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Adinn
Adinn
·
2021-12-03
He sell and buy back at the bottom
Elon Musk continued to sell his Tesla stocks.<blockquote>Elon Musk继续抛售特斯拉股票。</blockquote>
Elon Musk continued to sell his Tesla stocks. Musk sold 934,091 Tesla shares on December 2 with a to
Elon Musk continued to sell his Tesla stocks.<blockquote>Elon Musk继续抛售特斯拉股票。</blockquote>
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Adinn
Adinn
·
2021-12-03
Time to buy
The three US EV giant fell in early trading<blockquote>美国电动汽车三巨头早盘下跌</blockquote>
The three US EV giant fell in early trading.Tesla,Rivian and Lucid dropped between 1% and 3%.
The three US EV giant fell in early trading<blockquote>美国电动汽车三巨头早盘下跌</blockquote>
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Adinn
Adinn
·
2021-12-03
Just wait and see [Cool]
DIDI prepares to delist from U.S. stocks and to list in Hong Kong.<blockquote>滴滴准备从美股退市并在香港上市。</blockquote>
DIDI prepares to delist from U.S. stocks and to list in Hong Kong. DiDi Global Inc. (NYSE: DIDI), th
DIDI prepares to delist from U.S. stocks and to list in Hong Kong.<blockquote>滴滴准备从美股退市并在香港上市。</blockquote>
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Adinn
Adinn
·
2021-12-01
Good
10 Biggest Price Target Changes For Wednesday<blockquote>周三10个最大价格目标变化</blockquote>
Morgan Stanley boosted Zscaler, Inc. price target from $275 to $330. Zscaler shares rose 7.1% to $37
10 Biggest Price Target Changes For Wednesday<blockquote>周三10个最大价格目标变化</blockquote>
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Adinn
Adinn
·
2021-12-01
Too long...can you summarise the content?
Why I'm Buying AMC's Debt<blockquote>为什么我要购买 AMC 的债务</blockquote>
Summary AMC has recently been able to capitalize heavily on its ‘meme stock’ status and shored up i
Why I'm Buying AMC's Debt<blockquote>为什么我要购买 AMC 的债务</blockquote>
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Adinn
Adinn
·
2021-12-01
Thanks for sharing
Stock Futures, Oil Rise, Pointing to More Seesaw Moves on Omicron Uncertainty<blockquote>股票期货、油价上涨，表明奥密克戎不确定性将出现更多跷跷板走势</blockquote>
U.S. stock futures and oil prices rose, suggesting markets would claw back some losses sparked by wo
Stock Futures, Oil Rise, Pointing to More Seesaw Moves on Omicron Uncertainty<blockquote>股票期货、油价上涨，表明奥密克戎不确定性将出现更多跷跷板走势</blockquote>
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Adinn
Adinn
·
2021-11-27
Sad to hear that
Why Tesla Stock Tumbled Today<blockquote>为什么特斯拉股价今天暴跌</blockquote>
What happened Good news for Tesla(NASDAQ:TSLA)investors! Demand forelectric vehiclesin China is appa
Why Tesla Stock Tumbled Today<blockquote>为什么特斯拉股价今天暴跌</blockquote>
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Adinn
Adinn
·
2021-11-27
Noted [得意]
非常抱歉，此主贴已删除
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Adinn
Adinn
·
2021-11-27
Ok
非常抱歉，此主贴已删除
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charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The three US EV giant fell in early trading<blockquote>美国电动汽车三巨头早盘下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe three US EV giant fell in early trading<blockquote>美国电动汽车三巨头早盘下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-02 23:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The three US EV giant fell in early trading.Tesla,Rivian and Lucid dropped between 1% and 3%.</p><p><blockquote>美国电动汽车三巨头早盘下跌。特斯拉、Rivian和Lucid跌幅在1%至3%之间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c493eddba2457a511fe89f2f4dc415cc\" tg-width=\"405\" tg-height=\"179\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RIVN":"Rivian Automotive, Inc.","TSLA":"特斯拉","LCID":"Lucid Group Inc"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115803962","content_text":"The three US EV giant fell in early trading.Tesla,Rivian and Lucid dropped between 1% and 3%.","news_type":1,"symbols_score_info":{"RIVN":0.9,"LCID":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":3501,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":601163902,"gmtCreate":1638498483804,"gmtModify":1638498791251,"author":{"id":"4099627780862330","authorId":"4099627780862330","name":"Adinn","avatar":"https://static.tigerbbs.com/c440367559652b7f45d7223115272455","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099627780862330","idStr":"4099627780862330"},"themes":[],"title":"","htmlText":"Just wait and see [Cool] ","listText":"Just wait and see [Cool] ","text":"Just wait and see [Cool]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/601163902","repostId":"1101828151","repostType":2,"repost":{"id":"1101828151","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1638493297,"share":"https://www.laohu8.com/m/news/1101828151?lang=zh_CN&edition=full","pubTime":"2021-12-03 09:01","market":"hk","language":"en","title":"DIDI prepares to delist from U.S. stocks and to list in Hong Kong.<blockquote>滴滴准备从美股退市并在香港上市。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101828151","media":"Tiger Newspress","summary":"DIDI prepares to delist from U.S. stocks and to list in Hong Kong.\nDiDi Global Inc. (NYSE: DIDI), th","content":"<p>DIDI prepares to delist from U.S. stocks and to list in Hong Kong.</p><p><blockquote>滴滴准备从美股退市并在香港上市。</blockquote></p><p> DiDi Global Inc. (NYSE: DIDI), the world’s leading mobility technology platform, today announced that its board of directors (the “Board”) has authorized and supports the Company to undertake the necessary procedures and file the relevant application(s) for the delisting of the Company’s ADSs from the New York Stock Exchange, while ensuring that ADSs will be convertible into freely tradable shares of the Company on another internationally recognized stock exchange at the election of ADS holders.</p><p><blockquote>全球领先的移动出行技术平台滴滴出行（纽约证券交易所代码：DIDI）今天宣布，其董事会（“董事会”）已授权并支持公司履行必要程序并提交相关申请，将公司的美国存托凭证从纽约证券交易所退市，同时确保美国存托凭证可在美国存托凭证持有人选择时在另一家国际认可的证券交易所转换为公司的自由流通股份。</blockquote></p><p> The Company will organize a shareholders meeting to vote on the above matter at an appropriate time in the future, following necessary procedures. The Board has also authorized the Company to pursue a listing of its class A ordinary shares on the Main Board of the Hong Kong Stock Exchange.</p><p><blockquote>公司将在未来适当时机，按照必要程序组织召开股东大会对上述事项进行表决。董事会亦已授权本公司寻求其A类普通股于香港联交所主板上市。</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>DIDI prepares to delist from U.S. stocks and to list in Hong Kong.<blockquote>滴滴准备从美股退市并在香港上市。</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\">\nDIDI prepares to delist from U.S. stocks and to list in Hong Kong.<blockquote>滴滴准备从美股退市并在香港上市。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-03 09:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>DIDI prepares to delist from U.S. stocks and to list in Hong Kong.</p><p><blockquote>滴滴准备从美股退市并在香港上市。</blockquote></p><p> DiDi Global Inc. (NYSE: DIDI), the world’s leading mobility technology platform, today announced that its board of directors (the “Board”) has authorized and supports the Company to undertake the necessary procedures and file the relevant application(s) for the delisting of the Company’s ADSs from the New York Stock Exchange, while ensuring that ADSs will be convertible into freely tradable shares of the Company on another internationally recognized stock exchange at the election of ADS holders.</p><p><blockquote>全球领先的移动出行技术平台滴滴出行（纽约证券交易所代码：DIDI）今天宣布，其董事会（“董事会”）已授权并支持公司履行必要程序并提交相关申请，将公司的美国存托凭证从纽约证券交易所退市，同时确保美国存托凭证可在美国存托凭证持有人选择时在另一家国际认可的证券交易所转换为公司的自由流通股份。</blockquote></p><p> The Company will organize a shareholders meeting to vote on the above matter at an appropriate time in the future, following necessary procedures. The Board has also authorized the Company to pursue a listing of its class A ordinary shares on the Main Board of the Hong Kong Stock Exchange.</p><p><blockquote>公司将在未来适当时机，按照必要程序组织召开股东大会对上述事项进行表决。董事会亦已授权本公司寻求其A类普通股于香港联交所主板上市。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DIDI":"滴滴(已退市)"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101828151","content_text":"DIDI prepares to delist from U.S. stocks and to list in Hong Kong.\nDiDi Global Inc. (NYSE: DIDI), the world’s leading mobility technology platform, today announced that its board of directors (the “Board”) has authorized and supports the Company to undertake the necessary procedures and file the relevant application(s) for the delisting of the Company’s ADSs from the New York Stock Exchange, while ensuring that ADSs will be convertible into freely tradable shares of the Company on another internationally recognized stock exchange at the election of ADS holders.\nThe Company will organize a shareholders meeting to vote on the above matter at an appropriate time in the future, following necessary procedures. The Board has also authorized the Company to pursue a listing of its class A ordinary shares on the Main Board of the Hong Kong Stock Exchange.","news_type":1,"symbols_score_info":{"DIDI":0.9}},"isVote":1,"tweetType":1,"viewCount":3507,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":603367040,"gmtCreate":1638367895710,"gmtModify":1638368082971,"author":{"id":"4099627780862330","authorId":"4099627780862330","name":"Adinn","avatar":"https://static.tigerbbs.com/c440367559652b7f45d7223115272455","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099627780862330","idStr":"4099627780862330"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/603367040","repostId":"1120605182","repostType":4,"repost":{"id":"1120605182","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1638365714,"share":"https://www.laohu8.com/m/news/1120605182?lang=zh_CN&edition=full","pubTime":"2021-12-01 21:35","market":"us","language":"en","title":"10 Biggest Price Target Changes For Wednesday<blockquote>周三10个最大价格目标变化</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1120605182","media":"Benzinga","summary":"Morgan Stanley boosted Zscaler, Inc. price target from $275 to $330. Zscaler shares rose 7.1% to $37","content":"<p><ul> <li>Morgan Stanley boosted <b>Zscaler, Inc.</b> price target from $275 to $330. Zscaler shares rose 7.1% to $371.50 in pre-market trading.</li> <li>Citigroup boosted <b>Applied Materials, Inc.</b> price target from $160 to $175. Applied Materials shares rose 1.9% to $150.00 in pre-market trading.</li> <li>Goldman Sachs cut the price target on <b>TG Therapeutics, Inc.</b> from $26 to $13. TG Therapeutics shares fell 5.3% to $14.40 in pre-market trading.</li> <li>Wells Fargo boosted the price target for <b>Ambarella, Inc.</b> from $115 to $185. Ambarella shares jumped 16.4% to $208.90 in pre-market trading.</li> <li>Barclays cut <b>Sigilon Therapeutics, Inc.</b> price target from $16 to $7. Sigilon Therapeutics shares fell 0.3% to close at $3.76 on Tuesday.</li> <li>Credit Suisse lifted the price target on <b>GLOBALFOUNDRIES Inc.</b> from $75 to $80. GLOBALFOUNDRIES shares rose 3.3% to $71.50 in pre-market trading.</li> <li>DA Davidson raised <b>Helen of Troy Limited</b> price target from $254 to $266. Helen of Troy shares fell 2.3% to close at $240.50 on Tuesday.</li> <li>Jefferies lifted <b>ImmunoGen, Inc.</b> price target from $7 to $12. ImmunoGen shares fell 3.6% to $5.95 pre-market trading.</li> <li>Susquehanna raised the price target on <b>NetApp, Inc.</b> from $100 to $105. NetApp shares rose 1.4% to $90.11 in pre-market trading.</li> <li>Truist Securities boosted the price target for <b>Salesforce.com, inc.</b> from $315 to $330. salesforce.com shares fell 6.5% to $266.40 in pre-market trading.</li> </ul></p><p><blockquote><ul><li>摩根士丹利提振<b>Zscaler公司。</b>目标价为275美元至330美元。Zscaler股价在盘前交易中上涨7.1%至371.50美元。</li><li>花旗集团提振<b>应用材料公司。</b>目标价为160美元至175美元。应用材料公司股价在盘前交易中上涨1.9%，至150.00美元。</li><li>高盛下调目标价<b>TG治疗公司。</b>从26美元到13美元。TG Therapeutics股价在盘前交易中下跌5.3%至14.40美元。</li><li>富国银行提高了目标价<b>安巴雷拉公司。</b>从115美元到185美元。Ambarella股价在盘前交易中上涨16.4%，至208.90美元。</li><li>巴克莱削减<b>西吉隆治疗公司。</b>目标价从16美元到7美元。Sigilon Therapeutics股价周二下跌0.3%，收于3.76美元。</li><li>瑞士信贷上调目标价<b>格罗方德公司。</b>从75美元到80美元。格芯股价在盘前交易中上涨3.3%，至71.50美元。</li><li>戴维森<b>特洛伊海伦有限公司</b>目标价从254美元到266美元。周二，Helen of Troy股价下跌2.3%，收于240.50美元。</li><li>杰富瑞解除<b>免疫原公司。</b>目标价为7美元至12美元。ImmunoGen股价在盘前交易中下跌3.6%至5.95美元。</li><li>萨斯奎哈纳上调目标价<b>NetApp公司。</b>从100美元到105美元。NetApp股价在盘前交易中上涨1.4%，至90.11美元。</li><li>Truist Securities上调目标价<b>Salesforce.com公司。</b>从315美元到330美元。salesforce.com股价在盘前交易中下跌6.5%至266.40美元。</li></ul></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>10 Biggest Price Target Changes For Wednesday<blockquote>周三10个最大价格目标变化</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\">\n10 Biggest Price Target Changes For Wednesday<blockquote>周三10个最大价格目标变化</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-12-01 21:35</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><ul> <li>Morgan Stanley boosted <b>Zscaler, Inc.</b> price target from $275 to $330. Zscaler shares rose 7.1% to $371.50 in pre-market trading.</li> <li>Citigroup boosted <b>Applied Materials, Inc.</b> price target from $160 to $175. Applied Materials shares rose 1.9% to $150.00 in pre-market trading.</li> <li>Goldman Sachs cut the price target on <b>TG Therapeutics, Inc.</b> from $26 to $13. TG Therapeutics shares fell 5.3% to $14.40 in pre-market trading.</li> <li>Wells Fargo boosted the price target for <b>Ambarella, Inc.</b> from $115 to $185. Ambarella shares jumped 16.4% to $208.90 in pre-market trading.</li> <li>Barclays cut <b>Sigilon Therapeutics, Inc.</b> price target from $16 to $7. Sigilon Therapeutics shares fell 0.3% to close at $3.76 on Tuesday.</li> <li>Credit Suisse lifted the price target on <b>GLOBALFOUNDRIES Inc.</b> from $75 to $80. GLOBALFOUNDRIES shares rose 3.3% to $71.50 in pre-market trading.</li> <li>DA Davidson raised <b>Helen of Troy Limited</b> price target from $254 to $266. Helen of Troy shares fell 2.3% to close at $240.50 on Tuesday.</li> <li>Jefferies lifted <b>ImmunoGen, Inc.</b> price target from $7 to $12. ImmunoGen shares fell 3.6% to $5.95 pre-market trading.</li> <li>Susquehanna raised the price target on <b>NetApp, Inc.</b> from $100 to $105. NetApp shares rose 1.4% to $90.11 in pre-market trading.</li> <li>Truist Securities boosted the price target for <b>Salesforce.com, inc.</b> from $315 to $330. salesforce.com shares fell 6.5% to $266.40 in pre-market trading.</li> </ul></p><p><blockquote><ul><li>摩根士丹利提振<b>Zscaler公司。</b>目标价为275美元至330美元。Zscaler股价在盘前交易中上涨7.1%至371.50美元。</li><li>花旗集团提振<b>应用材料公司。</b>目标价为160美元至175美元。应用材料公司股价在盘前交易中上涨1.9%，至150.00美元。</li><li>高盛下调目标价<b>TG治疗公司。</b>从26美元到13美元。TG Therapeutics股价在盘前交易中下跌5.3%至14.40美元。</li><li>富国银行提高了目标价<b>安巴雷拉公司。</b>从115美元到185美元。Ambarella股价在盘前交易中上涨16.4%，至208.90美元。</li><li>巴克莱削减<b>西吉隆治疗公司。</b>目标价从16美元到7美元。Sigilon Therapeutics股价周二下跌0.3%，收于3.76美元。</li><li>瑞士信贷上调目标价<b>格罗方德公司。</b>从75美元到80美元。格芯股价在盘前交易中上涨3.3%，至71.50美元。</li><li>戴维森<b>特洛伊海伦有限公司</b>目标价从254美元到266美元。周二，Helen of Troy股价下跌2.3%，收于240.50美元。</li><li>杰富瑞解除<b>免疫原公司。</b>目标价为7美元至12美元。ImmunoGen股价在盘前交易中下跌3.6%至5.95美元。</li><li>萨斯奎哈纳上调目标价<b>NetApp公司。</b>从100美元到105美元。NetApp股价在盘前交易中上涨1.4%，至90.11美元。</li><li>Truist Securities上调目标价<b>Salesforce.com公司。</b>从315美元到330美元。salesforce.com股价在盘前交易中下跌6.5%至266.40美元。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMAT":"应用材料","AMBA":"安霸","CRM":"赛富时","TGTX":"TG Therapeutics Inc.","ZS":"Zscaler Inc.","NTAP":"美国网存","GFS":"GLOBALFOUNDRIES Inc.","HELE":"海伦特洛伊家电","SGTX":"Sigilon Therapeutics, Inc.","IMGN":"ImmunoGen"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120605182","content_text":"Morgan Stanley boosted Zscaler, Inc. price target from $275 to $330. Zscaler shares rose 7.1% to $371.50 in pre-market trading.\nCitigroup boosted Applied Materials, Inc. price target from $160 to $175. Applied Materials shares rose 1.9% to $150.00 in pre-market trading.\nGoldman Sachs cut the price target on TG Therapeutics, Inc. from $26 to $13. TG Therapeutics shares fell 5.3% to $14.40 in pre-market trading.\nWells Fargo boosted the price target for Ambarella, Inc. from $115 to $185. Ambarella shares jumped 16.4% to $208.90 in pre-market trading.\nBarclays cut Sigilon Therapeutics, Inc. price target from $16 to $7. Sigilon Therapeutics shares fell 0.3% to close at $3.76 on Tuesday.\nCredit Suisse lifted the price target on GLOBALFOUNDRIES Inc. from $75 to $80. GLOBALFOUNDRIES shares rose 3.3% to $71.50 in pre-market trading.\nDA Davidson raised Helen of Troy Limited price target from $254 to $266. Helen of Troy shares fell 2.3% to close at $240.50 on Tuesday.\nJefferies lifted ImmunoGen, Inc. price target from $7 to $12. ImmunoGen shares fell 3.6% to $5.95 pre-market trading.\nSusquehanna raised the price target on NetApp, Inc. from $100 to $105. NetApp shares rose 1.4% to $90.11 in pre-market trading.\nTruist Securities boosted the price target for Salesforce.com, inc. from $315 to $330. salesforce.com shares fell 6.5% to $266.40 in pre-market trading.","news_type":1,"symbols_score_info":{"IMGN":0.9,"NTAP":0.9,"AMAT":0.9,"SGTX":0.9,"TGTX":0.9,"AMBA":0.9,"CRM":0.9,"ZS":0.9,"GFS":0.9,"HELE":0.9}},"isVote":1,"tweetType":1,"viewCount":3239,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":603365171,"gmtCreate":1638367795908,"gmtModify":1638367920158,"author":{"id":"4099627780862330","authorId":"4099627780862330","name":"Adinn","avatar":"https://static.tigerbbs.com/c440367559652b7f45d7223115272455","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099627780862330","idStr":"4099627780862330"},"themes":[],"title":"","htmlText":"Too long...can you summarise the content?","listText":"Too long...can you summarise the content?","text":"Too long...can you summarise the content?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/603365171","repostId":"1125581925","repostType":4,"repost":{"id":"1125581925","kind":"news","pubTimestamp":1638366944,"share":"https://www.laohu8.com/m/news/1125581925?lang=zh_CN&edition=full","pubTime":"2021-12-01 21:55","market":"us","language":"en","title":"Why I'm Buying AMC's Debt<blockquote>为什么我要购买 AMC 的债务</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1125581925","media":"Seeking Alpha","summary":"Summary\n\nAMC has recently been able to capitalize heavily on its ‘meme stock’ status and shored up i","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>AMC has recently been able to capitalize heavily on its ‘meme stock’ status and shored up its cash position rather substantially.</li> <li>AMC has been recovering well in the past few months and is set to return to profitability next quarter.</li> <li>While there is still a ways to go before it is in a healthy cash position, AMC is in a suitable position to justify investing in its bonds.</li> <li>AMC was in dire need of capital in the early stages of the pandemic, so it sold bonds with high yields and coupon rates in order to attract creditors.</li> <li>Now that the company has been able to reduce its risk of defaulting, investors can take advantage of these high-yield, underpriced loans with a bit more confidence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/36eaf0afdfff7e41320877f345125b8c\" tg-width=\"1536\" tg-height=\"1034\" width=\"100%\" height=\"auto\"><span>Mario Tama/Getty Images News</span></p><p><blockquote><ul><li>AMC 最近得以大量利用其 “meme 股票 ”的地位，并大幅加强了其现金状况。</li><li>AMC在过去几个月恢复良好，并将在下季度恢复盈利。</li><li>虽然在实现健康的现金状况之前还有很长的路要走，但 AMC 处于合适的位置，可以证明投资其债券是合理的。</li><li>AMC在疫情初期急需资金，因此出售高收益率和票面利率的债券以吸引债权人。</li><li>现在该公司已经能够降低违约风险，投资者可以更有信心地利用这些高收益、低价贷款。</li></ul><p class=\"t-img-caption\"><span>马里奥·塔玛/盖蒂图片社新闻</span></p></blockquote></p><p> Earlier this year, as I’m sure most readers are aware, AMC Entertainment(NYSE:AMC)got caught up in the ‘Wall Street Bets’ mania that took the retail investor crowd by storm. Reaching a peak of $72.62 back in June, AMC is now a ways off of its height but is still trading at a fairly elevated level of $33.94 (at the time of article submission). This isn’t an article meant to analyze if this new price is the new norm, I don’t really think that there’s a case to be made that it is. Instead, I’ll be looking at some of AMC’s available bonds, in increasing order of security, and why I believe they’re some of the most attractive securities on the market right now, especially for income investors.</p><p><blockquote>今年早些时候，我相信大多数读者都知道，AMC院线（NYSE:AMC）卷入了席卷散户投资者的 “华尔街押注 ”热潮。AMC 在 6 月份达到 72.62 美元的峰值，现在距离其高点还有一段距离，但仍处于 33.94 美元的相当高的水平（提交文章时）。这篇文章并不是要分析这个新价格是否是新常态，我真的不认为有理由证明它是新常态。相反，我将按安全性升序介绍 AMC 的一些可用债券，以及为什么我认为它们是目前市场上最具吸引力的证券，尤其是对收益投资者而言。</blockquote></p><p> <b>Likelihood of Payout</b></p><p><blockquote><b>支付的可能性</b></blockquote></p><p> Before I look at the bonds themselves, understanding the security, or potential lack thereof, that they offer is important. Having lost $4.6 billion last year, and $149 million before the COVID era, it may seem ludicrous to even consider the fact that AMC is a good bet for creditors. However, the company took full advantage of its “meme stock” status and has raised significant funds off the back of its incredibly inflated valuation.</p><p><blockquote>在我研究债券本身之前，了解它们提供的安全性或潜在缺乏安全性是很重要的。去年亏损了 46 亿美元，在 COVID 时代之前亏损了 1.49 亿美元，甚至考虑到 AMC 对债权人来说是一个不错的选择这一事实似乎都很可笑。然而，该公司充分利用了其 “meme 股票 ”的地位，凭借其令人难以置信的虚高估值筹集了大量资金。</blockquote></p><p> Even before the company earned its meme status, AMC had raised $917 million from mid-December to late January. $506 million of this came from the sale of new equity and the company was able to convert $100 million in second-lien debt into equity as well. AMC was alsoable to convert $600 million in senior notes held by Silver Lake into equity. The company has also raisedmore than $1 billion from April and November of the previous year through equity and debt raises, as well as “a modest amount of asset sales.” These early capital raises enabled AMC to become a bit better-equipped to handle its existing debt load in light of the previous year’s poor performance. However, all of this together still wasn’t really enough.</p><p><blockquote>甚至在该公司获得模因地位之前，AMC 就从 12 月中旬到 1 月下旬筹集了 9.17 亿美元。其中 5.06 亿美元来自新股权的出售，该公司还能够将 1 亿美元的第二留置权债务转换为股权。AMC 还可以将 Silver Lake 持有的 6 亿美元优先票据转换为股权。自去年 4 月和 11 月以来，该公司还通过股权和债务融资以及 “少量资产出售 ”筹集了 10 多亿美元。鉴于上一年的业绩不佳，这些早期融资使 AMC 能够更好地处理现有的债务负担。然而，所有这些加在一起仍然不够。</blockquote></p><p> Then, late in January, things changed rapidly for the struggling movie giant. Trading at around $5 on January 26, shares would rise to about $20 the following day. While they would soon retreat from such highs, shares sustained an elevated level of trading until late May came around and shares broke the $60 barrier in a matter of days. This new price presented AMC with a golden opportunity.</p><p><blockquote>然后，在一月下旬，这家苦苦挣扎的电影巨头的情况发生了迅速变化。1 月 26 日股价约为 5 美元，第二天股价将升至 20 美元左右。虽然它们很快就会从这样的高点回落，但股价一直保持着较高的交易水平，直到 5 月下旬到来，股价在几天内就突破了 60 美元的关口。这个新价格为AMC提供了一个千载难逢的机会。</blockquote></p><p> While the company waited a little to fully seize the opportunity,AMC raised a total of $1.246 billion in the second quarter. All in equity. With such an elevated stock price, AMC was able to raise far more money than they would’ve been able to previously and at a far lower level of dilution. After this more aggressive round of funding, AMC’s CEO, Adam Aron, said of the raise “[it has] substantially strengthen[ed] and improv[ed] AMC’s balance sheet, providing valuable flexibility to respond to potential challenges and capitalize on attractive opportunities in the future.” The last part of this I find particularly interesting, as it implies that AMC may even have some excess capital to invest if a particularly attractive opportunity presents itself. While I’m not sure if AMC is quite in the position to begin spending money on new opportunities again, it does speak towards the confidence in the company’s current capital structure.</p><p><blockquote>虽然该公司等待了一段时间才完全抓住机会，但 AMC 在第二季度总共筹集了 12.46 亿美元。都是公平的。在股价如此高涨的情况下，AMC 能够筹集到比以前多得多的资金，而且稀释程度也低得多。在这轮更积极的融资之后，AMC 首席执行官亚当-阿伦（Adam Aron）在谈到此次融资时说：“[它]大大加强和改善了 AMC 的资产负债表，为应对潜在挑战和利用未来有吸引力的机遇提供了宝贵的灵活性”。我觉得最后一部分特别有趣，因为它意味着如果出现特别有吸引力的机会，AMC 甚至可能有一些多余的资本进行投资。虽然我不确定 AMC 是否有能力再次开始在新的机会上花钱，但这确实有助于人们对公司目前的资本结构充满信心。</blockquote></p><p> Even before this incredible capital raise, Mr. Aron was rather pleased with the company’s standing,saying: “I am optimistic and confident about AMC’s ability to weather this COVID-19 storm. Our focus is no longer on survival.” The executive’s remarks, made in March, even came before AMC’s strongest rally in the stock market. This level of confidence, coming before the company’s largest capital raise, provides even further reassurance. But enough of this discussion of sentiment. With all of this recent movement, what exactly is AMC’s cash position?</p><p><blockquote>甚至在这次令人难以置信的融资之前，阿伦先生就对公司的地位相当满意，他说： “我对 AMC 经受住 COVID-19 风暴的能力持乐观和信心。我们的重点不再是生存”。这位高管在 3 月份发表的言论甚至发生在 AMC 股市最强劲反弹之前。在公司进行最大规模的融资之前，这种程度的信心让人更加放心。但是关于情绪的讨论已经够多了。鉴于最近的所有这些变动，AMC 的现金状况到底是多少？</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f42c5be344a583c11229ebdc7cda4973\" tg-width=\"814\" tg-height=\"491\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fae8632ca98e5f7c7bcae4dab18268aa\" tg-width=\"831\" tg-height=\"491\" width=\"100%\" height=\"auto\"><span>Source: Author’s Calculations via Bloomberg Terminal</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者通过彭博终端进行的计算</span></p></blockquote></p><p> Examining the company’s liquidity ratios, AMC unsurprisingly isn’t terribly well-positioned. The company’s current ratio, which measures current assets versus current liabilities, has trended below one since data is available. The quick ratio, which excludes inventory from the measure, has never reached 1 for as far back as public data goes. While inventory is typically considered rather liquid, it can require significant time to convert into cash, hence the ‘quick’ liquidity ratio. A ratio of 1 or above signifies that a company’s easily liquidable assets are able to cover all of its short-term debt obligations. As AMC does not have a current ratio, or quick ratio for that matter, above this mark, it cannot simply rely on easy liquidation and current cash to cover its short-term liabilities.</p><p><blockquote>从公司的流动性比率来看，AMC 的定位并不出所料。自有数据以来，该公司衡量流动资产与流动负债的流动比率一直低于 1。从公开数据来看，将库存排除在衡量标准之外的快速比率从未达到 1。虽然存货通常被认为是相当流动性的，但它可能需要相当长的时间才能转化为现金，因此是“快速”流动性比率。比率为 1 或以上意味着公司易于变现的资产能够覆盖其所有短期债务义务。由于 AMC 没有高于这一水平的流动比率或速动比率，因此它不能简单地依靠轻松清算和流动现金来偿还其短期负债。</blockquote></p><p> Similarly, looking at the company’s debt to asset ratio, we can see that debt dramatically outweighs the company’s assets. Looking at the historical ratios for AMC, we can see that this isn’t anything that new either. While this, unsurprisingly, increased a lot over 2020, the company has a historically high debt to equity ratio. This signals that AMC has largely relied on debt throughout its lifetime to grow its assets. This heavy use of debt is the main culprit behind AMC’s current weak capital position and concerns of bankruptcy last year. Though, the fact that this is nothing new should tell investors that a high debt to asset ratio isn’t inherently a bad thing. The theatre business is a very capital-intensive business and not utilizing debt in this manner would make expansion incredibly difficult.</p><p><blockquote>同样，从公司的资产负债率来看，我们可以看到债务远远超过了公司的资产。从 AMC 的历史比率来看，我们可以发现这也不是什么新鲜事。不出所料，虽然这一数字在 2020 年大幅增加，但该公司的债务股本比率却处于历史高位。这表明 AMC 在其整个生命周期中很大程度上依赖债务来增加其资产。这种对债务的大量使用是 AMC 目前资本状况不佳和去年破产担忧的罪魁祸首。不过，这并不是什么新鲜事，这一事实应该告诉投资者，高资产负债率本身并不是一件坏事。剧院业务是一项资本密集型业务，不以这种方式利用债务将使扩张变得极其困难。</blockquote></p><p> What is noteworthy, however, is exactly how inflated this ratio has become. In 2020, AMC’s debt to equity ratio turned negative for the first time, signaling that the company’s liabilities surpassed its assets. Often, companies in such a predicament face insolvency as they’re faced with an inability to make good on debt obligations. However, this was at the end of 2020. We’ll have to wait for AMC’s full-year report to see how this has changed, though the company’s lowering of debt and dramatic increase in capital through the sale of stock indicates that this should return to a positive for 2021.</p><p><blockquote>然而，值得注意的是，这个比率到底有多膨胀。2020 年，AMC 的债务权益比率首次转为负值，这表明该公司的负债超过了资产。通常情况下，陷入这种困境的公司会面临破产，因为它们面临着无力偿还债务的问题。然而，这是在2020年底。我们还得等待 AMC 的年度报告才能知道这种情况发生了怎样的变化，不过该公司降低了债务，并通过出售股票大幅增加了资本，这表明 2021 年的情况应该会回到正值。</blockquote></p><p> If we look at the company’s market value to debt ratio, we can see that AMC’s equity position at the moment is incredibly strong as it transitions away from merely struggling to stay afloat. At .63, AMC is actually in a position to be able to fund its debt obligations through equity. That’s down dramatically from the 23.87 from the end of 2020, though still quite a bit above the .1 average for other U.S. firms. The importance here is more in the tremendous decrease over the last eleven months though. We know that AMC isn’t a pinnacle of financial excellence at the moment, that’s the entire reason this article even exists. What is important to note, is that the company’s financial health is rapidly improving.</p><p><blockquote>如果我们看看该公司的市值与债务比率，就会发现 AMC 目前的股权状况非常强劲，因为它已经不再仅仅是挣扎维持生计。AMC 实际上能够通过股权为其债务提供资金。这比 2020 年底的 23.87 大幅下降，但仍远高于其他美国公司 0.1 的平均水平。不过，这里的重要性更在于过去11个月的大幅下降。我们知道，AMC 目前还不是金融卓越的巅峰，这也是本文存在的全部原因。值得注意的是，该公司的财务状况正在迅速改善。</blockquote></p><p> I don’t think that there’s much question that AMC will sell more equity before defaulting, as dilution is far less damaging than defaulting on debt would be. AMC has been prioritizing its debt payments throughout its recovery and there’s no reason that it would stop now that it has even greater means to do so. While the majority of these figures don’t necessarily indicate the most financially healthy company, it does demonstrate a company on the mend which I believe has eliminated concerns of insolvency.</p><p><blockquote>我认为 AMC 在违约前出售更多股权没有太大疑问，因为稀释的危害远小于债务违约。AMC 在整个复苏过程中一直优先考虑偿还债务，现在它有更多的手段，没有理由停止偿还债务。虽然这些数字中的大多数并不一定表明公司财务状况最健康，但它们确实表明公司正在好转，我相信这已经消除了对破产的担忧。</blockquote></p><p> One of the main takeaways here is that a high debt load isn’t really anything new for AMC. Yes, right now it’s higher than usual. This was especially true for the end of 2020. Though, with the capital raised from selling more equity, AMC is in a far better place than it previously was. More importantly, AMC was missing the income it usually has to supplement its high level of debt. As consumers return to theatres, this income will begin to return.</p><p><blockquote>其中一个主要观点是，高债务负担对 AMC 来说并不是什么新鲜事。是的，现在比平时要高。2020年底尤其如此。不过，凭借出售更多股权筹集的资金，AMC 的处境比以前好得多。更重要的是，AMC 失去了通常用于补充其高水平债务的收入。随着消费者重返影院，这笔收入将开始回归。</blockquote></p><p> <b>Return to Normalcy</b></p><p><blockquote><b>恢复正常</b></blockquote></p><p> Looking at the numbers doesn’t really paint a great picture for AMC. However, the numbers don’t really tell the full story. Operational success is how companies tend to handle these matters and AMC is just starting to exit the most challenging operational environment of its life. As the world gradually begins a return to normalcy, its cash position will improve dramatically.</p><p><blockquote>从这些数字来看，AMC 的前景并不乐观。然而，数字并不能说明全部情况。运营成功是公司处理这些事务的方式，而 AMC 刚刚开始摆脱其一生中最具挑战性的运营环境。随着世界逐渐开始恢复正常，其现金状况将大幅改善。</blockquote></p><p></p><p> To start this off, let’s take a look at some Seeking Alpha analysis on AMC. In this article, the author focused on how moviegoing is poised for a comeback on the back of multiple highly-successful film debuts. This is bolstered by the fact that companies seem set to return to the norm of exclusive theatrical releases for new movies, as Disney(NYSE:DIS) recently announced it would. Two other articles,on Cineplex and Cinemark, offer similar conclusions.</p><p><blockquote>首先，让我们来看看 Seeking Alpha 对 AMC 的一些分析。在这篇文章中，作者重点讨论了在多部非常成功的电影处女作之后，观影是如何准备卷土重来的。正如迪士尼（纽约证券交易所股票代码：DIS）最近宣布的那样，公司似乎将回归新电影独家影院上映的常态，这一事实支持了这一点。另外两篇文章，关于Cineplex和Cinemark，提供了类似的结论。</blockquote></p><p> In the above articles, authors examine the future of the theatre business and discuss how the companies are on the path to return to profitability. As I agree with the general theses there, being that theatre operators are on their way back to their old form, I believe it’s safe to say that AMC is officially on the road to recovery. Now, I accept that AMC still has some way to go before becoming profitable again, however it is definitely on the mend. Additionally, the pandemic gave AMC the opportunity to make harsh cuts to its business that will ultimately benefit the company’s operational efficiency moving forward.</p><p><blockquote>在上述文章中，作者研究了剧院业务的未来，并讨论了这些公司如何走上恢复盈利的道路。我同意那里的一般论点，即影院运营商正在回到原来的状态，我认为可以肯定地说，AMC 已经正式走上了复苏之路。现在，我承认 AMC 在再次盈利之前还有一段路要走，但它肯定正在好转。此外，大流行病还让 AMC 有机会大幅削减业务，这最终将有利于公司未来的运营效率。</blockquote></p><p> More recently, AMC released its third quarter earnings. The company lost $244 million off of $763.2 million in revenue. The positive here is that the company’s revenue climbed 71.5% over the previous quarter. Keep in mind that this doesn’t account for high-profile releases in October such as <i>No Time to Die</i>or the second <i>Venom</i> title. The upcoming <i>Spiderman</i> and <i>Matrix</i> releases should only expedite the company’s recovery in the final quarter of the year. Corporate leadership is currently guiding towards a positive EBITDA for Q4.</p><p><blockquote>最近，AMC发布了第三季度收益。该公司收入为 7.632 亿美元，亏损 2.44 亿美元。积极的一面是，该公司的收入比上一季度增长了 71.5%。请记住，这并没有考虑到十月份的高调发布，例如<i>007：无暇赴死</i>或者第二个<i>毒液</i>标题。即将推出的<i>蜘蛛侠</i>和<i>矩阵</i>此次发布只会加快公司在今年最后一个季度的复苏。企业领导层目前正在指导第四季度实现正的 EBITDA。</blockquote></p><p> Moving on, let’s take a look at AMC’s net margin through the years. As the figure above demonstrates, AMC’s been churning out an abysmally low net margin pretty consistently for a decade. This is the normal that AMC is working so hard to return to?! After AMC added a tremendous level of expensive debt during the lows of the pandemic, it now needs to do more than just return to normal in order to successfully pay it off.</p><p><blockquote>接下来，让我们来看看 AMC 历年的净利润率。如上图所示，十年来，AMC 的净利润率一直低得惊人。这是AMC努力回归的常态吗？!在疫情低谷期间，AMC 增加了大量昂贵的债务后，为了成功还清债务，它现在需要做的不仅仅是恢复正常。</blockquote></p><p> AMC’s corporate borrowings have risen from $4.753 billion in 2019, to $5.453 billion as of September 30th. The good news, if there is any, is that AMC’s $5.453 billion in corporate borrowings marks a ~$250 million decrease from the $5.716 billion that the company had at the end of 2020. What really caught me by surprise, however, is that the company’s 2020 interest expense on corporate borrowings was only up ~6.22% from 2019. So, although expensive, the ~20.26% jump in total corporate borrowings in the same period indicates that this debt is actually less expensive than the company’s existing debt was.</p><p><blockquote>截至 9 月 30 日，AMC 的公司借款已从 2019 年的 47.53 亿美元增加到 54.53 亿美元。好消息（如果有的话）是，AMC 的 54.53 亿美元企业借款比该公司 2020 年底的 57.16 亿美元减少了约 2.5 亿美元。然而，真正让我大吃一惊的是，该公司 2020 年的公司借款利息支出仅比 2019 年增长了约 6.22%。因此，虽然价格昂贵，但同期企业借款总额增长了约 20.26%，这表明这笔债务实际上比公司现有债务的成本要低。</blockquote></p><p> As AMC begins a return to normalcy, I would expect to see it recover to a healthy interest coverage ratio. Before the pandemic, AMC’s interest coverage ratio was consistently above 5, meaning that its EBITDA could be used to pay off its interest five times over. A mere 6.22% increase in interest expenses means that AMC should be able to recover this important metric with general ease. Essentially, what this demonstrates is that AMC should be able to fully cover its interest expenses with operating revenues as soon as next year.</p><p><blockquote>随着 AMC 开始恢复正常，我预计它将恢复到健康的利息覆盖率。在大流行病之前，AMC 的利息覆盖率一直高于 5，这意味着其 EBITDA 可以用来支付五倍以上的利息。利息支出仅增加 6.22%，这意味着 AMC 应该能够轻松恢复这一重要指标。从本质上讲，这表明AMC最早应该能够用营业收入完全覆盖其利息支出。</blockquote></p><p> So, with the risk of defaulting on future interest payments looking pretty low, the only major risk remaining is the company’s questionable ability to pay off its debt upon maturity. I don’t mean to downplay the importance of this risk, as it carries the most potential for defaulting, so let’s take a look at how AMC’s return to normalcy will affect its ability to pay off its debt.</p><p><blockquote>因此，由于未来利息支付违约的风险看起来很低，剩下的唯一主要风险就是公司到期偿还债务的能力存疑。我并不是要淡化这种风险的重要性，因为它最有可能出现违约，所以让我们来看看 AMC 恢复正常将如何影响其偿还债务的能力。</blockquote></p><p> Mr. Aron discussed in the company’s most recent earnings call that debt, out of all of the issues surrounding AMC for the past two years, was never something that was seriously concerning to him. The company took on a lot of debt during the pandemic though, according to Mr. Aron, it was done “in a smart way.” He explained that there are no maturity dates before 2023, which will only be “a few $100 million worth”, and that the majority of the company’s debt will come due in 2026.</p><p><blockquote>阿伦先生在公司最近的财报看涨期权上讨论说，在过去两年围绕 AMC 的所有问题中，债务从来都不是他真正关心的问题。阿伦先生认为，该公司在大流行病期间背负了大量债务，但这是 “以一种聪明的方式 ”完成的。他解释说，2023 年之前没有到期日，2023 年只有 “几亿美元的价值”，公司的大部分债务将在 2026 年到期。</blockquote></p><p> The major component that Mr. Aron highlighted, however, is that the presence of debt isn’t inherently a bad thing. Of course, high debt loads such as AMC’s aren’t exactly the most healthy in the world, but almost every large corporation in the country carries debt to maximize shareholder returns. With a return to profitability as soon as next quarter, AMC’s operational health is rapidly improving and it can update its debt position to reflect that. The company expects to refinance its debt starting in 2023, lowering its interest payments and pushing back maturity dates. The goal isn’t to completely eliminate debt, rather it is to make debt a more manageable amount. The way the company is currently trending, this seems more than doable.</p><p><blockquote>不过，阿伦先生强调的主要因素是，债务的存在本身并不是一件坏事。当然，像 AMC 这样的高债务负担并不是世界上最健康的，但美国几乎每家大公司都背负着债务，以最大限度地提高股东回报。随着下一季度恢复盈利，AMC 的运营健康状况正在迅速改善，它可以更新其债务状况以反映这一点。该公司预计从 2023 年开始对债务进行再融资，降低利息支付并推迟到期日。我们的目标不是完全消除债务，而是使债务更容易管理。从该公司目前的发展趋势来看，这似乎非常可行。</blockquote></p><p> <b>Attractive Bond Offerings</b></p><p><blockquote><b>有吸引力的债券发行</b></blockquote></p><p></p><p> So now that we’ve determined that AMC looks to be fairly reliable in its ability to pay off its debt, it’s time to find the bonds that look the most attractive. I’ve found four high-yield bonds that I believe offer the best investment opportunities,courtesy of Finra. Typically, high-yield bonds are rather risky investments as, in order to convince creditors to lend money, firms must offer a substantial reward. However, I argue that, due to AMC’s dramatically improved cash position, its bonds are unjustly discounted and offer a strong investment opportunity.</p><p><blockquote>因此，既然我们已经确定 AMC 在偿还债务的能力方面看起来相当可靠，那么是时候寻找看起来最具吸引力的债券了。我发现了四只高收益债券，我认为它们提供了最佳的投资机会，由 Finra 提供。通常，高收益债券是风险相当大的投资，因为为了说服债权人放贷，公司必须提供可观的回报。不过，我认为，由于 AMC 的现金状况大幅改善，其债券折扣不公平，提供了一个很好的投资机会。</blockquote></p><p> Beginning with the highest-yielding bond,CUSIP:00165AAH1, the security currently has a yield to maturity of 13.608%. With a coupon rate of 5.75%, paid semi-annually, the appeal here isn’t so much the passive income opportunity, but the overall yield rate. Now, a 5.75% annual coupon rate isn’t too shabby, but the 12.881% yield to maturity is what grabs my attention. Assuming that my above analysis holds true, and AMC is able to pay off its current debt loads, the yield here is pretty strong. However, this bond does carry the highest level of risk with it as an unsecured note.</p><p><blockquote>从收益率最高的债券 CUSIP:00165AAH1 开始，该证券目前的到期收益率为 13.608%。票面利率为 5.75%，每半年支付一次，这里的吸引力与其说是被动收入机会，不如说是整体收益率。现在，5.75% 的年利率并不算太差，但 12.881% 的到期收益率却吸引了我的注意。假设我的上述分析成立，并且 AMC 能够偿还当前的债务负担，那么这里的收益率相当强劲。然而，作为无担保票据，这种债券确实具有最高水平的风险。</blockquote></p><p> The second highest-yielding bond,CUSIP:00165CAP9, does hold a noteworthy advantage over the previously discussed CUSIP:00165AAH1 bond. While its yield to maturity is slightly lower, at 11.294%, it is a second lien note. This is the second-highest bond priority ranking and, even more importantly, is ensured. If AMC were to default on its payments, the value of the loan has been secured by collateral. This would force the sale of assets in order to ensure that loan-holders receive their payments. Now, as a second lien note holder, owners aren’t guaranteed to receive the entire value of their loan in the case of the company defaulting, but they will at least receive a fraction. You will be paying for this heightened security a bit via the slightly lower yield rate, especially as its maturity date is a full year later, on June 6th, 2026. However, with a coupon rate of 12%, paid semi-annually, the moderately guaranteed income that the bond can provide is incredibly attractive. The bond is currently trading just below its price at maturity of $1,000, at $983.90.</p><p><blockquote>第二高收益率债券 CUSIP:00165CAP9 确实比之前讨论的 CUSIP:00165AAH1 债券具有显着优势。虽然其到期收益率略低，为11.294%，但它是第二张留置权票据。这是第二高的债券优先级，更重要的是，这是有保证的。如果AMC拖欠付款，贷款价值已由抵押品担保。这将迫使出售资产，以确保贷款持有人收到付款。现在，作为第二份留置权票据持有人，在公司违约的情况下，业主不能保证能收到全部贷款价值，但他们至少会收到一小部分。您将通过略低的收益率为这种增强的安全性付出一点代价，特别是因为它的到期日是一整年后的2026年6月6日。然而，由于票面利率为 12%，每半年支付一次，该债券可以提供的适度保证收入极具吸引力。该债券目前的交易价格略低于 1,000 美元的到期价格，为 983.90 美元。</blockquote></p><p> If you’re after the full security that a first lien note would offer, there are also a couple of good options. However, keep in mind that you will be paying an even greater premium for this security. Both,CUSIP:00165CAN4 and CUSIP:00165CAR5, have yield to maturity rates that are in the 6% range. The first of the two, CUSIP:00165CAN4, matures on April 15th, 2025 and has a yield to maturity rate of 7.905%. The second of the two expires the following year on April 24th, with a yield to maturity rate of 7.844%. Both are trading slightly above their price at maturity of $1,000, with CUSIP:00165CAN4 at $1072.50 and CUSIP:00165CAR5 at $1,054.90 and $1,060 respectively. Both bonds also have a coupon rate of 10.5%, paid semi-annually, representing a rather strong source of, consistent, secured income. Assuming the company doesn’t go bankrupt before the maturity dates, which is seeming incredibly unlikely at this point, the return on these bonds is rather attractive.</p><p><blockquote>如果您想要第一份留置权票据所提供的全面安全保障，也有几个不错的选择。但是，请记住，您将为这种安全性支付更高的溢价。CUSIP:00165CAN4 和 CUSIP:00165CAR5 的到期收益率均在 6% 范围内。两者中的第一个CUSIP:00165CAN4将于2025年4月15日到期，到期收益率为7.905%。两者中的第二个于次年4月24日到期，到期收益率为7.844%。两者的交易价格均略高于 1,000 美元的到期价格，CUSIP:00165CAN4 的交易价格为 1072.50 美元，CUSIP:00165CAR5 的交易价格分别为 1,054.90 美元和 1,060 美元。这两种债券的票面利率均为 10.5%，每半年支付一次，代表着相当强大的持续有保障收入来源。假设公司不会在到期日前破产（目前看来这种可能性极小），那么这些债券的回报就相当有吸引力。</blockquote></p><p> So, how did these incredibly attractive offerings even come to exist in the first place? Well, the CUSIP:00165CAP9 bond was issued in late 2020, a time where AMC was struggling tremendously and there weren’t any murmurs of a ‘meme stock’ rally on the horizon. At that point, a 12% coupon rate compounded semi-annually looked about the only way the company could convince creditors to loan money. CUSIP:00165CAN4 and CUSIP:00165CAR5, the two first lien notes, were also issued in mid- to late-2020 and, for the same reasons, were offered at attractive loaning figures to try and make up for the immense risk they carried. CUSIP:00165AAH1 was first offered in 2016, hence its lower coupon rate, but still shares one of the most important figures with the other loans -- a terrible rating. However, these ratings were given before AMC had been able to strengthen its cash position and no longer represent the company’s ability to make good on its debt payments. Even still, the low ratings keep the bonds out of mind for a majority of investing tools and, therefore, keep interest low. Additionally, the fact that AMC has performed better than expected in its past quarterly two earnings reports demonstrates that the Street still seems to be underestimating the pace of recovery. Hence, an opportunity is born.</p><p><blockquote>那么，这些极具吸引力的产品最初是如何产生的呢？CUSIP:00165CAP9 债券是在 2020 年底发行的，当时 AMC 正陷入困境，也没有任何 “meme 股票 ”即将反弹的传言。当时，每半年复利 12% 的票面利率似乎是该公司说服债权人放贷的唯一方法。前两张留置权票据 CUSIP:00165CAN4 和 CUSIP:00165CAR5 也于 2020 年中后期发行，出于同样的原因，它们以有吸引力的贷款金额提供，试图弥补它们所承担的巨大风险。CUSIP:00165AAH1 于 2016 年首次发行，因此其票面利率较低，但仍然与其他贷款共享最重要的数字之一——糟糕的评级。然而，这些评级是在 AMC 能够加强其现金状况之前给出的，不再代表该公司偿还债务的能力。即便如此，低评级让大多数投资工具都不会考虑债券，因此利率也会保持在较低水平。此外，AMC 在过去两个季度的收益报告中表现好于预期，这一事实表明华尔街似乎仍然低估了复苏的步伐。因此，一个机会诞生了。</blockquote></p><p> <b>Investor Takeaway</b></p><p><blockquote><b>投资者要点</b></blockquote></p><p></p><p> By no means is this article an endorsement of AMC’s stock. I rather agree with the general consensus here on Seeking Alpha that this is a company to stay away from. What I do want the reader to take away from this, however, is that I believe AMC’s cash position, although weak, is suitable to cover its debt obligations and that its high-yield bonds are now rather attractive because of this. While the security largely came at the price of heavy dilution, this isn’t really a concern as this investment thesis isn’t really concerned about the share price of AMC.</p><p><blockquote>本文绝不是对 AMC 股票的认可。我相当同意 Seeking Alpha 的普遍共识，即这是一家应该远离的公司。不过，我希望读者从中得到的一点是，我认为 AMC 的现金状况虽然薄弱，但足以偿还其债务，因此其高收益债券现在相当有吸引力。虽然这种证券在很大程度上是以严重稀释为代价的，但这并不是一个真正的问题，因为这种投资论点并不真正关心 AMC 的股价。</blockquote></p><p> The first lien notes offer the safest investment option and, CUSIP:00165CAR5 in particular, should be a part of any play on AMC’s debt. CUSIP:00165CAN4 is likely the safest though, as it comes due a year before the majority of AMC’s existing debt, further lowering any bankruptcy concerns. I also rather like the CUSIP:00165CAP9 bond as a way to increase returns rather substantially through a bit more risk. While I still believe that the risk of defaulting is relatively low, compared to what it was, it still does exist and the moderate protection is nice to have. I feel that the risk to return ratio here, on second lien versus first lien, is worth it. What I don’t feel is worth it, is the CUSIP:00165AAH1 bond. With a low coupon rate, and a yield to maturity only slightly above that of the more secure second lien note, it offers a fair amount more risk with a negligibly improved payoff. It doesn’t hold the same advantage as the other bonds, as it wasn’t issued in the dire circumstances that AMC was facing in 2020.</p><p><blockquote>第一份留置权票据提供了最安全的投资选择，尤其是 CUSIP:00165CAR5，应该成为 AMC 债务交易的一部分。CUSIP:00165CAN4 可能是最安全的，因为它比 AMC 的大部分现有债务提前一年到期，进一步降低了对破产的担忧。我也相当喜欢 CUSIP:00165CAP9 债券，将其作为一种通过增加风险来大幅增加回报的方式。虽然我仍然认为违约的风险相对较低，但与过去相比，它仍然存在，适度的保护是件好事。我觉得这里的风险回报率，第二留置权与第一留置权，是值得的。我觉得不值得的是 CUSIP:00165AAH1 债券。由于票面利率较低，到期收益率仅略高于更安全的第二留置权票据，它提供了相当大的风险，但回报却略有提高。它并不具有与其他债券相同的优势，因为它不是在 AMC 2020 年面临的严峻形势下发行的。</blockquote></p><p> Since I began writing this article in mid-October, the yield of these bonds has already dropped by a notable margin. CUSIP:00165CAP9 (second lien note) for example, which currently has a YTM of 11.294%, had a YTM of 12.451% at the time. Now, CUSIP:00165AAH1 (unsecured) had a 12.811% YTM and CUSIP:00165CAR5 (first lien) had a YTM of 6.57%, which means that their returns have actually improved since then. Regardless, it seems that the bond market, in general, is starting to price in AMC’s recovery and investors may not have this opportunity for too much longer. The days of a 133.36% YTM from AMC’s unsecured debt are long gone, but the current returns aren't too bad.</p><p><blockquote>自从我10月中旬开始写这篇文章以来，这些债券的收益率已经大幅下降。CUSIP:00165CAP9（第二留置权说明）例如，目前的 YTM 为 11.294%，当时的 YTM 为 12.451%。现在，CUSIP:00165AAH1（无担保）的YTM为12.811%，CUSIP:00165CAR5（第一留置权）的YTM为6.57%，这意味着此后他们的回报实际上有所改善。无论如何，债券市场似乎总体上已经开始为 AMC 的复苏定价，投资者可能不会有太久的机会。AMC 无担保债务年利率为 133.36% 的日子早已一去不复返了，但目前的回报率还不错。</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>Why I'm Buying AMC's Debt<blockquote>为什么我要购买 AMC 的债务</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; 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}\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\">\nWhy I'm Buying AMC's Debt<blockquote>为什么我要购买 AMC 的债务</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\">2021-12-01 21:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>AMC has recently been able to capitalize heavily on its ‘meme stock’ status and shored up its cash position rather substantially.</li> <li>AMC has been recovering well in the past few months and is set to return to profitability next quarter.</li> <li>While there is still a ways to go before it is in a healthy cash position, AMC is in a suitable position to justify investing in its bonds.</li> <li>AMC was in dire need of capital in the early stages of the pandemic, so it sold bonds with high yields and coupon rates in order to attract creditors.</li> <li>Now that the company has been able to reduce its risk of defaulting, investors can take advantage of these high-yield, underpriced loans with a bit more confidence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/36eaf0afdfff7e41320877f345125b8c\" tg-width=\"1536\" tg-height=\"1034\" width=\"100%\" height=\"auto\"><span>Mario Tama/Getty Images News</span></p><p><blockquote><ul><li>AMC 最近得以大量利用其 “meme 股票 ”的地位，并大幅加强了其现金状况。</li><li>AMC在过去几个月恢复良好，并将在下季度恢复盈利。</li><li>虽然在实现健康的现金状况之前还有很长的路要走，但 AMC 处于合适的位置，可以证明投资其债券是合理的。</li><li>AMC在疫情初期急需资金，因此出售高收益率和票面利率的债券以吸引债权人。</li><li>现在该公司已经能够降低违约风险，投资者可以更有信心地利用这些高收益、低价贷款。</li></ul><p class=\"t-img-caption\"><span>马里奥·塔玛/盖蒂图片社新闻</span></p></blockquote></p><p> Earlier this year, as I’m sure most readers are aware, AMC Entertainment(NYSE:AMC)got caught up in the ‘Wall Street Bets’ mania that took the retail investor crowd by storm. Reaching a peak of $72.62 back in June, AMC is now a ways off of its height but is still trading at a fairly elevated level of $33.94 (at the time of article submission). This isn’t an article meant to analyze if this new price is the new norm, I don’t really think that there’s a case to be made that it is. Instead, I’ll be looking at some of AMC’s available bonds, in increasing order of security, and why I believe they’re some of the most attractive securities on the market right now, especially for income investors.</p><p><blockquote>今年早些时候，我相信大多数读者都知道，AMC院线（NYSE:AMC）卷入了席卷散户投资者的 “华尔街押注 ”热潮。AMC 在 6 月份达到 72.62 美元的峰值，现在距离其高点还有一段距离，但仍处于 33.94 美元的相当高的水平（提交文章时）。这篇文章并不是要分析这个新价格是否是新常态，我真的不认为有理由证明它是新常态。相反，我将按安全性升序介绍 AMC 的一些可用债券，以及为什么我认为它们是目前市场上最具吸引力的证券，尤其是对收益投资者而言。</blockquote></p><p> <b>Likelihood of Payout</b></p><p><blockquote><b>支付的可能性</b></blockquote></p><p> Before I look at the bonds themselves, understanding the security, or potential lack thereof, that they offer is important. Having lost $4.6 billion last year, and $149 million before the COVID era, it may seem ludicrous to even consider the fact that AMC is a good bet for creditors. However, the company took full advantage of its “meme stock” status and has raised significant funds off the back of its incredibly inflated valuation.</p><p><blockquote>在我研究债券本身之前，了解它们提供的安全性或潜在缺乏安全性是很重要的。去年亏损了 46 亿美元，在 COVID 时代之前亏损了 1.49 亿美元，甚至考虑到 AMC 对债权人来说是一个不错的选择这一事实似乎都很可笑。然而，该公司充分利用了其 “meme 股票 ”的地位，凭借其令人难以置信的虚高估值筹集了大量资金。</blockquote></p><p> Even before the company earned its meme status, AMC had raised $917 million from mid-December to late January. $506 million of this came from the sale of new equity and the company was able to convert $100 million in second-lien debt into equity as well. AMC was alsoable to convert $600 million in senior notes held by Silver Lake into equity. The company has also raisedmore than $1 billion from April and November of the previous year through equity and debt raises, as well as “a modest amount of asset sales.” These early capital raises enabled AMC to become a bit better-equipped to handle its existing debt load in light of the previous year’s poor performance. However, all of this together still wasn’t really enough.</p><p><blockquote>甚至在该公司获得模因地位之前，AMC 就从 12 月中旬到 1 月下旬筹集了 9.17 亿美元。其中 5.06 亿美元来自新股权的出售，该公司还能够将 1 亿美元的第二留置权债务转换为股权。AMC 还可以将 Silver Lake 持有的 6 亿美元优先票据转换为股权。自去年 4 月和 11 月以来，该公司还通过股权和债务融资以及 “少量资产出售 ”筹集了 10 多亿美元。鉴于上一年的业绩不佳，这些早期融资使 AMC 能够更好地处理现有的债务负担。然而，所有这些加在一起仍然不够。</blockquote></p><p> Then, late in January, things changed rapidly for the struggling movie giant. Trading at around $5 on January 26, shares would rise to about $20 the following day. While they would soon retreat from such highs, shares sustained an elevated level of trading until late May came around and shares broke the $60 barrier in a matter of days. This new price presented AMC with a golden opportunity.</p><p><blockquote>然后，在一月下旬，这家苦苦挣扎的电影巨头的情况发生了迅速变化。1 月 26 日股价约为 5 美元，第二天股价将升至 20 美元左右。虽然它们很快就会从这样的高点回落，但股价一直保持着较高的交易水平，直到 5 月下旬到来，股价在几天内就突破了 60 美元的关口。这个新价格为AMC提供了一个千载难逢的机会。</blockquote></p><p> While the company waited a little to fully seize the opportunity,AMC raised a total of $1.246 billion in the second quarter. All in equity. With such an elevated stock price, AMC was able to raise far more money than they would’ve been able to previously and at a far lower level of dilution. After this more aggressive round of funding, AMC’s CEO, Adam Aron, said of the raise “[it has] substantially strengthen[ed] and improv[ed] AMC’s balance sheet, providing valuable flexibility to respond to potential challenges and capitalize on attractive opportunities in the future.” The last part of this I find particularly interesting, as it implies that AMC may even have some excess capital to invest if a particularly attractive opportunity presents itself. While I’m not sure if AMC is quite in the position to begin spending money on new opportunities again, it does speak towards the confidence in the company’s current capital structure.</p><p><blockquote>虽然该公司等待了一段时间才完全抓住机会，但 AMC 在第二季度总共筹集了 12.46 亿美元。都是公平的。在股价如此高涨的情况下，AMC 能够筹集到比以前多得多的资金，而且稀释程度也低得多。在这轮更积极的融资之后，AMC 首席执行官亚当-阿伦（Adam Aron）在谈到此次融资时说：“[它]大大加强和改善了 AMC 的资产负债表，为应对潜在挑战和利用未来有吸引力的机遇提供了宝贵的灵活性”。我觉得最后一部分特别有趣，因为它意味着如果出现特别有吸引力的机会，AMC 甚至可能有一些多余的资本进行投资。虽然我不确定 AMC 是否有能力再次开始在新的机会上花钱，但这确实有助于人们对公司目前的资本结构充满信心。</blockquote></p><p> Even before this incredible capital raise, Mr. Aron was rather pleased with the company’s standing,saying: “I am optimistic and confident about AMC’s ability to weather this COVID-19 storm. Our focus is no longer on survival.” The executive’s remarks, made in March, even came before AMC’s strongest rally in the stock market. This level of confidence, coming before the company’s largest capital raise, provides even further reassurance. But enough of this discussion of sentiment. With all of this recent movement, what exactly is AMC’s cash position?</p><p><blockquote>甚至在这次令人难以置信的融资之前，阿伦先生就对公司的地位相当满意，他说： “我对 AMC 经受住 COVID-19 风暴的能力持乐观和信心。我们的重点不再是生存”。这位高管在 3 月份发表的言论甚至发生在 AMC 股市最强劲反弹之前。在公司进行最大规模的融资之前，这种程度的信心让人更加放心。但是关于情绪的讨论已经够多了。鉴于最近的所有这些变动，AMC 的现金状况到底是多少？</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f42c5be344a583c11229ebdc7cda4973\" tg-width=\"814\" tg-height=\"491\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fae8632ca98e5f7c7bcae4dab18268aa\" tg-width=\"831\" tg-height=\"491\" width=\"100%\" height=\"auto\"><span>Source: Author’s Calculations via Bloomberg Terminal</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者通过彭博终端进行的计算</span></p></blockquote></p><p> Examining the company’s liquidity ratios, AMC unsurprisingly isn’t terribly well-positioned. The company’s current ratio, which measures current assets versus current liabilities, has trended below one since data is available. The quick ratio, which excludes inventory from the measure, has never reached 1 for as far back as public data goes. While inventory is typically considered rather liquid, it can require significant time to convert into cash, hence the ‘quick’ liquidity ratio. A ratio of 1 or above signifies that a company’s easily liquidable assets are able to cover all of its short-term debt obligations. As AMC does not have a current ratio, or quick ratio for that matter, above this mark, it cannot simply rely on easy liquidation and current cash to cover its short-term liabilities.</p><p><blockquote>从公司的流动性比率来看，AMC 的定位并不出所料。自有数据以来，该公司衡量流动资产与流动负债的流动比率一直低于 1。从公开数据来看，将库存排除在衡量标准之外的快速比率从未达到 1。虽然存货通常被认为是相当流动性的，但它可能需要相当长的时间才能转化为现金，因此是“快速”流动性比率。比率为 1 或以上意味着公司易于变现的资产能够覆盖其所有短期债务义务。由于 AMC 没有高于这一水平的流动比率或速动比率，因此它不能简单地依靠轻松清算和流动现金来偿还其短期负债。</blockquote></p><p> Similarly, looking at the company’s debt to asset ratio, we can see that debt dramatically outweighs the company’s assets. Looking at the historical ratios for AMC, we can see that this isn’t anything that new either. While this, unsurprisingly, increased a lot over 2020, the company has a historically high debt to equity ratio. This signals that AMC has largely relied on debt throughout its lifetime to grow its assets. This heavy use of debt is the main culprit behind AMC’s current weak capital position and concerns of bankruptcy last year. Though, the fact that this is nothing new should tell investors that a high debt to asset ratio isn’t inherently a bad thing. The theatre business is a very capital-intensive business and not utilizing debt in this manner would make expansion incredibly difficult.</p><p><blockquote>同样，从公司的资产负债率来看，我们可以看到债务远远超过了公司的资产。从 AMC 的历史比率来看，我们可以发现这也不是什么新鲜事。不出所料，虽然这一数字在 2020 年大幅增加，但该公司的债务股本比率却处于历史高位。这表明 AMC 在其整个生命周期中很大程度上依赖债务来增加其资产。这种对债务的大量使用是 AMC 目前资本状况不佳和去年破产担忧的罪魁祸首。不过，这并不是什么新鲜事，这一事实应该告诉投资者，高资产负债率本身并不是一件坏事。剧院业务是一项资本密集型业务，不以这种方式利用债务将使扩张变得极其困难。</blockquote></p><p> What is noteworthy, however, is exactly how inflated this ratio has become. In 2020, AMC’s debt to equity ratio turned negative for the first time, signaling that the company’s liabilities surpassed its assets. Often, companies in such a predicament face insolvency as they’re faced with an inability to make good on debt obligations. However, this was at the end of 2020. We’ll have to wait for AMC’s full-year report to see how this has changed, though the company’s lowering of debt and dramatic increase in capital through the sale of stock indicates that this should return to a positive for 2021.</p><p><blockquote>然而，值得注意的是，这个比率到底有多膨胀。2020 年，AMC 的债务权益比率首次转为负值，这表明该公司的负债超过了资产。通常情况下，陷入这种困境的公司会面临破产，因为它们面临着无力偿还债务的问题。然而，这是在2020年底。我们还得等待 AMC 的年度报告才能知道这种情况发生了怎样的变化，不过该公司降低了债务，并通过出售股票大幅增加了资本，这表明 2021 年的情况应该会回到正值。</blockquote></p><p> If we look at the company’s market value to debt ratio, we can see that AMC’s equity position at the moment is incredibly strong as it transitions away from merely struggling to stay afloat. At .63, AMC is actually in a position to be able to fund its debt obligations through equity. That’s down dramatically from the 23.87 from the end of 2020, though still quite a bit above the .1 average for other U.S. firms. The importance here is more in the tremendous decrease over the last eleven months though. We know that AMC isn’t a pinnacle of financial excellence at the moment, that’s the entire reason this article even exists. What is important to note, is that the company’s financial health is rapidly improving.</p><p><blockquote>如果我们看看该公司的市值与债务比率，就会发现 AMC 目前的股权状况非常强劲，因为它已经不再仅仅是挣扎维持生计。AMC 实际上能够通过股权为其债务提供资金。这比 2020 年底的 23.87 大幅下降，但仍远高于其他美国公司 0.1 的平均水平。不过，这里的重要性更在于过去11个月的大幅下降。我们知道，AMC 目前还不是金融卓越的巅峰，这也是本文存在的全部原因。值得注意的是，该公司的财务状况正在迅速改善。</blockquote></p><p> I don’t think that there’s much question that AMC will sell more equity before defaulting, as dilution is far less damaging than defaulting on debt would be. AMC has been prioritizing its debt payments throughout its recovery and there’s no reason that it would stop now that it has even greater means to do so. While the majority of these figures don’t necessarily indicate the most financially healthy company, it does demonstrate a company on the mend which I believe has eliminated concerns of insolvency.</p><p><blockquote>我认为 AMC 在违约前出售更多股权没有太大疑问，因为稀释的危害远小于债务违约。AMC 在整个复苏过程中一直优先考虑偿还债务，现在它有更多的手段，没有理由停止偿还债务。虽然这些数字中的大多数并不一定表明公司财务状况最健康，但它们确实表明公司正在好转，我相信这已经消除了对破产的担忧。</blockquote></p><p> One of the main takeaways here is that a high debt load isn’t really anything new for AMC. Yes, right now it’s higher than usual. This was especially true for the end of 2020. Though, with the capital raised from selling more equity, AMC is in a far better place than it previously was. More importantly, AMC was missing the income it usually has to supplement its high level of debt. As consumers return to theatres, this income will begin to return.</p><p><blockquote>其中一个主要观点是，高债务负担对 AMC 来说并不是什么新鲜事。是的，现在比平时要高。2020年底尤其如此。不过，凭借出售更多股权筹集的资金，AMC 的处境比以前好得多。更重要的是，AMC 失去了通常用于补充其高水平债务的收入。随着消费者重返影院，这笔收入将开始回归。</blockquote></p><p> <b>Return to Normalcy</b></p><p><blockquote><b>恢复正常</b></blockquote></p><p> Looking at the numbers doesn’t really paint a great picture for AMC. However, the numbers don’t really tell the full story. Operational success is how companies tend to handle these matters and AMC is just starting to exit the most challenging operational environment of its life. As the world gradually begins a return to normalcy, its cash position will improve dramatically.</p><p><blockquote>从这些数字来看，AMC 的前景并不乐观。然而，数字并不能说明全部情况。运营成功是公司处理这些事务的方式，而 AMC 刚刚开始摆脱其一生中最具挑战性的运营环境。随着世界逐渐开始恢复正常，其现金状况将大幅改善。</blockquote></p><p></p><p> To start this off, let’s take a look at some Seeking Alpha analysis on AMC. In this article, the author focused on how moviegoing is poised for a comeback on the back of multiple highly-successful film debuts. This is bolstered by the fact that companies seem set to return to the norm of exclusive theatrical releases for new movies, as Disney(NYSE:DIS) recently announced it would. Two other articles,on Cineplex and Cinemark, offer similar conclusions.</p><p><blockquote>首先，让我们来看看 Seeking Alpha 对 AMC 的一些分析。在这篇文章中，作者重点讨论了在多部非常成功的电影处女作之后，观影是如何准备卷土重来的。正如迪士尼（纽约证券交易所股票代码：DIS）最近宣布的那样，公司似乎将回归新电影独家影院上映的常态，这一事实支持了这一点。另外两篇文章，关于Cineplex和Cinemark，提供了类似的结论。</blockquote></p><p> In the above articles, authors examine the future of the theatre business and discuss how the companies are on the path to return to profitability. As I agree with the general theses there, being that theatre operators are on their way back to their old form, I believe it’s safe to say that AMC is officially on the road to recovery. Now, I accept that AMC still has some way to go before becoming profitable again, however it is definitely on the mend. Additionally, the pandemic gave AMC the opportunity to make harsh cuts to its business that will ultimately benefit the company’s operational efficiency moving forward.</p><p><blockquote>在上述文章中，作者研究了剧院业务的未来，并讨论了这些公司如何走上恢复盈利的道路。我同意那里的一般论点，即影院运营商正在回到原来的状态，我认为可以肯定地说，AMC 已经正式走上了复苏之路。现在，我承认 AMC 在再次盈利之前还有一段路要走，但它肯定正在好转。此外，大流行病还让 AMC 有机会大幅削减业务，这最终将有利于公司未来的运营效率。</blockquote></p><p> More recently, AMC released its third quarter earnings. The company lost $244 million off of $763.2 million in revenue. The positive here is that the company’s revenue climbed 71.5% over the previous quarter. Keep in mind that this doesn’t account for high-profile releases in October such as <i>No Time to Die</i>or the second <i>Venom</i> title. The upcoming <i>Spiderman</i> and <i>Matrix</i> releases should only expedite the company’s recovery in the final quarter of the year. Corporate leadership is currently guiding towards a positive EBITDA for Q4.</p><p><blockquote>最近，AMC发布了第三季度收益。该公司收入为 7.632 亿美元，亏损 2.44 亿美元。积极的一面是，该公司的收入比上一季度增长了 71.5%。请记住，这并没有考虑到十月份的高调发布，例如<i>007：无暇赴死</i>或者第二个<i>毒液</i>标题。即将推出的<i>蜘蛛侠</i>和<i>矩阵</i>此次发布只会加快公司在今年最后一个季度的复苏。企业领导层目前正在指导第四季度实现正的 EBITDA。</blockquote></p><p> Moving on, let’s take a look at AMC’s net margin through the years. As the figure above demonstrates, AMC’s been churning out an abysmally low net margin pretty consistently for a decade. This is the normal that AMC is working so hard to return to?! After AMC added a tremendous level of expensive debt during the lows of the pandemic, it now needs to do more than just return to normal in order to successfully pay it off.</p><p><blockquote>接下来，让我们来看看 AMC 历年的净利润率。如上图所示，十年来，AMC 的净利润率一直低得惊人。这是AMC努力回归的常态吗？!在疫情低谷期间，AMC 增加了大量昂贵的债务后，为了成功还清债务，它现在需要做的不仅仅是恢复正常。</blockquote></p><p> AMC’s corporate borrowings have risen from $4.753 billion in 2019, to $5.453 billion as of September 30th. The good news, if there is any, is that AMC’s $5.453 billion in corporate borrowings marks a ~$250 million decrease from the $5.716 billion that the company had at the end of 2020. What really caught me by surprise, however, is that the company’s 2020 interest expense on corporate borrowings was only up ~6.22% from 2019. So, although expensive, the ~20.26% jump in total corporate borrowings in the same period indicates that this debt is actually less expensive than the company’s existing debt was.</p><p><blockquote>截至 9 月 30 日，AMC 的公司借款已从 2019 年的 47.53 亿美元增加到 54.53 亿美元。好消息（如果有的话）是，AMC 的 54.53 亿美元企业借款比该公司 2020 年底的 57.16 亿美元减少了约 2.5 亿美元。然而，真正让我大吃一惊的是，该公司 2020 年的公司借款利息支出仅比 2019 年增长了约 6.22%。因此，虽然价格昂贵，但同期企业借款总额增长了约 20.26%，这表明这笔债务实际上比公司现有债务的成本要低。</blockquote></p><p> As AMC begins a return to normalcy, I would expect to see it recover to a healthy interest coverage ratio. Before the pandemic, AMC’s interest coverage ratio was consistently above 5, meaning that its EBITDA could be used to pay off its interest five times over. A mere 6.22% increase in interest expenses means that AMC should be able to recover this important metric with general ease. Essentially, what this demonstrates is that AMC should be able to fully cover its interest expenses with operating revenues as soon as next year.</p><p><blockquote>随着 AMC 开始恢复正常，我预计它将恢复到健康的利息覆盖率。在大流行病之前，AMC 的利息覆盖率一直高于 5，这意味着其 EBITDA 可以用来支付五倍以上的利息。利息支出仅增加 6.22%，这意味着 AMC 应该能够轻松恢复这一重要指标。从本质上讲，这表明AMC最早应该能够用营业收入完全覆盖其利息支出。</blockquote></p><p> So, with the risk of defaulting on future interest payments looking pretty low, the only major risk remaining is the company’s questionable ability to pay off its debt upon maturity. I don’t mean to downplay the importance of this risk, as it carries the most potential for defaulting, so let’s take a look at how AMC’s return to normalcy will affect its ability to pay off its debt.</p><p><blockquote>因此，由于未来利息支付违约的风险看起来很低，剩下的唯一主要风险就是公司到期偿还债务的能力存疑。我并不是要淡化这种风险的重要性，因为它最有可能出现违约，所以让我们来看看 AMC 恢复正常将如何影响其偿还债务的能力。</blockquote></p><p> Mr. Aron discussed in the company’s most recent earnings call that debt, out of all of the issues surrounding AMC for the past two years, was never something that was seriously concerning to him. The company took on a lot of debt during the pandemic though, according to Mr. Aron, it was done “in a smart way.” He explained that there are no maturity dates before 2023, which will only be “a few $100 million worth”, and that the majority of the company’s debt will come due in 2026.</p><p><blockquote>阿伦先生在公司最近的财报看涨期权上讨论说，在过去两年围绕 AMC 的所有问题中，债务从来都不是他真正关心的问题。阿伦先生认为，该公司在大流行病期间背负了大量债务，但这是 “以一种聪明的方式 ”完成的。他解释说，2023 年之前没有到期日，2023 年只有 “几亿美元的价值”，公司的大部分债务将在 2026 年到期。</blockquote></p><p> The major component that Mr. Aron highlighted, however, is that the presence of debt isn’t inherently a bad thing. Of course, high debt loads such as AMC’s aren’t exactly the most healthy in the world, but almost every large corporation in the country carries debt to maximize shareholder returns. With a return to profitability as soon as next quarter, AMC’s operational health is rapidly improving and it can update its debt position to reflect that. The company expects to refinance its debt starting in 2023, lowering its interest payments and pushing back maturity dates. The goal isn’t to completely eliminate debt, rather it is to make debt a more manageable amount. The way the company is currently trending, this seems more than doable.</p><p><blockquote>不过，阿伦先生强调的主要因素是，债务的存在本身并不是一件坏事。当然，像 AMC 这样的高债务负担并不是世界上最健康的，但美国几乎每家大公司都背负着债务，以最大限度地提高股东回报。随着下一季度恢复盈利，AMC 的运营健康状况正在迅速改善，它可以更新其债务状况以反映这一点。该公司预计从 2023 年开始对债务进行再融资，降低利息支付并推迟到期日。我们的目标不是完全消除债务，而是使债务更容易管理。从该公司目前的发展趋势来看，这似乎非常可行。</blockquote></p><p> <b>Attractive Bond Offerings</b></p><p><blockquote><b>有吸引力的债券发行</b></blockquote></p><p></p><p> So now that we’ve determined that AMC looks to be fairly reliable in its ability to pay off its debt, it’s time to find the bonds that look the most attractive. I’ve found four high-yield bonds that I believe offer the best investment opportunities,courtesy of Finra. Typically, high-yield bonds are rather risky investments as, in order to convince creditors to lend money, firms must offer a substantial reward. However, I argue that, due to AMC’s dramatically improved cash position, its bonds are unjustly discounted and offer a strong investment opportunity.</p><p><blockquote>因此，既然我们已经确定 AMC 在偿还债务的能力方面看起来相当可靠，那么是时候寻找看起来最具吸引力的债券了。我发现了四只高收益债券，我认为它们提供了最佳的投资机会，由 Finra 提供。通常，高收益债券是风险相当大的投资，因为为了说服债权人放贷，公司必须提供可观的回报。不过，我认为，由于 AMC 的现金状况大幅改善，其债券折扣不公平，提供了一个很好的投资机会。</blockquote></p><p> Beginning with the highest-yielding bond,CUSIP:00165AAH1, the security currently has a yield to maturity of 13.608%. With a coupon rate of 5.75%, paid semi-annually, the appeal here isn’t so much the passive income opportunity, but the overall yield rate. Now, a 5.75% annual coupon rate isn’t too shabby, but the 12.881% yield to maturity is what grabs my attention. Assuming that my above analysis holds true, and AMC is able to pay off its current debt loads, the yield here is pretty strong. However, this bond does carry the highest level of risk with it as an unsecured note.</p><p><blockquote>从收益率最高的债券 CUSIP:00165AAH1 开始，该证券目前的到期收益率为 13.608%。票面利率为 5.75%，每半年支付一次，这里的吸引力与其说是被动收入机会，不如说是整体收益率。现在，5.75% 的年利率并不算太差，但 12.881% 的到期收益率却吸引了我的注意。假设我的上述分析成立，并且 AMC 能够偿还当前的债务负担，那么这里的收益率相当强劲。然而，作为无担保票据，这种债券确实具有最高水平的风险。</blockquote></p><p> The second highest-yielding bond,CUSIP:00165CAP9, does hold a noteworthy advantage over the previously discussed CUSIP:00165AAH1 bond. While its yield to maturity is slightly lower, at 11.294%, it is a second lien note. This is the second-highest bond priority ranking and, even more importantly, is ensured. If AMC were to default on its payments, the value of the loan has been secured by collateral. This would force the sale of assets in order to ensure that loan-holders receive their payments. Now, as a second lien note holder, owners aren’t guaranteed to receive the entire value of their loan in the case of the company defaulting, but they will at least receive a fraction. You will be paying for this heightened security a bit via the slightly lower yield rate, especially as its maturity date is a full year later, on June 6th, 2026. However, with a coupon rate of 12%, paid semi-annually, the moderately guaranteed income that the bond can provide is incredibly attractive. The bond is currently trading just below its price at maturity of $1,000, at $983.90.</p><p><blockquote>第二高收益率债券 CUSIP:00165CAP9 确实比之前讨论的 CUSIP:00165AAH1 债券具有显着优势。虽然其到期收益率略低，为11.294%，但它是第二张留置权票据。这是第二高的债券优先级，更重要的是，这是有保证的。如果AMC拖欠付款，贷款价值已由抵押品担保。这将迫使出售资产，以确保贷款持有人收到付款。现在，作为第二份留置权票据持有人，在公司违约的情况下，业主不能保证能收到全部贷款价值，但他们至少会收到一小部分。您将通过略低的收益率为这种增强的安全性付出一点代价，特别是因为它的到期日是一整年后的2026年6月6日。然而，由于票面利率为 12%，每半年支付一次，该债券可以提供的适度保证收入极具吸引力。该债券目前的交易价格略低于 1,000 美元的到期价格，为 983.90 美元。</blockquote></p><p> If you’re after the full security that a first lien note would offer, there are also a couple of good options. However, keep in mind that you will be paying an even greater premium for this security. Both,CUSIP:00165CAN4 and CUSIP:00165CAR5, have yield to maturity rates that are in the 6% range. The first of the two, CUSIP:00165CAN4, matures on April 15th, 2025 and has a yield to maturity rate of 7.905%. The second of the two expires the following year on April 24th, with a yield to maturity rate of 7.844%. Both are trading slightly above their price at maturity of $1,000, with CUSIP:00165CAN4 at $1072.50 and CUSIP:00165CAR5 at $1,054.90 and $1,060 respectively. Both bonds also have a coupon rate of 10.5%, paid semi-annually, representing a rather strong source of, consistent, secured income. Assuming the company doesn’t go bankrupt before the maturity dates, which is seeming incredibly unlikely at this point, the return on these bonds is rather attractive.</p><p><blockquote>如果您想要第一份留置权票据所提供的全面安全保障，也有几个不错的选择。但是，请记住，您将为这种安全性支付更高的溢价。CUSIP:00165CAN4 和 CUSIP:00165CAR5 的到期收益率均在 6% 范围内。两者中的第一个CUSIP:00165CAN4将于2025年4月15日到期，到期收益率为7.905%。两者中的第二个于次年4月24日到期，到期收益率为7.844%。两者的交易价格均略高于 1,000 美元的到期价格，CUSIP:00165CAN4 的交易价格为 1072.50 美元，CUSIP:00165CAR5 的交易价格分别为 1,054.90 美元和 1,060 美元。这两种债券的票面利率均为 10.5%，每半年支付一次，代表着相当强大的持续有保障收入来源。假设公司不会在到期日前破产（目前看来这种可能性极小），那么这些债券的回报就相当有吸引力。</blockquote></p><p> So, how did these incredibly attractive offerings even come to exist in the first place? Well, the CUSIP:00165CAP9 bond was issued in late 2020, a time where AMC was struggling tremendously and there weren’t any murmurs of a ‘meme stock’ rally on the horizon. At that point, a 12% coupon rate compounded semi-annually looked about the only way the company could convince creditors to loan money. CUSIP:00165CAN4 and CUSIP:00165CAR5, the two first lien notes, were also issued in mid- to late-2020 and, for the same reasons, were offered at attractive loaning figures to try and make up for the immense risk they carried. CUSIP:00165AAH1 was first offered in 2016, hence its lower coupon rate, but still shares one of the most important figures with the other loans -- a terrible rating. However, these ratings were given before AMC had been able to strengthen its cash position and no longer represent the company’s ability to make good on its debt payments. Even still, the low ratings keep the bonds out of mind for a majority of investing tools and, therefore, keep interest low. Additionally, the fact that AMC has performed better than expected in its past quarterly two earnings reports demonstrates that the Street still seems to be underestimating the pace of recovery. Hence, an opportunity is born.</p><p><blockquote>那么，这些极具吸引力的产品最初是如何产生的呢？CUSIP:00165CAP9 债券是在 2020 年底发行的，当时 AMC 正陷入困境，也没有任何 “meme 股票 ”即将反弹的传言。当时，每半年复利 12% 的票面利率似乎是该公司说服债权人放贷的唯一方法。前两张留置权票据 CUSIP:00165CAN4 和 CUSIP:00165CAR5 也于 2020 年中后期发行，出于同样的原因，它们以有吸引力的贷款金额提供，试图弥补它们所承担的巨大风险。CUSIP:00165AAH1 于 2016 年首次发行，因此其票面利率较低，但仍然与其他贷款共享最重要的数字之一——糟糕的评级。然而，这些评级是在 AMC 能够加强其现金状况之前给出的，不再代表该公司偿还债务的能力。即便如此，低评级让大多数投资工具都不会考虑债券，因此利率也会保持在较低水平。此外，AMC 在过去两个季度的收益报告中表现好于预期，这一事实表明华尔街似乎仍然低估了复苏的步伐。因此，一个机会诞生了。</blockquote></p><p> <b>Investor Takeaway</b></p><p><blockquote><b>投资者要点</b></blockquote></p><p></p><p> By no means is this article an endorsement of AMC’s stock. I rather agree with the general consensus here on Seeking Alpha that this is a company to stay away from. What I do want the reader to take away from this, however, is that I believe AMC’s cash position, although weak, is suitable to cover its debt obligations and that its high-yield bonds are now rather attractive because of this. While the security largely came at the price of heavy dilution, this isn’t really a concern as this investment thesis isn’t really concerned about the share price of AMC.</p><p><blockquote>本文绝不是对 AMC 股票的认可。我相当同意 Seeking Alpha 的普遍共识，即这是一家应该远离的公司。不过，我希望读者从中得到的一点是，我认为 AMC 的现金状况虽然薄弱，但足以偿还其债务，因此其高收益债券现在相当有吸引力。虽然这种证券在很大程度上是以严重稀释为代价的，但这并不是一个真正的问题，因为这种投资论点并不真正关心 AMC 的股价。</blockquote></p><p> The first lien notes offer the safest investment option and, CUSIP:00165CAR5 in particular, should be a part of any play on AMC’s debt. CUSIP:00165CAN4 is likely the safest though, as it comes due a year before the majority of AMC’s existing debt, further lowering any bankruptcy concerns. I also rather like the CUSIP:00165CAP9 bond as a way to increase returns rather substantially through a bit more risk. While I still believe that the risk of defaulting is relatively low, compared to what it was, it still does exist and the moderate protection is nice to have. I feel that the risk to return ratio here, on second lien versus first lien, is worth it. What I don’t feel is worth it, is the CUSIP:00165AAH1 bond. With a low coupon rate, and a yield to maturity only slightly above that of the more secure second lien note, it offers a fair amount more risk with a negligibly improved payoff. It doesn’t hold the same advantage as the other bonds, as it wasn’t issued in the dire circumstances that AMC was facing in 2020.</p><p><blockquote>第一份留置权票据提供了最安全的投资选择，尤其是 CUSIP:00165CAR5，应该成为 AMC 债务交易的一部分。CUSIP:00165CAN4 可能是最安全的，因为它比 AMC 的大部分现有债务提前一年到期，进一步降低了对破产的担忧。我也相当喜欢 CUSIP:00165CAP9 债券，将其作为一种通过增加风险来大幅增加回报的方式。虽然我仍然认为违约的风险相对较低，但与过去相比，它仍然存在，适度的保护是件好事。我觉得这里的风险回报率，第二留置权与第一留置权，是值得的。我觉得不值得的是 CUSIP:00165AAH1 债券。由于票面利率较低，到期收益率仅略高于更安全的第二留置权票据，它提供了相当大的风险，但回报却略有提高。它并不具有与其他债券相同的优势，因为它不是在 AMC 2020 年面临的严峻形势下发行的。</blockquote></p><p> Since I began writing this article in mid-October, the yield of these bonds has already dropped by a notable margin. CUSIP:00165CAP9 (second lien note) for example, which currently has a YTM of 11.294%, had a YTM of 12.451% at the time. Now, CUSIP:00165AAH1 (unsecured) had a 12.811% YTM and CUSIP:00165CAR5 (first lien) had a YTM of 6.57%, which means that their returns have actually improved since then. Regardless, it seems that the bond market, in general, is starting to price in AMC’s recovery and investors may not have this opportunity for too much longer. The days of a 133.36% YTM from AMC’s unsecured debt are long gone, but the current returns aren't too bad.</p><p><blockquote>自从我10月中旬开始写这篇文章以来，这些债券的收益率已经大幅下降。CUSIP:00165CAP9（第二留置权说明）例如，目前的 YTM 为 11.294%，当时的 YTM 为 12.451%。现在，CUSIP:00165AAH1（无担保）的YTM为12.811%，CUSIP:00165CAR5（第一留置权）的YTM为6.57%，这意味着此后他们的回报实际上有所改善。无论如何，债券市场似乎总体上已经开始为 AMC 的复苏定价，投资者可能不会有太久的机会。AMC 无担保债务年利率为 133.36% 的日子早已一去不复返了，但目前的回报率还不错。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4472766-amc-bonds-why-i-am-buying\">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":{"AMC":"AMC院线"},"source_url":"https://seekingalpha.com/article/4472766-amc-bonds-why-i-am-buying","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125581925","content_text":"Summary\n\nAMC has recently been able to capitalize heavily on its ‘meme stock’ status and shored up its cash position rather substantially.\nAMC has been recovering well in the past few months and is set to return to profitability next quarter.\nWhile there is still a ways to go before it is in a healthy cash position, AMC is in a suitable position to justify investing in its bonds.\nAMC was in dire need of capital in the early stages of the pandemic, so it sold bonds with high yields and coupon rates in order to attract creditors.\nNow that the company has been able to reduce its risk of defaulting, investors can take advantage of these high-yield, underpriced loans with a bit more confidence.\n\nMario Tama/Getty Images News\nEarlier this year, as I’m sure most readers are aware, AMC Entertainment(NYSE:AMC)got caught up in the ‘Wall Street Bets’ mania that took the retail investor crowd by storm. Reaching a peak of $72.62 back in June, AMC is now a ways off of its height but is still trading at a fairly elevated level of $33.94 (at the time of article submission). This isn’t an article meant to analyze if this new price is the new norm, I don’t really think that there’s a case to be made that it is. Instead, I’ll be looking at some of AMC’s available bonds, in increasing order of security, and why I believe they’re some of the most attractive securities on the market right now, especially for income investors.\nLikelihood of Payout\nBefore I look at the bonds themselves, understanding the security, or potential lack thereof, that they offer is important. Having lost $4.6 billion last year, and $149 million before the COVID era, it may seem ludicrous to even consider the fact that AMC is a good bet for creditors. However, the company took full advantage of its “meme stock” status and has raised significant funds off the back of its incredibly inflated valuation.\nEven before the company earned its meme status, AMC had raised $917 million from mid-December to late January. $506 million of this came from the sale of new equity and the company was able to convert $100 million in second-lien debt into equity as well. AMC was alsoable to convert $600 million in senior notes held by Silver Lake into equity. The company has also raisedmore than $1 billion from April and November of the previous year through equity and debt raises, as well as “a modest amount of asset sales.” These early capital raises enabled AMC to become a bit better-equipped to handle its existing debt load in light of the previous year’s poor performance. However, all of this together still wasn’t really enough.\nThen, late in January, things changed rapidly for the struggling movie giant. Trading at around $5 on January 26, shares would rise to about $20 the following day. While they would soon retreat from such highs, shares sustained an elevated level of trading until late May came around and shares broke the $60 barrier in a matter of days. This new price presented AMC with a golden opportunity.\nWhile the company waited a little to fully seize the opportunity,AMC raised a total of $1.246 billion in the second quarter. All in equity. With such an elevated stock price, AMC was able to raise far more money than they would’ve been able to previously and at a far lower level of dilution. After this more aggressive round of funding, AMC’s CEO, Adam Aron, said of the raise “[it has] substantially strengthen[ed] and improv[ed] AMC’s balance sheet, providing valuable flexibility to respond to potential challenges and capitalize on attractive opportunities in the future.” The last part of this I find particularly interesting, as it implies that AMC may even have some excess capital to invest if a particularly attractive opportunity presents itself. While I’m not sure if AMC is quite in the position to begin spending money on new opportunities again, it does speak towards the confidence in the company’s current capital structure.\nEven before this incredible capital raise, Mr. Aron was rather pleased with the company’s standing,saying: “I am optimistic and confident about AMC’s ability to weather this COVID-19 storm. Our focus is no longer on survival.” The executive’s remarks, made in March, even came before AMC’s strongest rally in the stock market. This level of confidence, coming before the company’s largest capital raise, provides even further reassurance. But enough of this discussion of sentiment. With all of this recent movement, what exactly is AMC’s cash position?\n\nSource: Author’s Calculations via Bloomberg Terminal\nExamining the company’s liquidity ratios, AMC unsurprisingly isn’t terribly well-positioned. The company’s current ratio, which measures current assets versus current liabilities, has trended below one since data is available. The quick ratio, which excludes inventory from the measure, has never reached 1 for as far back as public data goes. While inventory is typically considered rather liquid, it can require significant time to convert into cash, hence the ‘quick’ liquidity ratio. A ratio of 1 or above signifies that a company’s easily liquidable assets are able to cover all of its short-term debt obligations. As AMC does not have a current ratio, or quick ratio for that matter, above this mark, it cannot simply rely on easy liquidation and current cash to cover its short-term liabilities.\nSimilarly, looking at the company’s debt to asset ratio, we can see that debt dramatically outweighs the company’s assets. Looking at the historical ratios for AMC, we can see that this isn’t anything that new either. While this, unsurprisingly, increased a lot over 2020, the company has a historically high debt to equity ratio. This signals that AMC has largely relied on debt throughout its lifetime to grow its assets. This heavy use of debt is the main culprit behind AMC’s current weak capital position and concerns of bankruptcy last year. Though, the fact that this is nothing new should tell investors that a high debt to asset ratio isn’t inherently a bad thing. The theatre business is a very capital-intensive business and not utilizing debt in this manner would make expansion incredibly difficult.\nWhat is noteworthy, however, is exactly how inflated this ratio has become. In 2020, AMC’s debt to equity ratio turned negative for the first time, signaling that the company’s liabilities surpassed its assets. Often, companies in such a predicament face insolvency as they’re faced with an inability to make good on debt obligations. However, this was at the end of 2020. We’ll have to wait for AMC’s full-year report to see how this has changed, though the company’s lowering of debt and dramatic increase in capital through the sale of stock indicates that this should return to a positive for 2021.\nIf we look at the company’s market value to debt ratio, we can see that AMC’s equity position at the moment is incredibly strong as it transitions away from merely struggling to stay afloat. At .63, AMC is actually in a position to be able to fund its debt obligations through equity. That’s down dramatically from the 23.87 from the end of 2020, though still quite a bit above the .1 average for other U.S. firms. The importance here is more in the tremendous decrease over the last eleven months though. We know that AMC isn’t a pinnacle of financial excellence at the moment, that’s the entire reason this article even exists. What is important to note, is that the company’s financial health is rapidly improving.\nI don’t think that there’s much question that AMC will sell more equity before defaulting, as dilution is far less damaging than defaulting on debt would be. AMC has been prioritizing its debt payments throughout its recovery and there’s no reason that it would stop now that it has even greater means to do so. While the majority of these figures don’t necessarily indicate the most financially healthy company, it does demonstrate a company on the mend which I believe has eliminated concerns of insolvency.\nOne of the main takeaways here is that a high debt load isn’t really anything new for AMC. Yes, right now it’s higher than usual. This was especially true for the end of 2020. Though, with the capital raised from selling more equity, AMC is in a far better place than it previously was. More importantly, AMC was missing the income it usually has to supplement its high level of debt. As consumers return to theatres, this income will begin to return.\nReturn to Normalcy\nLooking at the numbers doesn’t really paint a great picture for AMC. However, the numbers don’t really tell the full story. Operational success is how companies tend to handle these matters and AMC is just starting to exit the most challenging operational environment of its life. As the world gradually begins a return to normalcy, its cash position will improve dramatically.\nTo start this off, let’s take a look at some Seeking Alpha analysis on AMC. In this article, the author focused on how moviegoing is poised for a comeback on the back of multiple highly-successful film debuts. This is bolstered by the fact that companies seem set to return to the norm of exclusive theatrical releases for new movies, as Disney(NYSE:DIS) recently announced it would. Two other articles,on Cineplex and Cinemark, offer similar conclusions.\nIn the above articles, authors examine the future of the theatre business and discuss how the companies are on the path to return to profitability. As I agree with the general theses there, being that theatre operators are on their way back to their old form, I believe it’s safe to say that AMC is officially on the road to recovery. Now, I accept that AMC still has some way to go before becoming profitable again, however it is definitely on the mend. Additionally, the pandemic gave AMC the opportunity to make harsh cuts to its business that will ultimately benefit the company’s operational efficiency moving forward.\nMore recently, AMC released its third quarter earnings. The company lost $244 million off of $763.2 million in revenue. The positive here is that the company’s revenue climbed 71.5% over the previous quarter. Keep in mind that this doesn’t account for high-profile releases in October such as No Time to Dieor the second Venom title. The upcoming Spiderman and Matrix releases should only expedite the company’s recovery in the final quarter of the year. Corporate leadership is currently guiding towards a positive EBITDA for Q4.\nMoving on, let’s take a look at AMC’s net margin through the years. As the figure above demonstrates, AMC’s been churning out an abysmally low net margin pretty consistently for a decade. This is the normal that AMC is working so hard to return to?! After AMC added a tremendous level of expensive debt during the lows of the pandemic, it now needs to do more than just return to normal in order to successfully pay it off.\nAMC’s corporate borrowings have risen from $4.753 billion in 2019, to $5.453 billion as of September 30th. The good news, if there is any, is that AMC’s $5.453 billion in corporate borrowings marks a ~$250 million decrease from the $5.716 billion that the company had at the end of 2020. What really caught me by surprise, however, is that the company’s 2020 interest expense on corporate borrowings was only up ~6.22% from 2019. So, although expensive, the ~20.26% jump in total corporate borrowings in the same period indicates that this debt is actually less expensive than the company’s existing debt was.\nAs AMC begins a return to normalcy, I would expect to see it recover to a healthy interest coverage ratio. Before the pandemic, AMC’s interest coverage ratio was consistently above 5, meaning that its EBITDA could be used to pay off its interest five times over. A mere 6.22% increase in interest expenses means that AMC should be able to recover this important metric with general ease. Essentially, what this demonstrates is that AMC should be able to fully cover its interest expenses with operating revenues as soon as next year.\nSo, with the risk of defaulting on future interest payments looking pretty low, the only major risk remaining is the company’s questionable ability to pay off its debt upon maturity. I don’t mean to downplay the importance of this risk, as it carries the most potential for defaulting, so let’s take a look at how AMC’s return to normalcy will affect its ability to pay off its debt.\nMr. Aron discussed in the company’s most recent earnings call that debt, out of all of the issues surrounding AMC for the past two years, was never something that was seriously concerning to him. The company took on a lot of debt during the pandemic though, according to Mr. Aron, it was done “in a smart way.” He explained that there are no maturity dates before 2023, which will only be “a few $100 million worth”, and that the majority of the company’s debt will come due in 2026.\nThe major component that Mr. Aron highlighted, however, is that the presence of debt isn’t inherently a bad thing. Of course, high debt loads such as AMC’s aren’t exactly the most healthy in the world, but almost every large corporation in the country carries debt to maximize shareholder returns. With a return to profitability as soon as next quarter, AMC’s operational health is rapidly improving and it can update its debt position to reflect that. The company expects to refinance its debt starting in 2023, lowering its interest payments and pushing back maturity dates. The goal isn’t to completely eliminate debt, rather it is to make debt a more manageable amount. The way the company is currently trending, this seems more than doable.\nAttractive Bond Offerings\nSo now that we’ve determined that AMC looks to be fairly reliable in its ability to pay off its debt, it’s time to find the bonds that look the most attractive. I’ve found four high-yield bonds that I believe offer the best investment opportunities,courtesy of Finra. Typically, high-yield bonds are rather risky investments as, in order to convince creditors to lend money, firms must offer a substantial reward. However, I argue that, due to AMC’s dramatically improved cash position, its bonds are unjustly discounted and offer a strong investment opportunity.\nBeginning with the highest-yielding bond,CUSIP:00165AAH1, the security currently has a yield to maturity of 13.608%. With a coupon rate of 5.75%, paid semi-annually, the appeal here isn’t so much the passive income opportunity, but the overall yield rate. Now, a 5.75% annual coupon rate isn’t too shabby, but the 12.881% yield to maturity is what grabs my attention. Assuming that my above analysis holds true, and AMC is able to pay off its current debt loads, the yield here is pretty strong. However, this bond does carry the highest level of risk with it as an unsecured note.\nThe second highest-yielding bond,CUSIP:00165CAP9, does hold a noteworthy advantage over the previously discussed CUSIP:00165AAH1 bond. While its yield to maturity is slightly lower, at 11.294%, it is a second lien note. This is the second-highest bond priority ranking and, even more importantly, is ensured. If AMC were to default on its payments, the value of the loan has been secured by collateral. This would force the sale of assets in order to ensure that loan-holders receive their payments. Now, as a second lien note holder, owners aren’t guaranteed to receive the entire value of their loan in the case of the company defaulting, but they will at least receive a fraction. You will be paying for this heightened security a bit via the slightly lower yield rate, especially as its maturity date is a full year later, on June 6th, 2026. However, with a coupon rate of 12%, paid semi-annually, the moderately guaranteed income that the bond can provide is incredibly attractive. The bond is currently trading just below its price at maturity of $1,000, at $983.90.\nIf you’re after the full security that a first lien note would offer, there are also a couple of good options. However, keep in mind that you will be paying an even greater premium for this security. Both,CUSIP:00165CAN4 and CUSIP:00165CAR5, have yield to maturity rates that are in the 6% range. The first of the two, CUSIP:00165CAN4, matures on April 15th, 2025 and has a yield to maturity rate of 7.905%. The second of the two expires the following year on April 24th, with a yield to maturity rate of 7.844%. Both are trading slightly above their price at maturity of $1,000, with CUSIP:00165CAN4 at $1072.50 and CUSIP:00165CAR5 at $1,054.90 and $1,060 respectively. Both bonds also have a coupon rate of 10.5%, paid semi-annually, representing a rather strong source of, consistent, secured income. Assuming the company doesn’t go bankrupt before the maturity dates, which is seeming incredibly unlikely at this point, the return on these bonds is rather attractive.\nSo, how did these incredibly attractive offerings even come to exist in the first place? Well, the CUSIP:00165CAP9 bond was issued in late 2020, a time where AMC was struggling tremendously and there weren’t any murmurs of a ‘meme stock’ rally on the horizon. At that point, a 12% coupon rate compounded semi-annually looked about the only way the company could convince creditors to loan money. CUSIP:00165CAN4 and CUSIP:00165CAR5, the two first lien notes, were also issued in mid- to late-2020 and, for the same reasons, were offered at attractive loaning figures to try and make up for the immense risk they carried. CUSIP:00165AAH1 was first offered in 2016, hence its lower coupon rate, but still shares one of the most important figures with the other loans -- a terrible rating. However, these ratings were given before AMC had been able to strengthen its cash position and no longer represent the company’s ability to make good on its debt payments. Even still, the low ratings keep the bonds out of mind for a majority of investing tools and, therefore, keep interest low. Additionally, the fact that AMC has performed better than expected in its past quarterly two earnings reports demonstrates that the Street still seems to be underestimating the pace of recovery. Hence, an opportunity is born.\nInvestor Takeaway\nBy no means is this article an endorsement of AMC’s stock. I rather agree with the general consensus here on Seeking Alpha that this is a company to stay away from. What I do want the reader to take away from this, however, is that I believe AMC’s cash position, although weak, is suitable to cover its debt obligations and that its high-yield bonds are now rather attractive because of this. While the security largely came at the price of heavy dilution, this isn’t really a concern as this investment thesis isn’t really concerned about the share price of AMC.\nThe first lien notes offer the safest investment option and, CUSIP:00165CAR5 in particular, should be a part of any play on AMC’s debt. CUSIP:00165CAN4 is likely the safest though, as it comes due a year before the majority of AMC’s existing debt, further lowering any bankruptcy concerns. I also rather like the CUSIP:00165CAP9 bond as a way to increase returns rather substantially through a bit more risk. While I still believe that the risk of defaulting is relatively low, compared to what it was, it still does exist and the moderate protection is nice to have. I feel that the risk to return ratio here, on second lien versus first lien, is worth it. What I don’t feel is worth it, is the CUSIP:00165AAH1 bond. With a low coupon rate, and a yield to maturity only slightly above that of the more secure second lien note, it offers a fair amount more risk with a negligibly improved payoff. It doesn’t hold the same advantage as the other bonds, as it wasn’t issued in the dire circumstances that AMC was facing in 2020.\nSince I began writing this article in mid-October, the yield of these bonds has already dropped by a notable margin. CUSIP:00165CAP9 (second lien note) for example, which currently has a YTM of 11.294%, had a YTM of 12.451% at the time. Now, CUSIP:00165AAH1 (unsecured) had a 12.811% YTM and CUSIP:00165CAR5 (first lien) had a YTM of 6.57%, which means that their returns have actually improved since then. Regardless, it seems that the bond market, in general, is starting to price in AMC’s recovery and investors may not have this opportunity for too much longer. The days of a 133.36% YTM from AMC’s unsecured debt are long gone, but the current returns aren't too bad.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":4259,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":603925822,"gmtCreate":1638355565878,"gmtModify":1638356086470,"author":{"id":"4099627780862330","authorId":"4099627780862330","name":"Adinn","avatar":"https://static.tigerbbs.com/c440367559652b7f45d7223115272455","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099627780862330","idStr":"4099627780862330"},"themes":[],"title":"","htmlText":"Thanks for sharing ","listText":"Thanks for sharing ","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/603925822","repostId":"1174106147","repostType":4,"repost":{"id":"1174106147","kind":"news","pubTimestamp":1638354648,"share":"https://www.laohu8.com/m/news/1174106147?lang=zh_CN&edition=full","pubTime":"2021-12-01 18:30","market":"us","language":"en","title":"Stock Futures, Oil Rise, Pointing to More Seesaw Moves on Omicron Uncertainty<blockquote>股票期货、油价上涨，表明奥密克戎不确定性将出现更多跷跷板走势</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1174106147","media":"The Wall Street Journal","summary":"U.S. stock futures and oil prices rose, suggesting markets would claw back some losses sparked by wo","content":"<p>U.S. stock futures and oil prices rose, suggesting markets would claw back some losses sparked by worries over the Omicron variant and the unwinding of Federal Reserve stimulus.</p><p><blockquote>美国股指期货和油价上涨，表明市场将收复因对奥密克戎变体和美联储取消刺激措施的担忧而引发的部分损失。</blockquote></p><p> Investors have little to go on as they assess whether the variant will lead to renewed restrictions in the U.S. and elsewhere and, if so, how governments and central banks would respond to support the economy. Though drugmakers have said the variant first identified in southern Africa looks like it could make existing vaccines less effective, they expect to be able to update the shots. Investors say a return to full-scale lockdowns is unlikely.</p><p><blockquote>投资者在评估这一变体是否会导致美国和其他地方重新实施限制，以及如果会，政府和央行将如何应对以支持经济时几乎没有什么可做的。尽管制药商表示，首先在南部非洲发现的变种看起来可能会降低现有疫苗的有效性，但他们希望能够更新疫苗。投资者表示，恢复全面封锁的可能性不大。</blockquote></p><p> The uncertainty has led to seesaw moves in global markets that extended into Wednesday. Futures for the S&P 500 rose 1.2%, signaling gains for the benchmark index. The S&P 500 fell 1.9% Tuesday, closing out a decline for November after a late-month dive sparked by the emergence of Omicron.</p><p><blockquote>这种不确定性导致全球市场的跷跷板波动一直持续到周三。标普500期货上涨 1.2%，表明基准指数上涨。标普500周二下跌 1.9%，结束了 11 月底因 Omicron 的出现而暴跌。</blockquote></p><p> “We just don’t know how much more infectious it is, how severe the symptoms are and what the impact of that is,” said Sebastian Mackay, a multiasset fund manager at Invesco. “What I’d assume now is this probably isn’t enough to derail the recovery that’s going on.”</p><p><blockquote>“景顺多资产基金经理塞巴斯蒂安-麦凯（Sebastian Mackay）说：”我们只是不知道它的传染性有多强，症状有多严重，影响有多大。“我现在认为，这可能不足以破坏正在进行的复苏进程。”</blockquote></p><p> Invesco’s multiasset funds have bought stocks at cheaper levels since Omicron first rattled markets last week, Mr. Mackay added.</p><p><blockquote>麦凯先生补充说，自上周奥密克戎首次扰乱市场以来，景顺的多资产基金一直在以更低的价格买入股票。</blockquote></p><p> Technology stocks headed for a strong start to Wednesday’s session as futures for the Nasdaq-100 added 1.3%. Contracts for the blue-chip Dow Jones Industrial Average rose 0.9%.</p><p><blockquote>科技股周三开盘强劲，纳斯达克 100 指数期货上涨 1.3%。蓝筹股道琼斯工业平均指数合约上涨 0.9%。</blockquote></p><p> Ahead of the bell in New York, Merck shares rose 4.8% after scientific advisers recommended the Food and Drug Administration authorize the company’s experimental Covid-19 oral antiviral. Salesforce.com fell 7.4% after the software company’s guidance for fourth-quarter earnings fell short of expectations.</p><p><blockquote>在纽约盘前，默克公司股价上涨了 4.8%，此前科学顾问建议美国食品和药物管理局授权该公司的实验性 Covid-19 口服抗病毒药物。软件公司 Salesforce.com 第四季度盈利指引不及预期，股价下跌 7.4%。</blockquote></p><p> In another snapback, Brent oil prices, which have tumbled on signs Omicron was curtailing demand for jet fuel, rose 4.3% to $72.17 a barrel. The Organization of the Petroleum Exporting Countries meets Wednesday and Thursday to determine its response to recent price declines. Analysts say the cartel, still holding back production in tandem with allies led by Russia, may pause plans to pump more oil in January, or further cut output.</p><p><blockquote>布伦特原油价格再次反弹，因奥密克戎削减航空燃油需求的迹象而暴跌，布伦特原油价格上涨 4.3%，至每桶 72.17 美元。石油输出国组织将于周三和周四召开会议，以确定其对最近价格下跌的反应。分析人士表示，该卡特尔仍在与俄罗斯领导的盟友一起抑制产量，可能会暂停一月份增产石油的计划，或进一步减产。</blockquote></p><p> One cause for concern, money managers say, is that the rapid pace of inflation could prevent the Fed and other central banks from unleashing stimulus in the event of severe disruption caused by Omicron. Fed Chairman Jerome Powell added to those worries Tuesday when he opened the door to an interest-rate rise in the first half of 2022.</p><p><blockquote>基金经理表示，令人担忧的一个原因是，快速的通胀可能会阻止美联储和其他央行在奥密克戎造成严重干扰的情况下推出刺激措施。美联储主席杰罗姆·鲍威尔周二为 2022 年上半年加息敞开大门，加剧了这些担忧。</blockquote></p><p> For a reading on inflationary pressures, investors will parse the Institute for Supply Management’s manufacturing index at 10 a.m. ET. Economists expect the survey to show factories experienced another month of strong new orders in November, but also rising prices and long waiting times for materials.</p><p><blockquote>要了解通胀压力，投资者将在美国东部时间上午 10 点分析供应管理协会的制造业指数。经济学家预计，调查将显示工厂在11月份又经历了一个月的强劲新订单，但价格也在上涨，材料等待时间也很长。</blockquote></p><p> Wednesday’s move back into riskier assets knocked the government bond market. The yield on benchmark 10-year Treasury notes rose to 1.500% from 1.440% Tuesday. Yields move inversely to bond prices.</p><p><blockquote>周三对风险较高资产的回归打击了政府债券市场。基准 10 年期国债收益率从周二的 1.440% 升至 1.500%。收益率与债券价格成反比。</blockquote></p><p> Overseas markets gained. The Stoxx Europe 600 rose 0.7%, led higher by shares of travel, leisure and basic-resource companies, which would all be exposed to an economic downturn. Strong performers included budget airline Wizz Air, up more than 6%, Deutsche Lufthansa, up 4.9%, and cruise operator Carnival, which gained 4.6%.</p><p><blockquote>海外市场上涨。斯托克欧洲 600 指数上涨 0.7%，旅游、休闲和基础资源公司股票领涨，这些公司都将面临经济衰退。表现强劲的公司包括廉价航空公司威兹航空（上涨超过 6%）、德国汉莎航空公司（上涨 4.9%）和邮轮运营商嘉年华（上涨 4.6%）。</blockquote></p><p> Winners from the stay-at-home trade fell. German food-delivery firm HelloFresh lost 4.3% and U.K.-listed takeout company Deliveroo shed 2.8%.</p><p><blockquote>居家交易的赢家下降了。德国食品配送公司 HelloFresh 下跌 4.3%，英国上市外卖公司户户送下跌 2.8%。</blockquote></p><p> Asian markets were broadly higher. South Korea’s Kospi added 2.1% while Japan’s Nikkei 225 and China’s Shanghai Composite rose 0.4%.</p><p><blockquote>亚洲市场普遍走高。韩国综合股价指数上涨 2.1%，日本日经 225 指数和中国上证综指上涨 0.4%。</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>Stock Futures, Oil Rise, Pointing to More Seesaw Moves on Omicron Uncertainty<blockquote>股票期货、油价上涨，表明奥密克戎不确定性将出现更多跷跷板走势</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\">\nStock Futures, Oil Rise, Pointing to More Seesaw Moves on Omicron Uncertainty<blockquote>股票期货、油价上涨，表明奥密克戎不确定性将出现更多跷跷板走势</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-12-01 18:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. stock futures and oil prices rose, suggesting markets would claw back some losses sparked by worries over the Omicron variant and the unwinding of Federal Reserve stimulus.</p><p><blockquote>美国股指期货和油价上涨，表明市场将收复因对奥密克戎变体和美联储取消刺激措施的担忧而引发的部分损失。</blockquote></p><p> Investors have little to go on as they assess whether the variant will lead to renewed restrictions in the U.S. and elsewhere and, if so, how governments and central banks would respond to support the economy. Though drugmakers have said the variant first identified in southern Africa looks like it could make existing vaccines less effective, they expect to be able to update the shots. Investors say a return to full-scale lockdowns is unlikely.</p><p><blockquote>投资者在评估这一变体是否会导致美国和其他地方重新实施限制，以及如果会，政府和央行将如何应对以支持经济时几乎没有什么可做的。尽管制药商表示，首先在南部非洲发现的变种看起来可能会降低现有疫苗的有效性，但他们希望能够更新疫苗。投资者表示，恢复全面封锁的可能性不大。</blockquote></p><p> The uncertainty has led to seesaw moves in global markets that extended into Wednesday. Futures for the S&P 500 rose 1.2%, signaling gains for the benchmark index. The S&P 500 fell 1.9% Tuesday, closing out a decline for November after a late-month dive sparked by the emergence of Omicron.</p><p><blockquote>这种不确定性导致全球市场的跷跷板波动一直持续到周三。标普500期货上涨 1.2%，表明基准指数上涨。标普500周二下跌 1.9%，结束了 11 月底因 Omicron 的出现而暴跌。</blockquote></p><p> “We just don’t know how much more infectious it is, how severe the symptoms are and what the impact of that is,” said Sebastian Mackay, a multiasset fund manager at Invesco. “What I’d assume now is this probably isn’t enough to derail the recovery that’s going on.”</p><p><blockquote>“景顺多资产基金经理塞巴斯蒂安-麦凯（Sebastian Mackay）说：”我们只是不知道它的传染性有多强，症状有多严重，影响有多大。“我现在认为，这可能不足以破坏正在进行的复苏进程。”</blockquote></p><p> Invesco’s multiasset funds have bought stocks at cheaper levels since Omicron first rattled markets last week, Mr. Mackay added.</p><p><blockquote>麦凯先生补充说，自上周奥密克戎首次扰乱市场以来，景顺的多资产基金一直在以更低的价格买入股票。</blockquote></p><p> Technology stocks headed for a strong start to Wednesday’s session as futures for the Nasdaq-100 added 1.3%. Contracts for the blue-chip Dow Jones Industrial Average rose 0.9%.</p><p><blockquote>科技股周三开盘强劲，纳斯达克 100 指数期货上涨 1.3%。蓝筹股道琼斯工业平均指数合约上涨 0.9%。</blockquote></p><p> Ahead of the bell in New York, Merck shares rose 4.8% after scientific advisers recommended the Food and Drug Administration authorize the company’s experimental Covid-19 oral antiviral. Salesforce.com fell 7.4% after the software company’s guidance for fourth-quarter earnings fell short of expectations.</p><p><blockquote>在纽约盘前，默克公司股价上涨了 4.8%，此前科学顾问建议美国食品和药物管理局授权该公司的实验性 Covid-19 口服抗病毒药物。软件公司 Salesforce.com 第四季度盈利指引不及预期，股价下跌 7.4%。</blockquote></p><p> In another snapback, Brent oil prices, which have tumbled on signs Omicron was curtailing demand for jet fuel, rose 4.3% to $72.17 a barrel. The Organization of the Petroleum Exporting Countries meets Wednesday and Thursday to determine its response to recent price declines. Analysts say the cartel, still holding back production in tandem with allies led by Russia, may pause plans to pump more oil in January, or further cut output.</p><p><blockquote>布伦特原油价格再次反弹，因奥密克戎削减航空燃油需求的迹象而暴跌，布伦特原油价格上涨 4.3%，至每桶 72.17 美元。石油输出国组织将于周三和周四召开会议，以确定其对最近价格下跌的反应。分析人士表示，该卡特尔仍在与俄罗斯领导的盟友一起抑制产量，可能会暂停一月份增产石油的计划，或进一步减产。</blockquote></p><p> One cause for concern, money managers say, is that the rapid pace of inflation could prevent the Fed and other central banks from unleashing stimulus in the event of severe disruption caused by Omicron. Fed Chairman Jerome Powell added to those worries Tuesday when he opened the door to an interest-rate rise in the first half of 2022.</p><p><blockquote>基金经理表示，令人担忧的一个原因是，快速的通胀可能会阻止美联储和其他央行在奥密克戎造成严重干扰的情况下推出刺激措施。美联储主席杰罗姆·鲍威尔周二为 2022 年上半年加息敞开大门，加剧了这些担忧。</blockquote></p><p> For a reading on inflationary pressures, investors will parse the Institute for Supply Management’s manufacturing index at 10 a.m. ET. Economists expect the survey to show factories experienced another month of strong new orders in November, but also rising prices and long waiting times for materials.</p><p><blockquote>要了解通胀压力，投资者将在美国东部时间上午 10 点分析供应管理协会的制造业指数。经济学家预计，调查将显示工厂在11月份又经历了一个月的强劲新订单，但价格也在上涨，材料等待时间也很长。</blockquote></p><p> Wednesday’s move back into riskier assets knocked the government bond market. The yield on benchmark 10-year Treasury notes rose to 1.500% from 1.440% Tuesday. Yields move inversely to bond prices.</p><p><blockquote>周三对风险较高资产的回归打击了政府债券市场。基准 10 年期国债收益率从周二的 1.440% 升至 1.500%。收益率与债券价格成反比。</blockquote></p><p> Overseas markets gained. The Stoxx Europe 600 rose 0.7%, led higher by shares of travel, leisure and basic-resource companies, which would all be exposed to an economic downturn. Strong performers included budget airline Wizz Air, up more than 6%, Deutsche Lufthansa, up 4.9%, and cruise operator Carnival, which gained 4.6%.</p><p><blockquote>海外市场上涨。斯托克欧洲 600 指数上涨 0.7%，旅游、休闲和基础资源公司股票领涨，这些公司都将面临经济衰退。表现强劲的公司包括廉价航空公司威兹航空（上涨超过 6%）、德国汉莎航空公司（上涨 4.9%）和邮轮运营商嘉年华（上涨 4.6%）。</blockquote></p><p> Winners from the stay-at-home trade fell. German food-delivery firm HelloFresh lost 4.3% and U.K.-listed takeout company Deliveroo shed 2.8%.</p><p><blockquote>居家交易的赢家下降了。德国食品配送公司 HelloFresh 下跌 4.3%，英国上市外卖公司户户送下跌 2.8%。</blockquote></p><p> Asian markets were broadly higher. South Korea’s Kospi added 2.1% while Japan’s Nikkei 225 and China’s Shanghai Composite rose 0.4%.</p><p><blockquote>亚洲市场普遍走高。韩国综合股价指数上涨 2.1%，日本日经 225 指数和中国上证综指上涨 0.4%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/global-stock-markets-dow-update-12-01-2021-11638347766?mod=hp_lead_pos1\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CRM":"赛富时","NDX":"纳斯达克100指数",".DJI":"道琼斯","MRK":"默沙东",".SPX":"S&P 500 Index","MRNA":"Moderna, Inc."},"source_url":"https://www.wsj.com/articles/global-stock-markets-dow-update-12-01-2021-11638347766?mod=hp_lead_pos1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174106147","content_text":"U.S. stock futures and oil prices rose, suggesting markets would claw back some losses sparked by worries over the Omicron variant and the unwinding of Federal Reserve stimulus.\n\nInvestors have little to go on as they assess whether the variant will lead to renewed restrictions in the U.S. and elsewhere and, if so, how governments and central banks would respond to support the economy. Though drugmakers have said the variant first identified in southern Africa looks like it could make existing vaccines less effective, they expect to be able to update the shots. Investors say a return to full-scale lockdowns is unlikely.\n\nThe uncertainty has led to seesaw moves in global markets that extended into Wednesday. Futures for the S&P 500 rose 1.2%, signaling gains for the benchmark index. The S&P 500 fell 1.9% Tuesday, closing out a decline for November after a late-month dive sparked by the emergence of Omicron.\n\n“We just don’t know how much more infectious it is, how severe the symptoms are and what the impact of that is,” said Sebastian Mackay, a multiasset fund manager at Invesco. “What I’d assume now is this probably isn’t enough to derail the recovery that’s going on.”\n\nInvesco’s multiasset funds have bought stocks at cheaper levels since Omicron first rattled markets last week, Mr. Mackay added.\nTechnology stocks headed for a strong start to Wednesday’s session as futures for the Nasdaq-100 added 1.3%. Contracts for the blue-chip Dow Jones Industrial Average rose 0.9%.\n\nAhead of the bell in New York, Merck shares rose 4.8% after scientific advisers recommended the Food and Drug Administration authorize the company’s experimental Covid-19 oral antiviral. Salesforce.com fell 7.4% after the software company’s guidance for fourth-quarter earnings fell short of expectations.\n\n\nIn another snapback, Brent oil prices, which have tumbled on signs Omicron was curtailing demand for jet fuel, rose 4.3% to $72.17 a barrel. The Organization of the Petroleum Exporting Countries meets Wednesday and Thursday to determine its response to recent price declines. Analysts say the cartel, still holding back production in tandem with allies led by Russia, may pause plans to pump more oil in January, or further cut output.\n\nOne cause for concern, money managers say, is that the rapid pace of inflation could prevent the Fed and other central banks from unleashing stimulus in the event of severe disruption caused by Omicron. Fed Chairman Jerome Powell added to those worries Tuesday when he opened the door to an interest-rate rise in the first half of 2022.\n\nFor a reading on inflationary pressures, investors will parse the Institute for Supply Management’s manufacturing index at 10 a.m. ET. Economists expect the survey to show factories experienced another month of strong new orders in November, but also rising prices and long waiting times for materials.\n\nWednesday’s move back into riskier assets knocked the government bond market. The yield on benchmark 10-year Treasury notes rose to 1.500% from 1.440% Tuesday. Yields move inversely to bond prices.\n\nOverseas markets gained. The Stoxx Europe 600 rose 0.7%, led higher by shares of travel, leisure and basic-resource companies, which would all be exposed to an economic downturn. Strong performers included budget airline Wizz Air, up more than 6%, Deutsche Lufthansa, up 4.9%, and cruise operator Carnival, which gained 4.6%.\n\nWinners from the stay-at-home trade fell. German food-delivery firm HelloFresh lost 4.3% and U.K.-listed takeout company Deliveroo shed 2.8%.\n\n\nAsian markets were broadly higher. South Korea’s Kospi added 2.1% while Japan’s Nikkei 225 and China’s Shanghai Composite rose 0.4%.","news_type":1,"symbols_score_info":{"CRM":0.9,"NDX":0.9,".SPX":0.9,"MRK":0.9,".DJI":0.9,"MRNA":0.9}},"isVote":1,"tweetType":1,"viewCount":3642,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877706572,"gmtCreate":1637979094962,"gmtModify":1637979352013,"author":{"id":"4099627780862330","authorId":"4099627780862330","name":"Adinn","avatar":"https://static.tigerbbs.com/c440367559652b7f45d7223115272455","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099627780862330","idStr":"4099627780862330"},"themes":[],"title":"","htmlText":"Sad to hear that","listText":"Sad to hear that","text":"Sad to hear that","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/877706572","repostId":"1100657085","repostType":4,"repost":{"id":"1100657085","kind":"news","pubTimestamp":1637971854,"share":"https://www.laohu8.com/m/news/1100657085?lang=zh_CN&edition=full","pubTime":"2021-11-27 08:10","market":"us","language":"en","title":"Why Tesla Stock Tumbled Today<blockquote>为什么特斯拉股价今天暴跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1100657085","media":"Motley Fool","summary":"What happened\nGood news for Tesla(NASDAQ:TSLA)investors! Demand forelectric vehiclesin China is appa","content":"<p>What happened</p><p><blockquote>发生了什么</blockquote></p><p> Good news for <b>Tesla</b>(NASDAQ:TSLA)investors! Demand forelectric vehiclesin China is apparently so strong that Tesla has decided to invest $188 million to expand production capacity at its Shanghai factory. It's so high that Tesla is putting 4,000 more people on the payroll at the site, as Reuters reported Friday morning.</p><p><blockquote>好消息<b>特斯拉</b>（纳斯达克：TSLA）投资者！中国对电动汽车的需求显然如此强劲，以至于特斯拉决定投资1.88亿美元扩大其上海工厂的产能。据路透社周五上午报道，这一数字如此之高，以至于特斯拉在该工厂增加了4,000名员工。</blockquote></p><p> So why was Tesla stock trading down by 2% as of 11:37 a.m. ET Friday?</p><p><blockquote>那么，为什么截至美国东部时间周五上午11:37，特斯拉股价下跌2%呢？</blockquote></p><p> So what</p><p><blockquote>那又怎样</blockquote></p><p> On the one hand, this sure sounds like upbeat news. Tesla initially wanted its Shanghai factory to produce 500,000 cars per year -- and it already has the capacity to manufacture 450,000 Model 3 sedans and Model Y crossovers annually. This decision speaks to CEO Elon Musk's confidence that even 500,000 vehicles a year soon won't be enough to meet the demand for Teslas in China and the European markets that its Chinese facility also supplies.</p><p><blockquote>一方面，这听起来确实是个乐观的消息。特斯拉最初希望其上海工厂每年生产50万辆汽车，而该工厂已经有能力每年生产45万辆Model 3轿车和Model Y跨界车。这一决定表明了首席执行官埃隆·马斯克(Elon Musk)的信心，即即使很快每年50万辆汽车也不足以满足特斯拉在中国和欧洲市场的需求，其中国工厂也供应特斯拉。</blockquote></p><p> And yet Europe may also be part of Tesla's problem. As Reuters also reported Friday, the automaker just withdrew its application for state support for the construction of a planned battery plant near Berlin, Germany. Tesla had previously asked the Federal Ministry of Economics and the Brandenburg Ministry of Economics for some $1.3 billion in subsidies for the plant. But citing his belief that \"all subsidies should be eliminated\" from the electric car industry, Musk says he's now willing to forego that state support -- and hopes that governments will also eliminate \"massive subsidies for oil and gas.\"</p><p><blockquote>然而，欧洲也可能是特斯拉问题的一部分。据路透社周五报道，该汽车制造商刚刚撤回了国家支持在德国柏林附近建设电池厂的申请。特斯拉此前曾向联邦经济部和勃兰登堡州经济部要求为该工厂提供约13亿美元的补贴。但马斯克表示，他认为电动汽车行业“应该取消所有补贴”，他现在愿意放弃国家支持，并希望各国政府也能取消“对石油和天然气的大规模补贴”。</blockquote></p><p> Now what</p><p><blockquote>现在怎么办</blockquote></p><p> Thus we're left with a sort of \"bad news, good news\" situation in Germany. On the one hand, Tesla is giving up $1.3 billion that would have essentially dropped straight to its bottom line as the German government picked up part of the tab for the automaker's capital expenditures.</p><p><blockquote>因此，我们在德国面临着一种“坏消息，好消息”的局面。一方面，特斯拉放弃了13亿美元，由于德国政府承担了该汽车制造商资本支出的部分费用，这笔钱基本上会直接降至其利润。</blockquote></p><p> On the other hand, though, Tesla is making it clear that doesn't really need these subsidies anymore. Over the past 12 months, it has generated free cash flow of $2.6 billion, and GAAP(generally accepted accounting principles) profits of $3.5 billion. By forgoing this subsidy, Tesla gains a bit of moral authority as it urges governments to not subsidize rivals such as <b>Rivian</b>,<b>Lucid</b>, and other EV companies that have not yet reached profitability (and to halt subsidies tooil companies, too).</p><p><blockquote>但另一方面，特斯拉明确表示不再真正需要这些补贴。过去12个月，它产生了26亿美元的自由现金流和35亿美元的GAAP（公认会计原则）利润。通过放弃这种补贴，特斯拉获得了一点道德权威，因为它敦促各国政府不要补贴竞争对手，例如<b>Rivian</b>,<b>清醒的</b>以及其他尚未实现盈利的电动汽车公司（并停止对石油公司的补贴）。</blockquote></p><p> For the moment, investors seem to be focusing on the negative aspects of the news. Longer term, though, I suspect that Tesla's decision to give up this subsidy will prove a clever move that will only make the companya stronger competitor.</p><p><blockquote>目前，投资者似乎将注意力集中在该消息的负面方面。但从长远来看，我怀疑特斯拉放弃这项补贴的决定将被证明是一个明智之举，只会使该公司成为更强大的竞争对手。</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>Why Tesla Stock Tumbled Today<blockquote>为什么特斯拉股价今天暴跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Tesla Stock Tumbled Today<blockquote>为什么特斯拉股价今天暴跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-11-27 08:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>What happened</p><p><blockquote>发生了什么</blockquote></p><p> Good news for <b>Tesla</b>(NASDAQ:TSLA)investors! Demand forelectric vehiclesin China is apparently so strong that Tesla has decided to invest $188 million to expand production capacity at its Shanghai factory. It's so high that Tesla is putting 4,000 more people on the payroll at the site, as Reuters reported Friday morning.</p><p><blockquote>好消息<b>特斯拉</b>（纳斯达克：TSLA）投资者！中国对电动汽车的需求显然如此强劲，以至于特斯拉决定投资1.88亿美元扩大其上海工厂的产能。据路透社周五上午报道，这一数字如此之高，以至于特斯拉在该工厂增加了4,000名员工。</blockquote></p><p> So why was Tesla stock trading down by 2% as of 11:37 a.m. ET Friday?</p><p><blockquote>那么，为什么截至美国东部时间周五上午11:37，特斯拉股价下跌2%呢？</blockquote></p><p> So what</p><p><blockquote>那又怎样</blockquote></p><p> On the one hand, this sure sounds like upbeat news. Tesla initially wanted its Shanghai factory to produce 500,000 cars per year -- and it already has the capacity to manufacture 450,000 Model 3 sedans and Model Y crossovers annually. This decision speaks to CEO Elon Musk's confidence that even 500,000 vehicles a year soon won't be enough to meet the demand for Teslas in China and the European markets that its Chinese facility also supplies.</p><p><blockquote>一方面，这听起来确实是个乐观的消息。特斯拉最初希望其上海工厂每年生产50万辆汽车，而该工厂已经有能力每年生产45万辆Model 3轿车和Model Y跨界车。这一决定表明了首席执行官埃隆·马斯克(Elon Musk)的信心，即即使很快每年50万辆汽车也不足以满足特斯拉在中国和欧洲市场的需求，其中国工厂也供应特斯拉。</blockquote></p><p> And yet Europe may also be part of Tesla's problem. As Reuters also reported Friday, the automaker just withdrew its application for state support for the construction of a planned battery plant near Berlin, Germany. Tesla had previously asked the Federal Ministry of Economics and the Brandenburg Ministry of Economics for some $1.3 billion in subsidies for the plant. But citing his belief that \"all subsidies should be eliminated\" from the electric car industry, Musk says he's now willing to forego that state support -- and hopes that governments will also eliminate \"massive subsidies for oil and gas.\"</p><p><blockquote>然而，欧洲也可能是特斯拉问题的一部分。据路透社周五报道，该汽车制造商刚刚撤回了国家支持在德国柏林附近建设电池厂的申请。特斯拉此前曾向联邦经济部和勃兰登堡州经济部要求为该工厂提供约13亿美元的补贴。但马斯克表示，他认为电动汽车行业“应该取消所有补贴”，他现在愿意放弃国家支持，并希望各国政府也能取消“对石油和天然气的大规模补贴”。</blockquote></p><p> Now what</p><p><blockquote>现在怎么办</blockquote></p><p> Thus we're left with a sort of \"bad news, good news\" situation in Germany. On the one hand, Tesla is giving up $1.3 billion that would have essentially dropped straight to its bottom line as the German government picked up part of the tab for the automaker's capital expenditures.</p><p><blockquote>因此，我们在德国面临着一种“坏消息，好消息”的局面。一方面，特斯拉放弃了13亿美元，由于德国政府承担了该汽车制造商资本支出的部分费用，这笔钱基本上会直接降至其利润。</blockquote></p><p> On the other hand, though, Tesla is making it clear that doesn't really need these subsidies anymore. Over the past 12 months, it has generated free cash flow of $2.6 billion, and GAAP(generally accepted accounting principles) profits of $3.5 billion. By forgoing this subsidy, Tesla gains a bit of moral authority as it urges governments to not subsidize rivals such as <b>Rivian</b>,<b>Lucid</b>, and other EV companies that have not yet reached profitability (and to halt subsidies tooil companies, too).</p><p><blockquote>但另一方面，特斯拉明确表示不再真正需要这些补贴。过去12个月，它产生了26亿美元的自由现金流和35亿美元的GAAP（公认会计原则）利润。通过放弃这种补贴，特斯拉获得了一点道德权威，因为它敦促各国政府不要补贴竞争对手，例如<b>Rivian</b>,<b>清醒的</b>以及其他尚未实现盈利的电动汽车公司（并停止对石油公司的补贴）。</blockquote></p><p> For the moment, investors seem to be focusing on the negative aspects of the news. Longer term, though, I suspect that Tesla's decision to give up this subsidy will prove a clever move that will only make the companya stronger competitor.</p><p><blockquote>目前，投资者似乎将注意力集中在该消息的负面方面。但从长远来看，我怀疑特斯拉放弃这项补贴的决定将被证明是一个明智之举，只会使该公司成为更强大的竞争对手。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/11/26/why-tesla-stock-tumbled-today/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.fool.com/investing/2021/11/26/why-tesla-stock-tumbled-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100657085","content_text":"What happened\nGood news for Tesla(NASDAQ:TSLA)investors! Demand forelectric vehiclesin China is apparently so strong that Tesla has decided to invest $188 million to expand production capacity at its Shanghai factory. It's so high that Tesla is putting 4,000 more people on the payroll at the site, as Reuters reported Friday morning.\nSo why was Tesla stock trading down by 2% as of 11:37 a.m. ET Friday?\nSo what\nOn the one hand, this sure sounds like upbeat news. Tesla initially wanted its Shanghai factory to produce 500,000 cars per year -- and it already has the capacity to manufacture 450,000 Model 3 sedans and Model Y crossovers annually. This decision speaks to CEO Elon Musk's confidence that even 500,000 vehicles a year soon won't be enough to meet the demand for Teslas in China and the European markets that its Chinese facility also supplies.\nAnd yet Europe may also be part of Tesla's problem. As Reuters also reported Friday, the automaker just withdrew its application for state support for the construction of a planned battery plant near Berlin, Germany. Tesla had previously asked the Federal Ministry of Economics and the Brandenburg Ministry of Economics for some $1.3 billion in subsidies for the plant. But citing his belief that \"all subsidies should be eliminated\" from the electric car industry, Musk says he's now willing to forego that state support -- and hopes that governments will also eliminate \"massive subsidies for oil and gas.\"\nNow what\nThus we're left with a sort of \"bad news, good news\" situation in Germany. On the one hand, Tesla is giving up $1.3 billion that would have essentially dropped straight to its bottom line as the German government picked up part of the tab for the automaker's capital expenditures.\nOn the other hand, though, Tesla is making it clear that doesn't really need these subsidies anymore. Over the past 12 months, it has generated free cash flow of $2.6 billion, and GAAP(generally accepted accounting principles) profits of $3.5 billion. By forgoing this subsidy, Tesla gains a bit of moral authority as it urges governments to not subsidize rivals such as Rivian,Lucid, and other EV companies that have not yet reached profitability (and to halt subsidies tooil companies, too).\nFor the moment, investors seem to be focusing on the negative aspects of the news. Longer term, though, I suspect that Tesla's decision to give up this subsidy will prove a clever move that will only make the companya stronger competitor.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":3118,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877709535,"gmtCreate":1637978596008,"gmtModify":1637979352012,"author":{"id":"4099627780862330","authorId":"4099627780862330","name":"Adinn","avatar":"https://static.tigerbbs.com/c440367559652b7f45d7223115272455","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099627780862330","idStr":"4099627780862330"},"themes":[],"title":"","htmlText":"Noted [得意] ","listText":"Noted [得意] ","text":"Noted [得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/877709535","repostId":"1119170686","repostType":4,"isVote":1,"tweetType":1,"viewCount":3077,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877700658,"gmtCreate":1637978304704,"gmtModify":1637979352013,"author":{"id":"4099627780862330","authorId":"4099627780862330","name":"Adinn","avatar":"https://static.tigerbbs.com/c440367559652b7f45d7223115272455","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099627780862330","idStr":"4099627780862330"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/877700658","repostId":"1178572049","repostType":4,"isVote":1,"tweetType":1,"viewCount":3339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"posts","isTTM":false}