbers from Dealogic show. The totals for initial public offerings and special-purpose acquisition company mergers are 383 and 559, respectively.</p><p><blockquote>今年迄今为止,已有942家公司公开募股,募集了2990亿美元,这一数字来自Dealogic show。首次公开发售及特殊目的收购公司合并之总额分别为383家及559家。</blockquote></p><p> By comparison, only seven firms have used a direct listing—raising not one dime, simply listing their stocks on exchanges. Still, the seven is more than half of the 13 companies to use a direct listing since 2018.</p><p><blockquote>相比之下,只有七家公司采用了直接上市——没有筹集一分钱,只是将股票在交易所上市。尽管如此,自2018年以来,这7家公司仍占13家直接上市公司的一半以上。</blockquote></p><p> “We may see more late-stage companies seeking to do direct listings,” said Eddie Molloy, co-head of equity capital markets for the Americas at Morgan Stanley. “They will not replace IPOs, but instead provide companies another avenue to the public markets.”</p><p><blockquote>摩根士丹利美洲股权资本市场联席主管埃迪·莫洛伊表示:“我们可能会看到更多处于后期阶段的公司寻求直接上市。”“它们不会取代首次公开募股,而是为公司提供另一条进入公开市场的途径。”</blockquote></p><p> IPO expert Jay Ritter also expects the number of direct listings to increase—as long as there are no blowups like an accounting scandal that could taint the method.</p><p><blockquote>IPO专家杰伊·里特(Jay Ritter)也预计,直接上市的数量将会增加——只要不出现像会计丑闻这样可能玷污这种方法的爆发。</blockquote></p><p> “More and more companies will use direct listings to avoid selling underpriced shares in a traditional IPO or to avoid the dilution due to sponsor shares that come with a SPAC merger,” said Ritter, a University of Florida finance professor who studies IPOs.</p><p><blockquote>研究IPO的佛罗里达大学金融学教授里特表示:“越来越多的公司将通过直接上市来避免在传统IPO中出售价格过低的股票,或者避免SPAC合并带来的保荐人股票造成的稀释。”</blockquote></p><p> The first direct listing came nearly four years ago, on April 3, 2018, when Spotify (SPOT) opened for trading on the New York Stock Exchange. The music-streaming service didn’t raise any money with its offering, but ended its first day as a public company with a nearly $27 billion valuation.</p><p><blockquote>首次直接上市发生在近四年前,即2018年4月3日,当时Spotify(SPOT)在纽约证券交易所开盘交易。这家音乐流媒体服务公司没有通过此次发行筹集任何资金,但以近270亿美元的估值结束了上市公司的第一天。</blockquote></p><p> In the next two years, five companies direct listed: Watford Holdings, the reinsurance firm; the messaging app Slack Technologies; Palantir Technologies (PLTR), the data analytics company; Asana (ASAN), which offers project management software; and Thryv Holdings (THRY), a provider of marketing automation software for small businesses.</p><p><blockquote>在接下来的两年里,五家公司直接上市:再保险公司沃特福德控股公司;消息应用Slack TechnologiesPalantir Technologies(PLTR),数据分析公司;Asana(ASAN),提供项目管理软件;以及Thryv Holdings(THRY),一家小型企业营销自动化软件提供商。</blockquote></p><p> This year—and with a month still to go—the total stands at seven: Roblox (RBLX), the gaming platform; cryptocurrency exchange Coinbase (COIN);Squarespace (SQSP), the website design and hosting firm; the money transfer firm Wise; ZipRecruiter (ZIP), the employment marketplace; Amplitude (AMPL), the product analytics company; and eyewear start-up Warby Parker (WRBY).</p><p><blockquote>今年——还有一个月——总数为七个:Roblox(RBLX),游戏平台;加密货币交易所Coinbase(COIN);Squarespace(SQSP),网站设计和托管公司;汇款公司明智;ZipRecruiter(ZIP),就业市场Amplitude(AMPL),产品分析公司;以及眼镜初创公司Warby Parker(WRBY)。</blockquote></p><p> One of the biggest public offerings is expected to come next year from Stripe, the online payment processor, which is considering a direct listing, Bloomberg reported. Stripe didn’t return requests for comment.</p><p><blockquote>据彭博社报道,在线支付处理商Stripe预计将于明年进行最大的公开募股之一,该公司正在考虑直接上市。Stripe没有回复置评请求。</blockquote></p><p> Of the 13 direct listings since 2018, eight picked the NYSE and four settled on the Nasdaq. Wise listed its shares on the London Stock Exchange in July.</p><p><blockquote>自2018年以来的13家直接上市公司中,8家选择了纽约证券交易所,4家落户纳斯达克。Wise的股票于7月在伦敦证券交易所上市。</blockquote></p><p> <b>The mechanics</b></p><p><blockquote><b>机械师</b></blockquote></p><p> The appeal of a direct listing might not be obvious to the retail investor. After all, like an IPO or a SPAC merger, a direct listing requires the same paperwork—essentially a prospectus filed with the Securities and Exchange Commission—and roughly the same amount of time, 12 to 18 months, according to David Ethridge, co-lead of PwC’s IPO Services. The 12 to 18 months includes the time that companies need to prepare for life as a public entities, Ethridge said.</p><p><blockquote>对于散户投资者来说,直接上市的吸引力可能并不明显。毕竟,就像IPO或SPAC合并一样,直接上市需要相同的文书工作(本质上是向美国证券交易委员会提交的招股说明书)以及大致相同的时间,即12至18个月,普华永道IPO服务负责人。Ethridge表示,12至18个月包括公司为公共实体生活做好准备所需的时间。</blockquote></p><p> But there are real differences: how money is raised and where it goes, and the role played by investment banks.</p><p><blockquote>但存在真正的差异:资金如何筹集和流向,以及投资银行所扮演的角色。</blockquote></p><p> First, the money. Companies that opt for an IPO typically need fresh capital and use the offering to sell stock to investors. In a direct listing, shareholders—most often founders, investors who were in on the ground floor, and employees—sell their stock and they get the money, not the company.</p><p><blockquote>首先,钱。选择首次公开募股的公司通常需要新资本,并利用此次发行向投资者出售股票。在直接上市中,股东——通常是创始人、底层投资者和员工——出售股票,他们得到的是钱,而不是公司。</blockquote></p><p> Two experts—Magdalena Heinrich, Bank of America’s co-head of U.S. technology equity capital markets and venture capitalist Eric Liaw—point out that companies that don’t immediately need capital are better suited for a direct listing.</p><p><blockquote>两位专家——美国银行美国科技股权资本市场联席主管Magdalena Heinrich和风险投资家Eric Liaw——指出,不立即需要资本的公司更适合直接上市。</blockquote></p><p> “The key criteria for [companies] choosing a direct listing is whether their balance sheet is sufficiently strong that they don’t need to raise money in the offering,” said Liaw, a general partner at IVP, a venture-capital firm that has invested in over 400 companies, including 125 publicly traded entities.</p><p><blockquote>风险投资公司IVP的普通合伙人廖表示:“(公司)选择直接上市的关键标准是,它们的资产负债表是否足够强劲,以至于不需要通过发行筹集资金。”投资了400多家公司,其中包括125家上市实体。</blockquote></p><p> Second, the investment banks. In an IPO, banks underwrite the sale of shares. They help write the prospectus, set the price for the offering, sell the stock to investors through their network the night before the company lists, help set the roadshow, and give support once the stock begins trading.</p><p><blockquote>第二,投资银行。在首次公开募股中,银行承销股票销售。他们帮助撰写招股说明书,设定发行价格,在公司上市前一天晚上通过网络向投资者出售股票,帮助安排路演,并在股票开始交易后提供支持。</blockquote></p><p> Consequently, underwriting fees are the single biggest direct cost in an IPO— an average of 5% to 7% of gross IPO proceeds, Ethridge said.</p><p><blockquote>因此,承销费是IPO中最大的直接成本——平均占IPO总收益的5%至7%,Ethridge表示。</blockquote></p><p> Several banks typically work on a big IPO and split the fees. For example, Airbnb (ABNB), the home sharing service, raised $3.5 billion last December with its public offering. Three dozen banks, led by Morgan Stanley and Goldman Sachs,worked on the deal.</p><p><blockquote>几家银行通常会参与大型IPO并分摊费用。例如,家庭共享服务公司爱彼迎(ABNB)去年12月通过公开募股筹集了35亿美元。以摩根士丹利和高盛为首的三打银行参与了这笔交易。</blockquote></p><p></p><p> In a direct listing, banks act as financial advisors. Still, they help prepare the company’s registration statement, and assist with positioning the business, according to a guide on direct listings from the law firm Gibson Dunn. They also act as market makers and guide the price, said an investment banker who has worked on several deals.</p><p><blockquote>在直接上市中,银行充当财务顾问。尽管如此,根据吉布森·邓恩律师事务所的直接上市指南,他们还是帮助准备公司的注册声明,并协助定位业务。一位参与过多笔交易的投资银行家表示,它们还充当做市商并指导价格。</blockquote></p><p> Their fees are “materially” less, but just how much less is hard to determine with only a dozen direct listings, Ethridge said.</p><p><blockquote>埃思里奇说,他们的费用“大幅”减少,但由于只有十几家直接上市公司,很难确定到底减少了多少。</blockquote></p><p> “It wouldn’t surprise me if the total fees paid of gross spread is 50% of what might otherwise be paid [in IPOs],” he said.</p><p><blockquote>“如果支付的总价差费用是[IPO]支付费用的50%,我不会感到惊讶,”他说。</blockquote></p><p> Oddly enough, though, banks generally make as much with a direct listing because fewer work on a deal so the split is bigger, said Richard Truesdell, co-head of global capital markets at Davis Polk, who worked on the Spotify and Watford direct listings.</p><p><blockquote>但奇怪的是,银行通常通过直接上市赚的钱一样多,因为交易工作较少,所以分割更大,Davis Polk全球资本市场联席主管理查德·特鲁斯德尔(Richard Truesdell)曾参与Spotify和沃特福德直接上市。</blockquote></p><p> Coinbase is a case in point. The crypto exchange ended its first day as a public company in March with a near $86 billion market cap. Its financial advisors totaled four, including Goldman Sachs and JP Morgan.</p><p><blockquote>比特币基地就是一个很好的例子。该加密货币交易所于3月份结束了作为上市公司的第一天,市值接近860亿美元。其财务顾问共有四名,包括高盛和摩根大通。</blockquote></p><p> “Even though the total comp is substantially less, it’s not less per bank,” Truesdell said</p><p><blockquote>特鲁斯戴尔表示:“尽管总薪酬大幅减少,但每家银行的薪酬并没有减少。”</blockquote></p><p> <b>The investors</b></p><p><blockquote><b>投资者</b></blockquote></p><p> The real winners in a direct listing could very well be investors—both institutions and regular people.</p><p><blockquote>直接上市的真正赢家很可能是投资者——包括机构和普通人。</blockquote></p><p> Institutions like direct listings because many don’t have a lockup—the 90 to 180 days that investors in an IPO have to wait before they can sell their shares. In a direct listing, investors can unload their shares as soon the company begins trading.</p><p><blockquote>机构喜欢直接上市,因为许多机构没有禁售期——IPO投资者必须等待90至180天才能出售股票。在直接上市中,投资者可以在公司开始交易后立即抛售股票。</blockquote></p><p> No lockup makes it easier for the likes of Wellington Management, which manages $1.4 trillion in assets, to build positions “right out of the shoot,” said Michael Carmen, a senior managing director at Wellington, which has helped take more than 2,000 companies public since 2010—four through direct listings.</p><p><blockquote>惠灵顿管理公司(Wellington Management)高级董事总经理迈克尔·卡门(Michael Carmen)表示,没有禁售使得管理着1.4万亿美元资产的惠灵顿管理公司(Wellington Management)等公司更容易“立即”建仓。自2010年以来,该公司已帮助2,000多家公司上市,其中四家是通过直接上市。</blockquote></p><p> More important, direct listings can be better for regular people. In an IPO, institutional investors will buy shares of a company at the offer price the night before the debut. Then, the next day, the stock will jump in price as all kinds of investors try to get shares.</p><p><blockquote>更重要的是,直接上市对普通人来说可能更好。在首次公开募股中,机构投资者将在首次公开募股前一天晚上以发行价购买公司股票。然后,第二天,随着各种投资者试图获得股票,股票价格将会上涨。</blockquote></p><p> “Retail drives the pop that first day,” Truesdell, of Davis Polk, told <i>Barron’s.</i></p><p><blockquote>Davis Polk的Truesdell告诉记者:“零售业在第一天就推动了流行。”<i>巴伦周刊。</i></blockquote></p><p> The upshot: The stock for a traditional IPO can often become too expensive for the regular people during its first day of trading. Consider Airbnb again. Shares more than doubled from the $68 IPO price, closing at $144.71.</p><p><blockquote>结果是:对于普通人来说,传统IPO的股票在交易的第一天往往会变得过于昂贵。再想想爱彼迎。股价较68美元的IPO价格上涨了一倍多,收于144.71美元。</blockquote></p><p> “With a direct listing, [retail investors] have all the same rights as other institutions out there,” said Wellington’s Carmen.</p><p><blockquote>惠灵顿的卡门表示:“通过直接上市,[散户投资者]拥有与其他机构相同的权利。”</blockquote></p><p> Avoiding the first-day pop is one reason why Amplitude chose a direct listing, said Spenser Skates, co-founder and CEO. Amplitude rose a mere 9.6% from its opening price.</p><p><blockquote>Amplitude联合创始人兼首席执行官Spenser Skates表示,避免首日火爆是Amplitude选择直接上市的原因之一。振幅较开盘价仅上涨9.6%。</blockquote></p><p> When a company’s stock rises 30% or 50% or 100% in its debut, the IPO was mispriced, Skates said. Companies are “giving up a huge amount of value for no reason other than a good press headline,” Skates said.</p><p><blockquote>Skates表示,当一家公司的股票在首次公开募股中上涨30%、50%或100%时,IPO定价就错误了。斯凯特说,公司“除了一个好的新闻标题之外,没有任何原因就放弃了巨额价值”。</blockquote></p><p> For companies, analyst coverage is important. Analysts have clients. They rate stocks. They give outlooks. And direct listings don’t typically generate the same level of analyst coverage as IPOs, which have a roadshow.</p><p><blockquote>对于公司来说,分析师的报道很重要。分析师有客户。他们对股票进行评级。他们给出了前景。直接上市通常不会产生与首次公开募股相同水平的分析师报道,首次公开募股有路演。</blockquote></p><p> Most of the companies that have direct listed replaced the roadshow with an “analyst day,” where investors, including regular people, learn about the business. Coinbase, for example, hosted a Reddit: “Ask Us Anything.”</p><p><blockquote>大多数直接上市的公司都用“分析师日”取代了路演,包括普通人在内的投资者在那里了解业务。例如,Coinbase在Reddit上发布了一条消息:“问我们任何问题。”</blockquote></p><p> But the lack of analyst coverage isn’t necessarily a deal breaker. “If you are Spotify you know you’ll get coverage so you don’t worry about it. People won’t ignore a $30 billion market cap company,” Wellington’s Carmen said.</p><p><blockquote>但缺乏分析师报道并不一定会破坏交易。惠灵顿的卡门说:“如果你是Spotify,你知道你会得到报道,所以你不用担心。人们不会忽视一家市值300亿美元的公司。”</blockquote></p><p> Skates didn’t seem fazed that Amplitude had to reach out to the analysts—and investors.</p><p><blockquote>Skates似乎并不担心Amplitude必须接触分析师和投资者。</blockquote></p><p> “It’s a little more work on part of companies to make sure all of the information is out there,” he said. “You still get the analyst coverage.”</p><p><blockquote>“公司需要做更多的工作来确保所有信息都在那里,”他说。“你仍然可以获得分析师的报道。”</blockquote></p><p> Traditional IPOs, Skates said, get a “little more investor interest but that’s because they’re doing a massive multi-hundred [million] giveaway.</p><p><blockquote>斯凯特说,传统的首次公开募股“吸引了更多的投资者兴趣,但那是因为他们提供了数亿美元的巨额赠品。</blockquote></p><p> “As a CEO, you don’t want investors looking for a quick flip on stock. You really want those committed to the long term.”</p><p><blockquote>“作为首席执行官,你不希望投资者寻求股票的快速翻转。你真正希望的是那些致力于长期发展的投资者。”</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>Direct Listings Jump. Why This Path to Going Public Is Getting Noticed.<blockquote>直接列表跳转。为什么这条上市之路受到关注。</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\">\nDirect Listings Jump. Why This Path to Going Public Is Getting Noticed.<blockquote>直接列表跳转。为什么这条上市之路受到关注。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-12-01 18:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Direct listings have jumped this year, but are still in the single digits because that path to the public markets is a narrow one—so narrow that most companies will keep choosing IPOs or SPAC mergers, experts tell <i>Barron’s.</i></p><p><blockquote>专家表示,今年直接上市数量大幅增加,但仍处于个位数,因为通往公开市场的道路很狭窄——狭窄到大多数公司将继续选择IPO或SPAC合并<i>巴伦周刊。</i></blockquote></p><p> So far this year, 942 companies have gone public—raising $299 billion, numbers from Dealogic show. The totals for initial public offerings and special-purpose acquisition company mergers are 383 and 559, respectively.</p><p><blockquote>今年迄今为止,已有942家公司公开募股,募集了2990亿美元,这一数字来自Dealogic show。首次公开发售及特殊目的收购公司合并之总额分别为383家及559家。</blockquote></p><p> By comparison, only seven firms have used a direct listing—raising not one dime, simply listing their stocks on exchanges. Still, the seven is more than half of the 13 companies to use a direct listing since 2018.</p><p><blockquote>相比之下,只有七家公司采用了直接上市——没有筹集一分钱,只是将股票在交易所上市。尽管如此,自2018年以来,这7家公司仍占13家直接上市公司的一半以上。</blockquote></p><p> “We may see more late-stage companies seeking to do direct listings,” said Eddie Molloy, co-head of equity capital markets for the Americas at Morgan Stanley. “They will not replace IPOs, but instead provide companies another avenue to the public markets.”</p><p><blockquote>摩根士丹利美洲股权资本市场联席主管埃迪·莫洛伊表示:“我们可能会看到更多处于后期阶段的公司寻求直接上市。”“它们不会取代首次公开募股,而是为公司提供另一条进入公开市场的途径。”</blockquote></p><p> IPO expert Jay Ritter also expects the number of direct listings to increase—as long as there are no blowups like an accounting scandal that could taint the method.</p><p><blockquote>IPO专家杰伊·里特(Jay Ritter)也预计,直接上市的数量将会增加——只要不出现像会计丑闻这样可能玷污这种方法的爆发。</blockquote></p><p> “More and more companies will use direct listings to avoid selling underpriced shares in a traditional IPO or to avoid the dilution due to sponsor shares that come with a SPAC merger,” said Ritter, a University of Florida finance professor who studies IPOs.</p><p><blockquote>研究IPO的佛罗里达大学金融学教授里特表示:“越来越多的公司将通过直接上市来避免在传统IPO中出售价格过低的股票,或者避免SPAC合并带来的保荐人股票造成的稀释。”</blockquote></p><p> The first direct listing came nearly four years ago, on April 3, 2018, when Spotify (SPOT) opened for trading on the New York Stock Exchange. The music-streaming service didn’t raise any money with its offering, but ended its first day as a public company with a nearly $27 billion valuation.</p><p><blockquote>首次直接上市发生在近四年前,即2018年4月3日,当时Spotify(SPOT)在纽约证券交易所开盘交易。这家音乐流媒体服务公司没有通过此次发行筹集任何资金,但以近270亿美元的估值结束了上市公司的第一天。</blockquote></p><p> In the next two years, five companies direct listed: Watford Holdings, the reinsurance firm; the messaging app Slack Technologies; Palantir Technologies (PLTR), the data analytics company; Asana (ASAN), which offers project management software; and Thryv Holdings (THRY), a provider of marketing automation software for small businesses.</p><p><blockquote>在接下来的两年里,五家公司直接上市:再保险公司沃特福德控股公司;消息应用Slack TechnologiesPalantir Technologies(PLTR),数据分析公司;Asana(ASAN),提供项目管理软件;以及Thryv Holdings(THRY),一家小型企业营销自动化软件提供商。</blockquote></p><p> This year—and with a month still to go—the total stands at seven: Roblox (RBLX), the gaming platform; cryptocurrency exchange Coinbase (COIN);Squarespace (SQSP), the website design and hosting firm; the money transfer firm Wise; ZipRecruiter (ZIP), the employment marketplace; Amplitude (AMPL), the product analytics company; and eyewear start-up Warby Parker (WRBY).</p><p><blockquote>今年——还有一个月——总数为七个:Roblox(RBLX),游戏平台;加密货币交易所Coinbase(COIN);Squarespace(SQSP),网站设计和托管公司;汇款公司明智;ZipRecruiter(ZIP),就业市场Amplitude(AMPL),产品分析公司;以及眼镜初创公司Warby Parker(WRBY)。</blockquote></p><p> One of the biggest public offerings is expected to come next year from Stripe, the online payment processor, which is considering a direct listing, Bloomberg reported. Stripe didn’t return requests for comment.</p><p><blockquote>据彭博社报道,在线支付处理商Stripe预计将于明年进行最大的公开募股之一,该公司正在考虑直接上市。Stripe没有回复置评请求。</blockquote></p><p> Of the 13 direct listings since 2018, eight picked the NYSE and four settled on the Nasdaq. Wise listed its shares on the London Stock Exchange in July.</p><p><blockquote>自2018年以来的13家直接上市公司中,8家选择了纽约证券交易所,4家落户纳斯达克。Wise的股票于7月在伦敦证券交易所上市。</blockquote></p><p> <b>The mechanics</b></p><p><blockquote><b>机械师</b></blockquote></p><p> The appeal of a direct listing might not be obvious to the retail investor. After all, like an IPO or a SPAC merger, a direct listing requires the same paperwork—essentially a prospectus filed with the Securities and Exchange Commission—and roughly the same amount of time, 12 to 18 months, according to David Ethridge, co-lead of PwC’s IPO Services. The 12 to 18 months includes the time that companies need to prepare for life as a public entities, Ethridge said.</p><p><blockquote>对于散户投资者来说,直接上市的吸引力可能并不明显。毕竟,就像IPO或SPAC合并一样,直接上市需要相同的文书工作(本质上是向美国证券交易委员会提交的招股说明书)以及大致相同的时间,即12至18个月,普华永道IPO服务负责人。Ethridge表示,12至18个月包括公司为公共实体生活做好准备所需的时间。</blockquote></p><p> But there are real differences: how money is raised and where it goes, and the role played by investment banks.</p><p><blockquote>但存在真正的差异:资金如何筹集和流向,以及投资银行所扮演的角色。</blockquote></p><p> First, the money. Companies that opt for an IPO typically need fresh capital and use the offering to sell stock to investors. In a direct listing, shareholders—most often founders, investors who were in on the ground floor, and employees—sell their stock and they get the money, not the company.</p><p><blockquote>首先,钱。选择首次公开募股的公司通常需要新资本,并利用此次发行向投资者出售股票。在直接上市中,股东——通常是创始人、底层投资者和员工——出售股票,他们得到的是钱,而不是公司。</blockquote></p><p> Two experts—Magdalena Heinrich, Bank of America’s co-head of U.S. technology equity capital markets and venture capitalist Eric Liaw—point out that companies that don’t immediately need capital are better suited for a direct listing.</p><p><blockquote>两位专家——美国银行美国科技股权资本市场联席主管Magdalena Heinrich和风险投资家Eric Liaw——指出,不立即需要资本的公司更适合直接上市。</blockquote></p><p> “The key criteria for [companies] choosing a direct listing is whether their balance sheet is sufficiently strong that they don’t need to raise money in the offering,” said Liaw, a general partner at IVP, a venture-capital firm that has invested in over 400 companies, including 125 publicly traded entities.</p><p><blockquote>风险投资公司IVP的普通合伙人廖表示:“(公司)选择直接上市的关键标准是,它们的资产负债表是否足够强劲,以至于不需要通过发行筹集资金。”投资了400多家公司,其中包括125家上市实体。</blockquote></p><p> Second, the investment banks. In an IPO, banks underwrite the sale of shares. They help write the prospectus, set the price for the offering, sell the stock to investors through their network the night before the company lists, help set the roadshow, and give support once the stock begins trading.</p><p><blockquote>第二,投资银行。在首次公开募股中,银行承销股票销售。他们帮助撰写招股说明书,设定发行价格,在公司上市前一天晚上通过网络向投资者出售股票,帮助安排路演,并在股票开始交易后提供支持。</blockquote></p><p> Consequently, underwriting fees are the single biggest direct cost in an IPO— an average of 5% to 7% of gross IPO proceeds, Ethridge said.</p><p><blockquote>因此,承销费是IPO中最大的直接成本——平均占IPO总收益的5%至7%,Ethridge表示。</blockquote></p><p> Several banks typically work on a big IPO and split the fees. For example, Airbnb (ABNB), the home sharing service, raised $3.5 billion last December with its public offering. Three dozen banks, led by Morgan Stanley and Goldman Sachs,worked on the deal.</p><p><blockquote>几家银行通常会参与大型IPO并分摊费用。例如,家庭共享服务公司爱彼迎(ABNB)去年12月通过公开募股筹集了35亿美元。以摩根士丹利和高盛为首的三打银行参与了这笔交易。</blockquote></p><p></p><p> In a direct listing, banks act as financial advisors. Still, they help prepare the company’s registration statement, and assist with positioning the business, according to a guide on direct listings from the law firm Gibson Dunn. They also act as market makers and guide the price, said an investment banker who has worked on several deals.</p><p><blockquote>在直接上市中,银行充当财务顾问。尽管如此,根据吉布森·邓恩律师事务所的直接上市指南,他们还是帮助准备公司的注册声明,并协助定位业务。一位参与过多笔交易的投资银行家表示,它们还充当做市商并指导价格。</blockquote></p><p> Their fees are “materially” less, but just how much less is hard to determine with only a dozen direct listings, Ethridge said.</p><p><blockquote>埃思里奇说,他们的费用“大幅”减少,但由于只有十几家直接上市公司,很难确定到底减少了多少。</blockquote></p><p> “It wouldn’t surprise me if the total fees paid of gross spread is 50% of what might otherwise be paid [in IPOs],” he said.</p><p><blockquote>“如果支付的总价差费用是[IPO]支付费用的50%,我不会感到惊讶,”他说。</blockquote></p><p> Oddly enough, though, banks generally make as much with a direct listing because fewer work on a deal so the split is bigger, said Richard Truesdell, co-head of global capital markets at Davis Polk, who worked on the Spotify and Watford direct listings.</p><p><blockquote>但奇怪的是,银行通常通过直接上市赚的钱一样多,因为交易工作较少,所以分割更大,Davis Polk全球资本市场联席主管理查德·特鲁斯德尔(Richard Truesdell)曾参与Spotify和沃特福德直接上市。</blockquote></p><p> Coinbase is a case in point. The crypto exchange ended its first day as a public company in March with a near $86 billion market cap. Its financial advisors totaled four, including Goldman Sachs and JP Morgan.</p><p><blockquote>比特币基地就是一个很好的例子。该加密货币交易所于3月份结束了作为上市公司的第一天,市值接近860亿美元。其财务顾问共有四名,包括高盛和摩根大通。</blockquote></p><p> “Even though the total comp is substantially less, it’s not less per bank,” Truesdell said</p><p><blockquote>特鲁斯戴尔表示:“尽管总薪酬大幅减少,但每家银行的薪酬并没有减少。”</blockquote></p><p> <b>The investors</b></p><p><blockquote><b>投资者</b></blockquote></p><p> The real winners in a direct listing could very well be investors—both institutions and regular people.</p><p><blockquote>直接上市的真正赢家很可能是投资者——包括机构和普通人。</blockquote></p><p> Institutions like direct listings because many don’t have a lockup—the 90 to 180 days that investors in an IPO have to wait before they can sell their shares. In a direct listing, investors can unload their shares as soon the company begins trading.</p><p><blockquote>机构喜欢直接上市,因为许多机构没有禁售期——IPO投资者必须等待90至180天才能出售股票。在直接上市中,投资者可以在公司开始交易后立即抛售股票。</blockquote></p><p> No lockup makes it easier for the likes of Wellington Management, which manages $1.4 trillion in assets, to build positions “right out of the shoot,” said Michael Carmen, a senior managing director at Wellington, which has helped take more than 2,000 companies public since 2010—four through direct listings.</p><p><blockquote>惠灵顿管理公司(Wellington Management)高级董事总经理迈克尔·卡门(Michael Carmen)表示,没有禁售使得管理着1.4万亿美元资产的惠灵顿管理公司(Wellington Management)等公司更容易“立即”建仓。自2010年以来,该公司已帮助2,000多家公司上市,其中四家是通过直接上市。</blockquote></p><p> More important, direct listings can be better for regular people. In an IPO, institutional investors will buy shares of a company at the offer price the night before the debut. Then, the next day, the stock will jump in price as all kinds of investors try to get shares.</p><p><blockquote>更重要的是,直接上市对普通人来说可能更好。在首次公开募股中,机构投资者将在首次公开募股前一天晚上以发行价购买公司股票。然后,第二天,随着各种投资者试图获得股票,股票价格将会上涨。</blockquote></p><p> “Retail drives the pop that first day,” Truesdell, of Davis Polk, told <i>Barron’s.</i></p><p><blockquote>Davis Polk的Truesdell告诉记者:“零售业在第一天就推动了流行。”<i>巴伦周刊。</i></blockquote></p><p> The upshot: The stock for a traditional IPO can often become too expensive for the regular people during its first day of trading. Consider Airbnb again. Shares more than doubled from the $68 IPO price, closing at $144.71.</p><p><blockquote>结果是:对于普通人来说,传统IPO的股票在交易的第一天往往会变得过于昂贵。再想想爱彼迎。股价较68美元的IPO价格上涨了一倍多,收于144.71美元。</blockquote></p><p> “With a direct listing, [retail investors] have all the same rights as other institutions out there,” said Wellington’s Carmen.</p><p><blockquote>惠灵顿的卡门表示:“通过直接上市,[散户投资者]拥有与其他机构相同的权利。”</blockquote></p><p> Avoiding the first-day pop is one reason why Amplitude chose a direct listing, said Spenser Skates, co-founder and CEO. Amplitude rose a mere 9.6% from its opening price.</p><p><blockquote>Amplitude联合创始人兼首席执行官Spenser Skates表示,避免首日火爆是Amplitude选择直接上市的原因之一。振幅较开盘价仅上涨9.6%。</blockquote></p><p> When a company’s stock rises 30% or 50% or 100% in its debut, the IPO was mispriced, Skates said. Companies are “giving up a huge amount of value for no reason other than a good press headline,” Skates said.</p><p><blockquote>Skates表示,当一家公司的股票在首次公开募股中上涨30%、50%或100%时,IPO定价就错误了。斯凯特说,公司“除了一个好的新闻标题之外,没有任何原因就放弃了巨额价值”。</blockquote></p><p> For companies, analyst coverage is important. Analysts have clients. They rate stocks. They give outlooks. And direct listings don’t typically generate the same level of analyst coverage as IPOs, which have a roadshow.</p><p><blockquote>对于公司来说,分析师的报道很重要。分析师有客户。他们对股票进行评级。他们给出了前景。直接上市通常不会产生与首次公开募股相同水平的分析师报道,首次公开募股有路演。</blockquote></p><p> Most of the companies that have direct listed replaced the roadshow with an “analyst day,” where investors, including regular people, learn about the business. Coinbase, for example, hosted a Reddit: “Ask Us Anything.”</p><p><blockquote>大多数直接上市的公司都用“分析师日”取代了路演,包括普通人在内的投资者在那里了解业务。例如,Coinbase在Reddit上发布了一条消息:“问我们任何问题。”</blockquote></p><p> But the lack of analyst coverage isn’t necessarily a deal breaker. “If you are Spotify you know you’ll get coverage so you don’t worry about it. People won’t ignore a $30 billion market cap company,” Wellington’s Carmen said.</p><p><blockquote>但缺乏分析师报道并不一定会破坏交易。惠灵顿的卡门说:“如果你是Spotify,你知道你会得到报道,所以你不用担心。人们不会忽视一家市值300亿美元的公司。”</blockquote></p><p> Skates didn’t seem fazed that Amplitude had to reach out to the analysts—and investors.</p><p><blockquote>Skates似乎并不担心Amplitude必须接触分析师和投资者。</blockquote></p><p> “It’s a little more work on part of companies to make sure all of the information is out there,” he said. “You still get the analyst coverage.”</p><p><blockquote>“公司需要做更多的工作来确保所有信息都在那里,”他说。“你仍然可以获得分析师的报道。”</blockquote></p><p> Traditional IPOs, Skates said, get a “little more investor interest but that’s because they’re doing a massive multi-hundred [million] giveaway.</p><p><blockquote>斯凯特说,传统的首次公开募股“吸引了更多的投资者兴趣,但那是因为他们提供了数亿美元的巨额赠品。</blockquote></p><p> “As a CEO, you don’t want investors looking for a quick flip on stock. You really want those committed to the long term.”</p><p><blockquote>“作为首席执行官,你不希望投资者寻求股票的快速翻转。你真正希望的是那些致力于长期发展的投资者。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.barrons.com/articles/direct-listings-jump-why-this-path-to-going-public-is-getting-noticed-51638305261?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ABNB":"爱彼迎","THRY":"Thryv Holdings Inc","ZIP":"ZipRecruiter Inc.","ASAN":"阿莎娜",".IXIC":"NASDAQ Composite","WRBY":"Warby Parker Inc.","AMPL":"AmplitudeE, Inc.","SQSP":"Squarespace Inc.",".SPX":"S&P 500 Index",".DJI":"道琼斯","PLTR":"Palantir Technologies Inc.","COIN":"Coinbase Global, Inc."},"source_url":"https://www.barrons.com/articles/direct-listings-jump-why-this-path-to-going-public-is-getting-noticed-51638305261?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163333225","content_text":"Direct listings have jumped this year, but are still in the single digits because that path to the public markets is a narrow one—so narrow that most companies will keep choosing IPOs or SPAC mergers, experts tell Barron’s.\nSo far this year, 942 companies have gone public—raising $299 billion, numbers from Dealogic show. The totals for initial public offerings and special-purpose acquisition company mergers are 383 and 559, respectively.\nBy comparison, only seven firms have used a direct listing—raising not one dime, simply listing their stocks on exchanges. Still, the seven is more than half of the 13 companies to use a direct listing since 2018.\n“We may see more late-stage companies seeking to do direct listings,” said Eddie Molloy, co-head of equity capital markets for the Americas at Morgan Stanley. “They will not replace IPOs, but instead provide companies another avenue to the public markets.”\nIPO expert Jay Ritter also expects the number of direct listings to increase—as long as there are no blowups like an accounting scandal that could taint the method.\n“More and more companies will use direct listings to avoid selling underpriced shares in a traditional IPO or to avoid the dilution due to sponsor shares that come with a SPAC merger,” said Ritter, a University of Florida finance professor who studies IPOs.\nThe first direct listing came nearly four years ago, on April 3, 2018, when Spotify (SPOT) opened for trading on the New York Stock Exchange. The music-streaming service didn’t raise any money with its offering, but ended its first day as a public company with a nearly $27 billion valuation.\nIn the next two years, five companies direct listed: Watford Holdings, the reinsurance firm; the messaging app Slack Technologies; Palantir Technologies (PLTR), the data analytics company; Asana (ASAN), which offers project management software; and Thryv Holdings (THRY), a provider of marketing automation software for small businesses.\nThis year—and with a month still to go—the total stands at seven: Roblox (RBLX), the gaming platform; cryptocurrency exchange Coinbase (COIN);Squarespace (SQSP), the website design and hosting firm; the money transfer firm Wise; ZipRecruiter (ZIP), the employment marketplace; Amplitude (AMPL), the product analytics company; and eyewear start-up Warby Parker (WRBY).\nOne of the biggest public offerings is expected to come next year from Stripe, the online payment processor, which is considering a direct listing, Bloomberg reported. Stripe didn’t return requests for comment.\nOf the 13 direct listings since 2018, eight picked the NYSE and four settled on the Nasdaq. Wise listed its shares on the London Stock Exchange in July.\nThe mechanics\nThe appeal of a direct listing might not be obvious to the retail investor. After all, like an IPO or a SPAC merger, a direct listing requires the same paperwork—essentially a prospectus filed with the Securities and Exchange Commission—and roughly the same amount of time, 12 to 18 months, according to David Ethridge, co-lead of PwC’s IPO Services. The 12 to 18 months includes the time that companies need to prepare for life as a public entities, Ethridge said.\nBut there are real differences: how money is raised and where it goes, and the role played by investment banks.\nFirst, the money. Companies that opt for an IPO typically need fresh capital and use the offering to sell stock to investors. In a direct listing, shareholders—most often founders, investors who were in on the ground floor, and employees—sell their stock and they get the money, not the company.\nTwo experts—Magdalena Heinrich, Bank of America’s co-head of U.S. technology equity capital markets and venture capitalist Eric Liaw—point out that companies that don’t immediately need capital are better suited for a direct listing.\n“The key criteria for [companies] choosing a direct listing is whether their balance sheet is sufficiently strong that they don’t need to raise money in the offering,” said Liaw, a general partner at IVP, a venture-capital firm that has invested in over 400 companies, including 125 publicly traded entities.\nSecond, the investment banks. In an IPO, banks underwrite the sale of shares. They help write the prospectus, set the price for the offering, sell the stock to investors through their network the night before the company lists, help set the roadshow, and give support once the stock begins trading.\nConsequently, underwriting fees are the single biggest direct cost in an IPO— an average of 5% to 7% of gross IPO proceeds, Ethridge said.\nSeveral banks typically work on a big IPO and split the fees. For example, Airbnb (ABNB), the home sharing service, raised $3.5 billion last December with its public offering. Three dozen banks, led by Morgan Stanley and Goldman Sachs,worked on the deal.\nIn a direct listing, banks act as financial advisors. Still, they help prepare the company’s registration statement, and assist with positioning the business, according to a guide on direct listings from the law firm Gibson Dunn. They also act as market makers and guide the price, said an investment banker who has worked on several deals.\nTheir fees are “materially” less, but just how much less is hard to determine with only a dozen direct listings, Ethridge said.\n“It wouldn’t surprise me if the total fees paid of gross spread is 50% of what might otherwise be paid [in IPOs],” he said.\nOddly enough, though, banks generally make as much with a direct listing because fewer work on a deal so the split is bigger, said Richard Truesdell, co-head of global capital markets at Davis Polk, who worked on the Spotify and Watford direct listings.\nCoinbase is a case in point. The crypto exchange ended its first day as a public company in March with a near $86 billion market cap. Its financial advisors totaled four, including Goldman Sachs and JP Morgan.\n“Even though the total comp is substantially less, it’s not less per bank,” Truesdell said\nThe investors\nThe real winners in a direct listing could very well be investors—both institutions and regular people.\nInstitutions like direct listings because many don’t have a lockup—the 90 to 180 days that investors in an IPO have to wait before they can sell their shares. In a direct listing, investors can unload their shares as soon the company begins trading.\nNo lockup makes it easier for the likes of Wellington Management, which manages $1.4 trillion in assets, to build positions “right out of the shoot,” said Michael Carmen, a senior managing director at Wellington, which has helped take more than 2,000 companies public since 2010—four through direct listings.\nMore important, direct listings can be better for regular people. In an IPO, institutional investors will buy shares of a company at the offer price the night before the debut. Then, the next day, the stock will jump in price as all kinds of investors try to get shares.\n“Retail drives the pop that first day,” Truesdell, of Davis Polk, told Barron’s.\nThe upshot: The stock for a traditional IPO can often become too expensive for the regular people during its first day of trading. Consider Airbnb again. Shares more than doubled from the $68 IPO price, closing at $144.71.\n“With a direct listing, [retail investors] have all the same rights as other institutions out there,” said Wellington’s Carmen.\nAvoiding the first-day pop is one reason why Amplitude chose a direct listing, said Spenser Skates, co-founder and CEO. Amplitude rose a mere 9.6% from its opening price.\nWhen a company’s stock rises 30% or 50% or 100% in its debut, the IPO was mispriced, Skates said. Companies are “giving up a huge amount of value for no reason other than a good press headline,” Skates said.\nFor companies, analyst coverage is important. Analysts have clients. They rate stocks. They give outlooks. And direct listings don’t typically generate the same level of analyst coverage as IPOs, which have a roadshow.\nMost of the companies that have direct listed replaced the roadshow with an “analyst day,” where investors, including regular people, learn about the business. Coinbase, for example, hosted a Reddit: “Ask Us Anything.”\nBut the lack of analyst coverage isn’t necessarily a deal breaker. “If you are Spotify you know you’ll get coverage so you don’t worry about it. People won’t ignore a $30 billion market cap company,” Wellington’s Carmen said.\nSkates didn’t seem fazed that Amplitude had to reach out to the analysts—and investors.\n“It’s a little more work on part of companies to make sure all of the information is out there,” he said. “You still get the analyst coverage.”\nTraditional IPOs, Skates said, get a “little more investor interest but that’s because they’re doing a massive multi-hundred [million] giveaway.\n“As a CEO, you don’t want investors looking for a quick flip on stock. You really want those committed to the long term.”","news_type":1,"symbols_score_info":{"PLTR":0.9,".IXIC":0.9,".DJI":0.9,".SPX":0.9,"SQSP":0.9,"AMPL":0.9,"WRBY":0.9,"ABNB":0.9,"COIN":0.9,"THRY":0.9,"ZIP":0.9,"ASAN":0.9}},"isVote":1,"tweetType":1,"viewCount":2818,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":609186307,"gmtCreate":1638252189264,"gmtModify":1638252189398,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575241823069388","idStr":"3575241823069388"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/609186307","repostId":"1141430877","repostType":4,"repost":{"id":"1141430877","kind":"news","pubTimestamp":1638251771,"share":"https://www.laohu8.com/m/news/1141430877?lang=zh_CN&edition=full","pubTime":"2021-11-30 13:56","market":"us","language":"en","title":"Moderna CEO says vaccines likely less effective against Omicron<blockquote>Moderna首席执行官表示疫苗对奥密克戎病毒的效果可能较差</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141430877","media":"Reuters","summary":"SYDNEY, Nov 30 (Reuters) - The head of drugmaker Moderna said COVID-19 vaccines are unlikely to be a","content":"<p>SYDNEY, Nov 30 (Reuters) - The head of drugmaker Moderna said COVID-19 vaccines are unlikely to be as effective against the Omicron variant of the coronavirus as they have been previously, sparking fresh worry in financial markets about the trajectory of the pandemic.</p><p><blockquote>路透悉尼11月30日-制药商Moderna负责人表示,COVID-19疫苗不太可能像以前那样有效对抗冠状病毒的奥密克戎变种,这引发了金融市场对疫情发展轨迹的新担忧。</blockquote></p><p> \"There is no world, I think, where (the effectiveness) is the same level . . . we had with Delta,\" Moderna Chief Executive Stéphane Bancel told the Financial Times in an interview.</p><p><blockquote>Moderna首席执行官斯特凡·班塞尔(Stéphane Bancel)在接受英国《金融时报》采访时表示:“我认为,没有一个世界的(有效性)与我们与达美航空的水平相同。”</blockquote></p><p> \"I think it's going to be a material drop. I just don't know how much because we need to wait for the data. But all the scientists I've talked to . . . are like 'this is not going to be good.'\"</p><p><blockquote>“我认为这将是一次物质下降。我只是不知道有多少,因为我们需要等待数据。但我交谈过的所有科学家……都像‘这不会有好结果’。”</blockquote></p><p> Vaccine resistance could lead to more sickness and hospitalisations and prolong the pandemic, and his comments triggered selling in growth-exposed assets like oil, stocks and the Australian dollar.</p><p><blockquote>疫苗耐药性可能会导致更多的疾病和住院,并延长疫情,他的言论引发了石油、股票和澳元等增长资产的抛售。</blockquote></p><p> Bancel added that the high number of mutations on the protein spike the virus uses to infect human cells meant it was likely the current crop of vaccines would need to be modified.</p><p><blockquote>Bancel补充说,病毒用于感染人类细胞的蛋白质刺突上的大量突变意味着当前的疫苗可能需要进行修改。</blockquote></p><p> He had earlier said on CNBC that it could take months to begin shipping a vaccine that does work against Omicron.</p><p><blockquote>他早些时候在CNBC上表示,可能需要几个月的时间才能开始运送针对奥密克戎病毒的疫苗。</blockquote></p><p> Fear of the new variant, despite a lack of information about its severity, has already triggered delays to some economic reopening plans and the reimposition of some travel and movement restrictions.</p><p><blockquote>尽管缺乏关于其严重性的信息,但对新变种的恐惧已经引发了一些经济重新开放计划的推迟,以及一些旅行和行动限制的重新实施。</blockquote></p><p></p>","source":"lsy1612507957220","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>Moderna CEO says vaccines likely less effective against Omicron<blockquote>Moderna首席执行官表示疫苗对奥密克戎病毒的效果可能较差</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\">\nModerna CEO says vaccines likely less effective against Omicron<blockquote>Moderna首席执行官表示疫苗对奥密克戎病毒的效果可能较差</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-11-30 13:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>SYDNEY, Nov 30 (Reuters) - The head of drugmaker Moderna said COVID-19 vaccines are unlikely to be as effective against the Omicron variant of the coronavirus as they have been previously, sparking fresh worry in financial markets about the trajectory of the pandemic.</p><p><blockquote>路透悉尼11月30日-制药商Moderna负责人表示,COVID-19疫苗不太可能像以前那样有效对抗冠状病毒的奥密克戎变种,这引发了金融市场对疫情发展轨迹的新担忧。</blockquote></p><p> \"There is no world, I think, where (the effectiveness) is the same level . . . we had with Delta,\" Moderna Chief Executive Stéphane Bancel told the Financial Times in an interview.</p><p><blockquote>Moderna首席执行官斯特凡·班塞尔(Stéphane Bancel)在接受英国《金融时报》采访时表示:“我认为,没有一个世界的(有效性)与我们与达美航空的水平相同。”</blockquote></p><p> \"I think it's going to be a material drop. I just don't know how much because we need to wait for the data. But all the scientists I've talked to . . . are like 'this is not going to be good.'\"</p><p><blockquote>“我认为这将是一次物质下降。我只是不知道有多少,因为我们需要等待数据。但我交谈过的所有科学家……都像‘这不会有好结果’。”</blockquote></p><p> Vaccine resistance could lead to more sickness and hospitalisations and prolong the pandemic, and his comments triggered selling in growth-exposed assets like oil, stocks and the Australian dollar.</p><p><blockquote>疫苗耐药性可能会导致更多的疾病和住院,并延长疫情,他的言论引发了石油、股票和澳元等增长资产的抛售。</blockquote></p><p> Bancel added that the high number of mutations on the protein spike the virus uses to infect human cells meant it was likely the current crop of vaccines would need to be modified.</p><p><blockquote>Bancel补充说,病毒用于感染人类细胞的蛋白质刺突上的大量突变意味着当前的疫苗可能需要进行修改。</blockquote></p><p> He had earlier said on CNBC that it could take months to begin shipping a vaccine that does work against Omicron.</p><p><blockquote>他早些时候在CNBC上表示,可能需要几个月的时间才能开始运送针对奥密克戎病毒的疫苗。</blockquote></p><p> Fear of the new variant, despite a lack of information about its severity, has already triggered delays to some economic reopening plans and the reimposition of some travel and movement restrictions.</p><p><blockquote>尽管缺乏关于其严重性的信息,但对新变种的恐惧已经引发了一些经济重新开放计划的推迟,以及一些旅行和行动限制的重新实施。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://finance.yahoo.com/news/1-moderna-ceo-says-vaccines-055048321.html\">Reuters</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":{"MRNA":"Moderna, Inc."},"source_url":"https://finance.yahoo.com/news/1-moderna-ceo-says-vaccines-055048321.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141430877","content_text":"SYDNEY, Nov 30 (Reuters) - The head of drugmaker Moderna said COVID-19 vaccines are unlikely to be as effective against the Omicron variant of the coronavirus as they have been previously, sparking fresh worry in financial markets about the trajectory of the pandemic.\n\"There is no world, I think, where (the effectiveness) is the same level . . . we had with Delta,\" Moderna Chief Executive Stéphane Bancel told the Financial Times in an interview.\n\"I think it's going to be a material drop. I just don't know how much because we need to wait for the data. But all the scientists I've talked to . . . are like 'this is not going to be good.'\"\nVaccine resistance could lead to more sickness and hospitalisations and prolong the pandemic, and his comments triggered selling in growth-exposed assets like oil, stocks and the Australian dollar.\nBancel added that the high number of mutations on the protein spike the virus uses to infect human cells meant it was likely the current crop of vaccines would need to be modified.\nHe had earlier said on CNBC that it could take months to begin shipping a vaccine that does work against Omicron.\nFear of the new variant, despite a lack of information about its severity, has already triggered delays to some economic reopening plans and the reimposition of some travel and movement restrictions.","news_type":1,"symbols_score_info":{"MRNA":0.9}},"isVote":1,"tweetType":1,"viewCount":3715,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":600588502,"gmtCreate":1638174265738,"gmtModify":1638174362516,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575241823069388","idStr":"3575241823069388"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/600588502","repostId":"1124072014","repostType":4,"repost":{"id":"1124072014","kind":"news","pubTimestamp":1638140765,"share":"https://www.laohu8.com/m/news/1124072014?lang=zh_CN&edition=full","pubTime":"2021-11-29 07:06","market":"us","language":"en","title":"November jobs report: What to know this week<blockquote>11月就业报告:本周需要了解什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1124072014","media":"yahoo","summary":"As investors return from the Thanksgiving-shortened trading week, focus will shift to the U.S. labor","content":"<p>As investors return from the Thanksgiving-shortened trading week, focus will shift to the U.S. labor market.</p><p><blockquote>随着投资者从感恩节缩短的交易周回归,焦点将转向美国劳动力市场。</blockquote></p><p> The Labor Department's monthly jobs report due for release on Friday is set to provide an updated snapshot of the strength in hiring and labor force participation in the U.S. economy. Consensus economists are looking for a half-million jobs to have returned in November, with the pace of hiring slowing only slightly from October's 531,000 gain. The unemployment rate is also expected to improve further to 4.5% from October's 4.6%, reaching the lowest level since March 2020.</p><p><blockquote>美国劳工部将于周五发布的月度就业报告将提供美国经济中招聘和劳动力参与实力的最新快照。经济学家一致认为,11月份将有50万个工作岗位回归,招聘速度仅较10月份的531,000个略有放缓。失业率也有望从10月的4.6%进一步改善至4.5%,达到2020年3月以来的最低水平。</blockquote></p><p> \"We expect non-farm payrolls to have risen by 500,000 in November, but the growing risk of a winter COVID wave and a dwindling supply of available workers will weigh on jobs growth soon,\" wrote Paul Ashworth, chief North America economist for Capital Economics, in a note last week.</p><p><blockquote>凯投宏观(Capital Economics)首席北美经济学家保罗·阿什沃斯(Paul Ashworth)写道:“我们预计11月份非农就业人数将增加50万人,但冬季新冠疫情风险不断增加以及可用工人供应减少将很快拖累就业增长。”,在上周的一份报告中。</blockquote></p><p> \"Employment growth can’t continue at this pace for much longer unless the labor force stages a more notable recovery. If anything, labor supply could<i>worsen</i>over the coming months as the federal vaccine mandate covering 100 [million] workers begins on January 4,\" Ashworth added. \"That suggests wage growth will remain strong, and we expect a 0.4% [month-over-month] rise in average hourly earnings in October.\"</p><p><blockquote>“除非劳动力出现更显著的复苏,否则就业增长不可能以这种速度持续太久。如果说有什么不同的话,那就是劳动力供应可以<i>恶化</i>随着覆盖1亿工人的联邦疫苗授权于1月4日开始,未来几个月,”阿什沃斯补充道。“这表明工资增长将保持强劲,我们预计10月份平均时薪将[环比]增长0.4%。”</blockquote></p><p> On a year-over-year basis, average hourly earnings are expected to rise by 5.0%, accelerating even further after October's already marked 4.9% rise and representing the fastest wage growth rate since February.</p><p><blockquote>与去年同期相比,平均时薪预计将增长5.0%,继10月份已经显着增长4.9%之后进一步加速,这是自2月份以来最快的工资增长率。</blockquote></p><p> Growing average wages and a tight labor market — while a positive for consumers and their ability to spend — has also stoked concerns over persistent inflation. Last week's Personal Consumption Expenditures (PCE) deflator from the Bureau of Economic Analysis for October showed an annual jump of 5.0% in the index, or the biggest rise since 1990. And the core PCE, or the Fed's preferred inflation gauge stripping out volatile food and energy prices, rose by 4.1% year-over-year — the most in three decades.</p><p><blockquote>平均工资增长和劳动力市场紧张虽然对消费者及其消费能力有利,但也引发了人们对持续通胀的担忧。上周经济分析局公布的10月份个人消费支出(PCE)平减指数显示,该指数年率上涨5.0%,创1990年以来最大涨幅。核心PCE(即美联储首选的剔除波动较大的食品和能源价格的通胀指标)同比上涨4.1%,为三十年来的最高水平。</blockquote></p><p> Other recent data have homed in on the tight labor market and presaged a potentially strong November jobs report. Last week'sinitial jobless claims fell to a 52-year low of 199,000, taking out both the prior pandemic-era low and pre-pandemic average for new first-time filings. This served as yet another point underscoring the steep competition for labor among U.S. employers, with companies attempting to hire and retain their existing workforces amid widespread labor shortages.</p><p><blockquote>最近的其他数据集中在紧张的劳动力市场上,并预示着11月份就业报告可能强劲。上周首次申请失业救济人数降至19.9万人的52年低点,打破了之前大流行时期的低点和大流行前新首次申请失业救济人数的平均值。这再次凸显了美国雇主之间对劳动力的激烈竞争,在劳动力普遍短缺的情况下,公司试图雇用和留住现有劳动力。</blockquote></p><p> Even given these lingering scarcities, the labor force participation rate has yet to return to pre-pandemic levels. The civilian labor force was still down by nearly 3 million participants compared to February 2020, with lingering concerns over the virus and adesire by many working-age individuals to seek out new roles with better flexibility and benefitsstill keeping many individuals on the sidelines of the workforce. Consensus economists expect the labor force participation rate to tick up only slightly in November to reach 61.7%, growing from October's 61.6% but coming in well below the 63.3% rate from February 2020.</p><p><blockquote>即使考虑到这些挥之不去的短缺,劳动力参与率仍未恢复到大流行前的水平。与2020年2月相比,平民劳动力仍减少了近300万参与者,对病毒的担忧挥之不去,许多工作年龄的人渴望寻找具有更好灵活性和福利的新角色,这仍然使许多人处于劳动力的边缘。经济学家普遍预计,11月份劳动力参与率仅略有上升,达到61.7%,高于10月份的61.6%,但远低于2020年2月的63.3%。</blockquote></p><p> Returning the economy back to pre-pandemic labor force participation levels and ensuring job gains are seen equitably across different groups has become a key focus for the Federal Reserve. And the distance still left to make up on these fronts has also been the biggest factor keeping the Fed ultra-accommodative with its monetary policy support, even after a parade of hotter-than-expected inflation reports that would appear to warrant a more hawkish policy tilt and a quicker-than-expected hike to interest rates.Fed Chair Jerome Powell's renomination to remain as head of the central bankfurther suggests the Fed's focus on the labor market as a critical informing factor for monetary policy will remain.</p><p><blockquote>让经济回到大流行前的劳动力参与水平,并确保不同群体公平地看到就业增长,已成为美联储的一个重点关注点。在这些方面仍有待弥补的距离也是美联储货币政策支持保持超宽松的最大因素,即使在一系列高于预期的通胀报告似乎需要采取更强硬的政策倾斜美联储主席杰罗姆·鲍威尔再次被提名继续担任央行行长进一步表明,美联储将继续关注劳动力市场,将其作为货币政策的关键信息因素。</blockquote></p><p> \"Market views for future Fed rate increases have been pulled forward aggressively in response to evidence that elevated inflation pressures are likely to persist for longer,\" wrote Deutsche Bank economist Justin Weidner in a note last week. \"However, as Chair Powell's November press conference made evident, prospects for the labor market to return to maximum employment remain a critical consideration for when the Fed will eventually begin to actively tighten monetary policy.\"</p><p><blockquote>德意志银行经济学家贾斯汀·魏德纳(Justin Weidner)上周在一份报告中写道:“由于有证据表明通胀压力上升可能会持续更长时间,市场对美联储未来加息的看法已大幅提前。”“然而,正如鲍威尔主席11月新闻发布会所表明的那样,劳动力市场恢复最大就业的前景仍然是美联储最终何时开始积极收紧货币政策的关键考虑因素。”</blockquote></p><p> Economic calendar</p><p><blockquote>经济日历</blockquote></p><p> <ul> <li><b>Monday:</b>Pending home sales, month-over-month, October (0.7% expected, -2.3% in September); Dallas Federal Reserve Manufacturing Activity Index, November (17.0 expected, 14.6 in October)</p><p><blockquote><ul><li><b>星期一:</b>10月份待售房屋环比(预期0.7%,9月份-2.3%);11月达拉斯联储制造业活动指数(预期17.0,10月14.6)</li></ul></blockquote></p><p></p><p></li> <li><b>Tuesday:</b>FHFA House Price Index, month-over-month, September (1.2% expected, 1.0% in August); S&P CoreLogic Case-Shiller 20-City Composite Index, month-over-month, September (1.30% expected, 1.17% in August); S&P CoreLogic Case-Shiller 20-City Composite Index, September (19.66% during prior month); MNI Chicago PMI, November (67.0 expected, 68.4 in October); Conference Board Consumer Confidence Index, November (110.0 expected, 113.8 in October)</p><p><blockquote><li><b>星期二:</b>9月FHFA房价指数环比(预期为1.2%,8月为1.0%);S&P CoreLogic Case-Shiller 20城综合指数,9月环比(预期1.30%,8月1.17%);S&P CoreLogic Case-Shiller 20城市综合指数,9月(上月为19.66%);11月MNI芝加哥PMI(预期67.0,10月68.4);世界大型企业联合会11月消费者信心指数(预期110.0,10月113.8)</li></blockquote></p><p></li> <li><b>Wednesday:</b>MBA Mortgage Applications, November 26 (1.8% during prior week); ADP Employment Change, November (515,000 expected, 571,000 in October); Markit U.S. Manufacturing PMI, November final (59.1 during prior month); Construction Spending, month-over-month, October (0.5% expected, -0.5% in September); ISM Manufacturing, November (61.0 expected, 60.8 in October); Federal Reserve releases Beige Book</p><p><blockquote><li><b>星期三:</b>MBA抵押贷款申请,11月26日(前一周为1.8%);11月ADP就业变化(预期51.5万人,10月57.1万人);Markit美国制造业PMI,11月终值(上月为59.1);10月份建筑支出环比(预期0.5%,9月份-0.5%);ISM制造业,11月(预期61.0,10月60.8);美联储发布褐皮书</li></blockquote></p><p></li> <li><b>Thursday:</b>Challenger job cuts, November (-71.7% in October); Initial jobless claims, week ended Nov. 27 (199,000 during prior week); Continuing claims, Nov. 20 (2.049 during prior week)</p><p><blockquote><li><b>星期四:</b>挑战者裁员,11月(10月-71.7%);截至11月27日当周首次申请失业救济人数(前一周为199,000人);11月20日持续申请失业救济人数(前一周为2.049)</li></blockquote></p><p></li> <li><b>Friday:</b>Change in non-farm payrolls, November (500,000 expected, 531,000 in October); Unemployment rate, November (4.5% expected, 4.6% in October); Average Hourly Earnings, month-over-month, November (0.4% expected, 0.4% in October); Average Hourly Earnings, year-over-year, November (5.0% expected, 4.9% in October); Markit U.S. Services PMI, November final (57.0 in prior print); Markit U.S. Composite PMI, November final (56.5 in prior print); ISM Services Index, November (65.0 expected, 66.7 in October); Factory Orders, October (0.5% expected, 0.2% in September); Durable Goods Orders, October final (-0.5% in prior print)</p><p><blockquote><li><b>星期五:</b>11月非农就业人数变化(预期50万,10月53.1万);11月失业率(预期4.5%,10月4.6%);11月平均时薪环比(预期0.4%,10月0.4%);11月平均时薪同比(预期5.0%,10月4.9%);Markit美国服务业PMI,11月最终数据(上一期为57.0);Markit美国综合PMI,11月最终数据(上一期为56.5);ISM服务业指数,11月(预期65.0,10月66.7);10月工厂订单(预期0.5%,9月0.2%);耐用品订单,10月份最终(上次打印为-0.5%)</li></blockquote></p><p></li> </ul> Earnings calendar</p><p><blockquote>盈利日历</blockquote></p><p> <ul> <li><b>Monday:</b><i>No notable reports scheduled for release</i></p><p><blockquote><ul><li><b>星期一:</b><i>没有计划发布值得注意的报告</i></li></ul></blockquote></p><p></li> <li><b>Tuesday:</b>Salesforce.com (CRM) after market close</p><p><blockquote><li><b>星期二:</b>Salesforce.com(CRM)收盘后</li></blockquote></p><p></li> <li><b>Wednesday:</b>PVH Corp. (PVH) after market close</p><p><blockquote><li><b>星期三:</b>PVH Corp.(PVH)收盘后</li></blockquote></p><p></li> <li><b>Thursday:</b>Dollar General (DG), Kroger (KR) before market open; Ulta Beauty (ULTA) after market close</p><p><blockquote><li><b>星期四:</b>Dollar General(DG)、Kroger(KR)开盘前;Ulta Beauty(ULTA)收盘后</li></blockquote></p><p></li> <li><b>Friday:</b><i>No notable reports scheduled for release</i></p><p><blockquote><li><b>星期五:</b><i>没有计划发布值得注意的报告</i></li></blockquote></p><p></li> </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>November jobs report: What to know this week<blockquote>11月就业报告:本周需要了解什么</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\">\nNovember jobs report: What to know this week<blockquote>11月就业报告:本周需要了解什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">yahoo</strong><span class=\"h-time small\">2021-11-29 07:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As investors return from the Thanksgiving-shortened trading week, focus will shift to the U.S. labor market.</p><p><blockquote>随着投资者从感恩节缩短的交易周回归,焦点将转向美国劳动力市场。</blockquote></p><p> The Labor Department's monthly jobs report due for release on Friday is set to provide an updated snapshot of the strength in hiring and labor force participation in the U.S. economy. Consensus economists are looking for a half-million jobs to have returned in November, with the pace of hiring slowing only slightly from October's 531,000 gain. The unemployment rate is also expected to improve further to 4.5% from October's 4.6%, reaching the lowest level since March 2020.</p><p><blockquote>美国劳工部将于周五发布的月度就业报告将提供美国经济中招聘和劳动力参与实力的最新快照。经济学家一致认为,11月份将有50万个工作岗位回归,招聘速度仅较10月份的531,000个略有放缓。失业率也有望从10月的4.6%进一步改善至4.5%,达到2020年3月以来的最低水平。</blockquote></p><p> \"We expect non-farm payrolls to have risen by 500,000 in November, but the growing risk of a winter COVID wave and a dwindling supply of available workers will weigh on jobs growth soon,\" wrote Paul Ashworth, chief North America economist for Capital Economics, in a note last week.</p><p><blockquote>凯投宏观(Capital Economics)首席北美经济学家保罗·阿什沃斯(Paul Ashworth)写道:“我们预计11月份非农就业人数将增加50万人,但冬季新冠疫情风险不断增加以及可用工人供应减少将很快拖累就业增长。”,在上周的一份报告中。</blockquote></p><p> \"Employment growth can’t continue at this pace for much longer unless the labor force stages a more notable recovery. If anything, labor supply could<i>worsen</i>over the coming months as the federal vaccine mandate covering 100 [million] workers begins on January 4,\" Ashworth added. \"That suggests wage growth will remain strong, and we expect a 0.4% [month-over-month] rise in average hourly earnings in October.\"</p><p><blockquote>“除非劳动力出现更显著的复苏,否则就业增长不可能以这种速度持续太久。如果说有什么不同的话,那就是劳动力供应可以<i>恶化</i>随着覆盖1亿工人的联邦疫苗授权于1月4日开始,未来几个月,”阿什沃斯补充道。“这表明工资增长将保持强劲,我们预计10月份平均时薪将[环比]增长0.4%。”</blockquote></p><p> On a year-over-year basis, average hourly earnings are expected to rise by 5.0%, accelerating even further after October's already marked 4.9% rise and representing the fastest wage growth rate since February.</p><p><blockquote>与去年同期相比,平均时薪预计将增长5.0%,继10月份已经显着增长4.9%之后进一步加速,这是自2月份以来最快的工资增长率。</blockquote></p><p> Growing average wages and a tight labor market — while a positive for consumers and their ability to spend — has also stoked concerns over persistent inflation. Last week's Personal Consumption Expenditures (PCE) deflator from the Bureau of Economic Analysis for October showed an annual jump of 5.0% in the index, or the biggest rise since 1990. And the core PCE, or the Fed's preferred inflation gauge stripping out volatile food and energy prices, rose by 4.1% year-over-year — the most in three decades.</p><p><blockquote>平均工资增长和劳动力市场紧张虽然对消费者及其消费能力有利,但也引发了人们对持续通胀的担忧。上周经济分析局公布的10月份个人消费支出(PCE)平减指数显示,该指数年率上涨5.0%,创1990年以来最大涨幅。核心PCE(即美联储首选的剔除波动较大的食品和能源价格的通胀指标)同比上涨4.1%,为三十年来的最高水平。</blockquote></p><p> Other recent data have homed in on the tight labor market and presaged a potentially strong November jobs report. Last week'sinitial jobless claims fell to a 52-year low of 199,000, taking out both the prior pandemic-era low and pre-pandemic average for new first-time filings. This served as yet another point underscoring the steep competition for labor among U.S. employers, with companies attempting to hire and retain their existing workforces amid widespread labor shortages.</p><p><blockquote>最近的其他数据集中在紧张的劳动力市场上,并预示着11月份就业报告可能强劲。上周首次申请失业救济人数降至19.9万人的52年低点,打破了之前大流行时期的低点和大流行前新首次申请失业救济人数的平均值。这再次凸显了美国雇主之间对劳动力的激烈竞争,在劳动力普遍短缺的情况下,公司试图雇用和留住现有劳动力。</blockquote></p><p> Even given these lingering scarcities, the labor force participation rate has yet to return to pre-pandemic levels. The civilian labor force was still down by nearly 3 million participants compared to February 2020, with lingering concerns over the virus and adesire by many working-age individuals to seek out new roles with better flexibility and benefitsstill keeping many individuals on the sidelines of the workforce. Consensus economists expect the labor force participation rate to tick up only slightly in November to reach 61.7%, growing from October's 61.6% but coming in well below the 63.3% rate from February 2020.</p><p><blockquote>即使考虑到这些挥之不去的短缺,劳动力参与率仍未恢复到大流行前的水平。与2020年2月相比,平民劳动力仍减少了近300万参与者,对病毒的担忧挥之不去,许多工作年龄的人渴望寻找具有更好灵活性和福利的新角色,这仍然使许多人处于劳动力的边缘。经济学家普遍预计,11月份劳动力参与率仅略有上升,达到61.7%,高于10月份的61.6%,但远低于2020年2月的63.3%。</blockquote></p><p> Returning the economy back to pre-pandemic labor force participation levels and ensuring job gains are seen equitably across different groups has become a key focus for the Federal Reserve. And the distance still left to make up on these fronts has also been the biggest factor keeping the Fed ultra-accommodative with its monetary policy support, even after a parade of hotter-than-expected inflation reports that would appear to warrant a more hawkish policy tilt and a quicker-than-expected hike to interest rates.Fed Chair Jerome Powell's renomination to remain as head of the central bankfurther suggests the Fed's focus on the labor market as a critical informing factor for monetary policy will remain.</p><p><blockquote>让经济回到大流行前的劳动力参与水平,并确保不同群体公平地看到就业增长,已成为美联储的一个重点关注点。在这些方面仍有待弥补的距离也是美联储货币政策支持保持超宽松的最大因素,即使在一系列高于预期的通胀报告似乎需要采取更强硬的政策倾斜美联储主席杰罗姆·鲍威尔再次被提名继续担任央行行长进一步表明,美联储将继续关注劳动力市场,将其作为货币政策的关键信息因素。</blockquote></p><p> \"Market views for future Fed rate increases have been pulled forward aggressively in response to evidence that elevated inflation pressures are likely to persist for longer,\" wrote Deutsche Bank economist Justin Weidner in a note last week. \"However, as Chair Powell's November press conference made evident, prospects for the labor market to return to maximum employment remain a critical consideration for when the Fed will eventually begin to actively tighten monetary policy.\"</p><p><blockquote>德意志银行经济学家贾斯汀·魏德纳(Justin Weidner)上周在一份报告中写道:“由于有证据表明通胀压力上升可能会持续更长时间,市场对美联储未来加息的看法已大幅提前。”“然而,正如鲍威尔主席11月新闻发布会所表明的那样,劳动力市场恢复最大就业的前景仍然是美联储最终何时开始积极收紧货币政策的关键考虑因素。”</blockquote></p><p> Economic calendar</p><p><blockquote>经济日历</blockquote></p><p> <ul> <li><b>Monday:</b>Pending home sales, month-over-month, October (0.7% expected, -2.3% in September); Dallas Federal Reserve Manufacturing Activity Index, November (17.0 expected, 14.6 in October)</p><p><blockquote><ul><li><b>星期一:</b>10月份待售房屋环比(预期0.7%,9月份-2.3%);11月达拉斯联储制造业活动指数(预期17.0,10月14.6)</li></ul></blockquote></p><p></p><p></li> <li><b>Tuesday:</b>FHFA House Price Index, month-over-month, September (1.2% expected, 1.0% in August); S&P CoreLogic Case-Shiller 20-City Composite Index, month-over-month, September (1.30% expected, 1.17% in August); S&P CoreLogic Case-Shiller 20-City Composite Index, September (19.66% during prior month); MNI Chicago PMI, November (67.0 expected, 68.4 in October); Conference Board Consumer Confidence Index, November (110.0 expected, 113.8 in October)</p><p><blockquote><li><b>星期二:</b>9月FHFA房价指数环比(预期为1.2%,8月为1.0%);S&P CoreLogic Case-Shiller 20城综合指数,9月环比(预期1.30%,8月1.17%);S&P CoreLogic Case-Shiller 20城市综合指数,9月(上月为19.66%);11月MNI芝加哥PMI(预期67.0,10月68.4);世界大型企业联合会11月消费者信心指数(预期110.0,10月113.8)</li></blockquote></p><p></li> <li><b>Wednesday:</b>MBA Mortgage Applications, November 26 (1.8% during prior week); ADP Employment Change, November (515,000 expected, 571,000 in October); Markit U.S. Manufacturing PMI, November final (59.1 during prior month); Construction Spending, month-over-month, October (0.5% expected, -0.5% in September); ISM Manufacturing, November (61.0 expected, 60.8 in October); Federal Reserve releases Beige Book</p><p><blockquote><li><b>星期三:</b>MBA抵押贷款申请,11月26日(前一周为1.8%);11月ADP就业变化(预期51.5万人,10月57.1万人);Markit美国制造业PMI,11月终值(上月为59.1);10月份建筑支出环比(预期0.5%,9月份-0.5%);ISM制造业,11月(预期61.0,10月60.8);美联储发布褐皮书</li></blockquote></p><p></li> <li><b>Thursday:</b>Challenger job cuts, November (-71.7% in October); Initial jobless claims, week ended Nov. 27 (199,000 during prior week); Continuing claims, Nov. 20 (2.049 during prior week)</p><p><blockquote><li><b>星期四:</b>挑战者裁员,11月(10月-71.7%);截至11月27日当周首次申请失业救济人数(前一周为199,000人);11月20日持续申请失业救济人数(前一周为2.049)</li></blockquote></p><p></li> <li><b>Friday:</b>Change in non-farm payrolls, November (500,000 expected, 531,000 in October); Unemployment rate, November (4.5% expected, 4.6% in October); Average Hourly Earnings, month-over-month, November (0.4% expected, 0.4% in October); Average Hourly Earnings, year-over-year, November (5.0% expected, 4.9% in October); Markit U.S. Services PMI, November final (57.0 in prior print); Markit U.S. Composite PMI, November final (56.5 in prior print); ISM Services Index, November (65.0 expected, 66.7 in October); Factory Orders, October (0.5% expected, 0.2% in September); Durable Goods Orders, October final (-0.5% in prior print)</p><p><blockquote><li><b>星期五:</b>11月非农就业人数变化(预期50万,10月53.1万);11月失业率(预期4.5%,10月4.6%);11月平均时薪环比(预期0.4%,10月0.4%);11月平均时薪同比(预期5.0%,10月4.9%);Markit美国服务业PMI,11月最终数据(上一期为57.0);Markit美国综合PMI,11月最终数据(上一期为56.5);ISM服务业指数,11月(预期65.0,10月66.7);10月工厂订单(预期0.5%,9月0.2%);耐用品订单,10月份最终(上次打印为-0.5%)</li></blockquote></p><p></li> </ul> Earnings calendar</p><p><blockquote>盈利日历</blockquote></p><p> <ul> <li><b>Monday:</b><i>No notable reports scheduled for release</i></p><p><blockquote><ul><li><b>星期一:</b><i>没有计划发布值得注意的报告</i></li></ul></blockquote></p><p></li> <li><b>Tuesday:</b>Salesforce.com (CRM) after market close</p><p><blockquote><li><b>星期二:</b>Salesforce.com(CRM)收盘后</li></blockquote></p><p></li> <li><b>Wednesday:</b>PVH Corp. (PVH) after market close</p><p><blockquote><li><b>星期三:</b>PVH Corp.(PVH)收盘后</li></blockquote></p><p></li> <li><b>Thursday:</b>Dollar General (DG), Kroger (KR) before market open; Ulta Beauty (ULTA) after market close</p><p><blockquote><li><b>星期四:</b>Dollar General(DG)、Kroger(KR)开盘前;Ulta Beauty(ULTA)收盘后</li></blockquote></p><p></li> <li><b>Friday:</b><i>No notable reports scheduled for release</i></p><p><blockquote><li><b>星期五:</b><i>没有计划发布值得注意的报告</i></li></blockquote></p><p></li> </ul></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://finance.yahoo.com/news/november-jobs-report-what-to-know-this-week-144428419.html\">yahoo</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CRM":"赛富时"},"source_url":"https://finance.yahoo.com/news/november-jobs-report-what-to-know-this-week-144428419.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124072014","content_text":"As investors return from the Thanksgiving-shortened trading week, focus will shift to the U.S. labor market.\nThe Labor Department's monthly jobs report due for release on Friday is set to provide an updated snapshot of the strength in hiring and labor force participation in the U.S. economy. Consensus economists are looking for a half-million jobs to have returned in November, with the pace of hiring slowing only slightly from October's 531,000 gain. The unemployment rate is also expected to improve further to 4.5% from October's 4.6%, reaching the lowest level since March 2020.\n\"We expect non-farm payrolls to have risen by 500,000 in November, but the growing risk of a winter COVID wave and a dwindling supply of available workers will weigh on jobs growth soon,\" wrote Paul Ashworth, chief North America economist for Capital Economics, in a note last week.\n\"Employment growth can’t continue at this pace for much longer unless the labor force stages a more notable recovery. If anything, labor supply couldworsenover the coming months as the federal vaccine mandate covering 100 [million] workers begins on January 4,\" Ashworth added. \"That suggests wage growth will remain strong, and we expect a 0.4% [month-over-month] rise in average hourly earnings in October.\"\nOn a year-over-year basis, average hourly earnings are expected to rise by 5.0%, accelerating even further after October's already marked 4.9% rise and representing the fastest wage growth rate since February.\nGrowing average wages and a tight labor market — while a positive for consumers and their ability to spend — has also stoked concerns over persistent inflation. Last week's Personal Consumption Expenditures (PCE) deflator from the Bureau of Economic Analysis for October showed an annual jump of 5.0% in the index, or the biggest rise since 1990. And the core PCE, or the Fed's preferred inflation gauge stripping out volatile food and energy prices, rose by 4.1% year-over-year — the most in three decades.\nOther recent data have homed in on the tight labor market and presaged a potentially strong November jobs report. Last week'sinitial jobless claims fell to a 52-year low of 199,000, taking out both the prior pandemic-era low and pre-pandemic average for new first-time filings. This served as yet another point underscoring the steep competition for labor among U.S. employers, with companies attempting to hire and retain their existing workforces amid widespread labor shortages.\nEven given these lingering scarcities, the labor force participation rate has yet to return to pre-pandemic levels. The civilian labor force was still down by nearly 3 million participants compared to February 2020, with lingering concerns over the virus and adesire by many working-age individuals to seek out new roles with better flexibility and benefitsstill keeping many individuals on the sidelines of the workforce. Consensus economists expect the labor force participation rate to tick up only slightly in November to reach 61.7%, growing from October's 61.6% but coming in well below the 63.3% rate from February 2020.\nReturning the economy back to pre-pandemic labor force participation levels and ensuring job gains are seen equitably across different groups has become a key focus for the Federal Reserve. And the distance still left to make up on these fronts has also been the biggest factor keeping the Fed ultra-accommodative with its monetary policy support, even after a parade of hotter-than-expected inflation reports that would appear to warrant a more hawkish policy tilt and a quicker-than-expected hike to interest rates.Fed Chair Jerome Powell's renomination to remain as head of the central bankfurther suggests the Fed's focus on the labor market as a critical informing factor for monetary policy will remain.\n\"Market views for future Fed rate increases have been pulled forward aggressively in response to evidence that elevated inflation pressures are likely to persist for longer,\" wrote Deutsche Bank economist Justin Weidner in a note last week. \"However, as Chair Powell's November press conference made evident, prospects for the labor market to return to maximum employment remain a critical consideration for when the Fed will eventually begin to actively tighten monetary policy.\"\nEconomic calendar\n\nMonday:Pending home sales, month-over-month, October (0.7% expected, -2.3% in September); Dallas Federal Reserve Manufacturing Activity Index, November (17.0 expected, 14.6 in October)\nTuesday:FHFA House Price Index, month-over-month, September (1.2% expected, 1.0% in August); S&P CoreLogic Case-Shiller 20-City Composite Index, month-over-month, September (1.30% expected, 1.17% in August); S&P CoreLogic Case-Shiller 20-City Composite Index, September (19.66% during prior month); MNI Chicago PMI, November (67.0 expected, 68.4 in October); Conference Board Consumer Confidence Index, November (110.0 expected, 113.8 in October)\nWednesday:MBA Mortgage Applications, November 26 (1.8% during prior week); ADP Employment Change, November (515,000 expected, 571,000 in October); Markit U.S. Manufacturing PMI, November final (59.1 during prior month); Construction Spending, month-over-month, October (0.5% expected, -0.5% in September); ISM Manufacturing, November (61.0 expected, 60.8 in October); Federal Reserve releases Beige Book\nThursday:Challenger job cuts, November (-71.7% in October); Initial jobless claims, week ended Nov. 27 (199,000 during prior week); Continuing claims, Nov. 20 (2.049 during prior week)\nFriday:Change in non-farm payrolls, November (500,000 expected, 531,000 in October); Unemployment rate, November (4.5% expected, 4.6% in October); Average Hourly Earnings, month-over-month, November (0.4% expected, 0.4% in October); Average Hourly Earnings, year-over-year, November (5.0% expected, 4.9% in October); Markit U.S. Services PMI, November final (57.0 in prior print); Markit U.S. Composite PMI, November final (56.5 in prior print); ISM Services Index, November (65.0 expected, 66.7 in October); Factory Orders, October (0.5% expected, 0.2% in September); Durable Goods Orders, October final (-0.5% in prior print)\n\nEarnings calendar\n\nMonday:No notable reports scheduled for release\nTuesday:Salesforce.com (CRM) after market close\nWednesday:PVH Corp. (PVH) after market close\nThursday:Dollar General (DG), Kroger (KR) before market open; Ulta Beauty (ULTA) after market close\nFriday:No notable reports scheduled for release","news_type":1,"symbols_score_info":{"CRM":0.9}},"isVote":1,"tweetType":1,"viewCount":2156,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":875511450,"gmtCreate":1637668033202,"gmtModify":1637668033327,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575241823069388","idStr":"3575241823069388"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/875511450","repostId":"1172702648","repostType":4,"repost":{"id":"1172702648","kind":"news","pubTimestamp":1637667706,"share":"https://www.laohu8.com/m/news/1172702648?lang=zh_CN&edition=full","pubTime":"2021-11-23 19:41","market":"us","language":"en","title":"Tesla Cybertruck reservation backlog reaches $80 billion in value based on latest tally<blockquote>根据最新统计,特斯拉Cybertruck预订积压价值达到800亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1172702648","media":"Electrek","summary":"Based on the latest tally, Tesla has a backlog of over 1.2 million Cybertruck reservations worth ove","content":"<p>Based on the latest tally, Tesla has a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.</p><p><blockquote>根据最新统计,特斯拉积压了超过120万辆Cybertruck预订,价值超过800亿美元。</blockquote></p><p> But there’s still no production in sight.</p><p><blockquote>但是仍然看不到生产的迹象。</blockquote></p><p> Tesla unveiled the Cybertruck almost two years ago to the day.</p><p><blockquote>大约两年前的今天,特斯拉推出了Cybertruck。</blockquote></p><p> The electric pickup truck was supposed to be in production already, but the automaker delayed the program as it focused on growing Model Y production.</p><p><blockquote>这款电动皮卡本应已经投入生产,但该汽车制造商推迟了该计划,因为它专注于增加Model Y的产量。</blockquote></p><p> Tesla’s best estimate now puts the start of Cybertruck production in late 2022.</p><p><blockquote>特斯拉目前的最佳估计是Cybertruck将于2022年底开始生产。</blockquote></p><p> In the meantime, Tesla is still taking reservations for the electric pickup truck.</p><p><blockquote>与此同时,特斯拉仍在接受电动皮卡的预订。</blockquote></p><p> The Cybertruck reservation program has been quite successful.</p><p><blockquote>Cybertruck预订计划相当成功。</blockquote></p><p> CEO Elon Musk announced that Tesla received over 250,000 reservations for the Cybertruck within a week of unveiling the vehicle.</p><p><blockquote>首席执行官Elon Musk宣布,特斯拉在推出Cybertruck的一周内就收到了超过25万份预订。</blockquote></p><p> Generally, Tesla receives a lot of reservations early after an unveiling, and then it tapers off — but that wasn’t the case with the Cybertruck.</p><p><blockquote>一般来说,特斯拉在发布后很早就会收到很多预订,然后就会逐渐减少——但Cybertruck的情况并非如此。</blockquote></p><p> Even throughout the pandemic, sources told us that some Tesla stores were getting hundreds of Cybertruck reservations per week, and Cybertruck pre-orders even helped boost sales.</p><p><blockquote>即使在整个大流行期间,消息人士告诉我们,一些特斯拉商店每周都会收到数百辆Cybertruck预订,Cybertruck预订甚至有助于提高销量。</blockquote></p><p> The number was last updated in June 2020, and at that point, the number had risen to over 650,000 Cybertruck reservations.</p><p><blockquote>该数字最后一次更新是在2020年6月,当时Cybertruck预订量已升至超过65万辆。</blockquote></p><p> A crowdsourced Cybertruck reservation tally by the Cybertruck forum with over 28,000 entries put reservations at over 1 million back in May 2021.</p><p><blockquote>Cybertruck论坛的众包Cybertruck预订记录超过28,000个条目,2021年5月预订量超过100万。</blockquote></p><p> Now the tally estimates that Tesla has over 1,270,000 reservations for the electric pickup truck:</p><p><blockquote>现在统计估计特斯拉电动皮卡车的预订量超过1,270,000份:</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7be2bdc3adecef01ce7ea51655673dac\" tg-width=\"1128\" tg-height=\"658\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The tally also collects information on the reservations that show the vast majority are ordering the Dual Motor and Tri Motor versions of the Cybertruck.</p><p><blockquote>该统计还收集了预订信息,显示绝大多数人正在订购双电机和三电机版本的Cybertruck。</blockquote></p><p> As we recently reported,Tesla has decided to remove references to trims and pricing of the Cybertruckfrom its website last month.</p><p><blockquote>正如我们最近报道的那样,特斯拉上个月决定从其网站上删除有关Cybertruck内饰和定价的内容。</blockquote></p><p> But based on the prices previously disclosed by Tesla, it would put the average sale price at $58,000 and the value of the reservations at over $80 billion.</p><p><blockquote>但根据特斯拉此前披露的价格,平均售价为58,000美元,预订价值超过800亿美元。</blockquote></p><p> To be fair, the fact that Tesla requires only a $100 deposit for the Cybertruck (used to be $1,000 for Model 3/Y) makes it less of a commitment to place a reservation resulting in the take rate from reservation to order is expected to be lower.</p><p><blockquote>公平地说,特斯拉对Cybertruck只需要100美元的押金(Model 3/Y过去需要1000美元),这一事实使得预订的承诺减少,导致从预订到订单的接受率预计会更低。</blockquote></p><p> Either way, Tesla is certainly leading the electric pickup truck market in terms of reservations, but several companies are beating the company to market.</p><p><blockquote>不管怎样,特斯拉在预订量方面无疑领先于电动皮卡市场,但有几家公司在市场上击败了该公司。</blockquote></p><p> Rivian has already started deliveries of the R1T electric pickup. GM is expected to start deliveries of the Hummer EV pickup by the end of next month, and Ford will deliver the F-150 Lightning next year.</p><p><blockquote>Rivian已经开始交付R1T电动皮卡。通用汽车预计将于下月底开始交付悍马EV皮卡,福特将于明年交付F-150 Lightning。</blockquote></p><p> But the real race is not who can deliver the first electric pickup truck. It’s who can achieve volume production and deliveries.</p><p><blockquote>但真正的竞争不是谁能交付第一辆电动皮卡。而是谁能实现批量生产和交付。</blockquote></p><p></p>","source":"lsy1627037122897","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Cybertruck reservation backlog reaches $80 billion in value based on latest tally<blockquote>根据最新统计,特斯拉Cybertruck预订积压价值达到800亿美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Cybertruck reservation backlog reaches $80 billion in value based on latest tally<blockquote>根据最新统计,特斯拉Cybertruck预订积压价值达到800亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Electrek</strong><span class=\"h-time small\">2021-11-23 19:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Based on the latest tally, Tesla has a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.</p><p><blockquote>根据最新统计,特斯拉积压了超过120万辆Cybertruck预订,价值超过800亿美元。</blockquote></p><p> But there’s still no production in sight.</p><p><blockquote>但是仍然看不到生产的迹象。</blockquote></p><p> Tesla unveiled the Cybertruck almost two years ago to the day.</p><p><blockquote>大约两年前的今天,特斯拉推出了Cybertruck。</blockquote></p><p> The electric pickup truck was supposed to be in production already, but the automaker delayed the program as it focused on growing Model Y production.</p><p><blockquote>这款电动皮卡本应已经投入生产,但该汽车制造商推迟了该计划,因为它专注于增加Model Y的产量。</blockquote></p><p> Tesla’s best estimate now puts the start of Cybertruck production in late 2022.</p><p><blockquote>特斯拉目前的最佳估计是Cybertruck将于2022年底开始生产。</blockquote></p><p> In the meantime, Tesla is still taking reservations for the electric pickup truck.</p><p><blockquote>与此同时,特斯拉仍在接受电动皮卡的预订。</blockquote></p><p> The Cybertruck reservation program has been quite successful.</p><p><blockquote>Cybertruck预订计划相当成功。</blockquote></p><p> CEO Elon Musk announced that Tesla received over 250,000 reservations for the Cybertruck within a week of unveiling the vehicle.</p><p><blockquote>首席执行官Elon Musk宣布,特斯拉在推出Cybertruck的一周内就收到了超过25万份预订。</blockquote></p><p> Generally, Tesla receives a lot of reservations early after an unveiling, and then it tapers off — but that wasn’t the case with the Cybertruck.</p><p><blockquote>一般来说,特斯拉在发布后很早就会收到很多预订,然后就会逐渐减少——但Cybertruck的情况并非如此。</blockquote></p><p> Even throughout the pandemic, sources told us that some Tesla stores were getting hundreds of Cybertruck reservations per week, and Cybertruck pre-orders even helped boost sales.</p><p><blockquote>即使在整个大流行期间,消息人士告诉我们,一些特斯拉商店每周都会收到数百辆Cybertruck预订,Cybertruck预订甚至有助于提高销量。</blockquote></p><p> The number was last updated in June 2020, and at that point, the number had risen to over 650,000 Cybertruck reservations.</p><p><blockquote>该数字最后一次更新是在2020年6月,当时Cybertruck预订量已升至超过65万辆。</blockquote></p><p> A crowdsourced Cybertruck reservation tally by the Cybertruck forum with over 28,000 entries put reservations at over 1 million back in May 2021.</p><p><blockquote>Cybertruck论坛的众包Cybertruck预订记录超过28,000个条目,2021年5月预订量超过100万。</blockquote></p><p> Now the tally estimates that Tesla has over 1,270,000 reservations for the electric pickup truck:</p><p><blockquote>现在统计估计特斯拉电动皮卡车的预订量超过1,270,000份:</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7be2bdc3adecef01ce7ea51655673dac\" tg-width=\"1128\" tg-height=\"658\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The tally also collects information on the reservations that show the vast majority are ordering the Dual Motor and Tri Motor versions of the Cybertruck.</p><p><blockquote>该统计还收集了预订信息,显示绝大多数人正在订购双电机和三电机版本的Cybertruck。</blockquote></p><p> As we recently reported,Tesla has decided to remove references to trims and pricing of the Cybertruckfrom its website last month.</p><p><blockquote>正如我们最近报道的那样,特斯拉上个月决定从其网站上删除有关Cybertruck内饰和定价的内容。</blockquote></p><p> But based on the prices previously disclosed by Tesla, it would put the average sale price at $58,000 and the value of the reservations at over $80 billion.</p><p><blockquote>但根据特斯拉此前披露的价格,平均售价为58,000美元,预订价值超过800亿美元。</blockquote></p><p> To be fair, the fact that Tesla requires only a $100 deposit for the Cybertruck (used to be $1,000 for Model 3/Y) makes it less of a commitment to place a reservation resulting in the take rate from reservation to order is expected to be lower.</p><p><blockquote>公平地说,特斯拉对Cybertruck只需要100美元的押金(Model 3/Y过去需要1000美元),这一事实使得预订的承诺减少,导致从预订到订单的接受率预计会更低。</blockquote></p><p> Either way, Tesla is certainly leading the electric pickup truck market in terms of reservations, but several companies are beating the company to market.</p><p><blockquote>不管怎样,特斯拉在预订量方面无疑领先于电动皮卡市场,但有几家公司在市场上击败了该公司。</blockquote></p><p> Rivian has already started deliveries of the R1T electric pickup. GM is expected to start deliveries of the Hummer EV pickup by the end of next month, and Ford will deliver the F-150 Lightning next year.</p><p><blockquote>Rivian已经开始交付R1T电动皮卡。通用汽车预计将于下月底开始交付悍马EV皮卡,福特将于明年交付F-150 Lightning。</blockquote></p><p> But the real race is not who can deliver the first electric pickup truck. It’s who can achieve volume production and deliveries.</p><p><blockquote>但真正的竞争不是谁能交付第一辆电动皮卡。而是谁能实现批量生产和交付。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://electrek.co/2021/11/23/tesla-cybertruck-reservation-backlog-80-billion-value-tally/\">Electrek</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://electrek.co/2021/11/23/tesla-cybertruck-reservation-backlog-80-billion-value-tally/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172702648","content_text":"Based on the latest tally, Tesla has a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.\nBut there’s still no production in sight.\nTesla unveiled the Cybertruck almost two years ago to the day.\nThe electric pickup truck was supposed to be in production already, but the automaker delayed the program as it focused on growing Model Y production.\nTesla’s best estimate now puts the start of Cybertruck production in late 2022.\nIn the meantime, Tesla is still taking reservations for the electric pickup truck.\nThe Cybertruck reservation program has been quite successful.\nCEO Elon Musk announced that Tesla received over 250,000 reservations for the Cybertruck within a week of unveiling the vehicle.\nGenerally, Tesla receives a lot of reservations early after an unveiling, and then it tapers off — but that wasn’t the case with the Cybertruck.\nEven throughout the pandemic, sources told us that some Tesla stores were getting hundreds of Cybertruck reservations per week, and Cybertruck pre-orders even helped boost sales.\nThe number was last updated in June 2020, and at that point, the number had risen to over 650,000 Cybertruck reservations.\nA crowdsourced Cybertruck reservation tally by the Cybertruck forum with over 28,000 entries put reservations at over 1 million back in May 2021.\nNow the tally estimates that Tesla has over 1,270,000 reservations for the electric pickup truck:\n\nThe tally also collects information on the reservations that show the vast majority are ordering the Dual Motor and Tri Motor versions of the Cybertruck.\nAs we recently reported,Tesla has decided to remove references to trims and pricing of the Cybertruckfrom its website last month.\nBut based on the prices previously disclosed by Tesla, it would put the average sale price at $58,000 and the value of the reservations at over $80 billion.\nTo be fair, the fact that Tesla requires only a $100 deposit for the Cybertruck (used to be $1,000 for Model 3/Y) makes it less of a commitment to place a reservation resulting in the take rate from reservation to order is expected to be lower.\nEither way, Tesla is certainly leading the electric pickup truck market in terms of reservations, but several companies are beating the company to market.\nRivian has already started deliveries of the R1T electric pickup. GM is expected to start deliveries of the Hummer EV pickup by the end of next month, and Ford will deliver the F-150 Lightning next year.\nBut the real race is not who can deliver the first electric pickup truck. It’s who can achieve volume production and deliveries.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2835,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873559472,"gmtCreate":1636966158406,"gmtModify":1636966158838,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575241823069388","idStr":"3575241823069388"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/873559472","repostId":"2183046479","repostType":4,"isVote":1,"tweetType":1,"viewCount":3172,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873100237,"gmtCreate":1636869669032,"gmtModify":1636869669205,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575241823069388","idStr":"3575241823069388"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/873100237","repostId":"1103944030","repostType":4,"isVote":1,"tweetType":1,"viewCount":3678,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"following","isTTM":false}