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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>2021年上半年对苹果股票来说既不是灾难性的，也不是过于乐观。今天，这位苹果专家讲述了苹果公司1月至6月的业绩故事。</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年上半年已经结束。这两年看着苹果股票暴涨的投资者，这次肯定多了几分难受。这家库比蒂诺公司的股价从2021年1月到6月上涨了3.5%，但一路上也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AAPL上半年的历程。</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：苹果店。</span></p></blockquote></p><p> <b>Apple’s performance in the first half</b></p><p><blockquote><b>苹果上半年表现</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高度概述，以及一些有趣的指标。请参阅以下要点：</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），与标普500的<i>年化</i>33%，苹果自20世纪80年代以来为23%。</li><li>年化波幅<b>34%</b>与苹果过去十年的27%（甚至包括紧张的2020年大流行年）相比，很高（即不好）。</li><li>最大回撤<b>19%</b>，苹果在2021年3月勉强摆脱了熊市。</li><li>最佳回报月份：六月，<b>10%</b></li><li>回报最差月份：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>今年伊始，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的2020年发布已被推迟。</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>但这就是苹果公司全年的表现。到3月8日，即财报发布后不到六周，该股就在熊市调整区域附近小心翼翼——较顶部回调至少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>苹果本身似乎没有什么特别的问题，只是华尔街的一些猜测认为，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，第一季度的看跌情绪可能可以通过以下几点得到最好的解释：</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月第一批新冠肺炎疫苗的宣布，并在2月份加速。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，在苹果股价大幅下跌的同期，10年期国债收益率从1.0%飙升至1.6%。利率上升对成长股和科技股来说是个坏消息。</li></ul>或许并非巧合的是，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。到4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4月20日的“春季活动”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，截至5月12日，苹果股价从4月份的高点下跌了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，看涨可以归功于夏季对新款iPhone和假日季销售的预期。</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>再加上(1)远期市盈率跌至20多倍、(2)收益率稳定以及(3)市场波动性下降，导致我在未来几个月更加看好苹果。</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>2021年上半年对苹果股票来说既不是灾难性的，也不是过于乐观。今天，这位苹果专家讲述了苹果公司1月至6月的业绩故事。</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年上半年已经结束。这两年看着苹果股票暴涨的投资者，这次肯定多了几分难受。这家库比蒂诺公司的股价从2021年1月到6月上涨了3.5%，但一路上也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AAPL上半年的历程。</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：苹果店。</span></p></blockquote></p><p> <b>Apple’s performance in the first half</b></p><p><blockquote><b>苹果上半年表现</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高度概述，以及一些有趣的指标。请参阅以下要点：</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），与标普500的<i>年化</i>33%，苹果自20世纪80年代以来为23%。</li><li>年化波幅<b>34%</b>与苹果过去十年的27%（甚至包括紧张的2020年大流行年）相比，很高（即不好）。</li><li>最大回撤<b>19%</b>，苹果在2021年3月勉强摆脱了熊市。</li><li>最佳回报月份：六月，<b>10%</b></li><li>回报最差月份：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>今年伊始，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的2020年发布已被推迟。</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>但这就是苹果公司全年的表现。到3月8日，即财报发布后不到六周，该股就在熊市调整区域附近小心翼翼——较顶部回调至少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>苹果本身似乎没有什么特别的问题，只是华尔街的一些猜测认为，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，第一季度的看跌情绪可能可以通过以下几点得到最好的解释：</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月第一批新冠肺炎疫苗的宣布，并在2月份加速。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，在苹果股价大幅下跌的同期，10年期国债收益率从1.0%飙升至1.6%。利率上升对成长股和科技股来说是个坏消息。</li></ul>或许并非巧合的是，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。到4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4月20日的“春季活动”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，截至5月12日，苹果股价从4月份的高点下跌了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，看涨可以归功于夏季对新款iPhone和假日季销售的预期。</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>再加上(1)远期市盈率跌至20多倍、(2)收益率稳定以及(3)市场波动性下降，导致我在未来几个月更加看好苹果。</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":1395,"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,"idStr":"3573646738042573","authorIdStr":"3573646738042573"},"themes":[],"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.laohu8.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>2021年上半年对苹果股票来说既不是灾难性的，也不是过于乐观。今天，这位苹果专家讲述了苹果公司1月至6月的业绩故事。</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年上半年已经结束。这两年看着苹果股票暴涨的投资者，这次肯定多了几分难受。这家库比蒂诺公司的股价从2021年1月到6月上涨了3.5%，但一路上也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AAPL上半年的历程。</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：苹果店。</span></p></blockquote></p><p> <b>Apple’s performance in the first half</b></p><p><blockquote><b>苹果上半年表现</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高度概述，以及一些有趣的指标。请参阅以下要点：</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），与标普500的<i>年化</i>33%，苹果自20世纪80年代以来为23%。</li><li>年化波幅<b>34%</b>与苹果过去十年的27%（甚至包括紧张的2020年大流行年）相比，很高（即不好）。</li><li>最大回撤<b>19%</b>，苹果在2021年3月勉强摆脱了熊市。</li><li>最佳回报月份：六月，<b>10%</b></li><li>回报最差月份：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>今年伊始，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的2020年发布已被推迟。</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>但这就是苹果公司全年的表现。到3月8日，即财报发布后不到六周，该股就在熊市调整区域附近小心翼翼——较顶部回调至少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>苹果本身似乎没有什么特别的问题，只是华尔街的一些猜测认为，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，第一季度的看跌情绪可能可以通过以下几点得到最好的解释：</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月第一批新冠肺炎疫苗的宣布，并在2月份加速。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，在苹果股价大幅下跌的同期，10年期国债收益率从1.0%飙升至1.6%。利率上升对成长股和科技股来说是个坏消息。</li></ul>或许并非巧合的是，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。到4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4月20日的“春季活动”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，截至5月12日，苹果股价从4月份的高点下跌了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，看涨可以归功于夏季对新款iPhone和假日季销售的预期。</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>再加上(1)远期市盈率跌至20多倍、(2)收益率稳定以及(3)市场波动性下降，导致我在未来几个月更加看好苹果。</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>2021年上半年对苹果股票来说既不是灾难性的，也不是过于乐观。今天，这位苹果专家讲述了苹果公司1月至6月的业绩故事。</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年上半年已经结束。这两年看着苹果股票暴涨的投资者，这次肯定多了几分难受。这家库比蒂诺公司的股价从2021年1月到6月上涨了3.5%，但一路上也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AAPL上半年的历程。</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：苹果店。</span></p></blockquote></p><p> <b>Apple’s performance in the first half</b></p><p><blockquote><b>苹果上半年表现</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高度概述，以及一些有趣的指标。请参阅以下要点：</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），与标普500的<i>年化</i>33%，苹果自20世纪80年代以来为23%。</li><li>年化波幅<b>34%</b>与苹果过去十年的27%（甚至包括紧张的2020年大流行年）相比，很高（即不好）。</li><li>最大回撤<b>19%</b>，苹果在2021年3月勉强摆脱了熊市。</li><li>最佳回报月份：六月，<b>10%</b></li><li>回报最差月份：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>今年伊始，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的2020年发布已被推迟。</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>但这就是苹果公司全年的表现。到3月8日，即财报发布后不到六周，该股就在熊市调整区域附近小心翼翼——较顶部回调至少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>苹果本身似乎没有什么特别的问题，只是华尔街的一些猜测认为，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，第一季度的看跌情绪可能可以通过以下几点得到最好的解释：</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月第一批新冠肺炎疫苗的宣布，并在2月份加速。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，在苹果股价大幅下跌的同期，10年期国债收益率从1.0%飙升至1.6%。利率上升对成长股和科技股来说是个坏消息。</li></ul>或许并非巧合的是，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。到4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4月20日的“春季活动”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，截至5月12日，苹果股价从4月份的高点下跌了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，看涨可以归功于夏季对新款iPhone和假日季销售的预期。</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>再加上(1)远期市盈率跌至20多倍、(2)收益率稳定以及(3)市场波动性下降，导致我在未来几个月更加看好苹果。</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":1395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
