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2021-04-16

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Toplines Before US Market Open on Friday

2021-04-20

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JD.com: Solid Growth, Strong Free Cash Flow - Why It's Worthwhile Considering

2021-04-14

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From Harvard to Nasdaq listing: Grab CEO's ride to world's biggest SPAC deal

2021-04-13

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Can You Make Coin Investing In Coinbase?

2021-04-21

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Coca-Cola Is Back to Growth. But Will It Last?

2021-04-16

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2021-04-14

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Goldman Sachs EPS beats by $8.63, beats on revenue

2021-04-19

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2021-04-16

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Toplines Before US Market Open on Friday

2021-04-18

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$544 Billion In Options Expire Today: Here's What Will Move

2021-04-16

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Morgan Stanley posts better-than-expected earnings

2021-04-14

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2021-04-14

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JPMorgan Chase beats analysts’ estimates as bank releases $5.2 billion in loan loss reserves

2021-04-14

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22:38","market":"us","language":"en","title":"Coca-Cola Is Back to Growth. But Will It Last?","url":"https://stock-news.laohu8.com/highlight/detail?id=2129778438","media":"Motley Fool","summary":"The beverage giant posted a sales increase after three quarters of decreases.","content":"<p><b>Coca-Cola</b> (NYSE:KO) suffered through the pandemic as its takeaway category, which in a normal year accounts for half of total sales, plummeted.</p><p>But after four quarters of sales declines, revenue turned positive in the first quarter of 2021 (ended April 2). Lockdowns have mostly ended, and people are cautiously getting out again. The pandemic exposed some gaps in the company's model, and it restructured accordingly. Can Coca-Cola keep up the gains?</p><p><img src=\"https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F622111%2Fa-group-of-friends-drinking-cola-together.jpg&amp;w=700&amp;op=resize\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p>Image source: Getty Images.</p><h2>A return to growth</h2><p>Coca-Cola was showing momentum before the pandemic, with a 16% sales increase in 2019's fourth quarter after years of slower growth. But after a 28% sales drop in the 2020 second quarter and struggles throughout the pandemic, the company ended the year with an improved 11% sales decline for the full fiscal year. Coke maintained a strong balance sheet throughout the declines, continuing to pay a dividend.</p><p>2021 first-quarter revenue grew 5%, fueled by a return for the takeaway segment, which also grew 5%. Earnings per share decreased 19%, but both numbers beat expectations. The recovery was so strong in the first quarter that March 2021 sales matched March 2019 sales.</p><p>However, with lockdowns still strong in other parts of the world, it's not clear that Coke's recovery will continue its upward trajectory. Despite the earnings beat, the company maintained its 2021 outlook of high-single-digit organic revenue growth.</p><h2>Facing a new set of challenges</h2><p>The company made some major changes to manage in the new operating environment. It restructured its units for a more centralized system to clear out inefficiencies, cut costs, and create a more targeted marketing strategy, and it laid off thousands of workers in the process. It also reduced its vast range of brands from 400 to 200, cutting out mostly local-centric brands that had low volume.&nbsp;At the same time, it launched several new brands that are more scalable, to fit its new strategy.</p><p>These moves strengthened the company overall and allowed it to leverage its at-home business while restaurants and other away-from-home locations were closed, but concentrate sales remain a large part of the overall business. Competitor <b>PepsiCo</b> (NASDAQ:PEP), whose beverage segment is not as large as Coca-Cola's, weathered the pandemic better due to its more varied product range, which includes the Quaker breakfast brand and the Frito-Lay snack brand. Both of those were popular under lockdown, hedging total sales declines.</p><p>In the first quarter, even without those segments, Coke came close to matching PepsiCo's 6.8% revenue increase. That means Coke is in pretty good shape at this point, even with some lockdowns remaining in place. It also demonstrates that under unexpected and difficult circumstances, the company can pivot to operate in an uncertain environment.</p><p>In the near term, Coke's prospects seem to be tied to global vaccine rollouts. But in the long term, the company is well positioned to expand margins and increase sales.</p><h2>Stocks and dividends</h2><p>Coca-Cola is valued for its dividend, which yields 3.1% at the current price. The company has raised its dividend for 57 consecutive years, making it a Dividend King. It's committed to the dividend and has continued to pay it, and raise it as well, during the pandemic. The stock itself hasn't been so valuable over the past five years, gaining 16%.</p><p>Coke is a great company with strong management and an unbeatable brand name. The pandemic struggle may not be completely over, but investors can expect a solid recovery when it is.</p>","source":"fool_stock","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>Coca-Cola Is Back to Growth. But Will It Last?</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\">\nCoca-Cola Is Back to Growth. But Will It Last?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-21 22:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/04/21/coca-cola-is-back-to-growth-but-will-it-last/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Coca-Cola (NYSE:KO) suffered through the pandemic as its takeaway category, which in a normal year accounts for half of total sales, plummeted.But after four quarters of sales declines, revenue turned...</p>\n\n<a href=\"https://www.fool.com/investing/2021/04/21/coca-cola-is-back-to-growth-but-will-it-last/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"KO":"可口可乐"},"source_url":"https://www.fool.com/investing/2021/04/21/coca-cola-is-back-to-growth-but-will-it-last/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2129778438","content_text":"Coca-Cola (NYSE:KO) suffered through the pandemic as its takeaway category, which in a normal year accounts for half of total sales, plummeted.But after four quarters of sales declines, revenue turned positive in the first quarter of 2021 (ended April 2). Lockdowns have mostly ended, and people are cautiously getting out again. The pandemic exposed some gaps in the company's model, and it restructured accordingly. Can Coca-Cola keep up the gains?Image source: Getty Images.A return to growthCoca-Cola was showing momentum before the pandemic, with a 16% sales increase in 2019's fourth quarter after years of slower growth. But after a 28% sales drop in the 2020 second quarter and struggles throughout the pandemic, the company ended the year with an improved 11% sales decline for the full fiscal year. Coke maintained a strong balance sheet throughout the declines, continuing to pay a dividend.2021 first-quarter revenue grew 5%, fueled by a return for the takeaway segment, which also grew 5%. Earnings per share decreased 19%, but both numbers beat expectations. The recovery was so strong in the first quarter that March 2021 sales matched March 2019 sales.However, with lockdowns still strong in other parts of the world, it's not clear that Coke's recovery will continue its upward trajectory. Despite the earnings beat, the company maintained its 2021 outlook of high-single-digit organic revenue growth.Facing a new set of challengesThe company made some major changes to manage in the new operating environment. It restructured its units for a more centralized system to clear out inefficiencies, cut costs, and create a more targeted marketing strategy, and it laid off thousands of workers in the process. It also reduced its vast range of brands from 400 to 200, cutting out mostly local-centric brands that had low volume. At the same time, it launched several new brands that are more scalable, to fit its new strategy.These moves strengthened the company overall and allowed it to leverage its at-home business while restaurants and other away-from-home locations were closed, but concentrate sales remain a large part of the overall business. Competitor PepsiCo (NASDAQ:PEP), whose beverage segment is not as large as Coca-Cola's, weathered the pandemic better due to its more varied product range, which includes the Quaker breakfast brand and the Frito-Lay snack brand. Both of those were popular under lockdown, hedging total sales declines.In the first quarter, even without those segments, Coke came close to matching PepsiCo's 6.8% revenue increase. That means Coke is in pretty good shape at this point, even with some lockdowns remaining in place. It also demonstrates that under unexpected and difficult circumstances, the company can pivot to operate in an uncertain environment.In the near term, Coke's prospects seem to be tied to global vaccine rollouts. But in the long term, the company is well positioned to expand margins and increase sales.Stocks and dividendsCoca-Cola is valued for its dividend, which yields 3.1% at the current price. The company has raised its dividend for 57 consecutive years, making it a Dividend King. It's committed to the dividend and has continued to pay it, and raise it as well, during the pandemic. The stock itself hasn't been so valuable over the past five years, gaining 16%.Coke is a great company with strong management and an unbeatable brand name. The pandemic struggle may not be completely over, but investors can expect a solid recovery when it is.","news_type":1},"isVote":1,"tweetType":1,"viewCount":166,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":371184308,"gmtCreate":1618920849704,"gmtModify":1634289908430,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/371184308","repostId":"1154218683","repostType":4,"repost":{"id":"1154218683","kind":"news","pubTimestamp":1618920744,"share":"https://www.laohu8.com/m/news/1154218683?lang=&edition=full","pubTime":"2021-04-20 20:12","market":"hk","language":"en","title":"JD.com: Solid Growth, Strong Free Cash Flow - Why It's Worthwhile Considering","url":"https://stock-news.laohu8.com/highlight/detail?id=1154218683","media":"seekingalpha","summary":"Summary\n\nJD.com has fallen out of favor with investors, together with the rest of Chinese stocks.\nJD","content":"<p><b>Summary</b></p>\n<ul>\n <li>JD.com has fallen out of favor with investors, together with the rest of Chinese stocks.</li>\n <li>JD.com continues to report steady growth rates, with Q4 2020 topping +30% y/y revenue growth rates.</li>\n <li>Without any heroics, this stock trades for less than 18x forward free cash flow.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fca1ede6aff4d57a8a6881983d6a5ae4\" tg-width=\"1536\" tg-height=\"1024\"><span>Photo by Andrew Burton/Getty Images News via Getty Images</span></p>\n<p><b>Investment Thesis</b></p>\n<p>JD.com (JD) has fallen out of favor with investors lately. However, its fundamental performance continues to be exemplary.</p>\n<p>I lay down my rationale for why the market is undervaluing this stock, as well as demonstrating that it's clearly cheaply valued as it trades for less than 18x its 2021 free cash flow.</p>\n<p>Here's why this stock is worthwhile considering:</p>\n<p><b>Revenue Growth Rates And Investors' Sentiment</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1abbb6557efecaad89bf294c2a194266\" tg-width=\"635\" tg-height=\"453\"><span>Data by YCharts</span></p>\n<p>As you can see above, the graph practically speaks for itself.</p>\n<p>Not only have investors gone sour on Alibaba (BABA) of late, but they've soured up on JD.com and Pinduoduo (PDD) too. I would go so far as to remark that most Chinese stocks have now, once again, fallen out of favor with investors.</p>\n<p>Indeed, it's quite challenging for investors to keep up with all the twists, turns, and emotional predispositions investors have towards Chinese stocks.</p>\n<p>On the other hand, in a mirror image to the mercurial sentiment investors hold against Chinese stocks, JD.com continues to report astonishing revenue growth rate numbers.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9304aa7294310f8766138c9c5fe2092a\" tg-width=\"640\" tg-height=\"298\"><span>Source: author's calculations, JD.com Press Statements</span></p>\n<p>Not only is JD.com showing that it has dramatically accelerated post-COVID, but those numbers are nothing short of remarkable. Yet, as you know, investors have been all-too-quick to dismiss investing in China right now.</p>\n<p><b>Breaking Down</b><b>JD.com's</b><b>Revenue Stream</b></p>\n<p>As a reminder, approximately 85% of JD.com's revenue is derived from its product revenue. These are products that get delivered through their own heavily invested supply chain infrastructure.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d23f6dbcc0c579246a26bbfea2ae9daf\" tg-width=\"640\" tg-height=\"455\"><span>Source: Q4 2020 Investor Presentation</span></p>\n<p>In line with the consistent theme we've heard over the past year, JD.com's revenue is coming increasingly from lower-tier cities. In fact, during Q4 2020, for the first time, 80% of its new users came from these lower-tier cities.</p>\n<p>This demonstrates that JD.com is resonating with these consumers and arguably offers JD.com a solid moat, as it can continue to deliver products to very price-conscious consumers all the while at a profit.</p>\n<p>Moreover, this ability to turn a profit and out-compete with mom and pop shops continues to allow JD.com to gain market share from other retailers, but it also keeps out Alibaba from gaining a foothold here.</p>\n<p><b>What Else is Weighing on the Stock?</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/61937b65a1bb827323293df146ceb1bd\" tg-width=\"640\" tg-height=\"360\"><span>Source: Investor Presentation</span></p>\n<p>The problem JD.com's stock has come up against is that JD.com was a story of expanding its razor-thin profit margins. Long ago, the idea had been that as JD.com continued to drive top-line growth, its scale would be improving its profit margins.</p>\n<p>However, as you can see above, during Q4 2020, the increase in its top-line did not translate to an improvement in gross margins. More specifically, you can see that during Q4 2020 its gross margins were 13.9%, 200 basis points more compressed than during the same period a year ago.</p>\n<p>And this is obviously not aligned with what shareholders had come accustomed to expecting from JD.com.</p>\n<p>For their part, JD.com notes that it continues to invest in its infrastructure, that this is allowing merchants to increase their reliance on JD.com omnichannel capacity to deliver in more innovative ways -- yet investors have evidently not bought into<i>that</i>narrative.</p>\n<p><b>Valuation - Why This Stock Carries a Large Margin of Safety</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1e9ceb308beeb73af69318348550c8a3\" tg-width=\"640\" tg-height=\"352\"><span>Source: Q4 2020 Investor Presentation</span></p>\n<p>JD.com is not a free cash flow story. But the fact that it does generate free cash flow certainly supports my bullish thesis that the stock trades for 23x trailing free cash flow - using $5.3 billion shownhere.</p>\n<p>Moreover, keep in mind that putting aside 2018, a year with very heavy capex requirement (non-recurring event), JD.com is steadily growing its free cash flow every year.</p>\n<p>Also, aligned with the story that as JD.com gains scale its free cash flow will similarly increase, we can see that in 2020 there was indeed a jump of approximately 79% compared with 2019.</p>\n<p>Consequently, without any heroics, if we largely assume that JD.com's free cash flow grows by<i>a further 30% y/y in 2021</i>, somewhat in line with its recent top-line growth, investors could easily expect its free cash flow to reach $6.9 billion.</p>\n<p>In other words, even though JD.com is not a free cash flow story, it nevertheless would be trading for less than 18x forward free cash flow.</p>\n<p><b>Potential Risks of Investing in JD.com</b></p>\n<p>JD.com is an overseas stock. Thus, as noted throughout, it's prone to the vicissitudes and investor sentiment that faces most overseas stocks, particularly Chinese stocks.</p>\n<p>I would add that, unlike other big Chinese stocks (I shall not disclose the name, but if you follow the space, you know what I'm talking about), the numbers from JD.com are clean.</p>\n<p>They are not aggressively investing in smaller enterprises and then increasing their ''below the line'' earnings as those stock get ''repriced higher'' so that their earnings get a steady and consistent improvement.</p>\n<p>In actuality, that's why I have essentially focused the effort of my discussion towards predominantly discussing JD.com's free cash flow, in an effort to avoid any questions over its earnings or accounting. With free cash flow, what you seeis what you get.</p>\n<p><b>The Bottom Line</b></p>\n<p>It's very difficult to know when and how JD.com will return to hold investor's favor. The question readers may have been what catalysts are there on the horizon that is likely to drive shareholder returns? I do not know.</p>\n<p>Having said that, I strongly contend that JD.com is making solid free cash flows all the while consistently growing its top-line and solidifying its supply chain infrastructure.</p>\n<p>It may seem like forever right now, but in time, the market<i>will</i>return to recognizing just how plainly undervalued these shares are right now.</p>","source":"seekingalpha","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>JD.com: Solid Growth, Strong Free Cash Flow - Why It's Worthwhile Considering</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\">\nJD.com: Solid Growth, Strong Free Cash Flow - Why It's Worthwhile Considering\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-20 20:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4419966-jd-com-solid-growth-strong-free-cash-flow-why-worthwhile-considering><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nJD.com has fallen out of favor with investors, together with the rest of Chinese stocks.\nJD.com continues to report steady growth rates, with Q4 2020 topping +30% y/y revenue growth rates.\n...</p>\n\n<a href=\"https://seekingalpha.com/article/4419966-jd-com-solid-growth-strong-free-cash-flow-why-worthwhile-considering\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JD":"京东","09618":"京东集团-SW"},"source_url":"https://seekingalpha.com/article/4419966-jd-com-solid-growth-strong-free-cash-flow-why-worthwhile-considering","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1154218683","content_text":"Summary\n\nJD.com has fallen out of favor with investors, together with the rest of Chinese stocks.\nJD.com continues to report steady growth rates, with Q4 2020 topping +30% y/y revenue growth rates.\nWithout any heroics, this stock trades for less than 18x forward free cash flow.\n\nPhoto by Andrew Burton/Getty Images News via Getty Images\nInvestment Thesis\nJD.com (JD) has fallen out of favor with investors lately. However, its fundamental performance continues to be exemplary.\nI lay down my rationale for why the market is undervaluing this stock, as well as demonstrating that it's clearly cheaply valued as it trades for less than 18x its 2021 free cash flow.\nHere's why this stock is worthwhile considering:\nRevenue Growth Rates And Investors' Sentiment\nData by YCharts\nAs you can see above, the graph practically speaks for itself.\nNot only have investors gone sour on Alibaba (BABA) of late, but they've soured up on JD.com and Pinduoduo (PDD) too. I would go so far as to remark that most Chinese stocks have now, once again, fallen out of favor with investors.\nIndeed, it's quite challenging for investors to keep up with all the twists, turns, and emotional predispositions investors have towards Chinese stocks.\nOn the other hand, in a mirror image to the mercurial sentiment investors hold against Chinese stocks, JD.com continues to report astonishing revenue growth rate numbers.\nSource: author's calculations, JD.com Press Statements\nNot only is JD.com showing that it has dramatically accelerated post-COVID, but those numbers are nothing short of remarkable. Yet, as you know, investors have been all-too-quick to dismiss investing in China right now.\nBreaking DownJD.com'sRevenue Stream\nAs a reminder, approximately 85% of JD.com's revenue is derived from its product revenue. These are products that get delivered through their own heavily invested supply chain infrastructure.\nSource: Q4 2020 Investor Presentation\nIn line with the consistent theme we've heard over the past year, JD.com's revenue is coming increasingly from lower-tier cities. In fact, during Q4 2020, for the first time, 80% of its new users came from these lower-tier cities.\nThis demonstrates that JD.com is resonating with these consumers and arguably offers JD.com a solid moat, as it can continue to deliver products to very price-conscious consumers all the while at a profit.\nMoreover, this ability to turn a profit and out-compete with mom and pop shops continues to allow JD.com to gain market share from other retailers, but it also keeps out Alibaba from gaining a foothold here.\nWhat Else is Weighing on the Stock?\nSource: Investor Presentation\nThe problem JD.com's stock has come up against is that JD.com was a story of expanding its razor-thin profit margins. Long ago, the idea had been that as JD.com continued to drive top-line growth, its scale would be improving its profit margins.\nHowever, as you can see above, during Q4 2020, the increase in its top-line did not translate to an improvement in gross margins. More specifically, you can see that during Q4 2020 its gross margins were 13.9%, 200 basis points more compressed than during the same period a year ago.\nAnd this is obviously not aligned with what shareholders had come accustomed to expecting from JD.com.\nFor their part, JD.com notes that it continues to invest in its infrastructure, that this is allowing merchants to increase their reliance on JD.com omnichannel capacity to deliver in more innovative ways -- yet investors have evidently not bought intothatnarrative.\nValuation - Why This Stock Carries a Large Margin of Safety\nSource: Q4 2020 Investor Presentation\nJD.com is not a free cash flow story. But the fact that it does generate free cash flow certainly supports my bullish thesis that the stock trades for 23x trailing free cash flow - using $5.3 billion shownhere.\nMoreover, keep in mind that putting aside 2018, a year with very heavy capex requirement (non-recurring event), JD.com is steadily growing its free cash flow every year.\nAlso, aligned with the story that as JD.com gains scale its free cash flow will similarly increase, we can see that in 2020 there was indeed a jump of approximately 79% compared with 2019.\nConsequently, without any heroics, if we largely assume that JD.com's free cash flow grows bya further 30% y/y in 2021, somewhat in line with its recent top-line growth, investors could easily expect its free cash flow to reach $6.9 billion.\nIn other words, even though JD.com is not a free cash flow story, it nevertheless would be trading for less than 18x forward free cash flow.\nPotential Risks of Investing in JD.com\nJD.com is an overseas stock. Thus, as noted throughout, it's prone to the vicissitudes and investor sentiment that faces most overseas stocks, particularly Chinese stocks.\nI would add that, unlike other big Chinese stocks (I shall not disclose the name, but if you follow the space, you know what I'm talking about), the numbers from JD.com are clean.\nThey are not aggressively investing in smaller enterprises and then increasing their ''below the line'' earnings as those stock get ''repriced higher'' so that their earnings get a steady and consistent improvement.\nIn actuality, that's why I have essentially focused the effort of my discussion towards predominantly discussing JD.com's free cash flow, in an effort to avoid any questions over its earnings or accounting. With free cash flow, what you seeis what you get.\nThe Bottom Line\nIt's very difficult to know when and how JD.com will return to hold investor's favor. The question readers may have been what catalysts are there on the horizon that is likely to drive shareholder returns? I do not know.\nHaving said that, I strongly contend that JD.com is making solid free cash flows all the while consistently growing its top-line and solidifying its supply chain infrastructure.\nIt may seem like forever right now, but in time, the marketwillreturn to recognizing just how plainly undervalued these shares are right now.","news_type":1},"isVote":1,"tweetType":1,"viewCount":503,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":373043950,"gmtCreate":1618805942470,"gmtModify":1634290789312,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/373043950","repostId":"2128525488","repostType":4,"isVote":1,"tweetType":1,"viewCount":309,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379667610,"gmtCreate":1618730791530,"gmtModify":1634291203475,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/379667610","repostId":"1175692875","repostType":4,"repost":{"id":"1175692875","kind":"news","pubTimestamp":1618582708,"share":"https://www.laohu8.com/m/news/1175692875?lang=&edition=full","pubTime":"2021-04-16 22:18","market":"us","language":"en","title":"$544 Billion In Options Expire Today: Here's What Will Move","url":"https://stock-news.laohu8.com/highlight/detail?id=1175692875","media":"zerohedge","summary":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire","content":"<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p>How to trade this?</p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX&nbsp; (i.e. implied volatility) reversed.</b></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><blockquote>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b></blockquote><p>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.&nbsp; Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.&nbsp; Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</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>$544 Billion In Options Expire Today: Here's What Will Move</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\">\n$544 Billion In Options Expire Today: Here's What Will Move\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-16 22:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175692875","content_text":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.How to trade this?As Goldman's Vishal Vivek writes, at major expirations, options traders track situations wherea large amount of open interest is set to expire.In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX  (i.e. implied volatility) reversed.And one other curious observation from SpotGamma:When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.  Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.  Additionally, gamma is higher when IV is lower so gamma flips may have more juice.","news_type":1},"isVote":1,"tweetType":1,"viewCount":521,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370601640,"gmtCreate":1618578560980,"gmtModify":1634291972915,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Good.well done.","listText":"Good.well done.","text":"Good.well done.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/370601640","repostId":"1180499171","repostType":4,"repost":{"id":"1180499171","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":1618574944,"share":"https://www.laohu8.com/m/news/1180499171?lang=&edition=full","pubTime":"2021-04-16 20:09","market":"us","language":"en","title":"Toplines Before US Market Open on Friday","url":"https://stock-news.laohu8.com/highlight/detail?id=1180499171","media":"Tiger Newspress","summary":"Stock futures traded sideways Friday morning.Treasury yields rebound but still below recent highs.Turkey bans crypto payments, Bitcoin slides.Morgan Stanley, Sunrun, Comcast and more making the biggest moves premarket. Stock futures traded sideways Friday morning after another record-setting day on Wall Street, with a batch of stronger-than-expected economic data and corporate earnings results helping fuel a risk rally.At 8:04 a.m. ET, Dow E-minis were up 49 points, or 0.14%, S&P 500 E-minis wer","content":"<ul><li>Stock futures traded sideways Friday morning.</li><li>Treasury yields rebound but still below recent highs.</li><li>Turkey bans crypto payments, Bitcoin slides.</li><li>Morgan Stanley, Sunrun, Comcast and more making the biggest moves premarket.</li></ul><p>(April 16)&nbsp;Stock futures traded sideways Friday morning after another record-setting day on Wall Street, with a batch of stronger-than-expected economic data and corporate earnings results helping fuel a risk rally.</p><p>At 8:04 a.m. ET, Dow E-minis were up 49 points, or 0.14%, S&amp;P 500 E-minis were rose 5.75 points, or 0.14% and Nasdaq 100 E-minis were gained 15.50 points, or 0.11%.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/47d34653ba98834cd8e249369591e62f\" tg-width=\"1242\" tg-height=\"499\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:04</span></p><p>Treasury yields rebound but still below recent highs.&nbsp;Dip in 10-year Treasury yield seems to be technically driven, strategist says.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c363e36532f936b81291207412371033\" tg-width=\"920\" tg-height=\"533\" referrerpolicy=\"no-referrer\"><span>*Source From CNBC, EST 08:14</span></p><p><b>Stocks making the biggest moves premarket: Morgan Stanley, Sunrun, Comcast and more:</b></p><p><b>1)&nbsp;Morgan Stanley(MS)</b> — Morgan Stanley topped analysts expectations forfirst quarter earningson the back of better-than-expected bond trading results, sending shares up in the premarket. The major U.S. bank reported earnings of $2.19 per share on revenue of $15.72 billion.</p><p><b>2)&nbsp;Sunrun(RUN) </b>– Shares of the residential solar company jumped 3% after Simmons Energy upgraded the stock to an \"overweight\" rating. In a note to clients, the firm said the company has a strong growth story ahead, and that the recent weakness presents an attractive buying opportunity.</p><p><b>3)&nbsp;Cisco(CSCO)</b> — Cisco shares rose 1.1% in premarket trading Friday after Wolfe Research upgraded the equity to “outperform.” Analyst Jeff Kvaal wrote that “Strong&nbsp; IT&nbsp;spending should prove&nbsp;a&nbsp;tailwind to Cisco&nbsp; estimates” through fiscal year 2022 and said shares should climb to $63, representing a 22% upside from Thursday’s close.</p><p><b>4)&nbsp;PNC Financial(PNC) </b>— The bank stock dipped 1.9% in premarket trading even after PNC beat estimates on the top and bottom lines for its first-quarter report. PNC reported $4.10 in earnings per share on $4.22 billion in revenue. Analysts surveyed by Refinitiv had penciled in $2.75 per share and $4.12 billion in revenue. The bank’s net interest margin declined and missed expectations, according to FactSet.</p><p><b>5)&nbsp;Comcast(CMCSA)</b> — Shares of Comcast rose 1.2% before the opening bell after Raymond James upgraded the stock to an “outperform” rating and told clients it expects strong first-quarter earnings results from the media giant. “We believe there is future NBCU upside from HSD strength, Peacock sub growth, improved theatrical revenue, and phased theme park reopenings,” wrote analyst Frank Louthan.</p><p><b>6)&nbsp;Simon Property Group(SPG)</b> — Shares of the real estate company rose in premarket trading after Jefferies upgraded the stock to “buy” from “hold.” The Wall Street firm said “retailer investments, pent-up consumer demand, and lower bad debt are positive catalysts” for the mall owner.</p><p><b>7)&nbsp;Bank of New York Mellon(BK)</b> — Shares of the bank ticked up 1% in premarket trading after Bank of New York Mellon beat analyst estimates in its first quarter report. The firm earned 97 cents per share on $3.92 billion in revenue. Analysts surveyed by Refinitiv were looking for 87 cents per share and $3.85 billion in revenue.</p><p><b>8)&nbsp;United Airlines(UAL) </b>— Shares of the United Airlines popped in premarket trading following an upgrade to “buy” from “hold” from Argus. The Wall Street firm said it likes the airline’s plans to limit capacity, reduce structural costs by $2 billion, and restore margins to pre-pandemic levels.</p><p><b>9)&nbsp;Coinbase(COIN) </b>— Shares of the newly public cryptocurrency exchange dipped in premarket trading on Friday. The weakness came despite another vote of confidence from popular investor Cathie Wood, whose Ark Invest purchased about $110 million of the stock on Thursday.</p><p><b>10)&nbsp;QuantumScape(QS)&nbsp;</b>—&nbsp;Shares of&nbsp;QuantumScape&nbsp;gained 0.89% in premarket trading after dropping 12% in regular trading after a new short report from Scorpion Capital on the EV battery maker.Scorpion claims that its research indicated that the the company is \"no different than other recently exposed SPAC promotions and EV frauds.\"Scorpion alleges that many of the claims the company has made such as fast charging to 80% in under 15 minutes are false.</p><p>The QuantumScape short was also revealed on Muddy Waters zerOes.tv.</p><p>QuantumScape said in a Twitter post that QS \"stands by its data, which speaks for itself. We have provided higher transparency than any other solid-state battery effort we are aware of, with details on current density, temp, cycle life, cathode thickness, depth of discharge, cell area, pressure.\"\"As our public filings have clearly stated, we have work to do, so this will be our last comment on this topic. We will now get back to work and continue to let our execution speak for itself,\" QuantumScape said in the Twitter post.</p><p><img src=\"https://static.tigerbbs.com/f8f6da68a1844d2f3a9c605728fe7934\" tg-width=\"708\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p>11)&nbsp;Most Blockchain stocks fell. Ebang surged 8%.</p><p><img src=\"https://static.tigerbbs.com/32294266d9d7c18244e4772c4d4ce30a\" tg-width=\"302\" tg-height=\"287\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/02cd72b92056583a324bb8ea1461b659\" tg-width=\"708\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p><b>These are some of the main moves in financial markets:</b></p><p><b>Currencies</b></p><p>The Bloomberg Dollar Spot Index sank 0.1%.The euro jumped 0.2% to $1.1986.The British pound was little changed at $1.3785.The onshore yuan was little changed at 6.521 per dollar.The Japanese yen was little changed at 108.77 per dollar.</p><p><b>Bonds</b></p><p>The yield on 10-year Treasuries fell one basis point to 1.56%.The yield on two-year Treasuries climbed less than one basis point to 0.16%.Germany’s 10-year yield gained one basis point to -0.28%.Britain’s 10-year yield jumped two basis points to 0.755%.Japan’s 10-year yield increased less than one basis point to 0.093%.</p><p><b>Commodities</b></p><p>West Texas Intermediate crude declined 0.1% to $63.37 a barrel.Brent crude was little changed at $66.93 a barrel.Gold strengthened 0.7% to $1,776.66 an ounce.</p><p><b>Turkey bans crypto payments, Bitcoin slides</b></p><p><img src=\"https://static.tigerbbs.com/bc762d6532f6fc02f7215b20d4015413\" tg-width=\"3726\" tg-height=\"8373\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nToplines Before US Market Open on Friday\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">2021-04-16 20:09</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<ul><li>Stock futures traded sideways Friday morning.</li><li>Treasury yields rebound but still below recent highs.</li><li>Turkey bans crypto payments, Bitcoin slides.</li><li>Morgan Stanley, Sunrun, Comcast and more making the biggest moves premarket.</li></ul><p>(April 16)&nbsp;Stock futures traded sideways Friday morning after another record-setting day on Wall Street, with a batch of stronger-than-expected economic data and corporate earnings results helping fuel a risk rally.</p><p>At 8:04 a.m. ET, Dow E-minis were up 49 points, or 0.14%, S&amp;P 500 E-minis were rose 5.75 points, or 0.14% and Nasdaq 100 E-minis were gained 15.50 points, or 0.11%.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/47d34653ba98834cd8e249369591e62f\" tg-width=\"1242\" tg-height=\"499\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:04</span></p><p>Treasury yields rebound but still below recent highs.&nbsp;Dip in 10-year Treasury yield seems to be technically driven, strategist says.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c363e36532f936b81291207412371033\" tg-width=\"920\" tg-height=\"533\" referrerpolicy=\"no-referrer\"><span>*Source From CNBC, EST 08:14</span></p><p><b>Stocks making the biggest moves premarket: Morgan Stanley, Sunrun, Comcast and more:</b></p><p><b>1)&nbsp;Morgan Stanley(MS)</b> — Morgan Stanley topped analysts expectations forfirst quarter earningson the back of better-than-expected bond trading results, sending shares up in the premarket. The major U.S. bank reported earnings of $2.19 per share on revenue of $15.72 billion.</p><p><b>2)&nbsp;Sunrun(RUN) </b>– Shares of the residential solar company jumped 3% after Simmons Energy upgraded the stock to an \"overweight\" rating. In a note to clients, the firm said the company has a strong growth story ahead, and that the recent weakness presents an attractive buying opportunity.</p><p><b>3)&nbsp;Cisco(CSCO)</b> — Cisco shares rose 1.1% in premarket trading Friday after Wolfe Research upgraded the equity to “outperform.” Analyst Jeff Kvaal wrote that “Strong&nbsp; IT&nbsp;spending should prove&nbsp;a&nbsp;tailwind to Cisco&nbsp; estimates” through fiscal year 2022 and said shares should climb to $63, representing a 22% upside from Thursday’s close.</p><p><b>4)&nbsp;PNC Financial(PNC) </b>— The bank stock dipped 1.9% in premarket trading even after PNC beat estimates on the top and bottom lines for its first-quarter report. PNC reported $4.10 in earnings per share on $4.22 billion in revenue. Analysts surveyed by Refinitiv had penciled in $2.75 per share and $4.12 billion in revenue. The bank’s net interest margin declined and missed expectations, according to FactSet.</p><p><b>5)&nbsp;Comcast(CMCSA)</b> — Shares of Comcast rose 1.2% before the opening bell after Raymond James upgraded the stock to an “outperform” rating and told clients it expects strong first-quarter earnings results from the media giant. “We believe there is future NBCU upside from HSD strength, Peacock sub growth, improved theatrical revenue, and phased theme park reopenings,” wrote analyst Frank Louthan.</p><p><b>6)&nbsp;Simon Property Group(SPG)</b> — Shares of the real estate company rose in premarket trading after Jefferies upgraded the stock to “buy” from “hold.” The Wall Street firm said “retailer investments, pent-up consumer demand, and lower bad debt are positive catalysts” for the mall owner.</p><p><b>7)&nbsp;Bank of New York Mellon(BK)</b> — Shares of the bank ticked up 1% in premarket trading after Bank of New York Mellon beat analyst estimates in its first quarter report. The firm earned 97 cents per share on $3.92 billion in revenue. Analysts surveyed by Refinitiv were looking for 87 cents per share and $3.85 billion in revenue.</p><p><b>8)&nbsp;United Airlines(UAL) </b>— Shares of the United Airlines popped in premarket trading following an upgrade to “buy” from “hold” from Argus. The Wall Street firm said it likes the airline’s plans to limit capacity, reduce structural costs by $2 billion, and restore margins to pre-pandemic levels.</p><p><b>9)&nbsp;Coinbase(COIN) </b>— Shares of the newly public cryptocurrency exchange dipped in premarket trading on Friday. The weakness came despite another vote of confidence from popular investor Cathie Wood, whose Ark Invest purchased about $110 million of the stock on Thursday.</p><p><b>10)&nbsp;QuantumScape(QS)&nbsp;</b>—&nbsp;Shares of&nbsp;QuantumScape&nbsp;gained 0.89% in premarket trading after dropping 12% in regular trading after a new short report from Scorpion Capital on the EV battery maker.Scorpion claims that its research indicated that the the company is \"no different than other recently exposed SPAC promotions and EV frauds.\"Scorpion alleges that many of the claims the company has made such as fast charging to 80% in under 15 minutes are false.</p><p>The QuantumScape short was also revealed on Muddy Waters zerOes.tv.</p><p>QuantumScape said in a Twitter post that QS \"stands by its data, which speaks for itself. We have provided higher transparency than any other solid-state battery effort we are aware of, with details on current density, temp, cycle life, cathode thickness, depth of discharge, cell area, pressure.\"\"As our public filings have clearly stated, we have work to do, so this will be our last comment on this topic. We will now get back to work and continue to let our execution speak for itself,\" QuantumScape said in the Twitter post.</p><p><img src=\"https://static.tigerbbs.com/f8f6da68a1844d2f3a9c605728fe7934\" tg-width=\"708\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p>11)&nbsp;Most Blockchain stocks fell. Ebang surged 8%.</p><p><img src=\"https://static.tigerbbs.com/32294266d9d7c18244e4772c4d4ce30a\" tg-width=\"302\" tg-height=\"287\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/02cd72b92056583a324bb8ea1461b659\" tg-width=\"708\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p><b>These are some of the main moves in financial markets:</b></p><p><b>Currencies</b></p><p>The Bloomberg Dollar Spot Index sank 0.1%.The euro jumped 0.2% to $1.1986.The British pound was little changed at $1.3785.The onshore yuan was little changed at 6.521 per dollar.The Japanese yen was little changed at 108.77 per dollar.</p><p><b>Bonds</b></p><p>The yield on 10-year Treasuries fell one basis point to 1.56%.The yield on two-year Treasuries climbed less than one basis point to 0.16%.Germany’s 10-year yield gained one basis point to -0.28%.Britain’s 10-year yield jumped two basis points to 0.755%.Japan’s 10-year yield increased less than one basis point to 0.093%.</p><p><b>Commodities</b></p><p>West Texas Intermediate crude declined 0.1% to $63.37 a barrel.Brent crude was little changed at $66.93 a barrel.Gold strengthened 0.7% to $1,776.66 an ounce.</p><p><b>Turkey bans crypto payments, Bitcoin slides</b></p><p><img src=\"https://static.tigerbbs.com/bc762d6532f6fc02f7215b20d4015413\" tg-width=\"3726\" tg-height=\"8373\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180499171","content_text":"Stock futures traded sideways Friday morning.Treasury yields rebound but still below recent highs.Turkey bans crypto payments, Bitcoin slides.Morgan Stanley, Sunrun, Comcast and more making the biggest moves premarket.(April 16) Stock futures traded sideways Friday morning after another record-setting day on Wall Street, with a batch of stronger-than-expected economic data and corporate earnings results helping fuel a risk rally.At 8:04 a.m. ET, Dow E-minis were up 49 points, or 0.14%, S&P 500 E-minis were rose 5.75 points, or 0.14% and Nasdaq 100 E-minis were gained 15.50 points, or 0.11%.*Source From Tiger Trade, EST 08:04Treasury yields rebound but still below recent highs. Dip in 10-year Treasury yield seems to be technically driven, strategist says.*Source From CNBC, EST 08:14Stocks making the biggest moves premarket: Morgan Stanley, Sunrun, Comcast and more:1) Morgan Stanley(MS) — Morgan Stanley topped analysts expectations forfirst quarter earningson the back of better-than-expected bond trading results, sending shares up in the premarket. The major U.S. bank reported earnings of $2.19 per share on revenue of $15.72 billion.2) Sunrun(RUN) – Shares of the residential solar company jumped 3% after Simmons Energy upgraded the stock to an \"overweight\" rating. In a note to clients, the firm said the company has a strong growth story ahead, and that the recent weakness presents an attractive buying opportunity.3) Cisco(CSCO) — Cisco shares rose 1.1% in premarket trading Friday after Wolfe Research upgraded the equity to “outperform.” Analyst Jeff Kvaal wrote that “Strong  IT spending should prove a tailwind to Cisco  estimates” through fiscal year 2022 and said shares should climb to $63, representing a 22% upside from Thursday’s close.4) PNC Financial(PNC) — The bank stock dipped 1.9% in premarket trading even after PNC beat estimates on the top and bottom lines for its first-quarter report. PNC reported $4.10 in earnings per share on $4.22 billion in revenue. Analysts surveyed by Refinitiv had penciled in $2.75 per share and $4.12 billion in revenue. The bank’s net interest margin declined and missed expectations, according to FactSet.5) Comcast(CMCSA) — Shares of Comcast rose 1.2% before the opening bell after Raymond James upgraded the stock to an “outperform” rating and told clients it expects strong first-quarter earnings results from the media giant. “We believe there is future NBCU upside from HSD strength, Peacock sub growth, improved theatrical revenue, and phased theme park reopenings,” wrote analyst Frank Louthan.6) Simon Property Group(SPG) — Shares of the real estate company rose in premarket trading after Jefferies upgraded the stock to “buy” from “hold.” The Wall Street firm said “retailer investments, pent-up consumer demand, and lower bad debt are positive catalysts” for the mall owner.7) Bank of New York Mellon(BK) — Shares of the bank ticked up 1% in premarket trading after Bank of New York Mellon beat analyst estimates in its first quarter report. The firm earned 97 cents per share on $3.92 billion in revenue. Analysts surveyed by Refinitiv were looking for 87 cents per share and $3.85 billion in revenue.8) United Airlines(UAL) — Shares of the United Airlines popped in premarket trading following an upgrade to “buy” from “hold” from Argus. The Wall Street firm said it likes the airline’s plans to limit capacity, reduce structural costs by $2 billion, and restore margins to pre-pandemic levels.9) Coinbase(COIN) — Shares of the newly public cryptocurrency exchange dipped in premarket trading on Friday. The weakness came despite another vote of confidence from popular investor Cathie Wood, whose Ark Invest purchased about $110 million of the stock on Thursday.10) QuantumScape(QS) — Shares of QuantumScape gained 0.89% in premarket trading after dropping 12% in regular trading after a new short report from Scorpion Capital on the EV battery maker.Scorpion claims that its research indicated that the the company is \"no different than other recently exposed SPAC promotions and EV frauds.\"Scorpion alleges that many of the claims the company has made such as fast charging to 80% in under 15 minutes are false.The QuantumScape short was also revealed on Muddy Waters zerOes.tv.QuantumScape said in a Twitter post that QS \"stands by its data, which speaks for itself. We have provided higher transparency than any other solid-state battery effort we are aware of, with details on current density, temp, cycle life, cathode thickness, depth of discharge, cell area, pressure.\"\"As our public filings have clearly stated, we have work to do, so this will be our last comment on this topic. We will now get back to work and continue to let our execution speak for itself,\" QuantumScape said in the Twitter post.11) Most Blockchain stocks fell. Ebang surged 8%.These are some of the main moves in financial markets:CurrenciesThe Bloomberg Dollar Spot Index sank 0.1%.The euro jumped 0.2% to $1.1986.The British pound was little changed at $1.3785.The onshore yuan was little changed at 6.521 per dollar.The Japanese yen was little changed at 108.77 per dollar.BondsThe yield on 10-year Treasuries fell one basis point to 1.56%.The yield on two-year Treasuries climbed less than one basis point to 0.16%.Germany’s 10-year yield gained one basis point to -0.28%.Britain’s 10-year yield jumped two basis points to 0.755%.Japan’s 10-year yield increased less than one basis point to 0.093%.CommoditiesWest Texas Intermediate crude declined 0.1% to $63.37 a barrel.Brent crude was little changed at $66.93 a barrel.Gold strengthened 0.7% to $1,776.66 an ounce.Turkey bans crypto payments, Bitcoin slides","news_type":1},"isVote":1,"tweetType":1,"viewCount":259,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370843320,"gmtCreate":1618576666360,"gmtModify":1634291986568,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/370843320","repostId":"1167145090","repostType":4,"repost":{"id":"1167145090","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":1618573074,"share":"https://www.laohu8.com/m/news/1167145090?lang=&edition=full","pubTime":"2021-04-16 19:37","market":"us","language":"en","title":"Morgan Stanley posts better-than-expected earnings","url":"https://stock-news.laohu8.com/highlight/detail?id=1167145090","media":"Tiger Newspress","summary":"(April 16) Morgan Stanley posts better-than-expected earnings. Here are the numbers:Morgan Stanley Q","content":"<p>(April 16)&nbsp;Morgan Stanley posts better-than-expected earnings.&nbsp;Here&nbsp;are&nbsp;the&nbsp;numbers:</p><ul><li>Morgan Stanley Q1 adj. EPS $2.22 vs. $1.01 a year ago; FactSet consensus $1.72.</li><li>Morgan Stanley Q1 revenue $15.72 bln vs. $9.78 bln a year ago; FactSet consensus $14.10 bln.</li><li>Morgan Stanley Q1 net interest income $2.03 bln vs. $1.36 bln; FactSet consensus $1.60 bln.</li><li>Provision for credit losses on loans and lending commitments of $(93) million in the current quarter compared with $388 million in the prior year reflects a release in the allowance for credit losses driven by improvements in the outlook for macroeconomic conditions.</li><li>Book value of $52.71 vs. $51.85 consemsus, tangible book value of $38.97 vs. $41.52 consesus.</li></ul><p>The comparisons of current year results to prior periods were impacted by the acquisitions of Eaton Vance Corp. (“Eaton Vance”) completed on March 1, 2021, reported in the Investment Management segment and E*TRADE Financial Corporation (“E*TRADE”) completed in the fourth quarter of 2020, reported in the Wealth Management segment.</p><p>James P. Gorman, Chairman and Chief Executive Officer, said, “The Firm delivered record results. The integrated Investment Bank continues to thrive. We closed the acquisition of Eaton Vance which takes Investment Management to over $1.4 trillion of assets. Wealth Management brought in record flows of $105 billion. The Firm is very well positioned for growth in the years ahead.”</p><p>Morgan Stanley&nbsp;fell&nbsp;0.33%&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/ca9cd904a98a7c121bcde453a279277c\" tg-width=\"708\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://www.businesswire.com/news/home/20210416005252/en/\" target=\"_blank\"><b>Morgan Stanley First Quarter 2021 Earnings Results &lt;&lt;&lt;</b></a><b></b><img src=\"https://static.tigerbbs.com/5ef0e544b84c2829f5915ab15782678d\" tg-width=\"1056\" tg-height=\"503\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/d3e39946b3dcaf298794cd6d1d1e3955\" tg-width=\"1043\" tg-height=\"534\" referrerpolicy=\"no-referrer\"></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>Morgan Stanley posts better-than-expected 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\">\nMorgan Stanley posts better-than-expected earnings\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">2021-04-16 19:37</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(April 16)&nbsp;Morgan Stanley posts better-than-expected earnings.&nbsp;Here&nbsp;are&nbsp;the&nbsp;numbers:</p><ul><li>Morgan Stanley Q1 adj. EPS $2.22 vs. $1.01 a year ago; FactSet consensus $1.72.</li><li>Morgan Stanley Q1 revenue $15.72 bln vs. $9.78 bln a year ago; FactSet consensus $14.10 bln.</li><li>Morgan Stanley Q1 net interest income $2.03 bln vs. $1.36 bln; FactSet consensus $1.60 bln.</li><li>Provision for credit losses on loans and lending commitments of $(93) million in the current quarter compared with $388 million in the prior year reflects a release in the allowance for credit losses driven by improvements in the outlook for macroeconomic conditions.</li><li>Book value of $52.71 vs. $51.85 consemsus, tangible book value of $38.97 vs. $41.52 consesus.</li></ul><p>The comparisons of current year results to prior periods were impacted by the acquisitions of Eaton Vance Corp. (“Eaton Vance”) completed on March 1, 2021, reported in the Investment Management segment and E*TRADE Financial Corporation (“E*TRADE”) completed in the fourth quarter of 2020, reported in the Wealth Management segment.</p><p>James P. Gorman, Chairman and Chief Executive Officer, said, “The Firm delivered record results. The integrated Investment Bank continues to thrive. We closed the acquisition of Eaton Vance which takes Investment Management to over $1.4 trillion of assets. Wealth Management brought in record flows of $105 billion. The Firm is very well positioned for growth in the years ahead.”</p><p>Morgan Stanley&nbsp;fell&nbsp;0.33%&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/ca9cd904a98a7c121bcde453a279277c\" tg-width=\"708\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://www.businesswire.com/news/home/20210416005252/en/\" target=\"_blank\"><b>Morgan Stanley First Quarter 2021 Earnings Results &lt;&lt;&lt;</b></a><b></b><img src=\"https://static.tigerbbs.com/5ef0e544b84c2829f5915ab15782678d\" tg-width=\"1056\" tg-height=\"503\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/d3e39946b3dcaf298794cd6d1d1e3955\" tg-width=\"1043\" tg-height=\"534\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MS":"摩根士丹利"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167145090","content_text":"(April 16) Morgan Stanley posts better-than-expected earnings. Here are the numbers:Morgan Stanley Q1 adj. EPS $2.22 vs. $1.01 a year ago; FactSet consensus $1.72.Morgan Stanley Q1 revenue $15.72 bln vs. $9.78 bln a year ago; FactSet consensus $14.10 bln.Morgan Stanley Q1 net interest income $2.03 bln vs. $1.36 bln; FactSet consensus $1.60 bln.Provision for credit losses on loans and lending commitments of $(93) million in the current quarter compared with $388 million in the prior year reflects a release in the allowance for credit losses driven by improvements in the outlook for macroeconomic conditions.Book value of $52.71 vs. $51.85 consemsus, tangible book value of $38.97 vs. $41.52 consesus.The comparisons of current year results to prior periods were impacted by the acquisitions of Eaton Vance Corp. (“Eaton Vance”) completed on March 1, 2021, reported in the Investment Management segment and E*TRADE Financial Corporation (“E*TRADE”) completed in the fourth quarter of 2020, reported in the Wealth Management segment.James P. Gorman, Chairman and Chief Executive Officer, said, “The Firm delivered record results. The integrated Investment Bank continues to thrive. We closed the acquisition of Eaton Vance which takes Investment Management to over $1.4 trillion of assets. Wealth Management brought in record flows of $105 billion. The Firm is very well positioned for growth in the years ahead.”Morgan Stanley fell 0.33% in premarket trading.Morgan Stanley First Quarter 2021 Earnings Results <<<","news_type":1},"isVote":1,"tweetType":1,"viewCount":310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370854927,"gmtCreate":1618576187169,"gmtModify":1634291988571,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/370854927","repostId":"1180499171","repostType":4,"repost":{"id":"1180499171","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":1618574944,"share":"https://www.laohu8.com/m/news/1180499171?lang=&edition=full","pubTime":"2021-04-16 20:09","market":"us","language":"en","title":"Toplines Before US Market Open on Friday","url":"https://stock-news.laohu8.com/highlight/detail?id=1180499171","media":"Tiger Newspress","summary":"Stock futures traded sideways Friday morning.Treasury yields rebound but still below recent highs.Turkey bans crypto payments, Bitcoin slides.Morgan Stanley, Sunrun, Comcast and more making the biggest moves premarket. Stock futures traded sideways Friday morning after another record-setting day on Wall Street, with a batch of stronger-than-expected economic data and corporate earnings results helping fuel a risk rally.At 8:04 a.m. ET, Dow E-minis were up 49 points, or 0.14%, S&P 500 E-minis wer","content":"<ul><li>Stock futures traded sideways Friday morning.</li><li>Treasury yields rebound but still below recent highs.</li><li>Turkey bans crypto payments, Bitcoin slides.</li><li>Morgan Stanley, Sunrun, Comcast and more making the biggest moves premarket.</li></ul><p>(April 16)&nbsp;Stock futures traded sideways Friday morning after another record-setting day on Wall Street, with a batch of stronger-than-expected economic data and corporate earnings results helping fuel a risk rally.</p><p>At 8:04 a.m. ET, Dow E-minis were up 49 points, or 0.14%, S&amp;P 500 E-minis were rose 5.75 points, or 0.14% and Nasdaq 100 E-minis were gained 15.50 points, or 0.11%.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/47d34653ba98834cd8e249369591e62f\" tg-width=\"1242\" tg-height=\"499\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:04</span></p><p>Treasury yields rebound but still below recent highs.&nbsp;Dip in 10-year Treasury yield seems to be technically driven, strategist says.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c363e36532f936b81291207412371033\" tg-width=\"920\" tg-height=\"533\" referrerpolicy=\"no-referrer\"><span>*Source From CNBC, EST 08:14</span></p><p><b>Stocks making the biggest moves premarket: Morgan Stanley, Sunrun, Comcast and more:</b></p><p><b>1)&nbsp;Morgan Stanley(MS)</b> — Morgan Stanley topped analysts expectations forfirst quarter earningson the back of better-than-expected bond trading results, sending shares up in the premarket. The major U.S. bank reported earnings of $2.19 per share on revenue of $15.72 billion.</p><p><b>2)&nbsp;Sunrun(RUN) </b>– Shares of the residential solar company jumped 3% after Simmons Energy upgraded the stock to an \"overweight\" rating. In a note to clients, the firm said the company has a strong growth story ahead, and that the recent weakness presents an attractive buying opportunity.</p><p><b>3)&nbsp;Cisco(CSCO)</b> — Cisco shares rose 1.1% in premarket trading Friday after Wolfe Research upgraded the equity to “outperform.” Analyst Jeff Kvaal wrote that “Strong&nbsp; IT&nbsp;spending should prove&nbsp;a&nbsp;tailwind to Cisco&nbsp; estimates” through fiscal year 2022 and said shares should climb to $63, representing a 22% upside from Thursday’s close.</p><p><b>4)&nbsp;PNC Financial(PNC) </b>— The bank stock dipped 1.9% in premarket trading even after PNC beat estimates on the top and bottom lines for its first-quarter report. PNC reported $4.10 in earnings per share on $4.22 billion in revenue. Analysts surveyed by Refinitiv had penciled in $2.75 per share and $4.12 billion in revenue. The bank’s net interest margin declined and missed expectations, according to FactSet.</p><p><b>5)&nbsp;Comcast(CMCSA)</b> — Shares of Comcast rose 1.2% before the opening bell after Raymond James upgraded the stock to an “outperform” rating and told clients it expects strong first-quarter earnings results from the media giant. “We believe there is future NBCU upside from HSD strength, Peacock sub growth, improved theatrical revenue, and phased theme park reopenings,” wrote analyst Frank Louthan.</p><p><b>6)&nbsp;Simon Property Group(SPG)</b> — Shares of the real estate company rose in premarket trading after Jefferies upgraded the stock to “buy” from “hold.” The Wall Street firm said “retailer investments, pent-up consumer demand, and lower bad debt are positive catalysts” for the mall owner.</p><p><b>7)&nbsp;Bank of New York Mellon(BK)</b> — Shares of the bank ticked up 1% in premarket trading after Bank of New York Mellon beat analyst estimates in its first quarter report. The firm earned 97 cents per share on $3.92 billion in revenue. Analysts surveyed by Refinitiv were looking for 87 cents per share and $3.85 billion in revenue.</p><p><b>8)&nbsp;United Airlines(UAL) </b>— Shares of the United Airlines popped in premarket trading following an upgrade to “buy” from “hold” from Argus. The Wall Street firm said it likes the airline’s plans to limit capacity, reduce structural costs by $2 billion, and restore margins to pre-pandemic levels.</p><p><b>9)&nbsp;Coinbase(COIN) </b>— Shares of the newly public cryptocurrency exchange dipped in premarket trading on Friday. The weakness came despite another vote of confidence from popular investor Cathie Wood, whose Ark Invest purchased about $110 million of the stock on Thursday.</p><p><b>10)&nbsp;QuantumScape(QS)&nbsp;</b>—&nbsp;Shares of&nbsp;QuantumScape&nbsp;gained 0.89% in premarket trading after dropping 12% in regular trading after a new short report from Scorpion Capital on the EV battery maker.Scorpion claims that its research indicated that the the company is \"no different than other recently exposed SPAC promotions and EV frauds.\"Scorpion alleges that many of the claims the company has made such as fast charging to 80% in under 15 minutes are false.</p><p>The QuantumScape short was also revealed on Muddy Waters zerOes.tv.</p><p>QuantumScape said in a Twitter post that QS \"stands by its data, which speaks for itself. We have provided higher transparency than any other solid-state battery effort we are aware of, with details on current density, temp, cycle life, cathode thickness, depth of discharge, cell area, pressure.\"\"As our public filings have clearly stated, we have work to do, so this will be our last comment on this topic. We will now get back to work and continue to let our execution speak for itself,\" QuantumScape said in the Twitter post.</p><p><img src=\"https://static.tigerbbs.com/f8f6da68a1844d2f3a9c605728fe7934\" tg-width=\"708\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p>11)&nbsp;Most Blockchain stocks fell. Ebang surged 8%.</p><p><img src=\"https://static.tigerbbs.com/32294266d9d7c18244e4772c4d4ce30a\" tg-width=\"302\" tg-height=\"287\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/02cd72b92056583a324bb8ea1461b659\" tg-width=\"708\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p><b>These are some of the main moves in financial markets:</b></p><p><b>Currencies</b></p><p>The Bloomberg Dollar Spot Index sank 0.1%.The euro jumped 0.2% to $1.1986.The British pound was little changed at $1.3785.The onshore yuan was little changed at 6.521 per dollar.The Japanese yen was little changed at 108.77 per dollar.</p><p><b>Bonds</b></p><p>The yield on 10-year Treasuries fell one basis point to 1.56%.The yield on two-year Treasuries climbed less than one basis point to 0.16%.Germany’s 10-year yield gained one basis point to -0.28%.Britain’s 10-year yield jumped two basis points to 0.755%.Japan’s 10-year yield increased less than one basis point to 0.093%.</p><p><b>Commodities</b></p><p>West Texas Intermediate crude declined 0.1% to $63.37 a barrel.Brent crude was little changed at $66.93 a barrel.Gold strengthened 0.7% to $1,776.66 an ounce.</p><p><b>Turkey bans crypto payments, Bitcoin slides</b></p><p><img src=\"https://static.tigerbbs.com/bc762d6532f6fc02f7215b20d4015413\" tg-width=\"3726\" tg-height=\"8373\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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The major U.S. bank reported earnings of $2.19 per share on revenue of $15.72 billion.</p><p><b>2)&nbsp;Sunrun(RUN) </b>– Shares of the residential solar company jumped 3% after Simmons Energy upgraded the stock to an \"overweight\" rating. In a note to clients, the firm said the company has a strong growth story ahead, and that the recent weakness presents an attractive buying opportunity.</p><p><b>3)&nbsp;Cisco(CSCO)</b> — Cisco shares rose 1.1% in premarket trading Friday after Wolfe Research upgraded the equity to “outperform.” Analyst Jeff Kvaal wrote that “Strong&nbsp; IT&nbsp;spending should prove&nbsp;a&nbsp;tailwind to Cisco&nbsp; estimates” through fiscal year 2022 and said shares should climb to $63, representing a 22% upside from Thursday’s close.</p><p><b>4)&nbsp;PNC Financial(PNC) </b>— The bank stock dipped 1.9% in premarket trading even after PNC beat estimates on the top and bottom lines for its first-quarter report. PNC reported $4.10 in earnings per share on $4.22 billion in revenue. Analysts surveyed by Refinitiv had penciled in $2.75 per share and $4.12 billion in revenue. The bank’s net interest margin declined and missed expectations, according to FactSet.</p><p><b>5)&nbsp;Comcast(CMCSA)</b> — Shares of Comcast rose 1.2% before the opening bell after Raymond James upgraded the stock to an “outperform” rating and told clients it expects strong first-quarter earnings results from the media giant. “We believe there is future NBCU upside from HSD strength, Peacock sub growth, improved theatrical revenue, and phased theme park reopenings,” wrote analyst Frank Louthan.</p><p><b>6)&nbsp;Simon Property Group(SPG)</b> — Shares of the real estate company rose in premarket trading after Jefferies upgraded the stock to “buy” from “hold.” The Wall Street firm said “retailer investments, pent-up consumer demand, and lower bad debt are positive catalysts” for the mall owner.</p><p><b>7)&nbsp;Bank of New York Mellon(BK)</b> — Shares of the bank ticked up 1% in premarket trading after Bank of New York Mellon beat analyst estimates in its first quarter report. The firm earned 97 cents per share on $3.92 billion in revenue. Analysts surveyed by Refinitiv were looking for 87 cents per share and $3.85 billion in revenue.</p><p><b>8)&nbsp;United Airlines(UAL) </b>— Shares of the United Airlines popped in premarket trading following an upgrade to “buy” from “hold” from Argus. The Wall Street firm said it likes the airline’s plans to limit capacity, reduce structural costs by $2 billion, and restore margins to pre-pandemic levels.</p><p><b>9)&nbsp;Coinbase(COIN) </b>— Shares of the newly public cryptocurrency exchange dipped in premarket trading on Friday. The weakness came despite another vote of confidence from popular investor Cathie Wood, whose Ark Invest purchased about $110 million of the stock on Thursday.</p><p><b>10)&nbsp;QuantumScape(QS)&nbsp;</b>—&nbsp;Shares of&nbsp;QuantumScape&nbsp;gained 0.89% in premarket trading after dropping 12% in regular trading after a new short report from Scorpion Capital on the EV battery maker.Scorpion claims that its research indicated that the the company is \"no different than other recently exposed SPAC promotions and EV frauds.\"Scorpion alleges that many of the claims the company has made such as fast charging to 80% in under 15 minutes are false.</p><p>The QuantumScape short was also revealed on Muddy Waters zerOes.tv.</p><p>QuantumScape said in a Twitter post that QS \"stands by its data, which speaks for itself. We have provided higher transparency than any other solid-state battery effort we are aware of, with details on current density, temp, cycle life, cathode thickness, depth of discharge, cell area, pressure.\"\"As our public filings have clearly stated, we have work to do, so this will be our last comment on this topic. We will now get back to work and continue to let our execution speak for itself,\" QuantumScape said in the Twitter post.</p><p><img src=\"https://static.tigerbbs.com/f8f6da68a1844d2f3a9c605728fe7934\" tg-width=\"708\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p>11)&nbsp;Most Blockchain stocks fell. Ebang surged 8%.</p><p><img src=\"https://static.tigerbbs.com/32294266d9d7c18244e4772c4d4ce30a\" tg-width=\"302\" tg-height=\"287\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/02cd72b92056583a324bb8ea1461b659\" tg-width=\"708\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p><b>These are some of the main moves in financial markets:</b></p><p><b>Currencies</b></p><p>The Bloomberg Dollar Spot Index sank 0.1%.The euro jumped 0.2% to $1.1986.The British pound was little changed at $1.3785.The onshore yuan was little changed at 6.521 per dollar.The Japanese yen was little changed at 108.77 per dollar.</p><p><b>Bonds</b></p><p>The yield on 10-year Treasuries fell one basis point to 1.56%.The yield on two-year Treasuries climbed less than one basis point to 0.16%.Germany’s 10-year yield gained one basis point to -0.28%.Britain’s 10-year yield jumped two basis points to 0.755%.Japan’s 10-year yield increased less than one basis point to 0.093%.</p><p><b>Commodities</b></p><p>West Texas Intermediate crude declined 0.1% to $63.37 a barrel.Brent crude was little changed at $66.93 a barrel.Gold strengthened 0.7% to $1,776.66 an ounce.</p><p><b>Turkey bans crypto payments, Bitcoin slides</b></p><p><img src=\"https://static.tigerbbs.com/bc762d6532f6fc02f7215b20d4015413\" tg-width=\"3726\" tg-height=\"8373\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180499171","content_text":"Stock futures traded sideways Friday morning.Treasury yields rebound but still below recent highs.Turkey bans crypto payments, Bitcoin slides.Morgan Stanley, Sunrun, Comcast and more making the biggest moves premarket.(April 16) Stock futures traded sideways Friday morning after another record-setting day on Wall Street, with a batch of stronger-than-expected economic data and corporate earnings results helping fuel a risk rally.At 8:04 a.m. ET, Dow E-minis were up 49 points, or 0.14%, S&P 500 E-minis were rose 5.75 points, or 0.14% and Nasdaq 100 E-minis were gained 15.50 points, or 0.11%.*Source From Tiger Trade, EST 08:04Treasury yields rebound but still below recent highs. Dip in 10-year Treasury yield seems to be technically driven, strategist says.*Source From CNBC, EST 08:14Stocks making the biggest moves premarket: Morgan Stanley, Sunrun, Comcast and more:1) Morgan Stanley(MS) — Morgan Stanley topped analysts expectations forfirst quarter earningson the back of better-than-expected bond trading results, sending shares up in the premarket. The major U.S. bank reported earnings of $2.19 per share on revenue of $15.72 billion.2) Sunrun(RUN) – Shares of the residential solar company jumped 3% after Simmons Energy upgraded the stock to an \"overweight\" rating. In a note to clients, the firm said the company has a strong growth story ahead, and that the recent weakness presents an attractive buying opportunity.3) Cisco(CSCO) — Cisco shares rose 1.1% in premarket trading Friday after Wolfe Research upgraded the equity to “outperform.” Analyst Jeff Kvaal wrote that “Strong  IT spending should prove a tailwind to Cisco  estimates” through fiscal year 2022 and said shares should climb to $63, representing a 22% upside from Thursday’s close.4) PNC Financial(PNC) — The bank stock dipped 1.9% in premarket trading even after PNC beat estimates on the top and bottom lines for its first-quarter report. PNC reported $4.10 in earnings per share on $4.22 billion in revenue. Analysts surveyed by Refinitiv had penciled in $2.75 per share and $4.12 billion in revenue. The bank’s net interest margin declined and missed expectations, according to FactSet.5) Comcast(CMCSA) — Shares of Comcast rose 1.2% before the opening bell after Raymond James upgraded the stock to an “outperform” rating and told clients it expects strong first-quarter earnings results from the media giant. “We believe there is future NBCU upside from HSD strength, Peacock sub growth, improved theatrical revenue, and phased theme park reopenings,” wrote analyst Frank Louthan.6) Simon Property Group(SPG) — Shares of the real estate company rose in premarket trading after Jefferies upgraded the stock to “buy” from “hold.” The Wall Street firm said “retailer investments, pent-up consumer demand, and lower bad debt are positive catalysts” for the mall owner.7) Bank of New York Mellon(BK) — Shares of the bank ticked up 1% in premarket trading after Bank of New York Mellon beat analyst estimates in its first quarter report. The firm earned 97 cents per share on $3.92 billion in revenue. Analysts surveyed by Refinitiv were looking for 87 cents per share and $3.85 billion in revenue.8) United Airlines(UAL) — Shares of the United Airlines popped in premarket trading following an upgrade to “buy” from “hold” from Argus. The Wall Street firm said it likes the airline’s plans to limit capacity, reduce structural costs by $2 billion, and restore margins to pre-pandemic levels.9) Coinbase(COIN) — Shares of the newly public cryptocurrency exchange dipped in premarket trading on Friday. The weakness came despite another vote of confidence from popular investor Cathie Wood, whose Ark Invest purchased about $110 million of the stock on Thursday.10) QuantumScape(QS) — Shares of QuantumScape gained 0.89% in premarket trading after dropping 12% in regular trading after a new short report from Scorpion Capital on the EV battery maker.Scorpion claims that its research indicated that the the company is \"no different than other recently exposed SPAC promotions and EV frauds.\"Scorpion alleges that many of the claims the company has made such as fast charging to 80% in under 15 minutes are false.The QuantumScape short was also revealed on Muddy Waters zerOes.tv.QuantumScape said in a Twitter post that QS \"stands by its data, which speaks for itself. We have provided higher transparency than any other solid-state battery effort we are aware of, with details on current density, temp, cycle life, cathode thickness, depth of discharge, cell area, pressure.\"\"As our public filings have clearly stated, we have work to do, so this will be our last comment on this topic. We will now get back to work and continue to let our execution speak for itself,\" QuantumScape said in the Twitter post.11) Most Blockchain stocks fell. Ebang surged 8%.These are some of the main moves in financial markets:CurrenciesThe Bloomberg Dollar Spot Index sank 0.1%.The euro jumped 0.2% to $1.1986.The British pound was little changed at $1.3785.The onshore yuan was little changed at 6.521 per dollar.The Japanese yen was little changed at 108.77 per dollar.BondsThe yield on 10-year Treasuries fell one basis point to 1.56%.The yield on two-year Treasuries climbed less than one basis point to 0.16%.Germany’s 10-year yield gained one basis point to -0.28%.Britain’s 10-year yield jumped two basis points to 0.755%.Japan’s 10-year yield increased less than one basis point to 0.093%.CommoditiesWest Texas Intermediate crude declined 0.1% to $63.37 a barrel.Brent crude was little changed at $66.93 a barrel.Gold strengthened 0.7% to $1,776.66 an ounce.Turkey bans crypto payments, Bitcoin slides","news_type":1},"isVote":1,"tweetType":1,"viewCount":364,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370855291,"gmtCreate":1618576135513,"gmtModify":1634291988916,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/370855291","repostId":"2127834845","repostType":4,"isVote":1,"tweetType":1,"viewCount":314,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344873418,"gmtCreate":1618401665134,"gmtModify":1634293213074,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"O","listText":"O","text":"O","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/344873418","repostId":"1195099187","repostType":4,"repost":{"id":"1195099187","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":1618397517,"share":"https://www.laohu8.com/m/news/1195099187?lang=&edition=full","pubTime":"2021-04-14 18:51","market":"us","language":"en","title":"JPMorgan Chase beats analysts’ estimates as bank releases $5.2 billion in loan loss reserves","url":"https://stock-news.laohu8.com/highlight/detail?id=1195099187","media":"Tiger Newspress","summary":"KEY POINTSEarnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.Re","content":"<p><b>KEY POINTS</b></p><ul><li>Earnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li>Revenue: $33.12 billion, vs. $30.52 billion expected.</li></ul><p>(April 14)&nbsp;JPMorgan Chasereported first-quarter earnings before the opening bell on Wednesday.</p><p>Here are the numbers:</p><ul><li><b>Earnings:</b>$4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li><b>Revenue:</b>$33.12 billion, vs. $30.52 billion expected.</li><li>Credit costs net benefit of $4.2 billion included $5.2 billion of net reserve releases and $1.1 billion of net charge-offs.</li><li>Average loans up 1%; average deposits up 36%</li><li>$1.5 trillion of liquidity sources, including HQLA and unencumbered marketable securities</li><li>Average deposits up 32%; client investment assets up 44%</li><li>Average loans down 7%; debit and credit card sales volume up 9%</li><li>Active mobile customers up 9%</li><li>Global Investment Banking wallet share of 9.0% in 1Q21</li><li>Total Markets revenue of $9.1 billion, up 25%, with Fixed Income Markets up 15% and Equity Markets up 47%</li><li>Gross Investment Banking revenue of $1.1 billion, up 65%</li><li>Average loans down 2%; average deposits up 54%</li><li>Assets under management (AUM) of $2.8 trillion, up 28%</li><li>Average loans up 18%; average deposits up 43%</li></ul><p>JPMorgan Chase&nbsp;slipped&nbsp;1%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><img src=\"https://static.tigerbbs.com/e7507e54ef613f6f1636ce34550816c8\" tg-width=\"659\" tg-height=\"564\" referrerpolicy=\"no-referrer\"></p><p>JPMorgan Chase, the first major bank to report first-quarter earnings, will be closely watched for clues as to how the industry will emerge from the coronavirus pandemic.</p><p>One key question is whether banks will continue to release loan loss reserves — and the magnitude of those releases — that are no longer needed as the U.S. economic recovery gains pace. In the fourth quarter, JPMorgan beat expectations in part by releasing $2.9 billion in reserves.</p><p>JPMorgan, with the world's biggest Wall Street division by revenue, is also expected to benefit from robust investment banking fees driven by record issuance of SPACs, the blank check companies that saw more activity in the first quarter than all of 2020, itself a record year. Trading revenue is also expected to be a tailwind in the quarter.</p><p>Analysts will also be curious about the pace of share repurchases the bank is expected to make. Last month, the Federal Reserve&nbsp;said banks&nbsp;that pass the industry's 2021 stress test will be allowed to resume higher levels of dividend payouts and buybacks starting June 30.</p><p>Shares of JPMorgan rose 21% so far this year, compared to the 25% advance of the KBW Bank Index.</p><p><img src=\"https://static.tigerbbs.com/ade6e23d309c02ebd566a97e22d0b776\" tg-width=\"1894\" tg-height=\"250\" referrerpolicy=\"no-referrer\">Discussion of Results:</p><p>Net income was $14.3 billion, up $11.4 billion, predominantly driven by credit reserve releases of $5.2 billion compared to credit reserve builds of $6.8 billion in the prior year.</p><p>Net revenue of $33.1 billion was up 14%. Noninterest revenue was $20.1 billion, up 39%, driven by higher CIB Markets revenue, higher Investment Banking fees, and the absence of losses in Credit Adjustments and Other and markdowns on held-for-sale positions in the bridge book13 recorded in the prior year. Net interest income was $13.0 billion, down 11%, predominantly driven by the impact of lower rates, partially offset by balance sheet growth.</p><p>Noninterest expense was $18.7 billion, up 12%, predominantly driven by higher volume- and revenue-related expense and continued investments. The increase in expense also included a $550 million contribution to the Firm’s Foundation.</p><p>The provision for credit losses was a net benefit of $4.2 billion driven by net reserve releases of $5.2 billion, compared to an expense of $8.3 billion in the prior year predominantly driven by net reserve builds of $6.8 billion. The Consumer reserve release was $4.5 billion, and included a $3.5 billion release in Card, reflecting improvements in the macroeconomic scenarios, and a $625 million reserve release in Home Lending primarily due to improvements in house price index (HPI) expectations and to a lesser extent portfolio run-off. The Wholesale reserve release was $716 million reflecting improvements in the macroeconomic scenarios. Net charge-offs of $1.1 billion were down $412 million, predominantly driven by Card.</p><p><img src=\"https://static.tigerbbs.com/ef7db3c342d0b99ad63d96fdea9fd129\" tg-width=\"1889\" tg-height=\"232\">Discussion of Results:</p><p>Net income was $6.7 billion, up $6.5 billion, driven by credit reserve releases compared to reserve builds in the prior year. Net revenue was $12.5 billion, down 6%.</p><p>Consumer &amp; Business Banking net revenue was $5.6 billion, down 10%, driven by the impact of deposit margin compression, largely offset by growth in deposit balances. Home Lending net revenue was $1.5 billion, up 26%, driven by higher production revenue, partially offset by lower net interest income on lower balances. Card &amp; Auto net revenue was $5.4 billion, down 7%, driven by lower Card net interest income on lower balances, partially offset by lower Card acquisition costs and higher Card net interchange income.</p><p>Noninterest expense was $7.2 billion, down 1%.</p><p>The provision for credit losses was a net benefit of $3.6 billion, including a $4.6 billion reserve release reflecting improvements in the macroeconomic scenarios compared to a $4.5 billion reserve build in the prior year. Net charge-offs were $1.0 billion, down $290 million, driven by Card.</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>JPMorgan Chase beats analysts’ estimates as bank releases $5.2 billion in loan loss reserves</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\">\nJPMorgan Chase beats analysts’ estimates as bank releases $5.2 billion in loan loss reserves\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">2021-04-14 18:51</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><b>KEY POINTS</b></p><ul><li>Earnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li>Revenue: $33.12 billion, vs. $30.52 billion expected.</li></ul><p>(April 14)&nbsp;JPMorgan Chasereported first-quarter earnings before the opening bell on Wednesday.</p><p>Here are the numbers:</p><ul><li><b>Earnings:</b>$4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li><b>Revenue:</b>$33.12 billion, vs. $30.52 billion expected.</li><li>Credit costs net benefit of $4.2 billion included $5.2 billion of net reserve releases and $1.1 billion of net charge-offs.</li><li>Average loans up 1%; average deposits up 36%</li><li>$1.5 trillion of liquidity sources, including HQLA and unencumbered marketable securities</li><li>Average deposits up 32%; client investment assets up 44%</li><li>Average loans down 7%; debit and credit card sales volume up 9%</li><li>Active mobile customers up 9%</li><li>Global Investment Banking wallet share of 9.0% in 1Q21</li><li>Total Markets revenue of $9.1 billion, up 25%, with Fixed Income Markets up 15% and Equity Markets up 47%</li><li>Gross Investment Banking revenue of $1.1 billion, up 65%</li><li>Average loans down 2%; average deposits up 54%</li><li>Assets under management (AUM) of $2.8 trillion, up 28%</li><li>Average loans up 18%; average deposits up 43%</li></ul><p>JPMorgan Chase&nbsp;slipped&nbsp;1%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><img src=\"https://static.tigerbbs.com/e7507e54ef613f6f1636ce34550816c8\" tg-width=\"659\" tg-height=\"564\" referrerpolicy=\"no-referrer\"></p><p>JPMorgan Chase, the first major bank to report first-quarter earnings, will be closely watched for clues as to how the industry will emerge from the coronavirus pandemic.</p><p>One key question is whether banks will continue to release loan loss reserves — and the magnitude of those releases — that are no longer needed as the U.S. economic recovery gains pace. In the fourth quarter, JPMorgan beat expectations in part by releasing $2.9 billion in reserves.</p><p>JPMorgan, with the world's biggest Wall Street division by revenue, is also expected to benefit from robust investment banking fees driven by record issuance of SPACs, the blank check companies that saw more activity in the first quarter than all of 2020, itself a record year. Trading revenue is also expected to be a tailwind in the quarter.</p><p>Analysts will also be curious about the pace of share repurchases the bank is expected to make. Last month, the Federal Reserve&nbsp;said banks&nbsp;that pass the industry's 2021 stress test will be allowed to resume higher levels of dividend payouts and buybacks starting June 30.</p><p>Shares of JPMorgan rose 21% so far this year, compared to the 25% advance of the KBW Bank Index.</p><p><img src=\"https://static.tigerbbs.com/ade6e23d309c02ebd566a97e22d0b776\" tg-width=\"1894\" tg-height=\"250\" referrerpolicy=\"no-referrer\">Discussion of Results:</p><p>Net income was $14.3 billion, up $11.4 billion, predominantly driven by credit reserve releases of $5.2 billion compared to credit reserve builds of $6.8 billion in the prior year.</p><p>Net revenue of $33.1 billion was up 14%. Noninterest revenue was $20.1 billion, up 39%, driven by higher CIB Markets revenue, higher Investment Banking fees, and the absence of losses in Credit Adjustments and Other and markdowns on held-for-sale positions in the bridge book13 recorded in the prior year. Net interest income was $13.0 billion, down 11%, predominantly driven by the impact of lower rates, partially offset by balance sheet growth.</p><p>Noninterest expense was $18.7 billion, up 12%, predominantly driven by higher volume- and revenue-related expense and continued investments. The increase in expense also included a $550 million contribution to the Firm’s Foundation.</p><p>The provision for credit losses was a net benefit of $4.2 billion driven by net reserve releases of $5.2 billion, compared to an expense of $8.3 billion in the prior year predominantly driven by net reserve builds of $6.8 billion. The Consumer reserve release was $4.5 billion, and included a $3.5 billion release in Card, reflecting improvements in the macroeconomic scenarios, and a $625 million reserve release in Home Lending primarily due to improvements in house price index (HPI) expectations and to a lesser extent portfolio run-off. The Wholesale reserve release was $716 million reflecting improvements in the macroeconomic scenarios. Net charge-offs of $1.1 billion were down $412 million, predominantly driven by Card.</p><p><img src=\"https://static.tigerbbs.com/ef7db3c342d0b99ad63d96fdea9fd129\" tg-width=\"1889\" tg-height=\"232\">Discussion of Results:</p><p>Net income was $6.7 billion, up $6.5 billion, driven by credit reserve releases compared to reserve builds in the prior year. Net revenue was $12.5 billion, down 6%.</p><p>Consumer &amp; Business Banking net revenue was $5.6 billion, down 10%, driven by the impact of deposit margin compression, largely offset by growth in deposit balances. Home Lending net revenue was $1.5 billion, up 26%, driven by higher production revenue, partially offset by lower net interest income on lower balances. Card &amp; Auto net revenue was $5.4 billion, down 7%, driven by lower Card net interest income on lower balances, partially offset by lower Card acquisition costs and higher Card net interchange income.</p><p>Noninterest expense was $7.2 billion, down 1%.</p><p>The provision for credit losses was a net benefit of $3.6 billion, including a $4.6 billion reserve release reflecting improvements in the macroeconomic scenarios compared to a $4.5 billion reserve build in the prior year. Net charge-offs were $1.0 billion, down $290 million, driven by Card.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195099187","content_text":"KEY POINTSEarnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.Revenue: $33.12 billion, vs. $30.52 billion expected.(April 14) JPMorgan Chasereported first-quarter earnings before the opening bell on Wednesday.Here are the numbers:Earnings:$4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.Revenue:$33.12 billion, vs. $30.52 billion expected.Credit costs net benefit of $4.2 billion included $5.2 billion of net reserve releases and $1.1 billion of net charge-offs.Average loans up 1%; average deposits up 36%$1.5 trillion of liquidity sources, including HQLA and unencumbered marketable securitiesAverage deposits up 32%; client investment assets up 44%Average loans down 7%; debit and credit card sales volume up 9%Active mobile customers up 9%Global Investment Banking wallet share of 9.0% in 1Q21Total Markets revenue of $9.1 billion, up 25%, with Fixed Income Markets up 15% and Equity Markets up 47%Gross Investment Banking revenue of $1.1 billion, up 65%Average loans down 2%; average deposits up 54%Assets under management (AUM) of $2.8 trillion, up 28%Average loans up 18%; average deposits up 43%JPMorgan Chase slipped 1% in premarket trading.JPMorgan Chase, the first major bank to report first-quarter earnings, will be closely watched for clues as to how the industry will emerge from the coronavirus pandemic.One key question is whether banks will continue to release loan loss reserves — and the magnitude of those releases — that are no longer needed as the U.S. economic recovery gains pace. In the fourth quarter, JPMorgan beat expectations in part by releasing $2.9 billion in reserves.JPMorgan, with the world's biggest Wall Street division by revenue, is also expected to benefit from robust investment banking fees driven by record issuance of SPACs, the blank check companies that saw more activity in the first quarter than all of 2020, itself a record year. Trading revenue is also expected to be a tailwind in the quarter.Analysts will also be curious about the pace of share repurchases the bank is expected to make. Last month, the Federal Reserve said banks that pass the industry's 2021 stress test will be allowed to resume higher levels of dividend payouts and buybacks starting June 30.Shares of JPMorgan rose 21% so far this year, compared to the 25% advance of the KBW Bank Index.Discussion of Results:Net income was $14.3 billion, up $11.4 billion, predominantly driven by credit reserve releases of $5.2 billion compared to credit reserve builds of $6.8 billion in the prior year.Net revenue of $33.1 billion was up 14%. Noninterest revenue was $20.1 billion, up 39%, driven by higher CIB Markets revenue, higher Investment Banking fees, and the absence of losses in Credit Adjustments and Other and markdowns on held-for-sale positions in the bridge book13 recorded in the prior year. Net interest income was $13.0 billion, down 11%, predominantly driven by the impact of lower rates, partially offset by balance sheet growth.Noninterest expense was $18.7 billion, up 12%, predominantly driven by higher volume- and revenue-related expense and continued investments. The increase in expense also included a $550 million contribution to the Firm’s Foundation.The provision for credit losses was a net benefit of $4.2 billion driven by net reserve releases of $5.2 billion, compared to an expense of $8.3 billion in the prior year predominantly driven by net reserve builds of $6.8 billion. The Consumer reserve release was $4.5 billion, and included a $3.5 billion release in Card, reflecting improvements in the macroeconomic scenarios, and a $625 million reserve release in Home Lending primarily due to improvements in house price index (HPI) expectations and to a lesser extent portfolio run-off. The Wholesale reserve release was $716 million reflecting improvements in the macroeconomic scenarios. Net charge-offs of $1.1 billion were down $412 million, predominantly driven by Card.Discussion of Results:Net income was $6.7 billion, up $6.5 billion, driven by credit reserve releases compared to reserve builds in the prior year. Net revenue was $12.5 billion, down 6%.Consumer & Business Banking net revenue was $5.6 billion, down 10%, driven by the impact of deposit margin compression, largely offset by growth in deposit balances. Home Lending net revenue was $1.5 billion, up 26%, driven by higher production revenue, partially offset by lower net interest income on lower balances. Card & Auto net revenue was $5.4 billion, down 7%, driven by lower Card net interest income on lower balances, partially offset by lower Card acquisition costs and higher Card net interchange income.Noninterest expense was $7.2 billion, down 1%.The provision for credit losses was a net benefit of $3.6 billion, including a $4.6 billion reserve release reflecting improvements in the macroeconomic scenarios compared to a $4.5 billion reserve build in the prior year. Net charge-offs were $1.0 billion, down $290 million, driven by Card.","news_type":1},"isVote":1,"tweetType":1,"viewCount":327,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344870345,"gmtCreate":1618401429487,"gmtModify":1634293214552,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/344870345","repostId":"2127802988","repostType":2,"repost":{"id":"2127802988","kind":"highlight","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":1618439652,"share":"https://www.laohu8.com/m/news/2127802988?lang=&edition=full","pubTime":"2021-04-15 06:34","market":"sg","language":"en","title":"From Harvard to Nasdaq listing: Grab CEO's ride to world's biggest SPAC deal","url":"https://stock-news.laohu8.com/highlight/detail?id=2127802988","media":"Reuters","summary":"The CEO of Grab, a popular app to book taxis, order food and make payments in Southeast Asia, has al","content":"<p>The CEO of Grab, a popular app to book taxis, order food and make payments in Southeast Asia, has always been determined to win -- from making his firm the best-funded regional start-up to defeating behemoth Uber Technologies.</p>\n<p>On Tuesday, Anthony Tan set another record when Grab Holdings agreed to list on Nasdaq through a $39.6 billion merger deal with a blank-check company, Altimeter Growth Corp.</p>\n<p>The transaction will be the world’s largest merger involving a so-called special purpose acquisition company (SPAC). The accompanying $4 billion fundraising from global investors is also set to be the biggest ever U.S. equity offering by a Southeast Asian company.</p>\n<p>“Anthony focuses on what to do, and executes it well,” said Chua Kee Lock, chief executive officer of Singapore-based venture capital firm Vertex, an early investor in Grab.</p>\n<p>The deals validate the 39-year-old co-founder’s strategy to go hyper local and expand further in a region whose digital economy is estimated to triple to $309 billion by 2025.</p>\n<p>“This might be a precedent set not necessarily just from the point of view of start-ups themselves but from global investors starting to have their eyes open to the Southeast Asian opportunity,” said Usman Akhtar, who leads Bain &amp; Co.’s Southeast Asia private equity practice.</p>\n<p>Tan and co-founder Tan Hooi Ling, who are unrelated, created Grab from a Harvard Business School venture competition plan in 2011. They launched a taxi app in Malaysia in June 2012 and then took it regional.</p>\n<p>And while the charismatic Tan is the scion of one of Malaysia’s wealthiest families, he decided to strike it out as an entrepreneur.</p>\n<p>“He is a very determined character and does not give up easily,” said Chua.</p>\n<p>That resolve came in handy in Grab’s costly five-year battle with Uber, when Tan told employees that when “a local champion stays true to their beliefs and strengths, they can prevail.”</p>\n<p>Uber exited the region in 2018 by selling its business to Grab and in return took a stake in the company.</p>\n<p>The deal also laid the foundation for Grab’s food delivery business, which has become its largest segment as stay-at-home customers ordered food and groceries online last year.</p>\n<p>But the COVID-19 pandemic also plunged Grab into its biggest crisis after demand for ride-hailing services tanked, forcing it to lay off about 5% of its staff.</p>\n<p>Tan sought advice from his investors, including Microsoft’s Satya Nadella. Softbank CEO Masayoshi Son, whom Tan calls his personal mentor, also helped in Grab’s decision to pivot into deliveries and expand its payments business.</p>\n<p>“Anthony always had in mind a significant business that could include services beyond ride-hailing,” said Frank Cespedes, a senior lecturer at Harvard Business School, who supervised the Tans’ team in the business plan competition.</p>\n<p>Those who have worked with Tan say he is passionate about Grab and has tremendous energy. Last year, when people mostly worked from home in Singapore, Tan often spent 15 hours a day at his standing desk, sometimes exercising with dumbbells.</p>\n<p>He often jokes that he and his wife need to stay active to manage their three toddlers. They are expecting another child.</p>\n<p><b>SUPERMAN AND IRON MAN</b></p>\n<p>While Grab is still loss-making like many early-stage high-growth tech companies, Tan said the firm, which has more than 7,000 employees, started thinking about a listing nearly a year ago.</p>\n<p>Only this year, it seriously considered going public via a merger with a SPAC after receiving many offers.</p>\n<p>Sources familiar with the matter said the IPO process was code named “Iron Man” while the SPAC route was dubbed “Superman.”</p>\n<p>“Superman is a good guy and he would go all out to serve society,” Tan told Reuters in an interview on Tuesday.</p>\n<p>Grab’s funding comes as rivals including Gojek and Sea are also bulking up.</p>\n<p>“Other founders, other entrepreneurs and the region will be able to attract even more capital, because now we’ve shown that investors can make money, can exit,” said Tan.</p>\n<p>Tech companies view the region of 650 million people as a big opportunity, but the markets’ diversity has tripped up some global firms.</p>\n<p>Much of Grab’s success has been due to Tan’s relentless drive to localise. It accepted cash when Uber only allowed card payments. Grab also moved early to offer motorcycle taxi rides in traffic-clogged countries of Vietnam and Indonesia.</p>\n<p>After shifting its headquarters to Singapore, Grab gained access to some of the world’s biggest investors and talent.</p>\n<p>“Grab’s sharp focus allows them to go very deep into the eco-system and be relevant across a person’s everyday life,” said Keith Magnus, Asia co-chairman at boutique investment bank Evercore, which was among Grab’s advisers on the SPAC deal.</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>From Harvard to Nasdaq listing: Grab CEO's ride to world's biggest SPAC deal</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\">\nFrom Harvard to Nasdaq listing: Grab CEO's ride to world's biggest SPAC deal\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\">2021-04-15 06:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>The CEO of Grab, a popular app to book taxis, order food and make payments in Southeast Asia, has always been determined to win -- from making his firm the best-funded regional start-up to defeating behemoth Uber Technologies.</p>\n<p>On Tuesday, Anthony Tan set another record when Grab Holdings agreed to list on Nasdaq through a $39.6 billion merger deal with a blank-check company, Altimeter Growth Corp.</p>\n<p>The transaction will be the world’s largest merger involving a so-called special purpose acquisition company (SPAC). The accompanying $4 billion fundraising from global investors is also set to be the biggest ever U.S. equity offering by a Southeast Asian company.</p>\n<p>“Anthony focuses on what to do, and executes it well,” said Chua Kee Lock, chief executive officer of Singapore-based venture capital firm Vertex, an early investor in Grab.</p>\n<p>The deals validate the 39-year-old co-founder’s strategy to go hyper local and expand further in a region whose digital economy is estimated to triple to $309 billion by 2025.</p>\n<p>“This might be a precedent set not necessarily just from the point of view of start-ups themselves but from global investors starting to have their eyes open to the Southeast Asian opportunity,” said Usman Akhtar, who leads Bain &amp; Co.’s Southeast Asia private equity practice.</p>\n<p>Tan and co-founder Tan Hooi Ling, who are unrelated, created Grab from a Harvard Business School venture competition plan in 2011. They launched a taxi app in Malaysia in June 2012 and then took it regional.</p>\n<p>And while the charismatic Tan is the scion of one of Malaysia’s wealthiest families, he decided to strike it out as an entrepreneur.</p>\n<p>“He is a very determined character and does not give up easily,” said Chua.</p>\n<p>That resolve came in handy in Grab’s costly five-year battle with Uber, when Tan told employees that when “a local champion stays true to their beliefs and strengths, they can prevail.”</p>\n<p>Uber exited the region in 2018 by selling its business to Grab and in return took a stake in the company.</p>\n<p>The deal also laid the foundation for Grab’s food delivery business, which has become its largest segment as stay-at-home customers ordered food and groceries online last year.</p>\n<p>But the COVID-19 pandemic also plunged Grab into its biggest crisis after demand for ride-hailing services tanked, forcing it to lay off about 5% of its staff.</p>\n<p>Tan sought advice from his investors, including Microsoft’s Satya Nadella. Softbank CEO Masayoshi Son, whom Tan calls his personal mentor, also helped in Grab’s decision to pivot into deliveries and expand its payments business.</p>\n<p>“Anthony always had in mind a significant business that could include services beyond ride-hailing,” said Frank Cespedes, a senior lecturer at Harvard Business School, who supervised the Tans’ team in the business plan competition.</p>\n<p>Those who have worked with Tan say he is passionate about Grab and has tremendous energy. Last year, when people mostly worked from home in Singapore, Tan often spent 15 hours a day at his standing desk, sometimes exercising with dumbbells.</p>\n<p>He often jokes that he and his wife need to stay active to manage their three toddlers. They are expecting another child.</p>\n<p><b>SUPERMAN AND IRON MAN</b></p>\n<p>While Grab is still loss-making like many early-stage high-growth tech companies, Tan said the firm, which has more than 7,000 employees, started thinking about a listing nearly a year ago.</p>\n<p>Only this year, it seriously considered going public via a merger with a SPAC after receiving many offers.</p>\n<p>Sources familiar with the matter said the IPO process was code named “Iron Man” while the SPAC route was dubbed “Superman.”</p>\n<p>“Superman is a good guy and he would go all out to serve society,” Tan told Reuters in an interview on Tuesday.</p>\n<p>Grab’s funding comes as rivals including Gojek and Sea are also bulking up.</p>\n<p>“Other founders, other entrepreneurs and the region will be able to attract even more capital, because now we’ve shown that investors can make money, can exit,” said Tan.</p>\n<p>Tech companies view the region of 650 million people as a big opportunity, but the markets’ diversity has tripped up some global firms.</p>\n<p>Much of Grab’s success has been due to Tan’s relentless drive to localise. It accepted cash when Uber only allowed card payments. Grab also moved early to offer motorcycle taxi rides in traffic-clogged countries of Vietnam and Indonesia.</p>\n<p>After shifting its headquarters to Singapore, Grab gained access to some of the world’s biggest investors and talent.</p>\n<p>“Grab’s sharp focus allows them to go very deep into the eco-system and be relevant across a person’s everyday life,” said Keith Magnus, Asia co-chairman at boutique investment bank Evercore, which was among Grab’s advisers on the SPAC deal.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd","TQQQ":"纳指三倍做多ETF","NDAQ":"纳斯达克OMX交易所","QQQ":"纳指100ETF","QID":"纳指两倍做空ETF","UBER":"优步",".IXIC":"NASDAQ Composite","SQQQ":"纳指三倍做空ETF","QLD":"纳指两倍做多ETF","PSQ":"纳指反向ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2127802988","content_text":"The CEO of Grab, a popular app to book taxis, order food and make payments in Southeast Asia, has always been determined to win -- from making his firm the best-funded regional start-up to defeating behemoth Uber Technologies.\nOn Tuesday, Anthony Tan set another record when Grab Holdings agreed to list on Nasdaq through a $39.6 billion merger deal with a blank-check company, Altimeter Growth Corp.\nThe transaction will be the world’s largest merger involving a so-called special purpose acquisition company (SPAC). The accompanying $4 billion fundraising from global investors is also set to be the biggest ever U.S. equity offering by a Southeast Asian company.\n“Anthony focuses on what to do, and executes it well,” said Chua Kee Lock, chief executive officer of Singapore-based venture capital firm Vertex, an early investor in Grab.\nThe deals validate the 39-year-old co-founder’s strategy to go hyper local and expand further in a region whose digital economy is estimated to triple to $309 billion by 2025.\n“This might be a precedent set not necessarily just from the point of view of start-ups themselves but from global investors starting to have their eyes open to the Southeast Asian opportunity,” said Usman Akhtar, who leads Bain & Co.’s Southeast Asia private equity practice.\nTan and co-founder Tan Hooi Ling, who are unrelated, created Grab from a Harvard Business School venture competition plan in 2011. They launched a taxi app in Malaysia in June 2012 and then took it regional.\nAnd while the charismatic Tan is the scion of one of Malaysia’s wealthiest families, he decided to strike it out as an entrepreneur.\n“He is a very determined character and does not give up easily,” said Chua.\nThat resolve came in handy in Grab’s costly five-year battle with Uber, when Tan told employees that when “a local champion stays true to their beliefs and strengths, they can prevail.”\nUber exited the region in 2018 by selling its business to Grab and in return took a stake in the company.\nThe deal also laid the foundation for Grab’s food delivery business, which has become its largest segment as stay-at-home customers ordered food and groceries online last year.\nBut the COVID-19 pandemic also plunged Grab into its biggest crisis after demand for ride-hailing services tanked, forcing it to lay off about 5% of its staff.\nTan sought advice from his investors, including Microsoft’s Satya Nadella. Softbank CEO Masayoshi Son, whom Tan calls his personal mentor, also helped in Grab’s decision to pivot into deliveries and expand its payments business.\n“Anthony always had in mind a significant business that could include services beyond ride-hailing,” said Frank Cespedes, a senior lecturer at Harvard Business School, who supervised the Tans’ team in the business plan competition.\nThose who have worked with Tan say he is passionate about Grab and has tremendous energy. Last year, when people mostly worked from home in Singapore, Tan often spent 15 hours a day at his standing desk, sometimes exercising with dumbbells.\nHe often jokes that he and his wife need to stay active to manage their three toddlers. They are expecting another child.\nSUPERMAN AND IRON MAN\nWhile Grab is still loss-making like many early-stage high-growth tech companies, Tan said the firm, which has more than 7,000 employees, started thinking about a listing nearly a year ago.\nOnly this year, it seriously considered going public via a merger with a SPAC after receiving many offers.\nSources familiar with the matter said the IPO process was code named “Iron Man” while the SPAC route was dubbed “Superman.”\n“Superman is a good guy and he would go all out to serve society,” Tan told Reuters in an interview on Tuesday.\nGrab’s funding comes as rivals including Gojek and Sea are also bulking up.\n“Other founders, other entrepreneurs and the region will be able to attract even more capital, because now we’ve shown that investors can make money, can exit,” said Tan.\nTech companies view the region of 650 million people as a big opportunity, but the markets’ diversity has tripped up some global firms.\nMuch of Grab’s success has been due to Tan’s relentless drive to localise. It accepted cash when Uber only allowed card payments. Grab also moved early to offer motorcycle taxi rides in traffic-clogged countries of Vietnam and Indonesia.\nAfter shifting its headquarters to Singapore, Grab gained access to some of the world’s biggest investors and talent.\n“Grab’s sharp focus allows them to go very deep into the eco-system and be relevant across a person’s everyday life,” said Keith Magnus, Asia co-chairman at boutique investment bank Evercore, which was among Grab’s advisers on the SPAC deal.","news_type":1},"isVote":1,"tweetType":1,"viewCount":442,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344847363,"gmtCreate":1618401387752,"gmtModify":1634293215251,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/344847363","repostId":"1195099187","repostType":4,"repost":{"id":"1195099187","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":1618397517,"share":"https://www.laohu8.com/m/news/1195099187?lang=&edition=full","pubTime":"2021-04-14 18:51","market":"us","language":"en","title":"JPMorgan Chase beats analysts’ estimates as bank releases $5.2 billion in loan loss reserves","url":"https://stock-news.laohu8.com/highlight/detail?id=1195099187","media":"Tiger Newspress","summary":"KEY POINTSEarnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.Re","content":"<p><b>KEY POINTS</b></p><ul><li>Earnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li>Revenue: $33.12 billion, vs. $30.52 billion expected.</li></ul><p>(April 14)&nbsp;JPMorgan Chasereported first-quarter earnings before the opening bell on Wednesday.</p><p>Here are the numbers:</p><ul><li><b>Earnings:</b>$4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li><b>Revenue:</b>$33.12 billion, vs. $30.52 billion expected.</li><li>Credit costs net benefit of $4.2 billion included $5.2 billion of net reserve releases and $1.1 billion of net charge-offs.</li><li>Average loans up 1%; average deposits up 36%</li><li>$1.5 trillion of liquidity sources, including HQLA and unencumbered marketable securities</li><li>Average deposits up 32%; client investment assets up 44%</li><li>Average loans down 7%; debit and credit card sales volume up 9%</li><li>Active mobile customers up 9%</li><li>Global Investment Banking wallet share of 9.0% in 1Q21</li><li>Total Markets revenue of $9.1 billion, up 25%, with Fixed Income Markets up 15% and Equity Markets up 47%</li><li>Gross Investment Banking revenue of $1.1 billion, up 65%</li><li>Average loans down 2%; average deposits up 54%</li><li>Assets under management (AUM) of $2.8 trillion, up 28%</li><li>Average loans up 18%; average deposits up 43%</li></ul><p>JPMorgan Chase&nbsp;slipped&nbsp;1%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><img src=\"https://static.tigerbbs.com/e7507e54ef613f6f1636ce34550816c8\" tg-width=\"659\" tg-height=\"564\" referrerpolicy=\"no-referrer\"></p><p>JPMorgan Chase, the first major bank to report first-quarter earnings, will be closely watched for clues as to how the industry will emerge from the coronavirus pandemic.</p><p>One key question is whether banks will continue to release loan loss reserves — and the magnitude of those releases — that are no longer needed as the U.S. economic recovery gains pace. In the fourth quarter, JPMorgan beat expectations in part by releasing $2.9 billion in reserves.</p><p>JPMorgan, with the world's biggest Wall Street division by revenue, is also expected to benefit from robust investment banking fees driven by record issuance of SPACs, the blank check companies that saw more activity in the first quarter than all of 2020, itself a record year. Trading revenue is also expected to be a tailwind in the quarter.</p><p>Analysts will also be curious about the pace of share repurchases the bank is expected to make. Last month, the Federal Reserve&nbsp;said banks&nbsp;that pass the industry's 2021 stress test will be allowed to resume higher levels of dividend payouts and buybacks starting June 30.</p><p>Shares of JPMorgan rose 21% so far this year, compared to the 25% advance of the KBW Bank Index.</p><p><img src=\"https://static.tigerbbs.com/ade6e23d309c02ebd566a97e22d0b776\" tg-width=\"1894\" tg-height=\"250\" referrerpolicy=\"no-referrer\">Discussion of Results:</p><p>Net income was $14.3 billion, up $11.4 billion, predominantly driven by credit reserve releases of $5.2 billion compared to credit reserve builds of $6.8 billion in the prior year.</p><p>Net revenue of $33.1 billion was up 14%. Noninterest revenue was $20.1 billion, up 39%, driven by higher CIB Markets revenue, higher Investment Banking fees, and the absence of losses in Credit Adjustments and Other and markdowns on held-for-sale positions in the bridge book13 recorded in the prior year. Net interest income was $13.0 billion, down 11%, predominantly driven by the impact of lower rates, partially offset by balance sheet growth.</p><p>Noninterest expense was $18.7 billion, up 12%, predominantly driven by higher volume- and revenue-related expense and continued investments. The increase in expense also included a $550 million contribution to the Firm’s Foundation.</p><p>The provision for credit losses was a net benefit of $4.2 billion driven by net reserve releases of $5.2 billion, compared to an expense of $8.3 billion in the prior year predominantly driven by net reserve builds of $6.8 billion. The Consumer reserve release was $4.5 billion, and included a $3.5 billion release in Card, reflecting improvements in the macroeconomic scenarios, and a $625 million reserve release in Home Lending primarily due to improvements in house price index (HPI) expectations and to a lesser extent portfolio run-off. The Wholesale reserve release was $716 million reflecting improvements in the macroeconomic scenarios. Net charge-offs of $1.1 billion were down $412 million, predominantly driven by Card.</p><p><img src=\"https://static.tigerbbs.com/ef7db3c342d0b99ad63d96fdea9fd129\" tg-width=\"1889\" tg-height=\"232\">Discussion of Results:</p><p>Net income was $6.7 billion, up $6.5 billion, driven by credit reserve releases compared to reserve builds in the prior year. Net revenue was $12.5 billion, down 6%.</p><p>Consumer &amp; Business Banking net revenue was $5.6 billion, down 10%, driven by the impact of deposit margin compression, largely offset by growth in deposit balances. Home Lending net revenue was $1.5 billion, up 26%, driven by higher production revenue, partially offset by lower net interest income on lower balances. Card &amp; Auto net revenue was $5.4 billion, down 7%, driven by lower Card net interest income on lower balances, partially offset by lower Card acquisition costs and higher Card net interchange income.</p><p>Noninterest expense was $7.2 billion, down 1%.</p><p>The provision for credit losses was a net benefit of $3.6 billion, including a $4.6 billion reserve release reflecting improvements in the macroeconomic scenarios compared to a $4.5 billion reserve build in the prior year. Net charge-offs were $1.0 billion, down $290 million, driven by Card.</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>JPMorgan Chase beats analysts’ estimates as bank releases $5.2 billion in loan loss reserves</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\nJPMorgan Chase beats analysts’ estimates as bank releases $5.2 billion in loan loss reserves\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">2021-04-14 18:51</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><b>KEY POINTS</b></p><ul><li>Earnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li>Revenue: $33.12 billion, vs. $30.52 billion expected.</li></ul><p>(April 14)&nbsp;JPMorgan Chasereported first-quarter earnings before the opening bell on Wednesday.</p><p>Here are the numbers:</p><ul><li><b>Earnings:</b>$4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li><b>Revenue:</b>$33.12 billion, vs. $30.52 billion expected.</li><li>Credit costs net benefit of $4.2 billion included $5.2 billion of net reserve releases and $1.1 billion of net charge-offs.</li><li>Average loans up 1%; average deposits up 36%</li><li>$1.5 trillion of liquidity sources, including HQLA and unencumbered marketable securities</li><li>Average deposits up 32%; client investment assets up 44%</li><li>Average loans down 7%; debit and credit card sales volume up 9%</li><li>Active mobile customers up 9%</li><li>Global Investment Banking wallet share of 9.0% in 1Q21</li><li>Total Markets revenue of $9.1 billion, up 25%, with Fixed Income Markets up 15% and Equity Markets up 47%</li><li>Gross Investment Banking revenue of $1.1 billion, up 65%</li><li>Average loans down 2%; average deposits up 54%</li><li>Assets under management (AUM) of $2.8 trillion, up 28%</li><li>Average loans up 18%; average deposits up 43%</li></ul><p>JPMorgan Chase&nbsp;slipped&nbsp;1%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><img src=\"https://static.tigerbbs.com/e7507e54ef613f6f1636ce34550816c8\" tg-width=\"659\" tg-height=\"564\" referrerpolicy=\"no-referrer\"></p><p>JPMorgan Chase, the first major bank to report first-quarter earnings, will be closely watched for clues as to how the industry will emerge from the coronavirus pandemic.</p><p>One key question is whether banks will continue to release loan loss reserves — and the magnitude of those releases — that are no longer needed as the U.S. economic recovery gains pace. In the fourth quarter, JPMorgan beat expectations in part by releasing $2.9 billion in reserves.</p><p>JPMorgan, with the world's biggest Wall Street division by revenue, is also expected to benefit from robust investment banking fees driven by record issuance of SPACs, the blank check companies that saw more activity in the first quarter than all of 2020, itself a record year. Trading revenue is also expected to be a tailwind in the quarter.</p><p>Analysts will also be curious about the pace of share repurchases the bank is expected to make. Last month, the Federal Reserve&nbsp;said banks&nbsp;that pass the industry's 2021 stress test will be allowed to resume higher levels of dividend payouts and buybacks starting June 30.</p><p>Shares of JPMorgan rose 21% so far this year, compared to the 25% advance of the KBW Bank Index.</p><p><img src=\"https://static.tigerbbs.com/ade6e23d309c02ebd566a97e22d0b776\" tg-width=\"1894\" tg-height=\"250\" referrerpolicy=\"no-referrer\">Discussion of Results:</p><p>Net income was $14.3 billion, up $11.4 billion, predominantly driven by credit reserve releases of $5.2 billion compared to credit reserve builds of $6.8 billion in the prior year.</p><p>Net revenue of $33.1 billion was up 14%. Noninterest revenue was $20.1 billion, up 39%, driven by higher CIB Markets revenue, higher Investment Banking fees, and the absence of losses in Credit Adjustments and Other and markdowns on held-for-sale positions in the bridge book13 recorded in the prior year. Net interest income was $13.0 billion, down 11%, predominantly driven by the impact of lower rates, partially offset by balance sheet growth.</p><p>Noninterest expense was $18.7 billion, up 12%, predominantly driven by higher volume- and revenue-related expense and continued investments. The increase in expense also included a $550 million contribution to the Firm’s Foundation.</p><p>The provision for credit losses was a net benefit of $4.2 billion driven by net reserve releases of $5.2 billion, compared to an expense of $8.3 billion in the prior year predominantly driven by net reserve builds of $6.8 billion. The Consumer reserve release was $4.5 billion, and included a $3.5 billion release in Card, reflecting improvements in the macroeconomic scenarios, and a $625 million reserve release in Home Lending primarily due to improvements in house price index (HPI) expectations and to a lesser extent portfolio run-off. The Wholesale reserve release was $716 million reflecting improvements in the macroeconomic scenarios. Net charge-offs of $1.1 billion were down $412 million, predominantly driven by Card.</p><p><img src=\"https://static.tigerbbs.com/ef7db3c342d0b99ad63d96fdea9fd129\" tg-width=\"1889\" tg-height=\"232\">Discussion of Results:</p><p>Net income was $6.7 billion, up $6.5 billion, driven by credit reserve releases compared to reserve builds in the prior year. Net revenue was $12.5 billion, down 6%.</p><p>Consumer &amp; Business Banking net revenue was $5.6 billion, down 10%, driven by the impact of deposit margin compression, largely offset by growth in deposit balances. Home Lending net revenue was $1.5 billion, up 26%, driven by higher production revenue, partially offset by lower net interest income on lower balances. Card &amp; Auto net revenue was $5.4 billion, down 7%, driven by lower Card net interest income on lower balances, partially offset by lower Card acquisition costs and higher Card net interchange income.</p><p>Noninterest expense was $7.2 billion, down 1%.</p><p>The provision for credit losses was a net benefit of $3.6 billion, including a $4.6 billion reserve release reflecting improvements in the macroeconomic scenarios compared to a $4.5 billion reserve build in the prior year. Net charge-offs were $1.0 billion, down $290 million, driven by Card.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195099187","content_text":"KEY POINTSEarnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.Revenue: $33.12 billion, vs. $30.52 billion expected.(April 14) JPMorgan Chasereported first-quarter earnings before the opening bell on Wednesday.Here are the numbers:Earnings:$4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.Revenue:$33.12 billion, vs. $30.52 billion expected.Credit costs net benefit of $4.2 billion included $5.2 billion of net reserve releases and $1.1 billion of net charge-offs.Average loans up 1%; average deposits up 36%$1.5 trillion of liquidity sources, including HQLA and unencumbered marketable securitiesAverage deposits up 32%; client investment assets up 44%Average loans down 7%; debit and credit card sales volume up 9%Active mobile customers up 9%Global Investment Banking wallet share of 9.0% in 1Q21Total Markets revenue of $9.1 billion, up 25%, with Fixed Income Markets up 15% and Equity Markets up 47%Gross Investment Banking revenue of $1.1 billion, up 65%Average loans down 2%; average deposits up 54%Assets under management (AUM) of $2.8 trillion, up 28%Average loans up 18%; average deposits up 43%JPMorgan Chase slipped 1% in premarket trading.JPMorgan Chase, the first major bank to report first-quarter earnings, will be closely watched for clues as to how the industry will emerge from the coronavirus pandemic.One key question is whether banks will continue to release loan loss reserves — and the magnitude of those releases — that are no longer needed as the U.S. economic recovery gains pace. In the fourth quarter, JPMorgan beat expectations in part by releasing $2.9 billion in reserves.JPMorgan, with the world's biggest Wall Street division by revenue, is also expected to benefit from robust investment banking fees driven by record issuance of SPACs, the blank check companies that saw more activity in the first quarter than all of 2020, itself a record year. Trading revenue is also expected to be a tailwind in the quarter.Analysts will also be curious about the pace of share repurchases the bank is expected to make. Last month, the Federal Reserve said banks that pass the industry's 2021 stress test will be allowed to resume higher levels of dividend payouts and buybacks starting June 30.Shares of JPMorgan rose 21% so far this year, compared to the 25% advance of the KBW Bank Index.Discussion of Results:Net income was $14.3 billion, up $11.4 billion, predominantly driven by credit reserve releases of $5.2 billion compared to credit reserve builds of $6.8 billion in the prior year.Net revenue of $33.1 billion was up 14%. Noninterest revenue was $20.1 billion, up 39%, driven by higher CIB Markets revenue, higher Investment Banking fees, and the absence of losses in Credit Adjustments and Other and markdowns on held-for-sale positions in the bridge book13 recorded in the prior year. Net interest income was $13.0 billion, down 11%, predominantly driven by the impact of lower rates, partially offset by balance sheet growth.Noninterest expense was $18.7 billion, up 12%, predominantly driven by higher volume- and revenue-related expense and continued investments. The increase in expense also included a $550 million contribution to the Firm’s Foundation.The provision for credit losses was a net benefit of $4.2 billion driven by net reserve releases of $5.2 billion, compared to an expense of $8.3 billion in the prior year predominantly driven by net reserve builds of $6.8 billion. The Consumer reserve release was $4.5 billion, and included a $3.5 billion release in Card, reflecting improvements in the macroeconomic scenarios, and a $625 million reserve release in Home Lending primarily due to improvements in house price index (HPI) expectations and to a lesser extent portfolio run-off. The Wholesale reserve release was $716 million reflecting improvements in the macroeconomic scenarios. Net charge-offs of $1.1 billion were down $412 million, predominantly driven by Card.Discussion of Results:Net income was $6.7 billion, up $6.5 billion, driven by credit reserve releases compared to reserve builds in the prior year. Net revenue was $12.5 billion, down 6%.Consumer & Business Banking net revenue was $5.6 billion, down 10%, driven by the impact of deposit margin compression, largely offset by growth in deposit balances. Home Lending net revenue was $1.5 billion, up 26%, driven by higher production revenue, partially offset by lower net interest income on lower balances. Card & Auto net revenue was $5.4 billion, down 7%, driven by lower Card net interest income on lower balances, partially offset by lower Card acquisition costs and higher Card net interchange income.Noninterest expense was $7.2 billion, down 1%.The provision for credit losses was a net benefit of $3.6 billion, including a $4.6 billion reserve release reflecting improvements in the macroeconomic scenarios compared to a $4.5 billion reserve build in the prior year. Net charge-offs were $1.0 billion, down $290 million, driven by Card.","news_type":1},"isVote":1,"tweetType":1,"viewCount":512,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344844696,"gmtCreate":1618401348315,"gmtModify":1634293215815,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/344844696","repostId":"1121306274","repostType":4,"repost":{"id":"1121306274","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":1618399653,"share":"https://www.laohu8.com/m/news/1121306274?lang=&edition=full","pubTime":"2021-04-14 19:27","market":"us","language":"en","title":"Goldman Sachs EPS beats by $8.63, beats on revenue","url":"https://stock-news.laohu8.com/highlight/detail?id=1121306274","media":"Tiger Newspress","summary":"Goldman Sachsreported first-quarter earnings before the opening bell on Wednesday.Here are the numbe","content":"<p>Goldman Sachsreported first-quarter earnings before the opening bell on Wednesday.</p><p>Here are the numbers:</p><ul><li><b>Earnings:</b>&nbsp;Goldman Sachs Q1 EPS $18.60 vs. $3.11 a year ago; FactSet EPS consensus $10.22,&nbsp;expected by analysts polled by Refinitiv.</li><li><b>Revenue:</b>$17.7 billion, vs. $12.6 billion expected.</li><li>Provision for credit losses was a net benefit of $70 million for the first quarter of 2021,compared with net provisions of $937 million for the first quarter of 2020 and $293million for the fourth quarter of 2020. The first quarter of 2021 included reserve&nbsp;reductions on wholesale and consumer loans reflecting continued improvement in the&nbsp;broader economic environment following challenging conditions that began in the first&nbsp;quarter of 2020 as a result of the COVID-19 pandemic, partially offset by portfolio&nbsp;growth, including provisions related to the pending acquisition of the General Motors&nbsp;co-branded credit card portfolio.</li><li>The firm’s allowance for credit losses was $4.24 billion as of March 31, 2021.</li></ul><p>Goldman Sachs rose more than 1% in premarket trading.</p><p><img src=\"https://static.tigerbbs.com/ad41b189c2781c162f965db1a6dc0300\" tg-width=\"1019\" tg-height=\"564\" referrerpolicy=\"no-referrer\"></p><p>Expectations for Goldman Sachs are running high amid favorable conditions for many of the Wall Street businesses that the firm operates.</p><p>Analysts expect revenue growth to be driven by surging investment banking fees, helped in part by the record first-quarter issuance of blank check companies known as SPACs. Trading desks may also post higher revenue than a year earlier, and buoyant markets bode well for asset management fees.</p><p>Of the six biggest U.S. banks, Goldman gets the biggest share of its revenue from Wall Street activities including trading and investment banking. For the past few years that has been a detriment to the firm, as retail banking fueled by cheap consumer deposits has driven the industry’s record profits.</p><p>That dynamic reversed during the coronavirus pandemic, when firms with sizeable consumer operations had to set aside tens of billions of dollars for anticipated loan losses, causing banks like Wells Fargo to post their first quarterly loss since the financial crisis.</p><p>Goldman shares have climbed 24% this year, roughly matching the gain of the KBW Bank Index.</p><p><b>Finacial&nbsp;Summary</b></p><p><img src=\"https://static.tigerbbs.com/4ebe6a0152424eed71cc44f18ae9a7f6\" tg-width=\"816\" tg-height=\"482\" referrerpolicy=\"no-referrer\"></p><p><b>Highlights</b></p><ul><li>The firm’s results reflected record quarterly net revenues of $17.70 billion, more than double the amount in the first quarter of 2020, record quarterly net earnings of $6.84 billion and record quarterly diluted EPS of $18.60. Annualized ROE1 of 31.0% was the highest quarterly ROE since 2009.</li><li>Investment Banking generated record quarterly net revenues of $3.77 billion, including record Equity underwriting net revenues and strong net revenues in Financial advisory and Debt underwriting. The backlog2 ended the quarter at a record level.</li><li>The firm retained its #1 rankings in worldwide announced and completed mergers and acquisitions, worldwide equity and equity-related offerings and common stock offerings for the year-to-date3.</li><li>Global Markets generated quarterly net revenues of $7.58 billion, 47% higher than the first quarter of 2020, and its highest quarterly net revenues since 2010, reflecting the second highest quarterly net revenues in Equities and strong net revenues in Fixed Income, Currency and Commodities (FICC).</li><li>Asset Management generated record quarterly net revenues of $4.61 billion, reflecting record net revenues from Equity investments.</li><li>Consumer &amp; Wealth Management generated record quarterly net revenues of $1.74 billion, reflecting continued growth in both Wealthmanagement and Consumer banking net revenues.</li><li>Firmwide assets under supervision2,4 increased $59 billion during the quarter, including long-term net inflows of $37 billion, to a record $2.20 trillion. Firmwide Management and other fees were $1.77 billion for the first quarter of 2021.</li><li>Book value per common share increased by 6.2% during the quarter to $250.81.</li><li>The firm returned $3.15 billion of capital to common shareholders during the quarter, including $2.70 billion of share repurchases and $448 million of common stock dividends.</li></ul><p><img src=\"https://static.tigerbbs.com/71250d129ffb937bea2726bbf2d98f97\" tg-width=\"815\" tg-height=\"390\" referrerpolicy=\"no-referrer\"><a href=\"https://www.goldmansachs.com/media-relations/press-releases/current/pdfs/2021-q1-results.pdf\" target=\"_blank\"><b>see more &lt;&lt;</b></a></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>Goldman Sachs EPS beats by $8.63, beats on revenue</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\">\nGoldman Sachs EPS beats by $8.63, beats on revenue\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">2021-04-14 19:27</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Goldman Sachsreported first-quarter earnings before the opening bell on Wednesday.</p><p>Here are the numbers:</p><ul><li><b>Earnings:</b>&nbsp;Goldman Sachs Q1 EPS $18.60 vs. $3.11 a year ago; FactSet EPS consensus $10.22,&nbsp;expected by analysts polled by Refinitiv.</li><li><b>Revenue:</b>$17.7 billion, vs. $12.6 billion expected.</li><li>Provision for credit losses was a net benefit of $70 million for the first quarter of 2021,compared with net provisions of $937 million for the first quarter of 2020 and $293million for the fourth quarter of 2020. The first quarter of 2021 included reserve&nbsp;reductions on wholesale and consumer loans reflecting continued improvement in the&nbsp;broader economic environment following challenging conditions that began in the first&nbsp;quarter of 2020 as a result of the COVID-19 pandemic, partially offset by portfolio&nbsp;growth, including provisions related to the pending acquisition of the General Motors&nbsp;co-branded credit card portfolio.</li><li>The firm’s allowance for credit losses was $4.24 billion as of March 31, 2021.</li></ul><p>Goldman Sachs rose more than 1% in premarket trading.</p><p><img src=\"https://static.tigerbbs.com/ad41b189c2781c162f965db1a6dc0300\" tg-width=\"1019\" tg-height=\"564\" referrerpolicy=\"no-referrer\"></p><p>Expectations for Goldman Sachs are running high amid favorable conditions for many of the Wall Street businesses that the firm operates.</p><p>Analysts expect revenue growth to be driven by surging investment banking fees, helped in part by the record first-quarter issuance of blank check companies known as SPACs. Trading desks may also post higher revenue than a year earlier, and buoyant markets bode well for asset management fees.</p><p>Of the six biggest U.S. banks, Goldman gets the biggest share of its revenue from Wall Street activities including trading and investment banking. For the past few years that has been a detriment to the firm, as retail banking fueled by cheap consumer deposits has driven the industry’s record profits.</p><p>That dynamic reversed during the coronavirus pandemic, when firms with sizeable consumer operations had to set aside tens of billions of dollars for anticipated loan losses, causing banks like Wells Fargo to post their first quarterly loss since the financial crisis.</p><p>Goldman shares have climbed 24% this year, roughly matching the gain of the KBW Bank Index.</p><p><b>Finacial&nbsp;Summary</b></p><p><img src=\"https://static.tigerbbs.com/4ebe6a0152424eed71cc44f18ae9a7f6\" tg-width=\"816\" tg-height=\"482\" referrerpolicy=\"no-referrer\"></p><p><b>Highlights</b></p><ul><li>The firm’s results reflected record quarterly net revenues of $17.70 billion, more than double the amount in the first quarter of 2020, record quarterly net earnings of $6.84 billion and record quarterly diluted EPS of $18.60. Annualized ROE1 of 31.0% was the highest quarterly ROE since 2009.</li><li>Investment Banking generated record quarterly net revenues of $3.77 billion, including record Equity underwriting net revenues and strong net revenues in Financial advisory and Debt underwriting. The backlog2 ended the quarter at a record level.</li><li>The firm retained its #1 rankings in worldwide announced and completed mergers and acquisitions, worldwide equity and equity-related offerings and common stock offerings for the year-to-date3.</li><li>Global Markets generated quarterly net revenues of $7.58 billion, 47% higher than the first quarter of 2020, and its highest quarterly net revenues since 2010, reflecting the second highest quarterly net revenues in Equities and strong net revenues in Fixed Income, Currency and Commodities (FICC).</li><li>Asset Management generated record quarterly net revenues of $4.61 billion, reflecting record net revenues from Equity investments.</li><li>Consumer &amp; Wealth Management generated record quarterly net revenues of $1.74 billion, reflecting continued growth in both Wealthmanagement and Consumer banking net revenues.</li><li>Firmwide assets under supervision2,4 increased $59 billion during the quarter, including long-term net inflows of $37 billion, to a record $2.20 trillion. Firmwide Management and other fees were $1.77 billion for the first quarter of 2021.</li><li>Book value per common share increased by 6.2% during the quarter to $250.81.</li><li>The firm returned $3.15 billion of capital to common shareholders during the quarter, including $2.70 billion of share repurchases and $448 million of common stock dividends.</li></ul><p><img src=\"https://static.tigerbbs.com/71250d129ffb937bea2726bbf2d98f97\" tg-width=\"815\" tg-height=\"390\" referrerpolicy=\"no-referrer\"><a href=\"https://www.goldmansachs.com/media-relations/press-releases/current/pdfs/2021-q1-results.pdf\" target=\"_blank\"><b>see more &lt;&lt;</b></a></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GS":"高盛"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121306274","content_text":"Goldman Sachsreported first-quarter earnings before the opening bell on Wednesday.Here are the numbers:Earnings: Goldman Sachs Q1 EPS $18.60 vs. $3.11 a year ago; FactSet EPS consensus $10.22, expected by analysts polled by Refinitiv.Revenue:$17.7 billion, vs. $12.6 billion expected.Provision for credit losses was a net benefit of $70 million for the first quarter of 2021,compared with net provisions of $937 million for the first quarter of 2020 and $293million for the fourth quarter of 2020. The first quarter of 2021 included reserve reductions on wholesale and consumer loans reflecting continued improvement in the broader economic environment following challenging conditions that began in the first quarter of 2020 as a result of the COVID-19 pandemic, partially offset by portfolio growth, including provisions related to the pending acquisition of the General Motors co-branded credit card portfolio.The firm’s allowance for credit losses was $4.24 billion as of March 31, 2021.Goldman Sachs rose more than 1% in premarket trading.Expectations for Goldman Sachs are running high amid favorable conditions for many of the Wall Street businesses that the firm operates.Analysts expect revenue growth to be driven by surging investment banking fees, helped in part by the record first-quarter issuance of blank check companies known as SPACs. Trading desks may also post higher revenue than a year earlier, and buoyant markets bode well for asset management fees.Of the six biggest U.S. banks, Goldman gets the biggest share of its revenue from Wall Street activities including trading and investment banking. For the past few years that has been a detriment to the firm, as retail banking fueled by cheap consumer deposits has driven the industry’s record profits.That dynamic reversed during the coronavirus pandemic, when firms with sizeable consumer operations had to set aside tens of billions of dollars for anticipated loan losses, causing banks like Wells Fargo to post their first quarterly loss since the financial crisis.Goldman shares have climbed 24% this year, roughly matching the gain of the KBW Bank Index.Finacial SummaryHighlightsThe firm’s results reflected record quarterly net revenues of $17.70 billion, more than double the amount in the first quarter of 2020, record quarterly net earnings of $6.84 billion and record quarterly diluted EPS of $18.60. Annualized ROE1 of 31.0% was the highest quarterly ROE since 2009.Investment Banking generated record quarterly net revenues of $3.77 billion, including record Equity underwriting net revenues and strong net revenues in Financial advisory and Debt underwriting. The backlog2 ended the quarter at a record level.The firm retained its #1 rankings in worldwide announced and completed mergers and acquisitions, worldwide equity and equity-related offerings and common stock offerings for the year-to-date3.Global Markets generated quarterly net revenues of $7.58 billion, 47% higher than the first quarter of 2020, and its highest quarterly net revenues since 2010, reflecting the second highest quarterly net revenues in Equities and strong net revenues in Fixed Income, Currency and Commodities (FICC).Asset Management generated record quarterly net revenues of $4.61 billion, reflecting record net revenues from Equity investments.Consumer & Wealth Management generated record quarterly net revenues of $1.74 billion, reflecting continued growth in both Wealthmanagement and Consumer banking net revenues.Firmwide assets under supervision2,4 increased $59 billion during the quarter, including long-term net inflows of $37 billion, to a record $2.20 trillion. Firmwide Management and other fees were $1.77 billion for the first quarter of 2021.Book value per common share increased by 6.2% during the quarter to $250.81.The firm returned $3.15 billion of capital to common shareholders during the quarter, including $2.70 billion of share repurchases and $448 million of common stock dividends.see more <<","news_type":1},"isVote":1,"tweetType":1,"viewCount":181,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344316057,"gmtCreate":1618375068479,"gmtModify":1634293375570,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/344316057","repostId":"2127454000","repostType":4,"isVote":1,"tweetType":1,"viewCount":180,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":345640534,"gmtCreate":1618312781728,"gmtModify":1634293794727,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/345640534","repostId":"1194635432","repostType":4,"repost":{"id":"1194635432","kind":"news","pubTimestamp":1618236146,"share":"https://www.laohu8.com/m/news/1194635432?lang=&edition=full","pubTime":"2021-04-12 22:02","market":"us","language":"en","title":"Can You Make Coin Investing In Coinbase?","url":"https://stock-news.laohu8.com/highlight/detail?id=1194635432","media":"seekingalpha","summary":"SummaryCoinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the ","content":"<p><b>Summary</b></p><ul><li>Coinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the US regulatory landscape towards centralized exchanges, and the widening gap in a winner-takes-all market.</li><li>With coin listings being one of the core competitive advantages of an exchange, Coinbase has the 2nd smallest coin listings among the top 10 exchanges as a result of regulations.</li><li>Widening gap between Coinbase (ranked 2nd) and Binance (ranked 1st) in terms of coin listings and trading volume is evidence of a winner-takes-all market, Coinbase is on the losing side.</li><li>Marginal revenue growth, decline in profitability, and decline in the overall growth stock valuations further plague Coinbase's investment value proposition.</li></ul><p>I remember the early days of cryptocurrency when Binance andCoinbase (COIN) were competing for the top spot as an exchange. If you've traded cryptocurrencies in the US, you have probably used or heard ofCoinbase. Now thatCoinbase is going public, should you invest in the company?</p><p>At first glance, this investment value proposition seemed compelling since the overall cryptocurrency industry is growing rapidly. However, I have found evidence of 2 fundamental risks toCoinbase's growth that could not justify its current valuation and could even undermine its future growth. Recentreportsmay also express agreement asCoinbase's IPO valuation dropped from $100bn to $68bn.</p><p><b>Fundamental Risks 1: The US Regulatory Landscape</b></p><p>The US regulatory landscape is not friendly to centralized exchanges in a way that massively dampenedCoinbase's competitive advantages, one of which is coin listings.</p><p>Coinbase has the 2nd smallest coin listings</p><p>Coin listing is one of the most crucial criteria for a trader/investor when choosing an exchange. Traders/investors require a large number of coin listings to speculate on small-cap altcoins for 10x-100x return. The more coins listed, the more opportunities and choices. I personally use several exchanges for this very reason other than unique features such as staking and etc. The 6 exchanges I use are Binance, Crypto.com, KuCoin, Bkex, PoloniEx, and MXC Pro.</p><p>Why do I use multiple exchanges? Let me illustrate via an example. KuCoin listed Orion(NYSE:ORN)in July 2020 at $1, about 2 months earlier than Binance in October 2020. I bought ORN through KuCoin on its first day at $1.1 and staked it at &gt;20% APY interest. When Binance announced it was listing ORN, its priced spiked upwards. On ORN's first trading day on Binance, ORN's price spiked up as high as $4++ (it is a common occurrence for a token to spike when it is listed in a new exchange). I redeemed my ORN from staking and sold it at $3.60. This transaction earned me more than 300% return. Therefore, the more coins listed, the more opportunities I'll have to replicate this particular transaction to other small-cap altcoins.</p><p>SinceCoinbase's coin listing is small, traders/investors like myself will find it difficult to find these kinds of opportunities. Furthermore, many of the largest-cap coins are not listed onCoinbase. This is one of the main reasons why I did not useCoinbase; I theorize that many traders/investors like myself feel that way. (Let me know in the comments.)</p><p>In a recent lawsuit, a man claiming to beCoinbase's client capitalized on the legal battle between Ripple Labs’ battle and U.S. Securities and Exchange Commission (SEC), suedCoinbase for selling XRP tokens and sought compensations and other relief. According to CoinMarketCap.com, XRP is no longer listed onCoinbase. However, it is listed on more than500 other centralized exchanges(excluding decentralized exchanges) that are much smaller thanCoinbase outside the US.</p><p>XRP is the 7th biggest cryptocurrency by market cap as of the time of writing. Many other top cryptocurrencies are also not found onCoinbase, such as BNB (ranked 3rd), ADA (ranked 4th), DOT (ranked 6th). Amongthe 10 highest-rated centralized exchanges(refer to Table 1), only Bitstamp (18) offers fewer cryptocurrencies thanCoinbase (49), while the market leader (Binance) ledCoinbase by 700% in coin listings.</p><p>Since regulation can directly affect coin listings, a competitive advantage of an exchange,Coinbase already faces overwhelming challenges to compete on this front alone.</p><p>Table 1: Top 10 Spot Exchange Ranked by CoinMarketCap Ratings.</p><p><img src=\"https://static.tigerbbs.com/5bf68da62452a794c5daaa60ac989840\" tg-width=\"554\" tg-height=\"576\" referrerpolicy=\"no-referrer\">Source: Table created by Author fromCoinMarketCap</p><p><b>Other Regulatory Risks</b></p><p>Regulatory risks extend beyond coin listings and the US.Coinbase offers its services to52 countries. If any of the 52 countries ban crypto assets, its revenue would be adversely affected. It is not uncommon for centralized exchanges to relocate to another country due to regulations. While India isplotting a move to ban cryptocurrencies, many exchanges apply forlicenses to move out from India.</p><p>Statistically speaking, 108 exchangesshut downin 2020, compared to 81 in 2019. At least 3 are shut down by government(s) in 2020, and at least 2 in 2019.</p><p>Although it seems unlikely for the US to follow China's and India's footsteps to drastically ban crypto-assets now, regulatory risks remain major risks toCoinbase.</p><p><b>Fundamental Risk 2: Losing a Winner-Takes-All Market</b></p><p>There are 2 types of crypto exchanges: centralized and decentralized. Both have pros and cons. The best known centralized exchange is Binance, while the best known decentralized exchange is Uniswap. Although centralized exchanges may require a license by a governing body, decentralized exchanges might not, as decentralized exchanges can have avarying degree of centralized components. Both centralized and decentralized exchanges have their respective roles in the crypto ecosystem, hence I think that both are here to stay.</p><p>Many of the decentralized exchange source codes are open source (full listshere). In other words, virtually anyone can develop and host a decentralized exchange. This implies a shallow barrier to entry. Uniswap is the market leader in the decentralized exchange space. Itrecordedmore than $58bn volume in 2020, up 15,000% from 2019. Note that Uniswap wasfirst launchedin November 2018, compared toCoinbase in 2012.</p><p>On the other hand, Binance, the market leader in the centralized exchange space, recorded a total of$1.417 trillion spot trading volume in 2020, an increase of 36% from 2019. This figure does not even include other trading volumes, such as options, futures, margin, and other services, which amounted to $1.7 trillion, a 2800% increase from 2019.</p><p>In comparison,Coinbase only recorded $445bn total trading volume in 2020, a 39% increase in 2019. This is evidence that the market leader is pulling away, implying a winner-takes-all market. This becomes evident by referring to Table 1, where the market leader has more than 10 times the trading value than the 2nd place (Coinbase).</p><p>Furthermore, many traditional financial, non-financial international corporations and fintech companies are also participating in the competition. One of the latest addition is ApplePay.ApplePaynow has official support for cryptocurrencies, with GooglePay and SamsungPay to follow suit. Other note-worthy companies include Square, Paypal, and Visa.</p><p>In my opinion,Coinbase looks to be on the losing side if this market is indeed a winner-takes-all market. Further,Coinbase could be losing market more market share as more competition arises.</p><p><img src=\"https://static.tigerbbs.com/01ca6dafd2b567bd920c5e9f8edc8fbb\" tg-width=\"640\" tg-height=\"202\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p><b>Valuation</b></p><p>The tables below showed thatCoinbase's profit margin is healthy at 28% in 2020. Revenue growth rate compounds at approximately 7% annually from 2017-2020, but profits declined.</p><p>Coinbase's valuation in 2017 remains the most attractive, at 1.725 P/S (Price-to-Sales ratio) and 4.21 P/E (Price-to-Earnings ratio). Earlier this month,Coinbase's IPO valuation is pegged at$100bn. However, recent reports indicated a decrease inCoinbase's IPO valuation to$68bn.At a valuation of $100bn and $68bn,Coinbase is valued at approximately 333 P/E and 211 P/E respectively, or approximately 87.7 P/S and 59.65 P/S respectively.</p><p>Coinbase's valuation in 2020 is a far cry from 2017. Perhaps,Coinbase is pushing for its IPO to cash in on the overall stock market's high valuation.</p><p>Nevertheless, considering the 2 fundamental risks outlined above, marginal revenue growth and declined profits,Coinbase is overvalued at the current valuation in my opinion. The current decline in growth stocks further deterioratesCoinbase's investment value proposition.</p><p>Table 3:Coinbase's Revenue from 2016-2020<img src=\"https://static.tigerbbs.com/de8396c363230e04130e43f63d653956\" tg-width=\"640\" tg-height=\"231\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p>Table 4:Coinbase's Profit from 2016-2020<img src=\"https://static.tigerbbs.com/be2327ad800bd3524a3aaa57e3a0b17f\" tg-width=\"640\" tg-height=\"208\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p>Table 5:Coinbase's Historical Valuations<img src=\"https://static.tigerbbs.com/4b1fd86395ee1b0e38f1f6fd472f84bd\" tg-width=\"640\" tg-height=\"159\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p><b>Verdict</b></p><p>In my opinion, the current valuation ofCoinbase couldn't be justified even though the crypto industry is growing rapidly in general. This is down toCoinbase's 2 fundamental risks outlined in this article, marginal growth, sky-high valuation, and the decline in the growth stocks.</p><p>The reason I retain a neutral outlook onCoinbase is the overall outlook of the industry. On the other hand, we can participate in Binance, the market leader in the centralized exchange space, to maximize investment growth. Although Binance is not publicly traded, we can participate in its growth by buying its platform token (BNB).Binance uses part of its profitsto buy back its platform token (BNB)periodically. This results in a gradual increase in its token's price, a similar effect of shares buyback. Hence, I participate in Binance's growth by buying BNB, which saw a 670% YTD return.</p>","source":"seekingalpha","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>Can You Make Coin Investing In Coinbase?</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\">\nCan You Make Coin Investing In Coinbase?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-12 22:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4416527-coinbase-path-to-moon-will-be-bumpy-one><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryCoinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the US regulatory landscape towards centralized exchanges, and the widening gap in a winner-takes-all ...</p>\n\n<a href=\"https://seekingalpha.com/article/4416527-coinbase-path-to-moon-will-be-bumpy-one\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4416527-coinbase-path-to-moon-will-be-bumpy-one","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1194635432","content_text":"SummaryCoinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the US regulatory landscape towards centralized exchanges, and the widening gap in a winner-takes-all market.With coin listings being one of the core competitive advantages of an exchange, Coinbase has the 2nd smallest coin listings among the top 10 exchanges as a result of regulations.Widening gap between Coinbase (ranked 2nd) and Binance (ranked 1st) in terms of coin listings and trading volume is evidence of a winner-takes-all market, Coinbase is on the losing side.Marginal revenue growth, decline in profitability, and decline in the overall growth stock valuations further plague Coinbase's investment value proposition.I remember the early days of cryptocurrency when Binance andCoinbase (COIN) were competing for the top spot as an exchange. If you've traded cryptocurrencies in the US, you have probably used or heard ofCoinbase. Now thatCoinbase is going public, should you invest in the company?At first glance, this investment value proposition seemed compelling since the overall cryptocurrency industry is growing rapidly. However, I have found evidence of 2 fundamental risks toCoinbase's growth that could not justify its current valuation and could even undermine its future growth. Recentreportsmay also express agreement asCoinbase's IPO valuation dropped from $100bn to $68bn.Fundamental Risks 1: The US Regulatory LandscapeThe US regulatory landscape is not friendly to centralized exchanges in a way that massively dampenedCoinbase's competitive advantages, one of which is coin listings.Coinbase has the 2nd smallest coin listingsCoin listing is one of the most crucial criteria for a trader/investor when choosing an exchange. Traders/investors require a large number of coin listings to speculate on small-cap altcoins for 10x-100x return. The more coins listed, the more opportunities and choices. I personally use several exchanges for this very reason other than unique features such as staking and etc. The 6 exchanges I use are Binance, Crypto.com, KuCoin, Bkex, PoloniEx, and MXC Pro.Why do I use multiple exchanges? Let me illustrate via an example. KuCoin listed Orion(NYSE:ORN)in July 2020 at $1, about 2 months earlier than Binance in October 2020. I bought ORN through KuCoin on its first day at $1.1 and staked it at >20% APY interest. When Binance announced it was listing ORN, its priced spiked upwards. On ORN's first trading day on Binance, ORN's price spiked up as high as $4++ (it is a common occurrence for a token to spike when it is listed in a new exchange). I redeemed my ORN from staking and sold it at $3.60. This transaction earned me more than 300% return. Therefore, the more coins listed, the more opportunities I'll have to replicate this particular transaction to other small-cap altcoins.SinceCoinbase's coin listing is small, traders/investors like myself will find it difficult to find these kinds of opportunities. Furthermore, many of the largest-cap coins are not listed onCoinbase. This is one of the main reasons why I did not useCoinbase; I theorize that many traders/investors like myself feel that way. (Let me know in the comments.)In a recent lawsuit, a man claiming to beCoinbase's client capitalized on the legal battle between Ripple Labs’ battle and U.S. Securities and Exchange Commission (SEC), suedCoinbase for selling XRP tokens and sought compensations and other relief. According to CoinMarketCap.com, XRP is no longer listed onCoinbase. However, it is listed on more than500 other centralized exchanges(excluding decentralized exchanges) that are much smaller thanCoinbase outside the US.XRP is the 7th biggest cryptocurrency by market cap as of the time of writing. Many other top cryptocurrencies are also not found onCoinbase, such as BNB (ranked 3rd), ADA (ranked 4th), DOT (ranked 6th). Amongthe 10 highest-rated centralized exchanges(refer to Table 1), only Bitstamp (18) offers fewer cryptocurrencies thanCoinbase (49), while the market leader (Binance) ledCoinbase by 700% in coin listings.Since regulation can directly affect coin listings, a competitive advantage of an exchange,Coinbase already faces overwhelming challenges to compete on this front alone.Table 1: Top 10 Spot Exchange Ranked by CoinMarketCap Ratings.Source: Table created by Author fromCoinMarketCapOther Regulatory RisksRegulatory risks extend beyond coin listings and the US.Coinbase offers its services to52 countries. If any of the 52 countries ban crypto assets, its revenue would be adversely affected. It is not uncommon for centralized exchanges to relocate to another country due to regulations. While India isplotting a move to ban cryptocurrencies, many exchanges apply forlicenses to move out from India.Statistically speaking, 108 exchangesshut downin 2020, compared to 81 in 2019. At least 3 are shut down by government(s) in 2020, and at least 2 in 2019.Although it seems unlikely for the US to follow China's and India's footsteps to drastically ban crypto-assets now, regulatory risks remain major risks toCoinbase.Fundamental Risk 2: Losing a Winner-Takes-All MarketThere are 2 types of crypto exchanges: centralized and decentralized. Both have pros and cons. The best known centralized exchange is Binance, while the best known decentralized exchange is Uniswap. Although centralized exchanges may require a license by a governing body, decentralized exchanges might not, as decentralized exchanges can have avarying degree of centralized components. Both centralized and decentralized exchanges have their respective roles in the crypto ecosystem, hence I think that both are here to stay.Many of the decentralized exchange source codes are open source (full listshere). In other words, virtually anyone can develop and host a decentralized exchange. This implies a shallow barrier to entry. Uniswap is the market leader in the decentralized exchange space. Itrecordedmore than $58bn volume in 2020, up 15,000% from 2019. Note that Uniswap wasfirst launchedin November 2018, compared toCoinbase in 2012.On the other hand, Binance, the market leader in the centralized exchange space, recorded a total of$1.417 trillion spot trading volume in 2020, an increase of 36% from 2019. This figure does not even include other trading volumes, such as options, futures, margin, and other services, which amounted to $1.7 trillion, a 2800% increase from 2019.In comparison,Coinbase only recorded $445bn total trading volume in 2020, a 39% increase in 2019. This is evidence that the market leader is pulling away, implying a winner-takes-all market. This becomes evident by referring to Table 1, where the market leader has more than 10 times the trading value than the 2nd place (Coinbase).Furthermore, many traditional financial, non-financial international corporations and fintech companies are also participating in the competition. One of the latest addition is ApplePay.ApplePaynow has official support for cryptocurrencies, with GooglePay and SamsungPay to follow suit. Other note-worthy companies include Square, Paypal, and Visa.In my opinion,Coinbase looks to be on the losing side if this market is indeed a winner-takes-all market. Further,Coinbase could be losing market more market share as more competition arises.Source:BusinessofAppsValuationThe tables below showed thatCoinbase's profit margin is healthy at 28% in 2020. Revenue growth rate compounds at approximately 7% annually from 2017-2020, but profits declined.Coinbase's valuation in 2017 remains the most attractive, at 1.725 P/S (Price-to-Sales ratio) and 4.21 P/E (Price-to-Earnings ratio). Earlier this month,Coinbase's IPO valuation is pegged at$100bn. However, recent reports indicated a decrease inCoinbase's IPO valuation to$68bn.At a valuation of $100bn and $68bn,Coinbase is valued at approximately 333 P/E and 211 P/E respectively, or approximately 87.7 P/S and 59.65 P/S respectively.Coinbase's valuation in 2020 is a far cry from 2017. Perhaps,Coinbase is pushing for its IPO to cash in on the overall stock market's high valuation.Nevertheless, considering the 2 fundamental risks outlined above, marginal revenue growth and declined profits,Coinbase is overvalued at the current valuation in my opinion. The current decline in growth stocks further deterioratesCoinbase's investment value proposition.Table 3:Coinbase's Revenue from 2016-2020Source:BusinessofAppsTable 4:Coinbase's Profit from 2016-2020Source:BusinessofAppsTable 5:Coinbase's Historical ValuationsSource:BusinessofAppsVerdictIn my opinion, the current valuation ofCoinbase couldn't be justified even though the crypto industry is growing rapidly in general. This is down toCoinbase's 2 fundamental risks outlined in this article, marginal growth, sky-high valuation, and the decline in the growth stocks.The reason I retain a neutral outlook onCoinbase is the overall outlook of the industry. On the other hand, we can participate in Binance, the market leader in the centralized exchange space, to maximize investment growth. Although Binance is not publicly traded, we can participate in its growth by buying its platform token (BNB).Binance uses part of its profitsto buy back its platform token (BNB)periodically. This results in a gradual increase in its token's price, a similar effect of shares buyback. Hence, I participate in Binance's growth by buying BNB, which saw a 670% YTD return.","news_type":1},"isVote":1,"tweetType":1,"viewCount":284,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":370854927,"gmtCreate":1618576187169,"gmtModify":1634291988571,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/370854927","repostId":"1180499171","repostType":4,"repost":{"id":"1180499171","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":1618574944,"share":"https://www.laohu8.com/m/news/1180499171?lang=&edition=full","pubTime":"2021-04-16 20:09","market":"us","language":"en","title":"Toplines Before US Market Open on Friday","url":"https://stock-news.laohu8.com/highlight/detail?id=1180499171","media":"Tiger Newspress","summary":"Stock futures traded sideways Friday morning.Treasury yields rebound but still below recent highs.Turkey bans crypto payments, Bitcoin slides.Morgan Stanley, Sunrun, Comcast and more making the biggest moves premarket. Stock futures traded sideways Friday morning after another record-setting day on Wall Street, with a batch of stronger-than-expected economic data and corporate earnings results helping fuel a risk rally.At 8:04 a.m. ET, Dow E-minis were up 49 points, or 0.14%, S&P 500 E-minis wer","content":"<ul><li>Stock futures traded sideways Friday morning.</li><li>Treasury yields rebound but still below recent highs.</li><li>Turkey bans crypto payments, Bitcoin slides.</li><li>Morgan Stanley, Sunrun, Comcast and more making the biggest moves premarket.</li></ul><p>(April 16)&nbsp;Stock futures traded sideways Friday morning after another record-setting day on Wall Street, with a batch of stronger-than-expected economic data and corporate earnings results helping fuel a risk rally.</p><p>At 8:04 a.m. ET, Dow E-minis were up 49 points, or 0.14%, S&amp;P 500 E-minis were rose 5.75 points, or 0.14% and Nasdaq 100 E-minis were gained 15.50 points, or 0.11%.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/47d34653ba98834cd8e249369591e62f\" tg-width=\"1242\" tg-height=\"499\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:04</span></p><p>Treasury yields rebound but still below recent highs.&nbsp;Dip in 10-year Treasury yield seems to be technically driven, strategist says.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c363e36532f936b81291207412371033\" tg-width=\"920\" tg-height=\"533\" referrerpolicy=\"no-referrer\"><span>*Source From CNBC, EST 08:14</span></p><p><b>Stocks making the biggest moves premarket: Morgan Stanley, Sunrun, Comcast and more:</b></p><p><b>1)&nbsp;Morgan Stanley(MS)</b> — Morgan Stanley topped analysts expectations forfirst quarter earningson the back of better-than-expected bond trading results, sending shares up in the premarket. The major U.S. bank reported earnings of $2.19 per share on revenue of $15.72 billion.</p><p><b>2)&nbsp;Sunrun(RUN) </b>– Shares of the residential solar company jumped 3% after Simmons Energy upgraded the stock to an \"overweight\" rating. In a note to clients, the firm said the company has a strong growth story ahead, and that the recent weakness presents an attractive buying opportunity.</p><p><b>3)&nbsp;Cisco(CSCO)</b> — Cisco shares rose 1.1% in premarket trading Friday after Wolfe Research upgraded the equity to “outperform.” Analyst Jeff Kvaal wrote that “Strong&nbsp; IT&nbsp;spending should prove&nbsp;a&nbsp;tailwind to Cisco&nbsp; estimates” through fiscal year 2022 and said shares should climb to $63, representing a 22% upside from Thursday’s close.</p><p><b>4)&nbsp;PNC Financial(PNC) </b>— The bank stock dipped 1.9% in premarket trading even after PNC beat estimates on the top and bottom lines for its first-quarter report. PNC reported $4.10 in earnings per share on $4.22 billion in revenue. Analysts surveyed by Refinitiv had penciled in $2.75 per share and $4.12 billion in revenue. The bank’s net interest margin declined and missed expectations, according to FactSet.</p><p><b>5)&nbsp;Comcast(CMCSA)</b> — Shares of Comcast rose 1.2% before the opening bell after Raymond James upgraded the stock to an “outperform” rating and told clients it expects strong first-quarter earnings results from the media giant. “We believe there is future NBCU upside from HSD strength, Peacock sub growth, improved theatrical revenue, and phased theme park reopenings,” wrote analyst Frank Louthan.</p><p><b>6)&nbsp;Simon Property Group(SPG)</b> — Shares of the real estate company rose in premarket trading after Jefferies upgraded the stock to “buy” from “hold.” The Wall Street firm said “retailer investments, pent-up consumer demand, and lower bad debt are positive catalysts” for the mall owner.</p><p><b>7)&nbsp;Bank of New York Mellon(BK)</b> — Shares of the bank ticked up 1% in premarket trading after Bank of New York Mellon beat analyst estimates in its first quarter report. The firm earned 97 cents per share on $3.92 billion in revenue. Analysts surveyed by Refinitiv were looking for 87 cents per share and $3.85 billion in revenue.</p><p><b>8)&nbsp;United Airlines(UAL) </b>— Shares of the United Airlines popped in premarket trading following an upgrade to “buy” from “hold” from Argus. The Wall Street firm said it likes the airline’s plans to limit capacity, reduce structural costs by $2 billion, and restore margins to pre-pandemic levels.</p><p><b>9)&nbsp;Coinbase(COIN) </b>— Shares of the newly public cryptocurrency exchange dipped in premarket trading on Friday. The weakness came despite another vote of confidence from popular investor Cathie Wood, whose Ark Invest purchased about $110 million of the stock on Thursday.</p><p><b>10)&nbsp;QuantumScape(QS)&nbsp;</b>—&nbsp;Shares of&nbsp;QuantumScape&nbsp;gained 0.89% in premarket trading after dropping 12% in regular trading after a new short report from Scorpion Capital on the EV battery maker.Scorpion claims that its research indicated that the the company is \"no different than other recently exposed SPAC promotions and EV frauds.\"Scorpion alleges that many of the claims the company has made such as fast charging to 80% in under 15 minutes are false.</p><p>The QuantumScape short was also revealed on Muddy Waters zerOes.tv.</p><p>QuantumScape said in a Twitter post that QS \"stands by its data, which speaks for itself. We have provided higher transparency than any other solid-state battery effort we are aware of, with details on current density, temp, cycle life, cathode thickness, depth of discharge, cell area, pressure.\"\"As our public filings have clearly stated, we have work to do, so this will be our last comment on this topic. We will now get back to work and continue to let our execution speak for itself,\" QuantumScape said in the Twitter post.</p><p><img src=\"https://static.tigerbbs.com/f8f6da68a1844d2f3a9c605728fe7934\" tg-width=\"708\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p>11)&nbsp;Most Blockchain stocks fell. Ebang surged 8%.</p><p><img src=\"https://static.tigerbbs.com/32294266d9d7c18244e4772c4d4ce30a\" tg-width=\"302\" tg-height=\"287\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/02cd72b92056583a324bb8ea1461b659\" tg-width=\"708\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p><b>These are some of the main moves in financial markets:</b></p><p><b>Currencies</b></p><p>The Bloomberg Dollar Spot Index sank 0.1%.The euro jumped 0.2% to $1.1986.The British pound was little changed at $1.3785.The onshore yuan was little changed at 6.521 per dollar.The Japanese yen was little changed at 108.77 per dollar.</p><p><b>Bonds</b></p><p>The yield on 10-year Treasuries fell one basis point to 1.56%.The yield on two-year Treasuries climbed less than one basis point to 0.16%.Germany’s 10-year yield gained one basis point to -0.28%.Britain’s 10-year yield jumped two basis points to 0.755%.Japan’s 10-year yield increased less than one basis point to 0.093%.</p><p><b>Commodities</b></p><p>West Texas Intermediate crude declined 0.1% to $63.37 a barrel.Brent crude was little changed at $66.93 a barrel.Gold strengthened 0.7% to $1,776.66 an ounce.</p><p><b>Turkey bans crypto payments, Bitcoin slides</b></p><p><img src=\"https://static.tigerbbs.com/bc762d6532f6fc02f7215b20d4015413\" tg-width=\"3726\" tg-height=\"8373\" referrerpolicy=\"no-referrer\"></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>Toplines Before US Market Open on Friday</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\">\nToplines Before US Market Open on Friday\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">2021-04-16 20:09</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<ul><li>Stock futures traded sideways Friday morning.</li><li>Treasury yields rebound but still below recent highs.</li><li>Turkey bans crypto payments, Bitcoin slides.</li><li>Morgan Stanley, Sunrun, Comcast and more making the biggest moves premarket.</li></ul><p>(April 16)&nbsp;Stock futures traded sideways Friday morning after another record-setting day on Wall Street, with a batch of stronger-than-expected economic data and corporate earnings results helping fuel a risk rally.</p><p>At 8:04 a.m. ET, Dow E-minis were up 49 points, or 0.14%, S&amp;P 500 E-minis were rose 5.75 points, or 0.14% and Nasdaq 100 E-minis were gained 15.50 points, or 0.11%.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/47d34653ba98834cd8e249369591e62f\" tg-width=\"1242\" tg-height=\"499\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:04</span></p><p>Treasury yields rebound but still below recent highs.&nbsp;Dip in 10-year Treasury yield seems to be technically driven, strategist says.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c363e36532f936b81291207412371033\" tg-width=\"920\" tg-height=\"533\" referrerpolicy=\"no-referrer\"><span>*Source From CNBC, EST 08:14</span></p><p><b>Stocks making the biggest moves premarket: Morgan Stanley, Sunrun, Comcast and more:</b></p><p><b>1)&nbsp;Morgan Stanley(MS)</b> — Morgan Stanley topped analysts expectations forfirst quarter earningson the back of better-than-expected bond trading results, sending shares up in the premarket. The major U.S. bank reported earnings of $2.19 per share on revenue of $15.72 billion.</p><p><b>2)&nbsp;Sunrun(RUN) </b>– Shares of the residential solar company jumped 3% after Simmons Energy upgraded the stock to an \"overweight\" rating. In a note to clients, the firm said the company has a strong growth story ahead, and that the recent weakness presents an attractive buying opportunity.</p><p><b>3)&nbsp;Cisco(CSCO)</b> — Cisco shares rose 1.1% in premarket trading Friday after Wolfe Research upgraded the equity to “outperform.” Analyst Jeff Kvaal wrote that “Strong&nbsp; IT&nbsp;spending should prove&nbsp;a&nbsp;tailwind to Cisco&nbsp; estimates” through fiscal year 2022 and said shares should climb to $63, representing a 22% upside from Thursday’s close.</p><p><b>4)&nbsp;PNC Financial(PNC) </b>— The bank stock dipped 1.9% in premarket trading even after PNC beat estimates on the top and bottom lines for its first-quarter report. PNC reported $4.10 in earnings per share on $4.22 billion in revenue. Analysts surveyed by Refinitiv had penciled in $2.75 per share and $4.12 billion in revenue. The bank’s net interest margin declined and missed expectations, according to FactSet.</p><p><b>5)&nbsp;Comcast(CMCSA)</b> — Shares of Comcast rose 1.2% before the opening bell after Raymond James upgraded the stock to an “outperform” rating and told clients it expects strong first-quarter earnings results from the media giant. “We believe there is future NBCU upside from HSD strength, Peacock sub growth, improved theatrical revenue, and phased theme park reopenings,” wrote analyst Frank Louthan.</p><p><b>6)&nbsp;Simon Property Group(SPG)</b> — Shares of the real estate company rose in premarket trading after Jefferies upgraded the stock to “buy” from “hold.” The Wall Street firm said “retailer investments, pent-up consumer demand, and lower bad debt are positive catalysts” for the mall owner.</p><p><b>7)&nbsp;Bank of New York Mellon(BK)</b> — Shares of the bank ticked up 1% in premarket trading after Bank of New York Mellon beat analyst estimates in its first quarter report. The firm earned 97 cents per share on $3.92 billion in revenue. Analysts surveyed by Refinitiv were looking for 87 cents per share and $3.85 billion in revenue.</p><p><b>8)&nbsp;United Airlines(UAL) </b>— Shares of the United Airlines popped in premarket trading following an upgrade to “buy” from “hold” from Argus. The Wall Street firm said it likes the airline’s plans to limit capacity, reduce structural costs by $2 billion, and restore margins to pre-pandemic levels.</p><p><b>9)&nbsp;Coinbase(COIN) </b>— Shares of the newly public cryptocurrency exchange dipped in premarket trading on Friday. The weakness came despite another vote of confidence from popular investor Cathie Wood, whose Ark Invest purchased about $110 million of the stock on Thursday.</p><p><b>10)&nbsp;QuantumScape(QS)&nbsp;</b>—&nbsp;Shares of&nbsp;QuantumScape&nbsp;gained 0.89% in premarket trading after dropping 12% in regular trading after a new short report from Scorpion Capital on the EV battery maker.Scorpion claims that its research indicated that the the company is \"no different than other recently exposed SPAC promotions and EV frauds.\"Scorpion alleges that many of the claims the company has made such as fast charging to 80% in under 15 minutes are false.</p><p>The QuantumScape short was also revealed on Muddy Waters zerOes.tv.</p><p>QuantumScape said in a Twitter post that QS \"stands by its data, which speaks for itself. We have provided higher transparency than any other solid-state battery effort we are aware of, with details on current density, temp, cycle life, cathode thickness, depth of discharge, cell area, pressure.\"\"As our public filings have clearly stated, we have work to do, so this will be our last comment on this topic. We will now get back to work and continue to let our execution speak for itself,\" QuantumScape said in the Twitter post.</p><p><img src=\"https://static.tigerbbs.com/f8f6da68a1844d2f3a9c605728fe7934\" tg-width=\"708\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p>11)&nbsp;Most Blockchain stocks fell. Ebang surged 8%.</p><p><img src=\"https://static.tigerbbs.com/32294266d9d7c18244e4772c4d4ce30a\" tg-width=\"302\" tg-height=\"287\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/02cd72b92056583a324bb8ea1461b659\" tg-width=\"708\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p><b>These are some of the main moves in financial markets:</b></p><p><b>Currencies</b></p><p>The Bloomberg Dollar Spot Index sank 0.1%.The euro jumped 0.2% to $1.1986.The British pound was little changed at $1.3785.The onshore yuan was little changed at 6.521 per dollar.The Japanese yen was little changed at 108.77 per dollar.</p><p><b>Bonds</b></p><p>The yield on 10-year Treasuries fell one basis point to 1.56%.The yield on two-year Treasuries climbed less than one basis point to 0.16%.Germany’s 10-year yield gained one basis point to -0.28%.Britain’s 10-year yield jumped two basis points to 0.755%.Japan’s 10-year yield increased less than one basis point to 0.093%.</p><p><b>Commodities</b></p><p>West Texas Intermediate crude declined 0.1% to $63.37 a barrel.Brent crude was little changed at $66.93 a barrel.Gold strengthened 0.7% to $1,776.66 an ounce.</p><p><b>Turkey bans crypto payments, Bitcoin slides</b></p><p><img src=\"https://static.tigerbbs.com/bc762d6532f6fc02f7215b20d4015413\" tg-width=\"3726\" tg-height=\"8373\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180499171","content_text":"Stock futures traded sideways Friday morning.Treasury yields rebound but still below recent highs.Turkey bans crypto payments, Bitcoin slides.Morgan Stanley, Sunrun, Comcast and more making the biggest moves premarket.(April 16) Stock futures traded sideways Friday morning after another record-setting day on Wall Street, with a batch of stronger-than-expected economic data and corporate earnings results helping fuel a risk rally.At 8:04 a.m. ET, Dow E-minis were up 49 points, or 0.14%, S&P 500 E-minis were rose 5.75 points, or 0.14% and Nasdaq 100 E-minis were gained 15.50 points, or 0.11%.*Source From Tiger Trade, EST 08:04Treasury yields rebound but still below recent highs. Dip in 10-year Treasury yield seems to be technically driven, strategist says.*Source From CNBC, EST 08:14Stocks making the biggest moves premarket: Morgan Stanley, Sunrun, Comcast and more:1) Morgan Stanley(MS) — Morgan Stanley topped analysts expectations forfirst quarter earningson the back of better-than-expected bond trading results, sending shares up in the premarket. The major U.S. bank reported earnings of $2.19 per share on revenue of $15.72 billion.2) Sunrun(RUN) – Shares of the residential solar company jumped 3% after Simmons Energy upgraded the stock to an \"overweight\" rating. In a note to clients, the firm said the company has a strong growth story ahead, and that the recent weakness presents an attractive buying opportunity.3) Cisco(CSCO) — Cisco shares rose 1.1% in premarket trading Friday after Wolfe Research upgraded the equity to “outperform.” Analyst Jeff Kvaal wrote that “Strong  IT spending should prove a tailwind to Cisco  estimates” through fiscal year 2022 and said shares should climb to $63, representing a 22% upside from Thursday’s close.4) PNC Financial(PNC) — The bank stock dipped 1.9% in premarket trading even after PNC beat estimates on the top and bottom lines for its first-quarter report. PNC reported $4.10 in earnings per share on $4.22 billion in revenue. Analysts surveyed by Refinitiv had penciled in $2.75 per share and $4.12 billion in revenue. The bank’s net interest margin declined and missed expectations, according to FactSet.5) Comcast(CMCSA) — Shares of Comcast rose 1.2% before the opening bell after Raymond James upgraded the stock to an “outperform” rating and told clients it expects strong first-quarter earnings results from the media giant. “We believe there is future NBCU upside from HSD strength, Peacock sub growth, improved theatrical revenue, and phased theme park reopenings,” wrote analyst Frank Louthan.6) Simon Property Group(SPG) — Shares of the real estate company rose in premarket trading after Jefferies upgraded the stock to “buy” from “hold.” The Wall Street firm said “retailer investments, pent-up consumer demand, and lower bad debt are positive catalysts” for the mall owner.7) Bank of New York Mellon(BK) — Shares of the bank ticked up 1% in premarket trading after Bank of New York Mellon beat analyst estimates in its first quarter report. The firm earned 97 cents per share on $3.92 billion in revenue. Analysts surveyed by Refinitiv were looking for 87 cents per share and $3.85 billion in revenue.8) United Airlines(UAL) — Shares of the United Airlines popped in premarket trading following an upgrade to “buy” from “hold” from Argus. The Wall Street firm said it likes the airline’s plans to limit capacity, reduce structural costs by $2 billion, and restore margins to pre-pandemic levels.9) Coinbase(COIN) — Shares of the newly public cryptocurrency exchange dipped in premarket trading on Friday. The weakness came despite another vote of confidence from popular investor Cathie Wood, whose Ark Invest purchased about $110 million of the stock on Thursday.10) QuantumScape(QS) — Shares of QuantumScape gained 0.89% in premarket trading after dropping 12% in regular trading after a new short report from Scorpion Capital on the EV battery maker.Scorpion claims that its research indicated that the the company is \"no different than other recently exposed SPAC promotions and EV frauds.\"Scorpion alleges that many of the claims the company has made such as fast charging to 80% in under 15 minutes are false.The QuantumScape short was also revealed on Muddy Waters zerOes.tv.QuantumScape said in a Twitter post that QS \"stands by its data, which speaks for itself. We have provided higher transparency than any other solid-state battery effort we are aware of, with details on current density, temp, cycle life, cathode thickness, depth of discharge, cell area, pressure.\"\"As our public filings have clearly stated, we have work to do, so this will be our last comment on this topic. We will now get back to work and continue to let our execution speak for itself,\" QuantumScape said in the Twitter post.11) Most Blockchain stocks fell. Ebang surged 8%.These are some of the main moves in financial markets:CurrenciesThe Bloomberg Dollar Spot Index sank 0.1%.The euro jumped 0.2% to $1.1986.The British pound was little changed at $1.3785.The onshore yuan was little changed at 6.521 per dollar.The Japanese yen was little changed at 108.77 per dollar.BondsThe yield on 10-year Treasuries fell one basis point to 1.56%.The yield on two-year Treasuries climbed less than one basis point to 0.16%.Germany’s 10-year yield gained one basis point to -0.28%.Britain’s 10-year yield jumped two basis points to 0.755%.Japan’s 10-year yield increased less than one basis point to 0.093%.CommoditiesWest Texas Intermediate crude declined 0.1% to $63.37 a barrel.Brent crude was little changed at $66.93 a barrel.Gold strengthened 0.7% to $1,776.66 an ounce.Turkey bans crypto payments, Bitcoin slides","news_type":1},"isVote":1,"tweetType":1,"viewCount":364,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":371184308,"gmtCreate":1618920849704,"gmtModify":1634289908430,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/371184308","repostId":"1154218683","repostType":4,"repost":{"id":"1154218683","kind":"news","pubTimestamp":1618920744,"share":"https://www.laohu8.com/m/news/1154218683?lang=&edition=full","pubTime":"2021-04-20 20:12","market":"hk","language":"en","title":"JD.com: Solid Growth, Strong Free Cash Flow - Why It's Worthwhile Considering","url":"https://stock-news.laohu8.com/highlight/detail?id=1154218683","media":"seekingalpha","summary":"Summary\n\nJD.com has fallen out of favor with investors, together with the rest of Chinese stocks.\nJD","content":"<p><b>Summary</b></p>\n<ul>\n <li>JD.com has fallen out of favor with investors, together with the rest of Chinese stocks.</li>\n <li>JD.com continues to report steady growth rates, with Q4 2020 topping +30% y/y revenue growth rates.</li>\n <li>Without any heroics, this stock trades for less than 18x forward free cash flow.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fca1ede6aff4d57a8a6881983d6a5ae4\" tg-width=\"1536\" tg-height=\"1024\"><span>Photo by Andrew Burton/Getty Images News via Getty Images</span></p>\n<p><b>Investment Thesis</b></p>\n<p>JD.com (JD) has fallen out of favor with investors lately. However, its fundamental performance continues to be exemplary.</p>\n<p>I lay down my rationale for why the market is undervaluing this stock, as well as demonstrating that it's clearly cheaply valued as it trades for less than 18x its 2021 free cash flow.</p>\n<p>Here's why this stock is worthwhile considering:</p>\n<p><b>Revenue Growth Rates And Investors' Sentiment</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1abbb6557efecaad89bf294c2a194266\" tg-width=\"635\" tg-height=\"453\"><span>Data by YCharts</span></p>\n<p>As you can see above, the graph practically speaks for itself.</p>\n<p>Not only have investors gone sour on Alibaba (BABA) of late, but they've soured up on JD.com and Pinduoduo (PDD) too. I would go so far as to remark that most Chinese stocks have now, once again, fallen out of favor with investors.</p>\n<p>Indeed, it's quite challenging for investors to keep up with all the twists, turns, and emotional predispositions investors have towards Chinese stocks.</p>\n<p>On the other hand, in a mirror image to the mercurial sentiment investors hold against Chinese stocks, JD.com continues to report astonishing revenue growth rate numbers.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9304aa7294310f8766138c9c5fe2092a\" tg-width=\"640\" tg-height=\"298\"><span>Source: author's calculations, JD.com Press Statements</span></p>\n<p>Not only is JD.com showing that it has dramatically accelerated post-COVID, but those numbers are nothing short of remarkable. Yet, as you know, investors have been all-too-quick to dismiss investing in China right now.</p>\n<p><b>Breaking Down</b><b>JD.com's</b><b>Revenue Stream</b></p>\n<p>As a reminder, approximately 85% of JD.com's revenue is derived from its product revenue. These are products that get delivered through their own heavily invested supply chain infrastructure.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d23f6dbcc0c579246a26bbfea2ae9daf\" tg-width=\"640\" tg-height=\"455\"><span>Source: Q4 2020 Investor Presentation</span></p>\n<p>In line with the consistent theme we've heard over the past year, JD.com's revenue is coming increasingly from lower-tier cities. In fact, during Q4 2020, for the first time, 80% of its new users came from these lower-tier cities.</p>\n<p>This demonstrates that JD.com is resonating with these consumers and arguably offers JD.com a solid moat, as it can continue to deliver products to very price-conscious consumers all the while at a profit.</p>\n<p>Moreover, this ability to turn a profit and out-compete with mom and pop shops continues to allow JD.com to gain market share from other retailers, but it also keeps out Alibaba from gaining a foothold here.</p>\n<p><b>What Else is Weighing on the Stock?</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/61937b65a1bb827323293df146ceb1bd\" tg-width=\"640\" tg-height=\"360\"><span>Source: Investor Presentation</span></p>\n<p>The problem JD.com's stock has come up against is that JD.com was a story of expanding its razor-thin profit margins. Long ago, the idea had been that as JD.com continued to drive top-line growth, its scale would be improving its profit margins.</p>\n<p>However, as you can see above, during Q4 2020, the increase in its top-line did not translate to an improvement in gross margins. More specifically, you can see that during Q4 2020 its gross margins were 13.9%, 200 basis points more compressed than during the same period a year ago.</p>\n<p>And this is obviously not aligned with what shareholders had come accustomed to expecting from JD.com.</p>\n<p>For their part, JD.com notes that it continues to invest in its infrastructure, that this is allowing merchants to increase their reliance on JD.com omnichannel capacity to deliver in more innovative ways -- yet investors have evidently not bought into<i>that</i>narrative.</p>\n<p><b>Valuation - Why This Stock Carries a Large Margin of Safety</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1e9ceb308beeb73af69318348550c8a3\" tg-width=\"640\" tg-height=\"352\"><span>Source: Q4 2020 Investor Presentation</span></p>\n<p>JD.com is not a free cash flow story. But the fact that it does generate free cash flow certainly supports my bullish thesis that the stock trades for 23x trailing free cash flow - using $5.3 billion shownhere.</p>\n<p>Moreover, keep in mind that putting aside 2018, a year with very heavy capex requirement (non-recurring event), JD.com is steadily growing its free cash flow every year.</p>\n<p>Also, aligned with the story that as JD.com gains scale its free cash flow will similarly increase, we can see that in 2020 there was indeed a jump of approximately 79% compared with 2019.</p>\n<p>Consequently, without any heroics, if we largely assume that JD.com's free cash flow grows by<i>a further 30% y/y in 2021</i>, somewhat in line with its recent top-line growth, investors could easily expect its free cash flow to reach $6.9 billion.</p>\n<p>In other words, even though JD.com is not a free cash flow story, it nevertheless would be trading for less than 18x forward free cash flow.</p>\n<p><b>Potential Risks of Investing in JD.com</b></p>\n<p>JD.com is an overseas stock. Thus, as noted throughout, it's prone to the vicissitudes and investor sentiment that faces most overseas stocks, particularly Chinese stocks.</p>\n<p>I would add that, unlike other big Chinese stocks (I shall not disclose the name, but if you follow the space, you know what I'm talking about), the numbers from JD.com are clean.</p>\n<p>They are not aggressively investing in smaller enterprises and then increasing their ''below the line'' earnings as those stock get ''repriced higher'' so that their earnings get a steady and consistent improvement.</p>\n<p>In actuality, that's why I have essentially focused the effort of my discussion towards predominantly discussing JD.com's free cash flow, in an effort to avoid any questions over its earnings or accounting. With free cash flow, what you seeis what you get.</p>\n<p><b>The Bottom Line</b></p>\n<p>It's very difficult to know when and how JD.com will return to hold investor's favor. The question readers may have been what catalysts are there on the horizon that is likely to drive shareholder returns? I do not know.</p>\n<p>Having said that, I strongly contend that JD.com is making solid free cash flows all the while consistently growing its top-line and solidifying its supply chain infrastructure.</p>\n<p>It may seem like forever right now, but in time, the market<i>will</i>return to recognizing just how plainly undervalued these shares are right now.</p>","source":"seekingalpha","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>JD.com: Solid Growth, Strong Free Cash Flow - Why It's Worthwhile Considering</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\">\nJD.com: Solid Growth, Strong Free Cash Flow - Why It's Worthwhile Considering\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-20 20:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4419966-jd-com-solid-growth-strong-free-cash-flow-why-worthwhile-considering><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nJD.com has fallen out of favor with investors, together with the rest of Chinese stocks.\nJD.com continues to report steady growth rates, with Q4 2020 topping +30% y/y revenue growth rates.\n...</p>\n\n<a href=\"https://seekingalpha.com/article/4419966-jd-com-solid-growth-strong-free-cash-flow-why-worthwhile-considering\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JD":"京东","09618":"京东集团-SW"},"source_url":"https://seekingalpha.com/article/4419966-jd-com-solid-growth-strong-free-cash-flow-why-worthwhile-considering","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1154218683","content_text":"Summary\n\nJD.com has fallen out of favor with investors, together with the rest of Chinese stocks.\nJD.com continues to report steady growth rates, with Q4 2020 topping +30% y/y revenue growth rates.\nWithout any heroics, this stock trades for less than 18x forward free cash flow.\n\nPhoto by Andrew Burton/Getty Images News via Getty Images\nInvestment Thesis\nJD.com (JD) has fallen out of favor with investors lately. However, its fundamental performance continues to be exemplary.\nI lay down my rationale for why the market is undervaluing this stock, as well as demonstrating that it's clearly cheaply valued as it trades for less than 18x its 2021 free cash flow.\nHere's why this stock is worthwhile considering:\nRevenue Growth Rates And Investors' Sentiment\nData by YCharts\nAs you can see above, the graph practically speaks for itself.\nNot only have investors gone sour on Alibaba (BABA) of late, but they've soured up on JD.com and Pinduoduo (PDD) too. I would go so far as to remark that most Chinese stocks have now, once again, fallen out of favor with investors.\nIndeed, it's quite challenging for investors to keep up with all the twists, turns, and emotional predispositions investors have towards Chinese stocks.\nOn the other hand, in a mirror image to the mercurial sentiment investors hold against Chinese stocks, JD.com continues to report astonishing revenue growth rate numbers.\nSource: author's calculations, JD.com Press Statements\nNot only is JD.com showing that it has dramatically accelerated post-COVID, but those numbers are nothing short of remarkable. Yet, as you know, investors have been all-too-quick to dismiss investing in China right now.\nBreaking DownJD.com'sRevenue Stream\nAs a reminder, approximately 85% of JD.com's revenue is derived from its product revenue. These are products that get delivered through their own heavily invested supply chain infrastructure.\nSource: Q4 2020 Investor Presentation\nIn line with the consistent theme we've heard over the past year, JD.com's revenue is coming increasingly from lower-tier cities. In fact, during Q4 2020, for the first time, 80% of its new users came from these lower-tier cities.\nThis demonstrates that JD.com is resonating with these consumers and arguably offers JD.com a solid moat, as it can continue to deliver products to very price-conscious consumers all the while at a profit.\nMoreover, this ability to turn a profit and out-compete with mom and pop shops continues to allow JD.com to gain market share from other retailers, but it also keeps out Alibaba from gaining a foothold here.\nWhat Else is Weighing on the Stock?\nSource: Investor Presentation\nThe problem JD.com's stock has come up against is that JD.com was a story of expanding its razor-thin profit margins. Long ago, the idea had been that as JD.com continued to drive top-line growth, its scale would be improving its profit margins.\nHowever, as you can see above, during Q4 2020, the increase in its top-line did not translate to an improvement in gross margins. More specifically, you can see that during Q4 2020 its gross margins were 13.9%, 200 basis points more compressed than during the same period a year ago.\nAnd this is obviously not aligned with what shareholders had come accustomed to expecting from JD.com.\nFor their part, JD.com notes that it continues to invest in its infrastructure, that this is allowing merchants to increase their reliance on JD.com omnichannel capacity to deliver in more innovative ways -- yet investors have evidently not bought intothatnarrative.\nValuation - Why This Stock Carries a Large Margin of Safety\nSource: Q4 2020 Investor Presentation\nJD.com is not a free cash flow story. But the fact that it does generate free cash flow certainly supports my bullish thesis that the stock trades for 23x trailing free cash flow - using $5.3 billion shownhere.\nMoreover, keep in mind that putting aside 2018, a year with very heavy capex requirement (non-recurring event), JD.com is steadily growing its free cash flow every year.\nAlso, aligned with the story that as JD.com gains scale its free cash flow will similarly increase, we can see that in 2020 there was indeed a jump of approximately 79% compared with 2019.\nConsequently, without any heroics, if we largely assume that JD.com's free cash flow grows bya further 30% y/y in 2021, somewhat in line with its recent top-line growth, investors could easily expect its free cash flow to reach $6.9 billion.\nIn other words, even though JD.com is not a free cash flow story, it nevertheless would be trading for less than 18x forward free cash flow.\nPotential Risks of Investing in JD.com\nJD.com is an overseas stock. Thus, as noted throughout, it's prone to the vicissitudes and investor sentiment that faces most overseas stocks, particularly Chinese stocks.\nI would add that, unlike other big Chinese stocks (I shall not disclose the name, but if you follow the space, you know what I'm talking about), the numbers from JD.com are clean.\nThey are not aggressively investing in smaller enterprises and then increasing their ''below the line'' earnings as those stock get ''repriced higher'' so that their earnings get a steady and consistent improvement.\nIn actuality, that's why I have essentially focused the effort of my discussion towards predominantly discussing JD.com's free cash flow, in an effort to avoid any questions over its earnings or accounting. With free cash flow, what you seeis what you get.\nThe Bottom Line\nIt's very difficult to know when and how JD.com will return to hold investor's favor. The question readers may have been what catalysts are there on the horizon that is likely to drive shareholder returns? I do not know.\nHaving said that, I strongly contend that JD.com is making solid free cash flows all the while consistently growing its top-line and solidifying its supply chain infrastructure.\nIt may seem like forever right now, but in time, the marketwillreturn to recognizing just how plainly undervalued these shares are right now.","news_type":1},"isVote":1,"tweetType":1,"viewCount":503,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344870345,"gmtCreate":1618401429487,"gmtModify":1634293214552,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/344870345","repostId":"2127802988","repostType":2,"repost":{"id":"2127802988","kind":"highlight","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":1618439652,"share":"https://www.laohu8.com/m/news/2127802988?lang=&edition=full","pubTime":"2021-04-15 06:34","market":"sg","language":"en","title":"From Harvard to Nasdaq listing: Grab CEO's ride to world's biggest SPAC deal","url":"https://stock-news.laohu8.com/highlight/detail?id=2127802988","media":"Reuters","summary":"The CEO of Grab, a popular app to book taxis, order food and make payments in Southeast Asia, has al","content":"<p>The CEO of Grab, a popular app to book taxis, order food and make payments in Southeast Asia, has always been determined to win -- from making his firm the best-funded regional start-up to defeating behemoth Uber Technologies.</p>\n<p>On Tuesday, Anthony Tan set another record when Grab Holdings agreed to list on Nasdaq through a $39.6 billion merger deal with a blank-check company, Altimeter Growth Corp.</p>\n<p>The transaction will be the world’s largest merger involving a so-called special purpose acquisition company (SPAC). The accompanying $4 billion fundraising from global investors is also set to be the biggest ever U.S. equity offering by a Southeast Asian company.</p>\n<p>“Anthony focuses on what to do, and executes it well,” said Chua Kee Lock, chief executive officer of Singapore-based venture capital firm Vertex, an early investor in Grab.</p>\n<p>The deals validate the 39-year-old co-founder’s strategy to go hyper local and expand further in a region whose digital economy is estimated to triple to $309 billion by 2025.</p>\n<p>“This might be a precedent set not necessarily just from the point of view of start-ups themselves but from global investors starting to have their eyes open to the Southeast Asian opportunity,” said Usman Akhtar, who leads Bain &amp; Co.’s Southeast Asia private equity practice.</p>\n<p>Tan and co-founder Tan Hooi Ling, who are unrelated, created Grab from a Harvard Business School venture competition plan in 2011. They launched a taxi app in Malaysia in June 2012 and then took it regional.</p>\n<p>And while the charismatic Tan is the scion of one of Malaysia’s wealthiest families, he decided to strike it out as an entrepreneur.</p>\n<p>“He is a very determined character and does not give up easily,” said Chua.</p>\n<p>That resolve came in handy in Grab’s costly five-year battle with Uber, when Tan told employees that when “a local champion stays true to their beliefs and strengths, they can prevail.”</p>\n<p>Uber exited the region in 2018 by selling its business to Grab and in return took a stake in the company.</p>\n<p>The deal also laid the foundation for Grab’s food delivery business, which has become its largest segment as stay-at-home customers ordered food and groceries online last year.</p>\n<p>But the COVID-19 pandemic also plunged Grab into its biggest crisis after demand for ride-hailing services tanked, forcing it to lay off about 5% of its staff.</p>\n<p>Tan sought advice from his investors, including Microsoft’s Satya Nadella. Softbank CEO Masayoshi Son, whom Tan calls his personal mentor, also helped in Grab’s decision to pivot into deliveries and expand its payments business.</p>\n<p>“Anthony always had in mind a significant business that could include services beyond ride-hailing,” said Frank Cespedes, a senior lecturer at Harvard Business School, who supervised the Tans’ team in the business plan competition.</p>\n<p>Those who have worked with Tan say he is passionate about Grab and has tremendous energy. Last year, when people mostly worked from home in Singapore, Tan often spent 15 hours a day at his standing desk, sometimes exercising with dumbbells.</p>\n<p>He often jokes that he and his wife need to stay active to manage their three toddlers. They are expecting another child.</p>\n<p><b>SUPERMAN AND IRON MAN</b></p>\n<p>While Grab is still loss-making like many early-stage high-growth tech companies, Tan said the firm, which has more than 7,000 employees, started thinking about a listing nearly a year ago.</p>\n<p>Only this year, it seriously considered going public via a merger with a SPAC after receiving many offers.</p>\n<p>Sources familiar with the matter said the IPO process was code named “Iron Man” while the SPAC route was dubbed “Superman.”</p>\n<p>“Superman is a good guy and he would go all out to serve society,” Tan told Reuters in an interview on Tuesday.</p>\n<p>Grab’s funding comes as rivals including Gojek and Sea are also bulking up.</p>\n<p>“Other founders, other entrepreneurs and the region will be able to attract even more capital, because now we’ve shown that investors can make money, can exit,” said Tan.</p>\n<p>Tech companies view the region of 650 million people as a big opportunity, but the markets’ diversity has tripped up some global firms.</p>\n<p>Much of Grab’s success has been due to Tan’s relentless drive to localise. It accepted cash when Uber only allowed card payments. Grab also moved early to offer motorcycle taxi rides in traffic-clogged countries of Vietnam and Indonesia.</p>\n<p>After shifting its headquarters to Singapore, Grab gained access to some of the world’s biggest investors and talent.</p>\n<p>“Grab’s sharp focus allows them to go very deep into the eco-system and be relevant across a person’s everyday life,” said Keith Magnus, Asia co-chairman at boutique investment bank Evercore, which was among Grab’s advisers on the SPAC deal.</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>From Harvard to Nasdaq listing: Grab CEO's ride to world's biggest SPAC deal</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\">\nFrom Harvard to Nasdaq listing: Grab CEO's ride to world's biggest SPAC deal\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\">2021-04-15 06:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>The CEO of Grab, a popular app to book taxis, order food and make payments in Southeast Asia, has always been determined to win -- from making his firm the best-funded regional start-up to defeating behemoth Uber Technologies.</p>\n<p>On Tuesday, Anthony Tan set another record when Grab Holdings agreed to list on Nasdaq through a $39.6 billion merger deal with a blank-check company, Altimeter Growth Corp.</p>\n<p>The transaction will be the world’s largest merger involving a so-called special purpose acquisition company (SPAC). The accompanying $4 billion fundraising from global investors is also set to be the biggest ever U.S. equity offering by a Southeast Asian company.</p>\n<p>“Anthony focuses on what to do, and executes it well,” said Chua Kee Lock, chief executive officer of Singapore-based venture capital firm Vertex, an early investor in Grab.</p>\n<p>The deals validate the 39-year-old co-founder’s strategy to go hyper local and expand further in a region whose digital economy is estimated to triple to $309 billion by 2025.</p>\n<p>“This might be a precedent set not necessarily just from the point of view of start-ups themselves but from global investors starting to have their eyes open to the Southeast Asian opportunity,” said Usman Akhtar, who leads Bain &amp; Co.’s Southeast Asia private equity practice.</p>\n<p>Tan and co-founder Tan Hooi Ling, who are unrelated, created Grab from a Harvard Business School venture competition plan in 2011. They launched a taxi app in Malaysia in June 2012 and then took it regional.</p>\n<p>And while the charismatic Tan is the scion of one of Malaysia’s wealthiest families, he decided to strike it out as an entrepreneur.</p>\n<p>“He is a very determined character and does not give up easily,” said Chua.</p>\n<p>That resolve came in handy in Grab’s costly five-year battle with Uber, when Tan told employees that when “a local champion stays true to their beliefs and strengths, they can prevail.”</p>\n<p>Uber exited the region in 2018 by selling its business to Grab and in return took a stake in the company.</p>\n<p>The deal also laid the foundation for Grab’s food delivery business, which has become its largest segment as stay-at-home customers ordered food and groceries online last year.</p>\n<p>But the COVID-19 pandemic also plunged Grab into its biggest crisis after demand for ride-hailing services tanked, forcing it to lay off about 5% of its staff.</p>\n<p>Tan sought advice from his investors, including Microsoft’s Satya Nadella. Softbank CEO Masayoshi Son, whom Tan calls his personal mentor, also helped in Grab’s decision to pivot into deliveries and expand its payments business.</p>\n<p>“Anthony always had in mind a significant business that could include services beyond ride-hailing,” said Frank Cespedes, a senior lecturer at Harvard Business School, who supervised the Tans’ team in the business plan competition.</p>\n<p>Those who have worked with Tan say he is passionate about Grab and has tremendous energy. Last year, when people mostly worked from home in Singapore, Tan often spent 15 hours a day at his standing desk, sometimes exercising with dumbbells.</p>\n<p>He often jokes that he and his wife need to stay active to manage their three toddlers. They are expecting another child.</p>\n<p><b>SUPERMAN AND IRON MAN</b></p>\n<p>While Grab is still loss-making like many early-stage high-growth tech companies, Tan said the firm, which has more than 7,000 employees, started thinking about a listing nearly a year ago.</p>\n<p>Only this year, it seriously considered going public via a merger with a SPAC after receiving many offers.</p>\n<p>Sources familiar with the matter said the IPO process was code named “Iron Man” while the SPAC route was dubbed “Superman.”</p>\n<p>“Superman is a good guy and he would go all out to serve society,” Tan told Reuters in an interview on Tuesday.</p>\n<p>Grab’s funding comes as rivals including Gojek and Sea are also bulking up.</p>\n<p>“Other founders, other entrepreneurs and the region will be able to attract even more capital, because now we’ve shown that investors can make money, can exit,” said Tan.</p>\n<p>Tech companies view the region of 650 million people as a big opportunity, but the markets’ diversity has tripped up some global firms.</p>\n<p>Much of Grab’s success has been due to Tan’s relentless drive to localise. It accepted cash when Uber only allowed card payments. Grab also moved early to offer motorcycle taxi rides in traffic-clogged countries of Vietnam and Indonesia.</p>\n<p>After shifting its headquarters to Singapore, Grab gained access to some of the world’s biggest investors and talent.</p>\n<p>“Grab’s sharp focus allows them to go very deep into the eco-system and be relevant across a person’s everyday life,” said Keith Magnus, Asia co-chairman at boutique investment bank Evercore, which was among Grab’s advisers on the SPAC deal.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd","TQQQ":"纳指三倍做多ETF","NDAQ":"纳斯达克OMX交易所","QQQ":"纳指100ETF","QID":"纳指两倍做空ETF","UBER":"优步",".IXIC":"NASDAQ Composite","SQQQ":"纳指三倍做空ETF","QLD":"纳指两倍做多ETF","PSQ":"纳指反向ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2127802988","content_text":"The CEO of Grab, a popular app to book taxis, order food and make payments in Southeast Asia, has always been determined to win -- from making his firm the best-funded regional start-up to defeating behemoth Uber Technologies.\nOn Tuesday, Anthony Tan set another record when Grab Holdings agreed to list on Nasdaq through a $39.6 billion merger deal with a blank-check company, Altimeter Growth Corp.\nThe transaction will be the world’s largest merger involving a so-called special purpose acquisition company (SPAC). The accompanying $4 billion fundraising from global investors is also set to be the biggest ever U.S. equity offering by a Southeast Asian company.\n“Anthony focuses on what to do, and executes it well,” said Chua Kee Lock, chief executive officer of Singapore-based venture capital firm Vertex, an early investor in Grab.\nThe deals validate the 39-year-old co-founder’s strategy to go hyper local and expand further in a region whose digital economy is estimated to triple to $309 billion by 2025.\n“This might be a precedent set not necessarily just from the point of view of start-ups themselves but from global investors starting to have their eyes open to the Southeast Asian opportunity,” said Usman Akhtar, who leads Bain & Co.’s Southeast Asia private equity practice.\nTan and co-founder Tan Hooi Ling, who are unrelated, created Grab from a Harvard Business School venture competition plan in 2011. They launched a taxi app in Malaysia in June 2012 and then took it regional.\nAnd while the charismatic Tan is the scion of one of Malaysia’s wealthiest families, he decided to strike it out as an entrepreneur.\n“He is a very determined character and does not give up easily,” said Chua.\nThat resolve came in handy in Grab’s costly five-year battle with Uber, when Tan told employees that when “a local champion stays true to their beliefs and strengths, they can prevail.”\nUber exited the region in 2018 by selling its business to Grab and in return took a stake in the company.\nThe deal also laid the foundation for Grab’s food delivery business, which has become its largest segment as stay-at-home customers ordered food and groceries online last year.\nBut the COVID-19 pandemic also plunged Grab into its biggest crisis after demand for ride-hailing services tanked, forcing it to lay off about 5% of its staff.\nTan sought advice from his investors, including Microsoft’s Satya Nadella. Softbank CEO Masayoshi Son, whom Tan calls his personal mentor, also helped in Grab’s decision to pivot into deliveries and expand its payments business.\n“Anthony always had in mind a significant business that could include services beyond ride-hailing,” said Frank Cespedes, a senior lecturer at Harvard Business School, who supervised the Tans’ team in the business plan competition.\nThose who have worked with Tan say he is passionate about Grab and has tremendous energy. Last year, when people mostly worked from home in Singapore, Tan often spent 15 hours a day at his standing desk, sometimes exercising with dumbbells.\nHe often jokes that he and his wife need to stay active to manage their three toddlers. They are expecting another child.\nSUPERMAN AND IRON MAN\nWhile Grab is still loss-making like many early-stage high-growth tech companies, Tan said the firm, which has more than 7,000 employees, started thinking about a listing nearly a year ago.\nOnly this year, it seriously considered going public via a merger with a SPAC after receiving many offers.\nSources familiar with the matter said the IPO process was code named “Iron Man” while the SPAC route was dubbed “Superman.”\n“Superman is a good guy and he would go all out to serve society,” Tan told Reuters in an interview on Tuesday.\nGrab’s funding comes as rivals including Gojek and Sea are also bulking up.\n“Other founders, other entrepreneurs and the region will be able to attract even more capital, because now we’ve shown that investors can make money, can exit,” said Tan.\nTech companies view the region of 650 million people as a big opportunity, but the markets’ diversity has tripped up some global firms.\nMuch of Grab’s success has been due to Tan’s relentless drive to localise. It accepted cash when Uber only allowed card payments. Grab also moved early to offer motorcycle taxi rides in traffic-clogged countries of Vietnam and Indonesia.\nAfter shifting its headquarters to Singapore, Grab gained access to some of the world’s biggest investors and talent.\n“Grab’s sharp focus allows them to go very deep into the eco-system and be relevant across a person’s everyday life,” said Keith Magnus, Asia co-chairman at boutique investment bank Evercore, which was among Grab’s advisers on the SPAC deal.","news_type":1},"isVote":1,"tweetType":1,"viewCount":442,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":345640534,"gmtCreate":1618312781728,"gmtModify":1634293794727,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/345640534","repostId":"1194635432","repostType":4,"repost":{"id":"1194635432","kind":"news","pubTimestamp":1618236146,"share":"https://www.laohu8.com/m/news/1194635432?lang=&edition=full","pubTime":"2021-04-12 22:02","market":"us","language":"en","title":"Can You Make Coin Investing In Coinbase?","url":"https://stock-news.laohu8.com/highlight/detail?id=1194635432","media":"seekingalpha","summary":"SummaryCoinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the ","content":"<p><b>Summary</b></p><ul><li>Coinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the US regulatory landscape towards centralized exchanges, and the widening gap in a winner-takes-all market.</li><li>With coin listings being one of the core competitive advantages of an exchange, Coinbase has the 2nd smallest coin listings among the top 10 exchanges as a result of regulations.</li><li>Widening gap between Coinbase (ranked 2nd) and Binance (ranked 1st) in terms of coin listings and trading volume is evidence of a winner-takes-all market, Coinbase is on the losing side.</li><li>Marginal revenue growth, decline in profitability, and decline in the overall growth stock valuations further plague Coinbase's investment value proposition.</li></ul><p>I remember the early days of cryptocurrency when Binance andCoinbase (COIN) were competing for the top spot as an exchange. If you've traded cryptocurrencies in the US, you have probably used or heard ofCoinbase. Now thatCoinbase is going public, should you invest in the company?</p><p>At first glance, this investment value proposition seemed compelling since the overall cryptocurrency industry is growing rapidly. However, I have found evidence of 2 fundamental risks toCoinbase's growth that could not justify its current valuation and could even undermine its future growth. Recentreportsmay also express agreement asCoinbase's IPO valuation dropped from $100bn to $68bn.</p><p><b>Fundamental Risks 1: The US Regulatory Landscape</b></p><p>The US regulatory landscape is not friendly to centralized exchanges in a way that massively dampenedCoinbase's competitive advantages, one of which is coin listings.</p><p>Coinbase has the 2nd smallest coin listings</p><p>Coin listing is one of the most crucial criteria for a trader/investor when choosing an exchange. Traders/investors require a large number of coin listings to speculate on small-cap altcoins for 10x-100x return. The more coins listed, the more opportunities and choices. I personally use several exchanges for this very reason other than unique features such as staking and etc. The 6 exchanges I use are Binance, Crypto.com, KuCoin, Bkex, PoloniEx, and MXC Pro.</p><p>Why do I use multiple exchanges? Let me illustrate via an example. KuCoin listed Orion(NYSE:ORN)in July 2020 at $1, about 2 months earlier than Binance in October 2020. I bought ORN through KuCoin on its first day at $1.1 and staked it at &gt;20% APY interest. When Binance announced it was listing ORN, its priced spiked upwards. On ORN's first trading day on Binance, ORN's price spiked up as high as $4++ (it is a common occurrence for a token to spike when it is listed in a new exchange). I redeemed my ORN from staking and sold it at $3.60. This transaction earned me more than 300% return. Therefore, the more coins listed, the more opportunities I'll have to replicate this particular transaction to other small-cap altcoins.</p><p>SinceCoinbase's coin listing is small, traders/investors like myself will find it difficult to find these kinds of opportunities. Furthermore, many of the largest-cap coins are not listed onCoinbase. This is one of the main reasons why I did not useCoinbase; I theorize that many traders/investors like myself feel that way. (Let me know in the comments.)</p><p>In a recent lawsuit, a man claiming to beCoinbase's client capitalized on the legal battle between Ripple Labs’ battle and U.S. Securities and Exchange Commission (SEC), suedCoinbase for selling XRP tokens and sought compensations and other relief. According to CoinMarketCap.com, XRP is no longer listed onCoinbase. However, it is listed on more than500 other centralized exchanges(excluding decentralized exchanges) that are much smaller thanCoinbase outside the US.</p><p>XRP is the 7th biggest cryptocurrency by market cap as of the time of writing. Many other top cryptocurrencies are also not found onCoinbase, such as BNB (ranked 3rd), ADA (ranked 4th), DOT (ranked 6th). Amongthe 10 highest-rated centralized exchanges(refer to Table 1), only Bitstamp (18) offers fewer cryptocurrencies thanCoinbase (49), while the market leader (Binance) ledCoinbase by 700% in coin listings.</p><p>Since regulation can directly affect coin listings, a competitive advantage of an exchange,Coinbase already faces overwhelming challenges to compete on this front alone.</p><p>Table 1: Top 10 Spot Exchange Ranked by CoinMarketCap Ratings.</p><p><img src=\"https://static.tigerbbs.com/5bf68da62452a794c5daaa60ac989840\" tg-width=\"554\" tg-height=\"576\" referrerpolicy=\"no-referrer\">Source: Table created by Author fromCoinMarketCap</p><p><b>Other Regulatory Risks</b></p><p>Regulatory risks extend beyond coin listings and the US.Coinbase offers its services to52 countries. If any of the 52 countries ban crypto assets, its revenue would be adversely affected. It is not uncommon for centralized exchanges to relocate to another country due to regulations. While India isplotting a move to ban cryptocurrencies, many exchanges apply forlicenses to move out from India.</p><p>Statistically speaking, 108 exchangesshut downin 2020, compared to 81 in 2019. At least 3 are shut down by government(s) in 2020, and at least 2 in 2019.</p><p>Although it seems unlikely for the US to follow China's and India's footsteps to drastically ban crypto-assets now, regulatory risks remain major risks toCoinbase.</p><p><b>Fundamental Risk 2: Losing a Winner-Takes-All Market</b></p><p>There are 2 types of crypto exchanges: centralized and decentralized. Both have pros and cons. The best known centralized exchange is Binance, while the best known decentralized exchange is Uniswap. Although centralized exchanges may require a license by a governing body, decentralized exchanges might not, as decentralized exchanges can have avarying degree of centralized components. Both centralized and decentralized exchanges have their respective roles in the crypto ecosystem, hence I think that both are here to stay.</p><p>Many of the decentralized exchange source codes are open source (full listshere). In other words, virtually anyone can develop and host a decentralized exchange. This implies a shallow barrier to entry. Uniswap is the market leader in the decentralized exchange space. Itrecordedmore than $58bn volume in 2020, up 15,000% from 2019. Note that Uniswap wasfirst launchedin November 2018, compared toCoinbase in 2012.</p><p>On the other hand, Binance, the market leader in the centralized exchange space, recorded a total of$1.417 trillion spot trading volume in 2020, an increase of 36% from 2019. This figure does not even include other trading volumes, such as options, futures, margin, and other services, which amounted to $1.7 trillion, a 2800% increase from 2019.</p><p>In comparison,Coinbase only recorded $445bn total trading volume in 2020, a 39% increase in 2019. This is evidence that the market leader is pulling away, implying a winner-takes-all market. This becomes evident by referring to Table 1, where the market leader has more than 10 times the trading value than the 2nd place (Coinbase).</p><p>Furthermore, many traditional financial, non-financial international corporations and fintech companies are also participating in the competition. One of the latest addition is ApplePay.ApplePaynow has official support for cryptocurrencies, with GooglePay and SamsungPay to follow suit. Other note-worthy companies include Square, Paypal, and Visa.</p><p>In my opinion,Coinbase looks to be on the losing side if this market is indeed a winner-takes-all market. Further,Coinbase could be losing market more market share as more competition arises.</p><p><img src=\"https://static.tigerbbs.com/01ca6dafd2b567bd920c5e9f8edc8fbb\" tg-width=\"640\" tg-height=\"202\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p><b>Valuation</b></p><p>The tables below showed thatCoinbase's profit margin is healthy at 28% in 2020. Revenue growth rate compounds at approximately 7% annually from 2017-2020, but profits declined.</p><p>Coinbase's valuation in 2017 remains the most attractive, at 1.725 P/S (Price-to-Sales ratio) and 4.21 P/E (Price-to-Earnings ratio). Earlier this month,Coinbase's IPO valuation is pegged at$100bn. However, recent reports indicated a decrease inCoinbase's IPO valuation to$68bn.At a valuation of $100bn and $68bn,Coinbase is valued at approximately 333 P/E and 211 P/E respectively, or approximately 87.7 P/S and 59.65 P/S respectively.</p><p>Coinbase's valuation in 2020 is a far cry from 2017. Perhaps,Coinbase is pushing for its IPO to cash in on the overall stock market's high valuation.</p><p>Nevertheless, considering the 2 fundamental risks outlined above, marginal revenue growth and declined profits,Coinbase is overvalued at the current valuation in my opinion. The current decline in growth stocks further deterioratesCoinbase's investment value proposition.</p><p>Table 3:Coinbase's Revenue from 2016-2020<img src=\"https://static.tigerbbs.com/de8396c363230e04130e43f63d653956\" tg-width=\"640\" tg-height=\"231\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p>Table 4:Coinbase's Profit from 2016-2020<img src=\"https://static.tigerbbs.com/be2327ad800bd3524a3aaa57e3a0b17f\" tg-width=\"640\" tg-height=\"208\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p>Table 5:Coinbase's Historical Valuations<img src=\"https://static.tigerbbs.com/4b1fd86395ee1b0e38f1f6fd472f84bd\" tg-width=\"640\" tg-height=\"159\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p><b>Verdict</b></p><p>In my opinion, the current valuation ofCoinbase couldn't be justified even though the crypto industry is growing rapidly in general. This is down toCoinbase's 2 fundamental risks outlined in this article, marginal growth, sky-high valuation, and the decline in the growth stocks.</p><p>The reason I retain a neutral outlook onCoinbase is the overall outlook of the industry. On the other hand, we can participate in Binance, the market leader in the centralized exchange space, to maximize investment growth. Although Binance is not publicly traded, we can participate in its growth by buying its platform token (BNB).Binance uses part of its profitsto buy back its platform token (BNB)periodically. This results in a gradual increase in its token's price, a similar effect of shares buyback. Hence, I participate in Binance's growth by buying BNB, which saw a 670% YTD return.</p>","source":"seekingalpha","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>Can You Make Coin Investing In Coinbase?</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\">\nCan You Make Coin Investing In Coinbase?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-12 22:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4416527-coinbase-path-to-moon-will-be-bumpy-one><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryCoinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the US regulatory landscape towards centralized exchanges, and the widening gap in a winner-takes-all ...</p>\n\n<a href=\"https://seekingalpha.com/article/4416527-coinbase-path-to-moon-will-be-bumpy-one\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4416527-coinbase-path-to-moon-will-be-bumpy-one","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1194635432","content_text":"SummaryCoinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the US regulatory landscape towards centralized exchanges, and the widening gap in a winner-takes-all market.With coin listings being one of the core competitive advantages of an exchange, Coinbase has the 2nd smallest coin listings among the top 10 exchanges as a result of regulations.Widening gap between Coinbase (ranked 2nd) and Binance (ranked 1st) in terms of coin listings and trading volume is evidence of a winner-takes-all market, Coinbase is on the losing side.Marginal revenue growth, decline in profitability, and decline in the overall growth stock valuations further plague Coinbase's investment value proposition.I remember the early days of cryptocurrency when Binance andCoinbase (COIN) were competing for the top spot as an exchange. If you've traded cryptocurrencies in the US, you have probably used or heard ofCoinbase. Now thatCoinbase is going public, should you invest in the company?At first glance, this investment value proposition seemed compelling since the overall cryptocurrency industry is growing rapidly. However, I have found evidence of 2 fundamental risks toCoinbase's growth that could not justify its current valuation and could even undermine its future growth. Recentreportsmay also express agreement asCoinbase's IPO valuation dropped from $100bn to $68bn.Fundamental Risks 1: The US Regulatory LandscapeThe US regulatory landscape is not friendly to centralized exchanges in a way that massively dampenedCoinbase's competitive advantages, one of which is coin listings.Coinbase has the 2nd smallest coin listingsCoin listing is one of the most crucial criteria for a trader/investor when choosing an exchange. Traders/investors require a large number of coin listings to speculate on small-cap altcoins for 10x-100x return. The more coins listed, the more opportunities and choices. I personally use several exchanges for this very reason other than unique features such as staking and etc. The 6 exchanges I use are Binance, Crypto.com, KuCoin, Bkex, PoloniEx, and MXC Pro.Why do I use multiple exchanges? Let me illustrate via an example. KuCoin listed Orion(NYSE:ORN)in July 2020 at $1, about 2 months earlier than Binance in October 2020. I bought ORN through KuCoin on its first day at $1.1 and staked it at >20% APY interest. When Binance announced it was listing ORN, its priced spiked upwards. On ORN's first trading day on Binance, ORN's price spiked up as high as $4++ (it is a common occurrence for a token to spike when it is listed in a new exchange). I redeemed my ORN from staking and sold it at $3.60. This transaction earned me more than 300% return. Therefore, the more coins listed, the more opportunities I'll have to replicate this particular transaction to other small-cap altcoins.SinceCoinbase's coin listing is small, traders/investors like myself will find it difficult to find these kinds of opportunities. Furthermore, many of the largest-cap coins are not listed onCoinbase. This is one of the main reasons why I did not useCoinbase; I theorize that many traders/investors like myself feel that way. (Let me know in the comments.)In a recent lawsuit, a man claiming to beCoinbase's client capitalized on the legal battle between Ripple Labs’ battle and U.S. Securities and Exchange Commission (SEC), suedCoinbase for selling XRP tokens and sought compensations and other relief. According to CoinMarketCap.com, XRP is no longer listed onCoinbase. However, it is listed on more than500 other centralized exchanges(excluding decentralized exchanges) that are much smaller thanCoinbase outside the US.XRP is the 7th biggest cryptocurrency by market cap as of the time of writing. Many other top cryptocurrencies are also not found onCoinbase, such as BNB (ranked 3rd), ADA (ranked 4th), DOT (ranked 6th). Amongthe 10 highest-rated centralized exchanges(refer to Table 1), only Bitstamp (18) offers fewer cryptocurrencies thanCoinbase (49), while the market leader (Binance) ledCoinbase by 700% in coin listings.Since regulation can directly affect coin listings, a competitive advantage of an exchange,Coinbase already faces overwhelming challenges to compete on this front alone.Table 1: Top 10 Spot Exchange Ranked by CoinMarketCap Ratings.Source: Table created by Author fromCoinMarketCapOther Regulatory RisksRegulatory risks extend beyond coin listings and the US.Coinbase offers its services to52 countries. If any of the 52 countries ban crypto assets, its revenue would be adversely affected. It is not uncommon for centralized exchanges to relocate to another country due to regulations. While India isplotting a move to ban cryptocurrencies, many exchanges apply forlicenses to move out from India.Statistically speaking, 108 exchangesshut downin 2020, compared to 81 in 2019. At least 3 are shut down by government(s) in 2020, and at least 2 in 2019.Although it seems unlikely for the US to follow China's and India's footsteps to drastically ban crypto-assets now, regulatory risks remain major risks toCoinbase.Fundamental Risk 2: Losing a Winner-Takes-All MarketThere are 2 types of crypto exchanges: centralized and decentralized. Both have pros and cons. The best known centralized exchange is Binance, while the best known decentralized exchange is Uniswap. Although centralized exchanges may require a license by a governing body, decentralized exchanges might not, as decentralized exchanges can have avarying degree of centralized components. Both centralized and decentralized exchanges have their respective roles in the crypto ecosystem, hence I think that both are here to stay.Many of the decentralized exchange source codes are open source (full listshere). In other words, virtually anyone can develop and host a decentralized exchange. This implies a shallow barrier to entry. Uniswap is the market leader in the decentralized exchange space. Itrecordedmore than $58bn volume in 2020, up 15,000% from 2019. Note that Uniswap wasfirst launchedin November 2018, compared toCoinbase in 2012.On the other hand, Binance, the market leader in the centralized exchange space, recorded a total of$1.417 trillion spot trading volume in 2020, an increase of 36% from 2019. This figure does not even include other trading volumes, such as options, futures, margin, and other services, which amounted to $1.7 trillion, a 2800% increase from 2019.In comparison,Coinbase only recorded $445bn total trading volume in 2020, a 39% increase in 2019. This is evidence that the market leader is pulling away, implying a winner-takes-all market. This becomes evident by referring to Table 1, where the market leader has more than 10 times the trading value than the 2nd place (Coinbase).Furthermore, many traditional financial, non-financial international corporations and fintech companies are also participating in the competition. One of the latest addition is ApplePay.ApplePaynow has official support for cryptocurrencies, with GooglePay and SamsungPay to follow suit. Other note-worthy companies include Square, Paypal, and Visa.In my opinion,Coinbase looks to be on the losing side if this market is indeed a winner-takes-all market. Further,Coinbase could be losing market more market share as more competition arises.Source:BusinessofAppsValuationThe tables below showed thatCoinbase's profit margin is healthy at 28% in 2020. Revenue growth rate compounds at approximately 7% annually from 2017-2020, but profits declined.Coinbase's valuation in 2017 remains the most attractive, at 1.725 P/S (Price-to-Sales ratio) and 4.21 P/E (Price-to-Earnings ratio). Earlier this month,Coinbase's IPO valuation is pegged at$100bn. However, recent reports indicated a decrease inCoinbase's IPO valuation to$68bn.At a valuation of $100bn and $68bn,Coinbase is valued at approximately 333 P/E and 211 P/E respectively, or approximately 87.7 P/S and 59.65 P/S respectively.Coinbase's valuation in 2020 is a far cry from 2017. Perhaps,Coinbase is pushing for its IPO to cash in on the overall stock market's high valuation.Nevertheless, considering the 2 fundamental risks outlined above, marginal revenue growth and declined profits,Coinbase is overvalued at the current valuation in my opinion. The current decline in growth stocks further deterioratesCoinbase's investment value proposition.Table 3:Coinbase's Revenue from 2016-2020Source:BusinessofAppsTable 4:Coinbase's Profit from 2016-2020Source:BusinessofAppsTable 5:Coinbase's Historical ValuationsSource:BusinessofAppsVerdictIn my opinion, the current valuation ofCoinbase couldn't be justified even though the crypto industry is growing rapidly in general. This is down toCoinbase's 2 fundamental risks outlined in this article, marginal growth, sky-high valuation, and the decline in the growth stocks.The reason I retain a neutral outlook onCoinbase is the overall outlook of the industry. On the other hand, we can participate in Binance, the market leader in the centralized exchange space, to maximize investment growth. Although Binance is not publicly traded, we can participate in its growth by buying its platform token (BNB).Binance uses part of its profitsto buy back its platform token (BNB)periodically. This results in a gradual increase in its token's price, a similar effect of shares buyback. Hence, I participate in Binance's growth by buying BNB, which saw a 670% YTD return.","news_type":1},"isVote":1,"tweetType":1,"viewCount":284,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":378826677,"gmtCreate":1619016717499,"gmtModify":1634289181986,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/378826677","repostId":"2129778438","repostType":4,"repost":{"id":"2129778438","kind":"highlight","pubTimestamp":1619015880,"share":"https://www.laohu8.com/m/news/2129778438?lang=&edition=full","pubTime":"2021-04-21 22:38","market":"us","language":"en","title":"Coca-Cola Is Back to Growth. But Will It Last?","url":"https://stock-news.laohu8.com/highlight/detail?id=2129778438","media":"Motley Fool","summary":"The beverage giant posted a sales increase after three quarters of decreases.","content":"<p><b>Coca-Cola</b> (NYSE:KO) suffered through the pandemic as its takeaway category, which in a normal year accounts for half of total sales, plummeted.</p><p>But after four quarters of sales declines, revenue turned positive in the first quarter of 2021 (ended April 2). Lockdowns have mostly ended, and people are cautiously getting out again. The pandemic exposed some gaps in the company's model, and it restructured accordingly. Can Coca-Cola keep up the gains?</p><p><img src=\"https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F622111%2Fa-group-of-friends-drinking-cola-together.jpg&amp;w=700&amp;op=resize\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p>Image source: Getty Images.</p><h2>A return to growth</h2><p>Coca-Cola was showing momentum before the pandemic, with a 16% sales increase in 2019's fourth quarter after years of slower growth. But after a 28% sales drop in the 2020 second quarter and struggles throughout the pandemic, the company ended the year with an improved 11% sales decline for the full fiscal year. Coke maintained a strong balance sheet throughout the declines, continuing to pay a dividend.</p><p>2021 first-quarter revenue grew 5%, fueled by a return for the takeaway segment, which also grew 5%. Earnings per share decreased 19%, but both numbers beat expectations. The recovery was so strong in the first quarter that March 2021 sales matched March 2019 sales.</p><p>However, with lockdowns still strong in other parts of the world, it's not clear that Coke's recovery will continue its upward trajectory. Despite the earnings beat, the company maintained its 2021 outlook of high-single-digit organic revenue growth.</p><h2>Facing a new set of challenges</h2><p>The company made some major changes to manage in the new operating environment. It restructured its units for a more centralized system to clear out inefficiencies, cut costs, and create a more targeted marketing strategy, and it laid off thousands of workers in the process. It also reduced its vast range of brands from 400 to 200, cutting out mostly local-centric brands that had low volume.&nbsp;At the same time, it launched several new brands that are more scalable, to fit its new strategy.</p><p>These moves strengthened the company overall and allowed it to leverage its at-home business while restaurants and other away-from-home locations were closed, but concentrate sales remain a large part of the overall business. Competitor <b>PepsiCo</b> (NASDAQ:PEP), whose beverage segment is not as large as Coca-Cola's, weathered the pandemic better due to its more varied product range, which includes the Quaker breakfast brand and the Frito-Lay snack brand. Both of those were popular under lockdown, hedging total sales declines.</p><p>In the first quarter, even without those segments, Coke came close to matching PepsiCo's 6.8% revenue increase. That means Coke is in pretty good shape at this point, even with some lockdowns remaining in place. It also demonstrates that under unexpected and difficult circumstances, the company can pivot to operate in an uncertain environment.</p><p>In the near term, Coke's prospects seem to be tied to global vaccine rollouts. But in the long term, the company is well positioned to expand margins and increase sales.</p><h2>Stocks and dividends</h2><p>Coca-Cola is valued for its dividend, which yields 3.1% at the current price. The company has raised its dividend for 57 consecutive years, making it a Dividend King. It's committed to the dividend and has continued to pay it, and raise it as well, during the pandemic. The stock itself hasn't been so valuable over the past five years, gaining 16%.</p><p>Coke is a great company with strong management and an unbeatable brand name. The pandemic struggle may not be completely over, but investors can expect a solid recovery when it is.</p>","source":"fool_stock","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>Coca-Cola Is Back to Growth. But Will It Last?</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\">\nCoca-Cola Is Back to Growth. But Will It Last?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-21 22:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/04/21/coca-cola-is-back-to-growth-but-will-it-last/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Coca-Cola (NYSE:KO) suffered through the pandemic as its takeaway category, which in a normal year accounts for half of total sales, plummeted.But after four quarters of sales declines, revenue turned...</p>\n\n<a href=\"https://www.fool.com/investing/2021/04/21/coca-cola-is-back-to-growth-but-will-it-last/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"KO":"可口可乐"},"source_url":"https://www.fool.com/investing/2021/04/21/coca-cola-is-back-to-growth-but-will-it-last/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2129778438","content_text":"Coca-Cola (NYSE:KO) suffered through the pandemic as its takeaway category, which in a normal year accounts for half of total sales, plummeted.But after four quarters of sales declines, revenue turned positive in the first quarter of 2021 (ended April 2). Lockdowns have mostly ended, and people are cautiously getting out again. The pandemic exposed some gaps in the company's model, and it restructured accordingly. Can Coca-Cola keep up the gains?Image source: Getty Images.A return to growthCoca-Cola was showing momentum before the pandemic, with a 16% sales increase in 2019's fourth quarter after years of slower growth. But after a 28% sales drop in the 2020 second quarter and struggles throughout the pandemic, the company ended the year with an improved 11% sales decline for the full fiscal year. Coke maintained a strong balance sheet throughout the declines, continuing to pay a dividend.2021 first-quarter revenue grew 5%, fueled by a return for the takeaway segment, which also grew 5%. Earnings per share decreased 19%, but both numbers beat expectations. The recovery was so strong in the first quarter that March 2021 sales matched March 2019 sales.However, with lockdowns still strong in other parts of the world, it's not clear that Coke's recovery will continue its upward trajectory. Despite the earnings beat, the company maintained its 2021 outlook of high-single-digit organic revenue growth.Facing a new set of challengesThe company made some major changes to manage in the new operating environment. It restructured its units for a more centralized system to clear out inefficiencies, cut costs, and create a more targeted marketing strategy, and it laid off thousands of workers in the process. It also reduced its vast range of brands from 400 to 200, cutting out mostly local-centric brands that had low volume. At the same time, it launched several new brands that are more scalable, to fit its new strategy.These moves strengthened the company overall and allowed it to leverage its at-home business while restaurants and other away-from-home locations were closed, but concentrate sales remain a large part of the overall business. Competitor PepsiCo (NASDAQ:PEP), whose beverage segment is not as large as Coca-Cola's, weathered the pandemic better due to its more varied product range, which includes the Quaker breakfast brand and the Frito-Lay snack brand. Both of those were popular under lockdown, hedging total sales declines.In the first quarter, even without those segments, Coke came close to matching PepsiCo's 6.8% revenue increase. That means Coke is in pretty good shape at this point, even with some lockdowns remaining in place. It also demonstrates that under unexpected and difficult circumstances, the company can pivot to operate in an uncertain environment.In the near term, Coke's prospects seem to be tied to global vaccine rollouts. But in the long term, the company is well positioned to expand margins and increase sales.Stocks and dividendsCoca-Cola is valued for its dividend, which yields 3.1% at the current price. The company has raised its dividend for 57 consecutive years, making it a Dividend King. It's committed to the dividend and has continued to pay it, and raise it as well, during the pandemic. The stock itself hasn't been so valuable over the past five years, gaining 16%.Coke is a great company with strong management and an unbeatable brand name. The pandemic struggle may not be completely over, but investors can expect a solid recovery when it is.","news_type":1},"isVote":1,"tweetType":1,"viewCount":166,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370855291,"gmtCreate":1618576135513,"gmtModify":1634291988916,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/370855291","repostId":"2127834845","repostType":4,"isVote":1,"tweetType":1,"viewCount":314,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344844696,"gmtCreate":1618401348315,"gmtModify":1634293215815,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/344844696","repostId":"1121306274","repostType":4,"repost":{"id":"1121306274","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":1618399653,"share":"https://www.laohu8.com/m/news/1121306274?lang=&edition=full","pubTime":"2021-04-14 19:27","market":"us","language":"en","title":"Goldman Sachs EPS beats by $8.63, beats on revenue","url":"https://stock-news.laohu8.com/highlight/detail?id=1121306274","media":"Tiger Newspress","summary":"Goldman Sachsreported first-quarter earnings before the opening bell on Wednesday.Here are the numbe","content":"<p>Goldman Sachsreported first-quarter earnings before the opening bell on Wednesday.</p><p>Here are the numbers:</p><ul><li><b>Earnings:</b>&nbsp;Goldman Sachs Q1 EPS $18.60 vs. $3.11 a year ago; FactSet EPS consensus $10.22,&nbsp;expected by analysts polled by Refinitiv.</li><li><b>Revenue:</b>$17.7 billion, vs. $12.6 billion expected.</li><li>Provision for credit losses was a net benefit of $70 million for the first quarter of 2021,compared with net provisions of $937 million for the first quarter of 2020 and $293million for the fourth quarter of 2020. The first quarter of 2021 included reserve&nbsp;reductions on wholesale and consumer loans reflecting continued improvement in the&nbsp;broader economic environment following challenging conditions that began in the first&nbsp;quarter of 2020 as a result of the COVID-19 pandemic, partially offset by portfolio&nbsp;growth, including provisions related to the pending acquisition of the General Motors&nbsp;co-branded credit card portfolio.</li><li>The firm’s allowance for credit losses was $4.24 billion as of March 31, 2021.</li></ul><p>Goldman Sachs rose more than 1% in premarket trading.</p><p><img src=\"https://static.tigerbbs.com/ad41b189c2781c162f965db1a6dc0300\" tg-width=\"1019\" tg-height=\"564\" referrerpolicy=\"no-referrer\"></p><p>Expectations for Goldman Sachs are running high amid favorable conditions for many of the Wall Street businesses that the firm operates.</p><p>Analysts expect revenue growth to be driven by surging investment banking fees, helped in part by the record first-quarter issuance of blank check companies known as SPACs. Trading desks may also post higher revenue than a year earlier, and buoyant markets bode well for asset management fees.</p><p>Of the six biggest U.S. banks, Goldman gets the biggest share of its revenue from Wall Street activities including trading and investment banking. For the past few years that has been a detriment to the firm, as retail banking fueled by cheap consumer deposits has driven the industry’s record profits.</p><p>That dynamic reversed during the coronavirus pandemic, when firms with sizeable consumer operations had to set aside tens of billions of dollars for anticipated loan losses, causing banks like Wells Fargo to post their first quarterly loss since the financial crisis.</p><p>Goldman shares have climbed 24% this year, roughly matching the gain of the KBW Bank Index.</p><p><b>Finacial&nbsp;Summary</b></p><p><img src=\"https://static.tigerbbs.com/4ebe6a0152424eed71cc44f18ae9a7f6\" tg-width=\"816\" tg-height=\"482\" referrerpolicy=\"no-referrer\"></p><p><b>Highlights</b></p><ul><li>The firm’s results reflected record quarterly net revenues of $17.70 billion, more than double the amount in the first quarter of 2020, record quarterly net earnings of $6.84 billion and record quarterly diluted EPS of $18.60. Annualized ROE1 of 31.0% was the highest quarterly ROE since 2009.</li><li>Investment Banking generated record quarterly net revenues of $3.77 billion, including record Equity underwriting net revenues and strong net revenues in Financial advisory and Debt underwriting. The backlog2 ended the quarter at a record level.</li><li>The firm retained its #1 rankings in worldwide announced and completed mergers and acquisitions, worldwide equity and equity-related offerings and common stock offerings for the year-to-date3.</li><li>Global Markets generated quarterly net revenues of $7.58 billion, 47% higher than the first quarter of 2020, and its highest quarterly net revenues since 2010, reflecting the second highest quarterly net revenues in Equities and strong net revenues in Fixed Income, Currency and Commodities (FICC).</li><li>Asset Management generated record quarterly net revenues of $4.61 billion, reflecting record net revenues from Equity investments.</li><li>Consumer &amp; Wealth Management generated record quarterly net revenues of $1.74 billion, reflecting continued growth in both Wealthmanagement and Consumer banking net revenues.</li><li>Firmwide assets under supervision2,4 increased $59 billion during the quarter, including long-term net inflows of $37 billion, to a record $2.20 trillion. Firmwide Management and other fees were $1.77 billion for the first quarter of 2021.</li><li>Book value per common share increased by 6.2% during the quarter to $250.81.</li><li>The firm returned $3.15 billion of capital to common shareholders during the quarter, including $2.70 billion of share repurchases and $448 million of common stock dividends.</li></ul><p><img src=\"https://static.tigerbbs.com/71250d129ffb937bea2726bbf2d98f97\" tg-width=\"815\" tg-height=\"390\" referrerpolicy=\"no-referrer\"><a href=\"https://www.goldmansachs.com/media-relations/press-releases/current/pdfs/2021-q1-results.pdf\" target=\"_blank\"><b>see more &lt;&lt;</b></a></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>Goldman Sachs EPS beats by $8.63, beats on revenue</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\">\nGoldman Sachs EPS beats by $8.63, beats on revenue\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">2021-04-14 19:27</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Goldman Sachsreported first-quarter earnings before the opening bell on Wednesday.</p><p>Here are the numbers:</p><ul><li><b>Earnings:</b>&nbsp;Goldman Sachs Q1 EPS $18.60 vs. $3.11 a year ago; FactSet EPS consensus $10.22,&nbsp;expected by analysts polled by Refinitiv.</li><li><b>Revenue:</b>$17.7 billion, vs. $12.6 billion expected.</li><li>Provision for credit losses was a net benefit of $70 million for the first quarter of 2021,compared with net provisions of $937 million for the first quarter of 2020 and $293million for the fourth quarter of 2020. The first quarter of 2021 included reserve&nbsp;reductions on wholesale and consumer loans reflecting continued improvement in the&nbsp;broader economic environment following challenging conditions that began in the first&nbsp;quarter of 2020 as a result of the COVID-19 pandemic, partially offset by portfolio&nbsp;growth, including provisions related to the pending acquisition of the General Motors&nbsp;co-branded credit card portfolio.</li><li>The firm’s allowance for credit losses was $4.24 billion as of March 31, 2021.</li></ul><p>Goldman Sachs rose more than 1% in premarket trading.</p><p><img src=\"https://static.tigerbbs.com/ad41b189c2781c162f965db1a6dc0300\" tg-width=\"1019\" tg-height=\"564\" referrerpolicy=\"no-referrer\"></p><p>Expectations for Goldman Sachs are running high amid favorable conditions for many of the Wall Street businesses that the firm operates.</p><p>Analysts expect revenue growth to be driven by surging investment banking fees, helped in part by the record first-quarter issuance of blank check companies known as SPACs. Trading desks may also post higher revenue than a year earlier, and buoyant markets bode well for asset management fees.</p><p>Of the six biggest U.S. banks, Goldman gets the biggest share of its revenue from Wall Street activities including trading and investment banking. For the past few years that has been a detriment to the firm, as retail banking fueled by cheap consumer deposits has driven the industry’s record profits.</p><p>That dynamic reversed during the coronavirus pandemic, when firms with sizeable consumer operations had to set aside tens of billions of dollars for anticipated loan losses, causing banks like Wells Fargo to post their first quarterly loss since the financial crisis.</p><p>Goldman shares have climbed 24% this year, roughly matching the gain of the KBW Bank Index.</p><p><b>Finacial&nbsp;Summary</b></p><p><img src=\"https://static.tigerbbs.com/4ebe6a0152424eed71cc44f18ae9a7f6\" tg-width=\"816\" tg-height=\"482\" referrerpolicy=\"no-referrer\"></p><p><b>Highlights</b></p><ul><li>The firm’s results reflected record quarterly net revenues of $17.70 billion, more than double the amount in the first quarter of 2020, record quarterly net earnings of $6.84 billion and record quarterly diluted EPS of $18.60. Annualized ROE1 of 31.0% was the highest quarterly ROE since 2009.</li><li>Investment Banking generated record quarterly net revenues of $3.77 billion, including record Equity underwriting net revenues and strong net revenues in Financial advisory and Debt underwriting. The backlog2 ended the quarter at a record level.</li><li>The firm retained its #1 rankings in worldwide announced and completed mergers and acquisitions, worldwide equity and equity-related offerings and common stock offerings for the year-to-date3.</li><li>Global Markets generated quarterly net revenues of $7.58 billion, 47% higher than the first quarter of 2020, and its highest quarterly net revenues since 2010, reflecting the second highest quarterly net revenues in Equities and strong net revenues in Fixed Income, Currency and Commodities (FICC).</li><li>Asset Management generated record quarterly net revenues of $4.61 billion, reflecting record net revenues from Equity investments.</li><li>Consumer &amp; Wealth Management generated record quarterly net revenues of $1.74 billion, reflecting continued growth in both Wealthmanagement and Consumer banking net revenues.</li><li>Firmwide assets under supervision2,4 increased $59 billion during the quarter, including long-term net inflows of $37 billion, to a record $2.20 trillion. Firmwide Management and other fees were $1.77 billion for the first quarter of 2021.</li><li>Book value per common share increased by 6.2% during the quarter to $250.81.</li><li>The firm returned $3.15 billion of capital to common shareholders during the quarter, including $2.70 billion of share repurchases and $448 million of common stock dividends.</li></ul><p><img src=\"https://static.tigerbbs.com/71250d129ffb937bea2726bbf2d98f97\" tg-width=\"815\" tg-height=\"390\" referrerpolicy=\"no-referrer\"><a href=\"https://www.goldmansachs.com/media-relations/press-releases/current/pdfs/2021-q1-results.pdf\" target=\"_blank\"><b>see more &lt;&lt;</b></a></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GS":"高盛"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121306274","content_text":"Goldman Sachsreported first-quarter earnings before the opening bell on Wednesday.Here are the numbers:Earnings: Goldman Sachs Q1 EPS $18.60 vs. $3.11 a year ago; FactSet EPS consensus $10.22, expected by analysts polled by Refinitiv.Revenue:$17.7 billion, vs. $12.6 billion expected.Provision for credit losses was a net benefit of $70 million for the first quarter of 2021,compared with net provisions of $937 million for the first quarter of 2020 and $293million for the fourth quarter of 2020. The first quarter of 2021 included reserve reductions on wholesale and consumer loans reflecting continued improvement in the broader economic environment following challenging conditions that began in the first quarter of 2020 as a result of the COVID-19 pandemic, partially offset by portfolio growth, including provisions related to the pending acquisition of the General Motors co-branded credit card portfolio.The firm’s allowance for credit losses was $4.24 billion as of March 31, 2021.Goldman Sachs rose more than 1% in premarket trading.Expectations for Goldman Sachs are running high amid favorable conditions for many of the Wall Street businesses that the firm operates.Analysts expect revenue growth to be driven by surging investment banking fees, helped in part by the record first-quarter issuance of blank check companies known as SPACs. Trading desks may also post higher revenue than a year earlier, and buoyant markets bode well for asset management fees.Of the six biggest U.S. banks, Goldman gets the biggest share of its revenue from Wall Street activities including trading and investment banking. For the past few years that has been a detriment to the firm, as retail banking fueled by cheap consumer deposits has driven the industry’s record profits.That dynamic reversed during the coronavirus pandemic, when firms with sizeable consumer operations had to set aside tens of billions of dollars for anticipated loan losses, causing banks like Wells Fargo to post their first quarterly loss since the financial crisis.Goldman shares have climbed 24% this year, roughly matching the gain of the KBW Bank Index.Finacial SummaryHighlightsThe firm’s results reflected record quarterly net revenues of $17.70 billion, more than double the amount in the first quarter of 2020, record quarterly net earnings of $6.84 billion and record quarterly diluted EPS of $18.60. Annualized ROE1 of 31.0% was the highest quarterly ROE since 2009.Investment Banking generated record quarterly net revenues of $3.77 billion, including record Equity underwriting net revenues and strong net revenues in Financial advisory and Debt underwriting. The backlog2 ended the quarter at a record level.The firm retained its #1 rankings in worldwide announced and completed mergers and acquisitions, worldwide equity and equity-related offerings and common stock offerings for the year-to-date3.Global Markets generated quarterly net revenues of $7.58 billion, 47% higher than the first quarter of 2020, and its highest quarterly net revenues since 2010, reflecting the second highest quarterly net revenues in Equities and strong net revenues in Fixed Income, Currency and Commodities (FICC).Asset Management generated record quarterly net revenues of $4.61 billion, reflecting record net revenues from Equity investments.Consumer & Wealth Management generated record quarterly net revenues of $1.74 billion, reflecting continued growth in both Wealthmanagement and Consumer banking net revenues.Firmwide assets under supervision2,4 increased $59 billion during the quarter, including long-term net inflows of $37 billion, to a record $2.20 trillion. Firmwide Management and other fees were $1.77 billion for the first quarter of 2021.Book value per common share increased by 6.2% during the quarter to $250.81.The firm returned $3.15 billion of capital to common shareholders during the quarter, including $2.70 billion of share repurchases and $448 million of common stock dividends.see more <<","news_type":1},"isVote":1,"tweetType":1,"viewCount":181,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":373043950,"gmtCreate":1618805942470,"gmtModify":1634290789312,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/373043950","repostId":"2128525488","repostType":4,"isVote":1,"tweetType":1,"viewCount":309,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370601640,"gmtCreate":1618578560980,"gmtModify":1634291972915,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Good.well done.","listText":"Good.well done.","text":"Good.well done.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/370601640","repostId":"1180499171","repostType":4,"repost":{"id":"1180499171","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":1618574944,"share":"https://www.laohu8.com/m/news/1180499171?lang=&edition=full","pubTime":"2021-04-16 20:09","market":"us","language":"en","title":"Toplines Before US Market Open on Friday","url":"https://stock-news.laohu8.com/highlight/detail?id=1180499171","media":"Tiger Newspress","summary":"Stock futures traded sideways Friday morning.Treasury yields rebound but still below recent highs.Turkey bans crypto payments, Bitcoin slides.Morgan Stanley, Sunrun, Comcast and more making the biggest moves premarket. Stock futures traded sideways Friday morning after another record-setting day on Wall Street, with a batch of stronger-than-expected economic data and corporate earnings results helping fuel a risk rally.At 8:04 a.m. ET, Dow E-minis were up 49 points, or 0.14%, S&P 500 E-minis wer","content":"<ul><li>Stock futures traded sideways Friday morning.</li><li>Treasury yields rebound but still below recent highs.</li><li>Turkey bans crypto payments, Bitcoin slides.</li><li>Morgan Stanley, Sunrun, Comcast and more making the biggest moves premarket.</li></ul><p>(April 16)&nbsp;Stock futures traded sideways Friday morning after another record-setting day on Wall Street, with a batch of stronger-than-expected economic data and corporate earnings results helping fuel a risk rally.</p><p>At 8:04 a.m. ET, Dow E-minis were up 49 points, or 0.14%, S&amp;P 500 E-minis were rose 5.75 points, or 0.14% and Nasdaq 100 E-minis were gained 15.50 points, or 0.11%.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/47d34653ba98834cd8e249369591e62f\" tg-width=\"1242\" tg-height=\"499\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:04</span></p><p>Treasury yields rebound but still below recent highs.&nbsp;Dip in 10-year Treasury yield seems to be technically driven, strategist says.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c363e36532f936b81291207412371033\" tg-width=\"920\" tg-height=\"533\" referrerpolicy=\"no-referrer\"><span>*Source From CNBC, EST 08:14</span></p><p><b>Stocks making the biggest moves premarket: Morgan Stanley, Sunrun, Comcast and more:</b></p><p><b>1)&nbsp;Morgan Stanley(MS)</b> — Morgan Stanley topped analysts expectations forfirst quarter earningson the back of better-than-expected bond trading results, sending shares up in the premarket. The major U.S. bank reported earnings of $2.19 per share on revenue of $15.72 billion.</p><p><b>2)&nbsp;Sunrun(RUN) </b>– Shares of the residential solar company jumped 3% after Simmons Energy upgraded the stock to an \"overweight\" rating. In a note to clients, the firm said the company has a strong growth story ahead, and that the recent weakness presents an attractive buying opportunity.</p><p><b>3)&nbsp;Cisco(CSCO)</b> — Cisco shares rose 1.1% in premarket trading Friday after Wolfe Research upgraded the equity to “outperform.” Analyst Jeff Kvaal wrote that “Strong&nbsp; IT&nbsp;spending should prove&nbsp;a&nbsp;tailwind to Cisco&nbsp; estimates” through fiscal year 2022 and said shares should climb to $63, representing a 22% upside from Thursday’s close.</p><p><b>4)&nbsp;PNC Financial(PNC) </b>— The bank stock dipped 1.9% in premarket trading even after PNC beat estimates on the top and bottom lines for its first-quarter report. PNC reported $4.10 in earnings per share on $4.22 billion in revenue. Analysts surveyed by Refinitiv had penciled in $2.75 per share and $4.12 billion in revenue. The bank’s net interest margin declined and missed expectations, according to FactSet.</p><p><b>5)&nbsp;Comcast(CMCSA)</b> — Shares of Comcast rose 1.2% before the opening bell after Raymond James upgraded the stock to an “outperform” rating and told clients it expects strong first-quarter earnings results from the media giant. “We believe there is future NBCU upside from HSD strength, Peacock sub growth, improved theatrical revenue, and phased theme park reopenings,” wrote analyst Frank Louthan.</p><p><b>6)&nbsp;Simon Property Group(SPG)</b> — Shares of the real estate company rose in premarket trading after Jefferies upgraded the stock to “buy” from “hold.” The Wall Street firm said “retailer investments, pent-up consumer demand, and lower bad debt are positive catalysts” for the mall owner.</p><p><b>7)&nbsp;Bank of New York Mellon(BK)</b> — Shares of the bank ticked up 1% in premarket trading after Bank of New York Mellon beat analyst estimates in its first quarter report. The firm earned 97 cents per share on $3.92 billion in revenue. Analysts surveyed by Refinitiv were looking for 87 cents per share and $3.85 billion in revenue.</p><p><b>8)&nbsp;United Airlines(UAL) </b>— Shares of the United Airlines popped in premarket trading following an upgrade to “buy” from “hold” from Argus. The Wall Street firm said it likes the airline’s plans to limit capacity, reduce structural costs by $2 billion, and restore margins to pre-pandemic levels.</p><p><b>9)&nbsp;Coinbase(COIN) </b>— Shares of the newly public cryptocurrency exchange dipped in premarket trading on Friday. The weakness came despite another vote of confidence from popular investor Cathie Wood, whose Ark Invest purchased about $110 million of the stock on Thursday.</p><p><b>10)&nbsp;QuantumScape(QS)&nbsp;</b>—&nbsp;Shares of&nbsp;QuantumScape&nbsp;gained 0.89% in premarket trading after dropping 12% in regular trading after a new short report from Scorpion Capital on the EV battery maker.Scorpion claims that its research indicated that the the company is \"no different than other recently exposed SPAC promotions and EV frauds.\"Scorpion alleges that many of the claims the company has made such as fast charging to 80% in under 15 minutes are false.</p><p>The QuantumScape short was also revealed on Muddy Waters zerOes.tv.</p><p>QuantumScape said in a Twitter post that QS \"stands by its data, which speaks for itself. We have provided higher transparency than any other solid-state battery effort we are aware of, with details on current density, temp, cycle life, cathode thickness, depth of discharge, cell area, pressure.\"\"As our public filings have clearly stated, we have work to do, so this will be our last comment on this topic. We will now get back to work and continue to let our execution speak for itself,\" QuantumScape said in the Twitter post.</p><p><img src=\"https://static.tigerbbs.com/f8f6da68a1844d2f3a9c605728fe7934\" tg-width=\"708\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p>11)&nbsp;Most Blockchain stocks fell. Ebang surged 8%.</p><p><img src=\"https://static.tigerbbs.com/32294266d9d7c18244e4772c4d4ce30a\" tg-width=\"302\" tg-height=\"287\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/02cd72b92056583a324bb8ea1461b659\" tg-width=\"708\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p><b>These are some of the main moves in financial markets:</b></p><p><b>Currencies</b></p><p>The Bloomberg Dollar Spot Index sank 0.1%.The euro jumped 0.2% to $1.1986.The British pound was little changed at $1.3785.The onshore yuan was little changed at 6.521 per dollar.The Japanese yen was little changed at 108.77 per dollar.</p><p><b>Bonds</b></p><p>The yield on 10-year Treasuries fell one basis point to 1.56%.The yield on two-year Treasuries climbed less than one basis point to 0.16%.Germany’s 10-year yield gained one basis point to -0.28%.Britain’s 10-year yield jumped two basis points to 0.755%.Japan’s 10-year yield increased less than one basis point to 0.093%.</p><p><b>Commodities</b></p><p>West Texas Intermediate crude declined 0.1% to $63.37 a barrel.Brent crude was little changed at $66.93 a barrel.Gold strengthened 0.7% to $1,776.66 an ounce.</p><p><b>Turkey bans crypto payments, Bitcoin slides</b></p><p><img src=\"https://static.tigerbbs.com/bc762d6532f6fc02f7215b20d4015413\" tg-width=\"3726\" tg-height=\"8373\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nToplines Before US Market Open on Friday\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">2021-04-16 20:09</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<ul><li>Stock futures traded sideways Friday morning.</li><li>Treasury yields rebound but still below recent highs.</li><li>Turkey bans crypto payments, Bitcoin slides.</li><li>Morgan Stanley, Sunrun, Comcast and more making the biggest moves premarket.</li></ul><p>(April 16)&nbsp;Stock futures traded sideways Friday morning after another record-setting day on Wall Street, with a batch of stronger-than-expected economic data and corporate earnings results helping fuel a risk rally.</p><p>At 8:04 a.m. ET, Dow E-minis were up 49 points, or 0.14%, S&amp;P 500 E-minis were rose 5.75 points, or 0.14% and Nasdaq 100 E-minis were gained 15.50 points, or 0.11%.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/47d34653ba98834cd8e249369591e62f\" tg-width=\"1242\" tg-height=\"499\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:04</span></p><p>Treasury yields rebound but still below recent highs.&nbsp;Dip in 10-year Treasury yield seems to be technically driven, strategist says.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c363e36532f936b81291207412371033\" tg-width=\"920\" tg-height=\"533\" referrerpolicy=\"no-referrer\"><span>*Source From CNBC, EST 08:14</span></p><p><b>Stocks making the biggest moves premarket: Morgan Stanley, Sunrun, Comcast and more:</b></p><p><b>1)&nbsp;Morgan Stanley(MS)</b> — Morgan Stanley topped analysts expectations forfirst quarter earningson the back of better-than-expected bond trading results, sending shares up in the premarket. The major U.S. bank reported earnings of $2.19 per share on revenue of $15.72 billion.</p><p><b>2)&nbsp;Sunrun(RUN) </b>– Shares of the residential solar company jumped 3% after Simmons Energy upgraded the stock to an \"overweight\" rating. In a note to clients, the firm said the company has a strong growth story ahead, and that the recent weakness presents an attractive buying opportunity.</p><p><b>3)&nbsp;Cisco(CSCO)</b> — Cisco shares rose 1.1% in premarket trading Friday after Wolfe Research upgraded the equity to “outperform.” Analyst Jeff Kvaal wrote that “Strong&nbsp; IT&nbsp;spending should prove&nbsp;a&nbsp;tailwind to Cisco&nbsp; estimates” through fiscal year 2022 and said shares should climb to $63, representing a 22% upside from Thursday’s close.</p><p><b>4)&nbsp;PNC Financial(PNC) </b>— The bank stock dipped 1.9% in premarket trading even after PNC beat estimates on the top and bottom lines for its first-quarter report. PNC reported $4.10 in earnings per share on $4.22 billion in revenue. Analysts surveyed by Refinitiv had penciled in $2.75 per share and $4.12 billion in revenue. The bank’s net interest margin declined and missed expectations, according to FactSet.</p><p><b>5)&nbsp;Comcast(CMCSA)</b> — Shares of Comcast rose 1.2% before the opening bell after Raymond James upgraded the stock to an “outperform” rating and told clients it expects strong first-quarter earnings results from the media giant. “We believe there is future NBCU upside from HSD strength, Peacock sub growth, improved theatrical revenue, and phased theme park reopenings,” wrote analyst Frank Louthan.</p><p><b>6)&nbsp;Simon Property Group(SPG)</b> — Shares of the real estate company rose in premarket trading after Jefferies upgraded the stock to “buy” from “hold.” The Wall Street firm said “retailer investments, pent-up consumer demand, and lower bad debt are positive catalysts” for the mall owner.</p><p><b>7)&nbsp;Bank of New York Mellon(BK)</b> — Shares of the bank ticked up 1% in premarket trading after Bank of New York Mellon beat analyst estimates in its first quarter report. The firm earned 97 cents per share on $3.92 billion in revenue. Analysts surveyed by Refinitiv were looking for 87 cents per share and $3.85 billion in revenue.</p><p><b>8)&nbsp;United Airlines(UAL) </b>— Shares of the United Airlines popped in premarket trading following an upgrade to “buy” from “hold” from Argus. The Wall Street firm said it likes the airline’s plans to limit capacity, reduce structural costs by $2 billion, and restore margins to pre-pandemic levels.</p><p><b>9)&nbsp;Coinbase(COIN) </b>— Shares of the newly public cryptocurrency exchange dipped in premarket trading on Friday. The weakness came despite another vote of confidence from popular investor Cathie Wood, whose Ark Invest purchased about $110 million of the stock on Thursday.</p><p><b>10)&nbsp;QuantumScape(QS)&nbsp;</b>—&nbsp;Shares of&nbsp;QuantumScape&nbsp;gained 0.89% in premarket trading after dropping 12% in regular trading after a new short report from Scorpion Capital on the EV battery maker.Scorpion claims that its research indicated that the the company is \"no different than other recently exposed SPAC promotions and EV frauds.\"Scorpion alleges that many of the claims the company has made such as fast charging to 80% in under 15 minutes are false.</p><p>The QuantumScape short was also revealed on Muddy Waters zerOes.tv.</p><p>QuantumScape said in a Twitter post that QS \"stands by its data, which speaks for itself. We have provided higher transparency than any other solid-state battery effort we are aware of, with details on current density, temp, cycle life, cathode thickness, depth of discharge, cell area, pressure.\"\"As our public filings have clearly stated, we have work to do, so this will be our last comment on this topic. We will now get back to work and continue to let our execution speak for itself,\" QuantumScape said in the Twitter post.</p><p><img src=\"https://static.tigerbbs.com/f8f6da68a1844d2f3a9c605728fe7934\" tg-width=\"708\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p>11)&nbsp;Most Blockchain stocks fell. Ebang surged 8%.</p><p><img src=\"https://static.tigerbbs.com/32294266d9d7c18244e4772c4d4ce30a\" tg-width=\"302\" tg-height=\"287\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/02cd72b92056583a324bb8ea1461b659\" tg-width=\"708\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p><b>These are some of the main moves in financial markets:</b></p><p><b>Currencies</b></p><p>The Bloomberg Dollar Spot Index sank 0.1%.The euro jumped 0.2% to $1.1986.The British pound was little changed at $1.3785.The onshore yuan was little changed at 6.521 per dollar.The Japanese yen was little changed at 108.77 per dollar.</p><p><b>Bonds</b></p><p>The yield on 10-year Treasuries fell one basis point to 1.56%.The yield on two-year Treasuries climbed less than one basis point to 0.16%.Germany’s 10-year yield gained one basis point to -0.28%.Britain’s 10-year yield jumped two basis points to 0.755%.Japan’s 10-year yield increased less than one basis point to 0.093%.</p><p><b>Commodities</b></p><p>West Texas Intermediate crude declined 0.1% to $63.37 a barrel.Brent crude was little changed at $66.93 a barrel.Gold strengthened 0.7% to $1,776.66 an ounce.</p><p><b>Turkey bans crypto payments, Bitcoin slides</b></p><p><img src=\"https://static.tigerbbs.com/bc762d6532f6fc02f7215b20d4015413\" tg-width=\"3726\" tg-height=\"8373\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180499171","content_text":"Stock futures traded sideways Friday morning.Treasury yields rebound but still below recent highs.Turkey bans crypto payments, Bitcoin slides.Morgan Stanley, Sunrun, Comcast and more making the biggest moves premarket.(April 16) Stock futures traded sideways Friday morning after another record-setting day on Wall Street, with a batch of stronger-than-expected economic data and corporate earnings results helping fuel a risk rally.At 8:04 a.m. ET, Dow E-minis were up 49 points, or 0.14%, S&P 500 E-minis were rose 5.75 points, or 0.14% and Nasdaq 100 E-minis were gained 15.50 points, or 0.11%.*Source From Tiger Trade, EST 08:04Treasury yields rebound but still below recent highs. Dip in 10-year Treasury yield seems to be technically driven, strategist says.*Source From CNBC, EST 08:14Stocks making the biggest moves premarket: Morgan Stanley, Sunrun, Comcast and more:1) Morgan Stanley(MS) — Morgan Stanley topped analysts expectations forfirst quarter earningson the back of better-than-expected bond trading results, sending shares up in the premarket. The major U.S. bank reported earnings of $2.19 per share on revenue of $15.72 billion.2) Sunrun(RUN) – Shares of the residential solar company jumped 3% after Simmons Energy upgraded the stock to an \"overweight\" rating. In a note to clients, the firm said the company has a strong growth story ahead, and that the recent weakness presents an attractive buying opportunity.3) Cisco(CSCO) — Cisco shares rose 1.1% in premarket trading Friday after Wolfe Research upgraded the equity to “outperform.” Analyst Jeff Kvaal wrote that “Strong  IT spending should prove a tailwind to Cisco  estimates” through fiscal year 2022 and said shares should climb to $63, representing a 22% upside from Thursday’s close.4) PNC Financial(PNC) — The bank stock dipped 1.9% in premarket trading even after PNC beat estimates on the top and bottom lines for its first-quarter report. PNC reported $4.10 in earnings per share on $4.22 billion in revenue. Analysts surveyed by Refinitiv had penciled in $2.75 per share and $4.12 billion in revenue. The bank’s net interest margin declined and missed expectations, according to FactSet.5) Comcast(CMCSA) — Shares of Comcast rose 1.2% before the opening bell after Raymond James upgraded the stock to an “outperform” rating and told clients it expects strong first-quarter earnings results from the media giant. “We believe there is future NBCU upside from HSD strength, Peacock sub growth, improved theatrical revenue, and phased theme park reopenings,” wrote analyst Frank Louthan.6) Simon Property Group(SPG) — Shares of the real estate company rose in premarket trading after Jefferies upgraded the stock to “buy” from “hold.” The Wall Street firm said “retailer investments, pent-up consumer demand, and lower bad debt are positive catalysts” for the mall owner.7) Bank of New York Mellon(BK) — Shares of the bank ticked up 1% in premarket trading after Bank of New York Mellon beat analyst estimates in its first quarter report. The firm earned 97 cents per share on $3.92 billion in revenue. Analysts surveyed by Refinitiv were looking for 87 cents per share and $3.85 billion in revenue.8) United Airlines(UAL) — Shares of the United Airlines popped in premarket trading following an upgrade to “buy” from “hold” from Argus. The Wall Street firm said it likes the airline’s plans to limit capacity, reduce structural costs by $2 billion, and restore margins to pre-pandemic levels.9) Coinbase(COIN) — Shares of the newly public cryptocurrency exchange dipped in premarket trading on Friday. The weakness came despite another vote of confidence from popular investor Cathie Wood, whose Ark Invest purchased about $110 million of the stock on Thursday.10) QuantumScape(QS) — Shares of QuantumScape gained 0.89% in premarket trading after dropping 12% in regular trading after a new short report from Scorpion Capital on the EV battery maker.Scorpion claims that its research indicated that the the company is \"no different than other recently exposed SPAC promotions and EV frauds.\"Scorpion alleges that many of the claims the company has made such as fast charging to 80% in under 15 minutes are false.The QuantumScape short was also revealed on Muddy Waters zerOes.tv.QuantumScape said in a Twitter post that QS \"stands by its data, which speaks for itself. We have provided higher transparency than any other solid-state battery effort we are aware of, with details on current density, temp, cycle life, cathode thickness, depth of discharge, cell area, pressure.\"\"As our public filings have clearly stated, we have work to do, so this will be our last comment on this topic. We will now get back to work and continue to let our execution speak for itself,\" QuantumScape said in the Twitter post.11) Most Blockchain stocks fell. Ebang surged 8%.These are some of the main moves in financial markets:CurrenciesThe Bloomberg Dollar Spot Index sank 0.1%.The euro jumped 0.2% to $1.1986.The British pound was little changed at $1.3785.The onshore yuan was little changed at 6.521 per dollar.The Japanese yen was little changed at 108.77 per dollar.BondsThe yield on 10-year Treasuries fell one basis point to 1.56%.The yield on two-year Treasuries climbed less than one basis point to 0.16%.Germany’s 10-year yield gained one basis point to -0.28%.Britain’s 10-year yield jumped two basis points to 0.755%.Japan’s 10-year yield increased less than one basis point to 0.093%.CommoditiesWest Texas Intermediate crude declined 0.1% to $63.37 a barrel.Brent crude was little changed at $66.93 a barrel.Gold strengthened 0.7% to $1,776.66 an ounce.Turkey bans crypto payments, Bitcoin slides","news_type":1},"isVote":1,"tweetType":1,"viewCount":259,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379667610,"gmtCreate":1618730791530,"gmtModify":1634291203475,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/379667610","repostId":"1175692875","repostType":4,"repost":{"id":"1175692875","kind":"news","pubTimestamp":1618582708,"share":"https://www.laohu8.com/m/news/1175692875?lang=&edition=full","pubTime":"2021-04-16 22:18","market":"us","language":"en","title":"$544 Billion In Options Expire Today: Here's What Will Move","url":"https://stock-news.laohu8.com/highlight/detail?id=1175692875","media":"zerohedge","summary":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire","content":"<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p>How to trade this?</p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX&nbsp; (i.e. implied volatility) reversed.</b></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><blockquote>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b></blockquote><p>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.&nbsp; Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.&nbsp; Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</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>$544 Billion In Options Expire Today: Here's What Will Move</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\n$544 Billion In Options Expire Today: Here's What Will Move\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-16 22:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175692875","content_text":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.How to trade this?As Goldman's Vishal Vivek writes, at major expirations, options traders track situations wherea large amount of open interest is set to expire.In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX  (i.e. implied volatility) reversed.And one other curious observation from SpotGamma:When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.  Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.  Additionally, gamma is higher when IV is lower so gamma flips may have more juice.","news_type":1},"isVote":1,"tweetType":1,"viewCount":521,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370843320,"gmtCreate":1618576666360,"gmtModify":1634291986568,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/370843320","repostId":"1167145090","repostType":4,"repost":{"id":"1167145090","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":1618573074,"share":"https://www.laohu8.com/m/news/1167145090?lang=&edition=full","pubTime":"2021-04-16 19:37","market":"us","language":"en","title":"Morgan Stanley posts better-than-expected earnings","url":"https://stock-news.laohu8.com/highlight/detail?id=1167145090","media":"Tiger Newspress","summary":"(April 16) Morgan Stanley posts better-than-expected earnings. Here are the numbers:Morgan Stanley Q","content":"<p>(April 16)&nbsp;Morgan Stanley posts better-than-expected earnings.&nbsp;Here&nbsp;are&nbsp;the&nbsp;numbers:</p><ul><li>Morgan Stanley Q1 adj. EPS $2.22 vs. $1.01 a year ago; FactSet consensus $1.72.</li><li>Morgan Stanley Q1 revenue $15.72 bln vs. $9.78 bln a year ago; FactSet consensus $14.10 bln.</li><li>Morgan Stanley Q1 net interest income $2.03 bln vs. $1.36 bln; FactSet consensus $1.60 bln.</li><li>Provision for credit losses on loans and lending commitments of $(93) million in the current quarter compared with $388 million in the prior year reflects a release in the allowance for credit losses driven by improvements in the outlook for macroeconomic conditions.</li><li>Book value of $52.71 vs. $51.85 consemsus, tangible book value of $38.97 vs. $41.52 consesus.</li></ul><p>The comparisons of current year results to prior periods were impacted by the acquisitions of Eaton Vance Corp. (“Eaton Vance”) completed on March 1, 2021, reported in the Investment Management segment and E*TRADE Financial Corporation (“E*TRADE”) completed in the fourth quarter of 2020, reported in the Wealth Management segment.</p><p>James P. Gorman, Chairman and Chief Executive Officer, said, “The Firm delivered record results. The integrated Investment Bank continues to thrive. We closed the acquisition of Eaton Vance which takes Investment Management to over $1.4 trillion of assets. Wealth Management brought in record flows of $105 billion. The Firm is very well positioned for growth in the years ahead.”</p><p>Morgan Stanley&nbsp;fell&nbsp;0.33%&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/ca9cd904a98a7c121bcde453a279277c\" tg-width=\"708\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://www.businesswire.com/news/home/20210416005252/en/\" target=\"_blank\"><b>Morgan Stanley First Quarter 2021 Earnings Results &lt;&lt;&lt;</b></a><b></b><img src=\"https://static.tigerbbs.com/5ef0e544b84c2829f5915ab15782678d\" tg-width=\"1056\" tg-height=\"503\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/d3e39946b3dcaf298794cd6d1d1e3955\" tg-width=\"1043\" tg-height=\"534\" referrerpolicy=\"no-referrer\"></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>Morgan Stanley posts better-than-expected 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\">\nMorgan Stanley posts better-than-expected earnings\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">2021-04-16 19:37</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(April 16)&nbsp;Morgan Stanley posts better-than-expected earnings.&nbsp;Here&nbsp;are&nbsp;the&nbsp;numbers:</p><ul><li>Morgan Stanley Q1 adj. EPS $2.22 vs. $1.01 a year ago; FactSet consensus $1.72.</li><li>Morgan Stanley Q1 revenue $15.72 bln vs. $9.78 bln a year ago; FactSet consensus $14.10 bln.</li><li>Morgan Stanley Q1 net interest income $2.03 bln vs. $1.36 bln; FactSet consensus $1.60 bln.</li><li>Provision for credit losses on loans and lending commitments of $(93) million in the current quarter compared with $388 million in the prior year reflects a release in the allowance for credit losses driven by improvements in the outlook for macroeconomic conditions.</li><li>Book value of $52.71 vs. $51.85 consemsus, tangible book value of $38.97 vs. $41.52 consesus.</li></ul><p>The comparisons of current year results to prior periods were impacted by the acquisitions of Eaton Vance Corp. (“Eaton Vance”) completed on March 1, 2021, reported in the Investment Management segment and E*TRADE Financial Corporation (“E*TRADE”) completed in the fourth quarter of 2020, reported in the Wealth Management segment.</p><p>James P. Gorman, Chairman and Chief Executive Officer, said, “The Firm delivered record results. The integrated Investment Bank continues to thrive. We closed the acquisition of Eaton Vance which takes Investment Management to over $1.4 trillion of assets. Wealth Management brought in record flows of $105 billion. The Firm is very well positioned for growth in the years ahead.”</p><p>Morgan Stanley&nbsp;fell&nbsp;0.33%&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/ca9cd904a98a7c121bcde453a279277c\" tg-width=\"708\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://www.businesswire.com/news/home/20210416005252/en/\" target=\"_blank\"><b>Morgan Stanley First Quarter 2021 Earnings Results &lt;&lt;&lt;</b></a><b></b><img src=\"https://static.tigerbbs.com/5ef0e544b84c2829f5915ab15782678d\" tg-width=\"1056\" tg-height=\"503\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/d3e39946b3dcaf298794cd6d1d1e3955\" tg-width=\"1043\" tg-height=\"534\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MS":"摩根士丹利"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167145090","content_text":"(April 16) Morgan Stanley posts better-than-expected earnings. Here are the numbers:Morgan Stanley Q1 adj. EPS $2.22 vs. $1.01 a year ago; FactSet consensus $1.72.Morgan Stanley Q1 revenue $15.72 bln vs. $9.78 bln a year ago; FactSet consensus $14.10 bln.Morgan Stanley Q1 net interest income $2.03 bln vs. $1.36 bln; FactSet consensus $1.60 bln.Provision for credit losses on loans and lending commitments of $(93) million in the current quarter compared with $388 million in the prior year reflects a release in the allowance for credit losses driven by improvements in the outlook for macroeconomic conditions.Book value of $52.71 vs. $51.85 consemsus, tangible book value of $38.97 vs. $41.52 consesus.The comparisons of current year results to prior periods were impacted by the acquisitions of Eaton Vance Corp. (“Eaton Vance”) completed on March 1, 2021, reported in the Investment Management segment and E*TRADE Financial Corporation (“E*TRADE”) completed in the fourth quarter of 2020, reported in the Wealth Management segment.James P. Gorman, Chairman and Chief Executive Officer, said, “The Firm delivered record results. The integrated Investment Bank continues to thrive. We closed the acquisition of Eaton Vance which takes Investment Management to over $1.4 trillion of assets. Wealth Management brought in record flows of $105 billion. The Firm is very well positioned for growth in the years ahead.”Morgan Stanley fell 0.33% in premarket trading.Morgan Stanley First Quarter 2021 Earnings Results <<<","news_type":1},"isVote":1,"tweetType":1,"viewCount":310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344873418,"gmtCreate":1618401665134,"gmtModify":1634293213074,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"O","listText":"O","text":"O","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/344873418","repostId":"1195099187","repostType":4,"repost":{"id":"1195099187","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":1618397517,"share":"https://www.laohu8.com/m/news/1195099187?lang=&edition=full","pubTime":"2021-04-14 18:51","market":"us","language":"en","title":"JPMorgan Chase beats analysts’ estimates as bank releases $5.2 billion in loan loss reserves","url":"https://stock-news.laohu8.com/highlight/detail?id=1195099187","media":"Tiger Newspress","summary":"KEY POINTSEarnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.Re","content":"<p><b>KEY POINTS</b></p><ul><li>Earnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li>Revenue: $33.12 billion, vs. $30.52 billion expected.</li></ul><p>(April 14)&nbsp;JPMorgan Chasereported first-quarter earnings before the opening bell on Wednesday.</p><p>Here are the numbers:</p><ul><li><b>Earnings:</b>$4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li><b>Revenue:</b>$33.12 billion, vs. $30.52 billion expected.</li><li>Credit costs net benefit of $4.2 billion included $5.2 billion of net reserve releases and $1.1 billion of net charge-offs.</li><li>Average loans up 1%; average deposits up 36%</li><li>$1.5 trillion of liquidity sources, including HQLA and unencumbered marketable securities</li><li>Average deposits up 32%; client investment assets up 44%</li><li>Average loans down 7%; debit and credit card sales volume up 9%</li><li>Active mobile customers up 9%</li><li>Global Investment Banking wallet share of 9.0% in 1Q21</li><li>Total Markets revenue of $9.1 billion, up 25%, with Fixed Income Markets up 15% and Equity Markets up 47%</li><li>Gross Investment Banking revenue of $1.1 billion, up 65%</li><li>Average loans down 2%; average deposits up 54%</li><li>Assets under management (AUM) of $2.8 trillion, up 28%</li><li>Average loans up 18%; average deposits up 43%</li></ul><p>JPMorgan Chase&nbsp;slipped&nbsp;1%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><img src=\"https://static.tigerbbs.com/e7507e54ef613f6f1636ce34550816c8\" tg-width=\"659\" tg-height=\"564\" referrerpolicy=\"no-referrer\"></p><p>JPMorgan Chase, the first major bank to report first-quarter earnings, will be closely watched for clues as to how the industry will emerge from the coronavirus pandemic.</p><p>One key question is whether banks will continue to release loan loss reserves — and the magnitude of those releases — that are no longer needed as the U.S. economic recovery gains pace. In the fourth quarter, JPMorgan beat expectations in part by releasing $2.9 billion in reserves.</p><p>JPMorgan, with the world's biggest Wall Street division by revenue, is also expected to benefit from robust investment banking fees driven by record issuance of SPACs, the blank check companies that saw more activity in the first quarter than all of 2020, itself a record year. Trading revenue is also expected to be a tailwind in the quarter.</p><p>Analysts will also be curious about the pace of share repurchases the bank is expected to make. Last month, the Federal Reserve&nbsp;said banks&nbsp;that pass the industry's 2021 stress test will be allowed to resume higher levels of dividend payouts and buybacks starting June 30.</p><p>Shares of JPMorgan rose 21% so far this year, compared to the 25% advance of the KBW Bank Index.</p><p><img src=\"https://static.tigerbbs.com/ade6e23d309c02ebd566a97e22d0b776\" tg-width=\"1894\" tg-height=\"250\" referrerpolicy=\"no-referrer\">Discussion of Results:</p><p>Net income was $14.3 billion, up $11.4 billion, predominantly driven by credit reserve releases of $5.2 billion compared to credit reserve builds of $6.8 billion in the prior year.</p><p>Net revenue of $33.1 billion was up 14%. Noninterest revenue was $20.1 billion, up 39%, driven by higher CIB Markets revenue, higher Investment Banking fees, and the absence of losses in Credit Adjustments and Other and markdowns on held-for-sale positions in the bridge book13 recorded in the prior year. Net interest income was $13.0 billion, down 11%, predominantly driven by the impact of lower rates, partially offset by balance sheet growth.</p><p>Noninterest expense was $18.7 billion, up 12%, predominantly driven by higher volume- and revenue-related expense and continued investments. The increase in expense also included a $550 million contribution to the Firm’s Foundation.</p><p>The provision for credit losses was a net benefit of $4.2 billion driven by net reserve releases of $5.2 billion, compared to an expense of $8.3 billion in the prior year predominantly driven by net reserve builds of $6.8 billion. The Consumer reserve release was $4.5 billion, and included a $3.5 billion release in Card, reflecting improvements in the macroeconomic scenarios, and a $625 million reserve release in Home Lending primarily due to improvements in house price index (HPI) expectations and to a lesser extent portfolio run-off. The Wholesale reserve release was $716 million reflecting improvements in the macroeconomic scenarios. Net charge-offs of $1.1 billion were down $412 million, predominantly driven by Card.</p><p><img src=\"https://static.tigerbbs.com/ef7db3c342d0b99ad63d96fdea9fd129\" tg-width=\"1889\" tg-height=\"232\">Discussion of Results:</p><p>Net income was $6.7 billion, up $6.5 billion, driven by credit reserve releases compared to reserve builds in the prior year. Net revenue was $12.5 billion, down 6%.</p><p>Consumer &amp; Business Banking net revenue was $5.6 billion, down 10%, driven by the impact of deposit margin compression, largely offset by growth in deposit balances. Home Lending net revenue was $1.5 billion, up 26%, driven by higher production revenue, partially offset by lower net interest income on lower balances. Card &amp; Auto net revenue was $5.4 billion, down 7%, driven by lower Card net interest income on lower balances, partially offset by lower Card acquisition costs and higher Card net interchange income.</p><p>Noninterest expense was $7.2 billion, down 1%.</p><p>The provision for credit losses was a net benefit of $3.6 billion, including a $4.6 billion reserve release reflecting improvements in the macroeconomic scenarios compared to a $4.5 billion reserve build in the prior year. Net charge-offs were $1.0 billion, down $290 million, driven by Card.</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>JPMorgan Chase beats analysts’ estimates as bank releases $5.2 billion in loan loss reserves</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\">\nJPMorgan Chase beats analysts’ estimates as bank releases $5.2 billion in loan loss reserves\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">2021-04-14 18:51</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><b>KEY POINTS</b></p><ul><li>Earnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li>Revenue: $33.12 billion, vs. $30.52 billion expected.</li></ul><p>(April 14)&nbsp;JPMorgan Chasereported first-quarter earnings before the opening bell on Wednesday.</p><p>Here are the numbers:</p><ul><li><b>Earnings:</b>$4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li><b>Revenue:</b>$33.12 billion, vs. $30.52 billion expected.</li><li>Credit costs net benefit of $4.2 billion included $5.2 billion of net reserve releases and $1.1 billion of net charge-offs.</li><li>Average loans up 1%; average deposits up 36%</li><li>$1.5 trillion of liquidity sources, including HQLA and unencumbered marketable securities</li><li>Average deposits up 32%; client investment assets up 44%</li><li>Average loans down 7%; debit and credit card sales volume up 9%</li><li>Active mobile customers up 9%</li><li>Global Investment Banking wallet share of 9.0% in 1Q21</li><li>Total Markets revenue of $9.1 billion, up 25%, with Fixed Income Markets up 15% and Equity Markets up 47%</li><li>Gross Investment Banking revenue of $1.1 billion, up 65%</li><li>Average loans down 2%; average deposits up 54%</li><li>Assets under management (AUM) of $2.8 trillion, up 28%</li><li>Average loans up 18%; average deposits up 43%</li></ul><p>JPMorgan Chase&nbsp;slipped&nbsp;1%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><img src=\"https://static.tigerbbs.com/e7507e54ef613f6f1636ce34550816c8\" tg-width=\"659\" tg-height=\"564\" referrerpolicy=\"no-referrer\"></p><p>JPMorgan Chase, the first major bank to report first-quarter earnings, will be closely watched for clues as to how the industry will emerge from the coronavirus pandemic.</p><p>One key question is whether banks will continue to release loan loss reserves — and the magnitude of those releases — that are no longer needed as the U.S. economic recovery gains pace. In the fourth quarter, JPMorgan beat expectations in part by releasing $2.9 billion in reserves.</p><p>JPMorgan, with the world's biggest Wall Street division by revenue, is also expected to benefit from robust investment banking fees driven by record issuance of SPACs, the blank check companies that saw more activity in the first quarter than all of 2020, itself a record year. Trading revenue is also expected to be a tailwind in the quarter.</p><p>Analysts will also be curious about the pace of share repurchases the bank is expected to make. Last month, the Federal Reserve&nbsp;said banks&nbsp;that pass the industry's 2021 stress test will be allowed to resume higher levels of dividend payouts and buybacks starting June 30.</p><p>Shares of JPMorgan rose 21% so far this year, compared to the 25% advance of the KBW Bank Index.</p><p><img src=\"https://static.tigerbbs.com/ade6e23d309c02ebd566a97e22d0b776\" tg-width=\"1894\" tg-height=\"250\" referrerpolicy=\"no-referrer\">Discussion of Results:</p><p>Net income was $14.3 billion, up $11.4 billion, predominantly driven by credit reserve releases of $5.2 billion compared to credit reserve builds of $6.8 billion in the prior year.</p><p>Net revenue of $33.1 billion was up 14%. Noninterest revenue was $20.1 billion, up 39%, driven by higher CIB Markets revenue, higher Investment Banking fees, and the absence of losses in Credit Adjustments and Other and markdowns on held-for-sale positions in the bridge book13 recorded in the prior year. Net interest income was $13.0 billion, down 11%, predominantly driven by the impact of lower rates, partially offset by balance sheet growth.</p><p>Noninterest expense was $18.7 billion, up 12%, predominantly driven by higher volume- and revenue-related expense and continued investments. The increase in expense also included a $550 million contribution to the Firm’s Foundation.</p><p>The provision for credit losses was a net benefit of $4.2 billion driven by net reserve releases of $5.2 billion, compared to an expense of $8.3 billion in the prior year predominantly driven by net reserve builds of $6.8 billion. The Consumer reserve release was $4.5 billion, and included a $3.5 billion release in Card, reflecting improvements in the macroeconomic scenarios, and a $625 million reserve release in Home Lending primarily due to improvements in house price index (HPI) expectations and to a lesser extent portfolio run-off. The Wholesale reserve release was $716 million reflecting improvements in the macroeconomic scenarios. Net charge-offs of $1.1 billion were down $412 million, predominantly driven by Card.</p><p><img src=\"https://static.tigerbbs.com/ef7db3c342d0b99ad63d96fdea9fd129\" tg-width=\"1889\" tg-height=\"232\">Discussion of Results:</p><p>Net income was $6.7 billion, up $6.5 billion, driven by credit reserve releases compared to reserve builds in the prior year. Net revenue was $12.5 billion, down 6%.</p><p>Consumer &amp; Business Banking net revenue was $5.6 billion, down 10%, driven by the impact of deposit margin compression, largely offset by growth in deposit balances. Home Lending net revenue was $1.5 billion, up 26%, driven by higher production revenue, partially offset by lower net interest income on lower balances. Card &amp; Auto net revenue was $5.4 billion, down 7%, driven by lower Card net interest income on lower balances, partially offset by lower Card acquisition costs and higher Card net interchange income.</p><p>Noninterest expense was $7.2 billion, down 1%.</p><p>The provision for credit losses was a net benefit of $3.6 billion, including a $4.6 billion reserve release reflecting improvements in the macroeconomic scenarios compared to a $4.5 billion reserve build in the prior year. Net charge-offs were $1.0 billion, down $290 million, driven by Card.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195099187","content_text":"KEY POINTSEarnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.Revenue: $33.12 billion, vs. $30.52 billion expected.(April 14) JPMorgan Chasereported first-quarter earnings before the opening bell on Wednesday.Here are the numbers:Earnings:$4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.Revenue:$33.12 billion, vs. $30.52 billion expected.Credit costs net benefit of $4.2 billion included $5.2 billion of net reserve releases and $1.1 billion of net charge-offs.Average loans up 1%; average deposits up 36%$1.5 trillion of liquidity sources, including HQLA and unencumbered marketable securitiesAverage deposits up 32%; client investment assets up 44%Average loans down 7%; debit and credit card sales volume up 9%Active mobile customers up 9%Global Investment Banking wallet share of 9.0% in 1Q21Total Markets revenue of $9.1 billion, up 25%, with Fixed Income Markets up 15% and Equity Markets up 47%Gross Investment Banking revenue of $1.1 billion, up 65%Average loans down 2%; average deposits up 54%Assets under management (AUM) of $2.8 trillion, up 28%Average loans up 18%; average deposits up 43%JPMorgan Chase slipped 1% in premarket trading.JPMorgan Chase, the first major bank to report first-quarter earnings, will be closely watched for clues as to how the industry will emerge from the coronavirus pandemic.One key question is whether banks will continue to release loan loss reserves — and the magnitude of those releases — that are no longer needed as the U.S. economic recovery gains pace. In the fourth quarter, JPMorgan beat expectations in part by releasing $2.9 billion in reserves.JPMorgan, with the world's biggest Wall Street division by revenue, is also expected to benefit from robust investment banking fees driven by record issuance of SPACs, the blank check companies that saw more activity in the first quarter than all of 2020, itself a record year. Trading revenue is also expected to be a tailwind in the quarter.Analysts will also be curious about the pace of share repurchases the bank is expected to make. Last month, the Federal Reserve said banks that pass the industry's 2021 stress test will be allowed to resume higher levels of dividend payouts and buybacks starting June 30.Shares of JPMorgan rose 21% so far this year, compared to the 25% advance of the KBW Bank Index.Discussion of Results:Net income was $14.3 billion, up $11.4 billion, predominantly driven by credit reserve releases of $5.2 billion compared to credit reserve builds of $6.8 billion in the prior year.Net revenue of $33.1 billion was up 14%. Noninterest revenue was $20.1 billion, up 39%, driven by higher CIB Markets revenue, higher Investment Banking fees, and the absence of losses in Credit Adjustments and Other and markdowns on held-for-sale positions in the bridge book13 recorded in the prior year. Net interest income was $13.0 billion, down 11%, predominantly driven by the impact of lower rates, partially offset by balance sheet growth.Noninterest expense was $18.7 billion, up 12%, predominantly driven by higher volume- and revenue-related expense and continued investments. The increase in expense also included a $550 million contribution to the Firm’s Foundation.The provision for credit losses was a net benefit of $4.2 billion driven by net reserve releases of $5.2 billion, compared to an expense of $8.3 billion in the prior year predominantly driven by net reserve builds of $6.8 billion. The Consumer reserve release was $4.5 billion, and included a $3.5 billion release in Card, reflecting improvements in the macroeconomic scenarios, and a $625 million reserve release in Home Lending primarily due to improvements in house price index (HPI) expectations and to a lesser extent portfolio run-off. The Wholesale reserve release was $716 million reflecting improvements in the macroeconomic scenarios. Net charge-offs of $1.1 billion were down $412 million, predominantly driven by Card.Discussion of Results:Net income was $6.7 billion, up $6.5 billion, driven by credit reserve releases compared to reserve builds in the prior year. Net revenue was $12.5 billion, down 6%.Consumer & Business Banking net revenue was $5.6 billion, down 10%, driven by the impact of deposit margin compression, largely offset by growth in deposit balances. Home Lending net revenue was $1.5 billion, up 26%, driven by higher production revenue, partially offset by lower net interest income on lower balances. Card & Auto net revenue was $5.4 billion, down 7%, driven by lower Card net interest income on lower balances, partially offset by lower Card acquisition costs and higher Card net interchange income.Noninterest expense was $7.2 billion, down 1%.The provision for credit losses was a net benefit of $3.6 billion, including a $4.6 billion reserve release reflecting improvements in the macroeconomic scenarios compared to a $4.5 billion reserve build in the prior year. Net charge-offs were $1.0 billion, down $290 million, driven by Card.","news_type":1},"isVote":1,"tweetType":1,"viewCount":327,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344847363,"gmtCreate":1618401387752,"gmtModify":1634293215251,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/344847363","repostId":"1195099187","repostType":4,"repost":{"id":"1195099187","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":1618397517,"share":"https://www.laohu8.com/m/news/1195099187?lang=&edition=full","pubTime":"2021-04-14 18:51","market":"us","language":"en","title":"JPMorgan Chase beats analysts’ estimates as bank releases $5.2 billion in loan loss reserves","url":"https://stock-news.laohu8.com/highlight/detail?id=1195099187","media":"Tiger Newspress","summary":"KEY POINTSEarnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.Re","content":"<p><b>KEY POINTS</b></p><ul><li>Earnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li>Revenue: $33.12 billion, vs. $30.52 billion expected.</li></ul><p>(April 14)&nbsp;JPMorgan Chasereported first-quarter earnings before the opening bell on Wednesday.</p><p>Here are the numbers:</p><ul><li><b>Earnings:</b>$4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li><b>Revenue:</b>$33.12 billion, vs. $30.52 billion expected.</li><li>Credit costs net benefit of $4.2 billion included $5.2 billion of net reserve releases and $1.1 billion of net charge-offs.</li><li>Average loans up 1%; average deposits up 36%</li><li>$1.5 trillion of liquidity sources, including HQLA and unencumbered marketable securities</li><li>Average deposits up 32%; client investment assets up 44%</li><li>Average loans down 7%; debit and credit card sales volume up 9%</li><li>Active mobile customers up 9%</li><li>Global Investment Banking wallet share of 9.0% in 1Q21</li><li>Total Markets revenue of $9.1 billion, up 25%, with Fixed Income Markets up 15% and Equity Markets up 47%</li><li>Gross Investment Banking revenue of $1.1 billion, up 65%</li><li>Average loans down 2%; average deposits up 54%</li><li>Assets under management (AUM) of $2.8 trillion, up 28%</li><li>Average loans up 18%; average deposits up 43%</li></ul><p>JPMorgan Chase&nbsp;slipped&nbsp;1%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><img src=\"https://static.tigerbbs.com/e7507e54ef613f6f1636ce34550816c8\" tg-width=\"659\" tg-height=\"564\" referrerpolicy=\"no-referrer\"></p><p>JPMorgan Chase, the first major bank to report first-quarter earnings, will be closely watched for clues as to how the industry will emerge from the coronavirus pandemic.</p><p>One key question is whether banks will continue to release loan loss reserves — and the magnitude of those releases — that are no longer needed as the U.S. economic recovery gains pace. In the fourth quarter, JPMorgan beat expectations in part by releasing $2.9 billion in reserves.</p><p>JPMorgan, with the world's biggest Wall Street division by revenue, is also expected to benefit from robust investment banking fees driven by record issuance of SPACs, the blank check companies that saw more activity in the first quarter than all of 2020, itself a record year. Trading revenue is also expected to be a tailwind in the quarter.</p><p>Analysts will also be curious about the pace of share repurchases the bank is expected to make. Last month, the Federal Reserve&nbsp;said banks&nbsp;that pass the industry's 2021 stress test will be allowed to resume higher levels of dividend payouts and buybacks starting June 30.</p><p>Shares of JPMorgan rose 21% so far this year, compared to the 25% advance of the KBW Bank Index.</p><p><img src=\"https://static.tigerbbs.com/ade6e23d309c02ebd566a97e22d0b776\" tg-width=\"1894\" tg-height=\"250\" referrerpolicy=\"no-referrer\">Discussion of Results:</p><p>Net income was $14.3 billion, up $11.4 billion, predominantly driven by credit reserve releases of $5.2 billion compared to credit reserve builds of $6.8 billion in the prior year.</p><p>Net revenue of $33.1 billion was up 14%. Noninterest revenue was $20.1 billion, up 39%, driven by higher CIB Markets revenue, higher Investment Banking fees, and the absence of losses in Credit Adjustments and Other and markdowns on held-for-sale positions in the bridge book13 recorded in the prior year. Net interest income was $13.0 billion, down 11%, predominantly driven by the impact of lower rates, partially offset by balance sheet growth.</p><p>Noninterest expense was $18.7 billion, up 12%, predominantly driven by higher volume- and revenue-related expense and continued investments. The increase in expense also included a $550 million contribution to the Firm’s Foundation.</p><p>The provision for credit losses was a net benefit of $4.2 billion driven by net reserve releases of $5.2 billion, compared to an expense of $8.3 billion in the prior year predominantly driven by net reserve builds of $6.8 billion. The Consumer reserve release was $4.5 billion, and included a $3.5 billion release in Card, reflecting improvements in the macroeconomic scenarios, and a $625 million reserve release in Home Lending primarily due to improvements in house price index (HPI) expectations and to a lesser extent portfolio run-off. The Wholesale reserve release was $716 million reflecting improvements in the macroeconomic scenarios. Net charge-offs of $1.1 billion were down $412 million, predominantly driven by Card.</p><p><img src=\"https://static.tigerbbs.com/ef7db3c342d0b99ad63d96fdea9fd129\" tg-width=\"1889\" tg-height=\"232\">Discussion of Results:</p><p>Net income was $6.7 billion, up $6.5 billion, driven by credit reserve releases compared to reserve builds in the prior year. Net revenue was $12.5 billion, down 6%.</p><p>Consumer &amp; Business Banking net revenue was $5.6 billion, down 10%, driven by the impact of deposit margin compression, largely offset by growth in deposit balances. Home Lending net revenue was $1.5 billion, up 26%, driven by higher production revenue, partially offset by lower net interest income on lower balances. Card &amp; Auto net revenue was $5.4 billion, down 7%, driven by lower Card net interest income on lower balances, partially offset by lower Card acquisition costs and higher Card net interchange income.</p><p>Noninterest expense was $7.2 billion, down 1%.</p><p>The provision for credit losses was a net benefit of $3.6 billion, including a $4.6 billion reserve release reflecting improvements in the macroeconomic scenarios compared to a $4.5 billion reserve build in the prior year. Net charge-offs were $1.0 billion, down $290 million, driven by Card.</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>JPMorgan Chase beats analysts’ estimates as bank releases $5.2 billion in loan loss reserves</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\nJPMorgan Chase beats analysts’ estimates as bank releases $5.2 billion in loan loss reserves\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">2021-04-14 18:51</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><b>KEY POINTS</b></p><ul><li>Earnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li>Revenue: $33.12 billion, vs. $30.52 billion expected.</li></ul><p>(April 14)&nbsp;JPMorgan Chasereported first-quarter earnings before the opening bell on Wednesday.</p><p>Here are the numbers:</p><ul><li><b>Earnings:</b>$4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li><b>Revenue:</b>$33.12 billion, vs. $30.52 billion expected.</li><li>Credit costs net benefit of $4.2 billion included $5.2 billion of net reserve releases and $1.1 billion of net charge-offs.</li><li>Average loans up 1%; average deposits up 36%</li><li>$1.5 trillion of liquidity sources, including HQLA and unencumbered marketable securities</li><li>Average deposits up 32%; client investment assets up 44%</li><li>Average loans down 7%; debit and credit card sales volume up 9%</li><li>Active mobile customers up 9%</li><li>Global Investment Banking wallet share of 9.0% in 1Q21</li><li>Total Markets revenue of $9.1 billion, up 25%, with Fixed Income Markets up 15% and Equity Markets up 47%</li><li>Gross Investment Banking revenue of $1.1 billion, up 65%</li><li>Average loans down 2%; average deposits up 54%</li><li>Assets under management (AUM) of $2.8 trillion, up 28%</li><li>Average loans up 18%; average deposits up 43%</li></ul><p>JPMorgan Chase&nbsp;slipped&nbsp;1%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><img src=\"https://static.tigerbbs.com/e7507e54ef613f6f1636ce34550816c8\" tg-width=\"659\" tg-height=\"564\" referrerpolicy=\"no-referrer\"></p><p>JPMorgan Chase, the first major bank to report first-quarter earnings, will be closely watched for clues as to how the industry will emerge from the coronavirus pandemic.</p><p>One key question is whether banks will continue to release loan loss reserves — and the magnitude of those releases — that are no longer needed as the U.S. economic recovery gains pace. In the fourth quarter, JPMorgan beat expectations in part by releasing $2.9 billion in reserves.</p><p>JPMorgan, with the world's biggest Wall Street division by revenue, is also expected to benefit from robust investment banking fees driven by record issuance of SPACs, the blank check companies that saw more activity in the first quarter than all of 2020, itself a record year. Trading revenue is also expected to be a tailwind in the quarter.</p><p>Analysts will also be curious about the pace of share repurchases the bank is expected to make. Last month, the Federal Reserve&nbsp;said banks&nbsp;that pass the industry's 2021 stress test will be allowed to resume higher levels of dividend payouts and buybacks starting June 30.</p><p>Shares of JPMorgan rose 21% so far this year, compared to the 25% advance of the KBW Bank Index.</p><p><img src=\"https://static.tigerbbs.com/ade6e23d309c02ebd566a97e22d0b776\" tg-width=\"1894\" tg-height=\"250\" referrerpolicy=\"no-referrer\">Discussion of Results:</p><p>Net income was $14.3 billion, up $11.4 billion, predominantly driven by credit reserve releases of $5.2 billion compared to credit reserve builds of $6.8 billion in the prior year.</p><p>Net revenue of $33.1 billion was up 14%. Noninterest revenue was $20.1 billion, up 39%, driven by higher CIB Markets revenue, higher Investment Banking fees, and the absence of losses in Credit Adjustments and Other and markdowns on held-for-sale positions in the bridge book13 recorded in the prior year. Net interest income was $13.0 billion, down 11%, predominantly driven by the impact of lower rates, partially offset by balance sheet growth.</p><p>Noninterest expense was $18.7 billion, up 12%, predominantly driven by higher volume- and revenue-related expense and continued investments. The increase in expense also included a $550 million contribution to the Firm’s Foundation.</p><p>The provision for credit losses was a net benefit of $4.2 billion driven by net reserve releases of $5.2 billion, compared to an expense of $8.3 billion in the prior year predominantly driven by net reserve builds of $6.8 billion. The Consumer reserve release was $4.5 billion, and included a $3.5 billion release in Card, reflecting improvements in the macroeconomic scenarios, and a $625 million reserve release in Home Lending primarily due to improvements in house price index (HPI) expectations and to a lesser extent portfolio run-off. The Wholesale reserve release was $716 million reflecting improvements in the macroeconomic scenarios. Net charge-offs of $1.1 billion were down $412 million, predominantly driven by Card.</p><p><img src=\"https://static.tigerbbs.com/ef7db3c342d0b99ad63d96fdea9fd129\" tg-width=\"1889\" tg-height=\"232\">Discussion of Results:</p><p>Net income was $6.7 billion, up $6.5 billion, driven by credit reserve releases compared to reserve builds in the prior year. Net revenue was $12.5 billion, down 6%.</p><p>Consumer &amp; Business Banking net revenue was $5.6 billion, down 10%, driven by the impact of deposit margin compression, largely offset by growth in deposit balances. Home Lending net revenue was $1.5 billion, up 26%, driven by higher production revenue, partially offset by lower net interest income on lower balances. Card &amp; Auto net revenue was $5.4 billion, down 7%, driven by lower Card net interest income on lower balances, partially offset by lower Card acquisition costs and higher Card net interchange income.</p><p>Noninterest expense was $7.2 billion, down 1%.</p><p>The provision for credit losses was a net benefit of $3.6 billion, including a $4.6 billion reserve release reflecting improvements in the macroeconomic scenarios compared to a $4.5 billion reserve build in the prior year. Net charge-offs were $1.0 billion, down $290 million, driven by Card.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195099187","content_text":"KEY POINTSEarnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.Revenue: $33.12 billion, vs. $30.52 billion expected.(April 14) JPMorgan Chasereported first-quarter earnings before the opening bell on Wednesday.Here are the numbers:Earnings:$4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.Revenue:$33.12 billion, vs. $30.52 billion expected.Credit costs net benefit of $4.2 billion included $5.2 billion of net reserve releases and $1.1 billion of net charge-offs.Average loans up 1%; average deposits up 36%$1.5 trillion of liquidity sources, including HQLA and unencumbered marketable securitiesAverage deposits up 32%; client investment assets up 44%Average loans down 7%; debit and credit card sales volume up 9%Active mobile customers up 9%Global Investment Banking wallet share of 9.0% in 1Q21Total Markets revenue of $9.1 billion, up 25%, with Fixed Income Markets up 15% and Equity Markets up 47%Gross Investment Banking revenue of $1.1 billion, up 65%Average loans down 2%; average deposits up 54%Assets under management (AUM) of $2.8 trillion, up 28%Average loans up 18%; average deposits up 43%JPMorgan Chase slipped 1% in premarket trading.JPMorgan Chase, the first major bank to report first-quarter earnings, will be closely watched for clues as to how the industry will emerge from the coronavirus pandemic.One key question is whether banks will continue to release loan loss reserves — and the magnitude of those releases — that are no longer needed as the U.S. economic recovery gains pace. In the fourth quarter, JPMorgan beat expectations in part by releasing $2.9 billion in reserves.JPMorgan, with the world's biggest Wall Street division by revenue, is also expected to benefit from robust investment banking fees driven by record issuance of SPACs, the blank check companies that saw more activity in the first quarter than all of 2020, itself a record year. Trading revenue is also expected to be a tailwind in the quarter.Analysts will also be curious about the pace of share repurchases the bank is expected to make. Last month, the Federal Reserve said banks that pass the industry's 2021 stress test will be allowed to resume higher levels of dividend payouts and buybacks starting June 30.Shares of JPMorgan rose 21% so far this year, compared to the 25% advance of the KBW Bank Index.Discussion of Results:Net income was $14.3 billion, up $11.4 billion, predominantly driven by credit reserve releases of $5.2 billion compared to credit reserve builds of $6.8 billion in the prior year.Net revenue of $33.1 billion was up 14%. Noninterest revenue was $20.1 billion, up 39%, driven by higher CIB Markets revenue, higher Investment Banking fees, and the absence of losses in Credit Adjustments and Other and markdowns on held-for-sale positions in the bridge book13 recorded in the prior year. Net interest income was $13.0 billion, down 11%, predominantly driven by the impact of lower rates, partially offset by balance sheet growth.Noninterest expense was $18.7 billion, up 12%, predominantly driven by higher volume- and revenue-related expense and continued investments. The increase in expense also included a $550 million contribution to the Firm’s Foundation.The provision for credit losses was a net benefit of $4.2 billion driven by net reserve releases of $5.2 billion, compared to an expense of $8.3 billion in the prior year predominantly driven by net reserve builds of $6.8 billion. The Consumer reserve release was $4.5 billion, and included a $3.5 billion release in Card, reflecting improvements in the macroeconomic scenarios, and a $625 million reserve release in Home Lending primarily due to improvements in house price index (HPI) expectations and to a lesser extent portfolio run-off. The Wholesale reserve release was $716 million reflecting improvements in the macroeconomic scenarios. Net charge-offs of $1.1 billion were down $412 million, predominantly driven by Card.Discussion of Results:Net income was $6.7 billion, up $6.5 billion, driven by credit reserve releases compared to reserve builds in the prior year. Net revenue was $12.5 billion, down 6%.Consumer & Business Banking net revenue was $5.6 billion, down 10%, driven by the impact of deposit margin compression, largely offset by growth in deposit balances. Home Lending net revenue was $1.5 billion, up 26%, driven by higher production revenue, partially offset by lower net interest income on lower balances. Card & Auto net revenue was $5.4 billion, down 7%, driven by lower Card net interest income on lower balances, partially offset by lower Card acquisition costs and higher Card net interchange income.Noninterest expense was $7.2 billion, down 1%.The provision for credit losses was a net benefit of $3.6 billion, including a $4.6 billion reserve release reflecting improvements in the macroeconomic scenarios compared to a $4.5 billion reserve build in the prior year. Net charge-offs were $1.0 billion, down $290 million, driven by Card.","news_type":1},"isVote":1,"tweetType":1,"viewCount":512,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344316057,"gmtCreate":1618375068479,"gmtModify":1634293375570,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/344316057","repostId":"2127454000","repostType":4,"isVote":1,"tweetType":1,"viewCount":180,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}