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2021-10-08

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Undervalued Corsair Gaming: a Meme Stock That Isn't One?

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and like","listText":"Help and like","text":"Help and 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love this and like my post&nbsp;","listText":"I love this and like my post&nbsp;","text":"I love this and like my post","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/878728499","repostId":"1123139623","repostType":4,"isVote":1,"tweetType":1,"viewCount":933,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":856944355,"gmtCreate":1635146449498,"gmtModify":1635146449874,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like 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Next week btc will go back up","listText":"蒸蒸日上! Next week btc will go back up","text":"蒸蒸日上! Next week btc will go back up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/379665445","isVote":1,"tweetType":1,"viewCount":825,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":823545765,"gmtCreate":1633651576864,"gmtModify":1633651577190,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/823545765","repostId":"1142831373","repostType":4,"repost":{"id":"1142831373","pubTimestamp":1633650912,"share":"https://www.laohu8.com/m/news/1142831373?lang=&edition=full","pubTime":"2021-10-08 07:55","market":"us","language":"en","title":"Undervalued Corsair Gaming: a Meme Stock That Isn't One? ","url":"https://stock-news.laohu8.com/highlight/detail?id=1142831373","media":"TheStreet","summary":"According to Wall Street, Corsair Gaming stock is far from its fair value and investors should expec","content":"<p>According to Wall Street, Corsair Gaming stock is far from its fair value and investors should expect gains ahead. Wall Street Memes discusses the opportunity.</p>\n<p>Corsair Gaming stock&nbsp;shares one key feature with the likes of AMC and GameStop: they have been very popular on the main discussion boards lately. However, business fundamentals and recent price action suggest that CRSR does not quite deserve the label “meme stock”.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b4524f69dcb99f2a1c856c0c42af1061\" tg-width=\"1240\" tg-height=\"698\" width=\"100%\" height=\"auto\"><span>Figure 1: Corsair gaming PC.</span></p>\n<p>CRSR probably draws the attention of the Reddit crowd due to its very high short interest of 37% of the float, along with cheap valuations. Partly for these reasons, Wall Street analysts have been calling for significant upside potential in Corsair stock, as we detail below.</p>\n<p><b>Bullishness despite earnings miss</b></p>\n<p>Based on four reports in the last 2 months, Corsair stock has a&nbsp;consensus&nbsp;share price target of $39, which implies 52% upside from current levels. Three out of four analysts rate the stock a buy, while one of them holds a neutral stance.</p>\n<p>Despite advocating for 63% upside potential and a buy recommendation,<b>Barclays</b>&nbsp;analyst Mario Lu&nbsp;lowered&nbsp;his price target to $42 from $47 recently. The second quarter earnings miss weighed on his price projection, especially due to lack of guidance. However, he highlighted that Corsair gained share in the components category in Q2 and maintaining share in peripherals, while the entire industry faced increasing shipping costs.</p>\n<p><b>Baird</b>&nbsp;analyst Colin Sebastian was another who&nbsp;lowered&nbsp;the firm's price target to $38 from $48. The analyst still recommends a buy based on longer-term prospects. The pros of investing, which include new product introductions and direct-to-consumer opportunities, outweigh the current supply chain bottlenecks and higher logistics and freight costs.</p>\n<p>The last bull on the radar is&nbsp;<b>Wedbush</b>’s Michael Pachter. The analyst&nbsp;pulled back&nbsp;on his very bullish $55 price target but maintained his buy recommendation, following Corsair second quarter earnings results miss. Still, the analyst sees upside potential of over 70%.</p>\n<p>The skeptical one is&nbsp;<b>Credit Suisse’</b>s Matthew Cabral, who&nbsp;lowered&nbsp;his price target to $31 from $43 and also downgraded the stock from buy to neutral. Weighing on his decision were a revenue and EBITDA misses, while Gaming and Creator Peripherals sales growth decelerated. The analyst suggested that fading tailwinds from the stay-at-home days impacted Corsair’s demand.</p>\n<p><b>Wall Street Memes view</b></p>\n<p>Even with a slightly miss on second quarter results, Corsair Gaming remained a solid bet in the eyes of Wall Street experts. Trailing P/E of 14 times compares favorably to an average P/E of 25 times in the gaming industry. Considering solid growth opportunities – global gaming is expected to reach $257 billion by 2025 – Corsair’s earnings multiple does not look overly stretched.</p>\n<p>Lastly,short interest&nbsp;of 37% of the float seems too high for a decent company that is far from being in trouble. Due to CRSR being a short selling target, bulls could benefit not only from the strong business fundamentals, but also from a possible short squeeze ahead.</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>Undervalued Corsair Gaming: a Meme Stock That Isn't One? </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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nUndervalued Corsair Gaming: a Meme Stock That Isn't One? \n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-08 07:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/memestocks/other-memes/corsair-stock-has-50-upside-says-wall-street><strong>TheStreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>According to Wall Street, Corsair Gaming stock is far from its fair value and investors should expect gains ahead. Wall Street Memes discusses the opportunity.\nCorsair Gaming stock shares one key ...</p>\n\n<a href=\"https://www.thestreet.com/memestocks/other-memes/corsair-stock-has-50-upside-says-wall-street\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CRSR":"Corsair Gaming, Inc."},"source_url":"https://www.thestreet.com/memestocks/other-memes/corsair-stock-has-50-upside-says-wall-street","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142831373","content_text":"According to Wall Street, Corsair Gaming stock is far from its fair value and investors should expect gains ahead. Wall Street Memes discusses the opportunity.\nCorsair Gaming stock shares one key feature with the likes of AMC and GameStop: they have been very popular on the main discussion boards lately. However, business fundamentals and recent price action suggest that CRSR does not quite deserve the label “meme stock”.\nFigure 1: Corsair gaming PC.\nCRSR probably draws the attention of the Reddit crowd due to its very high short interest of 37% of the float, along with cheap valuations. Partly for these reasons, Wall Street analysts have been calling for significant upside potential in Corsair stock, as we detail below.\nBullishness despite earnings miss\nBased on four reports in the last 2 months, Corsair stock has a consensus share price target of $39, which implies 52% upside from current levels. Three out of four analysts rate the stock a buy, while one of them holds a neutral stance.\nDespite advocating for 63% upside potential and a buy recommendation,Barclays analyst Mario Lu lowered his price target to $42 from $47 recently. The second quarter earnings miss weighed on his price projection, especially due to lack of guidance. However, he highlighted that Corsair gained share in the components category in Q2 and maintaining share in peripherals, while the entire industry faced increasing shipping costs.\nBaird analyst Colin Sebastian was another who lowered the firm's price target to $38 from $48. The analyst still recommends a buy based on longer-term prospects. The pros of investing, which include new product introductions and direct-to-consumer opportunities, outweigh the current supply chain bottlenecks and higher logistics and freight costs.\nThe last bull on the radar is Wedbush’s Michael Pachter. The analyst pulled back on his very bullish $55 price target but maintained his buy recommendation, following Corsair second quarter earnings results miss. Still, the analyst sees upside potential of over 70%.\nThe skeptical one is Credit Suisse’s Matthew Cabral, who lowered his price target to $31 from $43 and also downgraded the stock from buy to neutral. Weighing on his decision were a revenue and EBITDA misses, while Gaming and Creator Peripherals sales growth decelerated. The analyst suggested that fading tailwinds from the stay-at-home days impacted Corsair’s demand.\nWall Street Memes view\nEven with a slightly miss on second quarter results, Corsair Gaming remained a solid bet in the eyes of Wall Street experts. Trailing P/E of 14 times compares favorably to an average P/E of 25 times in the gaming industry. Considering solid growth opportunities – global gaming is expected to reach $257 billion by 2025 – Corsair’s earnings multiple does not look overly stretched.\nLastly,short interest of 37% of the float seems too high for a decent company that is far from being in trouble. Due to CRSR being a short selling target, bulls could benefit not only from the strong business fundamentals, but also from a possible short squeeze ahead.","news_type":1},"isVote":1,"tweetType":1,"viewCount":916,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":856944355,"gmtCreate":1635146449498,"gmtModify":1635146449874,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/856944355","repostId":"2178302447","repostType":4,"repost":{"id":"2178302447","pubTimestamp":1635146319,"share":"https://www.laohu8.com/m/news/2178302447?lang=&edition=full","pubTime":"2021-10-25 15:18","market":"us","language":"en","title":"Big Banks Haven't Quit Fossil Fuel, With $4 Trillion Since Paris","url":"https://stock-news.laohu8.com/highlight/detail?id=2178302447","media":"Bloomberg","summary":"As executives from JPMorgan Chase & Co., Citigroup., Deutsche Bank AG and other lenders prepare for ","content":"<p>As executives from JPMorgan Chase &amp; Co., Citigroup.,&nbsp;Deutsche Bank AG and other lenders prepare for the most important UN climate summit in six years, their companies&nbsp;continue&nbsp;to help provide&nbsp;almost as much money for&nbsp;fossil fuels as for&nbsp;green projects.</p>\n<p>Scientists have made clear that time is running out to prevent a climate catastrophe. Yet this year alone, banks have organized&nbsp;$459&nbsp;billion of bonds and loans for the oil, gas and coal sectors, according to data compiled by Bloomberg. At the same time, they&nbsp;arranged $463&nbsp;billion worth of green bonds and loans, with fees more or less evenly split.</p>\n<p>Since the Paris Agreement at the end of 2015, banks have played a prominent role in enabling the warming that’s behind increasingly deadly storms, fires and floods. During&nbsp;the&nbsp;period, the industry generated more than $17 billion of&nbsp;fees from facilitating almost $4&nbsp;trillion of fossil-fuel&nbsp;financing. The money has helped feed carbon emissions that, at the current pace, mean temperatures will rise well above the 1.5 degrees Celsius identified as critical to avert irreversible damage.</p>\n<p>Now, as global leaders prepare to descend on Glasgow, Scotland, for the COP26 climate talks, a growing chorus of investors and activists are demanding that banks stop funding polluters -- before it’s too late.</p>\n<p>“What banks need to do is extremely clear,” said Miguel Nogales, co-chief investment officer at Generation Investment Management LLP, the $36 billion fund manager co-founded by former U.S. Vice President Al Gore. “No financing for new coal plants, no financing for new oil fields.”</p>\n<p>Next month’s talks in Glasgow have been dubbed the finance COP, meaning focus will be on the extent to which the banking&nbsp;industry is pulling its weight to help prevent carbon dioxide from spewing into the atmosphere. In the lead-up to the talks, banks and asset managers have released a deluge of climate declarations, assuring stakeholders they’re committed to eliminating net emissions from their lending and investing portfolios --&nbsp;or reaching net zero --&nbsp;by the middle of the century.</p>\n<p>On the surface, banks are acknowledging the issue. Most of the world’s biggest lenders, including JPMorgan, Citigroup, Deutsche Bank and&nbsp; Bank of America Corp., are part of the Glasgow Financial Alliance for Net Zero. But in reality, they’ve yet to show that they can purge their loan books of CO2 fast enough.</p>\n<p>“At the top of many big banks, there is a realization that they will have to step back from financing certain fossil-fuel projects, but many are only just beginning this journey,” said Jessica Ground, the London-based global head of environmental, social and governance&nbsp;at Capital Group, which has $2.6&nbsp;trillion of assets under management.</p>\n<p>Bill Winters, the chief executive officer of Standard Chartered Plc, said earlier this month that \" it’s just not practical” to expect banks to stop financing the fossil-fuel industry, in part because to do so would undermine transition efforts, particularly in the emerging markets. And then last week,&nbsp;Goldman Sachs Group Inc. CEO David Solomon said his firm won’t abruptly stop working with fossil-fuel companies, stressing the need for a balanced transition to green energy that avoids higher energy prices.</p>\n<p>According to the Sunrise Project, an environmental nonprofit based in Australia, if banks are to be taken seriously on their net-zero commitments, they need to stop financing companies and projects expanding coal, oil and gas output infrastructure or power generation. And all corporate finance and underwriting of rich-world coal companies should be phased out by 2030 “at the very latest,” the group said in an email. For non-OECD countries, the deadline should be 2040, it said.</p>\n<p>Banks will often respond to criticisms of their fossil-fuel financing by citing their commitment to funding clean energy, Sunrise Project said. But the group characterized this as a “distraction.” Investing in clean energy doesn’t alleviate the effects of lending to the world’s worst polluters, it said.</p>\n<p>JPMorgan, the biggest U.S. bank, is the world’s leading provider of finance to the fossil-fuel industry and also ranks as the No. 1 underwriter of green bonds, according to data compiled by Bloomberg. The New York-based firm has made about&nbsp;$985&nbsp;million in revenue since the end of 2015&nbsp;arranging debt and lending for the oil, gas and coal industries. That compares with the roughly $310 million it generated in income from green finance.</p>\n<p>San Francisco-based Wells Fargo &amp; Co. provides even more loans to the fossil-fuel industry than JPMorgan, but does far less bond underwriting. Citigroup places second&nbsp;among the top providers of fossil finance, from which it has generated almost $890&nbsp;million in revenue during the past six years, Bloomberg data show. Bank of America is next with roughly $690 million.</p>\n<p>To measure the involvement of each bank, Bloomberg’s data include the bonds and syndicated loans underwritten for companies that produce or extract oil, natural gas and coal. Those figures are assessed against the debt that&nbsp;each bank arranged on behalf of corporate and government issuers for eligible climate or environmental projects.</p>\n<p>There are weaknesses in the data set. For example, it’s possible some portion of a loan to an oil company might have been used on a clean-energy project. Bloomberg started tracking fees that banks earn from extending loans in 2018, so fees from 2016 and 2017 might be under-represented. But none of that changes the overall picture left by the data --&nbsp;namely that banks have financed hundreds of billions of dollars worth of carbon emissions.</p>\n<p>At the current rate of greenhouse-gas emissions, the United Nations warns that the average global temperature is set to be 2.7 degrees Celsius above pre-industrial levels by the end of this century. At that level of warming, whole populations will be displaced by rising sea levels, vast numbers of species will face extinction, and deadly wild fires and flooding will become far more frequent.</p>\n<p>The International Energy Agency said this month that the world is woefully behind in delivering the necessary emissions cuts. “Every data point showing the speed of change in energy can be countered by another showing the stubbornness of the status quo,” the agency said in its latest report.</p>\n<p>At JPMorgan, executives say they’re aware of the urgency of the moment. “Climate change is a critical issue of our time, and we are committed to doing our part to address it,” Marisa Buchanan, the firm’s global head of sustainability, said earlier this month in connection with a public commitment to carbon neutrality by mid-century.</p>\n<p>JPMorgan said in May that it plans to report a 35% reduction in “operational carbon intensity” for its oil and gas portfolio by the end of the decade. The commitment followed the company’s announcement last year that it was aligning its financing activities with the Paris Agreement.</p>\n<p>Nogales called JPMorgan’s decision to join the Net-Zero Banking Alliance a “positive step.” But he also referred to it as “a high standard of action that, according to the IEA, means turning off the finance tap to new fossil-fuel projects as soon as this year.” The extent to which signatories do this will be the “real test,” and one that investors “will be watching very closely,” Nogales said.</p>\n<p>An important&nbsp;plank of the 2015 Paris climate agreement was to involve the financial industry, reflecting the need to steer money away from activities that pollute. The latest flurry of net-zero commitments from banks and asset managers follows on from that agreement. But details on how they plan to achieve carbon neutrality 30 years from now remain scarce.</p>\n<p>Nogales said&nbsp;part of the problem is that most net-zero goals are too far in the future. “The problem with very long-term targets is that it’s typically going to be a different set of executives running those businesses at that point,” he said, adding that&nbsp;Generation Management wants to see CO2 targets set for 2030, in line with the UN’s recommendations to halve emissions in the coming decade.</p>\n<p>The latest assessment by the UN’s Intergovernmental Panel on Climate Change “was extremely clear,” Nogales said. “We’re facing a massive emergency.”</p>","source":"yahoofinance","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>Big Banks Haven't Quit Fossil Fuel, With $4 Trillion Since Paris</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nBig Banks Haven't Quit Fossil Fuel, With $4 Trillion Since Paris\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-25 15:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/big-banks-havent-quit-fossil-040109473.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>As executives from JPMorgan Chase & Co., Citigroup., Deutsche Bank AG and other lenders prepare for the most important UN climate summit in six years, their companies continue to help provide almost ...</p>\n\n<a href=\"https://finance.yahoo.com/news/big-banks-havent-quit-fossil-040109473.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通"},"source_url":"https://finance.yahoo.com/news/big-banks-havent-quit-fossil-040109473.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2178302447","content_text":"As executives from JPMorgan Chase & Co., Citigroup., Deutsche Bank AG and other lenders prepare for the most important UN climate summit in six years, their companies continue to help provide almost as much money for fossil fuels as for green projects.\nScientists have made clear that time is running out to prevent a climate catastrophe. Yet this year alone, banks have organized $459 billion of bonds and loans for the oil, gas and coal sectors, according to data compiled by Bloomberg. At the same time, they arranged $463 billion worth of green bonds and loans, with fees more or less evenly split.\nSince the Paris Agreement at the end of 2015, banks have played a prominent role in enabling the warming that’s behind increasingly deadly storms, fires and floods. During the period, the industry generated more than $17 billion of fees from facilitating almost $4 trillion of fossil-fuel financing. The money has helped feed carbon emissions that, at the current pace, mean temperatures will rise well above the 1.5 degrees Celsius identified as critical to avert irreversible damage.\nNow, as global leaders prepare to descend on Glasgow, Scotland, for the COP26 climate talks, a growing chorus of investors and activists are demanding that banks stop funding polluters -- before it’s too late.\n“What banks need to do is extremely clear,” said Miguel Nogales, co-chief investment officer at Generation Investment Management LLP, the $36 billion fund manager co-founded by former U.S. Vice President Al Gore. “No financing for new coal plants, no financing for new oil fields.”\nNext month’s talks in Glasgow have been dubbed the finance COP, meaning focus will be on the extent to which the banking industry is pulling its weight to help prevent carbon dioxide from spewing into the atmosphere. In the lead-up to the talks, banks and asset managers have released a deluge of climate declarations, assuring stakeholders they’re committed to eliminating net emissions from their lending and investing portfolios -- or reaching net zero -- by the middle of the century.\nOn the surface, banks are acknowledging the issue. Most of the world’s biggest lenders, including JPMorgan, Citigroup, Deutsche Bank and  Bank of America Corp., are part of the Glasgow Financial Alliance for Net Zero. But in reality, they’ve yet to show that they can purge their loan books of CO2 fast enough.\n“At the top of many big banks, there is a realization that they will have to step back from financing certain fossil-fuel projects, but many are only just beginning this journey,” said Jessica Ground, the London-based global head of environmental, social and governance at Capital Group, which has $2.6 trillion of assets under management.\nBill Winters, the chief executive officer of Standard Chartered Plc, said earlier this month that \" it’s just not practical” to expect banks to stop financing the fossil-fuel industry, in part because to do so would undermine transition efforts, particularly in the emerging markets. And then last week, Goldman Sachs Group Inc. CEO David Solomon said his firm won’t abruptly stop working with fossil-fuel companies, stressing the need for a balanced transition to green energy that avoids higher energy prices.\nAccording to the Sunrise Project, an environmental nonprofit based in Australia, if banks are to be taken seriously on their net-zero commitments, they need to stop financing companies and projects expanding coal, oil and gas output infrastructure or power generation. And all corporate finance and underwriting of rich-world coal companies should be phased out by 2030 “at the very latest,” the group said in an email. For non-OECD countries, the deadline should be 2040, it said.\nBanks will often respond to criticisms of their fossil-fuel financing by citing their commitment to funding clean energy, Sunrise Project said. But the group characterized this as a “distraction.” Investing in clean energy doesn’t alleviate the effects of lending to the world’s worst polluters, it said.\nJPMorgan, the biggest U.S. bank, is the world’s leading provider of finance to the fossil-fuel industry and also ranks as the No. 1 underwriter of green bonds, according to data compiled by Bloomberg. The New York-based firm has made about $985 million in revenue since the end of 2015 arranging debt and lending for the oil, gas and coal industries. That compares with the roughly $310 million it generated in income from green finance.\nSan Francisco-based Wells Fargo & Co. provides even more loans to the fossil-fuel industry than JPMorgan, but does far less bond underwriting. Citigroup places second among the top providers of fossil finance, from which it has generated almost $890 million in revenue during the past six years, Bloomberg data show. Bank of America is next with roughly $690 million.\nTo measure the involvement of each bank, Bloomberg’s data include the bonds and syndicated loans underwritten for companies that produce or extract oil, natural gas and coal. Those figures are assessed against the debt that each bank arranged on behalf of corporate and government issuers for eligible climate or environmental projects.\nThere are weaknesses in the data set. For example, it’s possible some portion of a loan to an oil company might have been used on a clean-energy project. Bloomberg started tracking fees that banks earn from extending loans in 2018, so fees from 2016 and 2017 might be under-represented. But none of that changes the overall picture left by the data -- namely that banks have financed hundreds of billions of dollars worth of carbon emissions.\nAt the current rate of greenhouse-gas emissions, the United Nations warns that the average global temperature is set to be 2.7 degrees Celsius above pre-industrial levels by the end of this century. At that level of warming, whole populations will be displaced by rising sea levels, vast numbers of species will face extinction, and deadly wild fires and flooding will become far more frequent.\nThe International Energy Agency said this month that the world is woefully behind in delivering the necessary emissions cuts. “Every data point showing the speed of change in energy can be countered by another showing the stubbornness of the status quo,” the agency said in its latest report.\nAt JPMorgan, executives say they’re aware of the urgency of the moment. “Climate change is a critical issue of our time, and we are committed to doing our part to address it,” Marisa Buchanan, the firm’s global head of sustainability, said earlier this month in connection with a public commitment to carbon neutrality by mid-century.\nJPMorgan said in May that it plans to report a 35% reduction in “operational carbon intensity” for its oil and gas portfolio by the end of the decade. The commitment followed the company’s announcement last year that it was aligning its financing activities with the Paris Agreement.\nNogales called JPMorgan’s decision to join the Net-Zero Banking Alliance a “positive step.” But he also referred to it as “a high standard of action that, according to the IEA, means turning off the finance tap to new fossil-fuel projects as soon as this year.” The extent to which signatories do this will be the “real test,” and one that investors “will be watching very closely,” Nogales said.\nAn important plank of the 2015 Paris climate agreement was to involve the financial industry, reflecting the need to steer money away from activities that pollute. The latest flurry of net-zero commitments from banks and asset managers follows on from that agreement. But details on how they plan to achieve carbon neutrality 30 years from now remain scarce.\nNogales said part of the problem is that most net-zero goals are too far in the future. “The problem with very long-term targets is that it’s typically going to be a different set of executives running those businesses at that point,” he said, adding that Generation Management wants to see CO2 targets set for 2030, in line with the UN’s recommendations to halve emissions in the coming decade.\nThe latest assessment by the UN’s Intergovernmental Panel on Climate Change “was extremely clear,” Nogales said. “We’re facing a massive emergency.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":606,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":878728499,"gmtCreate":1637235751614,"gmtModify":1637235751716,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"I love this and like my post&nbsp;","listText":"I love this and like my post&nbsp;","text":"I love this and like my post","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/878728499","repostId":"1123139623","repostType":4,"repost":{"id":"1123139623","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1637230702,"share":"https://www.laohu8.com/m/news/1123139623?lang=&edition=full","pubTime":"2021-11-18 18:18","market":"us","language":"en","title":"Starbucks links with Amazon Go for first cashier-less cafe","url":"https://stock-news.laohu8.com/highlight/detail?id=1123139623","media":"Reuters","summary":"NEW YORK, Nov 18 (Reuters) - Starbucks Corp's newest cafe lacks one element most customers are used ","content":"<p>NEW YORK, Nov 18 (Reuters) - Starbucks Corp's&nbsp;newest cafe lacks one element most customers are used to seeing: cashiers.</p>\n<p>The global coffee chain on Thursday opened its first ever location in partnership with Amazon Go, the e-commerce giant's brick-and-mortar convenience store, where customers can sit at a table with a latte or grab a sandwich from a shelf and walk out.</p>\n<p>Hit by a U.S. labor crunch, Starbucks and other companies are expanding labor-saving technology like artificial intelligence, robotics and digital touch screens.</p>\n<p>White Castle is testing a robotic fry cook and Domino's Pizza Inc&nbsp;is experimenting with self-driving vehicles for delivery. IBM&nbsp;is developing automated order taking for McDonald's Corp&nbsp;drive-thrus.</p>\n<p>U.S. restaurant staffing levels broadly are still at least 10% lower than before the pandemic, helping boost margins, said Rabobank analyst Tom Bailey.</p>\n<p>\"You'd see some of the digital automation tools deployed to cover that 10% gap as they grow,\" he said.</p>\n<p>The pandemic pushed people to place more orders online for carry out, delivery and drive-thru. To keep up, Starbucks shifted its development strategy to new store formats, adding pickup-only locations in urban areas, as well as traditional cafes and suburban drive-thrus.</p>\n<p>Starbucks and Amazon plan to open at least three more U.S. locations together in 2022, said Kathryn Young, Starbucks' senior vice president of global growth and development.</p>\n<p>Starbucks baristas will make drinks and the rest of the chain's menu at the new location in New York City, which will have the same staffing level as any other Starbucks, she said.</p>\n<p>Customers can order through the Starbucks app and grab coffee to go from a counter near the door. Or they can use a credit card, Amazon app or Amazon One palm reader to enter the rest of the space, take snacks from shelves, or sit at tables.</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>Starbucks links with Amazon Go for first cashier-less cafe</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nStarbucks links with Amazon Go for first cashier-less cafe\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-11-18 18:18</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>NEW YORK, Nov 18 (Reuters) - Starbucks Corp's&nbsp;newest cafe lacks one element most customers are used to seeing: cashiers.</p>\n<p>The global coffee chain on Thursday opened its first ever location in partnership with Amazon Go, the e-commerce giant's brick-and-mortar convenience store, where customers can sit at a table with a latte or grab a sandwich from a shelf and walk out.</p>\n<p>Hit by a U.S. labor crunch, Starbucks and other companies are expanding labor-saving technology like artificial intelligence, robotics and digital touch screens.</p>\n<p>White Castle is testing a robotic fry cook and Domino's Pizza Inc&nbsp;is experimenting with self-driving vehicles for delivery. IBM&nbsp;is developing automated order taking for McDonald's Corp&nbsp;drive-thrus.</p>\n<p>U.S. restaurant staffing levels broadly are still at least 10% lower than before the pandemic, helping boost margins, said Rabobank analyst Tom Bailey.</p>\n<p>\"You'd see some of the digital automation tools deployed to cover that 10% gap as they grow,\" he said.</p>\n<p>The pandemic pushed people to place more orders online for carry out, delivery and drive-thru. To keep up, Starbucks shifted its development strategy to new store formats, adding pickup-only locations in urban areas, as well as traditional cafes and suburban drive-thrus.</p>\n<p>Starbucks and Amazon plan to open at least three more U.S. locations together in 2022, said Kathryn Young, Starbucks' senior vice president of global growth and development.</p>\n<p>Starbucks baristas will make drinks and the rest of the chain's menu at the new location in New York City, which will have the same staffing level as any other Starbucks, she said.</p>\n<p>Customers can order through the Starbucks app and grab coffee to go from a counter near the door. Or they can use a credit card, Amazon app or Amazon One palm reader to enter the rest of the space, take snacks from shelves, or sit at tables.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊","SBUX":"星巴克"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123139623","content_text":"NEW YORK, Nov 18 (Reuters) - Starbucks Corp's newest cafe lacks one element most customers are used to seeing: cashiers.\nThe global coffee chain on Thursday opened its first ever location in partnership with Amazon Go, the e-commerce giant's brick-and-mortar convenience store, where customers can sit at a table with a latte or grab a sandwich from a shelf and walk out.\nHit by a U.S. labor crunch, Starbucks and other companies are expanding labor-saving technology like artificial intelligence, robotics and digital touch screens.\nWhite Castle is testing a robotic fry cook and Domino's Pizza Inc is experimenting with self-driving vehicles for delivery. IBM is developing automated order taking for McDonald's Corp drive-thrus.\nU.S. restaurant staffing levels broadly are still at least 10% lower than before the pandemic, helping boost margins, said Rabobank analyst Tom Bailey.\n\"You'd see some of the digital automation tools deployed to cover that 10% gap as they grow,\" he said.\nThe pandemic pushed people to place more orders online for carry out, delivery and drive-thru. To keep up, Starbucks shifted its development strategy to new store formats, adding pickup-only locations in urban areas, as well as traditional cafes and suburban drive-thrus.\nStarbucks and Amazon plan to open at least three more U.S. locations together in 2022, said Kathryn Young, Starbucks' senior vice president of global growth and development.\nStarbucks baristas will make drinks and the rest of the chain's menu at the new location in New York City, which will have the same staffing level as any other Starbucks, she said.\nCustomers can order through the Starbucks app and grab coffee to go from a counter near the door. Or they can use a credit card, Amazon app or Amazon One palm reader to enter the rest of the space, take snacks from shelves, or sit at tables.","news_type":1},"isVote":1,"tweetType":1,"viewCount":933,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":379665445,"gmtCreate":1618730433387,"gmtModify":1634291205179,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"蒸蒸日上! Next week btc will go back up","listText":"蒸蒸日上! Next week btc will go back up","text":"蒸蒸日上! Next week btc will go back up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/379665445","isVote":1,"tweetType":1,"viewCount":825,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":875557937,"gmtCreate":1637673569174,"gmtModify":1637673569282,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/875557937","repostId":"1177043452","repostType":4,"repost":{"id":"1177043452","pubTimestamp":1637673335,"share":"https://www.laohu8.com/m/news/1177043452?lang=&edition=full","pubTime":"2021-11-23 21:15","market":"us","language":"en","title":"Dick’s Sporting Goods reports strong Q3 earnings","url":"https://stock-news.laohu8.com/highlight/detail?id=1177043452","media":"fashionunited","summary":"Net sales for the third quarter at Dick’s Sporting Goods were 2.75 billion dollars, an increase of 1","content":"<p>Net sales for the third quarter at Dick’s Sporting Goods were 2.75 billion dollars, an increase of 13.9 percent compared to the third quarter of 2020 and a 40 percent increase compared to the third quarter of 2019. Consolidated same store sales for the quarter increased 12.2 percent.</p>\n<p>“We are extremely pleased to announce a record third quarter in which we delivered significant sales and earnings growth over both last year and 2019. Consumer demand remained strong, and our differentiated product assortment continued to drive exceptional sales and merchandise margin momentum,” said Lauren Hobart, the company’s president and chief executive officer.</p>\n<p>Dick’s Sporting Goods reports rise in Q3 earnings</p>\n<p>The company’s ecommerce sales increased 97 percent compared to the third quarter of 2019 and 1 percent compared to the third quarter of 2020.</p>\n<p>Driven by strong sales and gross margin rate expansion, the company reported consolidated net income of 316.5 million dollars or 2.78 dollars per diluted share compared to 177.2 million dollars or 1.84 dollars per diluted share last year. The company reported consolidated net income for the third quarter of fiscal 2019 of 57.6 million dollars or 66 cents per diluted share.</p>\n<p>On a non-GAAP basis, the company reported consolidated net income for the quarter ended October 30, 2021 of 322.2 million dollars or 3.19 dollars per diluted share compared to 182.2 million dollars or 2.01 dollars per diluted share, for the quarter ended October 31, 2020.</p>\n<p>Dick’s Sporting Goods net sales increase 38.4 percent for nine-months</p>\n<p>Net sales for the 39 weeks ended October 30, 2021 were 8.94 billion dollars, an increase of 38.4 percent compared to the 39 weeks ended October 31, 2020 and a 45.6 percent increase compared to the 39 weeks ended November 2, 2019. Consolidated same store sales increased 36.6 percent compared to the 2020 period, which followed a consolidated same store sales increase of 5.8 percent for the 2020 period and a 3.1 percent increase for the 2019 period.</p>\n<p>Ecommerce sales increased 115 percent compared to 2019 but decreased 8 percent compared to the 39 weeks ended October 31, 2020, which included a period of temporary store closures in March, April and May.</p>\n<p>The company reported consolidated net income of 1.17 billion dollars or 10.70 dollars per diluted share, compared to 310.6 million dollars or 3.44 dollars per diluted share. The company reported consolidated net income for the 39 weeks ended November 2, 2019 of 227.6 million dollars or 2.53 dollars per diluted share.</p>\n<p>On a non-GAAP basis, the company reported consolidated net income of 1.19 billion dollars or 12.06 dollars per diluted share, for the 39 weeks ended October 30, 2021, and 321.3 million dollars or 3.65 dollars per diluted share, for the 39 weeks ended October 31, 2020. For the 39 weeks ended November 2, 2019, the company reported non-GAAP consolidated net income of 215.8 million dollars or 2.39 dollars per diluted share.</p>","source":"lsy1637673370523","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>Dick’s Sporting Goods reports strong Q3 earnings</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nDick’s Sporting Goods reports strong Q3 earnings\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-23 21:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://fashionunited.uk/news/business/dick-s-sporting-goods-reports-strong-q3-earnings/2021112359536><strong>fashionunited</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Net sales for the third quarter at Dick’s Sporting Goods were 2.75 billion dollars, an increase of 13.9 percent compared to the third quarter of 2020 and a 40 percent increase compared to the third ...</p>\n\n<a href=\"https://fashionunited.uk/news/business/dick-s-sporting-goods-reports-strong-q3-earnings/2021112359536\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DKS":"迪克体育用品"},"source_url":"https://fashionunited.uk/news/business/dick-s-sporting-goods-reports-strong-q3-earnings/2021112359536","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177043452","content_text":"Net sales for the third quarter at Dick’s Sporting Goods were 2.75 billion dollars, an increase of 13.9 percent compared to the third quarter of 2020 and a 40 percent increase compared to the third quarter of 2019. Consolidated same store sales for the quarter increased 12.2 percent.\n“We are extremely pleased to announce a record third quarter in which we delivered significant sales and earnings growth over both last year and 2019. Consumer demand remained strong, and our differentiated product assortment continued to drive exceptional sales and merchandise margin momentum,” said Lauren Hobart, the company’s president and chief executive officer.\nDick’s Sporting Goods reports rise in Q3 earnings\nThe company’s ecommerce sales increased 97 percent compared to the third quarter of 2019 and 1 percent compared to the third quarter of 2020.\nDriven by strong sales and gross margin rate expansion, the company reported consolidated net income of 316.5 million dollars or 2.78 dollars per diluted share compared to 177.2 million dollars or 1.84 dollars per diluted share last year. The company reported consolidated net income for the third quarter of fiscal 2019 of 57.6 million dollars or 66 cents per diluted share.\nOn a non-GAAP basis, the company reported consolidated net income for the quarter ended October 30, 2021 of 322.2 million dollars or 3.19 dollars per diluted share compared to 182.2 million dollars or 2.01 dollars per diluted share, for the quarter ended October 31, 2020.\nDick’s Sporting Goods net sales increase 38.4 percent for nine-months\nNet sales for the 39 weeks ended October 30, 2021 were 8.94 billion dollars, an increase of 38.4 percent compared to the 39 weeks ended October 31, 2020 and a 45.6 percent increase compared to the 39 weeks ended November 2, 2019. Consolidated same store sales increased 36.6 percent compared to the 2020 period, which followed a consolidated same store sales increase of 5.8 percent for the 2020 period and a 3.1 percent increase for the 2019 period.\nEcommerce sales increased 115 percent compared to 2019 but decreased 8 percent compared to the 39 weeks ended October 31, 2020, which included a period of temporary store closures in March, April and May.\nThe company reported consolidated net income of 1.17 billion dollars or 10.70 dollars per diluted share, compared to 310.6 million dollars or 3.44 dollars per diluted share. The company reported consolidated net income for the 39 weeks ended November 2, 2019 of 227.6 million dollars or 2.53 dollars per diluted share.\nOn a non-GAAP basis, the company reported consolidated net income of 1.19 billion dollars or 12.06 dollars per diluted share, for the 39 weeks ended October 30, 2021, and 321.3 million dollars or 3.65 dollars per diluted share, for the 39 weeks ended October 31, 2020. For the 39 weeks ended November 2, 2019, the company reported non-GAAP consolidated net income of 215.8 million dollars or 2.39 dollars per diluted share.","news_type":1},"isVote":1,"tweetType":1,"viewCount":438,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":604841398,"gmtCreate":1639375836804,"gmtModify":1639376069845,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Help and like","listText":"Help and like","text":"Help and like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/604841398","repostId":"1146616840","repostType":4,"repost":{"id":"1146616840","pubTimestamp":1639375464,"share":"https://www.laohu8.com/m/news/1146616840?lang=&edition=full","pubTime":"2021-12-13 14:04","market":"us","language":"en","title":"DWAC: Another Boring Legal Update On The SPAC Deal With Trump","url":"https://stock-news.laohu8.com/highlight/detail?id=1146616840","media":"Seeking Alpha","summary":"Summary\n\nA $1.0 billion PIPE convertible preferred stock financing deal was announced last week.\nTru","content":"<p><b>Summary</b></p>\n<ul>\n <li>A $1.0 billion PIPE convertible preferred stock financing deal was announced last week.</li>\n <li>Trump and his partners would receive new stock worth $7.14 billion, using the latest DWAC stock price of $56.</li>\n <li>DWAC public shareholders would receive approximately 13.8% of the stock in the merged company, using the latest DWAC stock price.</li>\n <li>The potential number of shares under the conversion of the preferred stock is very complex and could impact who controls the company.</li>\n <li>A limited amount of financial projections were included in their recent 8-K filing.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da0044f3489162e35a6f39b13f7c6206\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Onfokus/iStock Unreleased via Getty Images</span></p>\n<p>While a Form S-4 has still not been filed with the SEC for the Digital World Acquisition Company's (DWAC) deal with Donald Trump, there was an&nbsp;8-K filing&nbsp;on December 6 regarding a $1.0 billion PIPE financing deal that included a number of updated details about the proposed merger. There were, however, a number of incorrect statements made by inventors on social media platforms about these details that I hope will be clarified in this article. I will again try just to stick to the legal and financial issues, but there are a few new political issues that need to be covered as well.</p>\n<p><b>The Value Of How Much Trump Is Getting</b></p>\n<p>One of the problems for investors and the general public is the constant statements in DWAC's press release about acquiring Trump Media &amp; Technology Group for the \"initial purchase price of $875 million in shares of DWAC\". That $875 million uses $10 per DWAC share-it is not based on the current DWAC trading price, which is about $56. That $875 million also does not include potential \"earnouts\" of an additional 15 million shares if the stock of the new company trades at least $15 after the merger, plus another 15 million shares if it trades at $20, and an additional 10 million shares if it trades at $30.<b>If the stock of the new company trades at the current price of $56, Trump and his group of investors would be paid 127.5 million shares worth about $7.14 billion</b>. This is a huge difference than the headline number of $875 million. The lower number, in my opinion, is less likely to raise outrage by various media organizations that hold a negative opinion of former President Trump.</p>\n<p>In my prior DWAC article I estimated that Trump could receive up to 125.78 million shares based on DWAC's anticipated redemption price of $10.20 as stated on page 23 of their&nbsp;S-1A filing. Their figures in the latest filing seem to be using a $10 price instead of $10.20. The $0.20 difference results in an additional 1.72 million shares or about $96.3 million paid to Trump using the current $56 stock price.</p>\n<p><b>$1.0 Billion PIPE Financing</b></p>\n<p>Their December 6 SEC 8-K contains information about their proposed $1.0 billion convertible preferred stock PIPE financing. These preferred shares are being purchased by a group of institutional investors and are initially convertible into 29,761,905 shares of the newly merged company's stock at an initial conversion price of $33.60 per share. The $33.60 figure was a 20% discount to the VWAP price of DWAC stock 5 days before and including December 1, 2021.</p>\n<p><b>This $33.60 is subject to a potential adjustment. This is critical for DWAC investors to understand.</b>If the new stock 10-day VWAP is at or above $56 there is no adjustment. If the average price is below $56, the conversion price is adjusted 40% lower to as low as $10 per share and $10 per share would mean the holders of the preferred stock could be converted into 100 million shares. For example, if the average trading price is $40, the conversion price would be $24 and the preferred holds could convert into 41.66 million shares of the new stock. The important issue for DWAC holders is that the more shares of the new company preferred shareholders receive, DWAC shares would be diluted.</p>\n<p>It is ironic that the holders of the preferred stock actually hope that for the first 10 trading days after the merger that the new stock plunges in price. The lower the price the more shares they will receive when they convert their preferred stock, if the new stock is trading below $56. If it trades above $56 there would be no impact.</p>\n<p>The potential 100 million share amount has caused confusion, especially the way it was presented in the 8-K filing. At first glance, it looks like the total shares of the new company will be 224.7 million. As stated on the top of their table \"based on $10/share\". (See table below.) If the average share price is higher than $10 then this 100 million and the total figure would be lower.</p>\n<p>Using the 29,761,905 share number from converting the preferred shares, based on the initial price of $33.60, and the current DWAC stock price of $56, the total current market value is about $1.67 billion. Now some may assert that the $33.60 is way too favorable of a price, but the reality is that many PIPE financing deals use $10 per share. PIPE financing in SPAC deals is usually not cheap because of the very high risks associated with many SPAC deals. Just look at the BuzzFeed (BZFD) deal with the new stock dropping about 40% within days after the SPAC merger with BuzzFeed. The value of BuzzFeed's PIPE financing of $150 million convertible bonds dropped as well.</p>\n<p>(Note: I wrote a SA article on the major issues associated with the BuzzFeed SPAC deal, but because of issues regarding the content of the article about points I was asserting, it may not be approved by senior SA management. It is still pending and if it is not published as a SA article, I will post it as a Blog post instead with a link in the comment area below.)</p>\n<p>I am personally relieved to know that Trump is not issuing a large debt security to raise cash as part of their initial SPAC deal. He has a reputation for using a lot of debt in his business operations. The use of convertible preferred stock is a more conservative financing approach to raising needed cash than issuing debt. I do, however, expect debt will eventually be used to grow their business model.</p>\n<p><b>Enterprise Value And Shares Outstanding</b></p>\n<p>Some people seem confused by the enterprise value. The $12.2836 in the table below, assuming a full earnout, is not some estimated enterprise value based on a financial advisor's estimate, it was determined based on the market price of DWAC stock of $72.76 and DWACW warrant price of $37.04 on October 28. Using the $72.26 stock price and $12.984 billion equity value, they are using 178.46 million for shares outstanding in their calculations. This is somewhat larger than the 177.7 million I estimated in my last article. Most of the difference can be explained by using $10.00 instead of $10.20 as I explained above.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0ced8383be89bc685a040e3ca9e32d0\" tg-width=\"564\" tg-height=\"190\" width=\"100%\" height=\"auto\"><span>Source: 8-K</span></p>\n<p>Using the latest DWAC stock price of $56, the equity value is $9.994 billion and the warrant value is $$274 million using the last DWACW price of $18.35. The enterprise value is $$9.014 billion using these prices.</p>\n<p>The 178.46 million shares do not include the shares from any conversion of the preferred stock. This number will not be known until 10 days after the trading of the new stock. Assuming the average stock price is above $56, there would be an additional 29,761,905 shares or about 208.22 million total shares outstanding. Using that total number of shares and 28.8 million shares that DWAC public shareholders will receive under the merger, DWAC public shareholders will receive approximately 13.8% of the new company's stock.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/82d2d05096b65f829682c8de4882335c\" tg-width=\"564\" tg-height=\"285\" width=\"100%\" height=\"auto\"><span>Source: 8-K</span></p>\n<p>There was actually no \"1\" footnote reference in their filing from this table, so I am uncertain how they determined the 13.7 million shares and 7.4% ownership for PIPE investors. This difference also impacts their 14.9% ownership number for DWAC public shareholders.</p>\n<p>The 12.8% ownership number for public DWAC shareholders in the above table assumes a $10 average stock trading price after the merger. It is interesting to note that if the average stock price after the merger trades close to $10, the PIPE institutional preferred shareholders collectively would control the new company and not Trump. Using $10, the preferred shareholders would control 44.5% and Trump would only control 38.9%. (If I were to structure this deal I would have issued at least some Class B shares to Trump with the voting power of 20 votes compared to 1 vote for Class A shareholders to make sure that Trump will control the company. I seriously doubt it will trade near $10, but I am always very careful when I structure deals.)</p>\n<p><b>Business Model Projections</b></p>\n<p>Given Donald Trump's salesmanship approach to his business ventures, it is not surprising that comparing this new media company to very successful media companies such as Disney (DIS) and Facebook (FB) is being used in their presentations.</p>\n<p>The major problem I have with their presentation and projections is that their focus seems almost all on revenue. While you need revenue to make a profit and get positive cash-flow from operations, it does not necessarily mean that the venture will be profitable. The metric enterprise value/revenue that became popular in the late 1990's for these types of businesses is not a true indication of value, in my opinion. I want to see growth in net earnings per share or cash-flow per share. Many companies have had very high revenue growth just before they filed for Ch.11 bankruptcy because they burned a lot of cash to achieve this high revenue growth.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1ad02abbf9a23100252e101cf2e8cea\" tg-width=\"640\" tg-height=\"308\" width=\"100%\" height=\"auto\"><span>Source: 8-K</span></p>\n<p>The number of users of their Truth business sector is projected to reach 81 million by 2026 based on a poll of registered voters by Politico, according to their presentation material. These numbers seem to ignore the huge number of international followers of Trump. Their market research studies should, in my opinion, focus not only on the U.S., but internationally, in order not to miss a very large potential market. This 81 million could, therefore, be much higher if international users are included.</p>\n<p>TMTG subscribers are projected to be 40 million by 2026 with a projected $9.00 monthly subscription fee. It seems that this projection includes both domestic and international potential subscribers based on their basis of this projection. This may seem high because many consumers are reluctant to pay monthly fees, but monthly fees have become the norm lately. Even Seeking Alpha changed their business model to charging fees for their premium program to read articles. Many SA contributors, including myself, were worried that this would have a negative impact on the SA business model. It has actually been very successful for SA and payments to SA article writers.</p>\n<p>I am assuming that their S-4 filing, which I am expecting soon, will contain projections for EBITDA and cash-flow. Trump usually likes to make very positive assertions and projections, but the SEC standards for these S-4 filings require fairly conservative projections. (Note: I did think that BuzzFeed's EBITDA projections in their S-4 filing were irrational based on their current and historic poor results. So, in my opinion, these financial projections are not always conservative or even rational.) DWAC investors may be disappointed in the projections in the S-4 filing and I am not sure the impact these numbers could have on DWAC stock price.</p>\n<p><b>Potential Delay In The Merger Deal</b></p>\n<p>The original timetable I used for completing this SPAC merger deal was the end of 1Q 2022 and in their December 6 filing there was an item contained in their late October presentation material that stated \"expected transaction close is 1Q 2022\". Given the SEC investigation mentioned in their 8-K filing and&nbsp;Sen. Warren's&nbsp;attempt to block the deal, it is unclear if this deal could drag on and on in an attempt to kill it with delays. These actions by the SEC and Sen Warren come as no surprise and impacted my original \"neutral\" rating for DWAC stock. The recent selection of Congressman Devin Nunes as CEO could make the approval process of the Form S-4 by the SEC even more political.</p>\n<p><b>Conclusion</b></p>\n<p>The $1 billion deal is only the beginning of the capital needed to grow the new company. I was encouraged that they did not initially use debt as a way to raise cash. While their presentation material was interesting, I am waiting for EBITDA and cash-flow projections that should be contained in their S-4 filing. Until I read those projections I am keeping my neutral rating for DWAC stock and warrants.</p>\n<p>Hopefully this article clears-up some statements by others about shares outstanding and the conversion feature in the preferred stock. I actually expect the numbers in the S-4 will cause even more confusion when it is filled.</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>DWAC: Another Boring Legal Update On The SPAC Deal With Trump</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nDWAC: Another Boring Legal Update On The SPAC Deal With Trump\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-13 14:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4474783-dwac-stock-legal-update-spac-deal-trump><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nA $1.0 billion PIPE convertible preferred stock financing deal was announced last week.\nTrump and his partners would receive new stock worth $7.14 billion, using the latest DWAC stock price ...</p>\n\n<a href=\"https://seekingalpha.com/article/4474783-dwac-stock-legal-update-spac-deal-trump\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://seekingalpha.com/article/4474783-dwac-stock-legal-update-spac-deal-trump","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146616840","content_text":"Summary\n\nA $1.0 billion PIPE convertible preferred stock financing deal was announced last week.\nTrump and his partners would receive new stock worth $7.14 billion, using the latest DWAC stock price of $56.\nDWAC public shareholders would receive approximately 13.8% of the stock in the merged company, using the latest DWAC stock price.\nThe potential number of shares under the conversion of the preferred stock is very complex and could impact who controls the company.\nA limited amount of financial projections were included in their recent 8-K filing.\n\nOnfokus/iStock Unreleased via Getty Images\nWhile a Form S-4 has still not been filed with the SEC for the Digital World Acquisition Company's (DWAC) deal with Donald Trump, there was an 8-K filing on December 6 regarding a $1.0 billion PIPE financing deal that included a number of updated details about the proposed merger. There were, however, a number of incorrect statements made by inventors on social media platforms about these details that I hope will be clarified in this article. I will again try just to stick to the legal and financial issues, but there are a few new political issues that need to be covered as well.\nThe Value Of How Much Trump Is Getting\nOne of the problems for investors and the general public is the constant statements in DWAC's press release about acquiring Trump Media & Technology Group for the \"initial purchase price of $875 million in shares of DWAC\". That $875 million uses $10 per DWAC share-it is not based on the current DWAC trading price, which is about $56. That $875 million also does not include potential \"earnouts\" of an additional 15 million shares if the stock of the new company trades at least $15 after the merger, plus another 15 million shares if it trades at $20, and an additional 10 million shares if it trades at $30.If the stock of the new company trades at the current price of $56, Trump and his group of investors would be paid 127.5 million shares worth about $7.14 billion. This is a huge difference than the headline number of $875 million. The lower number, in my opinion, is less likely to raise outrage by various media organizations that hold a negative opinion of former President Trump.\nIn my prior DWAC article I estimated that Trump could receive up to 125.78 million shares based on DWAC's anticipated redemption price of $10.20 as stated on page 23 of their S-1A filing. Their figures in the latest filing seem to be using a $10 price instead of $10.20. The $0.20 difference results in an additional 1.72 million shares or about $96.3 million paid to Trump using the current $56 stock price.\n$1.0 Billion PIPE Financing\nTheir December 6 SEC 8-K contains information about their proposed $1.0 billion convertible preferred stock PIPE financing. These preferred shares are being purchased by a group of institutional investors and are initially convertible into 29,761,905 shares of the newly merged company's stock at an initial conversion price of $33.60 per share. The $33.60 figure was a 20% discount to the VWAP price of DWAC stock 5 days before and including December 1, 2021.\nThis $33.60 is subject to a potential adjustment. This is critical for DWAC investors to understand.If the new stock 10-day VWAP is at or above $56 there is no adjustment. If the average price is below $56, the conversion price is adjusted 40% lower to as low as $10 per share and $10 per share would mean the holders of the preferred stock could be converted into 100 million shares. For example, if the average trading price is $40, the conversion price would be $24 and the preferred holds could convert into 41.66 million shares of the new stock. The important issue for DWAC holders is that the more shares of the new company preferred shareholders receive, DWAC shares would be diluted.\nIt is ironic that the holders of the preferred stock actually hope that for the first 10 trading days after the merger that the new stock plunges in price. The lower the price the more shares they will receive when they convert their preferred stock, if the new stock is trading below $56. If it trades above $56 there would be no impact.\nThe potential 100 million share amount has caused confusion, especially the way it was presented in the 8-K filing. At first glance, it looks like the total shares of the new company will be 224.7 million. As stated on the top of their table \"based on $10/share\". (See table below.) If the average share price is higher than $10 then this 100 million and the total figure would be lower.\nUsing the 29,761,905 share number from converting the preferred shares, based on the initial price of $33.60, and the current DWAC stock price of $56, the total current market value is about $1.67 billion. Now some may assert that the $33.60 is way too favorable of a price, but the reality is that many PIPE financing deals use $10 per share. PIPE financing in SPAC deals is usually not cheap because of the very high risks associated with many SPAC deals. Just look at the BuzzFeed (BZFD) deal with the new stock dropping about 40% within days after the SPAC merger with BuzzFeed. The value of BuzzFeed's PIPE financing of $150 million convertible bonds dropped as well.\n(Note: I wrote a SA article on the major issues associated with the BuzzFeed SPAC deal, but because of issues regarding the content of the article about points I was asserting, it may not be approved by senior SA management. It is still pending and if it is not published as a SA article, I will post it as a Blog post instead with a link in the comment area below.)\nI am personally relieved to know that Trump is not issuing a large debt security to raise cash as part of their initial SPAC deal. He has a reputation for using a lot of debt in his business operations. The use of convertible preferred stock is a more conservative financing approach to raising needed cash than issuing debt. I do, however, expect debt will eventually be used to grow their business model.\nEnterprise Value And Shares Outstanding\nSome people seem confused by the enterprise value. The $12.2836 in the table below, assuming a full earnout, is not some estimated enterprise value based on a financial advisor's estimate, it was determined based on the market price of DWAC stock of $72.76 and DWACW warrant price of $37.04 on October 28. Using the $72.26 stock price and $12.984 billion equity value, they are using 178.46 million for shares outstanding in their calculations. This is somewhat larger than the 177.7 million I estimated in my last article. Most of the difference can be explained by using $10.00 instead of $10.20 as I explained above.\nSource: 8-K\nUsing the latest DWAC stock price of $56, the equity value is $9.994 billion and the warrant value is $$274 million using the last DWACW price of $18.35. The enterprise value is $$9.014 billion using these prices.\nThe 178.46 million shares do not include the shares from any conversion of the preferred stock. This number will not be known until 10 days after the trading of the new stock. Assuming the average stock price is above $56, there would be an additional 29,761,905 shares or about 208.22 million total shares outstanding. Using that total number of shares and 28.8 million shares that DWAC public shareholders will receive under the merger, DWAC public shareholders will receive approximately 13.8% of the new company's stock.\nSource: 8-K\nThere was actually no \"1\" footnote reference in their filing from this table, so I am uncertain how they determined the 13.7 million shares and 7.4% ownership for PIPE investors. This difference also impacts their 14.9% ownership number for DWAC public shareholders.\nThe 12.8% ownership number for public DWAC shareholders in the above table assumes a $10 average stock trading price after the merger. It is interesting to note that if the average stock price after the merger trades close to $10, the PIPE institutional preferred shareholders collectively would control the new company and not Trump. Using $10, the preferred shareholders would control 44.5% and Trump would only control 38.9%. (If I were to structure this deal I would have issued at least some Class B shares to Trump with the voting power of 20 votes compared to 1 vote for Class A shareholders to make sure that Trump will control the company. I seriously doubt it will trade near $10, but I am always very careful when I structure deals.)\nBusiness Model Projections\nGiven Donald Trump's salesmanship approach to his business ventures, it is not surprising that comparing this new media company to very successful media companies such as Disney (DIS) and Facebook (FB) is being used in their presentations.\nThe major problem I have with their presentation and projections is that their focus seems almost all on revenue. While you need revenue to make a profit and get positive cash-flow from operations, it does not necessarily mean that the venture will be profitable. The metric enterprise value/revenue that became popular in the late 1990's for these types of businesses is not a true indication of value, in my opinion. I want to see growth in net earnings per share or cash-flow per share. Many companies have had very high revenue growth just before they filed for Ch.11 bankruptcy because they burned a lot of cash to achieve this high revenue growth.\nSource: 8-K\nThe number of users of their Truth business sector is projected to reach 81 million by 2026 based on a poll of registered voters by Politico, according to their presentation material. These numbers seem to ignore the huge number of international followers of Trump. Their market research studies should, in my opinion, focus not only on the U.S., but internationally, in order not to miss a very large potential market. This 81 million could, therefore, be much higher if international users are included.\nTMTG subscribers are projected to be 40 million by 2026 with a projected $9.00 monthly subscription fee. It seems that this projection includes both domestic and international potential subscribers based on their basis of this projection. This may seem high because many consumers are reluctant to pay monthly fees, but monthly fees have become the norm lately. Even Seeking Alpha changed their business model to charging fees for their premium program to read articles. Many SA contributors, including myself, were worried that this would have a negative impact on the SA business model. It has actually been very successful for SA and payments to SA article writers.\nI am assuming that their S-4 filing, which I am expecting soon, will contain projections for EBITDA and cash-flow. Trump usually likes to make very positive assertions and projections, but the SEC standards for these S-4 filings require fairly conservative projections. (Note: I did think that BuzzFeed's EBITDA projections in their S-4 filing were irrational based on their current and historic poor results. So, in my opinion, these financial projections are not always conservative or even rational.) DWAC investors may be disappointed in the projections in the S-4 filing and I am not sure the impact these numbers could have on DWAC stock price.\nPotential Delay In The Merger Deal\nThe original timetable I used for completing this SPAC merger deal was the end of 1Q 2022 and in their December 6 filing there was an item contained in their late October presentation material that stated \"expected transaction close is 1Q 2022\". Given the SEC investigation mentioned in their 8-K filing and Sen. Warren's attempt to block the deal, it is unclear if this deal could drag on and on in an attempt to kill it with delays. These actions by the SEC and Sen Warren come as no surprise and impacted my original \"neutral\" rating for DWAC stock. The recent selection of Congressman Devin Nunes as CEO could make the approval process of the Form S-4 by the SEC even more political.\nConclusion\nThe $1 billion deal is only the beginning of the capital needed to grow the new company. I was encouraged that they did not initially use debt as a way to raise cash. While their presentation material was interesting, I am waiting for EBITDA and cash-flow projections that should be contained in their S-4 filing. Until I read those projections I am keeping my neutral rating for DWAC stock and warrants.\nHopefully this article clears-up some statements by others about shares outstanding and the conversion feature in the preferred stock. I actually expect the numbers in the S-4 will cause even more confusion when it is filled.","news_type":1},"isVote":1,"tweetType":1,"viewCount":473,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}