lolzies的个人主页 - 老虎社区

lolzies

lolzies

暂无个人介绍

IP属地：未知

6关注

0粉丝

0主题

0勋章

2021-06-03

Wow this is so insightful! Thank you for sharing such a wonderful piece.

抱歉，原内容已删除

2021-05-30

Greghwjg I just got a text message

2021-05-30

$Palantir Technologies Inc.(PLTR)$ccds

2021-04-29

Sounds interesting! Really insightful! [微笑]

Apple reports another blowout quarter with sales up 54%, authorizes $90 billion in share buybacks<blockquote>苹果报告又一个井喷季度销售额增长54%，授权900亿美元股票回购</blockquote>

2021-04-26

Sounds interesting

抱歉，原内容已删除

2021-04-26

This was so insightful!

A Higher Capital-Gains Tax Wouldn’t Be as Scary as It Sounds<blockquote>更高的资本利得税并不像听起来那么可怕</blockquote>

2021-04-14

Wow

抱歉，原内容已删除

2021-04-14

Hmm

The 24 Most-Hated Stocks in the S&P 500, and Why You Should Love Them<blockquote>标普500中最讨厌的24只股票，以及为什么你应该喜欢它们</blockquote>

去老虎APP查看更多动态

{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"3577092105346620","uuid":"3577092105346620","gmtCreate":1613998081782,"gmtModify":1622370662950,"name":"lolzies","pinyin":"lolzies","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/4c14b2defd1aecdccfdf3d13576b666b","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":0,"headSize":6,"tweetSize":8,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":2,"name":"无畏虎","nameTw":"無畏虎","represent":"初生牛犊","factor":"发布3条非转发主帖,1条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"35ec162348d5460f88c959321e554969-1","templateUuid":"35ec162348d5460f88c959321e554969","name":"精英交易员","description":"证券或期货账户累计交易次数达到30次","bigImgUrl":"https://static.tigerbbs.com/ab0f87127c854ce3191a752d57b46edc","smallImgUrl":"https://static.tigerbbs.com/c9835ce48b8c8743566d344ac7a7ba8c","grayImgUrl":"https://static.tigerbbs.com/76754b53ce7a90019f132c1d2fbc698f","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.02.22","exceedPercentage":"60.48%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-1","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"出道虎友","description":"加入老虎社区500天","bigImgUrl":"https://static.tigerbbs.com/0e4d0ca1da0456dc7894c946d44bf9ab","smallImgUrl":"https://static.tigerbbs.com/0f2f65e8ce4cfaae8db2bea9b127f58b","grayImgUrl":"https://static.tigerbbs.com/c5948a31b6edf154422335b265235809","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.07.08","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"976c19eed35f4cd78f17501c2e99ef37-1","templateUuid":"976c19eed35f4cd78f17501c2e99ef37","name":"博闻投资者","description":"累计交易超过10只正股","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.03.23","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":4,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":111452635,"gmtCreate":1622694906427,"gmtModify":1634099051879,"author":{"id":"3577092105346620","authorId":"3577092105346620","name":"lolzies","avatar":"https://static.tigerbbs.com/4c14b2defd1aecdccfdf3d13576b666b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577092105346620","authorIdStr":"3577092105346620"},"themes":[],"htmlText":"Wow this is so insightful! Thank you for sharing such a wonderful piece.","listText":"Wow this is so insightful! Thank you for sharing such a wonderful piece.","text":"Wow this is so insightful! Thank you for sharing such a wonderful piece.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/111452635","repostId":"1115876867","repostType":4,"isVote":1,"tweetType":1,"viewCount":1225,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137564192,"gmtCreate":1622364518216,"gmtModify":1634102016490,"author":{"id":"3577092105346620","authorId":"3577092105346620","name":"lolzies","avatar":"https://static.tigerbbs.com/4c14b2defd1aecdccfdf3d13576b666b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577092105346620","authorIdStr":"3577092105346620"},"themes":[],"htmlText":"Greghwjg I just got a text message&nbsp;","listText":"Greghwjg I just got a text message&nbsp;","text":"Greghwjg I just got a text message","images":[{"img":"https://static.tigerbbs.com/3a4b1b942a97ca189327af16cca8f51d","width":"1125","height":"2575"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/137564192","isVote":1,"tweetType":1,"viewCount":1642,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":137564061,"gmtCreate":1622364492553,"gmtModify":1634102016851,"author":{"id":"3577092105346620","authorId":"3577092105346620","name":"lolzies","avatar":"https://static.tigerbbs.com/4c14b2defd1aecdccfdf3d13576b666b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577092105346620","authorIdStr":"3577092105346620"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>ccds","listText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>ccds","text":"$Palantir Technologies Inc.(PLTR)$ccds","images":[{"img":"https://static.tigerbbs.com/ec6fad5991d2020aca53974a33c232a2","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/137564061","isVote":1,"tweetType":1,"viewCount":2920,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":109005939,"gmtCreate":1619653498221,"gmtModify":1634211064950,"author":{"id":"3577092105346620","authorId":"3577092105346620","name":"lolzies","avatar":"https://static.tigerbbs.com/4c14b2defd1aecdccfdf3d13576b666b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577092105346620","authorIdStr":"3577092105346620"},"themes":[],"htmlText":"Sounds interesting! Really insightful! [微笑]&nbsp;","listText":"Sounds interesting! Really insightful! [微笑]&nbsp;","text":"Sounds interesting! Really insightful! [微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/109005939","repostId":"1137964402","repostType":4,"repost":{"id":"1137964402","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":1619651546,"share":"https://www.laohu8.com/m/news/1137964402?lang=zh_CN&edition=full","pubTime":"2021-04-29 07:12","market":"us","language":"en","title":"Apple reports another blowout quarter with sales up 54%, authorizes $90 billion in share buybacks<blockquote>苹果报告又一个井喷季度销售额增长54%，授权900亿美元股票回购</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137964402","media":"Tiger Newspress","summary":"Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and significantly stronger profits than Wall Street expected.Apple did not issue official guidance for what it expects in the quarter ending in June.Apple authorized $90 billion in share buybacks.Apple stock rose over 4% at one point in extended trading.Apple reported double-digit growth in every single one of its product categories, and its most important product line, the iPhone, was up 65","content":"<p><b>KEY POINTS</b></p><p><blockquote><b>要点</b></blockquote></p><p><ul><li>Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</li><li>Apple did not issue official guidance for what it expects in the quarter ending in June.</li><li>Apple authorized $90 billion in share buybacks.</li></ul>Apple&nbsp;reported&nbsp;a blowout quarter&nbsp;on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</p><p><blockquote><ul><li>苹果周三公布了井喷季度业绩，宣布全公司销售额比去年增长54%，利润明显强于华尔街预期。</li><li>苹果没有就截至6月份的季度的预期发布官方指引。</li><li>苹果授权900亿美元的股票回购。</li></ul>苹果周三公布了井喷季度业绩，宣布全公司销售额比去年增长54%，利润明显强于华尔街预期。</blockquote></p><p>Apple stock rose over 4% at one point in extended trading.</p><p><blockquote>苹果股价在盘后交易中一度上涨超过4%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4e791f63f460807906f1793c2d58933e\" tg-width=\"1302\" tg-height=\"833\"></p><p><blockquote></blockquote></p><p>Apple reported double-digit growth in every single one of its product categories, and its&nbsp;most important product line, the iPhone, was up 65.5% from last year. Its Mac and iPad sales&nbsp;did&nbsp;better, with its computers up 70.1% and iPad&nbsp;sales&nbsp;growing nearly 79% on an annual basis.</p><p><blockquote>苹果报告称，其每个产品类别都实现了两位数的增长，其最重要的产品线iPhone比去年增长了65.5%。其Mac和iPad销量表现更好，电脑销量同比增长70.1%，iPad销量同比增长近79%。</blockquote></p><p>Apple said it would increase its dividend by 7%&nbsp;to $0.22 per share&nbsp;and authorized $90 billion in share buybacks, which is significantly higher than last year’s $50 billion outlay&nbsp;and 2019′s $75 billion.</p><p><blockquote>苹果表示，将把股息提高7%至每股0.22美元，并授权900亿美元的股票回购，这明显高于去年的500亿美元支出和2019年的750亿美元。</blockquote></p><p>Here’s how Apple did versus Refinitiv estimates:</p><p><blockquote>以下是苹果与Refinitiv估计的表现：</blockquote></p><p><ul><li><b>EPS</b>:&nbsp;$1.40&nbsp;vs. $0.99 estimated</li><li><b>Revenue</b>:&nbsp;$89.58&nbsp;billion&nbsp;vs. $77.36&nbsp;billion&nbsp;estimated, up 53.7% year-over-year</li><li><b>iPhone revenue</b>:&nbsp;$47.94 billion&nbsp;vs. $41.43&nbsp;billion&nbsp;estimated, up&nbsp;65.5% year-over-year</li><li><b>Services revenue</b>:&nbsp;$16.90 billion&nbsp;vs. $15.57&nbsp;billion&nbsp;estimated, up 26.7% year over&nbsp;year</li><li><b>Other Products revenue</b>:&nbsp;$7.83&nbsp;billion&nbsp;vs. $7.79&nbsp;billion&nbsp;estimated,&nbsp;up 24%&nbsp;year-over-year</li><li><b>Mac revenue</b>:&nbsp;$9.10&nbsp;billion&nbsp;vs. $6.86&nbsp;billion&nbsp;estimated, up 70.1% year-over-year</li><li><b>iPad revenue</b>:&nbsp;$7.80 billion&nbsp;vs. $5.58&nbsp;billion&nbsp;estimated, up 78.9% year-over-year</li><li><b>Gross margin</b>:&nbsp;42.5% vs. 39.8%&nbsp;estimated</li></ul>Apple did not issue official guidance for what it expects in the quarter ending in June. It hasn’t provided revenue&nbsp;guidance since the start of the pandemic, citing uncertainty.&nbsp;This is Apple’s second quarter in a row with double-digit growth in all product categories.&nbsp;Apple CFO Luca Maestri told analysts that the company expects June quarter revenue to rise by double digits year-over-year, although it faces some supply shortages due to the worldwide chip shortage.</p><p><blockquote><ul><li><b>EPS</b>：1.40美元对比。估计0.99美元</li><li><b>收入</b>：895.8亿美元对比。预计773.6亿美元，同比增长53.7%</li><li><b>iPhone收入</b>：479.4亿美元对比。预计为414.3亿美元，同比增长65.5%</li><li><b>服务收入</b>：169亿美元vs.预计155.7亿美元，同比增长26.7%</li><li><b>其他产品收益</b>：78.3亿美元对比。预计77.9亿美元，同比增长24%</li><li><b>Mac收入</b>：91亿美元vs.预计68.6亿美元，同比增长70.1%</li><li><b>iPad收入</b>：78亿美元vs.预计55.8亿美元，同比增长78.9%</li><li><b>毛利率</b>：42.5%vs.估计值39.8%</li></ul>苹果没有就截至6月份的季度的预期发布官方指引。自疫情开始以来，该公司一直没有提供收入指引，理由是存在不确定性。这是苹果连续第二个季度在所有产品类别中实现两位数增长。苹果首席财务官Luca Maestri告诉分析师，该公司预计6月份季度的收入将同比增长两位数，尽管由于全球芯片短缺，该公司面临一些供应短缺。</blockquote></p><p>Apple has said in the past months that its business has been boosted by the pandemic as consumers&nbsp;and businesses&nbsp;bought&nbsp;computers&nbsp;to work and entertain themselves while at home. But Apple’s strong results in the quarter suggest that the trend may persist as more economies&nbsp;open up.</p><p><blockquote>苹果在过去几个月表示，随着消费者和企业购买电脑在家工作和娱乐，其业务受到了疫情的提振。但苹果本季度的强劲业绩表明，随着更多经济体的开放，这一趋势可能会持续下去。</blockquote></p><p>Or, as Apple CEO Tim Cook said in a statement: “This quarter reflects both the enduring ways our products have helped our users meet this&nbsp;moment in their own lives, as well as the optimism consumers seem to feel about better days&nbsp;ahead for all of us.”</p><p><blockquote>或者，正如苹果首席执行官蒂姆·库克(Tim Cook)在一份声明中所说：“本季度既反映了我们的产品帮助用户在自己的生活中迎接这一时刻的持久方式，也反映了消费者似乎对所有人未来更好的日子感到乐观。我们。”</blockquote></p><p>Mac sales were up 70%, and Cook said that the result was “fueled by” the company’s introduction of its Mac&nbsp;laptops&nbsp;that used its own M1 chips&nbsp;for longer battery life, instead of processors sold by&nbsp;Intel.&nbsp;iPad sales were up&nbsp;nearly 79% year-over-year.</p><p><blockquote>Mac的销量增长了70%，库克表示，这一结果是由该公司推出的Mac笔记本电脑“推动”的，这些笔记本电脑使用了自己的M1芯片，电池寿命更长，而不是英特尔销售的处理器，iPad的销量同比增长了近79%。</blockquote></p><p>Neither of those&nbsp;results&nbsp;include iPad Pro or iMac models the company announced in March, which are expected to drive additional demand.</p><p><blockquote>这两个结果都不包括该公司3月份宣布的iPad Pro或iMac型号，预计这些型号将推动额外需求。</blockquote></p><p>“We’re seeing strong first-time buyers on the Mac&nbsp;…&nbsp;it continues to run just south of 50%,” Cook told CNBC’s Josh Lipton. “And, in China, it’s even higher than that&nbsp;…&nbsp;it’s more around two-thirds. And that speaks to people preferring to work on the Mac.”</p><p><blockquote>库克对CNBC的乔什·利普顿(Josh Lipton)表示：“我们看到Mac的首次购买者数量强劲……这一比例继续略低于50%。”“而且，在中国，这个数字甚至更高……大约是三分之二。这表明人们更喜欢在Mac上工作。”</blockquote></p><p>Apple’s iPhone also reported strong results this quarter, quelling fears that the current annual cycle could slow down. Last year, Apple released iPhones with a new exterior design and 5G support, which many investors believed could prompt a major upgrade cycle, which this quarter’s results indicate.</p><p><blockquote>苹果的iPhone本季度也公布了强劲的业绩，平息了人们对当前年度周期可能放缓的担忧。去年，苹果发布了具有新外观设计和5G支持的iPhone，许多投资者认为这可能会引发一个重大升级周期，本季度的业绩表明了这一点。</blockquote></p><p>In greater China, which includes the mainland, Hong Kong, and Taiwan,&nbsp;Apple’s revenue increased over&nbsp;87% year-over-year to $17.73 billion, although the comparison is to a quarter last year in which China was largely shut down in the early days of the pandemic.&nbsp;Every other geographical category, including the Americas and Europe, were also up on an annual basis.</p><p><blockquote>在包括大陆、香港和台湾在内的大中华区，苹果的收入同比增长超过87%，达到177.3亿美元，尽管相比之下，去年中国在疫情初期基本上处于关闭状态。其他所有地理类别，包括美洲和欧洲，也同比增长。</blockquote></p><p><img src=\"https://static.tigerbbs.com/37a8b45c92174e3c9ab224d9a85f5e2d\" tg-width=\"1910\" tg-height=\"1114\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Apple’s&nbsp;high-margin&nbsp;services business, including iCloud, App Store, and subscriptions like Apple Music, also showed 26.7% growth.</p><p><blockquote>苹果的高利润服务业务，包括iCloud、App Store和苹果音乐等订阅业务，也实现了26.7%的增长。</blockquote></p><p></p><p>One metric that Apple uses to show the growth in services is the number of subscriptions it has, which not only include its own subscriptions like Apple One, but also subscriptions through its App Store.</p><p><blockquote>苹果用来显示服务增长的一个指标是其订阅数量，其中不仅包括苹果One等自有订阅，还包括通过其App Store进行的订阅。</blockquote></p><p>“We now have over 660 million paid subscriptions across the services on the platform, and that’s up 40 million from the previous quarter, which is an acceleration from 35 million,” Cook told CNBC.</p><p><blockquote>库克对CNBC表示：“我们平台上的服务现在有超过6.6亿付费订阅，比上一季度增加了4000万，比3500万有所增长。”</blockquote></p><p>However, Apple’s App Store has been challenged by lawmakers and companies that say it costs too much and has too much power. A closely-watched trial with Fortnite maker Epic Games over App Store policies kicks off next week.</p><p><blockquote>然而，苹果的应用商店受到了立法者和公司的挑战，他们说它成本太高，权力太大。堡垒之夜制造商Epic Games就App Store政策进行的备受关注的审判将于下周开始。</blockquote></p><p>“The App Store has been an economic miracle. Last year, the estimates are that there was over a half a trillion dollars of economic activity because of the store. And, so, this has been just an economic gamechanger for not only the United States, but several countries around the world. And, we’re going to go in and tell our story. And we’ll see where it goes. But, we’re confident,” Cook told CNBC.</p><p><blockquote>“App Store是一个经济奇迹。据估计，去年有超过5000亿美元的经济活动因为这个商店。所以，这不仅是美国的经济游戏规则改变者，也是世界上几个国家的经济规则改变者。我们将走进去讲述我们的故事。我们会看到它会走向何方。但是，我们有信心，”库克告诉CNBC。</blockquote></p><p>Apple’s gross margin was also unusually elevated for the company. Most quarters, it tends to be in the 38% to 39% range, but in the quarter ending in March, Apple reported 42.5% margins.</p><p><blockquote>苹果的毛利率也异常高。大多数季度，利润率往往在38%至39%之间，但在截至3月份的季度，苹果报告利润率为42.5%。</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 reports another blowout quarter with sales up 54%, authorizes $90 billion in share buybacks<blockquote>苹果报告又一个井喷季度销售额增长54%，授权900亿美元股票回购</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 reports another blowout quarter with sales up 54%, authorizes $90 billion in share buybacks<blockquote>苹果报告又一个井喷季度销售额增长54%，授权900亿美元股票回购</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\">2021-04-29 07:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>KEY POINTS</b></p><p><blockquote><b>要点</b></blockquote></p><p><ul><li>Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</li><li>Apple did not issue official guidance for what it expects in the quarter ending in June.</li><li>Apple authorized $90 billion in share buybacks.</li></ul>Apple&nbsp;reported&nbsp;a blowout quarter&nbsp;on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</p><p><blockquote><ul><li>苹果周三公布了井喷季度业绩，宣布全公司销售额比去年增长54%，利润明显强于华尔街预期。</li><li>苹果没有就截至6月份的季度的预期发布官方指引。</li><li>苹果授权900亿美元的股票回购。</li></ul>苹果周三公布了井喷季度业绩，宣布全公司销售额比去年增长54%，利润明显强于华尔街预期。</blockquote></p><p>Apple stock rose over 4% at one point in extended trading.</p><p><blockquote>苹果股价在盘后交易中一度上涨超过4%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4e791f63f460807906f1793c2d58933e\" tg-width=\"1302\" tg-height=\"833\"></p><p><blockquote></blockquote></p><p>Apple reported double-digit growth in every single one of its product categories, and its&nbsp;most important product line, the iPhone, was up 65.5% from last year. Its Mac and iPad sales&nbsp;did&nbsp;better, with its computers up 70.1% and iPad&nbsp;sales&nbsp;growing nearly 79% on an annual basis.</p><p><blockquote>苹果报告称，其每个产品类别都实现了两位数的增长，其最重要的产品线iPhone比去年增长了65.5%。其Mac和iPad销量表现更好，电脑销量同比增长70.1%，iPad销量同比增长近79%。</blockquote></p><p>Apple said it would increase its dividend by 7%&nbsp;to $0.22 per share&nbsp;and authorized $90 billion in share buybacks, which is significantly higher than last year’s $50 billion outlay&nbsp;and 2019′s $75 billion.</p><p><blockquote>苹果表示，将把股息提高7%至每股0.22美元，并授权900亿美元的股票回购，这明显高于去年的500亿美元支出和2019年的750亿美元。</blockquote></p><p>Here’s how Apple did versus Refinitiv estimates:</p><p><blockquote>以下是苹果与Refinitiv估计的表现：</blockquote></p><p><ul><li><b>EPS</b>:&nbsp;$1.40&nbsp;vs. $0.99 estimated</li><li><b>Revenue</b>:&nbsp;$89.58&nbsp;billion&nbsp;vs. $77.36&nbsp;billion&nbsp;estimated, up 53.7% year-over-year</li><li><b>iPhone revenue</b>:&nbsp;$47.94 billion&nbsp;vs. $41.43&nbsp;billion&nbsp;estimated, up&nbsp;65.5% year-over-year</li><li><b>Services revenue</b>:&nbsp;$16.90 billion&nbsp;vs. $15.57&nbsp;billion&nbsp;estimated, up 26.7% year over&nbsp;year</li><li><b>Other Products revenue</b>:&nbsp;$7.83&nbsp;billion&nbsp;vs. $7.79&nbsp;billion&nbsp;estimated,&nbsp;up 24%&nbsp;year-over-year</li><li><b>Mac revenue</b>:&nbsp;$9.10&nbsp;billion&nbsp;vs. $6.86&nbsp;billion&nbsp;estimated, up 70.1% year-over-year</li><li><b>iPad revenue</b>:&nbsp;$7.80 billion&nbsp;vs. $5.58&nbsp;billion&nbsp;estimated, up 78.9% year-over-year</li><li><b>Gross margin</b>:&nbsp;42.5% vs. 39.8%&nbsp;estimated</li></ul>Apple did not issue official guidance for what it expects in the quarter ending in June. It hasn’t provided revenue&nbsp;guidance since the start of the pandemic, citing uncertainty.&nbsp;This is Apple’s second quarter in a row with double-digit growth in all product categories.&nbsp;Apple CFO Luca Maestri told analysts that the company expects June quarter revenue to rise by double digits year-over-year, although it faces some supply shortages due to the worldwide chip shortage.</p><p><blockquote><ul><li><b>EPS</b>：1.40美元对比。估计0.99美元</li><li><b>收入</b>：895.8亿美元对比。预计773.6亿美元，同比增长53.7%</li><li><b>iPhone收入</b>：479.4亿美元对比。预计为414.3亿美元，同比增长65.5%</li><li><b>服务收入</b>：169亿美元vs.预计155.7亿美元，同比增长26.7%</li><li><b>其他产品收益</b>：78.3亿美元对比。预计77.9亿美元，同比增长24%</li><li><b>Mac收入</b>：91亿美元vs.预计68.6亿美元，同比增长70.1%</li><li><b>iPad收入</b>：78亿美元vs.预计55.8亿美元，同比增长78.9%</li><li><b>毛利率</b>：42.5%vs.估计值39.8%</li></ul>苹果没有就截至6月份的季度的预期发布官方指引。自疫情开始以来，该公司一直没有提供收入指引，理由是存在不确定性。这是苹果连续第二个季度在所有产品类别中实现两位数增长。苹果首席财务官Luca Maestri告诉分析师，该公司预计6月份季度的收入将同比增长两位数，尽管由于全球芯片短缺，该公司面临一些供应短缺。</blockquote></p><p>Apple has said in the past months that its business has been boosted by the pandemic as consumers&nbsp;and businesses&nbsp;bought&nbsp;computers&nbsp;to work and entertain themselves while at home. But Apple’s strong results in the quarter suggest that the trend may persist as more economies&nbsp;open up.</p><p><blockquote>苹果在过去几个月表示，随着消费者和企业购买电脑在家工作和娱乐，其业务受到了疫情的提振。但苹果本季度的强劲业绩表明，随着更多经济体的开放，这一趋势可能会持续下去。</blockquote></p><p>Or, as Apple CEO Tim Cook said in a statement: “This quarter reflects both the enduring ways our products have helped our users meet this&nbsp;moment in their own lives, as well as the optimism consumers seem to feel about better days&nbsp;ahead for all of us.”</p><p><blockquote>或者，正如苹果首席执行官蒂姆·库克(Tim Cook)在一份声明中所说：“本季度既反映了我们的产品帮助用户在自己的生活中迎接这一时刻的持久方式，也反映了消费者似乎对所有人未来更好的日子感到乐观。我们。”</blockquote></p><p>Mac sales were up 70%, and Cook said that the result was “fueled by” the company’s introduction of its Mac&nbsp;laptops&nbsp;that used its own M1 chips&nbsp;for longer battery life, instead of processors sold by&nbsp;Intel.&nbsp;iPad sales were up&nbsp;nearly 79% year-over-year.</p><p><blockquote>Mac的销量增长了70%，库克表示，这一结果是由该公司推出的Mac笔记本电脑“推动”的，这些笔记本电脑使用了自己的M1芯片，电池寿命更长，而不是英特尔销售的处理器，iPad的销量同比增长了近79%。</blockquote></p><p>Neither of those&nbsp;results&nbsp;include iPad Pro or iMac models the company announced in March, which are expected to drive additional demand.</p><p><blockquote>这两个结果都不包括该公司3月份宣布的iPad Pro或iMac型号，预计这些型号将推动额外需求。</blockquote></p><p>“We’re seeing strong first-time buyers on the Mac&nbsp;…&nbsp;it continues to run just south of 50%,” Cook told CNBC’s Josh Lipton. “And, in China, it’s even higher than that&nbsp;…&nbsp;it’s more around two-thirds. And that speaks to people preferring to work on the Mac.”</p><p><blockquote>库克对CNBC的乔什·利普顿(Josh Lipton)表示：“我们看到Mac的首次购买者数量强劲……这一比例继续略低于50%。”“而且，在中国，这个数字甚至更高……大约是三分之二。这表明人们更喜欢在Mac上工作。”</blockquote></p><p>Apple’s iPhone also reported strong results this quarter, quelling fears that the current annual cycle could slow down. Last year, Apple released iPhones with a new exterior design and 5G support, which many investors believed could prompt a major upgrade cycle, which this quarter’s results indicate.</p><p><blockquote>苹果的iPhone本季度也公布了强劲的业绩，平息了人们对当前年度周期可能放缓的担忧。去年，苹果发布了具有新外观设计和5G支持的iPhone，许多投资者认为这可能会引发一个重大升级周期，本季度的业绩表明了这一点。</blockquote></p><p>In greater China, which includes the mainland, Hong Kong, and Taiwan,&nbsp;Apple’s revenue increased over&nbsp;87% year-over-year to $17.73 billion, although the comparison is to a quarter last year in which China was largely shut down in the early days of the pandemic.&nbsp;Every other geographical category, including the Americas and Europe, were also up on an annual basis.</p><p><blockquote>在包括大陆、香港和台湾在内的大中华区，苹果的收入同比增长超过87%，达到177.3亿美元，尽管相比之下，去年中国在疫情初期基本上处于关闭状态。其他所有地理类别，包括美洲和欧洲，也同比增长。</blockquote></p><p><img src=\"https://static.tigerbbs.com/37a8b45c92174e3c9ab224d9a85f5e2d\" tg-width=\"1910\" tg-height=\"1114\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Apple’s&nbsp;high-margin&nbsp;services business, including iCloud, App Store, and subscriptions like Apple Music, also showed 26.7% growth.</p><p><blockquote>苹果的高利润服务业务，包括iCloud、App Store和苹果音乐等订阅业务，也实现了26.7%的增长。</blockquote></p><p></p><p>One metric that Apple uses to show the growth in services is the number of subscriptions it has, which not only include its own subscriptions like Apple One, but also subscriptions through its App Store.</p><p><blockquote>苹果用来显示服务增长的一个指标是其订阅数量，其中不仅包括苹果One等自有订阅，还包括通过其App Store进行的订阅。</blockquote></p><p>“We now have over 660 million paid subscriptions across the services on the platform, and that’s up 40 million from the previous quarter, which is an acceleration from 35 million,” Cook told CNBC.</p><p><blockquote>库克对CNBC表示：“我们平台上的服务现在有超过6.6亿付费订阅，比上一季度增加了4000万，比3500万有所增长。”</blockquote></p><p>However, Apple’s App Store has been challenged by lawmakers and companies that say it costs too much and has too much power. A closely-watched trial with Fortnite maker Epic Games over App Store policies kicks off next week.</p><p><blockquote>然而，苹果的应用商店受到了立法者和公司的挑战，他们说它成本太高，权力太大。堡垒之夜制造商Epic Games就App Store政策进行的备受关注的审判将于下周开始。</blockquote></p><p>“The App Store has been an economic miracle. Last year, the estimates are that there was over a half a trillion dollars of economic activity because of the store. And, so, this has been just an economic gamechanger for not only the United States, but several countries around the world. And, we’re going to go in and tell our story. And we’ll see where it goes. But, we’re confident,” Cook told CNBC.</p><p><blockquote>“App Store是一个经济奇迹。据估计，去年有超过5000亿美元的经济活动因为这个商店。所以，这不仅是美国的经济游戏规则改变者，也是世界上几个国家的经济规则改变者。我们将走进去讲述我们的故事。我们会看到它会走向何方。但是，我们有信心，”库克告诉CNBC。</blockquote></p><p>Apple’s gross margin was also unusually elevated for the company. Most quarters, it tends to be in the 38% to 39% range, but in the quarter ending in March, Apple reported 42.5% margins.</p><p><blockquote>苹果的毛利率也异常高。大多数季度，利润率往往在38%至39%之间，但在截至3月份的季度，苹果报告利润率为42.5%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137964402","content_text":"KEY POINTSApple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and significantly stronger profits than Wall Street expected.Apple did not issue official guidance for what it expects in the quarter ending in June.Apple authorized $90 billion in share buybacks.Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and significantly stronger profits than Wall Street expected.Apple stock rose over 4% at one point in extended trading.Apple reported double-digit growth in every single one of its product categories, and its most important product line, the iPhone, was up 65.5% from last year. Its Mac and iPad sales did better, with its computers up 70.1% and iPad sales growing nearly 79% on an annual basis.Apple said it would increase its dividend by 7% to $0.22 per share and authorized $90 billion in share buybacks, which is significantly higher than last year’s $50 billion outlay and 2019′s $75 billion.Here’s how Apple did versus Refinitiv estimates:EPS: $1.40 vs. $0.99 estimatedRevenue: $89.58 billion vs. $77.36 billion estimated, up 53.7% year-over-yeariPhone revenue: $47.94 billion vs. $41.43 billion estimated, up 65.5% year-over-yearServices revenue: $16.90 billion vs. $15.57 billion estimated, up 26.7% year over yearOther Products revenue: $7.83 billion vs. $7.79 billion estimated, up 24% year-over-yearMac revenue: $9.10 billion vs. $6.86 billion estimated, up 70.1% year-over-yeariPad revenue: $7.80 billion vs. $5.58 billion estimated, up 78.9% year-over-yearGross margin: 42.5% vs. 39.8% estimatedApple did not issue official guidance for what it expects in the quarter ending in June. It hasn’t provided revenue guidance since the start of the pandemic, citing uncertainty. This is Apple’s second quarter in a row with double-digit growth in all product categories. Apple CFO Luca Maestri told analysts that the company expects June quarter revenue to rise by double digits year-over-year, although it faces some supply shortages due to the worldwide chip shortage.Apple has said in the past months that its business has been boosted by the pandemic as consumers and businesses bought computers to work and entertain themselves while at home. But Apple’s strong results in the quarter suggest that the trend may persist as more economies open up.Or, as Apple CEO Tim Cook said in a statement: “This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers seem to feel about better days ahead for all of us.”Mac sales were up 70%, and Cook said that the result was “fueled by” the company’s introduction of its Mac laptops that used its own M1 chips for longer battery life, instead of processors sold by Intel. iPad sales were up nearly 79% year-over-year.Neither of those results include iPad Pro or iMac models the company announced in March, which are expected to drive additional demand.“We’re seeing strong first-time buyers on the Mac … it continues to run just south of 50%,” Cook told CNBC’s Josh Lipton. “And, in China, it’s even higher than that … it’s more around two-thirds. And that speaks to people preferring to work on the Mac.”Apple’s iPhone also reported strong results this quarter, quelling fears that the current annual cycle could slow down. Last year, Apple released iPhones with a new exterior design and 5G support, which many investors believed could prompt a major upgrade cycle, which this quarter’s results indicate.In greater China, which includes the mainland, Hong Kong, and Taiwan, Apple’s revenue increased over 87% year-over-year to $17.73 billion, although the comparison is to a quarter last year in which China was largely shut down in the early days of the pandemic. Every other geographical category, including the Americas and Europe, were also up on an annual basis.Apple’s high-margin services business, including iCloud, App Store, and subscriptions like Apple Music, also showed 26.7% growth.One metric that Apple uses to show the growth in services is the number of subscriptions it has, which not only include its own subscriptions like Apple One, but also subscriptions through its App Store.“We now have over 660 million paid subscriptions across the services on the platform, and that’s up 40 million from the previous quarter, which is an acceleration from 35 million,” Cook told CNBC.However, Apple’s App Store has been challenged by lawmakers and companies that say it costs too much and has too much power. A closely-watched trial with Fortnite maker Epic Games over App Store policies kicks off next week.“The App Store has been an economic miracle. Last year, the estimates are that there was over a half a trillion dollars of economic activity because of the store. And, so, this has been just an economic gamechanger for not only the United States, but several countries around the world. And, we’re going to go in and tell our story. And we’ll see where it goes. But, we’re confident,” Cook told CNBC.Apple’s gross margin was also unusually elevated for the company. Most quarters, it tends to be in the 38% to 39% range, but in the quarter ending in March, Apple reported 42.5% margins.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2514,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":374350246,"gmtCreate":1619422378985,"gmtModify":1634273612357,"author":{"id":"3577092105346620","authorId":"3577092105346620","name":"lolzies","avatar":"https://static.tigerbbs.com/4c14b2defd1aecdccfdf3d13576b666b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577092105346620","authorIdStr":"3577092105346620"},"themes":[],"htmlText":"Sounds interesting","listText":"Sounds interesting","text":"Sounds interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/374350246","repostId":"1160776805","repostType":4,"isVote":1,"tweetType":1,"viewCount":1532,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374350979,"gmtCreate":1619422358491,"gmtModify":1634273612476,"author":{"id":"3577092105346620","authorId":"3577092105346620","name":"lolzies","avatar":"https://static.tigerbbs.com/4c14b2defd1aecdccfdf3d13576b666b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577092105346620","authorIdStr":"3577092105346620"},"themes":[],"htmlText":"This was so insightful!","listText":"This was so insightful!","text":"This was so insightful!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/374350979","repostId":"1173749540","repostType":4,"repost":{"id":"1173749540","kind":"news","pubTimestamp":1619419894,"share":"https://www.laohu8.com/m/news/1173749540?lang=zh_CN&edition=full","pubTime":"2021-04-26 14:51","market":"us","language":"en","title":"A Higher Capital-Gains Tax Wouldn’t Be as Scary as It Sounds<blockquote>更高的资本利得税并不像听起来那么可怕</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1173749540","media":"Barrons","summary":"Shocked! Shocked! As in the classic line from the film Casablanca, the stock market somehow was surp","content":"<p>Shocked! Shocked! As in the classic line from the film&nbsp;<i>Casablanca</i>, the stock market somehow was surprised by reports that the Biden administration is set to propose&nbsp;a sharp increase in capital-gains taxes on high earners.</p><p><blockquote>震惊！震惊！就像电影里的经典台词<i>卡萨布兰卡</i>有报道称，拜登政府将提议大幅提高高收入者的资本利得税，股市对此感到有些惊讶。</blockquote></p><p> That’s even though that prospect had been discussed widely, including in this space, following Joe Biden’s inauguration as president in January. And it had been a major part of the Democrats’ platform during the election campaign last year.</p><p><blockquote>尽管在乔·拜登一月份就任总统后，这一前景已经被广泛讨论，包括在这个领域。这是去年竞选期间民主党政纲的主要部分。</blockquote></p><p> Yet stocks hit an air pocket when the news was reported early Thursday afternoon, suggesting that the reaction was caused in great part by machines programmed to scan headlines. By Friday, the losses were more than recouped after human investors had time to read and reassess the reports.</p><p><blockquote>然而，当周四下午早些时候报道这一消息时，股市陷入了困境，这表明这种反应在很大程度上是由被编程为扫描头条新闻的机器引起的。到周五，在人类投资者有时间阅读和重新评估报告后，损失已被弥补。</blockquote></p><p> Those indicated that the administration would propose taxing capital gains at the same rate as ordinary income for people earning over $1 million a year. The top bracket for them also would revert to 39.6% from the 37% peak rate under the Tax Cuts and Jobs Act of 2017.</p><p><blockquote>这些人表示，政府将提议对年收入超过100万美元的人按照与普通收入相同的税率征收资本利得税。根据2017年减税和就业法案，他们的最高税率也将从37%的峰值恢复到39.6%。</blockquote></p><p> The net effect would roughly be to double the rate on capital gains for these high earners, to 43.4% from the current 23.8%, including the 3.8% Obamacare levy on investment income. It would mean that, for the first time, some Americans’ capital gains would be taxed at a higher rate than ordinary income, such as wages and salaries, instead of getting favored treatment as it has during most of U.S. tax history.</p><p><blockquote>净效应大约是将这些高收入者的资本利得税率从目前的23.8%提高到43.4%，其中包括对投资收入征收3.8%的奥巴马医改税。这将意味着，一些美国人的资本收益将首次以高于工资和薪金等普通收入的税率征税，而不是像美国税收史上大部分时间那样获得优惠待遇。</blockquote></p><p> None of these proposals has been officially announced or made yet; they’re likely to be outlined when the president addresses a joint session of Congress Wednesday evening. “The Biden tax proposals are an opening salvo in a negotiating process,” writes Greg Valliere, chief U.S. strategist for AGF Investments, in a client note. He and other Washington watchers look for the administration to seek a cap-gains rate of 28% or 30% for million-dollar earners, which would be about halfway between the current 23.8% and the 43.4% top rate reportedly under consideration.</p><p><blockquote>这些提议都还没有正式宣布或提出；总统周三晚上在国会联席会议上发表讲话时可能会概述这些建议。AGF Investments首席美国策略师格雷格·瓦利埃(Greg Valliere)在一份客户报告中写道：“拜登的税收提案是谈判过程中的开场。”他和其他华盛顿观察人士希望政府为百万富翁寻求28%或30%的上限增长率，这大约是目前23.8%和据报道正在考虑的43.4%最高增长率的一半。</blockquote></p><p> And because it’s basically an unofficial trial balloon at this point, there are far more questions than answers about any tax changes that could be aimed at investors.</p><p><blockquote>由于目前这基本上是一个非官方的试验气球，因此针对投资者的任何税收变化的问题远远多于答案。</blockquote></p><p> In its efforts to tax capital the same as labor, the administration also could seek to tax dividends at the same rate as ordinary income. Since 2003, these payouts have been taxed at the lower capital-gains rate, which helps to offset their double taxation at the corporate and shareholder levels.</p><p><blockquote>在努力像对劳动力一样对资本征税的过程中，政府还可以寻求按照与普通收入相同的税率对股息征税。自2003年以来，这些支出一直按较低的资本利得税率征税，这有助于抵消公司和股东层面的双重征税。</blockquote></p><p> Another reported target is the estate-tax exemption. The administration would seek to slash the current one of $11.7 million to $5.5 million. However, because the exemption effectively is doubled for couples, the change would affect only a small number of estates.</p><p><blockquote>另一个报道的目标是遗产税豁免。政府将寻求将目前的1170万美元削减至550万美元。然而，由于夫妇的免税实际上增加了一倍，这一变化只会影响一小部分遗产。</blockquote></p><p> Potentially, a bigger impact would come from&nbsp;the elimination of the step-up in cost basis on inherited assets. That could produce a big hit on investments made years ago. For instance, if you invested $10,000 in theSPDR S&amp;P 500&nbsp;exchange-traded fund (ticker: SPY) when it debuted on Jan. 29, 1993, it now would be worth $159,472.86, according to Morningstar calculations. Under current law, if you were to die, your heirs would owe taxes only on gains above that appreciated value. Were the step-up in basis eliminated, your heirs would owe taxes on the gains above the original $10,000 cost when they sell.</p><p><blockquote>潜在的更大影响将来自于消除继承资产的成本基础的增加。这可能会对多年前的投资造成重大打击。例如，根据晨星公司的计算，如果您在1993年1月29日首次亮相时向SPDR标普500交易所交易基金（股票代码：SPDR标普500指数ETF）投资10,000美元，那么现在该基金的价值将为159,472.86美元。根据现行法律，如果您去世，您的继承人只需为高于增值价值的收益纳税。如果取消基础的增加，您的继承人在出售时将对高于原始10,000美元成本的收益纳税。</blockquote></p><p> Critics contend that the step-up in basis promotes dynastic wealth and inequality. But calculating the tax on hard-to-value assets, such as private businesses established years ago, can be nearly impossible. Even figuring the original price paid for long-held publicly traded shares would be tough.</p><p><blockquote>批评者认为，基础的提高促进了王朝的财富和不平等。但计算难以估值的资产（例如多年前成立的私营企业）的税收几乎是不可能的。即使计算长期持有的公开交易股票的原始价格也很困难。</blockquote></p><p> The reported proposals also could have some unexpected effects, among them increased corporate leverage, according to Hans Mikkelsen, credit strategist at Bank of America. A higher capital-gains levy would raise the cost of equity, while a hike in corporate tax rates would lower the after-tax cost of debt, he writes in a research note. That would be negative for corporate credit ratings and default risk.</p><p><blockquote>美国银行信贷策略师汉斯·米克尔森表示，报道的提议还可能产生一些意想不到的影响，其中包括增加企业杠杆率。他在一份研究报告中写道，提高资本利得税将提高股权成本，而提高公司税率将降低税后债务成本。这将对企业信用评级和违约风险产生负面影响。</blockquote></p><p> Investors could sell assets now to take advantage of the current capital- gains rate, given that few observers think any increases would be retroactive. However, even if a hike is approved by Congress—a very big if, given Democrats’ razor-thin majority in the Senate—UBS suggests that the impact on stocks might be limited.</p><p><blockquote>鉴于很少有观察家认为任何上涨都会具有追溯力，投资者现在可以出售资产以利用当前的资本利得率。然而，即使国会批准加息——考虑到民主党在参议院的微弱多数，这是一个非常大的假设——瑞银表示，对股市的影响可能有限。</blockquote></p><p> Only 25% of U.S. equities are owned by U.S. taxable investors, with the remaining 75% held by people and entities not subject to capital-gains levies, such as pension plans and other retirement accounts, endowments, and foreign investors, according to a note to the bank’s clients. And UBS expects some of the unaffected investors to buy any dip in the stock market. That could help support share prices.</p><p><blockquote>根据一份报告，只有25%的美国股票由美国应税投资者持有，其余75%由无需缴纳资本利得税的个人和实体持有，例如养老金计划和其他退休账户、捐赠基金和外国投资者。给银行客户的说明。瑞银预计，一些未受影响的投资者将在股市下跌时买入。这可能有助于支撑股价。</blockquote></p><p></p><p> Moreover, investors have a lot of leeway in realizing capital gains. By deferring selling, you might pay a higher rate, but you’d also benefit from the continued growth of the assets, rather than paying the taxman now. Those with incomes that vary from year to year could realize capital gains whenever their annual income is under $1 million. Taxable income also could be reduced by charitable contributions or by shifting from taxable bonds to tax-exempt municipals, the bank points out.</p><p><blockquote>而且，投资者在实现资本收益方面有很大的回旋余地。通过推迟出售，您可能会支付更高的税率，但您也会从资产的持续增长中受益，而不是现在向税务人员付款。那些年收入不同的人，只要年收入低于100万美元，就可以实现资本收益。该银行指出，慈善捐款或从应税债券转向免税市政债券也可能减少应税收入。</blockquote></p><p> The very rich are different from you and me, F. Scott Fitzgerald famously observed. In one aspect, they certainly are: having a myriad of ways to manage their financial affairs to minimize taxes.</p><p><blockquote>非常富有的人与你我不同，F.斯科特·菲茨杰拉德有一句著名的观察。在一个方面，他们当然是：有无数的方法来管理他们的财务事务，以最大限度地减少税收。</blockquote></p><p> However, even though the Biden White House’s tax proposals are certain to get watered down, that won’t reduce their headline risk, adds Valliere. His prediction: “The rich, corporate and individual, are vilified by the progressives who dominate the administration, and this will keep the stock market on edge.”</p><p><blockquote>然而，瓦利埃补充道，尽管拜登白宫的税收提案肯定会被淡化，但这不会降低其总体风险。他的预测是：“富人、企业和个人都受到主导政府的进步人士的诋毁，这将使股市保持紧张。”</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>A Higher Capital-Gains Tax Wouldn’t Be as Scary as It Sounds<blockquote>更高的资本利得税并不像听起来那么可怕</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\">\nA Higher Capital-Gains Tax Wouldn’t Be as Scary as It Sounds<blockquote>更高的资本利得税并不像听起来那么可怕</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-04-26 14:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Shocked! Shocked! As in the classic line from the film&nbsp;<i>Casablanca</i>, the stock market somehow was surprised by reports that the Biden administration is set to propose&nbsp;a sharp increase in capital-gains taxes on high earners.</p><p><blockquote>震惊！震惊！就像电影里的经典台词<i>卡萨布兰卡</i>有报道称，拜登政府将提议大幅提高高收入者的资本利得税，股市对此感到有些惊讶。</blockquote></p><p> That’s even though that prospect had been discussed widely, including in this space, following Joe Biden’s inauguration as president in January. And it had been a major part of the Democrats’ platform during the election campaign last year.</p><p><blockquote>尽管在乔·拜登一月份就任总统后，这一前景已经被广泛讨论，包括在这个领域。这是去年竞选期间民主党政纲的主要部分。</blockquote></p><p> Yet stocks hit an air pocket when the news was reported early Thursday afternoon, suggesting that the reaction was caused in great part by machines programmed to scan headlines. By Friday, the losses were more than recouped after human investors had time to read and reassess the reports.</p><p><blockquote>然而，当周四下午早些时候报道这一消息时，股市陷入了困境，这表明这种反应在很大程度上是由被编程为扫描头条新闻的机器引起的。到周五，在人类投资者有时间阅读和重新评估报告后，损失已被弥补。</blockquote></p><p> Those indicated that the administration would propose taxing capital gains at the same rate as ordinary income for people earning over $1 million a year. The top bracket for them also would revert to 39.6% from the 37% peak rate under the Tax Cuts and Jobs Act of 2017.</p><p><blockquote>这些人表示，政府将提议对年收入超过100万美元的人按照与普通收入相同的税率征收资本利得税。根据2017年减税和就业法案，他们的最高税率也将从37%的峰值恢复到39.6%。</blockquote></p><p> The net effect would roughly be to double the rate on capital gains for these high earners, to 43.4% from the current 23.8%, including the 3.8% Obamacare levy on investment income. It would mean that, for the first time, some Americans’ capital gains would be taxed at a higher rate than ordinary income, such as wages and salaries, instead of getting favored treatment as it has during most of U.S. tax history.</p><p><blockquote>净效应大约是将这些高收入者的资本利得税率从目前的23.8%提高到43.4%，其中包括对投资收入征收3.8%的奥巴马医改税。这将意味着，一些美国人的资本收益将首次以高于工资和薪金等普通收入的税率征税，而不是像美国税收史上大部分时间那样获得优惠待遇。</blockquote></p><p> None of these proposals has been officially announced or made yet; they’re likely to be outlined when the president addresses a joint session of Congress Wednesday evening. “The Biden tax proposals are an opening salvo in a negotiating process,” writes Greg Valliere, chief U.S. strategist for AGF Investments, in a client note. He and other Washington watchers look for the administration to seek a cap-gains rate of 28% or 30% for million-dollar earners, which would be about halfway between the current 23.8% and the 43.4% top rate reportedly under consideration.</p><p><blockquote>这些提议都还没有正式宣布或提出；总统周三晚上在国会联席会议上发表讲话时可能会概述这些建议。AGF Investments首席美国策略师格雷格·瓦利埃(Greg Valliere)在一份客户报告中写道：“拜登的税收提案是谈判过程中的开场。”他和其他华盛顿观察人士希望政府为百万富翁寻求28%或30%的上限增长率，这大约是目前23.8%和据报道正在考虑的43.4%最高增长率的一半。</blockquote></p><p> And because it’s basically an unofficial trial balloon at this point, there are far more questions than answers about any tax changes that could be aimed at investors.</p><p><blockquote>由于目前这基本上是一个非官方的试验气球，因此针对投资者的任何税收变化的问题远远多于答案。</blockquote></p><p> In its efforts to tax capital the same as labor, the administration also could seek to tax dividends at the same rate as ordinary income. Since 2003, these payouts have been taxed at the lower capital-gains rate, which helps to offset their double taxation at the corporate and shareholder levels.</p><p><blockquote>在努力像对劳动力一样对资本征税的过程中，政府还可以寻求按照与普通收入相同的税率对股息征税。自2003年以来，这些支出一直按较低的资本利得税率征税，这有助于抵消公司和股东层面的双重征税。</blockquote></p><p> Another reported target is the estate-tax exemption. The administration would seek to slash the current one of $11.7 million to $5.5 million. However, because the exemption effectively is doubled for couples, the change would affect only a small number of estates.</p><p><blockquote>另一个报道的目标是遗产税豁免。政府将寻求将目前的1170万美元削减至550万美元。然而，由于夫妇的免税实际上增加了一倍，这一变化只会影响一小部分遗产。</blockquote></p><p> Potentially, a bigger impact would come from&nbsp;the elimination of the step-up in cost basis on inherited assets. That could produce a big hit on investments made years ago. For instance, if you invested $10,000 in theSPDR S&amp;P 500&nbsp;exchange-traded fund (ticker: SPY) when it debuted on Jan. 29, 1993, it now would be worth $159,472.86, according to Morningstar calculations. Under current law, if you were to die, your heirs would owe taxes only on gains above that appreciated value. Were the step-up in basis eliminated, your heirs would owe taxes on the gains above the original $10,000 cost when they sell.</p><p><blockquote>潜在的更大影响将来自于消除继承资产的成本基础的增加。这可能会对多年前的投资造成重大打击。例如，根据晨星公司的计算，如果您在1993年1月29日首次亮相时向SPDR标普500交易所交易基金（股票代码：SPDR标普500指数ETF）投资10,000美元，那么现在该基金的价值将为159,472.86美元。根据现行法律，如果您去世，您的继承人只需为高于增值价值的收益纳税。如果取消基础的增加，您的继承人在出售时将对高于原始10,000美元成本的收益纳税。</blockquote></p><p> Critics contend that the step-up in basis promotes dynastic wealth and inequality. But calculating the tax on hard-to-value assets, such as private businesses established years ago, can be nearly impossible. Even figuring the original price paid for long-held publicly traded shares would be tough.</p><p><blockquote>批评者认为，基础的提高促进了王朝的财富和不平等。但计算难以估值的资产（例如多年前成立的私营企业）的税收几乎是不可能的。即使计算长期持有的公开交易股票的原始价格也很困难。</blockquote></p><p> The reported proposals also could have some unexpected effects, among them increased corporate leverage, according to Hans Mikkelsen, credit strategist at Bank of America. A higher capital-gains levy would raise the cost of equity, while a hike in corporate tax rates would lower the after-tax cost of debt, he writes in a research note. That would be negative for corporate credit ratings and default risk.</p><p><blockquote>美国银行信贷策略师汉斯·米克尔森表示，报道的提议还可能产生一些意想不到的影响，其中包括增加企业杠杆率。他在一份研究报告中写道，提高资本利得税将提高股权成本，而提高公司税率将降低税后债务成本。这将对企业信用评级和违约风险产生负面影响。</blockquote></p><p> Investors could sell assets now to take advantage of the current capital- gains rate, given that few observers think any increases would be retroactive. However, even if a hike is approved by Congress—a very big if, given Democrats’ razor-thin majority in the Senate—UBS suggests that the impact on stocks might be limited.</p><p><blockquote>鉴于很少有观察家认为任何上涨都会具有追溯力，投资者现在可以出售资产以利用当前的资本利得率。然而，即使国会批准加息——考虑到民主党在参议院的微弱多数，这是一个非常大的假设——瑞银表示，对股市的影响可能有限。</blockquote></p><p> Only 25% of U.S. equities are owned by U.S. taxable investors, with the remaining 75% held by people and entities not subject to capital-gains levies, such as pension plans and other retirement accounts, endowments, and foreign investors, according to a note to the bank’s clients. And UBS expects some of the unaffected investors to buy any dip in the stock market. That could help support share prices.</p><p><blockquote>根据一份报告，只有25%的美国股票由美国应税投资者持有，其余75%由无需缴纳资本利得税的个人和实体持有，例如养老金计划和其他退休账户、捐赠基金和外国投资者。给银行客户的说明。瑞银预计，一些未受影响的投资者将在股市下跌时买入。这可能有助于支撑股价。</blockquote></p><p></p><p> Moreover, investors have a lot of leeway in realizing capital gains. By deferring selling, you might pay a higher rate, but you’d also benefit from the continued growth of the assets, rather than paying the taxman now. Those with incomes that vary from year to year could realize capital gains whenever their annual income is under $1 million. Taxable income also could be reduced by charitable contributions or by shifting from taxable bonds to tax-exempt municipals, the bank points out.</p><p><blockquote>而且，投资者在实现资本收益方面有很大的回旋余地。通过推迟出售，您可能会支付更高的税率，但您也会从资产的持续增长中受益，而不是现在向税务人员付款。那些年收入不同的人，只要年收入低于100万美元，就可以实现资本收益。该银行指出，慈善捐款或从应税债券转向免税市政债券也可能减少应税收入。</blockquote></p><p> The very rich are different from you and me, F. Scott Fitzgerald famously observed. In one aspect, they certainly are: having a myriad of ways to manage their financial affairs to minimize taxes.</p><p><blockquote>非常富有的人与你我不同，F.斯科特·菲茨杰拉德有一句著名的观察。在一个方面，他们当然是：有无数的方法来管理他们的财务事务，以最大限度地减少税收。</blockquote></p><p> However, even though the Biden White House’s tax proposals are certain to get watered down, that won’t reduce their headline risk, adds Valliere. His prediction: “The rich, corporate and individual, are vilified by the progressives who dominate the administration, and this will keep the stock market on edge.”</p><p><blockquote>然而，瓦利埃补充道，尽管拜登白宫的税收提案肯定会被淡化，但这不会降低其总体风险。他的预测是：“富人、企业和个人都受到主导政府的进步人士的诋毁，这将使股市保持紧张。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/take-heart-investors-a-higher-capital-gains-tax-wouldnt-be-as-scary-as-it-sounds-51619224906?mod=RTA\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/take-heart-investors-a-higher-capital-gains-tax-wouldnt-be-as-scary-as-it-sounds-51619224906?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173749540","content_text":"Shocked! Shocked! As in the classic line from the film Casablanca, the stock market somehow was surprised by reports that the Biden administration is set to propose a sharp increase in capital-gains taxes on high earners.\nThat’s even though that prospect had been discussed widely, including in this space, following Joe Biden’s inauguration as president in January. And it had been a major part of the Democrats’ platform during the election campaign last year.\nYet stocks hit an air pocket when the news was reported early Thursday afternoon, suggesting that the reaction was caused in great part by machines programmed to scan headlines. By Friday, the losses were more than recouped after human investors had time to read and reassess the reports.\nThose indicated that the administration would propose taxing capital gains at the same rate as ordinary income for people earning over $1 million a year. The top bracket for them also would revert to 39.6% from the 37% peak rate under the Tax Cuts and Jobs Act of 2017.\nThe net effect would roughly be to double the rate on capital gains for these high earners, to 43.4% from the current 23.8%, including the 3.8% Obamacare levy on investment income. It would mean that, for the first time, some Americans’ capital gains would be taxed at a higher rate than ordinary income, such as wages and salaries, instead of getting favored treatment as it has during most of U.S. tax history.\nNone of these proposals has been officially announced or made yet; they’re likely to be outlined when the president addresses a joint session of Congress Wednesday evening. “The Biden tax proposals are an opening salvo in a negotiating process,” writes Greg Valliere, chief U.S. strategist for AGF Investments, in a client note. He and other Washington watchers look for the administration to seek a cap-gains rate of 28% or 30% for million-dollar earners, which would be about halfway between the current 23.8% and the 43.4% top rate reportedly under consideration.\nAnd because it’s basically an unofficial trial balloon at this point, there are far more questions than answers about any tax changes that could be aimed at investors.\nIn its efforts to tax capital the same as labor, the administration also could seek to tax dividends at the same rate as ordinary income. Since 2003, these payouts have been taxed at the lower capital-gains rate, which helps to offset their double taxation at the corporate and shareholder levels.\nAnother reported target is the estate-tax exemption. The administration would seek to slash the current one of $11.7 million to $5.5 million. However, because the exemption effectively is doubled for couples, the change would affect only a small number of estates.\nPotentially, a bigger impact would come from the elimination of the step-up in cost basis on inherited assets. That could produce a big hit on investments made years ago. For instance, if you invested $10,000 in theSPDR S&P 500 exchange-traded fund (ticker: SPY) when it debuted on Jan. 29, 1993, it now would be worth $159,472.86, according to Morningstar calculations. Under current law, if you were to die, your heirs would owe taxes only on gains above that appreciated value. Were the step-up in basis eliminated, your heirs would owe taxes on the gains above the original $10,000 cost when they sell.\nCritics contend that the step-up in basis promotes dynastic wealth and inequality. But calculating the tax on hard-to-value assets, such as private businesses established years ago, can be nearly impossible. Even figuring the original price paid for long-held publicly traded shares would be tough.\nThe reported proposals also could have some unexpected effects, among them increased corporate leverage, according to Hans Mikkelsen, credit strategist at Bank of America. A higher capital-gains levy would raise the cost of equity, while a hike in corporate tax rates would lower the after-tax cost of debt, he writes in a research note. That would be negative for corporate credit ratings and default risk.\nInvestors could sell assets now to take advantage of the current capital- gains rate, given that few observers think any increases would be retroactive. However, even if a hike is approved by Congress—a very big if, given Democrats’ razor-thin majority in the Senate—UBS suggests that the impact on stocks might be limited.\nOnly 25% of U.S. equities are owned by U.S. taxable investors, with the remaining 75% held by people and entities not subject to capital-gains levies, such as pension plans and other retirement accounts, endowments, and foreign investors, according to a note to the bank’s clients. And UBS expects some of the unaffected investors to buy any dip in the stock market. That could help support share prices.\nMoreover, investors have a lot of leeway in realizing capital gains. By deferring selling, you might pay a higher rate, but you’d also benefit from the continued growth of the assets, rather than paying the taxman now. Those with incomes that vary from year to year could realize capital gains whenever their annual income is under $1 million. Taxable income also could be reduced by charitable contributions or by shifting from taxable bonds to tax-exempt municipals, the bank points out.\nThe very rich are different from you and me, F. Scott Fitzgerald famously observed. In one aspect, they certainly are: having a myriad of ways to manage their financial affairs to minimize taxes.\nHowever, even though the Biden White House’s tax proposals are certain to get watered down, that won’t reduce their headline risk, adds Valliere. His prediction: “The rich, corporate and individual, are vilified by the progressives who dominate the administration, and this will keep the stock market on edge.”","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1594,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344670331,"gmtCreate":1618408352623,"gmtModify":1634293152780,"author":{"id":"3577092105346620","authorId":"3577092105346620","name":"lolzies","avatar":"https://static.tigerbbs.com/4c14b2defd1aecdccfdf3d13576b666b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577092105346620","authorIdStr":"3577092105346620"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/344670331","repostId":"1114138942","repostType":4,"isVote":1,"tweetType":1,"viewCount":1301,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344647684,"gmtCreate":1618408313948,"gmtModify":1634293153020,"author":{"id":"3577092105346620","authorId":"3577092105346620","name":"lolzies","avatar":"https://static.tigerbbs.com/4c14b2defd1aecdccfdf3d13576b666b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577092105346620","authorIdStr":"3577092105346620"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/344647684","repostId":"1106080522","repostType":4,"repost":{"id":"1106080522","kind":"news","pubTimestamp":1618363477,"share":"https://www.laohu8.com/m/news/1106080522?lang=zh_CN&edition=full","pubTime":"2021-04-14 09:24","market":"us","language":"en","title":"The 24 Most-Hated Stocks in the S&P 500, and Why You Should Love Them<blockquote>标普500中最讨厌的24只股票，以及为什么你应该喜欢它们</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106080522","media":"Barrons","summary":"Investing in the best-loved stocks can be a good idea. But investors should also know what stocks an","content":"<p>Investing in the best-loved stocks can be a good idea. But investors should also know what stocks analysts are shunning.</p><p><blockquote>投资最受欢迎的股票可能是个好主意。但投资者也应该知道分析师回避哪些股票。</blockquote></p><p> While simply avoiding those companies is one sound strategy, it can also make sense to dig through the reject bin. Sometimes the only direction to go from the bottom is up. The most hated stocks can only get less hated over time, a fact that on its own can be enough for above-average stock gains.</p><p><blockquote>虽然简单地避开这些公司是一个合理的策略，但挖掘拒绝箱也是有意义的。有时候从底部走的唯一方向就是向上。随着时间的推移，最令人讨厌的股票只会变得不那么令人讨厌，这一事实本身就足以带来高于平均水平的股票收益。</blockquote></p><p> Wall Streetratingsare always a helpful guide for investors—the pros as well as amateur stock pickers. Analysts covering companies at brokerage firms are, after all, paid to follow industry trends, compare companies, and value stocks.</p><p><blockquote>华尔街评级始终是投资者（无论是专业人士还是业余选股者）的有用指南。毕竟，经纪公司研究公司的分析师的报酬是跟踪行业趋势、比较公司和评估股票。</blockquote></p><p> Over the past year, analysts’ favorite 10% ofS&amp;P 500stocks are up almost 70% on average. The bottom 10%, on the other hand, is up closer to 50%. Favorites have outperformed by about 20 percentage points. The overall S&amp;P index, meanwhile, is up about 48%.</p><p><blockquote>过去一年，分析师最喜欢的10%的标准普尔500指数股票平均上涨了近70%。另一方面，底层10%的人接近50%。最受欢迎的股票表现优于约20个百分点。与此同时，标准普尔指数整体上涨了约48%。</blockquote></p><p> It might seem odd that the average gain for a hated stock in the S&amp;P 500 is 2 percentage points better than what the index achieved over the past year. The reason is that the S&amp;P 500 is weighted according to market capitalization, so moves in bigger companies’ stocks have more impact on the overall benchmark. Not adjusting for market capitalization, the average gain for an S&amp;P 500 stock is about 63%.</p><p><blockquote>标普500中一只令人讨厌的股票的平均涨幅比该指数过去一年的涨幅高出2个百分点，这似乎很奇怪。原因是标普500是根据市值加权的，因此大公司股票的走势对整体基准的影响更大。不按市值调整，标普500股票的平均涨幅约为63%。</blockquote></p><p> That fits with the common-sense view that avoiding the dregs is a good idea. But this past year was difficult. During the first several months of the pandemic, it paid to invest in large, high-quality stocks. It will surprise no one to learn that Microsoft (ticker: MSFT), Google parentAlphabet(GOOGL), Amazon.com (AMZN) and Apple (AAPL) are all well liked by the Street.</p><p><blockquote>这符合常识性的观点，即避免渣滓是个好主意。但是过去的一年很艰难。在疫情的头几个月，投资大型优质股票是值得的。当得知微软（股票代码：MSFT）、谷歌母公司Alphabet（GOOGL）、亚马逊（AMZN）和苹果（AAPL）都深受华尔街的喜爱时，没有人会感到惊讶。</blockquote></p><p> Now, thetide is turningand the economy is growing again. That could be a signal to look at stocks that have had a harder time.</p><p><blockquote>现在，潮流正在转变，经济再次增长。这可能是一个信号，让我们关注那些经历过更艰难时期的股票。</blockquote></p><p> <i>Barron’s</i>&nbsp;came up with a list of the least-liked stocks on the Street by weighting the Buy, Hold, and Sell calls on each company to arrive at a single number summarizing overall sentiment. We took the percentage of ratings for a stock that are Buys, subtracted the share that are Sells, and then added the percentage at Hold, counting each as one-fourth of a Buy to reflect the fact that most analysts expect Hold-rated stocks to keep pace with their peers.</p><p><blockquote><i>巴伦周刊</i>通过对每家公司的买入、持有和卖出评级进行加权，得出一份华尔街最不受欢迎的股票名单，以得出一个总结整体情绪的数字。我们取股票评级为买入的百分比，减去卖出的百分比，然后加上持有的百分比，将每个百分比算作买入的四分之一，以反映大多数分析师预计持有评级的股票的事实与同行保持同步。</blockquote></p><p> In the S&amp;P 500, about 56% of ratings are Buys. 36% are Holds and 7% are Sells. The numbers don’t total 100 due to rounding.</p><p><blockquote>在标普500，约56%的评级为买入。36%为持有，7%为卖出。由于四舍五入，这些数字加起来不是100。</blockquote></p><p> Taking all that into consideration, the 24 lowest-rated S&amp;P stocks—the ones analysts tell their clients to avoid—are as follows: American Airlines Group (AAL), Lumen Technologies (LUMN), Consolidated Edison (ED),Franklin Resources(BEN).Brown-Forman(BF. B), Mettler-Toledo International (MTD), Expeditors International of Washington (EXPD),Waters(WAT), Hormel Foods (HRL),McCormick(MKC), ViacomCBS (VIAC), Unum Group (UNM), Comerica (CMA) Under Armour (UAA), J.M. Smucker (SJM), Western Union (WU), Robert Half International (RHI),Discovery(DISCA), Varian Medical Systems (VAR), Invesco (IVZ), Walgreens Boots Alliance (WBA), Cincinnati Financial (CINF), Genuine Parts (GPC) and WEC Energy Group (WEC).</p><p><blockquote>考虑到所有这些因素，标准普尔评级最低的24只股票（分析师告诉客户要避开的股票）如下：美国航空集团(AAL)、Lumen Technologies(LUMN)、联合爱迪生(ED)、富兰克林资源(BEN)。布朗-福尔曼(BF.B)、梅特勒-托利多国际公司(MTD)、华盛顿Expeditors International of Washington(EXPD)、沃特世(WAT)、荷美尔食品(HRL)、味好美(MKC)、维亚康姆哥伦比亚广播公司(VIAC)、Unum Group(UNM)、联信(CMA)Under Armour(UAA)、J.M.Smucker(SJM)、西联汇款(WU)、Robert Half International(RHI)、Discovery(DISCA)、Varian Medical Systems(VAR)、Invesco(IVZ)、Walgreens Boots Alliance(WBA)、Cincinnati Financial(CINF)、Genuine Parts(GPC)和WEC能源集团(WEC)。</blockquote></p><p> The Dirty Two DozenThe 24 lowest-rated stocks in the S&amp;P 500, calculated using a weighted score for Buy, Sell, and Hold ratings.</p><p><blockquote>肮脏的两打标普500中评级最低的24只股票，使用买入、卖出和持有评级的加权分数计算。</blockquote></p><p></p><p> <table>  <thead>   <tr>    <th>Company / Ticker</th>    <th>Analyst Rating Score*</th>    <th>2021E P/E</th>    <th>Percentage Off All-Time High</th>    <th>% YTD</th>   </tr>  </thead>  <tbody>   <tr>    <td>American Airlines / AAL</td>    <td>-0.7</td>    <td>N/A</td>    <td>-60.2</td>    <td>88</td>   </tr>   <tr>    <td>Lumen Technologies / LUMN</td>    <td>-0.5</td>    <td>8.2</td>    <td>-74.3</td>    <td>32</td>   </tr>   <tr>    <td>Consolidated Edison / ED</td>    <td>-0.5</td>    <td>17.7</td>    <td>-21.0</td>    <td>-11</td>   </tr>   <tr>    <td>Franklin Resources / BEN</td>    <td>-0.4</td>    <td>10.3</td>    <td>-48.4</td>    <td>91</td>   </tr>   <tr>    <td>Brown-Forman / BF.B</td>    <td>-0.3</td>    <td>41.0</td>    <td>-14.9</td>    <td>14</td>   </tr>   <tr>    <td>Mettler-Toledo / MTD</td>    <td>-0.3</td>    <td>41.1</td>    <td>-3.9</td>    <td>68</td>   </tr>   <tr>    <td>Expeditors Int’l of Washington / EXPD</td>    <td>-0.3</td>    <td>25.7</td>    <td>-1.5</td>    <td>54</td>   </tr>   <tr>    <td>Waters / WAT</td>    <td>-0.2</td>    <td>31.9</td>    <td>0.0</td>    <td>57</td>   </tr>   <tr>    <td>Hormel Foods / HRL</td>    <td>-0.1</td>    <td>26.5</td>    <td>-12.5</td>    <td>-1</td>   </tr>   <tr>    <td>McCormick / MKC</td>    <td>-0.1</td>    <td>29.7</td>    <td>-16.5</td>    <td>16</td>   </tr>   <tr>    <td>ViacomCBS / VIAC</td>    <td>0.0</td>    <td>10.3</td>    <td>-58.9</td>    <td>160</td>   </tr>   <tr>    <td>Unum / UNM</td>    <td>0.0</td>    <td>5.8</td>    <td>-55.8</td>    <td>89</td>   </tr>   <tr>    <td>Comerica / CMA</td>    <td>0.0</td>    <td>13.4</td>    <td>-30.4</td>    <td>118</td>   </tr>   <tr>    <td>Under Armour / UAA</td>    <td>0.0</td>    <td>142.1</td>    <td>-58.5</td>    <td>105</td>   </tr>   <tr>    <td>J.M. Smucker / SJM</td>    <td>0.1</td>    <td>14.4</td>    <td>-18.5</td>    <td>17</td>   </tr>   <tr>    <td>Western Union / WU</td>    <td>0.1</td>    <td>12.3</td>    <td>-12.0</td>    <td>30</td>   </tr>   <tr>    <td>Robert Half / RHI</td>    <td>0.1</td>    <td>24.2</td>    <td>-2.6</td>    <td>92</td>   </tr>   <tr>    <td>Discover / DISCA</td>    <td>0.1</td>    <td>14.6</td>    <td>-46.3</td>    <td>88</td>   </tr>   <tr>    <td>Varian Medical Systems / VAR</td>    <td>0.1</td>    <td>33.8</td>    <td>-0.1</td>    <td>57</td>   </tr>   <tr>    <td>Invesco / IVZ</td>    <td>0.1</td>    <td>10.2</td>    <td>-57.0</td>    <td>181</td>   </tr>   <tr>    <td>Walgreens Boots Alliance / WBA</td>    <td>0.2</td>    <td>11.2</td>    <td>-44.3</td>    <td>29</td>   </tr>   <tr>    <td>Cincinnati Financial / CINF</td>    <td>0.2</td>    <td>25.8</td>    <td>-11.1</td>    <td>30</td>   </tr>   <tr>    <td>Genuine Parts / GPC</td>    <td>0.2</td>    <td>20.4</td>    <td>-1.6</td>    <td>68</td>   </tr>   <tr>    <td>WEC Energy / WEC</td>    <td>0.2</td>    <td>23.0</td>    <td>-15.7</td>    <td>-3</td>   </tr>   <tr>    <td>Dirty Dozen's average</td>    <td>-0.1</td>    <td>25.8</td>    <td>-27.7</td>    <td>61.2</td>   </tr>   <tr>    <td>S&amp;P 500 average</td>    <td>1.1</td>    <td>23</td>    <td>0.1</td>    <td>10</td>   </tr>  </tbody> </table> *Lower scores have more sell ratings.</p><p><blockquote><table><thead><tr><th>公司/股票代码</th><th>分析师评级分数*</th><th>2021年预计市盈率</th><th>创历史新高的百分比</th><th>年初至今%</th></tr></thead><tbody><tr><td>美国航空/AAL</td><td>-0.7</td><td>N/A</td><td>-60.2</td><td>88</td></tr><tr><td>流明技术/LUMN</td><td>-0.5</td><td>8.2</td><td>-74.3</td><td>32</td></tr><tr><td>联合爱迪生/ED</td><td>-0.5</td><td>17.7</td><td>-21.0</td><td>-11</td></tr><tr><td>富兰克林资源/BEN</td><td>-0.4</td><td>10.3</td><td>-48.4</td><td>91</td></tr><tr><td>布朗-福尔曼/BF.B</td><td>-0.3</td><td>41.0</td><td>-14.9</td><td>14</td></tr><tr><td>梅特勒-托利多/MTD</td><td>-0.3</td><td>41.1</td><td>-3.9</td><td>68</td></tr><tr><td>华盛顿国际快递公司/EXPD</td><td>-0.3</td><td>25.7</td><td>-1.5</td><td>54</td></tr><tr><td>水域/WAT</td><td>-0.2</td><td>31.9</td><td>0.0</td><td>57</td></tr><tr><td>荷美尔食品/HRL</td><td>-0.1</td><td>26.5</td><td>-12.5</td><td>-1</td></tr><tr><td>麦考密克/MKC</td><td>-0.1</td><td>29.7</td><td>-16.5</td><td>16</td></tr><tr><td>维亚康姆CBS/VIAC</td><td>0.0</td><td>10.3</td><td>-58.9</td><td>160</td></tr><tr><td>Unum/UNM</td><td>0.0</td><td>5.8</td><td>-55.8</td><td>89</td></tr><tr><td>联信/CMA</td><td>0.0</td><td>13.4</td><td>-30.4</td><td>118</td></tr><tr><td>安德玛/UAA</td><td>0.0</td><td>142.1</td><td>-58.5</td><td>105</td></tr><tr><td>J.M.Smucker/澳博</td><td>0.1</td><td>14.4</td><td>-18.5</td><td>17</td></tr><tr><td>西联汇款/吴</td><td>0.1</td><td>12.3</td><td>-12.0</td><td>30</td></tr><tr><td>罗伯特·哈尔夫/RHI</td><td>0.1</td><td>24.2</td><td>-2.6</td><td>92</td></tr><tr><td>发现/磁盘</td><td>0.1</td><td>14.6</td><td>-46.3</td><td>88</td></tr><tr><td>瓦里安医疗系统/VAR</td><td>0.1</td><td>33.8</td><td>-0.1</td><td>57</td></tr><tr><td>景顺/IVZ</td><td>0.1</td><td>10.2</td><td>-57.0</td><td>181</td></tr><tr><td>沃尔格林博姿联盟/WBA</td><td>0.2</td><td>11.2</td><td>-44.3</td><td>29</td></tr><tr><td>辛辛那提金融/CINF</td><td>0.2</td><td>25.8</td><td>-11.1</td><td>30</td></tr><tr><td>原厂零件/GPC</td><td>0.2</td><td>20.4</td><td>-1.6</td><td>68</td></tr><tr><td>WEC能源/WEC</td><td>0.2</td><td>23.0</td><td>-15.7</td><td>-3</td></tr><tr><td>十二金刚的平均水平</td><td>-0.1</td><td>25.8</td><td>-27.7</td><td>61.2</td></tr><tr><td>标普500平均值</td><td>1.1</td><td>23</td><td>0.1</td><td>10</td></tr></tbody></table>*分数越低，卖出评级越高。</blockquote></p><p> Sources: Bloomberg; Barron's calculations</p><p><blockquote>资料来源：彭博；巴伦周刊的计算</blockquote></p><p> It’s an eclectic list. Some stocks, such as American Airlines, are there because of huge, pandemic-induced losses. Others simply look expensive. Mettler, for instance, trades at 41 times the per-share earnings expected for 2021.</p><p><blockquote>这是一个折衷的列表。一些股票，例如美国航空公司，是因为大流行造成的巨大损失而出现的。其他的只是看起来很贵。例如，梅特勒的股价是2021年预期每股收益的41倍。</blockquote></p><p> Others firms face potentially damaging long-term changes in their industries. Franklin Resources, for instance, is an asset manager dealing with the shift from actively managed funds to index funds with lower fees. And some companies just don’t seem to have much room for growth. McCormick sells spices, and the chances that demand will rocket higher unexpectedly appear slim.</p><p><blockquote>其他公司面临着行业潜在的破坏性长期变化。例如，富兰克林资源公司是一家资产管理公司，致力于从主动管理基金向费用较低的指数基金的转变。而有些公司似乎并没有太大的增长空间。味好美销售香料，需求意外飙升的可能性似乎很小。</blockquote></p><p> Not every one of the hated names will pass muster for investors. But the hated stocks have one thing going for them: They are cheaper. Although not every one of the two dozen is making money, the shares trade for an average of about 20 times estimated 2021 earnings, while the market is at closer to 24 times.</p><p><blockquote>并非每一个令人讨厌的名字都能符合投资者的要求。但令人讨厌的股票有一个优点：它们更便宜。尽管并非这两打股票中的每一只都在赚钱，但这些股票的平均交易价格约为2021年预期市盈率的20倍，而市场价格接近24倍。</blockquote></p><p> Another plus is that unlike the S&amp;P 500, the rejects aren’t trading near their record highs, a factor that points at the potential for a rebound. The two dozen are down by an average of roughly 25% from their all-time highs.</p><p><blockquote>另一个好处是，与标普500不同，拒绝者的交易价格并未接近历史高点，这一因素表明了反弹的潜力。这两打平均比历史高点下降了约25%。</blockquote></p><p> The bottom line, then, is that bargains may be hiding in the trash heap. But as is the case with any stock screen, investors will have to dig deeper to find out which.</p><p><blockquote>那么，底线是便宜货可能藏在垃圾堆里。但与任何股票筛选的情况一样，投资者必须深入挖掘才能找出是哪一个。</blockquote></p><p> Go to it, contrarians.</p><p><blockquote>去吧，逆向投资者。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The 24 Most-Hated Stocks in the S&P 500, and Why You Should Love Them<blockquote>标普500中最讨厌的24只股票，以及为什么你应该喜欢它们</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\">\nThe 24 Most-Hated Stocks in the S&P 500, and Why You Should Love Them<blockquote>标普500中最讨厌的24只股票，以及为什么你应该喜欢它们</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-04-14 09:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Investing in the best-loved stocks can be a good idea. But investors should also know what stocks analysts are shunning.</p><p><blockquote>投资最受欢迎的股票可能是个好主意。但投资者也应该知道分析师回避哪些股票。</blockquote></p><p> While simply avoiding those companies is one sound strategy, it can also make sense to dig through the reject bin. Sometimes the only direction to go from the bottom is up. The most hated stocks can only get less hated over time, a fact that on its own can be enough for above-average stock gains.</p><p><blockquote>虽然简单地避开这些公司是一个合理的策略，但挖掘拒绝箱也是有意义的。有时候从底部走的唯一方向就是向上。随着时间的推移，最令人讨厌的股票只会变得不那么令人讨厌，这一事实本身就足以带来高于平均水平的股票收益。</blockquote></p><p> Wall Streetratingsare always a helpful guide for investors—the pros as well as amateur stock pickers. Analysts covering companies at brokerage firms are, after all, paid to follow industry trends, compare companies, and value stocks.</p><p><blockquote>华尔街评级始终是投资者（无论是专业人士还是业余选股者）的有用指南。毕竟，经纪公司研究公司的分析师的报酬是跟踪行业趋势、比较公司和评估股票。</blockquote></p><p> Over the past year, analysts’ favorite 10% ofS&amp;P 500stocks are up almost 70% on average. The bottom 10%, on the other hand, is up closer to 50%. Favorites have outperformed by about 20 percentage points. The overall S&amp;P index, meanwhile, is up about 48%.</p><p><blockquote>过去一年，分析师最喜欢的10%的标准普尔500指数股票平均上涨了近70%。另一方面，底层10%的人接近50%。最受欢迎的股票表现优于约20个百分点。与此同时，标准普尔指数整体上涨了约48%。</blockquote></p><p> It might seem odd that the average gain for a hated stock in the S&amp;P 500 is 2 percentage points better than what the index achieved over the past year. The reason is that the S&amp;P 500 is weighted according to market capitalization, so moves in bigger companies’ stocks have more impact on the overall benchmark. Not adjusting for market capitalization, the average gain for an S&amp;P 500 stock is about 63%.</p><p><blockquote>标普500中一只令人讨厌的股票的平均涨幅比该指数过去一年的涨幅高出2个百分点，这似乎很奇怪。原因是标普500是根据市值加权的，因此大公司股票的走势对整体基准的影响更大。不按市值调整，标普500股票的平均涨幅约为63%。</blockquote></p><p> That fits with the common-sense view that avoiding the dregs is a good idea. But this past year was difficult. During the first several months of the pandemic, it paid to invest in large, high-quality stocks. It will surprise no one to learn that Microsoft (ticker: MSFT), Google parentAlphabet(GOOGL), Amazon.com (AMZN) and Apple (AAPL) are all well liked by the Street.</p><p><blockquote>这符合常识性的观点，即避免渣滓是个好主意。但是过去的一年很艰难。在疫情的头几个月，投资大型优质股票是值得的。当得知微软（股票代码：MSFT）、谷歌母公司Alphabet（GOOGL）、亚马逊（AMZN）和苹果（AAPL）都深受华尔街的喜爱时，没有人会感到惊讶。</blockquote></p><p> Now, thetide is turningand the economy is growing again. That could be a signal to look at stocks that have had a harder time.</p><p><blockquote>现在，潮流正在转变，经济再次增长。这可能是一个信号，让我们关注那些经历过更艰难时期的股票。</blockquote></p><p> <i>Barron’s</i>&nbsp;came up with a list of the least-liked stocks on the Street by weighting the Buy, Hold, and Sell calls on each company to arrive at a single number summarizing overall sentiment. We took the percentage of ratings for a stock that are Buys, subtracted the share that are Sells, and then added the percentage at Hold, counting each as one-fourth of a Buy to reflect the fact that most analysts expect Hold-rated stocks to keep pace with their peers.</p><p><blockquote><i>巴伦周刊</i>通过对每家公司的买入、持有和卖出评级进行加权，得出一份华尔街最不受欢迎的股票名单，以得出一个总结整体情绪的数字。我们取股票评级为买入的百分比，减去卖出的百分比，然后加上持有的百分比，将每个百分比算作买入的四分之一，以反映大多数分析师预计持有评级的股票的事实与同行保持同步。</blockquote></p><p> In the S&amp;P 500, about 56% of ratings are Buys. 36% are Holds and 7% are Sells. The numbers don’t total 100 due to rounding.</p><p><blockquote>在标普500，约56%的评级为买入。36%为持有，7%为卖出。由于四舍五入，这些数字加起来不是100。</blockquote></p><p> Taking all that into consideration, the 24 lowest-rated S&amp;P stocks—the ones analysts tell their clients to avoid—are as follows: American Airlines Group (AAL), Lumen Technologies (LUMN), Consolidated Edison (ED),Franklin Resources(BEN).Brown-Forman(BF. B), Mettler-Toledo International (MTD), Expeditors International of Washington (EXPD),Waters(WAT), Hormel Foods (HRL),McCormick(MKC), ViacomCBS (VIAC), Unum Group (UNM), Comerica (CMA) Under Armour (UAA), J.M. Smucker (SJM), Western Union (WU), Robert Half International (RHI),Discovery(DISCA), Varian Medical Systems (VAR), Invesco (IVZ), Walgreens Boots Alliance (WBA), Cincinnati Financial (CINF), Genuine Parts (GPC) and WEC Energy Group (WEC).</p><p><blockquote>考虑到所有这些因素，标准普尔评级最低的24只股票（分析师告诉客户要避开的股票）如下：美国航空集团(AAL)、Lumen Technologies(LUMN)、联合爱迪生(ED)、富兰克林资源(BEN)。布朗-福尔曼(BF.B)、梅特勒-托利多国际公司(MTD)、华盛顿Expeditors International of Washington(EXPD)、沃特世(WAT)、荷美尔食品(HRL)、味好美(MKC)、维亚康姆哥伦比亚广播公司(VIAC)、Unum Group(UNM)、联信(CMA)Under Armour(UAA)、J.M.Smucker(SJM)、西联汇款(WU)、Robert Half International(RHI)、Discovery(DISCA)、Varian Medical Systems(VAR)、Invesco(IVZ)、Walgreens Boots Alliance(WBA)、Cincinnati Financial(CINF)、Genuine Parts(GPC)和WEC能源集团(WEC)。</blockquote></p><p> The Dirty Two DozenThe 24 lowest-rated stocks in the S&amp;P 500, calculated using a weighted score for Buy, Sell, and Hold ratings.</p><p><blockquote>肮脏的两打标普500中评级最低的24只股票，使用买入、卖出和持有评级的加权分数计算。</blockquote></p><p></p><p> <table>  <thead>   <tr>    <th>Company / Ticker</th>    <th>Analyst Rating Score*</th>    <th>2021E P/E</th>    <th>Percentage Off All-Time High</th>    <th>% YTD</th>   </tr>  </thead>  <tbody>   <tr>    <td>American Airlines / AAL</td>    <td>-0.7</td>    <td>N/A</td>    <td>-60.2</td>    <td>88</td>   </tr>   <tr>    <td>Lumen Technologies / LUMN</td>    <td>-0.5</td>    <td>8.2</td>    <td>-74.3</td>    <td>32</td>   </tr>   <tr>    <td>Consolidated Edison / ED</td>    <td>-0.5</td>    <td>17.7</td>    <td>-21.0</td>    <td>-11</td>   </tr>   <tr>    <td>Franklin Resources / BEN</td>    <td>-0.4</td>    <td>10.3</td>    <td>-48.4</td>    <td>91</td>   </tr>   <tr>    <td>Brown-Forman / BF.B</td>    <td>-0.3</td>    <td>41.0</td>    <td>-14.9</td>    <td>14</td>   </tr>   <tr>    <td>Mettler-Toledo / MTD</td>    <td>-0.3</td>    <td>41.1</td>    <td>-3.9</td>    <td>68</td>   </tr>   <tr>    <td>Expeditors Int’l of Washington / EXPD</td>    <td>-0.3</td>    <td>25.7</td>    <td>-1.5</td>    <td>54</td>   </tr>   <tr>    <td>Waters / WAT</td>    <td>-0.2</td>    <td>31.9</td>    <td>0.0</td>    <td>57</td>   </tr>   <tr>    <td>Hormel Foods / HRL</td>    <td>-0.1</td>    <td>26.5</td>    <td>-12.5</td>    <td>-1</td>   </tr>   <tr>    <td>McCormick / MKC</td>    <td>-0.1</td>    <td>29.7</td>    <td>-16.5</td>    <td>16</td>   </tr>   <tr>    <td>ViacomCBS / VIAC</td>    <td>0.0</td>    <td>10.3</td>    <td>-58.9</td>    <td>160</td>   </tr>   <tr>    <td>Unum / UNM</td>    <td>0.0</td>    <td>5.8</td>    <td>-55.8</td>    <td>89</td>   </tr>   <tr>    <td>Comerica / CMA</td>    <td>0.0</td>    <td>13.4</td>    <td>-30.4</td>    <td>118</td>   </tr>   <tr>    <td>Under Armour / UAA</td>    <td>0.0</td>    <td>142.1</td>    <td>-58.5</td>    <td>105</td>   </tr>   <tr>    <td>J.M. Smucker / SJM</td>    <td>0.1</td>    <td>14.4</td>    <td>-18.5</td>    <td>17</td>   </tr>   <tr>    <td>Western Union / WU</td>    <td>0.1</td>    <td>12.3</td>    <td>-12.0</td>    <td>30</td>   </tr>   <tr>    <td>Robert Half / RHI</td>    <td>0.1</td>    <td>24.2</td>    <td>-2.6</td>    <td>92</td>   </tr>   <tr>    <td>Discover / DISCA</td>    <td>0.1</td>    <td>14.6</td>    <td>-46.3</td>    <td>88</td>   </tr>   <tr>    <td>Varian Medical Systems / VAR</td>    <td>0.1</td>    <td>33.8</td>    <td>-0.1</td>    <td>57</td>   </tr>   <tr>    <td>Invesco / IVZ</td>    <td>0.1</td>    <td>10.2</td>    <td>-57.0</td>    <td>181</td>   </tr>   <tr>    <td>Walgreens Boots Alliance / WBA</td>    <td>0.2</td>    <td>11.2</td>    <td>-44.3</td>    <td>29</td>   </tr>   <tr>    <td>Cincinnati Financial / CINF</td>    <td>0.2</td>    <td>25.8</td>    <td>-11.1</td>    <td>30</td>   </tr>   <tr>    <td>Genuine Parts / GPC</td>    <td>0.2</td>    <td>20.4</td>    <td>-1.6</td>    <td>68</td>   </tr>   <tr>    <td>WEC Energy / WEC</td>    <td>0.2</td>    <td>23.0</td>    <td>-15.7</td>    <td>-3</td>   </tr>   <tr>    <td>Dirty Dozen's average</td>    <td>-0.1</td>    <td>25.8</td>    <td>-27.7</td>    <td>61.2</td>   </tr>   <tr>    <td>S&amp;P 500 average</td>    <td>1.1</td>    <td>23</td>    <td>0.1</td>    <td>10</td>   </tr>  </tbody> </table> *Lower scores have more sell ratings.</p><p><blockquote><table><thead><tr><th>公司/股票代码</th><th>分析师评级分数*</th><th>2021年预计市盈率</th><th>创历史新高的百分比</th><th>年初至今%</th></tr></thead><tbody><tr><td>美国航空/AAL</td><td>-0.7</td><td>N/A</td><td>-60.2</td><td>88</td></tr><tr><td>流明技术/LUMN</td><td>-0.5</td><td>8.2</td><td>-74.3</td><td>32</td></tr><tr><td>联合爱迪生/ED</td><td>-0.5</td><td>17.7</td><td>-21.0</td><td>-11</td></tr><tr><td>富兰克林资源/BEN</td><td>-0.4</td><td>10.3</td><td>-48.4</td><td>91</td></tr><tr><td>布朗-福尔曼/BF.B</td><td>-0.3</td><td>41.0</td><td>-14.9</td><td>14</td></tr><tr><td>梅特勒-托利多/MTD</td><td>-0.3</td><td>41.1</td><td>-3.9</td><td>68</td></tr><tr><td>华盛顿国际快递公司/EXPD</td><td>-0.3</td><td>25.7</td><td>-1.5</td><td>54</td></tr><tr><td>水域/WAT</td><td>-0.2</td><td>31.9</td><td>0.0</td><td>57</td></tr><tr><td>荷美尔食品/HRL</td><td>-0.1</td><td>26.5</td><td>-12.5</td><td>-1</td></tr><tr><td>麦考密克/MKC</td><td>-0.1</td><td>29.7</td><td>-16.5</td><td>16</td></tr><tr><td>维亚康姆CBS/VIAC</td><td>0.0</td><td>10.3</td><td>-58.9</td><td>160</td></tr><tr><td>Unum/UNM</td><td>0.0</td><td>5.8</td><td>-55.8</td><td>89</td></tr><tr><td>联信/CMA</td><td>0.0</td><td>13.4</td><td>-30.4</td><td>118</td></tr><tr><td>安德玛/UAA</td><td>0.0</td><td>142.1</td><td>-58.5</td><td>105</td></tr><tr><td>J.M.Smucker/澳博</td><td>0.1</td><td>14.4</td><td>-18.5</td><td>17</td></tr><tr><td>西联汇款/吴</td><td>0.1</td><td>12.3</td><td>-12.0</td><td>30</td></tr><tr><td>罗伯特·哈尔夫/RHI</td><td>0.1</td><td>24.2</td><td>-2.6</td><td>92</td></tr><tr><td>发现/磁盘</td><td>0.1</td><td>14.6</td><td>-46.3</td><td>88</td></tr><tr><td>瓦里安医疗系统/VAR</td><td>0.1</td><td>33.8</td><td>-0.1</td><td>57</td></tr><tr><td>景顺/IVZ</td><td>0.1</td><td>10.2</td><td>-57.0</td><td>181</td></tr><tr><td>沃尔格林博姿联盟/WBA</td><td>0.2</td><td>11.2</td><td>-44.3</td><td>29</td></tr><tr><td>辛辛那提金融/CINF</td><td>0.2</td><td>25.8</td><td>-11.1</td><td>30</td></tr><tr><td>原厂零件/GPC</td><td>0.2</td><td>20.4</td><td>-1.6</td><td>68</td></tr><tr><td>WEC能源/WEC</td><td>0.2</td><td>23.0</td><td>-15.7</td><td>-3</td></tr><tr><td>十二金刚的平均水平</td><td>-0.1</td><td>25.8</td><td>-27.7</td><td>61.2</td></tr><tr><td>标普500平均值</td><td>1.1</td><td>23</td><td>0.1</td><td>10</td></tr></tbody></table>*分数越低，卖出评级越高。</blockquote></p><p> Sources: Bloomberg; Barron's calculations</p><p><blockquote>资料来源：彭博；巴伦周刊的计算</blockquote></p><p> It’s an eclectic list. Some stocks, such as American Airlines, are there because of huge, pandemic-induced losses. Others simply look expensive. Mettler, for instance, trades at 41 times the per-share earnings expected for 2021.</p><p><blockquote>这是一个折衷的列表。一些股票，例如美国航空公司，是因为大流行造成的巨大损失而出现的。其他的只是看起来很贵。例如，梅特勒的股价是2021年预期每股收益的41倍。</blockquote></p><p> Others firms face potentially damaging long-term changes in their industries. Franklin Resources, for instance, is an asset manager dealing with the shift from actively managed funds to index funds with lower fees. And some companies just don’t seem to have much room for growth. McCormick sells spices, and the chances that demand will rocket higher unexpectedly appear slim.</p><p><blockquote>其他公司面临着行业潜在的破坏性长期变化。例如，富兰克林资源公司是一家资产管理公司，致力于从主动管理基金向费用较低的指数基金的转变。而有些公司似乎并没有太大的增长空间。味好美销售香料，需求意外飙升的可能性似乎很小。</blockquote></p><p> Not every one of the hated names will pass muster for investors. But the hated stocks have one thing going for them: They are cheaper. Although not every one of the two dozen is making money, the shares trade for an average of about 20 times estimated 2021 earnings, while the market is at closer to 24 times.</p><p><blockquote>并非每一个令人讨厌的名字都能符合投资者的要求。但令人讨厌的股票有一个优点：它们更便宜。尽管并非这两打股票中的每一只都在赚钱，但这些股票的平均交易价格约为2021年预期市盈率的20倍，而市场价格接近24倍。</blockquote></p><p> Another plus is that unlike the S&amp;P 500, the rejects aren’t trading near their record highs, a factor that points at the potential for a rebound. The two dozen are down by an average of roughly 25% from their all-time highs.</p><p><blockquote>另一个好处是，与标普500不同，拒绝者的交易价格并未接近历史高点，这一因素表明了反弹的潜力。这两打平均比历史高点下降了约25%。</blockquote></p><p> The bottom line, then, is that bargains may be hiding in the trash heap. But as is the case with any stock screen, investors will have to dig deeper to find out which.</p><p><blockquote>那么，底线是便宜货可能藏在垃圾堆里。但与任何股票筛选的情况一样，投资者必须深入挖掘才能找出是哪一个。</blockquote></p><p> Go to it, contrarians.</p><p><blockquote>去吧，逆向投资者。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-24-most-hated-stocks-in-the-s-p-500-and-why-you-should-love-them-51618332859?mod=hp_LEAD_1\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","BF.B":"布朗霍文","CMA":"联信银行","DISCA":"探索传播","RHI":"罗致恒富",".SPX":"S&P 500 Index","UAA":"安德玛公司A类股","WEC":"威州能源","ED":"爱迪生联合电气","HRL":"荷美尔",".DJI":"道琼斯","WAT":"沃特世","MKC":"味好美","LUMN":"Lumen Technologies","UNM":"尤纳姆集团","SJM":"斯马克","AAL":"美国航空","BEN":"Franklin Resources Inc","MTD":"梅特勒-托利多","WU":"西联汇款","EXPD":"康捷国际物流"},"source_url":"https://www.barrons.com/articles/the-24-most-hated-stocks-in-the-s-p-500-and-why-you-should-love-them-51618332859?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106080522","content_text":"Investing in the best-loved stocks can be a good idea. But investors should also know what stocks analysts are shunning.\nWhile simply avoiding those companies is one sound strategy, it can also make sense to dig through the reject bin. Sometimes the only direction to go from the bottom is up. The most hated stocks can only get less hated over time, a fact that on its own can be enough for above-average stock gains.\nWall Streetratingsare always a helpful guide for investors—the pros as well as amateur stock pickers. Analysts covering companies at brokerage firms are, after all, paid to follow industry trends, compare companies, and value stocks.\nOver the past year, analysts’ favorite 10% ofS&P 500stocks are up almost 70% on average. The bottom 10%, on the other hand, is up closer to 50%. Favorites have outperformed by about 20 percentage points. The overall S&P index, meanwhile, is up about 48%.\nIt might seem odd that the average gain for a hated stock in the S&P 500 is 2 percentage points better than what the index achieved over the past year. The reason is that the S&P 500 is weighted according to market capitalization, so moves in bigger companies’ stocks have more impact on the overall benchmark. Not adjusting for market capitalization, the average gain for an S&P 500 stock is about 63%.\nThat fits with the common-sense view that avoiding the dregs is a good idea. But this past year was difficult. During the first several months of the pandemic, it paid to invest in large, high-quality stocks. It will surprise no one to learn that Microsoft (ticker: MSFT), Google parentAlphabet(GOOGL), Amazon.com (AMZN) and Apple (AAPL) are all well liked by the Street.\nNow, thetide is turningand the economy is growing again. That could be a signal to look at stocks that have had a harder time.\nBarron’s came up with a list of the least-liked stocks on the Street by weighting the Buy, Hold, and Sell calls on each company to arrive at a single number summarizing overall sentiment. We took the percentage of ratings for a stock that are Buys, subtracted the share that are Sells, and then added the percentage at Hold, counting each as one-fourth of a Buy to reflect the fact that most analysts expect Hold-rated stocks to keep pace with their peers.\nIn the S&P 500, about 56% of ratings are Buys. 36% are Holds and 7% are Sells. The numbers don’t total 100 due to rounding.\nTaking all that into consideration, the 24 lowest-rated S&P stocks—the ones analysts tell their clients to avoid—are as follows: American Airlines Group (AAL), Lumen Technologies (LUMN), Consolidated Edison (ED),Franklin Resources(BEN).Brown-Forman(BF. B), Mettler-Toledo International (MTD), Expeditors International of Washington (EXPD),Waters(WAT), Hormel Foods (HRL),McCormick(MKC), ViacomCBS (VIAC), Unum Group (UNM), Comerica (CMA) Under Armour (UAA), J.M. Smucker (SJM), Western Union (WU), Robert Half International (RHI),Discovery(DISCA), Varian Medical Systems (VAR), Invesco (IVZ), Walgreens Boots Alliance (WBA), Cincinnati Financial (CINF), Genuine Parts (GPC) and WEC Energy Group (WEC).\nThe Dirty Two DozenThe 24 lowest-rated stocks in the S&P 500, calculated using a weighted score for Buy, Sell, and Hold ratings.\n\n\n\nCompany / Ticker\nAnalyst Rating Score*\n2021E P/E\nPercentage Off All-Time High\n% YTD\n\n\n\n\nAmerican Airlines / AAL\n-0.7\nN/A\n-60.2\n88\n\n\nLumen Technologies / LUMN\n-0.5\n8.2\n-74.3\n32\n\n\nConsolidated Edison / ED\n-0.5\n17.7\n-21.0\n-11\n\n\nFranklin Resources / BEN\n-0.4\n10.3\n-48.4\n91\n\n\nBrown-Forman / BF.B\n-0.3\n41.0\n-14.9\n14\n\n\nMettler-Toledo / MTD\n-0.3\n41.1\n-3.9\n68\n\n\nExpeditors Int’l of Washington / EXPD\n-0.3\n25.7\n-1.5\n54\n\n\nWaters / WAT\n-0.2\n31.9\n0.0\n57\n\n\nHormel Foods / HRL\n-0.1\n26.5\n-12.5\n-1\n\n\nMcCormick / MKC\n-0.1\n29.7\n-16.5\n16\n\n\nViacomCBS / VIAC\n0.0\n10.3\n-58.9\n160\n\n\nUnum / UNM\n0.0\n5.8\n-55.8\n89\n\n\nComerica / CMA\n0.0\n13.4\n-30.4\n118\n\n\nUnder Armour / UAA\n0.0\n142.1\n-58.5\n105\n\n\nJ.M. Smucker / SJM\n0.1\n14.4\n-18.5\n17\n\n\nWestern Union / WU\n0.1\n12.3\n-12.0\n30\n\n\nRobert Half / RHI\n0.1\n24.2\n-2.6\n92\n\n\nDiscover / DISCA\n0.1\n14.6\n-46.3\n88\n\n\nVarian Medical Systems / VAR\n0.1\n33.8\n-0.1\n57\n\n\nInvesco / IVZ\n0.1\n10.2\n-57.0\n181\n\n\nWalgreens Boots Alliance / WBA\n0.2\n11.2\n-44.3\n29\n\n\nCincinnati Financial / CINF\n0.2\n25.8\n-11.1\n30\n\n\nGenuine Parts / GPC\n0.2\n20.4\n-1.6\n68\n\n\nWEC Energy / WEC\n0.2\n23.0\n-15.7\n-3\n\n\nDirty Dozen's average\n-0.1\n25.8\n-27.7\n61.2\n\n\nS&P 500 average\n1.1\n23\n0.1\n10\n\n\n\n*Lower scores have more sell ratings.\nSources: Bloomberg; Barron's calculations\nIt’s an eclectic list. Some stocks, such as American Airlines, are there because of huge, pandemic-induced losses. Others simply look expensive. Mettler, for instance, trades at 41 times the per-share earnings expected for 2021.\nOthers firms face potentially damaging long-term changes in their industries. Franklin Resources, for instance, is an asset manager dealing with the shift from actively managed funds to index funds with lower fees. And some companies just don’t seem to have much room for growth. McCormick sells spices, and the chances that demand will rocket higher unexpectedly appear slim.\nNot every one of the hated names will pass muster for investors. But the hated stocks have one thing going for them: They are cheaper. Although not every one of the two dozen is making money, the shares trade for an average of about 20 times estimated 2021 earnings, while the market is at closer to 24 times.\nAnother plus is that unlike the S&P 500, the rejects aren’t trading near their record highs, a factor that points at the potential for a rebound. The two dozen are down by an average of roughly 25% from their all-time highs.\nThe bottom line, then, is that bargains may be hiding in the trash heap. But as is the case with any stock screen, investors will have to dig deeper to find out which.\nGo to it, contrarians.","news_type":1,"symbols_score_info":{"WEC":0.9,"ED":0.9,"HRL":0.9,"SJM":0.9,".IXIC":0.9,"BF.B":0.9,"CMA":0.9,".SPX":0.9,".DJI":0.9,"RHI":0.9,"VIAC":0.9,"BEN":0.9,"DISCA":0.9,"VAR":0.9,"AAL":0.9,"UAA":0.9,"UNM":0.9,"WU":0.9,"WAT":0.9,"LUMN":0.9,"MTD":0.9,"MKC":0.9,"EXPD":0.9}},"isVote":1,"tweetType":1,"viewCount":2361,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":111452635,"gmtCreate":1622694906427,"gmtModify":1634099051879,"author":{"id":"3577092105346620","authorId":"3577092105346620","name":"lolzies","avatar":"https://static.tigerbbs.com/4c14b2defd1aecdccfdf3d13576b666b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577092105346620","idStr":"3577092105346620"},"themes":[],"htmlText":"Wow this is so insightful! Thank you for sharing such a wonderful piece.","listText":"Wow this is so insightful! Thank you for sharing such a wonderful piece.","text":"Wow this is so insightful! Thank you for sharing such a wonderful piece.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/111452635","repostId":"1115876867","repostType":4,"isVote":1,"tweetType":1,"viewCount":1225,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137564061,"gmtCreate":1622364492553,"gmtModify":1634102016851,"author":{"id":"3577092105346620","authorId":"3577092105346620","name":"lolzies","avatar":"https://static.tigerbbs.com/4c14b2defd1aecdccfdf3d13576b666b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577092105346620","idStr":"3577092105346620"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>ccds","listText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>ccds","text":"$Palantir Technologies Inc.(PLTR)$ccds","images":[{"img":"https://static.tigerbbs.com/ec6fad5991d2020aca53974a33c232a2","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/137564061","isVote":1,"tweetType":1,"viewCount":2920,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":137564192,"gmtCreate":1622364518216,"gmtModify":1634102016490,"author":{"id":"3577092105346620","authorId":"3577092105346620","name":"lolzies","avatar":"https://static.tigerbbs.com/4c14b2defd1aecdccfdf3d13576b666b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577092105346620","idStr":"3577092105346620"},"themes":[],"htmlText":"Greghwjg I just got a text message&nbsp;","listText":"Greghwjg I just got a text message&nbsp;","text":"Greghwjg I just got a text message","images":[{"img":"https://static.tigerbbs.com/3a4b1b942a97ca189327af16cca8f51d","width":"1125","height":"2575"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/137564192","isVote":1,"tweetType":1,"viewCount":1642,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":374350979,"gmtCreate":1619422358491,"gmtModify":1634273612476,"author":{"id":"3577092105346620","authorId":"3577092105346620","name":"lolzies","avatar":"https://static.tigerbbs.com/4c14b2defd1aecdccfdf3d13576b666b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577092105346620","idStr":"3577092105346620"},"themes":[],"htmlText":"This was so insightful!","listText":"This was so insightful!","text":"This was so insightful!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/374350979","repostId":"1173749540","repostType":4,"repost":{"id":"1173749540","kind":"news","pubTimestamp":1619419894,"share":"https://www.laohu8.com/m/news/1173749540?lang=zh_CN&edition=full","pubTime":"2021-04-26 14:51","market":"us","language":"en","title":"A Higher Capital-Gains Tax Wouldn’t Be as Scary as It Sounds<blockquote>更高的资本利得税并不像听起来那么可怕</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1173749540","media":"Barrons","summary":"Shocked! Shocked! As in the classic line from the film Casablanca, the stock market somehow was surp","content":"<p>Shocked! Shocked! As in the classic line from the film&nbsp;<i>Casablanca</i>, the stock market somehow was surprised by reports that the Biden administration is set to propose&nbsp;a sharp increase in capital-gains taxes on high earners.</p><p><blockquote>震惊！震惊！就像电影里的经典台词<i>卡萨布兰卡</i>有报道称，拜登政府将提议大幅提高高收入者的资本利得税，股市对此感到有些惊讶。</blockquote></p><p> That’s even though that prospect had been discussed widely, including in this space, following Joe Biden’s inauguration as president in January. And it had been a major part of the Democrats’ platform during the election campaign last year.</p><p><blockquote>尽管在乔·拜登一月份就任总统后，这一前景已经被广泛讨论，包括在这个领域。这是去年竞选期间民主党政纲的主要部分。</blockquote></p><p> Yet stocks hit an air pocket when the news was reported early Thursday afternoon, suggesting that the reaction was caused in great part by machines programmed to scan headlines. By Friday, the losses were more than recouped after human investors had time to read and reassess the reports.</p><p><blockquote>然而，当周四下午早些时候报道这一消息时，股市陷入了困境，这表明这种反应在很大程度上是由被编程为扫描头条新闻的机器引起的。到周五，在人类投资者有时间阅读和重新评估报告后，损失已被弥补。</blockquote></p><p> Those indicated that the administration would propose taxing capital gains at the same rate as ordinary income for people earning over $1 million a year. The top bracket for them also would revert to 39.6% from the 37% peak rate under the Tax Cuts and Jobs Act of 2017.</p><p><blockquote>这些人表示，政府将提议对年收入超过100万美元的人按照与普通收入相同的税率征收资本利得税。根据2017年减税和就业法案，他们的最高税率也将从37%的峰值恢复到39.6%。</blockquote></p><p> The net effect would roughly be to double the rate on capital gains for these high earners, to 43.4% from the current 23.8%, including the 3.8% Obamacare levy on investment income. It would mean that, for the first time, some Americans’ capital gains would be taxed at a higher rate than ordinary income, such as wages and salaries, instead of getting favored treatment as it has during most of U.S. tax history.</p><p><blockquote>净效应大约是将这些高收入者的资本利得税率从目前的23.8%提高到43.4%，其中包括对投资收入征收3.8%的奥巴马医改税。这将意味着，一些美国人的资本收益将首次以高于工资和薪金等普通收入的税率征税，而不是像美国税收史上大部分时间那样获得优惠待遇。</blockquote></p><p> None of these proposals has been officially announced or made yet; they’re likely to be outlined when the president addresses a joint session of Congress Wednesday evening. “The Biden tax proposals are an opening salvo in a negotiating process,” writes Greg Valliere, chief U.S. strategist for AGF Investments, in a client note. He and other Washington watchers look for the administration to seek a cap-gains rate of 28% or 30% for million-dollar earners, which would be about halfway between the current 23.8% and the 43.4% top rate reportedly under consideration.</p><p><blockquote>这些提议都还没有正式宣布或提出；总统周三晚上在国会联席会议上发表讲话时可能会概述这些建议。AGF Investments首席美国策略师格雷格·瓦利埃(Greg Valliere)在一份客户报告中写道：“拜登的税收提案是谈判过程中的开场。”他和其他华盛顿观察人士希望政府为百万富翁寻求28%或30%的上限增长率，这大约是目前23.8%和据报道正在考虑的43.4%最高增长率的一半。</blockquote></p><p> And because it’s basically an unofficial trial balloon at this point, there are far more questions than answers about any tax changes that could be aimed at investors.</p><p><blockquote>由于目前这基本上是一个非官方的试验气球，因此针对投资者的任何税收变化的问题远远多于答案。</blockquote></p><p> In its efforts to tax capital the same as labor, the administration also could seek to tax dividends at the same rate as ordinary income. Since 2003, these payouts have been taxed at the lower capital-gains rate, which helps to offset their double taxation at the corporate and shareholder levels.</p><p><blockquote>在努力像对劳动力一样对资本征税的过程中，政府还可以寻求按照与普通收入相同的税率对股息征税。自2003年以来，这些支出一直按较低的资本利得税率征税，这有助于抵消公司和股东层面的双重征税。</blockquote></p><p> Another reported target is the estate-tax exemption. The administration would seek to slash the current one of $11.7 million to $5.5 million. However, because the exemption effectively is doubled for couples, the change would affect only a small number of estates.</p><p><blockquote>另一个报道的目标是遗产税豁免。政府将寻求将目前的1170万美元削减至550万美元。然而，由于夫妇的免税实际上增加了一倍，这一变化只会影响一小部分遗产。</blockquote></p><p> Potentially, a bigger impact would come from&nbsp;the elimination of the step-up in cost basis on inherited assets. That could produce a big hit on investments made years ago. For instance, if you invested $10,000 in theSPDR S&amp;P 500&nbsp;exchange-traded fund (ticker: SPY) when it debuted on Jan. 29, 1993, it now would be worth $159,472.86, according to Morningstar calculations. Under current law, if you were to die, your heirs would owe taxes only on gains above that appreciated value. Were the step-up in basis eliminated, your heirs would owe taxes on the gains above the original $10,000 cost when they sell.</p><p><blockquote>潜在的更大影响将来自于消除继承资产的成本基础的增加。这可能会对多年前的投资造成重大打击。例如，根据晨星公司的计算，如果您在1993年1月29日首次亮相时向SPDR标普500交易所交易基金（股票代码：SPDR标普500指数ETF）投资10,000美元，那么现在该基金的价值将为159,472.86美元。根据现行法律，如果您去世，您的继承人只需为高于增值价值的收益纳税。如果取消基础的增加，您的继承人在出售时将对高于原始10,000美元成本的收益纳税。</blockquote></p><p> Critics contend that the step-up in basis promotes dynastic wealth and inequality. But calculating the tax on hard-to-value assets, such as private businesses established years ago, can be nearly impossible. Even figuring the original price paid for long-held publicly traded shares would be tough.</p><p><blockquote>批评者认为，基础的提高促进了王朝的财富和不平等。但计算难以估值的资产（例如多年前成立的私营企业）的税收几乎是不可能的。即使计算长期持有的公开交易股票的原始价格也很困难。</blockquote></p><p> The reported proposals also could have some unexpected effects, among them increased corporate leverage, according to Hans Mikkelsen, credit strategist at Bank of America. A higher capital-gains levy would raise the cost of equity, while a hike in corporate tax rates would lower the after-tax cost of debt, he writes in a research note. That would be negative for corporate credit ratings and default risk.</p><p><blockquote>美国银行信贷策略师汉斯·米克尔森表示，报道的提议还可能产生一些意想不到的影响，其中包括增加企业杠杆率。他在一份研究报告中写道，提高资本利得税将提高股权成本，而提高公司税率将降低税后债务成本。这将对企业信用评级和违约风险产生负面影响。</blockquote></p><p> Investors could sell assets now to take advantage of the current capital- gains rate, given that few observers think any increases would be retroactive. However, even if a hike is approved by Congress—a very big if, given Democrats’ razor-thin majority in the Senate—UBS suggests that the impact on stocks might be limited.</p><p><blockquote>鉴于很少有观察家认为任何上涨都会具有追溯力，投资者现在可以出售资产以利用当前的资本利得率。然而，即使国会批准加息——考虑到民主党在参议院的微弱多数，这是一个非常大的假设——瑞银表示，对股市的影响可能有限。</blockquote></p><p> Only 25% of U.S. equities are owned by U.S. taxable investors, with the remaining 75% held by people and entities not subject to capital-gains levies, such as pension plans and other retirement accounts, endowments, and foreign investors, according to a note to the bank’s clients. And UBS expects some of the unaffected investors to buy any dip in the stock market. That could help support share prices.</p><p><blockquote>根据一份报告，只有25%的美国股票由美国应税投资者持有，其余75%由无需缴纳资本利得税的个人和实体持有，例如养老金计划和其他退休账户、捐赠基金和外国投资者。给银行客户的说明。瑞银预计，一些未受影响的投资者将在股市下跌时买入。这可能有助于支撑股价。</blockquote></p><p></p><p> Moreover, investors have a lot of leeway in realizing capital gains. By deferring selling, you might pay a higher rate, but you’d also benefit from the continued growth of the assets, rather than paying the taxman now. Those with incomes that vary from year to year could realize capital gains whenever their annual income is under $1 million. Taxable income also could be reduced by charitable contributions or by shifting from taxable bonds to tax-exempt municipals, the bank points out.</p><p><blockquote>而且，投资者在实现资本收益方面有很大的回旋余地。通过推迟出售，您可能会支付更高的税率，但您也会从资产的持续增长中受益，而不是现在向税务人员付款。那些年收入不同的人，只要年收入低于100万美元，就可以实现资本收益。该银行指出，慈善捐款或从应税债券转向免税市政债券也可能减少应税收入。</blockquote></p><p> The very rich are different from you and me, F. Scott Fitzgerald famously observed. In one aspect, they certainly are: having a myriad of ways to manage their financial affairs to minimize taxes.</p><p><blockquote>非常富有的人与你我不同，F.斯科特·菲茨杰拉德有一句著名的观察。在一个方面，他们当然是：有无数的方法来管理他们的财务事务，以最大限度地减少税收。</blockquote></p><p> However, even though the Biden White House’s tax proposals are certain to get watered down, that won’t reduce their headline risk, adds Valliere. His prediction: “The rich, corporate and individual, are vilified by the progressives who dominate the administration, and this will keep the stock market on edge.”</p><p><blockquote>然而，瓦利埃补充道，尽管拜登白宫的税收提案肯定会被淡化，但这不会降低其总体风险。他的预测是：“富人、企业和个人都受到主导政府的进步人士的诋毁，这将使股市保持紧张。”</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>A Higher Capital-Gains Tax Wouldn’t Be as Scary as It Sounds<blockquote>更高的资本利得税并不像听起来那么可怕</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\">\nA Higher Capital-Gains Tax Wouldn’t Be as Scary as It Sounds<blockquote>更高的资本利得税并不像听起来那么可怕</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-04-26 14:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Shocked! Shocked! As in the classic line from the film&nbsp;<i>Casablanca</i>, the stock market somehow was surprised by reports that the Biden administration is set to propose&nbsp;a sharp increase in capital-gains taxes on high earners.</p><p><blockquote>震惊！震惊！就像电影里的经典台词<i>卡萨布兰卡</i>有报道称，拜登政府将提议大幅提高高收入者的资本利得税，股市对此感到有些惊讶。</blockquote></p><p> That’s even though that prospect had been discussed widely, including in this space, following Joe Biden’s inauguration as president in January. And it had been a major part of the Democrats’ platform during the election campaign last year.</p><p><blockquote>尽管在乔·拜登一月份就任总统后，这一前景已经被广泛讨论，包括在这个领域。这是去年竞选期间民主党政纲的主要部分。</blockquote></p><p> Yet stocks hit an air pocket when the news was reported early Thursday afternoon, suggesting that the reaction was caused in great part by machines programmed to scan headlines. By Friday, the losses were more than recouped after human investors had time to read and reassess the reports.</p><p><blockquote>然而，当周四下午早些时候报道这一消息时，股市陷入了困境，这表明这种反应在很大程度上是由被编程为扫描头条新闻的机器引起的。到周五，在人类投资者有时间阅读和重新评估报告后，损失已被弥补。</blockquote></p><p> Those indicated that the administration would propose taxing capital gains at the same rate as ordinary income for people earning over $1 million a year. The top bracket for them also would revert to 39.6% from the 37% peak rate under the Tax Cuts and Jobs Act of 2017.</p><p><blockquote>这些人表示，政府将提议对年收入超过100万美元的人按照与普通收入相同的税率征收资本利得税。根据2017年减税和就业法案，他们的最高税率也将从37%的峰值恢复到39.6%。</blockquote></p><p> The net effect would roughly be to double the rate on capital gains for these high earners, to 43.4% from the current 23.8%, including the 3.8% Obamacare levy on investment income. It would mean that, for the first time, some Americans’ capital gains would be taxed at a higher rate than ordinary income, such as wages and salaries, instead of getting favored treatment as it has during most of U.S. tax history.</p><p><blockquote>净效应大约是将这些高收入者的资本利得税率从目前的23.8%提高到43.4%，其中包括对投资收入征收3.8%的奥巴马医改税。这将意味着，一些美国人的资本收益将首次以高于工资和薪金等普通收入的税率征税，而不是像美国税收史上大部分时间那样获得优惠待遇。</blockquote></p><p> None of these proposals has been officially announced or made yet; they’re likely to be outlined when the president addresses a joint session of Congress Wednesday evening. “The Biden tax proposals are an opening salvo in a negotiating process,” writes Greg Valliere, chief U.S. strategist for AGF Investments, in a client note. He and other Washington watchers look for the administration to seek a cap-gains rate of 28% or 30% for million-dollar earners, which would be about halfway between the current 23.8% and the 43.4% top rate reportedly under consideration.</p><p><blockquote>这些提议都还没有正式宣布或提出；总统周三晚上在国会联席会议上发表讲话时可能会概述这些建议。AGF Investments首席美国策略师格雷格·瓦利埃(Greg Valliere)在一份客户报告中写道：“拜登的税收提案是谈判过程中的开场。”他和其他华盛顿观察人士希望政府为百万富翁寻求28%或30%的上限增长率，这大约是目前23.8%和据报道正在考虑的43.4%最高增长率的一半。</blockquote></p><p> And because it’s basically an unofficial trial balloon at this point, there are far more questions than answers about any tax changes that could be aimed at investors.</p><p><blockquote>由于目前这基本上是一个非官方的试验气球，因此针对投资者的任何税收变化的问题远远多于答案。</blockquote></p><p> In its efforts to tax capital the same as labor, the administration also could seek to tax dividends at the same rate as ordinary income. Since 2003, these payouts have been taxed at the lower capital-gains rate, which helps to offset their double taxation at the corporate and shareholder levels.</p><p><blockquote>在努力像对劳动力一样对资本征税的过程中，政府还可以寻求按照与普通收入相同的税率对股息征税。自2003年以来，这些支出一直按较低的资本利得税率征税，这有助于抵消公司和股东层面的双重征税。</blockquote></p><p> Another reported target is the estate-tax exemption. The administration would seek to slash the current one of $11.7 million to $5.5 million. However, because the exemption effectively is doubled for couples, the change would affect only a small number of estates.</p><p><blockquote>另一个报道的目标是遗产税豁免。政府将寻求将目前的1170万美元削减至550万美元。然而，由于夫妇的免税实际上增加了一倍，这一变化只会影响一小部分遗产。</blockquote></p><p> Potentially, a bigger impact would come from&nbsp;the elimination of the step-up in cost basis on inherited assets. That could produce a big hit on investments made years ago. For instance, if you invested $10,000 in theSPDR S&amp;P 500&nbsp;exchange-traded fund (ticker: SPY) when it debuted on Jan. 29, 1993, it now would be worth $159,472.86, according to Morningstar calculations. Under current law, if you were to die, your heirs would owe taxes only on gains above that appreciated value. Were the step-up in basis eliminated, your heirs would owe taxes on the gains above the original $10,000 cost when they sell.</p><p><blockquote>潜在的更大影响将来自于消除继承资产的成本基础的增加。这可能会对多年前的投资造成重大打击。例如，根据晨星公司的计算，如果您在1993年1月29日首次亮相时向SPDR标普500交易所交易基金（股票代码：SPDR标普500指数ETF）投资10,000美元，那么现在该基金的价值将为159,472.86美元。根据现行法律，如果您去世，您的继承人只需为高于增值价值的收益纳税。如果取消基础的增加，您的继承人在出售时将对高于原始10,000美元成本的收益纳税。</blockquote></p><p> Critics contend that the step-up in basis promotes dynastic wealth and inequality. But calculating the tax on hard-to-value assets, such as private businesses established years ago, can be nearly impossible. Even figuring the original price paid for long-held publicly traded shares would be tough.</p><p><blockquote>批评者认为，基础的提高促进了王朝的财富和不平等。但计算难以估值的资产（例如多年前成立的私营企业）的税收几乎是不可能的。即使计算长期持有的公开交易股票的原始价格也很困难。</blockquote></p><p> The reported proposals also could have some unexpected effects, among them increased corporate leverage, according to Hans Mikkelsen, credit strategist at Bank of America. A higher capital-gains levy would raise the cost of equity, while a hike in corporate tax rates would lower the after-tax cost of debt, he writes in a research note. That would be negative for corporate credit ratings and default risk.</p><p><blockquote>美国银行信贷策略师汉斯·米克尔森表示，报道的提议还可能产生一些意想不到的影响，其中包括增加企业杠杆率。他在一份研究报告中写道，提高资本利得税将提高股权成本，而提高公司税率将降低税后债务成本。这将对企业信用评级和违约风险产生负面影响。</blockquote></p><p> Investors could sell assets now to take advantage of the current capital- gains rate, given that few observers think any increases would be retroactive. However, even if a hike is approved by Congress—a very big if, given Democrats’ razor-thin majority in the Senate—UBS suggests that the impact on stocks might be limited.</p><p><blockquote>鉴于很少有观察家认为任何上涨都会具有追溯力，投资者现在可以出售资产以利用当前的资本利得率。然而，即使国会批准加息——考虑到民主党在参议院的微弱多数，这是一个非常大的假设——瑞银表示，对股市的影响可能有限。</blockquote></p><p> Only 25% of U.S. equities are owned by U.S. taxable investors, with the remaining 75% held by people and entities not subject to capital-gains levies, such as pension plans and other retirement accounts, endowments, and foreign investors, according to a note to the bank’s clients. And UBS expects some of the unaffected investors to buy any dip in the stock market. That could help support share prices.</p><p><blockquote>根据一份报告，只有25%的美国股票由美国应税投资者持有，其余75%由无需缴纳资本利得税的个人和实体持有，例如养老金计划和其他退休账户、捐赠基金和外国投资者。给银行客户的说明。瑞银预计，一些未受影响的投资者将在股市下跌时买入。这可能有助于支撑股价。</blockquote></p><p></p><p> Moreover, investors have a lot of leeway in realizing capital gains. By deferring selling, you might pay a higher rate, but you’d also benefit from the continued growth of the assets, rather than paying the taxman now. Those with incomes that vary from year to year could realize capital gains whenever their annual income is under $1 million. Taxable income also could be reduced by charitable contributions or by shifting from taxable bonds to tax-exempt municipals, the bank points out.</p><p><blockquote>而且，投资者在实现资本收益方面有很大的回旋余地。通过推迟出售，您可能会支付更高的税率，但您也会从资产的持续增长中受益，而不是现在向税务人员付款。那些年收入不同的人，只要年收入低于100万美元，就可以实现资本收益。该银行指出，慈善捐款或从应税债券转向免税市政债券也可能减少应税收入。</blockquote></p><p> The very rich are different from you and me, F. Scott Fitzgerald famously observed. In one aspect, they certainly are: having a myriad of ways to manage their financial affairs to minimize taxes.</p><p><blockquote>非常富有的人与你我不同，F.斯科特·菲茨杰拉德有一句著名的观察。在一个方面，他们当然是：有无数的方法来管理他们的财务事务，以最大限度地减少税收。</blockquote></p><p> However, even though the Biden White House’s tax proposals are certain to get watered down, that won’t reduce their headline risk, adds Valliere. His prediction: “The rich, corporate and individual, are vilified by the progressives who dominate the administration, and this will keep the stock market on edge.”</p><p><blockquote>然而，瓦利埃补充道，尽管拜登白宫的税收提案肯定会被淡化，但这不会降低其总体风险。他的预测是：“富人、企业和个人都受到主导政府的进步人士的诋毁，这将使股市保持紧张。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/take-heart-investors-a-higher-capital-gains-tax-wouldnt-be-as-scary-as-it-sounds-51619224906?mod=RTA\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/take-heart-investors-a-higher-capital-gains-tax-wouldnt-be-as-scary-as-it-sounds-51619224906?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173749540","content_text":"Shocked! Shocked! As in the classic line from the film Casablanca, the stock market somehow was surprised by reports that the Biden administration is set to propose a sharp increase in capital-gains taxes on high earners.\nThat’s even though that prospect had been discussed widely, including in this space, following Joe Biden’s inauguration as president in January. And it had been a major part of the Democrats’ platform during the election campaign last year.\nYet stocks hit an air pocket when the news was reported early Thursday afternoon, suggesting that the reaction was caused in great part by machines programmed to scan headlines. By Friday, the losses were more than recouped after human investors had time to read and reassess the reports.\nThose indicated that the administration would propose taxing capital gains at the same rate as ordinary income for people earning over $1 million a year. The top bracket for them also would revert to 39.6% from the 37% peak rate under the Tax Cuts and Jobs Act of 2017.\nThe net effect would roughly be to double the rate on capital gains for these high earners, to 43.4% from the current 23.8%, including the 3.8% Obamacare levy on investment income. It would mean that, for the first time, some Americans’ capital gains would be taxed at a higher rate than ordinary income, such as wages and salaries, instead of getting favored treatment as it has during most of U.S. tax history.\nNone of these proposals has been officially announced or made yet; they’re likely to be outlined when the president addresses a joint session of Congress Wednesday evening. “The Biden tax proposals are an opening salvo in a negotiating process,” writes Greg Valliere, chief U.S. strategist for AGF Investments, in a client note. He and other Washington watchers look for the administration to seek a cap-gains rate of 28% or 30% for million-dollar earners, which would be about halfway between the current 23.8% and the 43.4% top rate reportedly under consideration.\nAnd because it’s basically an unofficial trial balloon at this point, there are far more questions than answers about any tax changes that could be aimed at investors.\nIn its efforts to tax capital the same as labor, the administration also could seek to tax dividends at the same rate as ordinary income. Since 2003, these payouts have been taxed at the lower capital-gains rate, which helps to offset their double taxation at the corporate and shareholder levels.\nAnother reported target is the estate-tax exemption. The administration would seek to slash the current one of $11.7 million to $5.5 million. However, because the exemption effectively is doubled for couples, the change would affect only a small number of estates.\nPotentially, a bigger impact would come from the elimination of the step-up in cost basis on inherited assets. That could produce a big hit on investments made years ago. For instance, if you invested $10,000 in theSPDR S&P 500 exchange-traded fund (ticker: SPY) when it debuted on Jan. 29, 1993, it now would be worth $159,472.86, according to Morningstar calculations. Under current law, if you were to die, your heirs would owe taxes only on gains above that appreciated value. Were the step-up in basis eliminated, your heirs would owe taxes on the gains above the original $10,000 cost when they sell.\nCritics contend that the step-up in basis promotes dynastic wealth and inequality. But calculating the tax on hard-to-value assets, such as private businesses established years ago, can be nearly impossible. Even figuring the original price paid for long-held publicly traded shares would be tough.\nThe reported proposals also could have some unexpected effects, among them increased corporate leverage, according to Hans Mikkelsen, credit strategist at Bank of America. A higher capital-gains levy would raise the cost of equity, while a hike in corporate tax rates would lower the after-tax cost of debt, he writes in a research note. That would be negative for corporate credit ratings and default risk.\nInvestors could sell assets now to take advantage of the current capital- gains rate, given that few observers think any increases would be retroactive. However, even if a hike is approved by Congress—a very big if, given Democrats’ razor-thin majority in the Senate—UBS suggests that the impact on stocks might be limited.\nOnly 25% of U.S. equities are owned by U.S. taxable investors, with the remaining 75% held by people and entities not subject to capital-gains levies, such as pension plans and other retirement accounts, endowments, and foreign investors, according to a note to the bank’s clients. And UBS expects some of the unaffected investors to buy any dip in the stock market. That could help support share prices.\nMoreover, investors have a lot of leeway in realizing capital gains. By deferring selling, you might pay a higher rate, but you’d also benefit from the continued growth of the assets, rather than paying the taxman now. Those with incomes that vary from year to year could realize capital gains whenever their annual income is under $1 million. Taxable income also could be reduced by charitable contributions or by shifting from taxable bonds to tax-exempt municipals, the bank points out.\nThe very rich are different from you and me, F. Scott Fitzgerald famously observed. In one aspect, they certainly are: having a myriad of ways to manage their financial affairs to minimize taxes.\nHowever, even though the Biden White House’s tax proposals are certain to get watered down, that won’t reduce their headline risk, adds Valliere. His prediction: “The rich, corporate and individual, are vilified by the progressives who dominate the administration, and this will keep the stock market on edge.”","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1594,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109005939,"gmtCreate":1619653498221,"gmtModify":1634211064950,"author":{"id":"3577092105346620","authorId":"3577092105346620","name":"lolzies","avatar":"https://static.tigerbbs.com/4c14b2defd1aecdccfdf3d13576b666b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577092105346620","idStr":"3577092105346620"},"themes":[],"htmlText":"Sounds interesting! Really insightful! [微笑]&nbsp;","listText":"Sounds interesting! Really insightful! [微笑]&nbsp;","text":"Sounds interesting! Really insightful! [微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/109005939","repostId":"1137964402","repostType":4,"repost":{"id":"1137964402","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":1619651546,"share":"https://www.laohu8.com/m/news/1137964402?lang=zh_CN&edition=full","pubTime":"2021-04-29 07:12","market":"us","language":"en","title":"Apple reports another blowout quarter with sales up 54%, authorizes $90 billion in share buybacks<blockquote>苹果报告又一个井喷季度销售额增长54%，授权900亿美元股票回购</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137964402","media":"Tiger Newspress","summary":"Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and significantly stronger profits than Wall Street expected.Apple did not issue official guidance for what it expects in the quarter ending in June.Apple authorized $90 billion in share buybacks.Apple stock rose over 4% at one point in extended trading.Apple reported double-digit growth in every single one of its product categories, and its most important product line, the iPhone, was up 65","content":"<p><b>KEY POINTS</b></p><p><blockquote><b>要点</b></blockquote></p><p><ul><li>Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</li><li>Apple did not issue official guidance for what it expects in the quarter ending in June.</li><li>Apple authorized $90 billion in share buybacks.</li></ul>Apple&nbsp;reported&nbsp;a blowout quarter&nbsp;on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</p><p><blockquote><ul><li>苹果周三公布了井喷季度业绩，宣布全公司销售额比去年增长54%，利润明显强于华尔街预期。</li><li>苹果没有就截至6月份的季度的预期发布官方指引。</li><li>苹果授权900亿美元的股票回购。</li></ul>苹果周三公布了井喷季度业绩，宣布全公司销售额比去年增长54%，利润明显强于华尔街预期。</blockquote></p><p>Apple stock rose over 4% at one point in extended trading.</p><p><blockquote>苹果股价在盘后交易中一度上涨超过4%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4e791f63f460807906f1793c2d58933e\" tg-width=\"1302\" tg-height=\"833\"></p><p><blockquote></blockquote></p><p>Apple reported double-digit growth in every single one of its product categories, and its&nbsp;most important product line, the iPhone, was up 65.5% from last year. Its Mac and iPad sales&nbsp;did&nbsp;better, with its computers up 70.1% and iPad&nbsp;sales&nbsp;growing nearly 79% on an annual basis.</p><p><blockquote>苹果报告称，其每个产品类别都实现了两位数的增长，其最重要的产品线iPhone比去年增长了65.5%。其Mac和iPad销量表现更好，电脑销量同比增长70.1%，iPad销量同比增长近79%。</blockquote></p><p>Apple said it would increase its dividend by 7%&nbsp;to $0.22 per share&nbsp;and authorized $90 billion in share buybacks, which is significantly higher than last year’s $50 billion outlay&nbsp;and 2019′s $75 billion.</p><p><blockquote>苹果表示，将把股息提高7%至每股0.22美元，并授权900亿美元的股票回购，这明显高于去年的500亿美元支出和2019年的750亿美元。</blockquote></p><p>Here’s how Apple did versus Refinitiv estimates:</p><p><blockquote>以下是苹果与Refinitiv估计的表现：</blockquote></p><p><ul><li><b>EPS</b>:&nbsp;$1.40&nbsp;vs. $0.99 estimated</li><li><b>Revenue</b>:&nbsp;$89.58&nbsp;billion&nbsp;vs. $77.36&nbsp;billion&nbsp;estimated, up 53.7% year-over-year</li><li><b>iPhone revenue</b>:&nbsp;$47.94 billion&nbsp;vs. $41.43&nbsp;billion&nbsp;estimated, up&nbsp;65.5% year-over-year</li><li><b>Services revenue</b>:&nbsp;$16.90 billion&nbsp;vs. $15.57&nbsp;billion&nbsp;estimated, up 26.7% year over&nbsp;year</li><li><b>Other Products revenue</b>:&nbsp;$7.83&nbsp;billion&nbsp;vs. $7.79&nbsp;billion&nbsp;estimated,&nbsp;up 24%&nbsp;year-over-year</li><li><b>Mac revenue</b>:&nbsp;$9.10&nbsp;billion&nbsp;vs. $6.86&nbsp;billion&nbsp;estimated, up 70.1% year-over-year</li><li><b>iPad revenue</b>:&nbsp;$7.80 billion&nbsp;vs. $5.58&nbsp;billion&nbsp;estimated, up 78.9% year-over-year</li><li><b>Gross margin</b>:&nbsp;42.5% vs. 39.8%&nbsp;estimated</li></ul>Apple did not issue official guidance for what it expects in the quarter ending in June. It hasn’t provided revenue&nbsp;guidance since the start of the pandemic, citing uncertainty.&nbsp;This is Apple’s second quarter in a row with double-digit growth in all product categories.&nbsp;Apple CFO Luca Maestri told analysts that the company expects June quarter revenue to rise by double digits year-over-year, although it faces some supply shortages due to the worldwide chip shortage.</p><p><blockquote><ul><li><b>EPS</b>：1.40美元对比。估计0.99美元</li><li><b>收入</b>：895.8亿美元对比。预计773.6亿美元，同比增长53.7%</li><li><b>iPhone收入</b>：479.4亿美元对比。预计为414.3亿美元，同比增长65.5%</li><li><b>服务收入</b>：169亿美元vs.预计155.7亿美元，同比增长26.7%</li><li><b>其他产品收益</b>：78.3亿美元对比。预计77.9亿美元，同比增长24%</li><li><b>Mac收入</b>：91亿美元vs.预计68.6亿美元，同比增长70.1%</li><li><b>iPad收入</b>：78亿美元vs.预计55.8亿美元，同比增长78.9%</li><li><b>毛利率</b>：42.5%vs.估计值39.8%</li></ul>苹果没有就截至6月份的季度的预期发布官方指引。自疫情开始以来，该公司一直没有提供收入指引，理由是存在不确定性。这是苹果连续第二个季度在所有产品类别中实现两位数增长。苹果首席财务官Luca Maestri告诉分析师，该公司预计6月份季度的收入将同比增长两位数，尽管由于全球芯片短缺，该公司面临一些供应短缺。</blockquote></p><p>Apple has said in the past months that its business has been boosted by the pandemic as consumers&nbsp;and businesses&nbsp;bought&nbsp;computers&nbsp;to work and entertain themselves while at home. But Apple’s strong results in the quarter suggest that the trend may persist as more economies&nbsp;open up.</p><p><blockquote>苹果在过去几个月表示，随着消费者和企业购买电脑在家工作和娱乐，其业务受到了疫情的提振。但苹果本季度的强劲业绩表明，随着更多经济体的开放，这一趋势可能会持续下去。</blockquote></p><p>Or, as Apple CEO Tim Cook said in a statement: “This quarter reflects both the enduring ways our products have helped our users meet this&nbsp;moment in their own lives, as well as the optimism consumers seem to feel about better days&nbsp;ahead for all of us.”</p><p><blockquote>或者，正如苹果首席执行官蒂姆·库克(Tim Cook)在一份声明中所说：“本季度既反映了我们的产品帮助用户在自己的生活中迎接这一时刻的持久方式，也反映了消费者似乎对所有人未来更好的日子感到乐观。我们。”</blockquote></p><p>Mac sales were up 70%, and Cook said that the result was “fueled by” the company’s introduction of its Mac&nbsp;laptops&nbsp;that used its own M1 chips&nbsp;for longer battery life, instead of processors sold by&nbsp;Intel.&nbsp;iPad sales were up&nbsp;nearly 79% year-over-year.</p><p><blockquote>Mac的销量增长了70%，库克表示，这一结果是由该公司推出的Mac笔记本电脑“推动”的，这些笔记本电脑使用了自己的M1芯片，电池寿命更长，而不是英特尔销售的处理器，iPad的销量同比增长了近79%。</blockquote></p><p>Neither of those&nbsp;results&nbsp;include iPad Pro or iMac models the company announced in March, which are expected to drive additional demand.</p><p><blockquote>这两个结果都不包括该公司3月份宣布的iPad Pro或iMac型号，预计这些型号将推动额外需求。</blockquote></p><p>“We’re seeing strong first-time buyers on the Mac&nbsp;…&nbsp;it continues to run just south of 50%,” Cook told CNBC’s Josh Lipton. “And, in China, it’s even higher than that&nbsp;…&nbsp;it’s more around two-thirds. And that speaks to people preferring to work on the Mac.”</p><p><blockquote>库克对CNBC的乔什·利普顿(Josh Lipton)表示：“我们看到Mac的首次购买者数量强劲……这一比例继续略低于50%。”“而且，在中国，这个数字甚至更高……大约是三分之二。这表明人们更喜欢在Mac上工作。”</blockquote></p><p>Apple’s iPhone also reported strong results this quarter, quelling fears that the current annual cycle could slow down. Last year, Apple released iPhones with a new exterior design and 5G support, which many investors believed could prompt a major upgrade cycle, which this quarter’s results indicate.</p><p><blockquote>苹果的iPhone本季度也公布了强劲的业绩，平息了人们对当前年度周期可能放缓的担忧。去年，苹果发布了具有新外观设计和5G支持的iPhone，许多投资者认为这可能会引发一个重大升级周期，本季度的业绩表明了这一点。</blockquote></p><p>In greater China, which includes the mainland, Hong Kong, and Taiwan,&nbsp;Apple’s revenue increased over&nbsp;87% year-over-year to $17.73 billion, although the comparison is to a quarter last year in which China was largely shut down in the early days of the pandemic.&nbsp;Every other geographical category, including the Americas and Europe, were also up on an annual basis.</p><p><blockquote>在包括大陆、香港和台湾在内的大中华区，苹果的收入同比增长超过87%，达到177.3亿美元，尽管相比之下，去年中国在疫情初期基本上处于关闭状态。其他所有地理类别，包括美洲和欧洲，也同比增长。</blockquote></p><p><img src=\"https://static.tigerbbs.com/37a8b45c92174e3c9ab224d9a85f5e2d\" tg-width=\"1910\" tg-height=\"1114\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Apple’s&nbsp;high-margin&nbsp;services business, including iCloud, App Store, and subscriptions like Apple Music, also showed 26.7% growth.</p><p><blockquote>苹果的高利润服务业务，包括iCloud、App Store和苹果音乐等订阅业务，也实现了26.7%的增长。</blockquote></p><p></p><p>One metric that Apple uses to show the growth in services is the number of subscriptions it has, which not only include its own subscriptions like Apple One, but also subscriptions through its App Store.</p><p><blockquote>苹果用来显示服务增长的一个指标是其订阅数量，其中不仅包括苹果One等自有订阅，还包括通过其App Store进行的订阅。</blockquote></p><p>“We now have over 660 million paid subscriptions across the services on the platform, and that’s up 40 million from the previous quarter, which is an acceleration from 35 million,” Cook told CNBC.</p><p><blockquote>库克对CNBC表示：“我们平台上的服务现在有超过6.6亿付费订阅，比上一季度增加了4000万，比3500万有所增长。”</blockquote></p><p>However, Apple’s App Store has been challenged by lawmakers and companies that say it costs too much and has too much power. A closely-watched trial with Fortnite maker Epic Games over App Store policies kicks off next week.</p><p><blockquote>然而，苹果的应用商店受到了立法者和公司的挑战，他们说它成本太高，权力太大。堡垒之夜制造商Epic Games就App Store政策进行的备受关注的审判将于下周开始。</blockquote></p><p>“The App Store has been an economic miracle. Last year, the estimates are that there was over a half a trillion dollars of economic activity because of the store. And, so, this has been just an economic gamechanger for not only the United States, but several countries around the world. And, we’re going to go in and tell our story. And we’ll see where it goes. But, we’re confident,” Cook told CNBC.</p><p><blockquote>“App Store是一个经济奇迹。据估计，去年有超过5000亿美元的经济活动因为这个商店。所以，这不仅是美国的经济游戏规则改变者，也是世界上几个国家的经济规则改变者。我们将走进去讲述我们的故事。我们会看到它会走向何方。但是，我们有信心，”库克告诉CNBC。</blockquote></p><p>Apple’s gross margin was also unusually elevated for the company. Most quarters, it tends to be in the 38% to 39% range, but in the quarter ending in March, Apple reported 42.5% margins.</p><p><blockquote>苹果的毛利率也异常高。大多数季度，利润率往往在38%至39%之间，但在截至3月份的季度，苹果报告利润率为42.5%。</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 reports another blowout quarter with sales up 54%, authorizes $90 billion in share buybacks<blockquote>苹果报告又一个井喷季度销售额增长54%，授权900亿美元股票回购</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 reports another blowout quarter with sales up 54%, authorizes $90 billion in share buybacks<blockquote>苹果报告又一个井喷季度销售额增长54%，授权900亿美元股票回购</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\">2021-04-29 07:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>KEY POINTS</b></p><p><blockquote><b>要点</b></blockquote></p><p><ul><li>Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</li><li>Apple did not issue official guidance for what it expects in the quarter ending in June.</li><li>Apple authorized $90 billion in share buybacks.</li></ul>Apple&nbsp;reported&nbsp;a blowout quarter&nbsp;on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</p><p><blockquote><ul><li>苹果周三公布了井喷季度业绩，宣布全公司销售额比去年增长54%，利润明显强于华尔街预期。</li><li>苹果没有就截至6月份的季度的预期发布官方指引。</li><li>苹果授权900亿美元的股票回购。</li></ul>苹果周三公布了井喷季度业绩，宣布全公司销售额比去年增长54%，利润明显强于华尔街预期。</blockquote></p><p>Apple stock rose over 4% at one point in extended trading.</p><p><blockquote>苹果股价在盘后交易中一度上涨超过4%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4e791f63f460807906f1793c2d58933e\" tg-width=\"1302\" tg-height=\"833\"></p><p><blockquote></blockquote></p><p>Apple reported double-digit growth in every single one of its product categories, and its&nbsp;most important product line, the iPhone, was up 65.5% from last year. Its Mac and iPad sales&nbsp;did&nbsp;better, with its computers up 70.1% and iPad&nbsp;sales&nbsp;growing nearly 79% on an annual basis.</p><p><blockquote>苹果报告称，其每个产品类别都实现了两位数的增长，其最重要的产品线iPhone比去年增长了65.5%。其Mac和iPad销量表现更好，电脑销量同比增长70.1%，iPad销量同比增长近79%。</blockquote></p><p>Apple said it would increase its dividend by 7%&nbsp;to $0.22 per share&nbsp;and authorized $90 billion in share buybacks, which is significantly higher than last year’s $50 billion outlay&nbsp;and 2019′s $75 billion.</p><p><blockquote>苹果表示，将把股息提高7%至每股0.22美元，并授权900亿美元的股票回购，这明显高于去年的500亿美元支出和2019年的750亿美元。</blockquote></p><p>Here’s how Apple did versus Refinitiv estimates:</p><p><blockquote>以下是苹果与Refinitiv估计的表现：</blockquote></p><p><ul><li><b>EPS</b>:&nbsp;$1.40&nbsp;vs. $0.99 estimated</li><li><b>Revenue</b>:&nbsp;$89.58&nbsp;billion&nbsp;vs. $77.36&nbsp;billion&nbsp;estimated, up 53.7% year-over-year</li><li><b>iPhone revenue</b>:&nbsp;$47.94 billion&nbsp;vs. $41.43&nbsp;billion&nbsp;estimated, up&nbsp;65.5% year-over-year</li><li><b>Services revenue</b>:&nbsp;$16.90 billion&nbsp;vs. $15.57&nbsp;billion&nbsp;estimated, up 26.7% year over&nbsp;year</li><li><b>Other Products revenue</b>:&nbsp;$7.83&nbsp;billion&nbsp;vs. $7.79&nbsp;billion&nbsp;estimated,&nbsp;up 24%&nbsp;year-over-year</li><li><b>Mac revenue</b>:&nbsp;$9.10&nbsp;billion&nbsp;vs. $6.86&nbsp;billion&nbsp;estimated, up 70.1% year-over-year</li><li><b>iPad revenue</b>:&nbsp;$7.80 billion&nbsp;vs. $5.58&nbsp;billion&nbsp;estimated, up 78.9% year-over-year</li><li><b>Gross margin</b>:&nbsp;42.5% vs. 39.8%&nbsp;estimated</li></ul>Apple did not issue official guidance for what it expects in the quarter ending in June. It hasn’t provided revenue&nbsp;guidance since the start of the pandemic, citing uncertainty.&nbsp;This is Apple’s second quarter in a row with double-digit growth in all product categories.&nbsp;Apple CFO Luca Maestri told analysts that the company expects June quarter revenue to rise by double digits year-over-year, although it faces some supply shortages due to the worldwide chip shortage.</p><p><blockquote><ul><li><b>EPS</b>：1.40美元对比。估计0.99美元</li><li><b>收入</b>：895.8亿美元对比。预计773.6亿美元，同比增长53.7%</li><li><b>iPhone收入</b>：479.4亿美元对比。预计为414.3亿美元，同比增长65.5%</li><li><b>服务收入</b>：169亿美元vs.预计155.7亿美元，同比增长26.7%</li><li><b>其他产品收益</b>：78.3亿美元对比。预计77.9亿美元，同比增长24%</li><li><b>Mac收入</b>：91亿美元vs.预计68.6亿美元，同比增长70.1%</li><li><b>iPad收入</b>：78亿美元vs.预计55.8亿美元，同比增长78.9%</li><li><b>毛利率</b>：42.5%vs.估计值39.8%</li></ul>苹果没有就截至6月份的季度的预期发布官方指引。自疫情开始以来，该公司一直没有提供收入指引，理由是存在不确定性。这是苹果连续第二个季度在所有产品类别中实现两位数增长。苹果首席财务官Luca Maestri告诉分析师，该公司预计6月份季度的收入将同比增长两位数，尽管由于全球芯片短缺，该公司面临一些供应短缺。</blockquote></p><p>Apple has said in the past months that its business has been boosted by the pandemic as consumers&nbsp;and businesses&nbsp;bought&nbsp;computers&nbsp;to work and entertain themselves while at home. But Apple’s strong results in the quarter suggest that the trend may persist as more economies&nbsp;open up.</p><p><blockquote>苹果在过去几个月表示，随着消费者和企业购买电脑在家工作和娱乐，其业务受到了疫情的提振。但苹果本季度的强劲业绩表明，随着更多经济体的开放，这一趋势可能会持续下去。</blockquote></p><p>Or, as Apple CEO Tim Cook said in a statement: “This quarter reflects both the enduring ways our products have helped our users meet this&nbsp;moment in their own lives, as well as the optimism consumers seem to feel about better days&nbsp;ahead for all of us.”</p><p><blockquote>或者，正如苹果首席执行官蒂姆·库克(Tim Cook)在一份声明中所说：“本季度既反映了我们的产品帮助用户在自己的生活中迎接这一时刻的持久方式，也反映了消费者似乎对所有人未来更好的日子感到乐观。我们。”</blockquote></p><p>Mac sales were up 70%, and Cook said that the result was “fueled by” the company’s introduction of its Mac&nbsp;laptops&nbsp;that used its own M1 chips&nbsp;for longer battery life, instead of processors sold by&nbsp;Intel.&nbsp;iPad sales were up&nbsp;nearly 79% year-over-year.</p><p><blockquote>Mac的销量增长了70%，库克表示，这一结果是由该公司推出的Mac笔记本电脑“推动”的，这些笔记本电脑使用了自己的M1芯片，电池寿命更长，而不是英特尔销售的处理器，iPad的销量同比增长了近79%。</blockquote></p><p>Neither of those&nbsp;results&nbsp;include iPad Pro or iMac models the company announced in March, which are expected to drive additional demand.</p><p><blockquote>这两个结果都不包括该公司3月份宣布的iPad Pro或iMac型号，预计这些型号将推动额外需求。</blockquote></p><p>“We’re seeing strong first-time buyers on the Mac&nbsp;…&nbsp;it continues to run just south of 50%,” Cook told CNBC’s Josh Lipton. “And, in China, it’s even higher than that&nbsp;…&nbsp;it’s more around two-thirds. And that speaks to people preferring to work on the Mac.”</p><p><blockquote>库克对CNBC的乔什·利普顿(Josh Lipton)表示：“我们看到Mac的首次购买者数量强劲……这一比例继续略低于50%。”“而且，在中国，这个数字甚至更高……大约是三分之二。这表明人们更喜欢在Mac上工作。”</blockquote></p><p>Apple’s iPhone also reported strong results this quarter, quelling fears that the current annual cycle could slow down. Last year, Apple released iPhones with a new exterior design and 5G support, which many investors believed could prompt a major upgrade cycle, which this quarter’s results indicate.</p><p><blockquote>苹果的iPhone本季度也公布了强劲的业绩，平息了人们对当前年度周期可能放缓的担忧。去年，苹果发布了具有新外观设计和5G支持的iPhone，许多投资者认为这可能会引发一个重大升级周期，本季度的业绩表明了这一点。</blockquote></p><p>In greater China, which includes the mainland, Hong Kong, and Taiwan,&nbsp;Apple’s revenue increased over&nbsp;87% year-over-year to $17.73 billion, although the comparison is to a quarter last year in which China was largely shut down in the early days of the pandemic.&nbsp;Every other geographical category, including the Americas and Europe, were also up on an annual basis.</p><p><blockquote>在包括大陆、香港和台湾在内的大中华区，苹果的收入同比增长超过87%，达到177.3亿美元，尽管相比之下，去年中国在疫情初期基本上处于关闭状态。其他所有地理类别，包括美洲和欧洲，也同比增长。</blockquote></p><p><img src=\"https://static.tigerbbs.com/37a8b45c92174e3c9ab224d9a85f5e2d\" tg-width=\"1910\" tg-height=\"1114\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Apple’s&nbsp;high-margin&nbsp;services business, including iCloud, App Store, and subscriptions like Apple Music, also showed 26.7% growth.</p><p><blockquote>苹果的高利润服务业务，包括iCloud、App Store和苹果音乐等订阅业务，也实现了26.7%的增长。</blockquote></p><p></p><p>One metric that Apple uses to show the growth in services is the number of subscriptions it has, which not only include its own subscriptions like Apple One, but also subscriptions through its App Store.</p><p><blockquote>苹果用来显示服务增长的一个指标是其订阅数量，其中不仅包括苹果One等自有订阅，还包括通过其App Store进行的订阅。</blockquote></p><p>“We now have over 660 million paid subscriptions across the services on the platform, and that’s up 40 million from the previous quarter, which is an acceleration from 35 million,” Cook told CNBC.</p><p><blockquote>库克对CNBC表示：“我们平台上的服务现在有超过6.6亿付费订阅，比上一季度增加了4000万，比3500万有所增长。”</blockquote></p><p>However, Apple’s App Store has been challenged by lawmakers and companies that say it costs too much and has too much power. A closely-watched trial with Fortnite maker Epic Games over App Store policies kicks off next week.</p><p><blockquote>然而，苹果的应用商店受到了立法者和公司的挑战，他们说它成本太高，权力太大。堡垒之夜制造商Epic Games就App Store政策进行的备受关注的审判将于下周开始。</blockquote></p><p>“The App Store has been an economic miracle. Last year, the estimates are that there was over a half a trillion dollars of economic activity because of the store. And, so, this has been just an economic gamechanger for not only the United States, but several countries around the world. And, we’re going to go in and tell our story. And we’ll see where it goes. But, we’re confident,” Cook told CNBC.</p><p><blockquote>“App Store是一个经济奇迹。据估计，去年有超过5000亿美元的经济活动因为这个商店。所以，这不仅是美国的经济游戏规则改变者，也是世界上几个国家的经济规则改变者。我们将走进去讲述我们的故事。我们会看到它会走向何方。但是，我们有信心，”库克告诉CNBC。</blockquote></p><p>Apple’s gross margin was also unusually elevated for the company. Most quarters, it tends to be in the 38% to 39% range, but in the quarter ending in March, Apple reported 42.5% margins.</p><p><blockquote>苹果的毛利率也异常高。大多数季度，利润率往往在38%至39%之间，但在截至3月份的季度，苹果报告利润率为42.5%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137964402","content_text":"KEY POINTSApple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and significantly stronger profits than Wall Street expected.Apple did not issue official guidance for what it expects in the quarter ending in June.Apple authorized $90 billion in share buybacks.Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and significantly stronger profits than Wall Street expected.Apple stock rose over 4% at one point in extended trading.Apple reported double-digit growth in every single one of its product categories, and its most important product line, the iPhone, was up 65.5% from last year. Its Mac and iPad sales did better, with its computers up 70.1% and iPad sales growing nearly 79% on an annual basis.Apple said it would increase its dividend by 7% to $0.22 per share and authorized $90 billion in share buybacks, which is significantly higher than last year’s $50 billion outlay and 2019′s $75 billion.Here’s how Apple did versus Refinitiv estimates:EPS: $1.40 vs. $0.99 estimatedRevenue: $89.58 billion vs. $77.36 billion estimated, up 53.7% year-over-yeariPhone revenue: $47.94 billion vs. $41.43 billion estimated, up 65.5% year-over-yearServices revenue: $16.90 billion vs. $15.57 billion estimated, up 26.7% year over yearOther Products revenue: $7.83 billion vs. $7.79 billion estimated, up 24% year-over-yearMac revenue: $9.10 billion vs. $6.86 billion estimated, up 70.1% year-over-yeariPad revenue: $7.80 billion vs. $5.58 billion estimated, up 78.9% year-over-yearGross margin: 42.5% vs. 39.8% estimatedApple did not issue official guidance for what it expects in the quarter ending in June. It hasn’t provided revenue guidance since the start of the pandemic, citing uncertainty. This is Apple’s second quarter in a row with double-digit growth in all product categories. Apple CFO Luca Maestri told analysts that the company expects June quarter revenue to rise by double digits year-over-year, although it faces some supply shortages due to the worldwide chip shortage.Apple has said in the past months that its business has been boosted by the pandemic as consumers and businesses bought computers to work and entertain themselves while at home. But Apple’s strong results in the quarter suggest that the trend may persist as more economies open up.Or, as Apple CEO Tim Cook said in a statement: “This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers seem to feel about better days ahead for all of us.”Mac sales were up 70%, and Cook said that the result was “fueled by” the company’s introduction of its Mac laptops that used its own M1 chips for longer battery life, instead of processors sold by Intel. iPad sales were up nearly 79% year-over-year.Neither of those results include iPad Pro or iMac models the company announced in March, which are expected to drive additional demand.“We’re seeing strong first-time buyers on the Mac … it continues to run just south of 50%,” Cook told CNBC’s Josh Lipton. “And, in China, it’s even higher than that … it’s more around two-thirds. And that speaks to people preferring to work on the Mac.”Apple’s iPhone also reported strong results this quarter, quelling fears that the current annual cycle could slow down. Last year, Apple released iPhones with a new exterior design and 5G support, which many investors believed could prompt a major upgrade cycle, which this quarter’s results indicate.In greater China, which includes the mainland, Hong Kong, and Taiwan, Apple’s revenue increased over 87% year-over-year to $17.73 billion, although the comparison is to a quarter last year in which China was largely shut down in the early days of the pandemic. Every other geographical category, including the Americas and Europe, were also up on an annual basis.Apple’s high-margin services business, including iCloud, App Store, and subscriptions like Apple Music, also showed 26.7% growth.One metric that Apple uses to show the growth in services is the number of subscriptions it has, which not only include its own subscriptions like Apple One, but also subscriptions through its App Store.“We now have over 660 million paid subscriptions across the services on the platform, and that’s up 40 million from the previous quarter, which is an acceleration from 35 million,” Cook told CNBC.However, Apple’s App Store has been challenged by lawmakers and companies that say it costs too much and has too much power. A closely-watched trial with Fortnite maker Epic Games over App Store policies kicks off next week.“The App Store has been an economic miracle. Last year, the estimates are that there was over a half a trillion dollars of economic activity because of the store. And, so, this has been just an economic gamechanger for not only the United States, but several countries around the world. And, we’re going to go in and tell our story. And we’ll see where it goes. But, we’re confident,” Cook told CNBC.Apple’s gross margin was also unusually elevated for the company. Most quarters, it tends to be in the 38% to 39% range, but in the quarter ending in March, Apple reported 42.5% margins.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2514,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":374350246,"gmtCreate":1619422378985,"gmtModify":1634273612357,"author":{"id":"3577092105346620","authorId":"3577092105346620","name":"lolzies","avatar":"https://static.tigerbbs.com/4c14b2defd1aecdccfdf3d13576b666b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577092105346620","idStr":"3577092105346620"},"themes":[],"htmlText":"Sounds interesting","listText":"Sounds interesting","text":"Sounds interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/374350246","repostId":"1160776805","repostType":4,"isVote":1,"tweetType":1,"viewCount":1532,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344670331,"gmtCreate":1618408352623,"gmtModify":1634293152780,"author":{"id":"3577092105346620","authorId":"3577092105346620","name":"lolzies","avatar":"https://static.tigerbbs.com/4c14b2defd1aecdccfdf3d13576b666b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577092105346620","idStr":"3577092105346620"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/344670331","repostId":"1114138942","repostType":4,"isVote":1,"tweetType":1,"viewCount":1301,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344647684,"gmtCreate":1618408313948,"gmtModify":1634293153020,"author":{"id":"3577092105346620","authorId":"3577092105346620","name":"lolzies","avatar":"https://static.tigerbbs.com/4c14b2defd1aecdccfdf3d13576b666b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577092105346620","idStr":"3577092105346620"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/344647684","repostId":"1106080522","repostType":4,"repost":{"id":"1106080522","kind":"news","pubTimestamp":1618363477,"share":"https://www.laohu8.com/m/news/1106080522?lang=zh_CN&edition=full","pubTime":"2021-04-14 09:24","market":"us","language":"en","title":"The 24 Most-Hated Stocks in the S&P 500, and Why You Should Love Them<blockquote>标普500中最讨厌的24只股票，以及为什么你应该喜欢它们</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106080522","media":"Barrons","summary":"Investing in the best-loved stocks can be a good idea. But investors should also know what stocks an","content":"<p>Investing in the best-loved stocks can be a good idea. But investors should also know what stocks analysts are shunning.</p><p><blockquote>投资最受欢迎的股票可能是个好主意。但投资者也应该知道分析师回避哪些股票。</blockquote></p><p> While simply avoiding those companies is one sound strategy, it can also make sense to dig through the reject bin. Sometimes the only direction to go from the bottom is up. The most hated stocks can only get less hated over time, a fact that on its own can be enough for above-average stock gains.</p><p><blockquote>虽然简单地避开这些公司是一个合理的策略，但挖掘拒绝箱也是有意义的。有时候从底部走的唯一方向就是向上。随着时间的推移，最令人讨厌的股票只会变得不那么令人讨厌，这一事实本身就足以带来高于平均水平的股票收益。</blockquote></p><p> Wall Streetratingsare always a helpful guide for investors—the pros as well as amateur stock pickers. Analysts covering companies at brokerage firms are, after all, paid to follow industry trends, compare companies, and value stocks.</p><p><blockquote>华尔街评级始终是投资者（无论是专业人士还是业余选股者）的有用指南。毕竟，经纪公司研究公司的分析师的报酬是跟踪行业趋势、比较公司和评估股票。</blockquote></p><p> Over the past year, analysts’ favorite 10% ofS&amp;P 500stocks are up almost 70% on average. The bottom 10%, on the other hand, is up closer to 50%. Favorites have outperformed by about 20 percentage points. The overall S&amp;P index, meanwhile, is up about 48%.</p><p><blockquote>过去一年，分析师最喜欢的10%的标准普尔500指数股票平均上涨了近70%。另一方面，底层10%的人接近50%。最受欢迎的股票表现优于约20个百分点。与此同时，标准普尔指数整体上涨了约48%。</blockquote></p><p> It might seem odd that the average gain for a hated stock in the S&amp;P 500 is 2 percentage points better than what the index achieved over the past year. The reason is that the S&amp;P 500 is weighted according to market capitalization, so moves in bigger companies’ stocks have more impact on the overall benchmark. Not adjusting for market capitalization, the average gain for an S&amp;P 500 stock is about 63%.</p><p><blockquote>标普500中一只令人讨厌的股票的平均涨幅比该指数过去一年的涨幅高出2个百分点，这似乎很奇怪。原因是标普500是根据市值加权的，因此大公司股票的走势对整体基准的影响更大。不按市值调整，标普500股票的平均涨幅约为63%。</blockquote></p><p> That fits with the common-sense view that avoiding the dregs is a good idea. But this past year was difficult. During the first several months of the pandemic, it paid to invest in large, high-quality stocks. It will surprise no one to learn that Microsoft (ticker: MSFT), Google parentAlphabet(GOOGL), Amazon.com (AMZN) and Apple (AAPL) are all well liked by the Street.</p><p><blockquote>这符合常识性的观点，即避免渣滓是个好主意。但是过去的一年很艰难。在疫情的头几个月，投资大型优质股票是值得的。当得知微软（股票代码：MSFT）、谷歌母公司Alphabet（GOOGL）、亚马逊（AMZN）和苹果（AAPL）都深受华尔街的喜爱时，没有人会感到惊讶。</blockquote></p><p> Now, thetide is turningand the economy is growing again. That could be a signal to look at stocks that have had a harder time.</p><p><blockquote>现在，潮流正在转变，经济再次增长。这可能是一个信号，让我们关注那些经历过更艰难时期的股票。</blockquote></p><p> <i>Barron’s</i>&nbsp;came up with a list of the least-liked stocks on the Street by weighting the Buy, Hold, and Sell calls on each company to arrive at a single number summarizing overall sentiment. We took the percentage of ratings for a stock that are Buys, subtracted the share that are Sells, and then added the percentage at Hold, counting each as one-fourth of a Buy to reflect the fact that most analysts expect Hold-rated stocks to keep pace with their peers.</p><p><blockquote><i>巴伦周刊</i>通过对每家公司的买入、持有和卖出评级进行加权，得出一份华尔街最不受欢迎的股票名单，以得出一个总结整体情绪的数字。我们取股票评级为买入的百分比，减去卖出的百分比，然后加上持有的百分比，将每个百分比算作买入的四分之一，以反映大多数分析师预计持有评级的股票的事实与同行保持同步。</blockquote></p><p> In the S&amp;P 500, about 56% of ratings are Buys. 36% are Holds and 7% are Sells. The numbers don’t total 100 due to rounding.</p><p><blockquote>在标普500，约56%的评级为买入。36%为持有，7%为卖出。由于四舍五入，这些数字加起来不是100。</blockquote></p><p> Taking all that into consideration, the 24 lowest-rated S&amp;P stocks—the ones analysts tell their clients to avoid—are as follows: American Airlines Group (AAL), Lumen Technologies (LUMN), Consolidated Edison (ED),Franklin Resources(BEN).Brown-Forman(BF. B), Mettler-Toledo International (MTD), Expeditors International of Washington (EXPD),Waters(WAT), Hormel Foods (HRL),McCormick(MKC), ViacomCBS (VIAC), Unum Group (UNM), Comerica (CMA) Under Armour (UAA), J.M. Smucker (SJM), Western Union (WU), Robert Half International (RHI),Discovery(DISCA), Varian Medical Systems (VAR), Invesco (IVZ), Walgreens Boots Alliance (WBA), Cincinnati Financial (CINF), Genuine Parts (GPC) and WEC Energy Group (WEC).</p><p><blockquote>考虑到所有这些因素，标准普尔评级最低的24只股票（分析师告诉客户要避开的股票）如下：美国航空集团(AAL)、Lumen Technologies(LUMN)、联合爱迪生(ED)、富兰克林资源(BEN)。布朗-福尔曼(BF.B)、梅特勒-托利多国际公司(MTD)、华盛顿Expeditors International of Washington(EXPD)、沃特世(WAT)、荷美尔食品(HRL)、味好美(MKC)、维亚康姆哥伦比亚广播公司(VIAC)、Unum Group(UNM)、联信(CMA)Under Armour(UAA)、J.M.Smucker(SJM)、西联汇款(WU)、Robert Half International(RHI)、Discovery(DISCA)、Varian Medical Systems(VAR)、Invesco(IVZ)、Walgreens Boots Alliance(WBA)、Cincinnati Financial(CINF)、Genuine Parts(GPC)和WEC能源集团(WEC)。</blockquote></p><p> The Dirty Two DozenThe 24 lowest-rated stocks in the S&amp;P 500, calculated using a weighted score for Buy, Sell, and Hold ratings.</p><p><blockquote>肮脏的两打标普500中评级最低的24只股票，使用买入、卖出和持有评级的加权分数计算。</blockquote></p><p></p><p> <table>  <thead>   <tr>    <th>Company / Ticker</th>    <th>Analyst Rating Score*</th>    <th>2021E P/E</th>    <th>Percentage Off All-Time High</th>    <th>% YTD</th>   </tr>  </thead>  <tbody>   <tr>    <td>American Airlines / AAL</td>    <td>-0.7</td>    <td>N/A</td>    <td>-60.2</td>    <td>88</td>   </tr>   <tr>    <td>Lumen Technologies / LUMN</td>    <td>-0.5</td>    <td>8.2</td>    <td>-74.3</td>    <td>32</td>   </tr>   <tr>    <td>Consolidated Edison / ED</td>    <td>-0.5</td>    <td>17.7</td>    <td>-21.0</td>    <td>-11</td>   </tr>   <tr>    <td>Franklin Resources / BEN</td>    <td>-0.4</td>    <td>10.3</td>    <td>-48.4</td>    <td>91</td>   </tr>   <tr>    <td>Brown-Forman / BF.B</td>    <td>-0.3</td>    <td>41.0</td>    <td>-14.9</td>    <td>14</td>   </tr>   <tr>    <td>Mettler-Toledo / MTD</td>    <td>-0.3</td>    <td>41.1</td>    <td>-3.9</td>    <td>68</td>   </tr>   <tr>    <td>Expeditors Int’l of Washington / EXPD</td>    <td>-0.3</td>    <td>25.7</td>    <td>-1.5</td>    <td>54</td>   </tr>   <tr>    <td>Waters / WAT</td>    <td>-0.2</td>    <td>31.9</td>    <td>0.0</td>    <td>57</td>   </tr>   <tr>    <td>Hormel Foods / HRL</td>    <td>-0.1</td>    <td>26.5</td>    <td>-12.5</td>    <td>-1</td>   </tr>   <tr>    <td>McCormick / MKC</td>    <td>-0.1</td>    <td>29.7</td>    <td>-16.5</td>    <td>16</td>   </tr>   <tr>    <td>ViacomCBS / VIAC</td>    <td>0.0</td>    <td>10.3</td>    <td>-58.9</td>    <td>160</td>   </tr>   <tr>    <td>Unum / UNM</td>    <td>0.0</td>    <td>5.8</td>    <td>-55.8</td>    <td>89</td>   </tr>   <tr>    <td>Comerica / CMA</td>    <td>0.0</td>    <td>13.4</td>    <td>-30.4</td>    <td>118</td>   </tr>   <tr>    <td>Under Armour / UAA</td>    <td>0.0</td>    <td>142.1</td>    <td>-58.5</td>    <td>105</td>   </tr>   <tr>    <td>J.M. Smucker / SJM</td>    <td>0.1</td>    <td>14.4</td>    <td>-18.5</td>    <td>17</td>   </tr>   <tr>    <td>Western Union / WU</td>    <td>0.1</td>    <td>12.3</td>    <td>-12.0</td>    <td>30</td>   </tr>   <tr>    <td>Robert Half / RHI</td>    <td>0.1</td>    <td>24.2</td>    <td>-2.6</td>    <td>92</td>   </tr>   <tr>    <td>Discover / DISCA</td>    <td>0.1</td>    <td>14.6</td>    <td>-46.3</td>    <td>88</td>   </tr>   <tr>    <td>Varian Medical Systems / VAR</td>    <td>0.1</td>    <td>33.8</td>    <td>-0.1</td>    <td>57</td>   </tr>   <tr>    <td>Invesco / IVZ</td>    <td>0.1</td>    <td>10.2</td>    <td>-57.0</td>    <td>181</td>   </tr>   <tr>    <td>Walgreens Boots Alliance / WBA</td>    <td>0.2</td>    <td>11.2</td>    <td>-44.3</td>    <td>29</td>   </tr>   <tr>    <td>Cincinnati Financial / CINF</td>    <td>0.2</td>    <td>25.8</td>    <td>-11.1</td>    <td>30</td>   </tr>   <tr>    <td>Genuine Parts / GPC</td>    <td>0.2</td>    <td>20.4</td>    <td>-1.6</td>    <td>68</td>   </tr>   <tr>    <td>WEC Energy / WEC</td>    <td>0.2</td>    <td>23.0</td>    <td>-15.7</td>    <td>-3</td>   </tr>   <tr>    <td>Dirty Dozen's average</td>    <td>-0.1</td>    <td>25.8</td>    <td>-27.7</td>    <td>61.2</td>   </tr>   <tr>    <td>S&amp;P 500 average</td>    <td>1.1</td>    <td>23</td>    <td>0.1</td>    <td>10</td>   </tr>  </tbody> </table> *Lower scores have more sell ratings.</p><p><blockquote><table><thead><tr><th>公司/股票代码</th><th>分析师评级分数*</th><th>2021年预计市盈率</th><th>创历史新高的百分比</th><th>年初至今%</th></tr></thead><tbody><tr><td>美国航空/AAL</td><td>-0.7</td><td>N/A</td><td>-60.2</td><td>88</td></tr><tr><td>流明技术/LUMN</td><td>-0.5</td><td>8.2</td><td>-74.3</td><td>32</td></tr><tr><td>联合爱迪生/ED</td><td>-0.5</td><td>17.7</td><td>-21.0</td><td>-11</td></tr><tr><td>富兰克林资源/BEN</td><td>-0.4</td><td>10.3</td><td>-48.4</td><td>91</td></tr><tr><td>布朗-福尔曼/BF.B</td><td>-0.3</td><td>41.0</td><td>-14.9</td><td>14</td></tr><tr><td>梅特勒-托利多/MTD</td><td>-0.3</td><td>41.1</td><td>-3.9</td><td>68</td></tr><tr><td>华盛顿国际快递公司/EXPD</td><td>-0.3</td><td>25.7</td><td>-1.5</td><td>54</td></tr><tr><td>水域/WAT</td><td>-0.2</td><td>31.9</td><td>0.0</td><td>57</td></tr><tr><td>荷美尔食品/HRL</td><td>-0.1</td><td>26.5</td><td>-12.5</td><td>-1</td></tr><tr><td>麦考密克/MKC</td><td>-0.1</td><td>29.7</td><td>-16.5</td><td>16</td></tr><tr><td>维亚康姆CBS/VIAC</td><td>0.0</td><td>10.3</td><td>-58.9</td><td>160</td></tr><tr><td>Unum/UNM</td><td>0.0</td><td>5.8</td><td>-55.8</td><td>89</td></tr><tr><td>联信/CMA</td><td>0.0</td><td>13.4</td><td>-30.4</td><td>118</td></tr><tr><td>安德玛/UAA</td><td>0.0</td><td>142.1</td><td>-58.5</td><td>105</td></tr><tr><td>J.M.Smucker/澳博</td><td>0.1</td><td>14.4</td><td>-18.5</td><td>17</td></tr><tr><td>西联汇款/吴</td><td>0.1</td><td>12.3</td><td>-12.0</td><td>30</td></tr><tr><td>罗伯特·哈尔夫/RHI</td><td>0.1</td><td>24.2</td><td>-2.6</td><td>92</td></tr><tr><td>发现/磁盘</td><td>0.1</td><td>14.6</td><td>-46.3</td><td>88</td></tr><tr><td>瓦里安医疗系统/VAR</td><td>0.1</td><td>33.8</td><td>-0.1</td><td>57</td></tr><tr><td>景顺/IVZ</td><td>0.1</td><td>10.2</td><td>-57.0</td><td>181</td></tr><tr><td>沃尔格林博姿联盟/WBA</td><td>0.2</td><td>11.2</td><td>-44.3</td><td>29</td></tr><tr><td>辛辛那提金融/CINF</td><td>0.2</td><td>25.8</td><td>-11.1</td><td>30</td></tr><tr><td>原厂零件/GPC</td><td>0.2</td><td>20.4</td><td>-1.6</td><td>68</td></tr><tr><td>WEC能源/WEC</td><td>0.2</td><td>23.0</td><td>-15.7</td><td>-3</td></tr><tr><td>十二金刚的平均水平</td><td>-0.1</td><td>25.8</td><td>-27.7</td><td>61.2</td></tr><tr><td>标普500平均值</td><td>1.1</td><td>23</td><td>0.1</td><td>10</td></tr></tbody></table>*分数越低，卖出评级越高。</blockquote></p><p> Sources: Bloomberg; Barron's calculations</p><p><blockquote>资料来源：彭博；巴伦周刊的计算</blockquote></p><p> It’s an eclectic list. Some stocks, such as American Airlines, are there because of huge, pandemic-induced losses. Others simply look expensive. Mettler, for instance, trades at 41 times the per-share earnings expected for 2021.</p><p><blockquote>这是一个折衷的列表。一些股票，例如美国航空公司，是因为大流行造成的巨大损失而出现的。其他的只是看起来很贵。例如，梅特勒的股价是2021年预期每股收益的41倍。</blockquote></p><p> Others firms face potentially damaging long-term changes in their industries. Franklin Resources, for instance, is an asset manager dealing with the shift from actively managed funds to index funds with lower fees. And some companies just don’t seem to have much room for growth. McCormick sells spices, and the chances that demand will rocket higher unexpectedly appear slim.</p><p><blockquote>其他公司面临着行业潜在的破坏性长期变化。例如，富兰克林资源公司是一家资产管理公司，致力于从主动管理基金向费用较低的指数基金的转变。而有些公司似乎并没有太大的增长空间。味好美销售香料，需求意外飙升的可能性似乎很小。</blockquote></p><p> Not every one of the hated names will pass muster for investors. But the hated stocks have one thing going for them: They are cheaper. Although not every one of the two dozen is making money, the shares trade for an average of about 20 times estimated 2021 earnings, while the market is at closer to 24 times.</p><p><blockquote>并非每一个令人讨厌的名字都能符合投资者的要求。但令人讨厌的股票有一个优点：它们更便宜。尽管并非这两打股票中的每一只都在赚钱，但这些股票的平均交易价格约为2021年预期市盈率的20倍，而市场价格接近24倍。</blockquote></p><p> Another plus is that unlike the S&amp;P 500, the rejects aren’t trading near their record highs, a factor that points at the potential for a rebound. The two dozen are down by an average of roughly 25% from their all-time highs.</p><p><blockquote>另一个好处是，与标普500不同，拒绝者的交易价格并未接近历史高点，这一因素表明了反弹的潜力。这两打平均比历史高点下降了约25%。</blockquote></p><p> The bottom line, then, is that bargains may be hiding in the trash heap. But as is the case with any stock screen, investors will have to dig deeper to find out which.</p><p><blockquote>那么，底线是便宜货可能藏在垃圾堆里。但与任何股票筛选的情况一样，投资者必须深入挖掘才能找出是哪一个。</blockquote></p><p> Go to it, contrarians.</p><p><blockquote>去吧，逆向投资者。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The 24 Most-Hated Stocks in the S&P 500, and Why You Should Love Them<blockquote>标普500中最讨厌的24只股票，以及为什么你应该喜欢它们</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\">\nThe 24 Most-Hated Stocks in the S&P 500, and Why You Should Love Them<blockquote>标普500中最讨厌的24只股票，以及为什么你应该喜欢它们</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-04-14 09:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Investing in the best-loved stocks can be a good idea. But investors should also know what stocks analysts are shunning.</p><p><blockquote>投资最受欢迎的股票可能是个好主意。但投资者也应该知道分析师回避哪些股票。</blockquote></p><p> While simply avoiding those companies is one sound strategy, it can also make sense to dig through the reject bin. Sometimes the only direction to go from the bottom is up. The most hated stocks can only get less hated over time, a fact that on its own can be enough for above-average stock gains.</p><p><blockquote>虽然简单地避开这些公司是一个合理的策略，但挖掘拒绝箱也是有意义的。有时候从底部走的唯一方向就是向上。随着时间的推移，最令人讨厌的股票只会变得不那么令人讨厌，这一事实本身就足以带来高于平均水平的股票收益。</blockquote></p><p> Wall Streetratingsare always a helpful guide for investors—the pros as well as amateur stock pickers. Analysts covering companies at brokerage firms are, after all, paid to follow industry trends, compare companies, and value stocks.</p><p><blockquote>华尔街评级始终是投资者（无论是专业人士还是业余选股者）的有用指南。毕竟，经纪公司研究公司的分析师的报酬是跟踪行业趋势、比较公司和评估股票。</blockquote></p><p> Over the past year, analysts’ favorite 10% ofS&amp;P 500stocks are up almost 70% on average. The bottom 10%, on the other hand, is up closer to 50%. Favorites have outperformed by about 20 percentage points. The overall S&amp;P index, meanwhile, is up about 48%.</p><p><blockquote>过去一年，分析师最喜欢的10%的标准普尔500指数股票平均上涨了近70%。另一方面，底层10%的人接近50%。最受欢迎的股票表现优于约20个百分点。与此同时，标准普尔指数整体上涨了约48%。</blockquote></p><p> It might seem odd that the average gain for a hated stock in the S&amp;P 500 is 2 percentage points better than what the index achieved over the past year. The reason is that the S&amp;P 500 is weighted according to market capitalization, so moves in bigger companies’ stocks have more impact on the overall benchmark. Not adjusting for market capitalization, the average gain for an S&amp;P 500 stock is about 63%.</p><p><blockquote>标普500中一只令人讨厌的股票的平均涨幅比该指数过去一年的涨幅高出2个百分点，这似乎很奇怪。原因是标普500是根据市值加权的，因此大公司股票的走势对整体基准的影响更大。不按市值调整，标普500股票的平均涨幅约为63%。</blockquote></p><p> That fits with the common-sense view that avoiding the dregs is a good idea. But this past year was difficult. During the first several months of the pandemic, it paid to invest in large, high-quality stocks. It will surprise no one to learn that Microsoft (ticker: MSFT), Google parentAlphabet(GOOGL), Amazon.com (AMZN) and Apple (AAPL) are all well liked by the Street.</p><p><blockquote>这符合常识性的观点，即避免渣滓是个好主意。但是过去的一年很艰难。在疫情的头几个月，投资大型优质股票是值得的。当得知微软（股票代码：MSFT）、谷歌母公司Alphabet（GOOGL）、亚马逊（AMZN）和苹果（AAPL）都深受华尔街的喜爱时，没有人会感到惊讶。</blockquote></p><p> Now, thetide is turningand the economy is growing again. That could be a signal to look at stocks that have had a harder time.</p><p><blockquote>现在，潮流正在转变，经济再次增长。这可能是一个信号，让我们关注那些经历过更艰难时期的股票。</blockquote></p><p> <i>Barron’s</i>&nbsp;came up with a list of the least-liked stocks on the Street by weighting the Buy, Hold, and Sell calls on each company to arrive at a single number summarizing overall sentiment. We took the percentage of ratings for a stock that are Buys, subtracted the share that are Sells, and then added the percentage at Hold, counting each as one-fourth of a Buy to reflect the fact that most analysts expect Hold-rated stocks to keep pace with their peers.</p><p><blockquote><i>巴伦周刊</i>通过对每家公司的买入、持有和卖出评级进行加权，得出一份华尔街最不受欢迎的股票名单，以得出一个总结整体情绪的数字。我们取股票评级为买入的百分比，减去卖出的百分比，然后加上持有的百分比，将每个百分比算作买入的四分之一，以反映大多数分析师预计持有评级的股票的事实与同行保持同步。</blockquote></p><p> In the S&amp;P 500, about 56% of ratings are Buys. 36% are Holds and 7% are Sells. The numbers don’t total 100 due to rounding.</p><p><blockquote>在标普500，约56%的评级为买入。36%为持有，7%为卖出。由于四舍五入，这些数字加起来不是100。</blockquote></p><p> Taking all that into consideration, the 24 lowest-rated S&amp;P stocks—the ones analysts tell their clients to avoid—are as follows: American Airlines Group (AAL), Lumen Technologies (LUMN), Consolidated Edison (ED),Franklin Resources(BEN).Brown-Forman(BF. B), Mettler-Toledo International (MTD), Expeditors International of Washington (EXPD),Waters(WAT), Hormel Foods (HRL),McCormick(MKC), ViacomCBS (VIAC), Unum Group (UNM), Comerica (CMA) Under Armour (UAA), J.M. Smucker (SJM), Western Union (WU), Robert Half International (RHI),Discovery(DISCA), Varian Medical Systems (VAR), Invesco (IVZ), Walgreens Boots Alliance (WBA), Cincinnati Financial (CINF), Genuine Parts (GPC) and WEC Energy Group (WEC).</p><p><blockquote>考虑到所有这些因素，标准普尔评级最低的24只股票（分析师告诉客户要避开的股票）如下：美国航空集团(AAL)、Lumen Technologies(LUMN)、联合爱迪生(ED)、富兰克林资源(BEN)。布朗-福尔曼(BF.B)、梅特勒-托利多国际公司(MTD)、华盛顿Expeditors International of Washington(EXPD)、沃特世(WAT)、荷美尔食品(HRL)、味好美(MKC)、维亚康姆哥伦比亚广播公司(VIAC)、Unum Group(UNM)、联信(CMA)Under Armour(UAA)、J.M.Smucker(SJM)、西联汇款(WU)、Robert Half International(RHI)、Discovery(DISCA)、Varian Medical Systems(VAR)、Invesco(IVZ)、Walgreens Boots Alliance(WBA)、Cincinnati Financial(CINF)、Genuine Parts(GPC)和WEC能源集团(WEC)。</blockquote></p><p> The Dirty Two DozenThe 24 lowest-rated stocks in the S&amp;P 500, calculated using a weighted score for Buy, Sell, and Hold ratings.</p><p><blockquote>肮脏的两打标普500中评级最低的24只股票，使用买入、卖出和持有评级的加权分数计算。</blockquote></p><p></p><p> <table>  <thead>   <tr>    <th>Company / Ticker</th>    <th>Analyst Rating Score*</th>    <th>2021E P/E</th>    <th>Percentage Off All-Time High</th>    <th>% YTD</th>   </tr>  </thead>  <tbody>   <tr>    <td>American Airlines / AAL</td>    <td>-0.7</td>    <td>N/A</td>    <td>-60.2</td>    <td>88</td>   </tr>   <tr>    <td>Lumen Technologies / LUMN</td>    <td>-0.5</td>    <td>8.2</td>    <td>-74.3</td>    <td>32</td>   </tr>   <tr>    <td>Consolidated Edison / ED</td>    <td>-0.5</td>    <td>17.7</td>    <td>-21.0</td>    <td>-11</td>   </tr>   <tr>    <td>Franklin Resources / BEN</td>    <td>-0.4</td>    <td>10.3</td>    <td>-48.4</td>    <td>91</td>   </tr>   <tr>    <td>Brown-Forman / BF.B</td>    <td>-0.3</td>    <td>41.0</td>    <td>-14.9</td>    <td>14</td>   </tr>   <tr>    <td>Mettler-Toledo / MTD</td>    <td>-0.3</td>    <td>41.1</td>    <td>-3.9</td>    <td>68</td>   </tr>   <tr>    <td>Expeditors Int’l of Washington / EXPD</td>    <td>-0.3</td>    <td>25.7</td>    <td>-1.5</td>    <td>54</td>   </tr>   <tr>    <td>Waters / WAT</td>    <td>-0.2</td>    <td>31.9</td>    <td>0.0</td>    <td>57</td>   </tr>   <tr>    <td>Hormel Foods / HRL</td>    <td>-0.1</td>    <td>26.5</td>    <td>-12.5</td>    <td>-1</td>   </tr>   <tr>    <td>McCormick / MKC</td>    <td>-0.1</td>    <td>29.7</td>    <td>-16.5</td>    <td>16</td>   </tr>   <tr>    <td>ViacomCBS / VIAC</td>    <td>0.0</td>    <td>10.3</td>    <td>-58.9</td>    <td>160</td>   </tr>   <tr>    <td>Unum / UNM</td>    <td>0.0</td>    <td>5.8</td>    <td>-55.8</td>    <td>89</td>   </tr>   <tr>    <td>Comerica / CMA</td>    <td>0.0</td>    <td>13.4</td>    <td>-30.4</td>    <td>118</td>   </tr>   <tr>    <td>Under Armour / UAA</td>    <td>0.0</td>    <td>142.1</td>    <td>-58.5</td>    <td>105</td>   </tr>   <tr>    <td>J.M. Smucker / SJM</td>    <td>0.1</td>    <td>14.4</td>    <td>-18.5</td>    <td>17</td>   </tr>   <tr>    <td>Western Union / WU</td>    <td>0.1</td>    <td>12.3</td>    <td>-12.0</td>    <td>30</td>   </tr>   <tr>    <td>Robert Half / RHI</td>    <td>0.1</td>    <td>24.2</td>    <td>-2.6</td>    <td>92</td>   </tr>   <tr>    <td>Discover / DISCA</td>    <td>0.1</td>    <td>14.6</td>    <td>-46.3</td>    <td>88</td>   </tr>   <tr>    <td>Varian Medical Systems / VAR</td>    <td>0.1</td>    <td>33.8</td>    <td>-0.1</td>    <td>57</td>   </tr>   <tr>    <td>Invesco / IVZ</td>    <td>0.1</td>    <td>10.2</td>    <td>-57.0</td>    <td>181</td>   </tr>   <tr>    <td>Walgreens Boots Alliance / WBA</td>    <td>0.2</td>    <td>11.2</td>    <td>-44.3</td>    <td>29</td>   </tr>   <tr>    <td>Cincinnati Financial / CINF</td>    <td>0.2</td>    <td>25.8</td>    <td>-11.1</td>    <td>30</td>   </tr>   <tr>    <td>Genuine Parts / GPC</td>    <td>0.2</td>    <td>20.4</td>    <td>-1.6</td>    <td>68</td>   </tr>   <tr>    <td>WEC Energy / WEC</td>    <td>0.2</td>    <td>23.0</td>    <td>-15.7</td>    <td>-3</td>   </tr>   <tr>    <td>Dirty Dozen's average</td>    <td>-0.1</td>    <td>25.8</td>    <td>-27.7</td>    <td>61.2</td>   </tr>   <tr>    <td>S&amp;P 500 average</td>    <td>1.1</td>    <td>23</td>    <td>0.1</td>    <td>10</td>   </tr>  </tbody> </table> *Lower scores have more sell ratings.</p><p><blockquote><table><thead><tr><th>公司/股票代码</th><th>分析师评级分数*</th><th>2021年预计市盈率</th><th>创历史新高的百分比</th><th>年初至今%</th></tr></thead><tbody><tr><td>美国航空/AAL</td><td>-0.7</td><td>N/A</td><td>-60.2</td><td>88</td></tr><tr><td>流明技术/LUMN</td><td>-0.5</td><td>8.2</td><td>-74.3</td><td>32</td></tr><tr><td>联合爱迪生/ED</td><td>-0.5</td><td>17.7</td><td>-21.0</td><td>-11</td></tr><tr><td>富兰克林资源/BEN</td><td>-0.4</td><td>10.3</td><td>-48.4</td><td>91</td></tr><tr><td>布朗-福尔曼/BF.B</td><td>-0.3</td><td>41.0</td><td>-14.9</td><td>14</td></tr><tr><td>梅特勒-托利多/MTD</td><td>-0.3</td><td>41.1</td><td>-3.9</td><td>68</td></tr><tr><td>华盛顿国际快递公司/EXPD</td><td>-0.3</td><td>25.7</td><td>-1.5</td><td>54</td></tr><tr><td>水域/WAT</td><td>-0.2</td><td>31.9</td><td>0.0</td><td>57</td></tr><tr><td>荷美尔食品/HRL</td><td>-0.1</td><td>26.5</td><td>-12.5</td><td>-1</td></tr><tr><td>麦考密克/MKC</td><td>-0.1</td><td>29.7</td><td>-16.5</td><td>16</td></tr><tr><td>维亚康姆CBS/VIAC</td><td>0.0</td><td>10.3</td><td>-58.9</td><td>160</td></tr><tr><td>Unum/UNM</td><td>0.0</td><td>5.8</td><td>-55.8</td><td>89</td></tr><tr><td>联信/CMA</td><td>0.0</td><td>13.4</td><td>-30.4</td><td>118</td></tr><tr><td>安德玛/UAA</td><td>0.0</td><td>142.1</td><td>-58.5</td><td>105</td></tr><tr><td>J.M.Smucker/澳博</td><td>0.1</td><td>14.4</td><td>-18.5</td><td>17</td></tr><tr><td>西联汇款/吴</td><td>0.1</td><td>12.3</td><td>-12.0</td><td>30</td></tr><tr><td>罗伯特·哈尔夫/RHI</td><td>0.1</td><td>24.2</td><td>-2.6</td><td>92</td></tr><tr><td>发现/磁盘</td><td>0.1</td><td>14.6</td><td>-46.3</td><td>88</td></tr><tr><td>瓦里安医疗系统/VAR</td><td>0.1</td><td>33.8</td><td>-0.1</td><td>57</td></tr><tr><td>景顺/IVZ</td><td>0.1</td><td>10.2</td><td>-57.0</td><td>181</td></tr><tr><td>沃尔格林博姿联盟/WBA</td><td>0.2</td><td>11.2</td><td>-44.3</td><td>29</td></tr><tr><td>辛辛那提金融/CINF</td><td>0.2</td><td>25.8</td><td>-11.1</td><td>30</td></tr><tr><td>原厂零件/GPC</td><td>0.2</td><td>20.4</td><td>-1.6</td><td>68</td></tr><tr><td>WEC能源/WEC</td><td>0.2</td><td>23.0</td><td>-15.7</td><td>-3</td></tr><tr><td>十二金刚的平均水平</td><td>-0.1</td><td>25.8</td><td>-27.7</td><td>61.2</td></tr><tr><td>标普500平均值</td><td>1.1</td><td>23</td><td>0.1</td><td>10</td></tr></tbody></table>*分数越低，卖出评级越高。</blockquote></p><p> Sources: Bloomberg; Barron's calculations</p><p><blockquote>资料来源：彭博；巴伦周刊的计算</blockquote></p><p> It’s an eclectic list. Some stocks, such as American Airlines, are there because of huge, pandemic-induced losses. Others simply look expensive. Mettler, for instance, trades at 41 times the per-share earnings expected for 2021.</p><p><blockquote>这是一个折衷的列表。一些股票，例如美国航空公司，是因为大流行造成的巨大损失而出现的。其他的只是看起来很贵。例如，梅特勒的股价是2021年预期每股收益的41倍。</blockquote></p><p> Others firms face potentially damaging long-term changes in their industries. Franklin Resources, for instance, is an asset manager dealing with the shift from actively managed funds to index funds with lower fees. And some companies just don’t seem to have much room for growth. McCormick sells spices, and the chances that demand will rocket higher unexpectedly appear slim.</p><p><blockquote>其他公司面临着行业潜在的破坏性长期变化。例如，富兰克林资源公司是一家资产管理公司，致力于从主动管理基金向费用较低的指数基金的转变。而有些公司似乎并没有太大的增长空间。味好美销售香料，需求意外飙升的可能性似乎很小。</blockquote></p><p> Not every one of the hated names will pass muster for investors. But the hated stocks have one thing going for them: They are cheaper. Although not every one of the two dozen is making money, the shares trade for an average of about 20 times estimated 2021 earnings, while the market is at closer to 24 times.</p><p><blockquote>并非每一个令人讨厌的名字都能符合投资者的要求。但令人讨厌的股票有一个优点：它们更便宜。尽管并非这两打股票中的每一只都在赚钱，但这些股票的平均交易价格约为2021年预期市盈率的20倍，而市场价格接近24倍。</blockquote></p><p> Another plus is that unlike the S&amp;P 500, the rejects aren’t trading near their record highs, a factor that points at the potential for a rebound. The two dozen are down by an average of roughly 25% from their all-time highs.</p><p><blockquote>另一个好处是，与标普500不同，拒绝者的交易价格并未接近历史高点，这一因素表明了反弹的潜力。这两打平均比历史高点下降了约25%。</blockquote></p><p> The bottom line, then, is that bargains may be hiding in the trash heap. But as is the case with any stock screen, investors will have to dig deeper to find out which.</p><p><blockquote>那么，底线是便宜货可能藏在垃圾堆里。但与任何股票筛选的情况一样，投资者必须深入挖掘才能找出是哪一个。</blockquote></p><p> Go to it, contrarians.</p><p><blockquote>去吧，逆向投资者。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-24-most-hated-stocks-in-the-s-p-500-and-why-you-should-love-them-51618332859?mod=hp_LEAD_1\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","BF.B":"布朗霍文","CMA":"联信银行","DISCA":"探索传播","RHI":"罗致恒富",".SPX":"S&P 500 Index","UAA":"安德玛公司A类股","WEC":"威州能源","ED":"爱迪生联合电气","HRL":"荷美尔",".DJI":"道琼斯","WAT":"沃特世","MKC":"味好美","LUMN":"Lumen Technologies","UNM":"尤纳姆集团","SJM":"斯马克","AAL":"美国航空","BEN":"Franklin Resources Inc","MTD":"梅特勒-托利多","WU":"西联汇款","EXPD":"康捷国际物流"},"source_url":"https://www.barrons.com/articles/the-24-most-hated-stocks-in-the-s-p-500-and-why-you-should-love-them-51618332859?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106080522","content_text":"Investing in the best-loved stocks can be a good idea. But investors should also know what stocks analysts are shunning.\nWhile simply avoiding those companies is one sound strategy, it can also make sense to dig through the reject bin. Sometimes the only direction to go from the bottom is up. The most hated stocks can only get less hated over time, a fact that on its own can be enough for above-average stock gains.\nWall Streetratingsare always a helpful guide for investors—the pros as well as amateur stock pickers. Analysts covering companies at brokerage firms are, after all, paid to follow industry trends, compare companies, and value stocks.\nOver the past year, analysts’ favorite 10% ofS&P 500stocks are up almost 70% on average. The bottom 10%, on the other hand, is up closer to 50%. Favorites have outperformed by about 20 percentage points. The overall S&P index, meanwhile, is up about 48%.\nIt might seem odd that the average gain for a hated stock in the S&P 500 is 2 percentage points better than what the index achieved over the past year. The reason is that the S&P 500 is weighted according to market capitalization, so moves in bigger companies’ stocks have more impact on the overall benchmark. Not adjusting for market capitalization, the average gain for an S&P 500 stock is about 63%.\nThat fits with the common-sense view that avoiding the dregs is a good idea. But this past year was difficult. During the first several months of the pandemic, it paid to invest in large, high-quality stocks. It will surprise no one to learn that Microsoft (ticker: MSFT), Google parentAlphabet(GOOGL), Amazon.com (AMZN) and Apple (AAPL) are all well liked by the Street.\nNow, thetide is turningand the economy is growing again. That could be a signal to look at stocks that have had a harder time.\nBarron’s came up with a list of the least-liked stocks on the Street by weighting the Buy, Hold, and Sell calls on each company to arrive at a single number summarizing overall sentiment. We took the percentage of ratings for a stock that are Buys, subtracted the share that are Sells, and then added the percentage at Hold, counting each as one-fourth of a Buy to reflect the fact that most analysts expect Hold-rated stocks to keep pace with their peers.\nIn the S&P 500, about 56% of ratings are Buys. 36% are Holds and 7% are Sells. The numbers don’t total 100 due to rounding.\nTaking all that into consideration, the 24 lowest-rated S&P stocks—the ones analysts tell their clients to avoid—are as follows: American Airlines Group (AAL), Lumen Technologies (LUMN), Consolidated Edison (ED),Franklin Resources(BEN).Brown-Forman(BF. B), Mettler-Toledo International (MTD), Expeditors International of Washington (EXPD),Waters(WAT), Hormel Foods (HRL),McCormick(MKC), ViacomCBS (VIAC), Unum Group (UNM), Comerica (CMA) Under Armour (UAA), J.M. Smucker (SJM), Western Union (WU), Robert Half International (RHI),Discovery(DISCA), Varian Medical Systems (VAR), Invesco (IVZ), Walgreens Boots Alliance (WBA), Cincinnati Financial (CINF), Genuine Parts (GPC) and WEC Energy Group (WEC).\nThe Dirty Two DozenThe 24 lowest-rated stocks in the S&P 500, calculated using a weighted score for Buy, Sell, and Hold ratings.\n\n\n\nCompany / Ticker\nAnalyst Rating Score*\n2021E P/E\nPercentage Off All-Time High\n% YTD\n\n\n\n\nAmerican Airlines / AAL\n-0.7\nN/A\n-60.2\n88\n\n\nLumen Technologies / LUMN\n-0.5\n8.2\n-74.3\n32\n\n\nConsolidated Edison / ED\n-0.5\n17.7\n-21.0\n-11\n\n\nFranklin Resources / BEN\n-0.4\n10.3\n-48.4\n91\n\n\nBrown-Forman / BF.B\n-0.3\n41.0\n-14.9\n14\n\n\nMettler-Toledo / MTD\n-0.3\n41.1\n-3.9\n68\n\n\nExpeditors Int’l of Washington / EXPD\n-0.3\n25.7\n-1.5\n54\n\n\nWaters / WAT\n-0.2\n31.9\n0.0\n57\n\n\nHormel Foods / HRL\n-0.1\n26.5\n-12.5\n-1\n\n\nMcCormick / MKC\n-0.1\n29.7\n-16.5\n16\n\n\nViacomCBS / VIAC\n0.0\n10.3\n-58.9\n160\n\n\nUnum / UNM\n0.0\n5.8\n-55.8\n89\n\n\nComerica / CMA\n0.0\n13.4\n-30.4\n118\n\n\nUnder Armour / UAA\n0.0\n142.1\n-58.5\n105\n\n\nJ.M. Smucker / SJM\n0.1\n14.4\n-18.5\n17\n\n\nWestern Union / WU\n0.1\n12.3\n-12.0\n30\n\n\nRobert Half / RHI\n0.1\n24.2\n-2.6\n92\n\n\nDiscover / DISCA\n0.1\n14.6\n-46.3\n88\n\n\nVarian Medical Systems / VAR\n0.1\n33.8\n-0.1\n57\n\n\nInvesco / IVZ\n0.1\n10.2\n-57.0\n181\n\n\nWalgreens Boots Alliance / WBA\n0.2\n11.2\n-44.3\n29\n\n\nCincinnati Financial / CINF\n0.2\n25.8\n-11.1\n30\n\n\nGenuine Parts / GPC\n0.2\n20.4\n-1.6\n68\n\n\nWEC Energy / WEC\n0.2\n23.0\n-15.7\n-3\n\n\nDirty Dozen's average\n-0.1\n25.8\n-27.7\n61.2\n\n\nS&P 500 average\n1.1\n23\n0.1\n10\n\n\n\n*Lower scores have more sell ratings.\nSources: Bloomberg; Barron's calculations\nIt’s an eclectic list. Some stocks, such as American Airlines, are there because of huge, pandemic-induced losses. Others simply look expensive. Mettler, for instance, trades at 41 times the per-share earnings expected for 2021.\nOthers firms face potentially damaging long-term changes in their industries. Franklin Resources, for instance, is an asset manager dealing with the shift from actively managed funds to index funds with lower fees. And some companies just don’t seem to have much room for growth. McCormick sells spices, and the chances that demand will rocket higher unexpectedly appear slim.\nNot every one of the hated names will pass muster for investors. But the hated stocks have one thing going for them: They are cheaper. Although not every one of the two dozen is making money, the shares trade for an average of about 20 times estimated 2021 earnings, while the market is at closer to 24 times.\nAnother plus is that unlike the S&P 500, the rejects aren’t trading near their record highs, a factor that points at the potential for a rebound. The two dozen are down by an average of roughly 25% from their all-time highs.\nThe bottom line, then, is that bargains may be hiding in the trash heap. But as is the case with any stock screen, investors will have to dig deeper to find out which.\nGo to it, contrarians.","news_type":1,"symbols_score_info":{"WEC":0.9,"ED":0.9,"HRL":0.9,"SJM":0.9,".IXIC":0.9,"BF.B":0.9,"CMA":0.9,".SPX":0.9,".DJI":0.9,"RHI":0.9,"VIAC":0.9,"BEN":0.9,"DISCA":0.9,"VAR":0.9,"AAL":0.9,"UAA":0.9,"UNM":0.9,"WU":0.9,"WAT":0.9,"LUMN":0.9,"MTD":0.9,"MKC":0.9,"EXPD":0.9}},"isVote":1,"tweetType":1,"viewCount":2361,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}