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2021-07-02
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Apple Stock: A Tough First Half Of 2021 In Review<blockquote>苹果股票：2021 年上半年艰难回顾</blockquote>
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20:49","market":"us","language":"en","title":"Apple Stock: A Tough First Half Of 2021 In Review<blockquote>苹果股票：2021 年上半年艰难回顾</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116521790","media":"TheStreet","summary":"First half of 2021 was neither disastrous nor overly bullish for Apple stock. Today, the Apple Maven","content":"<p>First half of 2021 was neither disastrous nor overly bullish for Apple stock. Today, the Apple Maven tells the story of AAPL’s performance between January and June.</p><p><blockquote>对于苹果股票来说，2021 年上半年既不是灾难性的，也不是过度看涨的。今天，这位苹果专家将为您讲述苹果公司 1 月至 6 月的业绩。</blockquote></p><p> The first half of 2021 is over. Investors who saw Apple stock skyrocket in the past two years must have felt a bit more uncomfortable this time. Shares of the Cupertino company managed to climb 3.5% from January to June 2021, but with quite a bit of volatility and pullbacks along the way.</p><p><blockquote>2021年上半年已经过去。过去两年看到苹果股价暴涨的投资者，这次心里肯定更难受了一些。这家库比蒂诺公司的股价从 2021 年 1 月到 6 月上涨了 3.5%，但一路上出现了相当大的波动和回调。</blockquote></p><p> Today, the Apple Maven reviews AAPL’s journey through the first half of the year.</p><p><blockquote>今天，这位苹果专家回顾了苹果公司上半年的发展历程。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8532f812576196b6bc559e707688f5bf\" tg-width=\"1240\" tg-height=\"620\" referrerpolicy=\"no-referrer\"><span>Figure 1: Apple store in Singapore.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：新加坡苹果商店。</span></p></blockquote></p><p> <b>Apple’s performance in the first half</b></p><p><blockquote><b>苹果上半场的表现</b></blockquote></p><p> We start with a high level overview of Apple stock’s performance in the first half, along with some interesting metrics. See bullet points below:</p><p><blockquote>我们首先对苹果股票上半年的表现进行了高层概述，以及一些有趣的指标。请参阅下面的要点：</blockquote></p><p> <ul> <li>Absolute<i>annualized</i>return of <b>7%</b> (see chart below), which compares unfavorably to the S&P 500’s<i>annualized</i>33%, and Apple’s own 23% since the 1980s.</li> <li>Annualized volatility of <b>34%</b>, high (i.e. not good) compared to Apple’s 27% over the past decade, which even included the jittery pandemic year of 2020.</li> <li>Maximum drawdown of <b>19%</b>, as Apple barely escaped bear territory in March 2021.</li> <li>Best month of returns: June,<b>10%</b></li> <li>Worst month of returns: February,<b>-8%</b></li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e0a38a341da46bf4c7eb4f96e9b9b4ba\" tg-width=\"1200\" tg-height=\"657\"><span>Figure 2: Annualized return -AAPL vs. S&P 500.</span></p><p><blockquote><ul><li>绝对的<i>年化</i>返回<b>7%</b>（见下图），这与标普500的情况相比不利。<i>年化</i>33%，以及自 20 世纪 80 年代以来苹果自己的 23%。</li><li>年化波动率<b>34%</b>与苹果过去十年的 27% 相比，这一数字很高（即不好），其中甚至包括紧张的 2020 年大流行病年。</li><li>最大提取<b>19%</b>苹果在2021年3月勉强逃离了熊的领地。</li><li>最佳回报月份：六月，<b>10%</b></li><li>回报最差的月份：二月，<b>-8%</b></li></ul><p class=\"t-img-caption\"><span>图 2：年化回报率 - AAPL 与标普500。</span></p></blockquote></p><p> The year started with bullish expectations for fiscal first quarter results. Ahead of the Janury 27 earnings day, Apple stock price climbed a whopping 12% in only one week to reach all time highs. Investors were likely excited about pent up demand for the iPhone 12, whose release in 2020 had been delayed.</p><p><blockquote>今年年初，人们对第一财季业绩抱有乐观预期。在 1 月 27 日财报日之前，苹果股价在短短一周内上涨了 12%，创下历史新高。投资者可能对 iPhone 12 被压抑的需求感到兴奋，iPhone 12 原定于 2020 年发布的时间已被推迟。</blockquote></p><p> But that was as far as AAPL went all year. By March 8, less than six weeks after earnings, the stock was tiptoeing around bear-style correction territory – a pullback of at least 20% from the top.</p><p><blockquote>但这就是 AAPL 全年的表现。到 3 月 8 日，即财报公布后不到六周，该股就在熊市式回调区域附近蹑手蹑脚——从顶部回调至少 20%。</blockquote></p><p> Nothing seemed particularly wrong with Apple itself, other than some speculation on Wall Street that demand for Apple’s products and services could falter with the end of the stay-at-home consumer trends. However, bearishness in Q1 can probably be best explained by the following:</p><p><blockquote>苹果本身似乎并没有什么特别的问题，只是华尔街有一些猜测认为，随着居家消费趋势的结束，对苹果产品和服务的需求可能会减弱。然而，第一季度的看跌可能可以用以下几点来最好地解释：</blockquote></p><p> <ul> <li>The cyclical rotation, which started roughly with the announcement of the first COVID-19 vaccines in November,picked up steam in February. It was time for investors and traders to bet on banks, airlines and commodities, not on Big Tech.</li> <li>Inflation concerns took center stage, as the global economies began to reopen. As a result, the 10-year treasury yield skyrocketed from 1.0% to 1.6% during the same period that Apple shares headed sharply lower. Higher interest rates are bad news for growth and tech stocks.</li> </ul> Probably not a coincidence, Apple share price climbed from the gutter (a 2021 low of $116, in this case) as soon as yields stabilized, starting around mid-March. By mid-April, Apple started to show signs that it could reach all-time highs any moment.</p><p><blockquote><ul><li>这种周期性轮换大致始于 11 月份宣布第一批 COVID-19 疫苗，并在 2 月份加速发展。现在是投资者和交易员押注银行、航空公司和大宗商品的时候了，而不是大型科技公司。</li><li>随着全球经济开始重新开放，通胀担忧成为焦点。结果，同期10年期国债收益率从1.0%飙升至1.6%，而苹果股价则大幅下跌。利率上升对成长型股票和科技股来说是个坏消息。</li></ul>从 3 月中旬左右开始，收益率一稳定下来，苹果股价就从低谷（在本例中为 2021 年低点 116 美元）攀升，这可能并非巧合。到四月中旬，苹果开始显示出随时可能达到历史新高的迹象。</blockquote></p><p> It is possible that the company’s “Spring Loaded” event, on April 20, also contributed to briefly improved investor sentiment. But shortly after the unveiling of the iPad Pro, new iMac with M1, Apple TV 4K, AirTag and purple iPhone 12, Apple shares head down 9% from the April high through May 12.</p><p><blockquote>该公司在 4 月 20 日举行的 “春天 ”活动也可能导致投资者情绪短暂改善。但在 iPad Pro、配备 M1 的新款 iMac、苹果电视 4K、AirTag 和紫色 iPhone 12 发布后不久，苹果股价从 4 月份的高点到 5 月 12 日下跌了 9%。</blockquote></p><p> Only at that point did Apple find its way north again. June, for instance, was a fantastic month of returns for the stock. I believe that bullishness can be credited to the usual summer anticipation of the new iPhone model and holiday season sales.</p><p><blockquote>直到那时，苹果才再次找到了北上的路。例如，六月是该股回报丰厚的月份。我认为，看涨情绪可以归功于夏季对新款 iPhone 机型和假日销售的通常预期。</blockquote></p><p> This, coupled with (1) forward P/E multiples that dipped to the low 20s, (2) stable yields and (3) a dip in market volatility, led me to becoming much more bullish on Applefor the next few months.</p><p><blockquote>这一点，再加上 (1) 远期市盈率跌至 20 多的低点，(2) 收益率稳定，以及 (3) 市场波动性下降，导致我在接下来的几个月里更加看好苹果。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock: A Tough First Half Of 2021 In Review<blockquote>苹果股票：2021 年上半年艰难回顾</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock: A Tough First Half Of 2021 In Review<blockquote>苹果股票：2021 年上半年艰难回顾</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-07-02 20:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p>First half of 2021 was neither disastrous nor overly bullish for Apple stock. Today, the Apple Maven tells the story of AAPL’s performance between January and June.</p><p><blockquote>对于苹果股票来说，2021 年上半年既不是灾难性的，也不是过度看涨的。今天，这位苹果专家将为您讲述苹果公司 1 月至 6 月的业绩。</blockquote></p><p> The first half of 2021 is over. Investors who saw Apple stock skyrocket in the past two years must have felt a bit more uncomfortable this time. Shares of the Cupertino company managed to climb 3.5% from January to June 2021, but with quite a bit of volatility and pullbacks along the way.</p><p><blockquote>2021年上半年已经过去。过去两年看到苹果股价暴涨的投资者，这次心里肯定更难受了一些。这家库比蒂诺公司的股价从 2021 年 1 月到 6 月上涨了 3.5%，但一路上出现了相当大的波动和回调。</blockquote></p><p> Today, the Apple Maven reviews AAPL’s journey through the first half of the year.</p><p><blockquote>今天，这位苹果专家回顾了苹果公司上半年的发展历程。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8532f812576196b6bc559e707688f5bf\" tg-width=\"1240\" tg-height=\"620\" referrerpolicy=\"no-referrer\"><span>Figure 1: Apple store in Singapore.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：新加坡苹果商店。</span></p></blockquote></p><p> <b>Apple’s performance in the first half</b></p><p><blockquote><b>苹果上半场的表现</b></blockquote></p><p> We start with a high level overview of Apple stock’s performance in the first half, along with some interesting metrics. See bullet points below:</p><p><blockquote>我们首先对苹果股票上半年的表现进行了高层概述，以及一些有趣的指标。请参阅下面的要点：</blockquote></p><p> <ul> <li>Absolute<i>annualized</i>return of <b>7%</b> (see chart below), which compares unfavorably to the S&P 500’s<i>annualized</i>33%, and Apple’s own 23% since the 1980s.</li> <li>Annualized volatility of <b>34%</b>, high (i.e. not good) compared to Apple’s 27% over the past decade, which even included the jittery pandemic year of 2020.</li> <li>Maximum drawdown of <b>19%</b>, as Apple barely escaped bear territory in March 2021.</li> <li>Best month of returns: June,<b>10%</b></li> <li>Worst month of returns: February,<b>-8%</b></li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e0a38a341da46bf4c7eb4f96e9b9b4ba\" tg-width=\"1200\" tg-height=\"657\"><span>Figure 2: Annualized return -AAPL vs. S&P 500.</span></p><p><blockquote><ul><li>绝对的<i>年化</i>返回<b>7%</b>（见下图），这与标普500的情况相比不利。<i>年化</i>33%，以及自 20 世纪 80 年代以来苹果自己的 23%。</li><li>年化波动率<b>34%</b>与苹果过去十年的 27% 相比，这一数字很高（即不好），其中甚至包括紧张的 2020 年大流行病年。</li><li>最大提取<b>19%</b>苹果在2021年3月勉强逃离了熊的领地。</li><li>最佳回报月份：六月，<b>10%</b></li><li>回报最差的月份：二月，<b>-8%</b></li></ul><p class=\"t-img-caption\"><span>图 2：年化回报率 - AAPL 与标普500。</span></p></blockquote></p><p> The year started with bullish expectations for fiscal first quarter results. Ahead of the Janury 27 earnings day, Apple stock price climbed a whopping 12% in only one week to reach all time highs. Investors were likely excited about pent up demand for the iPhone 12, whose release in 2020 had been delayed.</p><p><blockquote>今年年初，人们对第一财季业绩抱有乐观预期。在 1 月 27 日财报日之前，苹果股价在短短一周内上涨了 12%，创下历史新高。投资者可能对 iPhone 12 被压抑的需求感到兴奋，iPhone 12 原定于 2020 年发布的时间已被推迟。</blockquote></p><p> But that was as far as AAPL went all year. By March 8, less than six weeks after earnings, the stock was tiptoeing around bear-style correction territory – a pullback of at least 20% from the top.</p><p><blockquote>但这就是 AAPL 全年的表现。到 3 月 8 日，即财报公布后不到六周，该股就在熊市式回调区域附近蹑手蹑脚——从顶部回调至少 20%。</blockquote></p><p> Nothing seemed particularly wrong with Apple itself, other than some speculation on Wall Street that demand for Apple’s products and services could falter with the end of the stay-at-home consumer trends. However, bearishness in Q1 can probably be best explained by the following:</p><p><blockquote>苹果本身似乎并没有什么特别的问题，只是华尔街有一些猜测认为，随着居家消费趋势的结束，对苹果产品和服务的需求可能会减弱。然而，第一季度的看跌可能可以用以下几点来最好地解释：</blockquote></p><p> <ul> <li>The cyclical rotation, which started roughly with the announcement of the first COVID-19 vaccines in November,picked up steam in February. It was time for investors and traders to bet on banks, airlines and commodities, not on Big Tech.</li> <li>Inflation concerns took center stage, as the global economies began to reopen. As a result, the 10-year treasury yield skyrocketed from 1.0% to 1.6% during the same period that Apple shares headed sharply lower. Higher interest rates are bad news for growth and tech stocks.</li> </ul> Probably not a coincidence, Apple share price climbed from the gutter (a 2021 low of $116, in this case) as soon as yields stabilized, starting around mid-March. By mid-April, Apple started to show signs that it could reach all-time highs any moment.</p><p><blockquote><ul><li>这种周期性轮换大致始于 11 月份宣布第一批 COVID-19 疫苗，并在 2 月份加速发展。现在是投资者和交易员押注银行、航空公司和大宗商品的时候了，而不是大型科技公司。</li><li>随着全球经济开始重新开放，通胀担忧成为焦点。结果，同期10年期国债收益率从1.0%飙升至1.6%，而苹果股价则大幅下跌。利率上升对成长型股票和科技股来说是个坏消息。</li></ul>从 3 月中旬左右开始，收益率一稳定下来，苹果股价就从低谷（在本例中为 2021 年低点 116 美元）攀升，这可能并非巧合。到四月中旬，苹果开始显示出随时可能达到历史新高的迹象。</blockquote></p><p> It is possible that the company’s “Spring Loaded” event, on April 20, also contributed to briefly improved investor sentiment. But shortly after the unveiling of the iPad Pro, new iMac with M1, Apple TV 4K, AirTag and purple iPhone 12, Apple shares head down 9% from the April high through May 12.</p><p><blockquote>该公司在 4 月 20 日举行的 “春天 ”活动也可能导致投资者情绪短暂改善。但在 iPad Pro、配备 M1 的新款 iMac、苹果电视 4K、AirTag 和紫色 iPhone 12 发布后不久，苹果股价从 4 月份的高点到 5 月 12 日下跌了 9%。</blockquote></p><p> Only at that point did Apple find its way north again. June, for instance, was a fantastic month of returns for the stock. I believe that bullishness can be credited to the usual summer anticipation of the new iPhone model and holiday season sales.</p><p><blockquote>直到那时，苹果才再次找到了北上的路。例如，六月是该股回报丰厚的月份。我认为，看涨情绪可以归功于夏季对新款 iPhone 机型和假日销售的通常预期。</blockquote></p><p> This, coupled with (1) forward P/E multiples that dipped to the low 20s, (2) stable yields and (3) a dip in market volatility, led me to becoming much more bullish on Applefor the next few months.</p><p><blockquote>这一点，再加上 (1) 远期市盈率跌至 20 多的低点，(2) 收益率稳定，以及 (3) 市场波动性下降，导致我在接下来的几个月里更加看好苹果。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/stock/apple-stock-a-tough-first-half-of-2021-in-review\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/stock/apple-stock-a-tough-first-half-of-2021-in-review","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116521790","content_text":"First half of 2021 was neither disastrous nor overly bullish for Apple stock. Today, the Apple Maven tells the story of AAPL’s performance between January and June.\nThe first half of 2021 is over. Investors who saw Apple stock skyrocket in the past two years must have felt a bit more uncomfortable this time. Shares of the Cupertino company managed to climb 3.5% from January to June 2021, but with quite a bit of volatility and pullbacks along the way.\nToday, the Apple Maven reviews AAPL’s journey through the first half of the year.\nFigure 1: Apple store in Singapore.\nApple’s performance in the first half\nWe start with a high level overview of Apple stock’s performance in the first half, along with some interesting metrics. See bullet points below:\n\nAbsoluteannualizedreturn of 7% (see chart below), which compares unfavorably to the S&P 500’sannualized33%, and Apple’s own 23% since the 1980s.\nAnnualized volatility of 34%, high (i.e. not good) compared to Apple’s 27% over the past decade, which even included the jittery pandemic year of 2020.\nMaximum drawdown of 19%, as Apple barely escaped bear territory in March 2021.\nBest month of returns: June,10%\nWorst month of returns: February,-8%\n\nFigure 2: Annualized return -AAPL vs. S&P 500.\nThe year started with bullish expectations for fiscal first quarter results. Ahead of the Janury 27 earnings day, Apple stock price climbed a whopping 12% in only one week to reach all time highs. Investors were likely excited about pent up demand for the iPhone 12, whose release in 2020 had been delayed.\nBut that was as far as AAPL went all year. By March 8, less than six weeks after earnings, the stock was tiptoeing around bear-style correction territory – a pullback of at least 20% from the top.\nNothing seemed particularly wrong with Apple itself, other than some speculation on Wall Street that demand for Apple’s products and services could falter with the end of the stay-at-home consumer trends. However, bearishness in Q1 can probably be best explained by the following:\n\nThe cyclical rotation, which started roughly with the announcement of the first COVID-19 vaccines in November,picked up steam in February. It was time for investors and traders to bet on banks, airlines and commodities, not on Big Tech.\nInflation concerns took center stage, as the global economies began to reopen. As a result, the 10-year treasury yield skyrocketed from 1.0% to 1.6% during the same period that Apple shares headed sharply lower. Higher interest rates are bad news for growth and tech stocks.\n\nProbably not a coincidence, Apple share price climbed from the gutter (a 2021 low of $116, in this case) as soon as yields stabilized, starting around mid-March. By mid-April, Apple started to show signs that it could reach all-time highs any moment.\nIt is possible that the company’s “Spring Loaded” event, on April 20, also contributed to briefly improved investor sentiment. But shortly after the unveiling of the iPad Pro, new iMac with M1, Apple TV 4K, AirTag and purple iPhone 12, Apple shares head down 9% from the April high through May 12.\nOnly at that point did Apple find its way north again. June, for instance, was a fantastic month of returns for the stock. I believe that bullishness can be credited to the usual summer anticipation of the new iPhone model and holiday season sales.\nThis, coupled with (1) forward P/E multiples that dipped to the low 20s, (2) stable yields and (3) a dip in market volatility, led me to becoming much more bullish on Applefor the next few months.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1588,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":156587132,"gmtCreate":1625230724126,"gmtModify":1633942313360,"author":{"id":"3573646738042573","authorId":"3573646738042573","name":"TWJ","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573646738042573","idStr":"3573646738042573"},"themes":[],"title":"","htmlText":"😛","listText":"😛","text":"😛","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/156587132","repostId":"1116521790","repostType":4,"repost":{"id":"1116521790","kind":"news","pubTimestamp":1625230146,"share":"https://www.laohunote.com/m/news/1116521790?lang=zh_CN&edition=full","pubTime":"2021-07-02 20:49","market":"us","language":"en","title":"Apple Stock: A Tough First Half Of 2021 In Review<blockquote>苹果股票：2021 年上半年艰难回顾</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116521790","media":"TheStreet","summary":"First half of 2021 was neither disastrous nor overly bullish for Apple stock. Today, the Apple Maven","content":"<p>First half of 2021 was neither disastrous nor overly bullish for Apple stock. Today, the Apple Maven tells the story of AAPL’s performance between January and June.</p><p><blockquote>对于苹果股票来说，2021 年上半年既不是灾难性的，也不是过度看涨的。今天，这位苹果专家将为您讲述苹果公司 1 月至 6 月的业绩。</blockquote></p><p> The first half of 2021 is over. Investors who saw Apple stock skyrocket in the past two years must have felt a bit more uncomfortable this time. Shares of the Cupertino company managed to climb 3.5% from January to June 2021, but with quite a bit of volatility and pullbacks along the way.</p><p><blockquote>2021年上半年已经过去。过去两年看到苹果股价暴涨的投资者，这次心里肯定更难受了一些。这家库比蒂诺公司的股价从 2021 年 1 月到 6 月上涨了 3.5%，但一路上出现了相当大的波动和回调。</blockquote></p><p> Today, the Apple Maven reviews AAPL’s journey through the first half of the year.</p><p><blockquote>今天，这位苹果专家回顾了苹果公司上半年的发展历程。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8532f812576196b6bc559e707688f5bf\" tg-width=\"1240\" tg-height=\"620\" referrerpolicy=\"no-referrer\"><span>Figure 1: Apple store in Singapore.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：新加坡苹果商店。</span></p></blockquote></p><p> <b>Apple’s performance in the first half</b></p><p><blockquote><b>苹果上半场的表现</b></blockquote></p><p> We start with a high level overview of Apple stock’s performance in the first half, along with some interesting metrics. See bullet points below:</p><p><blockquote>我们首先对苹果股票上半年的表现进行了高层概述，以及一些有趣的指标。请参阅下面的要点：</blockquote></p><p> <ul> <li>Absolute<i>annualized</i>return of <b>7%</b> (see chart below), which compares unfavorably to the S&P 500’s<i>annualized</i>33%, and Apple’s own 23% since the 1980s.</li> <li>Annualized volatility of <b>34%</b>, high (i.e. not good) compared to Apple’s 27% over the past decade, which even included the jittery pandemic year of 2020.</li> <li>Maximum drawdown of <b>19%</b>, as Apple barely escaped bear territory in March 2021.</li> <li>Best month of returns: June,<b>10%</b></li> <li>Worst month of returns: February,<b>-8%</b></li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e0a38a341da46bf4c7eb4f96e9b9b4ba\" tg-width=\"1200\" tg-height=\"657\"><span>Figure 2: Annualized return -AAPL vs. S&P 500.</span></p><p><blockquote><ul><li>绝对的<i>年化</i>返回<b>7%</b>（见下图），这与标普500的情况相比不利。<i>年化</i>33%，以及自 20 世纪 80 年代以来苹果自己的 23%。</li><li>年化波动率<b>34%</b>与苹果过去十年的 27% 相比，这一数字很高（即不好），其中甚至包括紧张的 2020 年大流行病年。</li><li>最大提取<b>19%</b>苹果在2021年3月勉强逃离了熊的领地。</li><li>最佳回报月份：六月，<b>10%</b></li><li>回报最差的月份：二月，<b>-8%</b></li></ul><p class=\"t-img-caption\"><span>图 2：年化回报率 - AAPL 与标普500。</span></p></blockquote></p><p> The year started with bullish expectations for fiscal first quarter results. Ahead of the Janury 27 earnings day, Apple stock price climbed a whopping 12% in only one week to reach all time highs. Investors were likely excited about pent up demand for the iPhone 12, whose release in 2020 had been delayed.</p><p><blockquote>今年年初，人们对第一财季业绩抱有乐观预期。在 1 月 27 日财报日之前，苹果股价在短短一周内上涨了 12%，创下历史新高。投资者可能对 iPhone 12 被压抑的需求感到兴奋，iPhone 12 原定于 2020 年发布的时间已被推迟。</blockquote></p><p> But that was as far as AAPL went all year. By March 8, less than six weeks after earnings, the stock was tiptoeing around bear-style correction territory – a pullback of at least 20% from the top.</p><p><blockquote>但这就是 AAPL 全年的表现。到 3 月 8 日，即财报公布后不到六周，该股就在熊市式回调区域附近蹑手蹑脚——从顶部回调至少 20%。</blockquote></p><p> Nothing seemed particularly wrong with Apple itself, other than some speculation on Wall Street that demand for Apple’s products and services could falter with the end of the stay-at-home consumer trends. However, bearishness in Q1 can probably be best explained by the following:</p><p><blockquote>苹果本身似乎并没有什么特别的问题，只是华尔街有一些猜测认为，随着居家消费趋势的结束，对苹果产品和服务的需求可能会减弱。然而，第一季度的看跌可能可以用以下几点来最好地解释：</blockquote></p><p> <ul> <li>The cyclical rotation, which started roughly with the announcement of the first COVID-19 vaccines in November,picked up steam in February. It was time for investors and traders to bet on banks, airlines and commodities, not on Big Tech.</li> <li>Inflation concerns took center stage, as the global economies began to reopen. As a result, the 10-year treasury yield skyrocketed from 1.0% to 1.6% during the same period that Apple shares headed sharply lower. Higher interest rates are bad news for growth and tech stocks.</li> </ul> Probably not a coincidence, Apple share price climbed from the gutter (a 2021 low of $116, in this case) as soon as yields stabilized, starting around mid-March. By mid-April, Apple started to show signs that it could reach all-time highs any moment.</p><p><blockquote><ul><li>这种周期性轮换大致始于 11 月份宣布第一批 COVID-19 疫苗，并在 2 月份加速发展。现在是投资者和交易员押注银行、航空公司和大宗商品的时候了，而不是大型科技公司。</li><li>随着全球经济开始重新开放，通胀担忧成为焦点。结果，同期10年期国债收益率从1.0%飙升至1.6%，而苹果股价则大幅下跌。利率上升对成长型股票和科技股来说是个坏消息。</li></ul>从 3 月中旬左右开始，收益率一稳定下来，苹果股价就从低谷（在本例中为 2021 年低点 116 美元）攀升，这可能并非巧合。到四月中旬，苹果开始显示出随时可能达到历史新高的迹象。</blockquote></p><p> It is possible that the company’s “Spring Loaded” event, on April 20, also contributed to briefly improved investor sentiment. But shortly after the unveiling of the iPad Pro, new iMac with M1, Apple TV 4K, AirTag and purple iPhone 12, Apple shares head down 9% from the April high through May 12.</p><p><blockquote>该公司在 4 月 20 日举行的 “春天 ”活动也可能导致投资者情绪短暂改善。但在 iPad Pro、配备 M1 的新款 iMac、苹果电视 4K、AirTag 和紫色 iPhone 12 发布后不久，苹果股价从 4 月份的高点到 5 月 12 日下跌了 9%。</blockquote></p><p> Only at that point did Apple find its way north again. June, for instance, was a fantastic month of returns for the stock. I believe that bullishness can be credited to the usual summer anticipation of the new iPhone model and holiday season sales.</p><p><blockquote>直到那时，苹果才再次找到了北上的路。例如，六月是该股回报丰厚的月份。我认为，看涨情绪可以归功于夏季对新款 iPhone 机型和假日销售的通常预期。</blockquote></p><p> This, coupled with (1) forward P/E multiples that dipped to the low 20s, (2) stable yields and (3) a dip in market volatility, led me to becoming much more bullish on Applefor the next few months.</p><p><blockquote>这一点，再加上 (1) 远期市盈率跌至 20 多的低点，(2) 收益率稳定，以及 (3) 市场波动性下降，导致我在接下来的几个月里更加看好苹果。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock: A Tough First Half Of 2021 In Review<blockquote>苹果股票：2021 年上半年艰难回顾</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock: A Tough First Half Of 2021 In Review<blockquote>苹果股票：2021 年上半年艰难回顾</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-07-02 20:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p>First half of 2021 was neither disastrous nor overly bullish for Apple stock. Today, the Apple Maven tells the story of AAPL’s performance between January and June.</p><p><blockquote>对于苹果股票来说，2021 年上半年既不是灾难性的，也不是过度看涨的。今天，这位苹果专家将为您讲述苹果公司 1 月至 6 月的业绩。</blockquote></p><p> The first half of 2021 is over. Investors who saw Apple stock skyrocket in the past two years must have felt a bit more uncomfortable this time. Shares of the Cupertino company managed to climb 3.5% from January to June 2021, but with quite a bit of volatility and pullbacks along the way.</p><p><blockquote>2021年上半年已经过去。过去两年看到苹果股价暴涨的投资者，这次心里肯定更难受了一些。这家库比蒂诺公司的股价从 2021 年 1 月到 6 月上涨了 3.5%，但一路上出现了相当大的波动和回调。</blockquote></p><p> Today, the Apple Maven reviews AAPL’s journey through the first half of the year.</p><p><blockquote>今天，这位苹果专家回顾了苹果公司上半年的发展历程。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8532f812576196b6bc559e707688f5bf\" tg-width=\"1240\" tg-height=\"620\" referrerpolicy=\"no-referrer\"><span>Figure 1: Apple store in Singapore.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：新加坡苹果商店。</span></p></blockquote></p><p> <b>Apple’s performance in the first half</b></p><p><blockquote><b>苹果上半场的表现</b></blockquote></p><p> We start with a high level overview of Apple stock’s performance in the first half, along with some interesting metrics. See bullet points below:</p><p><blockquote>我们首先对苹果股票上半年的表现进行了高层概述，以及一些有趣的指标。请参阅下面的要点：</blockquote></p><p> <ul> <li>Absolute<i>annualized</i>return of <b>7%</b> (see chart below), which compares unfavorably to the S&P 500’s<i>annualized</i>33%, and Apple’s own 23% since the 1980s.</li> <li>Annualized volatility of <b>34%</b>, high (i.e. not good) compared to Apple’s 27% over the past decade, which even included the jittery pandemic year of 2020.</li> <li>Maximum drawdown of <b>19%</b>, as Apple barely escaped bear territory in March 2021.</li> <li>Best month of returns: June,<b>10%</b></li> <li>Worst month of returns: February,<b>-8%</b></li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e0a38a341da46bf4c7eb4f96e9b9b4ba\" tg-width=\"1200\" tg-height=\"657\"><span>Figure 2: Annualized return -AAPL vs. S&P 500.</span></p><p><blockquote><ul><li>绝对的<i>年化</i>返回<b>7%</b>（见下图），这与标普500的情况相比不利。<i>年化</i>33%，以及自 20 世纪 80 年代以来苹果自己的 23%。</li><li>年化波动率<b>34%</b>与苹果过去十年的 27% 相比，这一数字很高（即不好），其中甚至包括紧张的 2020 年大流行病年。</li><li>最大提取<b>19%</b>苹果在2021年3月勉强逃离了熊的领地。</li><li>最佳回报月份：六月，<b>10%</b></li><li>回报最差的月份：二月，<b>-8%</b></li></ul><p class=\"t-img-caption\"><span>图 2：年化回报率 - AAPL 与标普500。</span></p></blockquote></p><p> The year started with bullish expectations for fiscal first quarter results. Ahead of the Janury 27 earnings day, Apple stock price climbed a whopping 12% in only one week to reach all time highs. Investors were likely excited about pent up demand for the iPhone 12, whose release in 2020 had been delayed.</p><p><blockquote>今年年初，人们对第一财季业绩抱有乐观预期。在 1 月 27 日财报日之前，苹果股价在短短一周内上涨了 12%，创下历史新高。投资者可能对 iPhone 12 被压抑的需求感到兴奋，iPhone 12 原定于 2020 年发布的时间已被推迟。</blockquote></p><p> But that was as far as AAPL went all year. By March 8, less than six weeks after earnings, the stock was tiptoeing around bear-style correction territory – a pullback of at least 20% from the top.</p><p><blockquote>但这就是 AAPL 全年的表现。到 3 月 8 日，即财报公布后不到六周，该股就在熊市式回调区域附近蹑手蹑脚——从顶部回调至少 20%。</blockquote></p><p> Nothing seemed particularly wrong with Apple itself, other than some speculation on Wall Street that demand for Apple’s products and services could falter with the end of the stay-at-home consumer trends. However, bearishness in Q1 can probably be best explained by the following:</p><p><blockquote>苹果本身似乎并没有什么特别的问题，只是华尔街有一些猜测认为，随着居家消费趋势的结束，对苹果产品和服务的需求可能会减弱。然而，第一季度的看跌可能可以用以下几点来最好地解释：</blockquote></p><p> <ul> <li>The cyclical rotation, which started roughly with the announcement of the first COVID-19 vaccines in November,picked up steam in February. It was time for investors and traders to bet on banks, airlines and commodities, not on Big Tech.</li> <li>Inflation concerns took center stage, as the global economies began to reopen. As a result, the 10-year treasury yield skyrocketed from 1.0% to 1.6% during the same period that Apple shares headed sharply lower. Higher interest rates are bad news for growth and tech stocks.</li> </ul> Probably not a coincidence, Apple share price climbed from the gutter (a 2021 low of $116, in this case) as soon as yields stabilized, starting around mid-March. By mid-April, Apple started to show signs that it could reach all-time highs any moment.</p><p><blockquote><ul><li>这种周期性轮换大致始于 11 月份宣布第一批 COVID-19 疫苗，并在 2 月份加速发展。现在是投资者和交易员押注银行、航空公司和大宗商品的时候了，而不是大型科技公司。</li><li>随着全球经济开始重新开放，通胀担忧成为焦点。结果，同期10年期国债收益率从1.0%飙升至1.6%，而苹果股价则大幅下跌。利率上升对成长型股票和科技股来说是个坏消息。</li></ul>从 3 月中旬左右开始，收益率一稳定下来，苹果股价就从低谷（在本例中为 2021 年低点 116 美元）攀升，这可能并非巧合。到四月中旬，苹果开始显示出随时可能达到历史新高的迹象。</blockquote></p><p> It is possible that the company’s “Spring Loaded” event, on April 20, also contributed to briefly improved investor sentiment. But shortly after the unveiling of the iPad Pro, new iMac with M1, Apple TV 4K, AirTag and purple iPhone 12, Apple shares head down 9% from the April high through May 12.</p><p><blockquote>该公司在 4 月 20 日举行的 “春天 ”活动也可能导致投资者情绪短暂改善。但在 iPad Pro、配备 M1 的新款 iMac、苹果电视 4K、AirTag 和紫色 iPhone 12 发布后不久，苹果股价从 4 月份的高点到 5 月 12 日下跌了 9%。</blockquote></p><p> Only at that point did Apple find its way north again. June, for instance, was a fantastic month of returns for the stock. I believe that bullishness can be credited to the usual summer anticipation of the new iPhone model and holiday season sales.</p><p><blockquote>直到那时，苹果才再次找到了北上的路。例如，六月是该股回报丰厚的月份。我认为，看涨情绪可以归功于夏季对新款 iPhone 机型和假日销售的通常预期。</blockquote></p><p> This, coupled with (1) forward P/E multiples that dipped to the low 20s, (2) stable yields and (3) a dip in market volatility, led me to becoming much more bullish on Applefor the next few months.</p><p><blockquote>这一点，再加上 (1) 远期市盈率跌至 20 多的低点，(2) 收益率稳定，以及 (3) 市场波动性下降，导致我在接下来的几个月里更加看好苹果。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/stock/apple-stock-a-tough-first-half-of-2021-in-review\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/stock/apple-stock-a-tough-first-half-of-2021-in-review","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116521790","content_text":"First half of 2021 was neither disastrous nor overly bullish for Apple stock. Today, the Apple Maven tells the story of AAPL’s performance between January and June.\nThe first half of 2021 is over. Investors who saw Apple stock skyrocket in the past two years must have felt a bit more uncomfortable this time. Shares of the Cupertino company managed to climb 3.5% from January to June 2021, but with quite a bit of volatility and pullbacks along the way.\nToday, the Apple Maven reviews AAPL’s journey through the first half of the year.\nFigure 1: Apple store in Singapore.\nApple’s performance in the first half\nWe start with a high level overview of Apple stock’s performance in the first half, along with some interesting metrics. See bullet points below:\n\nAbsoluteannualizedreturn of 7% (see chart below), which compares unfavorably to the S&P 500’sannualized33%, and Apple’s own 23% since the 1980s.\nAnnualized volatility of 34%, high (i.e. not good) compared to Apple’s 27% over the past decade, which even included the jittery pandemic year of 2020.\nMaximum drawdown of 19%, as Apple barely escaped bear territory in March 2021.\nBest month of returns: June,10%\nWorst month of returns: February,-8%\n\nFigure 2: Annualized return -AAPL vs. S&P 500.\nThe year started with bullish expectations for fiscal first quarter results. Ahead of the Janury 27 earnings day, Apple stock price climbed a whopping 12% in only one week to reach all time highs. Investors were likely excited about pent up demand for the iPhone 12, whose release in 2020 had been delayed.\nBut that was as far as AAPL went all year. By March 8, less than six weeks after earnings, the stock was tiptoeing around bear-style correction territory – a pullback of at least 20% from the top.\nNothing seemed particularly wrong with Apple itself, other than some speculation on Wall Street that demand for Apple’s products and services could falter with the end of the stay-at-home consumer trends. However, bearishness in Q1 can probably be best explained by the following:\n\nThe cyclical rotation, which started roughly with the announcement of the first COVID-19 vaccines in November,picked up steam in February. It was time for investors and traders to bet on banks, airlines and commodities, not on Big Tech.\nInflation concerns took center stage, as the global economies began to reopen. As a result, the 10-year treasury yield skyrocketed from 1.0% to 1.6% during the same period that Apple shares headed sharply lower. Higher interest rates are bad news for growth and tech stocks.\n\nProbably not a coincidence, Apple share price climbed from the gutter (a 2021 low of $116, in this case) as soon as yields stabilized, starting around mid-March. By mid-April, Apple started to show signs that it could reach all-time highs any moment.\nIt is possible that the company’s “Spring Loaded” event, on April 20, also contributed to briefly improved investor sentiment. But shortly after the unveiling of the iPad Pro, new iMac with M1, Apple TV 4K, AirTag and purple iPhone 12, Apple shares head down 9% from the April high through May 12.\nOnly at that point did Apple find its way north again. June, for instance, was a fantastic month of returns for the stock. I believe that bullishness can be credited to the usual summer anticipation of the new iPhone model and holiday season sales.\nThis, coupled with (1) forward P/E multiples that dipped to the low 20s, (2) stable yields and (3) a dip in market volatility, led me to becoming much more bullish on Applefor the next few months.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1588,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
