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虎媽

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2021-06-10

Tell me your opinion about this news...

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2021-05-24

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2021-05-17

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Singapore and Hong Kong to postpone travel bubble again as Covid cases rise

2021-05-12

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Don’t Look Now, but Nio Stock Is Becoming an Investment Not a Trade

2021-05-10

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Stock Bull Run Rolls On With JPMorgan Doubling Down on Reflation

2021-05-07

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Under Armour Posts a Q1 Massive Sales Increase. Is It Back in the Game?

2021-05-07

Green days??

NIO is making a landmark push outside of China into this electric-vehicle-obsessed country

2021-05-06

🥲

China Stocks Slump as Vaccine IP Waiver Proposal Hits Drugmakers

2021-05-06

Where have the greens disappeared to?

This Day In Market History: Panic Of 1893 Crashes Stock Market

2021-05-04

Time to join in too?

Cathie Wood Loads Up More On Alibaba Rivals Pinduoduo, JD — Also Adds Skillz

2021-05-03

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Jumia: Why We Remain Long The Stock And What To Look For In Q1 2021 Results

2021-04-29

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2021-04-27

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AMD earnings: Are data center owners ‘digesting’ or just not buying Intel chips?

2021-04-25

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"The Stock Market Has Gone Crazy And Will Likely Go Even Crazier"

2021-04-24

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2021-04-23

RIP

Stocks Will Get Over Their Big Biden Tax Wobble

2021-04-22

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2021-04-21

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Here’s everything Apple just announced: New iPad Pros, colorful iMacs, AirTags and more

2021-04-19

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2021-04-17

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Fed’s Waller says the economy is ‘ready to rip’ but policy should stay put

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thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/195029923","repostId":"1124849230","repostType":4,"repost":{"id":"1124849230","pubTimestamp":1621240999,"share":"https://www.laohu8.com/m/news/1124849230?lang=&edition=full","pubTime":"2021-05-17 16:43","market":"sg","language":"en","title":"Singapore and Hong Kong to postpone travel bubble again as Covid cases rise","url":"https://stock-news.laohu8.com/highlight/detail?id=1124849230","media":"CNBC","summary":"KEY POINTSSingapore’s transport ministry said in a statement that “in light of the recent increase i","content":"<div>\n<p>KEY POINTSSingapore’s transport ministry said in a statement that “in light of the recent increase in unlinked community cases, Singapore is unable to meet the criteria to start” the travel bubble.The...</p>\n\n<a href=\"https://www.cnbc.com/2021/05/17/singapore-hong-kong-push-back-launch-date-for-air-travel-bubble.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","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>Singapore and Hong Kong to postpone travel bubble again as Covid cases rise</title>\n<style 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}\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\">\nSingapore and Hong Kong to postpone travel bubble again as Covid cases rise\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-17 16:43 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/05/17/singapore-hong-kong-push-back-launch-date-for-air-travel-bubble.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTSSingapore’s transport ministry said in a statement that “in light of the recent increase in unlinked community cases, Singapore is unable to meet the criteria to start” the travel bubble.The...</p>\n\n<a href=\"https://www.cnbc.com/2021/05/17/singapore-hong-kong-push-back-launch-date-for-air-travel-bubble.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"STI.SI":"富时新加坡海峡指数","C6L.SI":"新加坡航空公司","00293":"国泰航空"},"source_url":"https://www.cnbc.com/2021/05/17/singapore-hong-kong-push-back-launch-date-for-air-travel-bubble.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1124849230","content_text":"KEY POINTSSingapore’s transport ministry said in a statement that “in light of the recent increase in unlinked community cases, Singapore is unable to meet the criteria to start” the travel bubble.The Hong Kong government said in a statement that further updates will be announced on or before June 13.SINGAPORE — Singapore and Hong Kong have once again pushed back the start date of a long-anticipated air travel bubble arrangement, the two cities announced Monday.The travel bubble, which would have allowed travelers to skip quarantine, had been planned to begin on May 26. The scheme has faced multiple rounds of delays from its initial launch date in November 2020.Singapore’s transport ministry said in a statement that “in light of the recent increase in unlinked community cases, Singapore is unable to meet the criteria to start” the travel bubble.Meanwhile,the Hong Kong government said in a statement that further updates will be announced on or before June 13.Covid-19 cases in Singapore have climbed in the past few days.In a preliminary update on Monday, Singapore’s health ministry said it confirmed an additional 21 locally transmitted infections, of which 11 were not linked to previous cases.That takes Singapore’s cumulative Covid cases to more than 61,600 and 31 deaths, data by the health ministry showed.The rise in locally transmitted cases has led the Singapore government to tighten measures in recent weeks to stem the spread of Covid.Stricter measures that took effect over the weekend include banning all dine-in at food and beverage establishments, as well as limiting public social gatherings to two people. Most schools will be closed and moved online from Wednesday.Both Singapore and Hong Kong are major Asian business hubs with no domestic air travel markets. Their tourism and aviation industries rely heavily on international travel, and have been badly hit by the pandemic.Hong Kong said Monday it detected one additional imported Covid case, taking its total confirmed and probable infections to 11,826, official data showed. The city has reported 210 deaths so far.","news_type":1},"isVote":1,"tweetType":1,"viewCount":211,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193190488,"gmtCreate":1620773487344,"gmtModify":1634196516761,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Like n comment thanks","listText":"Like n comment thanks","text":"Like n comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/193190488","repostId":"1153941496","repostType":4,"repost":{"id":"1153941496","pubTimestamp":1620742696,"share":"https://www.laohu8.com/m/news/1153941496?lang=&edition=full","pubTime":"2021-05-11 22:18","market":"us","language":"en","title":"Don’t Look Now, but Nio Stock Is Becoming an Investment Not a Trade","url":"https://stock-news.laohu8.com/highlight/detail?id=1153941496","media":"InvestorPlace","summary":"Investors continue to expect more from NIO stock.\n\nLooking at the 12-month stock chart forNio(NYSE:N","content":"<blockquote>\n Investors continue to expect more from NIO stock.\n</blockquote>\n<p>Looking at the 12-month stock chart for<b>Nio</b>(NYSE:<b><u>NIO</u></b>) stock shows what happens when an entire sector becomes a bubble. For much of 2020, NIO could do no wrong.</p>\n<p>In 2021, however, it appears as if the electric vehicle (EV) manufacturer can’t do anything good enough for investors. As of this writing, NIO stock is down about 30% for the year.</p>\n<p>Frequently labeled “the<b>Tesla</b>&nbsp;(NASDAQ:<b><u>TSLA</u></b>) of China,” Nio is making strong inroads in its home country.</p>\n<p>In its recently released first-quarter 2021 earnings, thecompanyreported deliveries of over 20,000&nbsp;for the first time and isprojecting deliveries of 21,000 to 22,000 vehicles&nbsp;in Q2 for revenue between $1.24billon&nbsp;and $1.29 billion.</p>\n<p>Nio also justlaunched its services in Norway. This is another area in which Nio delivered on expectations it gave investors.</p>\n<p>Investors seem unimpressed, possibly because of EV fatigue. Also, a global semiconductor chip shortage is likely to curtail Nio’s growth in the short term.&nbsp;However&nbsp;the chip shortage is neither of Nio’s creation, nor is Nio the only company subject to any fallout from it.</p>\n<p>Nevertheless, as I wrote back in March, with a market cap of just under $60 billion, Nio is facing theprivilege of expectations.</p>\n<p>Right now that means anything that suggests Nio won’t meet what will need to be lofty revenue expectations (in addition to turning a profit) is a drag on the stock.</p>\n<p><b>What Makes Nio Different?</b></p>\n<p>The company’s battery-as-a-service (BaaS) is a real innovation and one that is currently exclusive to Nio. The benefit of BaaS is reflected in the sticker price of a Nio vehicle.</p>\n<p>However&nbsp;I think the larger story with BaaS is that it takes an agnostic approach to the charging problem. And charging is a concern that is on prospective EVowners’&nbsp;minds. A 2021<i>Autolist</i>&nbsp;surveyidentifiesEV battery range as being the primary concern&nbsp;among over 60% of respondents. But the larger story is that price and charging infrastructure came in second and third respectively.</p>\n<p>This creates a win-win-win situation for Nio. With the ability for owners to swap their batteries in what Nio claims will beless than three minutes, range becomes less of a concern.</p>\n<p>Plus, being able to sell the battery as a separate item lowers the price of a Nio which already benefits from subsidies.</p>\n<p>Although Nio’s BaaS program helps eliminate some of the range concerns for EV’s, the company does sell EV accessories including charging stations and internet connection services for its vehicles.</p>\n<p>As Louis Navellier recently wrote, revenue from these businessesincreased by 395.3% year-over-year, and&nbsp;the $88 million in revenue was a 23.4% increase from Q4 2020.</p>\n<p><b>Long-Term Outlook for NIO Stock</b></p>\n<p>One thing that I always look at in my investing decisions (and quitefrankly&nbsp;a lot of decisions period) is the cost of being wrong.</p>\n<p>Just one year ago, the cost of being wrong on Nio was severe. NIO stock looked like a candidate to go bankrupt.</p>\n<p>If you say you knew that the company was going to get a lifeline from the Chinese government, then you have access to a lot more inside information than most investors.</p>\n<p>Today, the risk premium for Nio is much smaller. That’s not to say that shares may not still have more room to fall, but this is the privilege of expectations.</p>\n<p>Analysts are generally bullish on NIO stock with a 12-month price target of $50.78 which would be a gain of over 37% from the stock’s current level.</p>\n<p>NIO stock has traded within apretty wide&nbsp;range in the past month.So&nbsp;you may want to wait for a little more consolidation to find a clear entry point before adding to or entering a position.</p>\n<p><i>On the date of publication Chris Markoch did not have (either directly or indirectly) any positions in the securities mentioned in this article.</i></p>","source":"lsy1606302653667","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>Don’t Look Now, but Nio Stock Is Becoming an Investment Not a Trade</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\">\nDon’t Look Now, but Nio Stock Is Becoming an Investment Not a Trade\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 22:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2021/05/nio-stock-is-long-term-investment-not-short-term-trade/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Investors continue to expect more from NIO stock.\n\nLooking at the 12-month stock chart forNio(NYSE:NIO) stock shows what happens when an entire sector becomes a bubble. For much of 2020, NIO could do ...</p>\n\n<a href=\"https://investorplace.com/2021/05/nio-stock-is-long-term-investment-not-short-term-trade/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://investorplace.com/2021/05/nio-stock-is-long-term-investment-not-short-term-trade/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153941496","content_text":"Investors continue to expect more from NIO stock.\n\nLooking at the 12-month stock chart forNio(NYSE:NIO) stock shows what happens when an entire sector becomes a bubble. For much of 2020, NIO could do no wrong.\nIn 2021, however, it appears as if the electric vehicle (EV) manufacturer can’t do anything good enough for investors. As of this writing, NIO stock is down about 30% for the year.\nFrequently labeled “theTesla (NASDAQ:TSLA) of China,” Nio is making strong inroads in its home country.\nIn its recently released first-quarter 2021 earnings, thecompanyreported deliveries of over 20,000 for the first time and isprojecting deliveries of 21,000 to 22,000 vehicles in Q2 for revenue between $1.24billon and $1.29 billion.\nNio also justlaunched its services in Norway. This is another area in which Nio delivered on expectations it gave investors.\nInvestors seem unimpressed, possibly because of EV fatigue. Also, a global semiconductor chip shortage is likely to curtail Nio’s growth in the short term. However the chip shortage is neither of Nio’s creation, nor is Nio the only company subject to any fallout from it.\nNevertheless, as I wrote back in March, with a market cap of just under $60 billion, Nio is facing theprivilege of expectations.\nRight now that means anything that suggests Nio won’t meet what will need to be lofty revenue expectations (in addition to turning a profit) is a drag on the stock.\nWhat Makes Nio Different?\nThe company’s battery-as-a-service (BaaS) is a real innovation and one that is currently exclusive to Nio. The benefit of BaaS is reflected in the sticker price of a Nio vehicle.\nHowever I think the larger story with BaaS is that it takes an agnostic approach to the charging problem. And charging is a concern that is on prospective EVowners’ minds. A 2021Autolist surveyidentifiesEV battery range as being the primary concern among over 60% of respondents. But the larger story is that price and charging infrastructure came in second and third respectively.\nThis creates a win-win-win situation for Nio. With the ability for owners to swap their batteries in what Nio claims will beless than three minutes, range becomes less of a concern.\nPlus, being able to sell the battery as a separate item lowers the price of a Nio which already benefits from subsidies.\nAlthough Nio’s BaaS program helps eliminate some of the range concerns for EV’s, the company does sell EV accessories including charging stations and internet connection services for its vehicles.\nAs Louis Navellier recently wrote, revenue from these businessesincreased by 395.3% year-over-year, and the $88 million in revenue was a 23.4% increase from Q4 2020.\nLong-Term Outlook for NIO Stock\nOne thing that I always look at in my investing decisions (and quitefrankly a lot of decisions period) is the cost of being wrong.\nJust one year ago, the cost of being wrong on Nio was severe. NIO stock looked like a candidate to go bankrupt.\nIf you say you knew that the company was going to get a lifeline from the Chinese government, then you have access to a lot more inside information than most investors.\nToday, the risk premium for Nio is much smaller. That’s not to say that shares may not still have more room to fall, but this is the privilege of expectations.\nAnalysts are generally bullish on NIO stock with a 12-month price target of $50.78 which would be a gain of over 37% from the stock’s current level.\nNIO stock has traded within apretty wide range in the past month.So you may want to wait for a little more consolidation to find a clear entry point before adding to or entering a position.\nOn the date of publication Chris Markoch did not have (either directly or indirectly) any positions in the securities mentioned in this article.","news_type":1},"isVote":1,"tweetType":1,"viewCount":27,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190529559,"gmtCreate":1620635918671,"gmtModify":1634197518978,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Like n comment thanks","listText":"Like n comment thanks","text":"Like n comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/190529559","repostId":"1145718364","repostType":4,"repost":{"id":"1145718364","pubTimestamp":1620634518,"share":"https://www.laohu8.com/m/news/1145718364?lang=&edition=full","pubTime":"2021-05-10 16:15","market":"us","language":"en","title":"Stock Bull Run Rolls On With JPMorgan Doubling Down on Reflation","url":"https://stock-news.laohu8.com/highlight/detail?id=1145718364","media":"Bloomberg","summary":"(Bloomberg) -- It’s all very simple. The economy isn’t strong enough for the Federal Reserve to tape","content":"<p>(Bloomberg) -- It’s all very simple. The economy isn’t strong enough for the Federal Reserve to taper stimulus, therefore stay-at-home tech shares will rally. And any efforts to heal the economy are likely to drive up inflation, meaning banks and airlines will benefit.</p><p>Such is the can’t-lose logic underpinning American stocks in May 2021, almost 14 months since the pandemic crashed the market and left an 8 million-job hole in the U.S. labor market. To strategists at JPMorgan Chase, now is no time to doubt equities -- as long as Fed Chair Jerome Powell and President Joe Biden are in charge of the recovery.</p><p>Anyone looking for confirmation need only recall Friday’s reaction to one of the largest downside misses on record for a U.S. employment report. Small caps surged, buoyed after President Biden used Friday’s numbers as justification for his multi-trillion fiscal aid package. The Nasdaq 100 also jumped as investors took April’s jobs whiff to mean that the Fed won’t be turning off the taps anytime soon, keeping rates low and helping to sustain sky-high tech valuations.</p><p>“It doesn’t hurt equities to know the Fed is still the backdrop with lower rates for longer,” Ryan Detrick, chief market strategist at LPL Financial. “The stay-at-home and the tech names are going to get a little bit of a bid here on worries about the reopening but I think it’s more of a near-term blip and the bigger cyclical names will still take the baton over the coming months.”</p><p>Federal Reserve Bank of Minneapolis President Neel Kashkari said as much, telling Bloomberg Television that Friday’s print validates the central bank’s new outcome-based approach -- the idea that policy makers won’t change anything based on economic forecasts, but actual data.</p><p>Every sector in the S&amp;P 500 rallied in the aftermath, with tech vying with cyclical energy and industrial shares for the top spot. The Russell 1000 Value Index and its growth counterpart both ended Friday 0.8% higher, after value outperformed every day this week.</p><p>Meanwhile, JPMorgan strategists led by Marko Kolanovic are doubling down on the reflation trade. Just days after warning that many money managers need to quickly switch gears from their deflationary playbook or risk an “inflation shock,” Kolanovic recommended clients increase their tilt toward cyclical and value assets. He advised investors to cut holdings in cash and credit, using the money to buy commodities and stocks.</p><p>“We expect a strong pickup in inflation this year, which the market will likely be slow to recognize and is poorly positioned for,” Kolanovic and his colleagues wrote in a note Friday. “A combination of boomy global growth and significant bottleneck price pressures should keep inflation on an upward trajectory while most central banks remain committed to their very accommodative stances and are looking through the inflation pickups.”</p><p>And even for all the hand-wringing over inflation, the latest batch of quarterly reports suggests it’s already here and helping corporate America. Faced with rising prices for everything from lumber to oil to labor and computer chips, chief executive officers have cut costs and boosted prices for their products.</p><p>As a result, first-quarter income from S&amp;P 500 companies is jumping five times as fast as sales, data compiled by Bloomberg Intelligence show. Based on actual results and analyst estimates for those yet to report, profits probably surged to an all-time high of $48.21 a share. That’s 13% above the record set in 2018 of $42.79.</p><p>The next test for the equity market’s cheer comes in Wednesday’s inflation data, which is expected to show that price pressures jumped by the most on an annual basis since 2011. But given that Fed chief Powell has said that the central bank will need to see a “string” of strong data before shifting their stance, it’s likely that April’s payroll miss was a big enough blow to keep them on the sidelines.</p><p>“It justifies the Fed, it keeps them from having their tapering discussion or thinking about raising rates,” said Ross Mayfield, investment strategy analyst at Robert W. Baird &amp; Co.. “That by and large is supportive for equity markets.”</p>","source":"yahoofinance_sg","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>Stock Bull Run Rolls On With JPMorgan Doubling Down on Reflation</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\">\nStock Bull Run Rolls On With JPMorgan Doubling Down on Reflation\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-10 16:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/stock-bull-run-rolls-jpmorgan-200000275.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- It’s all very simple. The economy isn’t strong enough for the Federal Reserve to taper stimulus, therefore stay-at-home tech shares will rally. And any efforts to heal the economy are ...</p>\n\n<a href=\"https://finance.yahoo.com/news/stock-bull-run-rolls-jpmorgan-200000275.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/stock-bull-run-rolls-jpmorgan-200000275.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145718364","content_text":"(Bloomberg) -- It’s all very simple. The economy isn’t strong enough for the Federal Reserve to taper stimulus, therefore stay-at-home tech shares will rally. And any efforts to heal the economy are likely to drive up inflation, meaning banks and airlines will benefit.Such is the can’t-lose logic underpinning American stocks in May 2021, almost 14 months since the pandemic crashed the market and left an 8 million-job hole in the U.S. labor market. To strategists at JPMorgan Chase, now is no time to doubt equities -- as long as Fed Chair Jerome Powell and President Joe Biden are in charge of the recovery.Anyone looking for confirmation need only recall Friday’s reaction to one of the largest downside misses on record for a U.S. employment report. Small caps surged, buoyed after President Biden used Friday’s numbers as justification for his multi-trillion fiscal aid package. The Nasdaq 100 also jumped as investors took April’s jobs whiff to mean that the Fed won’t be turning off the taps anytime soon, keeping rates low and helping to sustain sky-high tech valuations.“It doesn’t hurt equities to know the Fed is still the backdrop with lower rates for longer,” Ryan Detrick, chief market strategist at LPL Financial. “The stay-at-home and the tech names are going to get a little bit of a bid here on worries about the reopening but I think it’s more of a near-term blip and the bigger cyclical names will still take the baton over the coming months.”Federal Reserve Bank of Minneapolis President Neel Kashkari said as much, telling Bloomberg Television that Friday’s print validates the central bank’s new outcome-based approach -- the idea that policy makers won’t change anything based on economic forecasts, but actual data.Every sector in the S&P 500 rallied in the aftermath, with tech vying with cyclical energy and industrial shares for the top spot. The Russell 1000 Value Index and its growth counterpart both ended Friday 0.8% higher, after value outperformed every day this week.Meanwhile, JPMorgan strategists led by Marko Kolanovic are doubling down on the reflation trade. Just days after warning that many money managers need to quickly switch gears from their deflationary playbook or risk an “inflation shock,” Kolanovic recommended clients increase their tilt toward cyclical and value assets. He advised investors to cut holdings in cash and credit, using the money to buy commodities and stocks.“We expect a strong pickup in inflation this year, which the market will likely be slow to recognize and is poorly positioned for,” Kolanovic and his colleagues wrote in a note Friday. “A combination of boomy global growth and significant bottleneck price pressures should keep inflation on an upward trajectory while most central banks remain committed to their very accommodative stances and are looking through the inflation pickups.”And even for all the hand-wringing over inflation, the latest batch of quarterly reports suggests it’s already here and helping corporate America. Faced with rising prices for everything from lumber to oil to labor and computer chips, chief executive officers have cut costs and boosted prices for their products.As a result, first-quarter income from S&P 500 companies is jumping five times as fast as sales, data compiled by Bloomberg Intelligence show. Based on actual results and analyst estimates for those yet to report, profits probably surged to an all-time high of $48.21 a share. That’s 13% above the record set in 2018 of $42.79.The next test for the equity market’s cheer comes in Wednesday’s inflation data, which is expected to show that price pressures jumped by the most on an annual basis since 2011. But given that Fed chief Powell has said that the central bank will need to see a “string” of strong data before shifting their stance, it’s likely that April’s payroll miss was a big enough blow to keep them on the sidelines.“It justifies the Fed, it keeps them from having their tapering discussion or thinking about raising rates,” said Ross Mayfield, investment strategy analyst at Robert W. Baird & Co.. “That by and large is supportive for equity markets.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":148,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104632948,"gmtCreate":1620383128684,"gmtModify":1634205636139,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Like n comment pls","listText":"Like n comment pls","text":"Like n comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/104632948","repostId":"1146154072","repostType":4,"repost":{"id":"1146154072","pubTimestamp":1620378407,"share":"https://www.laohu8.com/m/news/1146154072?lang=&edition=full","pubTime":"2021-05-07 17:06","market":"us","language":"en","title":"Under Armour Posts a Q1 Massive Sales Increase. Is It Back in the Game?","url":"https://stock-news.laohu8.com/highlight/detail?id=1146154072","media":"fool","summary":"Many growth investors have given up on Under Armour in the past few years and the under performing a","content":"<p>Many growth investors have given up on&nbsp;<b>Under Armour</b>&nbsp;in the past few years and the under&nbsp;performing athletic wear brand's stock price has been in steady decline. The economic volatility of early 2020 didn't help the situation, but its strong performance since March 2020 has helped the stock price make a bit of a comeback.</p><p>That strong performance continued into 2021 with the sports shoe and apparel manufacturer reporting a 35% year over year sales increase in the first quarter.What should investors makeof thisQ1 earnings beat?</p><p><b>Faltering sales get worse in the pandemic</b></p><p>In its early years, Under Armour was focused on technologically advanced activewear for serious athletes, and its rise was seen as a threat tomarket leader&nbsp;slike<b>Nike</b>(NYSE:NKE)and&nbsp;<b>adidas</b>(OTC:ADDYY). But sales started to falter a few years ago due to mismanagement and a highly promotional environment, which diluted its premium branding.</p><p>Before the pandemic, sales in the U.S., the company's main market, were a weak spot. Under Armour only managed a 1% sales increase in 2019, with a 2% decrease in the U.S. market dragging it down (including a 6% drop in just the fourth quarter).</p><p>The pandemic hampered efforts to turn things around in early 2020. Under Armour bottomed out at a 41% year-over-year sales drop in the second quarter and itended fiscal 2020with an overall 15% sales drop.</p><p><b>Under Armour is getting back in the game</b></p><p>Patrik Frisk took the reins as CEO in January 2020 and immediately began implementing cost-cutting initiatives, inventory management upgrades, and a new marketing plan to lift the company back up. These new efforts helped alleviate some of the pressure from the pandemic, and it positioned the company to do well as stores reopened. Those efforts appear to finally be paying off based on 2021's first-quarter earnings.</p><p>Total revenue increased 32% year over year on a currency-neutral basis, driven by a 32% increase in U.S. sales. International growth was higher, as usual, with a 58% increase, and wholesale recovered, with a 35% increase. The company also became profitable again, with $78 million in net income, or $0.17 in earnings per share.</p><p>Management raised its outlook for 2021 to a high-teen percentage year-over-year increase, replacing the previous high-single-digit increase guidance. The earnings per share forecast was raised to a $0.02-to-$0.04 loss, replacing the previous guidance of a loss of $0.18 to $0.20.</p><p>As part of the company's restructuring plan set in place last year, Under Armour has already taken a pre-tax charge of $450 million out of the projected $550 million to $600 million. It expects to recognize another $35 million to $40 million in the second quarter, which will still pressure the bottom line.</p><p><b>Under Armour still has more to do</b></p><p>It's important to note that the jump in Q1 sales is more than a pandemic comparison. Only about two weeks of Under Armour's Q1 2020 fell within the pandemic (although it was more part of China's lockdown). Q1 2021 revenue of $1.3 billion is an increase over Q1 2019, and it's even more than revenue in Q1 2018, which previously held the record for Q1 sales. This is good news for the company, which has been struggling for a breakthrough.</p><p>\"With a solid balance sheet and well-managed inventory,\" Frisk said, \"we're confident in our ability to drive well through 2021 as we get back on offense and make measured progress to returning to sustainable, profitable growth over the long-term.\"</p><p>Under Armour is still projecting a loss for the full fiscal year, but if it maintains its current level of progress, that forecast will probably turn positive by 2022, if not sooner. I still wouldn't call Under Armour stock a buy, but it's definitely one to again put on the watchlist.</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>Under Armour Posts a Q1 Massive Sales Increase. Is It Back in the Game?</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\">\nUnder Armour Posts a Q1 Massive Sales Increase. Is It Back in the Game?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-07 17:06 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/05/06/under-armour-sales-increase-q1-earnings/><strong>fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Many growth investors have given up on Under Armour in the past few years and the under performing athletic wear brand's stock price has been in steady decline. The economic volatility of early 2020 ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/05/06/under-armour-sales-increase-q1-earnings/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UA":"安德玛公司C类股"},"source_url":"https://www.fool.com/investing/2021/05/06/under-armour-sales-increase-q1-earnings/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146154072","content_text":"Many growth investors have given up on Under Armour in the past few years and the under performing athletic wear brand's stock price has been in steady decline. The economic volatility of early 2020 didn't help the situation, but its strong performance since March 2020 has helped the stock price make a bit of a comeback.That strong performance continued into 2021 with the sports shoe and apparel manufacturer reporting a 35% year over year sales increase in the first quarter.What should investors makeof thisQ1 earnings beat?Faltering sales get worse in the pandemicIn its early years, Under Armour was focused on technologically advanced activewear for serious athletes, and its rise was seen as a threat tomarket leader slikeNike(NYSE:NKE)and adidas(OTC:ADDYY). But sales started to falter a few years ago due to mismanagement and a highly promotional environment, which diluted its premium branding.Before the pandemic, sales in the U.S., the company's main market, were a weak spot. Under Armour only managed a 1% sales increase in 2019, with a 2% decrease in the U.S. market dragging it down (including a 6% drop in just the fourth quarter).The pandemic hampered efforts to turn things around in early 2020. Under Armour bottomed out at a 41% year-over-year sales drop in the second quarter and itended fiscal 2020with an overall 15% sales drop.Under Armour is getting back in the gamePatrik Frisk took the reins as CEO in January 2020 and immediately began implementing cost-cutting initiatives, inventory management upgrades, and a new marketing plan to lift the company back up. These new efforts helped alleviate some of the pressure from the pandemic, and it positioned the company to do well as stores reopened. Those efforts appear to finally be paying off based on 2021's first-quarter earnings.Total revenue increased 32% year over year on a currency-neutral basis, driven by a 32% increase in U.S. sales. International growth was higher, as usual, with a 58% increase, and wholesale recovered, with a 35% increase. The company also became profitable again, with $78 million in net income, or $0.17 in earnings per share.Management raised its outlook for 2021 to a high-teen percentage year-over-year increase, replacing the previous high-single-digit increase guidance. The earnings per share forecast was raised to a $0.02-to-$0.04 loss, replacing the previous guidance of a loss of $0.18 to $0.20.As part of the company's restructuring plan set in place last year, Under Armour has already taken a pre-tax charge of $450 million out of the projected $550 million to $600 million. It expects to recognize another $35 million to $40 million in the second quarter, which will still pressure the bottom line.Under Armour still has more to doIt's important to note that the jump in Q1 sales is more than a pandemic comparison. Only about two weeks of Under Armour's Q1 2020 fell within the pandemic (although it was more part of China's lockdown). Q1 2021 revenue of $1.3 billion is an increase over Q1 2019, and it's even more than revenue in Q1 2018, which previously held the record for Q1 sales. This is good news for the company, which has been struggling for a breakthrough.\"With a solid balance sheet and well-managed inventory,\" Frisk said, \"we're confident in our ability to drive well through 2021 as we get back on offense and make measured progress to returning to sustainable, profitable growth over the long-term.\"Under Armour is still projecting a loss for the full fiscal year, but if it maintains its current level of progress, that forecast will probably turn positive by 2022, if not sooner. I still wouldn't call Under Armour stock a buy, but it's definitely one to again put on the watchlist.","news_type":1},"isVote":1,"tweetType":1,"viewCount":113,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104636466,"gmtCreate":1620383094155,"gmtModify":1631888654255,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Green days??","listText":"Green days??","text":"Green days??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/104636466","repostId":"2133506592","repostType":4,"repost":{"id":"2133506592","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1620377160,"share":"https://www.laohu8.com/m/news/2133506592?lang=&edition=full","pubTime":"2021-05-07 16:46","market":"us","language":"en","title":"NIO is making a landmark push outside of China into this electric-vehicle-obsessed country","url":"https://stock-news.laohu8.com/highlight/detail?id=2133506592","media":"Dow Jones","summary":"NIO will compete against Chinese rival XPeng with its push into NorwayChinese electric-vehicle compa","content":"<p>NIO will compete against Chinese rival XPeng with its push into Norway</p><p>Chinese electric-vehicle company NIO will make a landmark move later this year by pushing into its first market outside of China, the company said on Wednesday.</p><p>NIO <a href=\"https://laohu8.com/S/NIO\">$(NIO)$</a> will expand into Norway, <a href=\"https://laohu8.com/S/AONE\">one</a> of the most electric-vehicle-obsessed countries in the world, with the group's first service and delivery center set to open in the capital Oslo in September. Four more spaces will come in 2022 in Bergen, Stavanger, Trondheim, and Kristiansand, as the after-sales service network goes nationwide, the group said.</p><p>\"From its founding, NIO's vision is to be a global brand with high-quality products and services to the users worldwide,\" said William Li, NIO's founder, chair, and chief executive. \"Norway is a sustainable and innovative country and resonates with our vision.\"</p><p>Also read:Tesla is about to dramatically reverse market-share losses in a key region, according to this analyst</p><p>The company said that it will establish a \"full-fledged ecosystem\" in Norway, going beyond vehicles and servicing to include a lifestyle brand and community app. The group will also invest in charging infrastructure, with plans for four battery-swap stations in Norway connecting five major cities by the end of 2022.</p><p>The first model to be available in Norway will be the ES8, NIO's electric sport-utility vehicle, with the ET7, a premium electric sedan, to come in 2022. NIO will compete for the attention of Norwegian drivers with its Chinese rival XPeng <a href=\"https://laohu8.com/S/XPEV\">$(XPEV)$</a>, which delivered more than 100 vehicles to the Scandinavian country in December 2020, with more coming in 2021.</p><p>Norway is an EV-obsessed country in an EV-obsessed region.</p><p>There were more electric vehicles sold in Europe than in any other part of the world in 2020, with 1.33 million electric-vehicle registrations in 18 key European markets last year, according to automotive analyst Matthias Schmidt . Those 18 markets include 14 major European Union states plus the U.K., Norway, Iceland, and Switzerland.</p><p>The EV explosion in Europe came amid a pedal-to-the-metal push to increase the adoption of cleaner transport from European governments, including offering generous incentives to consumers, which supercharged demand. However, China, which is home to a strong domestic electric-vehicle sector, reclaimed its crown as the world's largest EV market in the early months of 2021.</p><p>But EV adoption has penetrated far deeper in Norway than in any other part of Europe. Battery-electric vehicles were nearly 53% of the mix of Norway's national auto market by the end of the first quarter of 2021, with plug-in, hybrid-electric vehicles at more than 29%, according to Schmidt, who publishes the European Electric Car Report .</p><p>NIO will face tough competition in a red-hot European market. Volkswagen Group  leads the way among battery-electric vehicle brands in the region, with Stellantis (STLA.MI) -- the group formed out of the merger between Fiat Chrysler and PSA Group earlier this year -- not far behind, along with Tesla <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</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>NIO is making a landmark push outside of China into this electric-vehicle-obsessed country</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\">\nNIO is making a landmark push outside of China into this electric-vehicle-obsessed country\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-05-07 16:46</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>NIO will compete against Chinese rival XPeng with its push into Norway</p><p>Chinese electric-vehicle company NIO will make a landmark move later this year by pushing into its first market outside of China, the company said on Wednesday.</p><p>NIO <a href=\"https://laohu8.com/S/NIO\">$(NIO)$</a> will expand into Norway, <a href=\"https://laohu8.com/S/AONE\">one</a> of the most electric-vehicle-obsessed countries in the world, with the group's first service and delivery center set to open in the capital Oslo in September. Four more spaces will come in 2022 in Bergen, Stavanger, Trondheim, and Kristiansand, as the after-sales service network goes nationwide, the group said.</p><p>\"From its founding, NIO's vision is to be a global brand with high-quality products and services to the users worldwide,\" said William Li, NIO's founder, chair, and chief executive. \"Norway is a sustainable and innovative country and resonates with our vision.\"</p><p>Also read:Tesla is about to dramatically reverse market-share losses in a key region, according to this analyst</p><p>The company said that it will establish a \"full-fledged ecosystem\" in Norway, going beyond vehicles and servicing to include a lifestyle brand and community app. The group will also invest in charging infrastructure, with plans for four battery-swap stations in Norway connecting five major cities by the end of 2022.</p><p>The first model to be available in Norway will be the ES8, NIO's electric sport-utility vehicle, with the ET7, a premium electric sedan, to come in 2022. NIO will compete for the attention of Norwegian drivers with its Chinese rival XPeng <a href=\"https://laohu8.com/S/XPEV\">$(XPEV)$</a>, which delivered more than 100 vehicles to the Scandinavian country in December 2020, with more coming in 2021.</p><p>Norway is an EV-obsessed country in an EV-obsessed region.</p><p>There were more electric vehicles sold in Europe than in any other part of the world in 2020, with 1.33 million electric-vehicle registrations in 18 key European markets last year, according to automotive analyst Matthias Schmidt . Those 18 markets include 14 major European Union states plus the U.K., Norway, Iceland, and Switzerland.</p><p>The EV explosion in Europe came amid a pedal-to-the-metal push to increase the adoption of cleaner transport from European governments, including offering generous incentives to consumers, which supercharged demand. However, China, which is home to a strong domestic electric-vehicle sector, reclaimed its crown as the world's largest EV market in the early months of 2021.</p><p>But EV adoption has penetrated far deeper in Norway than in any other part of Europe. Battery-electric vehicles were nearly 53% of the mix of Norway's national auto market by the end of the first quarter of 2021, with plug-in, hybrid-electric vehicles at more than 29%, according to Schmidt, who publishes the European Electric Car Report .</p><p>NIO will face tough competition in a red-hot European market. Volkswagen Group  leads the way among battery-electric vehicle brands in the region, with Stellantis (STLA.MI) -- the group formed out of the merger between Fiat Chrysler and PSA Group earlier this year -- not far behind, along with Tesla <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a>.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2133506592","content_text":"NIO will compete against Chinese rival XPeng with its push into NorwayChinese electric-vehicle company NIO will make a landmark move later this year by pushing into its first market outside of China, the company said on Wednesday.NIO $(NIO)$ will expand into Norway, one of the most electric-vehicle-obsessed countries in the world, with the group's first service and delivery center set to open in the capital Oslo in September. Four more spaces will come in 2022 in Bergen, Stavanger, Trondheim, and Kristiansand, as the after-sales service network goes nationwide, the group said.\"From its founding, NIO's vision is to be a global brand with high-quality products and services to the users worldwide,\" said William Li, NIO's founder, chair, and chief executive. \"Norway is a sustainable and innovative country and resonates with our vision.\"Also read:Tesla is about to dramatically reverse market-share losses in a key region, according to this analystThe company said that it will establish a \"full-fledged ecosystem\" in Norway, going beyond vehicles and servicing to include a lifestyle brand and community app. The group will also invest in charging infrastructure, with plans for four battery-swap stations in Norway connecting five major cities by the end of 2022.The first model to be available in Norway will be the ES8, NIO's electric sport-utility vehicle, with the ET7, a premium electric sedan, to come in 2022. NIO will compete for the attention of Norwegian drivers with its Chinese rival XPeng $(XPEV)$, which delivered more than 100 vehicles to the Scandinavian country in December 2020, with more coming in 2021.Norway is an EV-obsessed country in an EV-obsessed region.There were more electric vehicles sold in Europe than in any other part of the world in 2020, with 1.33 million electric-vehicle registrations in 18 key European markets last year, according to automotive analyst Matthias Schmidt . Those 18 markets include 14 major European Union states plus the U.K., Norway, Iceland, and Switzerland.The EV explosion in Europe came amid a pedal-to-the-metal push to increase the adoption of cleaner transport from European governments, including offering generous incentives to consumers, which supercharged demand. However, China, which is home to a strong domestic electric-vehicle sector, reclaimed its crown as the world's largest EV market in the early months of 2021.But EV adoption has penetrated far deeper in Norway than in any other part of Europe. Battery-electric vehicles were nearly 53% of the mix of Norway's national auto market by the end of the first quarter of 2021, with plug-in, hybrid-electric vehicles at more than 29%, according to Schmidt, who publishes the European Electric Car Report .NIO will face tough competition in a red-hot European market. Volkswagen Group  leads the way among battery-electric vehicle brands in the region, with Stellantis (STLA.MI) -- the group formed out of the merger between Fiat Chrysler and PSA Group earlier this year -- not far behind, along with Tesla $(TSLA)$.","news_type":1},"isVote":1,"tweetType":1,"viewCount":119,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":105820384,"gmtCreate":1620290349748,"gmtModify":1634206343635,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"🥲","listText":"🥲","text":"🥲","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/105820384","repostId":"1184731920","repostType":4,"repost":{"id":"1184731920","pubTimestamp":1620287479,"share":"https://www.laohu8.com/m/news/1184731920?lang=&edition=full","pubTime":"2021-05-06 15:51","market":"us","language":"en","title":"China Stocks Slump as Vaccine IP Waiver Proposal Hits Drugmakers","url":"https://stock-news.laohu8.com/highlight/detail?id=1184731920","media":"Bloomberg","summary":"China’s key equities index fell on Thursday following the Labor Day break, led by a slump in drugmak","content":"<p>China’s key equities index fell on Thursday following the Labor Day break, led by a slump in drugmakers after news that the U.S. will support a proposal to waive intellectual-property protections for Covid-19 vaccines.</p>\n<p>The CSI 300 Index dropped 1.3% as of the midday break, while the Shanghai Composite Index slipped 0.2%. The tech-heavy ChiNext Index fell 3.2%. The health-care subgauge was the worst performer on the benchmark CSI 300, while Shanghai Fosun Pharmaceutical Group Co.droppedby as much as 26% in Hong Kong on the prospect ofincreasedglobal supply.</p>\n<p>Tourism stocks also fell despite the increased number of travelers over the break from a year earlier. Songcheng Performance Development Co. dropped 6.6%, while China Tourism Group Duty Free Corp. lost 4.7%. Even with domestic travel recovering, spending still lags, Citigroup Inc. analysts including Lydia Ling wrote in a note.</p>\n<p>Adding to the bearish sentiment was a statement from China saying the nation wassuspendingregular economic talks with Australia, a largely symbolic move intended to signal Beijing’s growing frustration with Canberra. Rising geopolitical tensions between China and some western countries are also weighing on the market, with the European Union increasingly taking atougherstance on Beijing.</p>\n<p>“It’s unclear what the actual impact of halting the dialogue will be on trade and markets,” said Wu Xuan, chief strategist at Tebon Fund. “It does cast doubt and uncertaintytowardsthe safety of investments of Chinese firms overseas, especially in areas where the geopolitical conditions are not so friendly toward China.”</p>\n<p>While growth continues in the world’s second-largest economy, traders say the recent economic signals offer few catalysts to push the key benchmark away from its recent narrow band. Thebest quarterly earningssince 2010 were met withrange-boundtrading, awaveof new pandemic cases in developing countries is weighing on markets, a supercharged commodities boom may spur inflation and the Communist Party’s Politburo meeting last week called for acontinuationof macro policies.</p>\n<p>Earnings Recovery</p>\n<p>Profit growth of the CSI 300 Index grew at the fastest pace since 2010</p>\n<p>Source: Bloomberg</p>\n<p>“The mainland market lacks upside catalyst,” said Castor Pang, head of research at Core Pacific Yamaichi. “The Politburo meeting offered nothing that excite the investors, as there is no additional incentives to boost the economy. The virus situation is worrying and the relationship with the U.S. is relatively sour.”</p>\n<p>Traders werejitteryabout Thursday’s open as they recalled their return from the last national holiday in February when a rally that pushed the CSI 300 past its 2007 peak fizzled on the back of a renewed deleveraging campaign by Beijing. The gauge is down 12% since that year-to-date high before Thursday</p>\n<p><img src=\"https://static.tigerbbs.com/8a4b3dd9d518e2d8fde2a4abf8d4c661\" tg-width=\"620\" tg-height=\"348\" referrerpolicy=\"no-referrer\"></p>\n<p>That’s not to say there aren’t drivers that could give the market a lift out of the doldrums. The end of the holidays will mean retail investors could return en masse, havingpiledinto Chinese equity exchange-traded funds ahead of the break. Both Goldman Sachs Group Inc. and UBS Group AG strategists believe the recent decline has made Chinese stocks relatively attractive, as the benchmarks are trading at undemanding price-to-earnings multiples.</p>\n<p>Read more:‘Buy in May’ Is Right Strategy for Goldman and UBS: China Today</p>\n<p>Foreign investors have been bullish: they bought a combined 52.6 billion yuan ($8.1 billion) of mainland stocks through Hong Kong’s stock trading links with Shanghai and Shenzhen in April, the most in four months, according toBloomberg data.</p>\n<p><i>— With assistance by April Ma</i></p>\n<p>(Updates throughout)</p>","source":"lsy1584095487587","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>China Stocks Slump as Vaccine IP Waiver Proposal Hits Drugmakers</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\">\nChina Stocks Slump as Vaccine IP Waiver Proposal Hits Drugmakers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-06 15:51 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-05-05/traders-prepare-for-muted-china-open-little-upside-for-stocks?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>China’s key equities index fell on Thursday following the Labor Day break, led by a slump in drugmakers after news that the U.S. will support a proposal to waive intellectual-property protections for ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-05-05/traders-prepare-for-muted-china-open-little-upside-for-stocks?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/articles/2021-05-05/traders-prepare-for-muted-china-open-little-upside-for-stocks?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184731920","content_text":"China’s key equities index fell on Thursday following the Labor Day break, led by a slump in drugmakers after news that the U.S. will support a proposal to waive intellectual-property protections for Covid-19 vaccines.\nThe CSI 300 Index dropped 1.3% as of the midday break, while the Shanghai Composite Index slipped 0.2%. The tech-heavy ChiNext Index fell 3.2%. The health-care subgauge was the worst performer on the benchmark CSI 300, while Shanghai Fosun Pharmaceutical Group Co.droppedby as much as 26% in Hong Kong on the prospect ofincreasedglobal supply.\nTourism stocks also fell despite the increased number of travelers over the break from a year earlier. Songcheng Performance Development Co. dropped 6.6%, while China Tourism Group Duty Free Corp. lost 4.7%. Even with domestic travel recovering, spending still lags, Citigroup Inc. analysts including Lydia Ling wrote in a note.\nAdding to the bearish sentiment was a statement from China saying the nation wassuspendingregular economic talks with Australia, a largely symbolic move intended to signal Beijing’s growing frustration with Canberra. Rising geopolitical tensions between China and some western countries are also weighing on the market, with the European Union increasingly taking atougherstance on Beijing.\n“It’s unclear what the actual impact of halting the dialogue will be on trade and markets,” said Wu Xuan, chief strategist at Tebon Fund. “It does cast doubt and uncertaintytowardsthe safety of investments of Chinese firms overseas, especially in areas where the geopolitical conditions are not so friendly toward China.”\nWhile growth continues in the world’s second-largest economy, traders say the recent economic signals offer few catalysts to push the key benchmark away from its recent narrow band. Thebest quarterly earningssince 2010 were met withrange-boundtrading, awaveof new pandemic cases in developing countries is weighing on markets, a supercharged commodities boom may spur inflation and the Communist Party’s Politburo meeting last week called for acontinuationof macro policies.\nEarnings Recovery\nProfit growth of the CSI 300 Index grew at the fastest pace since 2010\nSource: Bloomberg\n“The mainland market lacks upside catalyst,” said Castor Pang, head of research at Core Pacific Yamaichi. “The Politburo meeting offered nothing that excite the investors, as there is no additional incentives to boost the economy. The virus situation is worrying and the relationship with the U.S. is relatively sour.”\nTraders werejitteryabout Thursday’s open as they recalled their return from the last national holiday in February when a rally that pushed the CSI 300 past its 2007 peak fizzled on the back of a renewed deleveraging campaign by Beijing. The gauge is down 12% since that year-to-date high before Thursday\n\nThat’s not to say there aren’t drivers that could give the market a lift out of the doldrums. The end of the holidays will mean retail investors could return en masse, havingpiledinto Chinese equity exchange-traded funds ahead of the break. Both Goldman Sachs Group Inc. and UBS Group AG strategists believe the recent decline has made Chinese stocks relatively attractive, as the benchmarks are trading at undemanding price-to-earnings multiples.\nRead more:‘Buy in May’ Is Right Strategy for Goldman and UBS: China Today\nForeign investors have been bullish: they bought a combined 52.6 billion yuan ($8.1 billion) of mainland stocks through Hong Kong’s stock trading links with Shanghai and Shenzhen in April, the most in four months, according toBloomberg data.\n— With assistance by April Ma\n(Updates throughout)","news_type":1},"isVote":1,"tweetType":1,"viewCount":99,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":102446490,"gmtCreate":1620238193710,"gmtModify":1634206766532,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Where have the greens disappeared to?","listText":"Where have the greens disappeared to?","text":"Where have the greens disappeared to?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/102446490","repostId":"1148686352","repostType":4,"repost":{"id":"1148686352","pubTimestamp":1620224535,"share":"https://www.laohu8.com/m/news/1148686352?lang=&edition=full","pubTime":"2021-05-05 22:22","market":"us","language":"en","title":"This Day In Market History: Panic Of 1893 Crashes Stock Market","url":"https://stock-news.laohu8.com/highlight/detail?id=1148686352","media":"benzinga","summary":"What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the ","content":"<p><b>What Happened?</b>On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the time.</p>\n<p><b>Where The Market Was:</b>The Dow finished the day at 30.02.</p>\n<p><b>What Else Was Going On In The World?</b>In 1893, Thomas Edison completed the world’s first movie studio in West Orange, New Jersey. Lizzie Borden was acquitted of the ax murders of her father and stepmother. A fresh, one-pound beef steak cost 10 cents.</p>\n<p><b>Panic Of 1893:</b>On May 5, 1893, the Dow Jones Index dropped more than 24% from 39.90 to 30.02. It would mark the worst intraday sell-off in U.S. history at the time, a record that would stand until 1929.</p>\n<p>The&nbsp;Panic of 1893&nbsp;was triggered in part by falling gold reserves in the U.S. Treasury. At the time, the U.S. was on the gold standard, meaning U.S. dollars could be redeemed for physical gold. When Treasury gold reserves dropped from $190 million in 1890 to $100 million by 1893, Americans grew concerned that the Treasury might run out of gold and began withdrawing bank notes and converting them to gold, placing extreme strain on the U.S. banking industry and credit markets.</p>\n<p>The May 5 sell-off was triggered in part by the bankruptcy of Nation Cordage the day before.<b>General Electric Company</b>GE 0.34%shares dropped 28% on the day from $80 to $58.</p>\n<p>Fortunately for investors, the Panic of 1893 didn’t last for long. By the end of the day, the market nearly completely recovered its losses. GE, for example, closed the session at $78.50.</p>\n<p>The Panic of 1893 would ravage the U.S. economy, triggering a severe four-year depression. Roughly 14,000 U.S. businesses closed, and unemployment rose to 20%. The event would mark the worst economic downturn in U.S. history until the Great Depression began in 1929.</p>","source":"lsy1606299360108","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>This Day In Market History: Panic Of 1893 Crashes Stock Market</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\">\nThis Day In Market History: Panic Of 1893 Crashes Stock Market\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-05 22:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market><strong>benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the time.\nWhere The Market Was:The Dow finished the day at 30.02.\nWhat Else Was Going On In The World?In...</p>\n\n<a href=\"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148686352","content_text":"What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the time.\nWhere The Market Was:The Dow finished the day at 30.02.\nWhat Else Was Going On In The World?In 1893, Thomas Edison completed the world’s first movie studio in West Orange, New Jersey. Lizzie Borden was acquitted of the ax murders of her father and stepmother. A fresh, one-pound beef steak cost 10 cents.\nPanic Of 1893:On May 5, 1893, the Dow Jones Index dropped more than 24% from 39.90 to 30.02. It would mark the worst intraday sell-off in U.S. history at the time, a record that would stand until 1929.\nThe Panic of 1893 was triggered in part by falling gold reserves in the U.S. Treasury. At the time, the U.S. was on the gold standard, meaning U.S. dollars could be redeemed for physical gold. When Treasury gold reserves dropped from $190 million in 1890 to $100 million by 1893, Americans grew concerned that the Treasury might run out of gold and began withdrawing bank notes and converting them to gold, placing extreme strain on the U.S. banking industry and credit markets.\nThe May 5 sell-off was triggered in part by the bankruptcy of Nation Cordage the day before.General Electric CompanyGE 0.34%shares dropped 28% on the day from $80 to $58.\nFortunately for investors, the Panic of 1893 didn’t last for long. By the end of the day, the market nearly completely recovered its losses. GE, for example, closed the session at $78.50.\nThe Panic of 1893 would ravage the U.S. economy, triggering a severe four-year depression. Roughly 14,000 U.S. businesses closed, and unemployment rose to 20%. The event would mark the worst economic downturn in U.S. history until the Great Depression began in 1929.","news_type":1},"isVote":1,"tweetType":1,"viewCount":187,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":106686308,"gmtCreate":1620111467504,"gmtModify":1631885488504,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Time to join in too?","listText":"Time to join in too?","text":"Time to join in too?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/106686308","repostId":"1125263023","repostType":4,"repost":{"id":"1125263023","pubTimestamp":1620110072,"share":"https://www.laohu8.com/m/news/1125263023?lang=&edition=full","pubTime":"2021-05-04 14:34","market":"us","language":"en","title":"Cathie Wood Loads Up More On Alibaba Rivals Pinduoduo, JD — Also Adds Skillz","url":"https://stock-news.laohu8.com/highlight/detail?id=1125263023","media":"Benzinga","summary":"Cathie Wood-led Ark Investment Management on Monday bought more shares of Pinduoduo Inc PDD 0.37%and","content":"<p>Cathie Wood-led Ark Investment Management on Monday bought more shares of&nbsp;<b>Pinduoduo Inc</b>&nbsp;PDD 0.37%and&nbsp;<b>JD.com Inc</b>JD 0.44%—&nbsp;rivals to&nbsp;<b>Alibaba Group Holding</b>&nbsp;BABA 0.07%in the e-commerce and online groceries space in China.</p><p>Wood's firm has been piling up shares of Alibaba rivals, some of which now account for a better part of its holdings compared to the Jack Ma-led company whose shares have slumped over 20% since October 2020 overtroubleswith the Chinese government.</p><p><i>See Also:Cathie Wood Can't Get Enough Of These 3 Chinese Alibaba Rivals</i></p><p>The investment firm bought 126,988 shares of Chinese e-commerce giant Pinduoduo on Monday, estimated to be worth about $16.9 million as of the day's close.</p><p>Shares of Pinduoduo closed 0.37% lower at $133.43 on Monday.</p><p>The<b>Ark Fintech Innovation ETF</b>ARKF 1.34%made the trade on Monday. ARKF held a total of 573,550 PDD shares worth about $76.8 million and representing 1.85% weight of the ETF, ahead of Monday’s trade.</p><p>The Shanghai-based company is known to be China's largest agriculture-based platform and had last year launched Duo Duo Grocery, a next-day grocery pickup service. Farmers list their fruits and vegetables for direct sale to consumers.</p><p>The New York-based hedge fund also bought 143,481 shares, worth about $11.2 million, in JD.com. The<b>Autonomous Technology &amp; Robotics ETF</b>(BATS:&nbsp;ARKQ) and the<b>Space Exploration &amp; Innovation ETF</b>(BATS:&nbsp;ARKX) made the trades.</p><p>JD.com shares closed 0.44% lower at $77.02 on Monday and were down 0.42% in after-hours trading.</p><p>The Beijing-headquartered company runs <a href=\"https://laohu8.com/S/AONE\">one</a> of the two massive B2C online retailers in China and is a major competitor to Alibaba-run Tmall.</p><p>Ark also piled up on mobile games platform company<b><a href=\"https://laohu8.com/S/SKLZ\">Skillz Inc</a></b>SKLZ 5.59%— buying 720,962 shares worth about $11.9 million.&nbsp;Skillz shares closed 5.71% lower at $16.52.</p><p>Wood has been buying the stock on dips and is bullish on the company despite a recent&nbsp;negative short seller report on its business model.</p><p><i>See Also:Why Cathie Wood Is Bullish On Skillz?</i></p><p>Other Ark Buys On Monday:</p><ul><li><b><a href=\"https://laohu8.com/S/STNE\">StoneCo</a> Ltd</b>STNE 1.02%</li><li><b>Recursion Pharmaceuticals</b>RXRX 1.14%</li><li><b>Repare Therapeutics Inc</b>RPTX 0.12%</li><li><b>UiPath Inc</b>PATH 1.51%</li><li><b>Zymergen Inc</b>ZY 7.22%</li><li><b>CM Life Sciences II Inc</b>CMIIU 2.51%</li><li><b>Ionis Pharmaceuticals Inc</b>IONS 0.4%</li><li><b>Iridium Communications</b>IRDM 1.34%</li><li><b><a href=\"https://laohu8.com/S/TWTR\">Twitter</a> Inc</b>TWTR 1.15%</li><li><b>Beam Therapeutics Inc</b>BEAM 8.3%</li><li><b><a href=\"https://laohu8.com/S/VUZI\">Vuzix</a> Corp</b>VUZI 6.81%</li><li><b>Unity Software Inc</b>U 4.8%</li><li><b>Galileo Acquisitions Corp</b>GLEO 0.1%</li><li><b>3D Systems Corp</b>DDD 5.06%</li><li><b>Tencent&nbsp;Holdings Ltd</b>TCEHY 0.59%</li><li><b>Fastly Inc</b>FSLY 3.24%</li><li><b>Roblox Corp</b>RBLX 4.61%</li></ul><p>Other Ark Sells On Monday:</p><ul><li><b>Intercontinental Exchange Inc</b>ICE 2.03%</li><li><b>Thermo Fisher Scientific Inc</b>TMO 0.7%</li><li><b>Roche Holding Ag</b>RHHBY 1.57%</li><li><b><a href=\"https://laohu8.com/S/REGN\">Regeneron Pharmaceuticals</a> Inc</b>REGN 1.52%</li><li><b><a href=\"https://laohu8.com/S/PSTI\">Pluristem Therapeutics</a></b>PSTI</li><li><b><a href=\"https://laohu8.com/S/PSTG\">Pure Storage Inc</a></b>PSTG 3.09%</li><li><b>Novartis Ag</b>NYSENV</li><li><b>Phreesia</b>PHR 2.15%</li><li><b>PACCAR</b>PCAR 1.01%</li><li><b>Baidu Inc</b>BIDU 2.56%</li><li><b><a href=\"https://laohu8.com/S/TDY\">Teledyne Technologies Inc</a></b>TDY 1.28%</li><li><b>Trade Desk Inc</b>TTD 3.8%</li><li><b><a href=\"https://laohu8.com/S/ROKU\">Roku Inc</a></b>ROKU 2.23%</li><li><b><a href=\"https://laohu8.com/S/SI\">Silvergate Capital</a></b>SI 3.15%</li><li><b>Agora Inc</b>API 0.21%</li><li><b>Adyen NV</b>ADYEY 0.69%</li></ul>","source":"lsy1606299360108","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>Cathie Wood Loads Up More On Alibaba Rivals Pinduoduo, JD — Also Adds Skillz</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; 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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\">\nCathie Wood Loads Up More On Alibaba Rivals Pinduoduo, JD — Also Adds Skillz\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-04 14:34 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/markets/penny-stocks/21/05/20929556/cathie-wood-loads-up-more-on-alibaba-rivals-pinduoduo-jd-also-adds-skillz><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Cathie Wood-led Ark Investment Management on Monday bought more shares of Pinduoduo Inc PDD 0.37%and JD.com IncJD 0.44%— rivals to Alibaba Group Holding BABA 0.07%in the e-commerce and online ...</p>\n\n<a href=\"https://www.benzinga.com/markets/penny-stocks/21/05/20929556/cathie-wood-loads-up-more-on-alibaba-rivals-pinduoduo-jd-also-adds-skillz\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴","PDD":"拼多多","QNETCN":"纳斯达克中美互联网老虎指数","09988":"阿里巴巴-W","09618":"京东集团-SW","JD":"京东"},"source_url":"https://www.benzinga.com/markets/penny-stocks/21/05/20929556/cathie-wood-loads-up-more-on-alibaba-rivals-pinduoduo-jd-also-adds-skillz","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125263023","content_text":"Cathie Wood-led Ark Investment Management on Monday bought more shares of Pinduoduo Inc PDD 0.37%and JD.com IncJD 0.44%— rivals to Alibaba Group Holding BABA 0.07%in the e-commerce and online groceries space in China.Wood's firm has been piling up shares of Alibaba rivals, some of which now account for a better part of its holdings compared to the Jack Ma-led company whose shares have slumped over 20% since October 2020 overtroubleswith the Chinese government.See Also:Cathie Wood Can't Get Enough Of These 3 Chinese Alibaba RivalsThe investment firm bought 126,988 shares of Chinese e-commerce giant Pinduoduo on Monday, estimated to be worth about $16.9 million as of the day's close.Shares of Pinduoduo closed 0.37% lower at $133.43 on Monday.TheArk Fintech Innovation ETFARKF 1.34%made the trade on Monday. ARKF held a total of 573,550 PDD shares worth about $76.8 million and representing 1.85% weight of the ETF, ahead of Monday’s trade.The Shanghai-based company is known to be China's largest agriculture-based platform and had last year launched Duo Duo Grocery, a next-day grocery pickup service. Farmers list their fruits and vegetables for direct sale to consumers.The New York-based hedge fund also bought 143,481 shares, worth about $11.2 million, in JD.com. TheAutonomous Technology & Robotics ETF(BATS: ARKQ) and theSpace Exploration & Innovation ETF(BATS: ARKX) made the trades.JD.com shares closed 0.44% lower at $77.02 on Monday and were down 0.42% in after-hours trading.The Beijing-headquartered company runs one of the two massive B2C online retailers in China and is a major competitor to Alibaba-run Tmall.Ark also piled up on mobile games platform companySkillz IncSKLZ 5.59%— buying 720,962 shares worth about $11.9 million. Skillz shares closed 5.71% lower at $16.52.Wood has been buying the stock on dips and is bullish on the company despite a recent negative short seller report on its business model.See Also:Why Cathie Wood Is Bullish On Skillz?Other Ark Buys On Monday:StoneCo LtdSTNE 1.02%Recursion PharmaceuticalsRXRX 1.14%Repare Therapeutics IncRPTX 0.12%UiPath IncPATH 1.51%Zymergen IncZY 7.22%CM Life Sciences II IncCMIIU 2.51%Ionis Pharmaceuticals IncIONS 0.4%Iridium CommunicationsIRDM 1.34%Twitter IncTWTR 1.15%Beam Therapeutics IncBEAM 8.3%Vuzix CorpVUZI 6.81%Unity Software IncU 4.8%Galileo Acquisitions CorpGLEO 0.1%3D Systems CorpDDD 5.06%Tencent Holdings LtdTCEHY 0.59%Fastly IncFSLY 3.24%Roblox CorpRBLX 4.61%Other Ark Sells On Monday:Intercontinental Exchange IncICE 2.03%Thermo Fisher Scientific IncTMO 0.7%Roche Holding AgRHHBY 1.57%Regeneron Pharmaceuticals IncREGN 1.52%Pluristem TherapeuticsPSTIPure Storage IncPSTG 3.09%Novartis AgNYSENVPhreesiaPHR 2.15%PACCARPCAR 1.01%Baidu IncBIDU 2.56%Teledyne Technologies IncTDY 1.28%Trade Desk IncTTD 3.8%Roku IncROKU 2.23%Silvergate CapitalSI 3.15%Agora IncAPI 0.21%Adyen NVADYEY 0.69%","news_type":1},"isVote":1,"tweetType":1,"viewCount":94,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108847739,"gmtCreate":1620014475421,"gmtModify":1634208512511,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Comment thanks","listText":"Comment thanks","text":"Comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/108847739","repostId":"1129951066","repostType":4,"repost":{"id":"1129951066","pubTimestamp":1620010240,"share":"https://www.laohu8.com/m/news/1129951066?lang=&edition=full","pubTime":"2021-05-03 10:50","market":"us","language":"en","title":"Jumia: Why We Remain Long The Stock And What To Look For In Q1 2021 Results","url":"https://stock-news.laohu8.com/highlight/detail?id=1129951066","media":"seekingalpha","summary":"Summary\n\nIn a recent article, we have provided a detailed overview on Jumia‘s business model and its","content":"<p><b>Summary</b></p>\n<ul>\n <li>In a recent article, we have provided a detailed overview on Jumia‘s business model and its financial results in the midst of the COVID pandemic.</li>\n <li>The stock has been very volatile, rising 15-fold from the pandemic lows, but shares are now off nearly 50% from those highs, reflecting mixed financials and general pressure on tech.</li>\n <li>For Q1 2021, it will be key to watch continued impact from the business mix shift and efficiency measures with a focus on marketplace revenue, profitability, and JumiaPay platform penetration.</li>\n <li>With a full year of business mix shift and efficiency measures being implemented, we may see fairer comparisons vs. 2020.</li>\n <li>We believe Jumia can reach a market cap of at least $10bn within the next 2-3 years.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/545e2c2f7b0bd637a8869f73f02365cd\" tg-width=\"1536\" tg-height=\"733\"><span>Photo by ipopba/iStock via Getty Images</span></p>\n<p><b>Investment thesis</b></p>\n<p>In&nbsp;our first article about Jumia&nbsp;(NYSE:JMIA)&nbsp;we argued that its high valuation warranted significant improvements in business metrics. Now, a few months down the road, we'll provide a view on whether we think the company was able to deliver or not and what investors should expect for Q1 2021 results and beyond. Interested readers can go to our&nbsp;previous article to read about why we are long Jumia stock&nbsp;since it was trading around $3-4 back in the first half of 2020.</p>\n<p>All in all, 2020 was a wild ride for Jumia Technologies. The stock rose by &gt;1,500% from the pandemic lows in March 2020 but saw significant declines from those highs in the past weeks. The stock is now off by around 50% from its highs as of this writing.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5c3e67f75a768fe1255686bc0703a250\" tg-width=\"635\" tg-height=\"403\"><span>Data by YCharts</span></p>\n<p>The reasons for this volatility are manyfold. Jumia entered 2020 with a significant shift in its business model away from first-party revenues towards its third-party marketplace revenues which impacted overall revenue growth significantly. And within its marketplace segment, Jumia is pivoting towards higher-frequency, every-day product categories like food, cosmetics, clothing, a.o., away from its reliance on phones and electronics. The company also implemented cost-cutting measures and exited several markets like Cameroon.</p>\n<p>The financial results for 2020 were reflecting just that and were far from impressive. Every single quarter in 2020 showed declines in GMV (except for Q4), which reflects the total value of orders for products and services on its platform. Remember that other e-commerce operators around the globe like Amazon (AMZN), Shopify (SHOP), or MercadoLibre (MELI) showed strong growth in their GMV and other metrics for the past year and grew their businesses from much larger bases. So why does Jumia fall short of matching up to its larger peers?</p>\n<p>The reason is fairly simple: Jumia is still shifting its business to focus on the highest growing product categories and geographies and therefore implemented a business mix shift towards exactly these higher life-time value, every-day product categories which are intended to:</p>\n<ul>\n <li>Drive up frequency of orders at better unit economics, and</li>\n <li>diversify the business away from relying mostly on one-time purchase items like phones and electronics.</li>\n</ul>\n<p>Higher order frequency order items can also positively impact JumiaPay on-platform penetration, which is its fintech offering. So in general, this business transition makes complete sense.</p>\n<p>However, the ongoing shift did not impress investors when it comes to the financial metrics that came along with it. This, together with the recent pressure on tech stocks in general put significant pressure on Jumia stock.</p>\n<p>Before we dig into our outlook for Q1 2021 and the reasons why we think the stock might soon tick up again, let's just quickly recap what the company actually does.</p>\n<p><b>Company overview</b></p>\n<p>In short, Jumia is an e-commerce operator with a Pan-African presence. At the end of 2020, the company had over&nbsp;57 million product listings&nbsp;on its marketplace ranging from fashion and apparel, to smartphones, home and living, fast-moving consumer goods, beauty and perfumes and other electronics. Jumia operates across 11 countries that together have a population of 600 million people, which accounts for &gt;70% of Africa's GDP of €2 trillion and almost 70% of Africa's internet users. Besides its e-commerce platform that connects buyers and sellers, the company also offers payment solutions via its JumiaPay platform, as well as logistics and marketing services.</p>\n<p>As of Dec 2020, the company had 6.8 million Annual Active Consumers,up 12%&nbsp;compared to the end of 2019, and&nbsp;around 110k of active sellers&nbsp;on its platform. Obviously, there is a large market for Jumia to go after and its penetration sits at around 1% from a total addressable population perspective.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1a047878ff951ba3531a58c53cfede01\" tg-width=\"640\" tg-height=\"328\"><span>Source: company presentation</span></p>\n<p><b>Financial performance for 2020</b></p>\n<p>It is fair to say that Jumia's financials were not very impressive so far. For the full year, Jumia reported:</p>\n<ul>\n <li>A decline in overall revenue of 12.9%, while marketplace revenue grew by 19.6%. Growth in marketplace revenue (which excludes revenue from 1st party sales), however, slowed down to only 6.5% growth in Q4 2020.</li>\n <li>GMV was down 21% for the full year based on GMV declines for the first three quarters of 2020. On the positive side GMV ticked up by 23% in Q4 2020 vs. the comparable 2019 quarter supported by the company's Black Friday event in November 2020.</li>\n <li>Gross profit increased by 22.3% vs. full year 2019 and reached positive territory after fulfillment expense.</li>\n <li>Jumia is still burning through cash with an adjusted EBITDA of negative €119.5 million and an operating loss of negative €149.2 million for 2020.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5cc15bb9adf3553403004e3a59f0f396\" tg-width=\"640\" tg-height=\"434\"><span>Source: press release</span></p>\n<p>On the positive side, 2020<i>marketplace revenue</i>growth has been positive in every single quarter, albeit with declining growth rates in Q4 at only 6.5% compared to above 20% YoY growth rates for the earlier quarters in 2020. However, it needs to be noted that the growth rate is impacted by the ongoing business mix rebalancing initiatives. Also worth to note is that marketplace revenue was growing in every quarter in 2020 despite the fact that fulfillment, sales and marketing, as well as G&amp;A expenses were significantly reduced on a YoY basis, which drove some noteworthy improvements on a gross profit level.</p>\n<p><i>Gross profit</i>has been growing steadily over the past quarters with 22.3% growth for the full year of 2020 and 12.5% growth for the most recent quarter. In fact, Jumia's management has frequently reiterated that their business should be measured primarily on gross profit level. In its efforts to drive down cost and increase profitability, gross profit after fulfillment expense in Q4 2020 was positive at €1.0 compared to negative €2.9 per order in Q4 2019.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7a18c7836211e449946ac4e9d553c522\" tg-width=\"640\" tg-height=\"404\"><span>Source: Investor presentation</span></p>\n<p>In addition to improvements on gross profit level, also the<i>number of annual active consumers</i>continued to grow and reached 6.8 million at the end of 2020, reflecting 12% growth vs. the end of 2019.</p>\n<p>One negative aspect to mention is that the<i>average number of orders</i>has declined in&nbsp;Q4 2020&nbsp;vs. the prior year quarter. This is worrisome since it stands in contrast to management's strategy of pivoting towards higher-frequency purchase product categories (e.g. food, cosmetics, clothing, a.o.) and away from its reliance on phones and electronics. However, it must be mentioned here, too, that total orders are impacted mostly by decreases in airtime recharge transactions on the JumiaPay platform accompanied (albeit to a lesser extent) by the exit from countries like Cameroon, Rwanda and Tanzania that the company executed in 2019/2020 and which are not accounted for in the total orders metric.</p>\n<p><img src=\"https://static.tigerbbs.com/d7cc7094a826cc28c50d388c4ba04094\" tg-width=\"640\" tg-height=\"154\"></p>\n<p></p>\n<p>Management explained the decline in total orders as follows:</p>\n<blockquote>\n Orders reached 8.1 million, down 3% year-over-year on the back of a 14% decrease in digital services transactions on the JumiaPay app, while Orders on the rest of the platform were stable. (...) JumiaPay app is concentrated in airtime recharge transactions as a result of reduced consumer incentives within this category which has historically been promotionally intensive.\n</blockquote>\n<p>Worth to mention is that compared to Q3 2020, the total number of orders was up 21%. So at least we are seeing a sequential increase in total order volume.</p>\n<p>Importantly, Jumia made<i>progress in reducing the overall rate of Cancellations, Failed Deliveries and Returns</i>(CFDR):</p>\n<ul>\n <li>CFDR rate as a percentage of GMV improved from 30.3% in 2019 to 24.7% in 2020, while the CFDR rate as a percentage of Orders improved from 22.5% in 2019 to 16.1% in 2020.</li>\n <li>Factoring in CFDR, full-year total orders after CFDR for all items excluding Phones and Electronics actually showed an increase by 19% YoY and 14% after CFDR for all product categories.</li>\n <li>Also GMV after adjusting for CFDR showed growth of 15% YoY, especially driven by Jumia's digital services, food delivery and non-phone electronic, with 41%, 32% and 10% growth respectively.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b90cfa964fffdbe597e01ad312e6ad77\" tg-width=\"640\" tg-height=\"378\"><span>Source: Investor presentation</span></p>\n<p>For Q1 2021 we expect to see continued impacts from the business mix shift as evidenced by the most recent quarter, during which the share of GMV from Phones &amp; Electronics declined significantly and now sits at 43% as of Dec 2020. Investors should closely watch the ongoing impact from the transition towards higher-frequency purchase, every-day product categories and the corresponding interplay between GMV, Total Orders and CFDR moving forward.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6ad57a678143756c07bf189e934e732d\" tg-width=\"640\" tg-height=\"170\"><span>Source: Investor presentation</span></p>\n<p><i><b>JumiaPay shows solid growth</b></i></p>\n<p>While Jumia's e-commerce platform is the one part of the business, its payments platform JumiaPay is said to be the actual raw diamond in the making. Q4 results for JumiaPay showed:</p>\n<ul>\n <li>TPV growth of 30% to €59.3 million, with on-platform TPV penetration reaching 25.7% of GMV in Q4 2020 compared to 15.6% of GMV in Q4 2019.</li>\n <li>In total, 33.1% of Orders placed on the Jumia platform were being transacted with JumiaPay compared to 29.5% in Q4 2019.</li>\n</ul>\n<p><img src=\"https://static.tigerbbs.com/8eea7dec2ff85cc13ffddcc5edcafa7a\" tg-width=\"640\" tg-height=\"382\"></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0638890e9c2174b976f5e69b82d7c15\" tg-width=\"640\" tg-height=\"111\"><span>Source: Investor presentation / PR</span></p>\n<p>Despite the robust growth, we see a slight decline in overall growth rates for Q4 compared to prior quarters also for JumiaPay. Some of that decline can be explained by the before-mentioned decline in airtime recharge transactions. But it also seems that there are some underlying issues with adoption, and maybe lack of marketing activities and investments from management. Investors should closely watch JumiaPay metrics moving forward.</p>\n<p><b>First Quarter 2021 outlook</b></p>\n<p>Now, with Q1 results on the horizon we expect that this quarter could be one of the first quarters where YoY comparisons for Jumia's key business metrics start to shift into a more positive direction, accompanied by continued improvements on a gross profit level as efficiency measures continue. The move away from higher cost items like Phones &amp; Electronics towards higher-frequency purchase items from the fashion, beauty, FMCG, and food delivery categories has now been going on for more than a year and should make for easier YoY comparisons in the quarters ahead. Furthermore, the impact from the exit of countries like Cameroon now being visible in full-year 2020 metrics should also play out favourably.</p>\n<p>We strongly believe that the business mix rebalancing helps to diversify the business towards more frequent purchases which drive improved unit economics and positive gross profit developments. We will be closely watching those metrics for Q1 2021 and beyond, including platform penetration and growth for JumiaPay. While JumiaPay platform penetration is growing very robustly, we would like to see transaction volume growth getting back to levels we saw in the earlier quarters in 2020. This is where we see that management may need to step up its marketing spending to drive awareness and penetration.</p>\n<p>Valuation remains stretched, but that's nothing long-term investors should be concerned about</p>\n<p>Following the almost 50% decline in Jumia's stock price the company's market capitalization currently sits around $3bn. Since first-party revenue is volatile and not a key focus for the company, we value Jumia on the basis of marketplace revenue, which came in at around €94 million for 2020. Hence, the current price to marketplace revenue multiple is 30x - not cheap at all.</p>\n<p>However, valuing Jumia right now based on general revenue multiples falls short of the potential that the company has in front of it. The<i>market opportunity</i>remains significant: around 17 million SMEs and merchants and $4.0tn in household and B2B spending underpin the large untapped opportunity for digitization of commerce and payments in Africa (seehere). McKinsey estimates that African e-commerce could account for 10% of the continent's overall retail sales by 2025, which would be $75 billion in annual revenue potential (seehere). Irrespective of the actual market size, it is clear that Jumia has only penetrated a very small portion of that market for now. We are not saying that Jumia will ever grow into a comparable valuation like Amazon, Shopify or MercadoLibre, but it doesn't need to do that to become a winning investment. By at least capturing a fraction of the $75 billion e-commerce opportunity, Jumia may be well-positioned to become a technology leader and expand its market capitalization to at least $10 billion within the next 2-3 years.</p>\n<p><b>Risks</b></p>\n<p>Clearly, execution is the biggest risk. While we generally applaud management's efficiency efforts, we fear that the focus may be too strongly on cost-cutting at the expense of growing its active customer base, which could result in lackluster growth rates. We have seen this become reality in Q4 2020 numbers with declines in marketplace revenue and JumiaPay growth rates vs. prior quarters. The recent cost-cutting and efficiency measures have shown to positively impact the company's gross profits. However, Jumia cannot operate forever at a low flame and ultimately needs to ramp-up its marketing and other investments to accelerate customer penetration and growth overall. Remember that GMV growth was negative for 3 out of 4 quarters in 2020 and only in Q4 showed positive YoY growth rates supported by the company's Black Friday event in November 2020. This shows that increases in marketing spend are inevitable in order to remain in the front seat and stay ahead of competitors.</p>\n<p>Another risk is not so much a company-specific risk but a matter of whether investors have the required patience. The shift to digital commerce in Africa won't happen overnight. Remember that it took Amazon, MercadoLibre or Alibaba(NYSE:BABA)more than 20 years to become the e-commerce giants that they are today. With the complex infrastructure in Africa and often still nascent internet penetration, especially in rural areas, it may take decades for Jumia to drive online penetration in commerce to a large enough level and to then capture a significant share. Investors need to be patient, and that means at least 10 years + down the road.</p>\n<p><b>Conclusion</b></p>\n<p>We recently wrote thatJumia's high valuation warrants significant improvements in business metrics. So what is the verdict a few months later? We see improvements on its path to continued growth while reducing its operating expenses along the way. While we have not seen the level of business metric improvements that we hoped for, Jumia remains on track to make step-by-step improvements across its business. We are particularly happy to see marketplace revenue growth in parallel to improving profitability measures. Order volume growth and GMV should be carefully looked at going forward and we can only reiterate that management should not solely focus on cost-cutting at the detriment of its growth opportunities. JumiaPay developments will be watched closely in the Q1 2021 report. The potential for monetization of its payment platform is huge and may drive significant value in the future when it reaches a certain scale, and there may even be the possibility that JumiaPay may be carved out as a standalone entity.</p>\n<p>While in the short-term Jumia stock will likely remain very volatile, the long-term opportunity for the company is huge and we continue to believe that Jumia is well positioned to become the next big e-commerce player. But this will not happen in a year or two. It is a long-term play of 10 years +. Investors need to stay very patient with this stock and need to accept setbacks along the way. Our conviction and patience is unchanged and we therefore continue to stay long the stock as we believe the company can at least grow to a market cap of &gt;$10 billion within the next 2-3 years.</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>Jumia: Why We Remain Long The Stock And What To Look For In Q1 2021 Results</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\">\nJumia: Why We Remain Long The Stock And What To Look For In Q1 2021 Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-03 10:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4423644-jumia-remain-long-stock-q1-2021-results><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nIn a recent article, we have provided a detailed overview on Jumia‘s business model and its financial results in the midst of the COVID pandemic.\nThe stock has been very volatile, rising 15-...</p>\n\n<a href=\"https://seekingalpha.com/article/4423644-jumia-remain-long-stock-q1-2021-results\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JMIA":"Jumia Technologies AG"},"source_url":"https://seekingalpha.com/article/4423644-jumia-remain-long-stock-q1-2021-results","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1129951066","content_text":"Summary\n\nIn a recent article, we have provided a detailed overview on Jumia‘s business model and its financial results in the midst of the COVID pandemic.\nThe stock has been very volatile, rising 15-fold from the pandemic lows, but shares are now off nearly 50% from those highs, reflecting mixed financials and general pressure on tech.\nFor Q1 2021, it will be key to watch continued impact from the business mix shift and efficiency measures with a focus on marketplace revenue, profitability, and JumiaPay platform penetration.\nWith a full year of business mix shift and efficiency measures being implemented, we may see fairer comparisons vs. 2020.\nWe believe Jumia can reach a market cap of at least $10bn within the next 2-3 years.\n\nPhoto by ipopba/iStock via Getty Images\nInvestment thesis\nIn our first article about Jumia (NYSE:JMIA) we argued that its high valuation warranted significant improvements in business metrics. Now, a few months down the road, we'll provide a view on whether we think the company was able to deliver or not and what investors should expect for Q1 2021 results and beyond. Interested readers can go to our previous article to read about why we are long Jumia stock since it was trading around $3-4 back in the first half of 2020.\nAll in all, 2020 was a wild ride for Jumia Technologies. The stock rose by >1,500% from the pandemic lows in March 2020 but saw significant declines from those highs in the past weeks. The stock is now off by around 50% from its highs as of this writing.\nData by YCharts\nThe reasons for this volatility are manyfold. Jumia entered 2020 with a significant shift in its business model away from first-party revenues towards its third-party marketplace revenues which impacted overall revenue growth significantly. And within its marketplace segment, Jumia is pivoting towards higher-frequency, every-day product categories like food, cosmetics, clothing, a.o., away from its reliance on phones and electronics. The company also implemented cost-cutting measures and exited several markets like Cameroon.\nThe financial results for 2020 were reflecting just that and were far from impressive. Every single quarter in 2020 showed declines in GMV (except for Q4), which reflects the total value of orders for products and services on its platform. Remember that other e-commerce operators around the globe like Amazon (AMZN), Shopify (SHOP), or MercadoLibre (MELI) showed strong growth in their GMV and other metrics for the past year and grew their businesses from much larger bases. So why does Jumia fall short of matching up to its larger peers?\nThe reason is fairly simple: Jumia is still shifting its business to focus on the highest growing product categories and geographies and therefore implemented a business mix shift towards exactly these higher life-time value, every-day product categories which are intended to:\n\nDrive up frequency of orders at better unit economics, and\ndiversify the business away from relying mostly on one-time purchase items like phones and electronics.\n\nHigher order frequency order items can also positively impact JumiaPay on-platform penetration, which is its fintech offering. So in general, this business transition makes complete sense.\nHowever, the ongoing shift did not impress investors when it comes to the financial metrics that came along with it. This, together with the recent pressure on tech stocks in general put significant pressure on Jumia stock.\nBefore we dig into our outlook for Q1 2021 and the reasons why we think the stock might soon tick up again, let's just quickly recap what the company actually does.\nCompany overview\nIn short, Jumia is an e-commerce operator with a Pan-African presence. At the end of 2020, the company had over 57 million product listings on its marketplace ranging from fashion and apparel, to smartphones, home and living, fast-moving consumer goods, beauty and perfumes and other electronics. Jumia operates across 11 countries that together have a population of 600 million people, which accounts for >70% of Africa's GDP of €2 trillion and almost 70% of Africa's internet users. Besides its e-commerce platform that connects buyers and sellers, the company also offers payment solutions via its JumiaPay platform, as well as logistics and marketing services.\nAs of Dec 2020, the company had 6.8 million Annual Active Consumers,up 12% compared to the end of 2019, and around 110k of active sellers on its platform. Obviously, there is a large market for Jumia to go after and its penetration sits at around 1% from a total addressable population perspective.\nSource: company presentation\nFinancial performance for 2020\nIt is fair to say that Jumia's financials were not very impressive so far. For the full year, Jumia reported:\n\nA decline in overall revenue of 12.9%, while marketplace revenue grew by 19.6%. Growth in marketplace revenue (which excludes revenue from 1st party sales), however, slowed down to only 6.5% growth in Q4 2020.\nGMV was down 21% for the full year based on GMV declines for the first three quarters of 2020. On the positive side GMV ticked up by 23% in Q4 2020 vs. the comparable 2019 quarter supported by the company's Black Friday event in November 2020.\nGross profit increased by 22.3% vs. full year 2019 and reached positive territory after fulfillment expense.\nJumia is still burning through cash with an adjusted EBITDA of negative €119.5 million and an operating loss of negative €149.2 million for 2020.\n\nSource: press release\nOn the positive side, 2020marketplace revenuegrowth has been positive in every single quarter, albeit with declining growth rates in Q4 at only 6.5% compared to above 20% YoY growth rates for the earlier quarters in 2020. However, it needs to be noted that the growth rate is impacted by the ongoing business mix rebalancing initiatives. Also worth to note is that marketplace revenue was growing in every quarter in 2020 despite the fact that fulfillment, sales and marketing, as well as G&A expenses were significantly reduced on a YoY basis, which drove some noteworthy improvements on a gross profit level.\nGross profithas been growing steadily over the past quarters with 22.3% growth for the full year of 2020 and 12.5% growth for the most recent quarter. In fact, Jumia's management has frequently reiterated that their business should be measured primarily on gross profit level. In its efforts to drive down cost and increase profitability, gross profit after fulfillment expense in Q4 2020 was positive at €1.0 compared to negative €2.9 per order in Q4 2019.\nSource: Investor presentation\nIn addition to improvements on gross profit level, also thenumber of annual active consumerscontinued to grow and reached 6.8 million at the end of 2020, reflecting 12% growth vs. the end of 2019.\nOne negative aspect to mention is that theaverage number of ordershas declined in Q4 2020 vs. the prior year quarter. This is worrisome since it stands in contrast to management's strategy of pivoting towards higher-frequency purchase product categories (e.g. food, cosmetics, clothing, a.o.) and away from its reliance on phones and electronics. However, it must be mentioned here, too, that total orders are impacted mostly by decreases in airtime recharge transactions on the JumiaPay platform accompanied (albeit to a lesser extent) by the exit from countries like Cameroon, Rwanda and Tanzania that the company executed in 2019/2020 and which are not accounted for in the total orders metric.\n\n\nManagement explained the decline in total orders as follows:\n\n Orders reached 8.1 million, down 3% year-over-year on the back of a 14% decrease in digital services transactions on the JumiaPay app, while Orders on the rest of the platform were stable. (...) JumiaPay app is concentrated in airtime recharge transactions as a result of reduced consumer incentives within this category which has historically been promotionally intensive.\n\nWorth to mention is that compared to Q3 2020, the total number of orders was up 21%. So at least we are seeing a sequential increase in total order volume.\nImportantly, Jumia madeprogress in reducing the overall rate of Cancellations, Failed Deliveries and Returns(CFDR):\n\nCFDR rate as a percentage of GMV improved from 30.3% in 2019 to 24.7% in 2020, while the CFDR rate as a percentage of Orders improved from 22.5% in 2019 to 16.1% in 2020.\nFactoring in CFDR, full-year total orders after CFDR for all items excluding Phones and Electronics actually showed an increase by 19% YoY and 14% after CFDR for all product categories.\nAlso GMV after adjusting for CFDR showed growth of 15% YoY, especially driven by Jumia's digital services, food delivery and non-phone electronic, with 41%, 32% and 10% growth respectively.\n\nSource: Investor presentation\nFor Q1 2021 we expect to see continued impacts from the business mix shift as evidenced by the most recent quarter, during which the share of GMV from Phones & Electronics declined significantly and now sits at 43% as of Dec 2020. Investors should closely watch the ongoing impact from the transition towards higher-frequency purchase, every-day product categories and the corresponding interplay between GMV, Total Orders and CFDR moving forward.\nSource: Investor presentation\nJumiaPay shows solid growth\nWhile Jumia's e-commerce platform is the one part of the business, its payments platform JumiaPay is said to be the actual raw diamond in the making. Q4 results for JumiaPay showed:\n\nTPV growth of 30% to €59.3 million, with on-platform TPV penetration reaching 25.7% of GMV in Q4 2020 compared to 15.6% of GMV in Q4 2019.\nIn total, 33.1% of Orders placed on the Jumia platform were being transacted with JumiaPay compared to 29.5% in Q4 2019.\n\n\nSource: Investor presentation / PR\nDespite the robust growth, we see a slight decline in overall growth rates for Q4 compared to prior quarters also for JumiaPay. Some of that decline can be explained by the before-mentioned decline in airtime recharge transactions. But it also seems that there are some underlying issues with adoption, and maybe lack of marketing activities and investments from management. Investors should closely watch JumiaPay metrics moving forward.\nFirst Quarter 2021 outlook\nNow, with Q1 results on the horizon we expect that this quarter could be one of the first quarters where YoY comparisons for Jumia's key business metrics start to shift into a more positive direction, accompanied by continued improvements on a gross profit level as efficiency measures continue. The move away from higher cost items like Phones & Electronics towards higher-frequency purchase items from the fashion, beauty, FMCG, and food delivery categories has now been going on for more than a year and should make for easier YoY comparisons in the quarters ahead. Furthermore, the impact from the exit of countries like Cameroon now being visible in full-year 2020 metrics should also play out favourably.\nWe strongly believe that the business mix rebalancing helps to diversify the business towards more frequent purchases which drive improved unit economics and positive gross profit developments. We will be closely watching those metrics for Q1 2021 and beyond, including platform penetration and growth for JumiaPay. While JumiaPay platform penetration is growing very robustly, we would like to see transaction volume growth getting back to levels we saw in the earlier quarters in 2020. This is where we see that management may need to step up its marketing spending to drive awareness and penetration.\nValuation remains stretched, but that's nothing long-term investors should be concerned about\nFollowing the almost 50% decline in Jumia's stock price the company's market capitalization currently sits around $3bn. Since first-party revenue is volatile and not a key focus for the company, we value Jumia on the basis of marketplace revenue, which came in at around €94 million for 2020. Hence, the current price to marketplace revenue multiple is 30x - not cheap at all.\nHowever, valuing Jumia right now based on general revenue multiples falls short of the potential that the company has in front of it. Themarket opportunityremains significant: around 17 million SMEs and merchants and $4.0tn in household and B2B spending underpin the large untapped opportunity for digitization of commerce and payments in Africa (seehere). McKinsey estimates that African e-commerce could account for 10% of the continent's overall retail sales by 2025, which would be $75 billion in annual revenue potential (seehere). Irrespective of the actual market size, it is clear that Jumia has only penetrated a very small portion of that market for now. We are not saying that Jumia will ever grow into a comparable valuation like Amazon, Shopify or MercadoLibre, but it doesn't need to do that to become a winning investment. By at least capturing a fraction of the $75 billion e-commerce opportunity, Jumia may be well-positioned to become a technology leader and expand its market capitalization to at least $10 billion within the next 2-3 years.\nRisks\nClearly, execution is the biggest risk. While we generally applaud management's efficiency efforts, we fear that the focus may be too strongly on cost-cutting at the expense of growing its active customer base, which could result in lackluster growth rates. We have seen this become reality in Q4 2020 numbers with declines in marketplace revenue and JumiaPay growth rates vs. prior quarters. The recent cost-cutting and efficiency measures have shown to positively impact the company's gross profits. However, Jumia cannot operate forever at a low flame and ultimately needs to ramp-up its marketing and other investments to accelerate customer penetration and growth overall. Remember that GMV growth was negative for 3 out of 4 quarters in 2020 and only in Q4 showed positive YoY growth rates supported by the company's Black Friday event in November 2020. This shows that increases in marketing spend are inevitable in order to remain in the front seat and stay ahead of competitors.\nAnother risk is not so much a company-specific risk but a matter of whether investors have the required patience. The shift to digital commerce in Africa won't happen overnight. Remember that it took Amazon, MercadoLibre or Alibaba(NYSE:BABA)more than 20 years to become the e-commerce giants that they are today. With the complex infrastructure in Africa and often still nascent internet penetration, especially in rural areas, it may take decades for Jumia to drive online penetration in commerce to a large enough level and to then capture a significant share. Investors need to be patient, and that means at least 10 years + down the road.\nConclusion\nWe recently wrote thatJumia's high valuation warrants significant improvements in business metrics. So what is the verdict a few months later? We see improvements on its path to continued growth while reducing its operating expenses along the way. While we have not seen the level of business metric improvements that we hoped for, Jumia remains on track to make step-by-step improvements across its business. We are particularly happy to see marketplace revenue growth in parallel to improving profitability measures. Order volume growth and GMV should be carefully looked at going forward and we can only reiterate that management should not solely focus on cost-cutting at the detriment of its growth opportunities. JumiaPay developments will be watched closely in the Q1 2021 report. The potential for monetization of its payment platform is huge and may drive significant value in the future when it reaches a certain scale, and there may even be the possibility that JumiaPay may be carved out as a standalone entity.\nWhile in the short-term Jumia stock will likely remain very volatile, the long-term opportunity for the company is huge and we continue to believe that Jumia is well positioned to become the next big e-commerce player. But this will not happen in a year or two. It is a long-term play of 10 years +. Investors need to stay very patient with this stock and need to accept setbacks along the way. Our conviction and patience is unchanged and we therefore continue to stay long the stock as we believe the company can at least grow to a market cap of >$10 billion within the next 2-3 years.","news_type":1},"isVote":1,"tweetType":1,"viewCount":45,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109634552,"gmtCreate":1619689442476,"gmtModify":1634210707317,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Comment thanks","listText":"Comment thanks","text":"Comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/109634552","repostId":"1172342094","repostType":4,"isVote":1,"tweetType":1,"viewCount":117,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377558492,"gmtCreate":1619538347716,"gmtModify":1634211938896,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Comment thanks","listText":"Comment thanks","text":"Comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/377558492","repostId":"2130522345","repostType":4,"repost":{"id":"2130522345","pubTimestamp":1619484161,"share":"https://www.laohu8.com/m/news/2130522345?lang=&edition=full","pubTime":"2021-04-27 08:42","market":"us","language":"en","title":"AMD earnings: Are data center owners ‘digesting’ or just not buying Intel chips?","url":"https://stock-news.laohu8.com/highlight/detail?id=2130522345","media":"MarketWatch","summary":"AMD segment that includes data-center sales expected to almost triple in revenue after biggest rival's server sales declined. AMD first launched the EPYC family of server chips in 2017. AMD. Advanced Micro Devices Inc. earnings will serve as an indication if the data-center market is truly in a \"digestion\" phase, as Intel Corp. reported.AMD $$ is scheduled to report its first-quarter earnings on Tuesday after the close of markets. When Intel $$ reported results last week, the market-share leader","content":"<p>AMD segment that includes data-center sales expected to almost triple in revenue after biggest rival's server sales declined</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/615a522a230f802ea7b3c7554e6a350b\" tg-width=\"1259\" tg-height=\"709\"><span>AMD first launched the EPYC family of server chips in 2017. AMD</span></p>\n<p>Advanced Micro Devices Inc. earnings will serve as an indication if the data-center market is truly in a \"digestion\" phase, as Intel Corp. reported.</p>\n<p>AMD <a href=\"https://laohu8.com/S/AMD\">$(AMD)$</a> is scheduled to report its first-quarter earnings on Tuesday after the close of markets. When Intel <a href=\"https://laohu8.com/S/INTC\">$(INTC)$</a> reported results last week, the market-share leader noted that the market was just bottoming from a \"digestion phase\" as its data-center sales dropped 20% year-over-year.</p>\n<p>Analysts questioned that characterization of a \"digestion phase,\" however, asking instead if AMD was taking share away from Intel</p>\n<p>Wall Street, on average, expects AMD to report $1.3 billion in enterprise, embedded, and semi-custom sales, the segment containing data-center and gaming-console chips, nearly triple the $348 million the company reported in the year-ago period .</p>\n<p>This all comes amid a continuing shortage of microchips to sate demand from global industries, and the companies that make the silicon wafers chip designs use, work to clear waiting lists that span several months.</p>\n<p>AMD said in its last earnings report that it expected data-center and gaming sales growth to continue well into 2021. AMD is forecast to report $1.89 billion in computing and graphics sales, a relatively modest 31% rise from a year ago.</p>\n<p>In early April, shareholders from AMD and Xilinx Inc.&nbsp;approved a $35 billion wrap-up between the two companies. In March, the company announced a&nbsp;new gaming card.</p>\n<p><b>What to expect</b></p>\n<p>Earnings: Of the 34 analysts surveyed by FactSet, AMD on average is expected to post adjusted earnings of 44 cents a share, up from 35 cents a share expected at the beginning of the quarter and 18 cents a share reported in the year-ago period. Estimize, a software platform that crowdsources estimates from hedge-fund executives, brokerages, buy-side analysts and others, calls for earnings of 48 cents a share.</p>\n<p>Revenue: Back in January, AMD predicted first-quarter sales between $3.1 billion and $3.3 billion, while analysts on average had forecast revenue of $2.68 billion at the time. Now, 31 analysts, on average, expect revenue of $3.18 billion, up from the $1.79 billion reported in the year-ago quarter. Estimize expects revenue of $3.25 billion.</p>\n<p>Stock movement: In the first quarter, AMD shares fell 14.4%. In contrast, the PHLX Semiconductor Index gained 11.8%, the S&amp;P 500 index gained 5.8%, and the tech-heavy Nasdaq Composite Index rose 2.8%.</p>\n<p><b>What analysts are saying</b></p>\n<p>Susquehanna Financial analyst Christopher Rolland, who has a positive rating and a $115 price target on AMD, said PC and graphics processing unit checks point to continued strong demand in the first quarter.</p>\n<p>\"While many believe upside is capped by capacity constraints, we believe AMD is quickly becoming [Taiwan Semiconductor Manufacturing Co.'s (2330.TW)] preferred 'CPU' partner, as Intel's IDM 2.0 strategy appears increasingly competitive to thefoundry,\" Rolland said. \"Therefore, we would not be surprised to see AMD receive more than enough wafers to track toward full-year guidance and perhaps beyond.\"</p>\n<p><a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a> analyst Joseph Moore, who just reinstated estimates for AMD, said he expects strong earnings above the consensus from AMD with \"strong demand across the board, and supply constraints due to substrates and to a lesser extent wafers.\"</p>\n<p>Moore expects fab priority to keep going to high margin products like servers and \"enthusiast desktop microprocessors\" and \"lowest-margin customers that are strategic and sole sourced\" like Microsoft Corp.'s <a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a> and Sony Group Corp.'s gaming consoles.</p>\n<p>\"With competitors also dealing with supply constraints, overall pricing should be healthy,\" Moore said. The analysts expects AMD fiscal earnings of $2.04 a share in 2021, $2.59 a share in 2022, and $2.90 a share in 2023, while analysts surveyed by FactSet expect per-share earnings of $1.95, $2.51, and $3.23, respectively.</p>\n<p>B of A Securities analyst Vivek Arya, who has a $100 price target, said of the larger chip market that \"Supply constraints could limit Q1 outperformance/Q2 outlook, but extend cycle into CY22\"</p>\n<p>For AMD, \"can it obtain enough incremental supply from TSMC to beat its already robust 37% YoY sales outlook for CY21 while firmly convincing investors around INTC share gains?\"</p>\n<p>Of the 36 analysts who cover AMD, 21 have buy or overweight ratings, 12 have hold ratings and three have sell ratings, with an average price target of $100.50.</p>","source":"lsy1603348471595","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>AMD earnings: Are data center owners ‘digesting’ or just not buying Intel chips?</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\">\nAMD earnings: Are data center owners ‘digesting’ or just not buying Intel chips?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-27 08:42 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/amd-earnings-are-data-center-owners-digesting-or-just-not-buying-intel-chips-11619473180?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>AMD segment that includes data-center sales expected to almost triple in revenue after biggest rival's server sales declined\nAMD first launched the EPYC family of server chips in 2017. AMD\nAdvanced ...</p>\n\n<a href=\"https://www.marketwatch.com/story/amd-earnings-are-data-center-owners-digesting-or-just-not-buying-intel-chips-11619473180?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/amd-earnings-are-data-center-owners-digesting-or-just-not-buying-intel-chips-11619473180?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2130522345","content_text":"AMD segment that includes data-center sales expected to almost triple in revenue after biggest rival's server sales declined\nAMD first launched the EPYC family of server chips in 2017. AMD\nAdvanced Micro Devices Inc. earnings will serve as an indication if the data-center market is truly in a \"digestion\" phase, as Intel Corp. reported.\nAMD $(AMD)$ is scheduled to report its first-quarter earnings on Tuesday after the close of markets. When Intel $(INTC)$ reported results last week, the market-share leader noted that the market was just bottoming from a \"digestion phase\" as its data-center sales dropped 20% year-over-year.\nAnalysts questioned that characterization of a \"digestion phase,\" however, asking instead if AMD was taking share away from Intel\nWall Street, on average, expects AMD to report $1.3 billion in enterprise, embedded, and semi-custom sales, the segment containing data-center and gaming-console chips, nearly triple the $348 million the company reported in the year-ago period .\nThis all comes amid a continuing shortage of microchips to sate demand from global industries, and the companies that make the silicon wafers chip designs use, work to clear waiting lists that span several months.\nAMD said in its last earnings report that it expected data-center and gaming sales growth to continue well into 2021. AMD is forecast to report $1.89 billion in computing and graphics sales, a relatively modest 31% rise from a year ago.\nIn early April, shareholders from AMD and Xilinx Inc. approved a $35 billion wrap-up between the two companies. In March, the company announced a new gaming card.\nWhat to expect\nEarnings: Of the 34 analysts surveyed by FactSet, AMD on average is expected to post adjusted earnings of 44 cents a share, up from 35 cents a share expected at the beginning of the quarter and 18 cents a share reported in the year-ago period. Estimize, a software platform that crowdsources estimates from hedge-fund executives, brokerages, buy-side analysts and others, calls for earnings of 48 cents a share.\nRevenue: Back in January, AMD predicted first-quarter sales between $3.1 billion and $3.3 billion, while analysts on average had forecast revenue of $2.68 billion at the time. Now, 31 analysts, on average, expect revenue of $3.18 billion, up from the $1.79 billion reported in the year-ago quarter. Estimize expects revenue of $3.25 billion.\nStock movement: In the first quarter, AMD shares fell 14.4%. In contrast, the PHLX Semiconductor Index gained 11.8%, the S&P 500 index gained 5.8%, and the tech-heavy Nasdaq Composite Index rose 2.8%.\nWhat analysts are saying\nSusquehanna Financial analyst Christopher Rolland, who has a positive rating and a $115 price target on AMD, said PC and graphics processing unit checks point to continued strong demand in the first quarter.\n\"While many believe upside is capped by capacity constraints, we believe AMD is quickly becoming [Taiwan Semiconductor Manufacturing Co.'s (2330.TW)] preferred 'CPU' partner, as Intel's IDM 2.0 strategy appears increasingly competitive to thefoundry,\" Rolland said. \"Therefore, we would not be surprised to see AMD receive more than enough wafers to track toward full-year guidance and perhaps beyond.\"\nMorgan Stanley analyst Joseph Moore, who just reinstated estimates for AMD, said he expects strong earnings above the consensus from AMD with \"strong demand across the board, and supply constraints due to substrates and to a lesser extent wafers.\"\nMoore expects fab priority to keep going to high margin products like servers and \"enthusiast desktop microprocessors\" and \"lowest-margin customers that are strategic and sole sourced\" like Microsoft Corp.'s $(MSFT)$ and Sony Group Corp.'s gaming consoles.\n\"With competitors also dealing with supply constraints, overall pricing should be healthy,\" Moore said. The analysts expects AMD fiscal earnings of $2.04 a share in 2021, $2.59 a share in 2022, and $2.90 a share in 2023, while analysts surveyed by FactSet expect per-share earnings of $1.95, $2.51, and $3.23, respectively.\nB of A Securities analyst Vivek Arya, who has a $100 price target, said of the larger chip market that \"Supply constraints could limit Q1 outperformance/Q2 outlook, but extend cycle into CY22\"\nFor AMD, \"can it obtain enough incremental supply from TSMC to beat its already robust 37% YoY sales outlook for CY21 while firmly convincing investors around INTC share gains?\"\nOf the 36 analysts who cover AMD, 21 have buy or overweight ratings, 12 have hold ratings and three have sell ratings, with an average price target of $100.50.","news_type":1},"isVote":1,"tweetType":1,"viewCount":137,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375210083,"gmtCreate":1619345273142,"gmtModify":1634274096357,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"🤯","listText":"🤯","text":"🤯","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/375210083","repostId":"1159622467","repostType":4,"repost":{"id":"1159622467","pubTimestamp":1619337262,"share":"https://www.laohu8.com/m/news/1159622467?lang=&edition=full","pubTime":"2021-04-25 15:54","market":"us","language":"en","title":"\"The Stock Market Has Gone Crazy And Will Likely Go Even Crazier\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1159622467","media":"zerohedge","summary":"Chen Zhao, Founding Partner and Chief Strategist of Montreal-based Alpine Macro, has been analyzing ","content":"<p>Chen Zhao, Founding Partner and Chief Strategist of Montreal-based Alpine Macro, has been analyzing global financial markets for more than thirty years. Numerous investors worldwide know him as the long-serving Chief Strategist of BCA Research.</p>\n<p>Today, Zhao is confident about equity markets. He sees the ingredients for a strong recovery in the global economy, and he believes fears of higher inflation are overblown. He sees the potential for the Federal Reserve's monetary policy to inflate a new speculative bubble.<i><b>«This bubble is going to be a whole lot bigger than the tech bubble of the late nineties, and it will probably run a whole lot longer than we think»,</b></i>says Zhao in an in-depth conversation with The Market NZZ.</p>\n<p><b>His main concern is the growing conflict between the United States and China.</b>Today, the risk of escalation over Taiwan is greater than at any time in the last 40 years, Zhao warns.</p>\n<p>Mr. Zhao, in February and March, we have witnessed a sharp upward move in long term US bond yields, temporarily causing a sell-off in the Nasdaq. What do you make of this?</p>\n<blockquote>\n Whenever bond yields rise, you should conceptually decompose this movement into two stages. One is reflective, meaning\n <b>the bond market is trying to tell you something about the underlying economy.</b>Rising bond yields are reflective of stronger economic growth. However, a market selloff could also move into a phase where bond yields become too high, constraining economic activity. In my judgement, what we are witnessing right now is purely reflective. The ISM manufacturing index is at its highest level since 1983, the world economy is in a strong recovery mode. Higher yields are consistent with the economy getting stronger. Under these circumstances, I would be more concerned if bond yields did not rise.\n</blockquote>\n<p>Aren’t rising inflation expectations also playing a part?</p>\n<blockquote>\n <b>I don’t see a clear breakout in inflation expectations.</b>People forget that during the decade after the global financial crisis, inflation expectations have fallen apart. Markets became much more concerned about deflation. Inflation breakeven rates currently are between 2 and 2.2%, whereas the average range during the decade before 2009 was more like 2.5 to 3%. So inflation expectations are simply in the process of being normalized.\n</blockquote>\n<p>Do you see room for a further rise in yields?</p>\n<blockquote>\n Our model says ten year Treasury yields are pretty much at fair value today, at around 1.5%. But we know that if we have a cyclical move in financial markets, nothing stops at fair value. Markets always undershoot or overshoot. So I could see yields rise towards 2% or even a bit more.\n <b>If they approach 2%, we would be active buyers of long term Treasuries.</b>\n</blockquote>\n<p>Don’t you see structural inflation building up?</p>\n<blockquote>\n No, not at all. There is a widespread misunderstanding of this issue. Many people look at the fiscal position of the United States and see a budget deficit of almost 20% of GDP. The Fed balance sheet has expanded by $7 trillion since the beginning of the pandemic, M2 has exploded upward.\n <b>How can this not be inflationary? Well, in my experience, something that is too obvious is usually wrong.</b>\n</blockquote>\n<p>How so?</p>\n<blockquote>\n What happened is this: For all of 2020, the US government unleashed $3.5 trillion in various rescue packages, as a result of which the federal government debt rose by $3.6 trillion. At the same time, the household sector’s disposable income increased by $3.5 trillion, and household savings shot up by $5.5 trillion. In other words, American households not only saved up all the transfer payments they received from the government, but they even saved $2 trillion more from their own income.\n <b>These rescue programs did absolutely nothing to generate aggregate final demand or GDP growth. What we have seen was not a fiscal stimulus to boost aggregate demand, but a transfer payment. This was no different than a one-time tax cut.</b>We know that people’s spending behaviour is determined by their outlook for sustainable income.\n <b>If you give them a one-time tax cut, they will save it. This is what the Permanent Income Hypothesis says and this is what has happened.</b>\n</blockquote>\n<p>Don’t you think there is a huge amount of pent-up demand that will be released once the economy fully reopens?</p>\n<blockquote>\n Yes, there will be a demand surge. Consumption spending has been repressed for over a year as a result of Covid-19 related restrictions. When the world economy reopens, this spending will be released. But this is not inflationary, as the boom will be temporary. People won’t party for the next twenty years. They will party for the next six months or so.\n <b>For inflation to be a true threat, you need aggregate demand exceeding aggregate supply on a sustainable basis. I don’t see that happening any time soon.</b>The government subsidies simply amount to a huge balance sheet swap: government debt as a share of GDP has gone up, while consumers’ net worth has gone up even more. This balance sheet swap has nothing to do with excessive aggregate demand.\n</blockquote>\n<p>Does that also mean you don’t see a structural bear market for bonds, where yields would drift higher over the coming years?</p>\n<blockquote>\n Correct,\n <b>I don’t see the drivers for structurally higher yields.</b>That’s why I think that ten-year Treasury yields above 2% would represent a good buying opportunity.\n</blockquote>\n<p>What would it take for you to change your mind?</p>\n<blockquote>\n <b>I will change my mind if the government took over and built lots of roads and bridges and have it all financed by the Fed.</b>\n</blockquote>\n<p>Isn’t that what the $2.3 trillion Biden infrastructure plan will do?</p>\n<blockquote>\n <b>This proposed package is a step towards that kind of transition. But don’t forget, this is a rather small piece of cake, because it envisions spending roughly $2.2 trillion over eight years, so each year it would add only about 0.8 or 0.9% of GDP adjusted for inflation.</b>On top of that, Biden is proposing higher taxes to fund it. So his infrastructure plan creates some growth on one hand, while taking it away with higher taxes on the other hand. Its net impact will only be around 0.4 or 0.5% of GDP per year. This won’t be a game changer in terms of inflation.\n</blockquote>\n<p>What else would tell you that we are indeed moving through a profound transition towards higher inflation and higher interest rates?</p>\n<blockquote>\n In my view,\n <b>central banks have been completely wrong in their thinking about the Phillips Curve for the past 30 years,</b>meaning that every time the labor market got too strong, they felt they had to raise rates, because they feared wage inflation would kick in. But we know now that there are a lot of things standing in the way between a strong labor market and actual wage inflation. In an environment of rising productivity, you can have higher wages and still lower inflation.\n <b>Fundamentally speaking, free market capitalism is deflationary.</b>\n</blockquote>\n<p>Why?</p>\n<blockquote>\n <b>Neither you nor I are paid more than our marginal output. In our society as a whole, labor is always paid at or below its marginal output. In a socialist economy, it’s the other way round, because workers are usually paid more than their marginal output. So unless we change our system into a much more socialist type, and unless we had a substantial decline in labor productivity, I don’t see a return of structural inflation.</b>\n</blockquote>\n<p>What is different today compared to the 1970s, when we had structural inflation in our Western economies?</p>\n<blockquote>\n In the 1970s, we had powerful unions in the US which drove up labor cost but kept productivity low. This was the legacy of President Roosevelt’s New Deal which, in my view, was very socialist. In addition, you had a collapse in the Bretton Woods System which drove down the Dollar by 50%, leading to a spike in goods price inflation.\n <b>Finally, the US was a manufacturing power in the 1970s and the oil crisis created enormous stagflation pressures. None of this is true today.</b>\n</blockquote>\n<p>There is a tug of war going on between the Fed and financial markets: The Fed says they will stay dovish for a long time, while markets expect a lift-off in short term rates next year. Who is right?</p>\n<blockquote>\n <b>If you think about last decade, Fed policy was always too tight: The projected interest rate path by the Fed, as seen by the so-called Dot Plots, was always higher than market expectations.</b>Because of that, we had a number of financial tremors: The taper tantrum in 2013, the collapse in commodity prices in 2015, the collapse in stock markets in late 2018. We had almost ten years of undershooting inflation and periodic stock market chaos as a result of monetary policy being too tight. In the end, the Fed always caved in and moved towards the market.\n <b>Now it’s the other way round: The Fed is more dovish than market expectations. The market has priced in four or five rate hikes through 2023, while the Fed suggests they won’t do anything before 2024.</b>\n</blockquote>\n<p>Which side is right?</p>\n<blockquote>\n If you only looked at the lessons of the last decade, you’d say the market is right. But\n <b>the difference today is that the Fed has abandoned its old reaction function and wants to stay ultra-stimulative</b>until inflation is above 2% for a while. The Fed is now adamantly saying they are\n <b>willing to be late this time,</b>allowing the economy and inflation to run hotter than they would have in the old days. If that’s the case, then markets may be wrong because they still assume the old reaction function of the Fed. So we don’t know yet, but it’s possible that the Fed will stay dovish much longer than markets think.\n</blockquote>\n<p>What would the consequences of this new Fed policy be?</p>\n<blockquote>\n One conclusion is pretty obvious:\n <b>The stock market has already gone crazy and will likely go even crazier.</b>If you read the work of Charles Kindleberger, you know that asset bubbles are perennial, they grow back every ten years or so, and they are usually driven by easy monetary policy and lots of liquidity. So this new reaction function by the Fed, plus the support from fiscal policy, means that markets will go through a very bubbly period.\n</blockquote>\n<p>How big can this bubble get?</p>\n<blockquote>\n If you look at history, all speculative bubbles got killed by tightening monetary policy.\n <b>You never had a bubble burst while monetary policy was still easy.</b>Asset bubbles pop when central banks tighten policy to a point of yield curve inversion. Today, we’re far away from that.\n <b>That’s why I think this bubble could get a whole lot bigger.</b>\n</blockquote>\n<p>Would you say we’re only at the beginning of this process?</p>\n<blockquote>\n I’d say we are in the early stages of a stock market bubble, especially in the United States.\n <b>There are many signs of speculative behaviour,</b>be it Bitcoin, Gamestop, and so on. But it’s not as pervasive yet as it was in the late 1990s. When the technology bubble burst in 2000, everybody was bullish. Today, many people, even large banks, are still bearish. When they throw in the towel, then the final phase will begin.\n <b>This bubble is going to be a whole lot bigger than the 90s and it will probably run a whole lot longer than we think.</b>\n</blockquote>\n<p>You don’t see the risk of the bond market assuming the job of tightening conditions by rising long term yields?</p>\n<blockquote>\n Historically, rising yields hurt the economy and stock prices only when both the long and the short end of the curve were moving up. It’s usually not the case to see the long end of the curve move way up while short term rates remain pressed down, as they are today. There is a limit to the pain long term rates can create for the economy, because borrowers can always slide down the maturity curve to avoid having to pay higher interest rates.\n <b>So if you put it all together, I think ten year yields can’t move much higher than their fair value, while short term rates remain at zero.</b>\n</blockquote>\n<p>What will happen then?</p>\n<blockquote>\n <b>The most likely scenario I see today is that we’ll have an expanding equity bubble for the next two years, with multiples going way higher. Then comes the point where the Fed just can’t remain dovish anymore. They will raise rates. At that point, the end would be nigh. a bursting asset bubble would be inevitable, and this is always very deflationary. When that happens, we could see zero nominal yields in the U.S.</b>\n</blockquote>\n<p>Late last year, everyone was bearish on the dollar. Now the Greenback has surprised by strengthening since January. Why was that?</p>\n<blockquote>\n <b>Don’t forget that the dollar had dropped almost 11% last year.</b>Getting into 2021, it was very oversold, jammed with shorts. So a natural rebound from this position was to be expected. Going forward, I see the prerequisites in place for a further weakening.\n <b>In the last 20 years, every time the world economy slumped, the dollar strengthened, and every time the world economy got better, the dollar weakened. Right now, we see an improving world economy, hence the dollar should weaken.</b>\n</blockquote>\n<p>What’s the reason for that pattern?</p>\n<blockquote>\n <b>People say the dollar is a safe haven currency, but I don’t see it that way.</b>The Yen and the Swiss Franc are much better safe havens. From the 1970s through the 1990s, the dollar was pro-cyclical, i.e. strengthening with a stronger world economy. This changed around the year 2000. The reason in my view is that large parts of the developed world are in a liquidity trap. And in a liquidity trap, there is infinite demand for dollars, because the dollar demand curve is flat. So every time where we have an economic slump, it means the liquidity trap is deepening, hence the demand for dollars is going up. And every time the economy gets better, the liquidity trap is getting shallower, with demand for dollars shrinking.\n <b>So, if I take the view that the world economy in the second half of this year is starting a boom, then logically, we cannot have a stronger dollar. We have never had a booming world economy and a stronger dollar since 2000.</b>\n</blockquote>\n<p>When you look at world equity markets, which geographies and sectors currently offer the best opportunities?</p>\n<blockquote>\n I am very value conscious, so\n <b>I like European stocks, they have underperformed for a long time</b>. I would overweight Germany, France and Italy; their valuations are way more attractive than the US market. If we have a world economic boom, these markets will do very well. The US is difficult to underweight, because it’s so huge, but on the fringe I would suggest to overweight non-US stocks, i.e. Europe and Japan.\n <b>I think the Japanese market can have one last, big upleg before this bull market is over.</b>\n</blockquote>\n<p>An economic boom and a lower dollar should be bullish for emerging markets, right?</p>\n<blockquote>\n We must keep in mind that\n <b>today’s emerging markets are very different from 20 years ago.</b>Today, more than 40% of the MSCI EM index is made up by China. In China, the equity market is predominantly driven by big tech, with stocks like Alibaba and Tencent. So China has a similar issue like the US tech sector: In an environment of rising bond yields, these high-multiple stocks tend to underperform. Besides, China has begun to tighten policy, which is a negative for EM performance as a whole. I would shift more towards the commodity segment, meaning Latin America. They have been beaten down badly because of the Bolsonaro screwup in the pandemic crisis, but for every grief there is a price, and\n <b>I think Brazilian assets are cheap enough to absorb all the negatives.</b>I particularly like commodity markets like Chile. I also like Australia and Canada. These are places where value is better, and they are well positioned for rising commodity prices.\n</blockquote>\n<p>We see a world of inverted roles: After the financial crisis, China embarked on a huge monetary and fiscal stimulus. Today it’s the U.S., while China is tightening. What’s going on?</p>\n<blockquote>\n If you look at\n <b>the net increase in Chinese fiscal deficit in terms of fighting the pandemic, it was about 4.7% last year, as opposed to about 15% of GDP in the US.</b>Of course, China got the pandemic under control earlier, but that’s not all. The key thing is, their fiscal deficit spending is 100% infrastructure, whereas in the Western world we talk about 10 to 20% of GDP being dumped into the system through transfer payments. The fiscal multiplier in China is huge, while in the US it is practically zero. The second thing is this:\n <b>After 2008, China went on a construction spree, financed by an avalanche of credit creation. For ten years since then, the central government has been concerned about the economy getting overleveraged. This time, they are comparatively stingy and Beijing wants to slow down the credit creation process early.</b>\n</blockquote>\n<p>The stock market in China is not happy about that.</p>\n<blockquote>\n <b>The stock market is very sensitive to changes in liquidity conditions.</b>If credit growth is slowing down, stocks perform poorly. So it’s not a great time to buy Chinese equities right now. But from a broader economic point of view, I don’t think we’ll see the kind of tightening shock in China like we saw in 2015. So even though it might not be a great time to buy stocks due to liquidity conditions, I think the Chinese economy will do reasonably well, which also means a good environment for commodity prices.\n</blockquote>\n<p>What makes you confident that policy makers in China won’t commit a mistake and tighten too much?</p>\n<blockquote>\n They have not created much credit excesses this time, so there is no reason for them to tighten aggressively.\n <b>Geopolitically, the leadership in China has reached the conclusion that America is trying to suffocate the Chinese economy. So they have to maintain growth momentum by letting foreign investment money coming in.</b>\n</blockquote>\n<p>Has there been a change in thinking towards the US in Beijing since Joe Biden assumed the presidency?</p>\n<blockquote>\n <b>I think both sides are too far on the path of great power rivalry already.</b>America represents the incumbent power, and China is the rising power that is challenging the US. I personally believe that\n <b>we in the West don’t get the full picture of Sino-US confrontation. We only get the western side of the story,</b>we never get to see the Chinese perspective through our media.\n</blockquote>\n<p>What is the Chinese perspective?</p>\n<blockquote>\n <b>Within China, there is a strong feeling that the Americans have destroyed the bilateral relationship to cater to purely domestic political needs,</b>starting with Donald Trump. They feel that they are treated unfairly, in a confrontation that is unprovoked. Even when it comes to Hong Kong, we only know Beijing violated the concept of One Country Two Systems by imposing the new security law, but\n <b>how about the social upheavals and civil unrest in the two years leading up to the change of law</b>? No one said anything here. The US accused the Chinese of not playing by the rules, but the Chinese say they have played by the rules that were written by the US. They have joined the WTO and have slowly opened up their system. They signed the Paris Treaty. They have honoured all the international obligations, then Trump came and uprooted the very system that America had built. So the Chinese feel that the Americans suddenly want to change the rules again.\n <b>The consensus in Beijing now is that the US wants to derail China. Once you have a consensus like that, it’s difficult to change.</b>\n</blockquote>\n<p>Will Biden continue on that path?</p>\n<blockquote>\n Biden has inherited Trump’s policies. That’s unfortunate, but there’s not much he can do. Trump’s China policy served his domestic agenda, hitting China in order to score points at home. As a result of that, public opinion of China spiralled down. Biden can’t turn that back. And again,\n <b>the consensus in China is that America wants to keep China down. We must prepare for a long confrontation.</b>\n</blockquote>\n<p>Do you see the risk of that confrontation turning hot?</p>\n<blockquote>\n <b>Washington is playing with the very nerve of the Chinese national interest, which is Taiwan.</b>Since the beginning of bilateral diplomatic relations in the 1970s, one core commitment of the US was the One China Policy, avoiding official contact with the government in Taiwan. But Trump changed that, and Biden continues to follow the Trump script. This is very dangerous. Since 1979, there has been a tacit understanding on both sides that if the US does not encourage separation, the Chinese side will not resort to any military action. Now this tacit agreement has been thrown out of the window. Because Washington has seemingly encouraged official contacts with Taiwan, China feels the need to show their commitment to retake the island to maintain territorial integrity. That’s why we have incursions into Taiwanese air space practically every day. There is a reaction feedback going back and forth.\n <b>I think there is a strong consensus among the Chinese leadership that within the next five years, if the US continues along this path, they might as well just take the risk of invading Taiwan. Then, all bets are off. The risk of some kind of confrontation is the highest in 40 years.</b>\n</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>\"The Stock Market Has Gone Crazy And Will Likely Go Even Crazier\"</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\"The Stock Market Has Gone Crazy And Will Likely Go Even Crazier\"\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-25 15:54 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/stock-market-has-gone-crazy-and-will-likely-go-even-crazier><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Chen Zhao, Founding Partner and Chief Strategist of Montreal-based Alpine Macro, has been analyzing global financial markets for more than thirty years. Numerous investors worldwide know him as the ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/stock-market-has-gone-crazy-and-will-likely-go-even-crazier\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/stock-market-has-gone-crazy-and-will-likely-go-even-crazier","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159622467","content_text":"Chen Zhao, Founding Partner and Chief Strategist of Montreal-based Alpine Macro, has been analyzing global financial markets for more than thirty years. Numerous investors worldwide know him as the long-serving Chief Strategist of BCA Research.\nToday, Zhao is confident about equity markets. He sees the ingredients for a strong recovery in the global economy, and he believes fears of higher inflation are overblown. He sees the potential for the Federal Reserve's monetary policy to inflate a new speculative bubble.«This bubble is going to be a whole lot bigger than the tech bubble of the late nineties, and it will probably run a whole lot longer than we think»,says Zhao in an in-depth conversation with The Market NZZ.\nHis main concern is the growing conflict between the United States and China.Today, the risk of escalation over Taiwan is greater than at any time in the last 40 years, Zhao warns.\nMr. Zhao, in February and March, we have witnessed a sharp upward move in long term US bond yields, temporarily causing a sell-off in the Nasdaq. What do you make of this?\n\n Whenever bond yields rise, you should conceptually decompose this movement into two stages. One is reflective, meaning\n the bond market is trying to tell you something about the underlying economy.Rising bond yields are reflective of stronger economic growth. However, a market selloff could also move into a phase where bond yields become too high, constraining economic activity. In my judgement, what we are witnessing right now is purely reflective. The ISM manufacturing index is at its highest level since 1983, the world economy is in a strong recovery mode. Higher yields are consistent with the economy getting stronger. Under these circumstances, I would be more concerned if bond yields did not rise.\n\nAren’t rising inflation expectations also playing a part?\n\nI don’t see a clear breakout in inflation expectations.People forget that during the decade after the global financial crisis, inflation expectations have fallen apart. Markets became much more concerned about deflation. Inflation breakeven rates currently are between 2 and 2.2%, whereas the average range during the decade before 2009 was more like 2.5 to 3%. So inflation expectations are simply in the process of being normalized.\n\nDo you see room for a further rise in yields?\n\n Our model says ten year Treasury yields are pretty much at fair value today, at around 1.5%. But we know that if we have a cyclical move in financial markets, nothing stops at fair value. Markets always undershoot or overshoot. So I could see yields rise towards 2% or even a bit more.\n If they approach 2%, we would be active buyers of long term Treasuries.\n\nDon’t you see structural inflation building up?\n\n No, not at all. There is a widespread misunderstanding of this issue. Many people look at the fiscal position of the United States and see a budget deficit of almost 20% of GDP. The Fed balance sheet has expanded by $7 trillion since the beginning of the pandemic, M2 has exploded upward.\n How can this not be inflationary? Well, in my experience, something that is too obvious is usually wrong.\n\nHow so?\n\n What happened is this: For all of 2020, the US government unleashed $3.5 trillion in various rescue packages, as a result of which the federal government debt rose by $3.6 trillion. At the same time, the household sector’s disposable income increased by $3.5 trillion, and household savings shot up by $5.5 trillion. In other words, American households not only saved up all the transfer payments they received from the government, but they even saved $2 trillion more from their own income.\n These rescue programs did absolutely nothing to generate aggregate final demand or GDP growth. What we have seen was not a fiscal stimulus to boost aggregate demand, but a transfer payment. This was no different than a one-time tax cut.We know that people’s spending behaviour is determined by their outlook for sustainable income.\n If you give them a one-time tax cut, they will save it. This is what the Permanent Income Hypothesis says and this is what has happened.\n\nDon’t you think there is a huge amount of pent-up demand that will be released once the economy fully reopens?\n\n Yes, there will be a demand surge. Consumption spending has been repressed for over a year as a result of Covid-19 related restrictions. When the world economy reopens, this spending will be released. But this is not inflationary, as the boom will be temporary. People won’t party for the next twenty years. They will party for the next six months or so.\n For inflation to be a true threat, you need aggregate demand exceeding aggregate supply on a sustainable basis. I don’t see that happening any time soon.The government subsidies simply amount to a huge balance sheet swap: government debt as a share of GDP has gone up, while consumers’ net worth has gone up even more. This balance sheet swap has nothing to do with excessive aggregate demand.\n\nDoes that also mean you don’t see a structural bear market for bonds, where yields would drift higher over the coming years?\n\n Correct,\n I don’t see the drivers for structurally higher yields.That’s why I think that ten-year Treasury yields above 2% would represent a good buying opportunity.\n\nWhat would it take for you to change your mind?\n\nI will change my mind if the government took over and built lots of roads and bridges and have it all financed by the Fed.\n\nIsn’t that what the $2.3 trillion Biden infrastructure plan will do?\n\nThis proposed package is a step towards that kind of transition. But don’t forget, this is a rather small piece of cake, because it envisions spending roughly $2.2 trillion over eight years, so each year it would add only about 0.8 or 0.9% of GDP adjusted for inflation.On top of that, Biden is proposing higher taxes to fund it. So his infrastructure plan creates some growth on one hand, while taking it away with higher taxes on the other hand. Its net impact will only be around 0.4 or 0.5% of GDP per year. This won’t be a game changer in terms of inflation.\n\nWhat else would tell you that we are indeed moving through a profound transition towards higher inflation and higher interest rates?\n\n In my view,\n central banks have been completely wrong in their thinking about the Phillips Curve for the past 30 years,meaning that every time the labor market got too strong, they felt they had to raise rates, because they feared wage inflation would kick in. But we know now that there are a lot of things standing in the way between a strong labor market and actual wage inflation. In an environment of rising productivity, you can have higher wages and still lower inflation.\n Fundamentally speaking, free market capitalism is deflationary.\n\nWhy?\n\nNeither you nor I are paid more than our marginal output. In our society as a whole, labor is always paid at or below its marginal output. In a socialist economy, it’s the other way round, because workers are usually paid more than their marginal output. So unless we change our system into a much more socialist type, and unless we had a substantial decline in labor productivity, I don’t see a return of structural inflation.\n\nWhat is different today compared to the 1970s, when we had structural inflation in our Western economies?\n\n In the 1970s, we had powerful unions in the US which drove up labor cost but kept productivity low. This was the legacy of President Roosevelt’s New Deal which, in my view, was very socialist. In addition, you had a collapse in the Bretton Woods System which drove down the Dollar by 50%, leading to a spike in goods price inflation.\n Finally, the US was a manufacturing power in the 1970s and the oil crisis created enormous stagflation pressures. None of this is true today.\n\nThere is a tug of war going on between the Fed and financial markets: The Fed says they will stay dovish for a long time, while markets expect a lift-off in short term rates next year. Who is right?\n\nIf you think about last decade, Fed policy was always too tight: The projected interest rate path by the Fed, as seen by the so-called Dot Plots, was always higher than market expectations.Because of that, we had a number of financial tremors: The taper tantrum in 2013, the collapse in commodity prices in 2015, the collapse in stock markets in late 2018. We had almost ten years of undershooting inflation and periodic stock market chaos as a result of monetary policy being too tight. In the end, the Fed always caved in and moved towards the market.\n Now it’s the other way round: The Fed is more dovish than market expectations. The market has priced in four or five rate hikes through 2023, while the Fed suggests they won’t do anything before 2024.\n\nWhich side is right?\n\n If you only looked at the lessons of the last decade, you’d say the market is right. But\n the difference today is that the Fed has abandoned its old reaction function and wants to stay ultra-stimulativeuntil inflation is above 2% for a while. The Fed is now adamantly saying they are\n willing to be late this time,allowing the economy and inflation to run hotter than they would have in the old days. If that’s the case, then markets may be wrong because they still assume the old reaction function of the Fed. So we don’t know yet, but it’s possible that the Fed will stay dovish much longer than markets think.\n\nWhat would the consequences of this new Fed policy be?\n\n One conclusion is pretty obvious:\n The stock market has already gone crazy and will likely go even crazier.If you read the work of Charles Kindleberger, you know that asset bubbles are perennial, they grow back every ten years or so, and they are usually driven by easy monetary policy and lots of liquidity. So this new reaction function by the Fed, plus the support from fiscal policy, means that markets will go through a very bubbly period.\n\nHow big can this bubble get?\n\n If you look at history, all speculative bubbles got killed by tightening monetary policy.\n You never had a bubble burst while monetary policy was still easy.Asset bubbles pop when central banks tighten policy to a point of yield curve inversion. Today, we’re far away from that.\n That’s why I think this bubble could get a whole lot bigger.\n\nWould you say we’re only at the beginning of this process?\n\n I’d say we are in the early stages of a stock market bubble, especially in the United States.\n There are many signs of speculative behaviour,be it Bitcoin, Gamestop, and so on. But it’s not as pervasive yet as it was in the late 1990s. When the technology bubble burst in 2000, everybody was bullish. Today, many people, even large banks, are still bearish. When they throw in the towel, then the final phase will begin.\n This bubble is going to be a whole lot bigger than the 90s and it will probably run a whole lot longer than we think.\n\nYou don’t see the risk of the bond market assuming the job of tightening conditions by rising long term yields?\n\n Historically, rising yields hurt the economy and stock prices only when both the long and the short end of the curve were moving up. It’s usually not the case to see the long end of the curve move way up while short term rates remain pressed down, as they are today. There is a limit to the pain long term rates can create for the economy, because borrowers can always slide down the maturity curve to avoid having to pay higher interest rates.\n So if you put it all together, I think ten year yields can’t move much higher than their fair value, while short term rates remain at zero.\n\nWhat will happen then?\n\nThe most likely scenario I see today is that we’ll have an expanding equity bubble for the next two years, with multiples going way higher. Then comes the point where the Fed just can’t remain dovish anymore. They will raise rates. At that point, the end would be nigh. a bursting asset bubble would be inevitable, and this is always very deflationary. When that happens, we could see zero nominal yields in the U.S.\n\nLate last year, everyone was bearish on the dollar. Now the Greenback has surprised by strengthening since January. Why was that?\n\nDon’t forget that the dollar had dropped almost 11% last year.Getting into 2021, it was very oversold, jammed with shorts. So a natural rebound from this position was to be expected. Going forward, I see the prerequisites in place for a further weakening.\n In the last 20 years, every time the world economy slumped, the dollar strengthened, and every time the world economy got better, the dollar weakened. Right now, we see an improving world economy, hence the dollar should weaken.\n\nWhat’s the reason for that pattern?\n\nPeople say the dollar is a safe haven currency, but I don’t see it that way.The Yen and the Swiss Franc are much better safe havens. From the 1970s through the 1990s, the dollar was pro-cyclical, i.e. strengthening with a stronger world economy. This changed around the year 2000. The reason in my view is that large parts of the developed world are in a liquidity trap. And in a liquidity trap, there is infinite demand for dollars, because the dollar demand curve is flat. So every time where we have an economic slump, it means the liquidity trap is deepening, hence the demand for dollars is going up. And every time the economy gets better, the liquidity trap is getting shallower, with demand for dollars shrinking.\n So, if I take the view that the world economy in the second half of this year is starting a boom, then logically, we cannot have a stronger dollar. We have never had a booming world economy and a stronger dollar since 2000.\n\nWhen you look at world equity markets, which geographies and sectors currently offer the best opportunities?\n\n I am very value conscious, so\n I like European stocks, they have underperformed for a long time. I would overweight Germany, France and Italy; their valuations are way more attractive than the US market. If we have a world economic boom, these markets will do very well. The US is difficult to underweight, because it’s so huge, but on the fringe I would suggest to overweight non-US stocks, i.e. Europe and Japan.\n I think the Japanese market can have one last, big upleg before this bull market is over.\n\nAn economic boom and a lower dollar should be bullish for emerging markets, right?\n\n We must keep in mind that\n today’s emerging markets are very different from 20 years ago.Today, more than 40% of the MSCI EM index is made up by China. In China, the equity market is predominantly driven by big tech, with stocks like Alibaba and Tencent. So China has a similar issue like the US tech sector: In an environment of rising bond yields, these high-multiple stocks tend to underperform. Besides, China has begun to tighten policy, which is a negative for EM performance as a whole. I would shift more towards the commodity segment, meaning Latin America. They have been beaten down badly because of the Bolsonaro screwup in the pandemic crisis, but for every grief there is a price, and\n I think Brazilian assets are cheap enough to absorb all the negatives.I particularly like commodity markets like Chile. I also like Australia and Canada. These are places where value is better, and they are well positioned for rising commodity prices.\n\nWe see a world of inverted roles: After the financial crisis, China embarked on a huge monetary and fiscal stimulus. Today it’s the U.S., while China is tightening. What’s going on?\n\n If you look at\n the net increase in Chinese fiscal deficit in terms of fighting the pandemic, it was about 4.7% last year, as opposed to about 15% of GDP in the US.Of course, China got the pandemic under control earlier, but that’s not all. The key thing is, their fiscal deficit spending is 100% infrastructure, whereas in the Western world we talk about 10 to 20% of GDP being dumped into the system through transfer payments. The fiscal multiplier in China is huge, while in the US it is practically zero. The second thing is this:\n After 2008, China went on a construction spree, financed by an avalanche of credit creation. For ten years since then, the central government has been concerned about the economy getting overleveraged. This time, they are comparatively stingy and Beijing wants to slow down the credit creation process early.\n\nThe stock market in China is not happy about that.\n\nThe stock market is very sensitive to changes in liquidity conditions.If credit growth is slowing down, stocks perform poorly. So it’s not a great time to buy Chinese equities right now. But from a broader economic point of view, I don’t think we’ll see the kind of tightening shock in China like we saw in 2015. So even though it might not be a great time to buy stocks due to liquidity conditions, I think the Chinese economy will do reasonably well, which also means a good environment for commodity prices.\n\nWhat makes you confident that policy makers in China won’t commit a mistake and tighten too much?\n\n They have not created much credit excesses this time, so there is no reason for them to tighten aggressively.\n Geopolitically, the leadership in China has reached the conclusion that America is trying to suffocate the Chinese economy. So they have to maintain growth momentum by letting foreign investment money coming in.\n\nHas there been a change in thinking towards the US in Beijing since Joe Biden assumed the presidency?\n\nI think both sides are too far on the path of great power rivalry already.America represents the incumbent power, and China is the rising power that is challenging the US. I personally believe that\n we in the West don’t get the full picture of Sino-US confrontation. We only get the western side of the story,we never get to see the Chinese perspective through our media.\n\nWhat is the Chinese perspective?\n\nWithin China, there is a strong feeling that the Americans have destroyed the bilateral relationship to cater to purely domestic political needs,starting with Donald Trump. They feel that they are treated unfairly, in a confrontation that is unprovoked. Even when it comes to Hong Kong, we only know Beijing violated the concept of One Country Two Systems by imposing the new security law, but\n how about the social upheavals and civil unrest in the two years leading up to the change of law? No one said anything here. The US accused the Chinese of not playing by the rules, but the Chinese say they have played by the rules that were written by the US. They have joined the WTO and have slowly opened up their system. They signed the Paris Treaty. They have honoured all the international obligations, then Trump came and uprooted the very system that America had built. So the Chinese feel that the Americans suddenly want to change the rules again.\n The consensus in Beijing now is that the US wants to derail China. Once you have a consensus like that, it’s difficult to change.\n\nWill Biden continue on that path?\n\n Biden has inherited Trump’s policies. That’s unfortunate, but there’s not much he can do. Trump’s China policy served his domestic agenda, hitting China in order to score points at home. As a result of that, public opinion of China spiralled down. Biden can’t turn that back. And again,\n the consensus in China is that America wants to keep China down. We must prepare for a long confrontation.\n\nDo you see the risk of that confrontation turning hot?\n\nWashington is playing with the very nerve of the Chinese national interest, which is Taiwan.Since the beginning of bilateral diplomatic relations in the 1970s, one core commitment of the US was the One China Policy, avoiding official contact with the government in Taiwan. But Trump changed that, and Biden continues to follow the Trump script. This is very dangerous. Since 1979, there has been a tacit understanding on both sides that if the US does not encourage separation, the Chinese side will not resort to any military action. Now this tacit agreement has been thrown out of the window. Because Washington has seemingly encouraged official contacts with Taiwan, China feels the need to show their commitment to retake the island to maintain territorial integrity. That’s why we have incursions into Taiwanese air space practically every day. There is a reaction feedback going back and forth.\n I think there is a strong consensus among the Chinese leadership that within the next five years, if the US continues along this path, they might as well just take the risk of invading Taiwan. Then, all bets are off. The risk of some kind of confrontation is the highest in 40 years.","news_type":1},"isVote":1,"tweetType":1,"viewCount":48,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372678597,"gmtCreate":1619215777219,"gmtModify":1634287760831,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Like n comment thanks","listText":"Like n comment thanks","text":"Like n comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/372678597","repostId":"1128911279","repostType":4,"isVote":1,"tweetType":1,"viewCount":265,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372978470,"gmtCreate":1619172882890,"gmtModify":1634288009652,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"RIP","listText":"RIP","text":"RIP","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/372978470","repostId":"1180283228","repostType":4,"repost":{"id":"1180283228","pubTimestamp":1619170754,"share":"https://www.laohu8.com/m/news/1180283228?lang=&edition=full","pubTime":"2021-04-23 17:39","market":"us","language":"en","title":"Stocks Will Get Over Their Big Biden Tax Wobble","url":"https://stock-news.laohu8.com/highlight/detail?id=1180283228","media":"Bloomberg","summary":"History shows that the effects of changes in capital-gains rates don’t tend to endure.\nWall Street’s","content":"<p>History shows that the effects of changes in capital-gains rates don’t tend to endure.</p>\n<p><b>Wall Street’s Taxing Day</b></p>\n<p>Stock markets don’t like it when politicians say they are going to raise capital-gains taxes. This should come as no surprise to anyone, and so Wall Street’s response to Thursday’s&nbsp;Bloomberg News exclusive&nbsp;that President Biden is planning a big hike in CGT was predictable. No prizes for working out exactly when that story was published after looking at this intraday chart of the S&amp;P 500:</p>\n<p><img src=\"https://static.tigerbbs.com/fba4525ab1282805eaeef9a243759882\" tg-width=\"1200\" tg-height=\"675\"></p>\n<p>The president, who has ambitious plans to raise spending, campaigned last year on a&nbsp;platform that included a big CGT increase. Investment strategists had already done the mathematics for the stock market. Writing the week before last year’s election, David Kostin, chief U.S. equity strategist for Goldman Sachs Group Inc.,&nbsp;predicted exactly the rate flagged in Bloomberg’s story almost six months later:</p>\n<blockquote>\n <i>Long-term capital gains and qualified dividends are currently taxed at a maximum rate of 20%, along with a separate 3.8% tax on investment income. Vice President Biden has proposed taxing these as ordinary income for filers with over $1 million in annual income. This would roughly double the tax rate on capital gains and dividend income from 23.8% to 43.4%.</i>\n</blockquote>\n<p>It should be no great surprise that capital-gains taxes will come into focus, as these have a far greater impact on the wealthy than the poor. They are the ones who have enough wealth to generate capital gains in the first place; tax-planning programs that try to convert income into capital gains can help the wealthy reduce their tax bill (which is unpopular); and most Americans hold most of their stocks through tax-privileged vehicles such as 401(k) plans, and are unaffected.&nbsp;In the current political environment, anything that counteracts inequality will be more popular with Democratic legislators and their political base.</p>\n<p>Rather, it was the scale of the rise that came as a nasty surprise. The effective top rate of 43.4% (including a levy for Obamacare) is where the Biden administration will start the bidding, according to Bloomberg News.&nbsp;That’s a lot. It could conceivably have been higher, as this is the start of a negotiation, and&nbsp;economists at Princeton University&nbsp;argued last year&nbsp;that an even higher rate, of 47%, would maximize revenue from the tax.</p>\n<p>What are the direct effects of a CGT hike? If you were thinking of selling shares anyway, it makes far more sense to sell them before the end of the year. There is also an incentive for “bed-and-breakfasting” —&nbsp;selling a position to crystalize a gain for tax purposes and then buying it back. That should help ensure an exciting end to the year. But it’s not clear that higher CGT does anything more than bring sales forward. The way the market handled the last major CGT increase, at the end of 2012, is instructive. As it grew clear that higher capital gains taxes were coming, the S&amp;P 500 languished and went sideways for the last few months of the year, closing roughly where it had been in March. Then 2013 turned out to be a great year; stocks started their rally at the beginning of January and never really stopped:</p>\n<p><img src=\"https://static.tigerbbs.com/12d30caff4d39200869832758e59ac64\" tg-width=\"1200\" tg-height=\"675\"></p>\n<p>If it becomes clear that some tax increase is going to happen, then some broad repetition of this pattern seems more likely, with returns that people might have been expecting for this year postponed until next.</p>\n<p>Longer history tends to confirm this. Capital-gains taxes can be seen coming, which makes them easier for markets to deal with. Beyond that generalizations are difficult, even though there is&nbsp;plenty of data. The level of tax you pay on gains will have an effect on the returns you make personally, but they aren’t so fundamental to the overall level of the market. In the following chart, I marked all CGT hikes in red, and cuts in green.&nbsp;&nbsp;In the late 1960s, steadily rising CGT overlapped with growing problems for the markets, but both owed much to the economy’s difficulties. Two classic examples that show CGT doesn’t overcome other issues for the markets came in 1987, which began with a tax hike, and was followed by an epic rally and then a crash, and 2008, which saw markets steadily slip for months until crashing amid the crisis, despite starting the year with a CGT cut:</p>\n<p><img src=\"https://static.tigerbbs.com/f5cd81560a7c31403bde513aefc88027\" tg-width=\"1200\" tg-height=\"675\"></p>\n<p>Kostin of Goldman Sachs crunched the numbers for the last three CGT&nbsp;hikes, from 1987, 1988 and 2013. Stocks do indeed tend to fall in the run-up to the change, but more than make up for it thereafter. Earnings multiples increased slightly before those rises, but did better in the six months afterwards. And households sold a little before the hikes, but more than made up for it.</p>\n<p>The only lasting effect appears to be on momentum stocks. They have the highest gains to be generated, and will therefore suffer the most from unexpected selling:</p>\n<p><img src=\"https://static.tigerbbs.com/bc4620692fbd8c867f8e804b0d9a8887\" tg-width=\"737\" tg-height=\"493\"></p>\n<p>Momentum stocks have had something of a correction in recent months however, so it is unlikely that the tax change will have a major effect on them. That means Kostin's summing-up from six months ago should still stand today:</p>\n<blockquote>\n <i>Using Federal Reserve data, we estimate the wealthiest households now hold around $1 trillion in unrealized equity capital gains. This equates to 3% of total US equity market cap and roughly 30% of average monthly S&amp;P 500 trading volume. However, the trend of net equity selling and falling stock prices around capital gain rate changes has usually been short-lived and reversed during subsequent quarters. In 2013, although the wealthiest households sold 1% of their assets prior to the rate hike, they bought 4% of starting equity assets in the quarter after the change and therefore only temporarily reduced their equity exposures in order to realize gains at the lower rate. Total household equity allocations demonstrated a similar pattern around the two preceding capital gains tax hikes.</i>\n</blockquote>\n<p>So if anything it is surprising that the Bloomberg story had so much of an effect, beautifully written though it was. Some of this comes from growing awareness in the investing community that the Biden administration’s spending is going to have a lumpy effect on fiscal policy. The economic benefits of building big physical infrastructure projects take time to have an effect; the taxes to pay for them have an immediate and earlier impact.</p>\n<p>There is also some reason for apprehension about the end of the year. The CGT hike is going to happen in some form, and it will weigh on the market then. If the strong economic data don’t show signs of slowing, that could be about the time that the Fed develops cold feet about overheating and starts to tighten monetary policy. So there are reasons to be nervous about the last few months of this year —&nbsp;even if there wasn’t much reason to sell off on a Thursday afternoon in April.</p>\n<p><b>Survival Tips</b></p>\n<p>It's time to confess a guilty pleasure. There is a lot of fun to be had in listening to egg-headed podcasts. I don't mean the kind that has become a work of art, with sound effects and famous actors, but the more deliberately austere type that feature someone wonky speaking to somebody else who's wonky, or possibly even just talking into a microphone for half an hour. Or an hour. There's something soothing about it, and podcasts like this are a great way to fill gaps in your knowledge.</p>\n<p>So, here are some of my favorite unadorned and unashamedly intellectual podcasts, to which I would give five stars. I'm afraid there's a bit of a bias toward&nbsp;British voices, which suggests I might also be using them to deal with occasional pangs of homesickness:</p>\n<p>Dan Snow's History Hit&nbsp;—&nbsp;Snow is a public historian, and son of the famous BBC journalist Peter Snow. He produces five episodes a week, in which he interviews a historian about their work. It ranges all over the place, with plenty of non-British voices. The last week included episodes on Shakespeare's Shoreditch Theatre, Roman Prisoners of War, Lessons from the Antonine Plague, and “Lady Mary and the First Inoculation”&nbsp;on the pre-history of vaccination. I even wrote up a newsletter from the episode on the&nbsp;Irish Potato Famine.</p>\n<p>Talking Politics History of Ideas&nbsp;— in which David Runciman, a Cambridge University politics professor, offers a series of 50-minute monologues on great political thinkers. There are episodes on John Rawls and Robert Nozick, and historic titans like Hobbes and Rousseau. But Runciman, who does a great job of building up a case and explaining his thinkers' key insights, also chooses some more surprising candidates, such as Samuel Butler, Frederick Douglass or, most recently,Judith Shklar&nbsp;and her argument on why we shouldn't be angry about hypocrisy.</p>\n<p>In Our Time&nbsp;— veteran arts journalist Melvyn Bragg interviews three university professors on some random subject. The topics are all over the place, and range into science (there was a lengthy discussion of the French mathematician Laplace earlier this month), as well as history and the arts. It can learn you up in a hurry on subjects you never knew interested you; for Points of Return readers, the episode on&nbsp;David Ricardois interesting, and told me a lot I didn't know.</p>\n<p>Deep Background&nbsp;— this features my intimidatingly intelligent Bloomberg Opinion colleague Noah Feldman, who finds time to do a weekly podcast in the gaps between his job as a professor at Harvard Law School. In each podcast he interviews one guest. He's most interesting when he hones his analytical mind on subjects off his usual beat. This week's answers the question “Is Crypto B******t?”</p>\n<p>They're worth giving a try. Have a good weekend.</p>","source":"lsy1584095487587","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>Stocks Will Get Over Their Big Biden Tax Wobble</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\">\nStocks Will Get Over Their Big Biden Tax Wobble\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-23 17:39 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/opinion/articles/2021-04-23/stock-market-will-get-over-biden-s-capital-gains-tax-increase?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>History shows that the effects of changes in capital-gains rates don’t tend to endure.\nWall Street’s Taxing Day\nStock markets don’t like it when politicians say they are going to raise capital-gains ...</p>\n\n<a href=\"https://www.bloomberg.com/opinion/articles/2021-04-23/stock-market-will-get-over-biden-s-capital-gains-tax-increase?srnd=premium-asia\">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",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.bloomberg.com/opinion/articles/2021-04-23/stock-market-will-get-over-biden-s-capital-gains-tax-increase?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180283228","content_text":"History shows that the effects of changes in capital-gains rates don’t tend to endure.\nWall Street’s Taxing Day\nStock markets don’t like it when politicians say they are going to raise capital-gains taxes. This should come as no surprise to anyone, and so Wall Street’s response to Thursday’s Bloomberg News exclusive that President Biden is planning a big hike in CGT was predictable. No prizes for working out exactly when that story was published after looking at this intraday chart of the S&P 500:\n\nThe president, who has ambitious plans to raise spending, campaigned last year on a platform that included a big CGT increase. Investment strategists had already done the mathematics for the stock market. Writing the week before last year’s election, David Kostin, chief U.S. equity strategist for Goldman Sachs Group Inc., predicted exactly the rate flagged in Bloomberg’s story almost six months later:\n\nLong-term capital gains and qualified dividends are currently taxed at a maximum rate of 20%, along with a separate 3.8% tax on investment income. Vice President Biden has proposed taxing these as ordinary income for filers with over $1 million in annual income. This would roughly double the tax rate on capital gains and dividend income from 23.8% to 43.4%.\n\nIt should be no great surprise that capital-gains taxes will come into focus, as these have a far greater impact on the wealthy than the poor. They are the ones who have enough wealth to generate capital gains in the first place; tax-planning programs that try to convert income into capital gains can help the wealthy reduce their tax bill (which is unpopular); and most Americans hold most of their stocks through tax-privileged vehicles such as 401(k) plans, and are unaffected. In the current political environment, anything that counteracts inequality will be more popular with Democratic legislators and their political base.\nRather, it was the scale of the rise that came as a nasty surprise. The effective top rate of 43.4% (including a levy for Obamacare) is where the Biden administration will start the bidding, according to Bloomberg News. That’s a lot. It could conceivably have been higher, as this is the start of a negotiation, and economists at Princeton University argued last year that an even higher rate, of 47%, would maximize revenue from the tax.\nWhat are the direct effects of a CGT hike? If you were thinking of selling shares anyway, it makes far more sense to sell them before the end of the year. There is also an incentive for “bed-and-breakfasting” — selling a position to crystalize a gain for tax purposes and then buying it back. That should help ensure an exciting end to the year. But it’s not clear that higher CGT does anything more than bring sales forward. The way the market handled the last major CGT increase, at the end of 2012, is instructive. As it grew clear that higher capital gains taxes were coming, the S&P 500 languished and went sideways for the last few months of the year, closing roughly where it had been in March. Then 2013 turned out to be a great year; stocks started their rally at the beginning of January and never really stopped:\n\nIf it becomes clear that some tax increase is going to happen, then some broad repetition of this pattern seems more likely, with returns that people might have been expecting for this year postponed until next.\nLonger history tends to confirm this. Capital-gains taxes can be seen coming, which makes them easier for markets to deal with. Beyond that generalizations are difficult, even though there is plenty of data. The level of tax you pay on gains will have an effect on the returns you make personally, but they aren’t so fundamental to the overall level of the market. In the following chart, I marked all CGT hikes in red, and cuts in green.  In the late 1960s, steadily rising CGT overlapped with growing problems for the markets, but both owed much to the economy’s difficulties. Two classic examples that show CGT doesn’t overcome other issues for the markets came in 1987, which began with a tax hike, and was followed by an epic rally and then a crash, and 2008, which saw markets steadily slip for months until crashing amid the crisis, despite starting the year with a CGT cut:\n\nKostin of Goldman Sachs crunched the numbers for the last three CGT hikes, from 1987, 1988 and 2013. Stocks do indeed tend to fall in the run-up to the change, but more than make up for it thereafter. Earnings multiples increased slightly before those rises, but did better in the six months afterwards. And households sold a little before the hikes, but more than made up for it.\nThe only lasting effect appears to be on momentum stocks. They have the highest gains to be generated, and will therefore suffer the most from unexpected selling:\n\nMomentum stocks have had something of a correction in recent months however, so it is unlikely that the tax change will have a major effect on them. That means Kostin's summing-up from six months ago should still stand today:\n\nUsing Federal Reserve data, we estimate the wealthiest households now hold around $1 trillion in unrealized equity capital gains. This equates to 3% of total US equity market cap and roughly 30% of average monthly S&P 500 trading volume. However, the trend of net equity selling and falling stock prices around capital gain rate changes has usually been short-lived and reversed during subsequent quarters. In 2013, although the wealthiest households sold 1% of their assets prior to the rate hike, they bought 4% of starting equity assets in the quarter after the change and therefore only temporarily reduced their equity exposures in order to realize gains at the lower rate. Total household equity allocations demonstrated a similar pattern around the two preceding capital gains tax hikes.\n\nSo if anything it is surprising that the Bloomberg story had so much of an effect, beautifully written though it was. Some of this comes from growing awareness in the investing community that the Biden administration’s spending is going to have a lumpy effect on fiscal policy. The economic benefits of building big physical infrastructure projects take time to have an effect; the taxes to pay for them have an immediate and earlier impact.\nThere is also some reason for apprehension about the end of the year. The CGT hike is going to happen in some form, and it will weigh on the market then. If the strong economic data don’t show signs of slowing, that could be about the time that the Fed develops cold feet about overheating and starts to tighten monetary policy. So there are reasons to be nervous about the last few months of this year — even if there wasn’t much reason to sell off on a Thursday afternoon in April.\nSurvival Tips\nIt's time to confess a guilty pleasure. There is a lot of fun to be had in listening to egg-headed podcasts. I don't mean the kind that has become a work of art, with sound effects and famous actors, but the more deliberately austere type that feature someone wonky speaking to somebody else who's wonky, or possibly even just talking into a microphone for half an hour. Or an hour. There's something soothing about it, and podcasts like this are a great way to fill gaps in your knowledge.\nSo, here are some of my favorite unadorned and unashamedly intellectual podcasts, to which I would give five stars. I'm afraid there's a bit of a bias toward British voices, which suggests I might also be using them to deal with occasional pangs of homesickness:\nDan Snow's History Hit — Snow is a public historian, and son of the famous BBC journalist Peter Snow. He produces five episodes a week, in which he interviews a historian about their work. It ranges all over the place, with plenty of non-British voices. The last week included episodes on Shakespeare's Shoreditch Theatre, Roman Prisoners of War, Lessons from the Antonine Plague, and “Lady Mary and the First Inoculation” on the pre-history of vaccination. I even wrote up a newsletter from the episode on the Irish Potato Famine.\nTalking Politics History of Ideas — in which David Runciman, a Cambridge University politics professor, offers a series of 50-minute monologues on great political thinkers. There are episodes on John Rawls and Robert Nozick, and historic titans like Hobbes and Rousseau. But Runciman, who does a great job of building up a case and explaining his thinkers' key insights, also chooses some more surprising candidates, such as Samuel Butler, Frederick Douglass or, most recently,Judith Shklar and her argument on why we shouldn't be angry about hypocrisy.\nIn Our Time — veteran arts journalist Melvyn Bragg interviews three university professors on some random subject. The topics are all over the place, and range into science (there was a lengthy discussion of the French mathematician Laplace earlier this month), as well as history and the arts. It can learn you up in a hurry on subjects you never knew interested you; for Points of Return readers, the episode on David Ricardois interesting, and told me a lot I didn't know.\nDeep Background — this features my intimidatingly intelligent Bloomberg Opinion colleague Noah Feldman, who finds time to do a weekly podcast in the gaps between his job as a professor at Harvard Law School. In each podcast he interviews one guest. He's most interesting when he hones his analytical mind on subjects off his usual beat. This week's answers the question “Is Crypto B******t?”\nThey're worth giving a try. Have a good weekend.","news_type":1},"isVote":1,"tweetType":1,"viewCount":115,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":378579353,"gmtCreate":1619052892172,"gmtModify":1634288940249,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Like &amp; comment thanks","listText":"Like &amp; comment thanks","text":"Like & comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/378579353","repostId":"2129806304","repostType":4,"isVote":1,"tweetType":1,"viewCount":145,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":378352744,"gmtCreate":1619004869188,"gmtModify":1634289296654,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Comment","listText":"Comment","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/378352744","repostId":"1193736432","repostType":4,"repost":{"id":"1193736432","pubTimestamp":1618966262,"share":"https://www.laohu8.com/m/news/1193736432?lang=&edition=full","pubTime":"2021-04-21 08:51","market":"us","language":"en","title":"Here’s everything Apple just announced: New iPad Pros, colorful iMacs, AirTags and more","url":"https://stock-news.laohu8.com/highlight/detail?id=1193736432","media":"cnbc","summary":"Applejust held its first product launch event of the year, where it announced a colorful new iMac and an updated iPad Pro with 5G and the M1 chip that’s also used in the company’s desktop computers.Apple also announced an AirTag lost-device tracking gadget and a refreshed Apple TV 4K with a brand-new remote.Investors didn’t appear to be impressed by the news. Shares of Apple were down about 2% after the product event wrapped up.Here are some of the highlight announcements, but scroll down to see","content":"<div>\n<p>Applejust held its first product launch event of the year, where it announced a colorful new iMac and an updated iPad Pro with 5G and the M1 chip that’s also used in the company’s desktop computers.\n...</p>\n\n<a href=\"https://www.cnbc.com/2021/04/20/apple-event-live-updates.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","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>Here’s everything Apple just announced: New iPad Pros, colorful iMacs, AirTags and more</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\">\nHere’s everything Apple just announced: New iPad Pros, colorful iMacs, AirTags and more\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-21 08:51 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/04/20/apple-event-live-updates.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Applejust held its first product launch event of the year, where it announced a colorful new iMac and an updated iPad Pro with 5G and the M1 chip that’s also used in the company’s desktop computers.\n...</p>\n\n<a href=\"https://www.cnbc.com/2021/04/20/apple-event-live-updates.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.cnbc.com/2021/04/20/apple-event-live-updates.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1193736432","content_text":"Applejust held its first product launch event of the year, where it announced a colorful new iMac and an updated iPad Pro with 5G and the M1 chip that’s also used in the company’s desktop computers.\nApple also announced an AirTag lost-device tracking gadget and a refreshed Apple TV 4K with a brand-new remote.\nInvestors didn’t appear to be impressed by the news. Shares of Apple were down about 2% after the product event wrapped up.\nHere are some of the highlight announcements, but scroll down to see more.\n\nApple Card features for teens and families\nPodcast subscriptions\nAirTag lost item finder\nA purple iPhone 12\nA new Apple TV boxandremote\niMacs in seven colors with Apple’s M1 chip\nImproved iPad Pros with Apple’s M1 chip\n\nApple announces updated iPad Pros with chip from desktop computers\nApple said on Tuesday that it will release new high-end iPad Pros that use the company’s M1 chip, which is also used in its Mac computers. Previously, iPads used A-series chips, which are what powers the company’s iPhones. Apple says it is the most powerful tablet on the market.\nIt also includes an improved USB-C connector that will allow the iPad to connect to higher-resolution monitors and download images from a camera more quickly.\nThe 12.9-inch iPad Pro features an improved screen using an array of LEDs that is brighter and has better color resolution than previous displays using a technology called Mini-LED.\niPad ProSource: Apple Inc.\nThe iPad Pro will also have a 12-megapixel front-facing camera with an ultrawide lens that can automatically pan to keep human subjects in the shot.\nSome models will include 5G support, Apple said. The 11-inch model starts at $799, and the 12.9-inch model costs $1,099. They will be available for preorder on April 30 and will ship in late May.— Kif Leswing\niPad ProSource: Apple Inc.\nApple announces new iMac models that come in different colors\nApple launches new iMac.Source: Apple Inc.\nThese iMacs are powered by Apple's custom M1 silicon, not Intel processors. The computers have a new, thinner aluminum design, and they come in red, blue, purple, orange, yellow, silver, and green. The new thinner design looks a lot like a big iPad.\nApple launches new iMac with new colors.Source: Apple Inc.\nApple says the volume of the computer has been reduced by 50%, resulting in a smaller computer that can fit on a desk more easily. It comes with a 24-inch built-in display and an improved camera that can record 1080p video in low light. Apple says the display runs at \"4.5K\" resolution.\nIt ships with a new magnetic power connector reminiscent of Apple's previous MagSafe laptop chargers and a slightly updated keyboard with an emoji key and a fingerprint sensor. Apple's mouses and keyboard come in the same colors as the new iMacs.\nThe entry-level model costs $1,299, and an upgraded version costs $1,499. The new iMacs will go up for preorder on April 30 and will ship in the second half of May, Apple said.\nApple's first iMacs, released 20 years ago, also came in different colors.\nSource: Apple Inc.\nThe Apple TV finally has a brand-new remoteApple Inc.\nApple is finally rolling out a new, redesigned remote for the Apple TV. It's made of aluminum and has dedicated buttons for navigating menus, which should solve some of the headaches caused by the earlier remote. It will ship in the second half of May with the new Apple TV 4K, which costs $179 or $199 depending on the model.\n— Jessica Bursztynsky\nApple updates Apple TV 4K box with new processor\nApple announced that its Apple TV 4K box has been updated with a new processor, and it will be able to handle high frame rate HDR video which will result in displaying smoother, more colorful sports events.\nIt will also include a new feature that will use the iPhone's camera to tune the TV's picture quality.\nIt also comes with a completely redesigned remote made of aluminum with physical buttons, instead of the old remote’s touchpad. It can also control your TV’s power. Instead of a touchpad, it has a wheel for controlling the display.\nIt starts at $179 for 32GB of storage. It goes up for preorder on April 30 and will start shipping in the second half of May, Apple said.— Kif Leswing\nApple announces long-expected lost-item tracker called AirTag\n\nApple announced AirTag, calling it an iPhone accessory, priced at $29 for one or $99 for four. It will be on store shelves on April 30.\nIt uses Apple technology called Find My, which uses a network of iPhones to find lost objects. It’s using a technique Apple calls “precision finding” that it says is privacy-sensitive.\nThis product has been the source of some scrutiny from lawmakers who have heard that Apple is privileging its own lost-item trackers over others’ using anticompetitive practices and access to the iPhone operating system. Find My opened to third-party accessory makers last month.— Kif Leswing\nApple introduces new iPhone 12 color: Purple\nApple launches a new purple color iPhone for Spring.Source: Apple\nIt goes up for preorder on Friday and will ship on April 30.— Kif Leswing\nApple launching podcast subscription service\nApple announced that it’s launching its podcast subscription service next month, putting itself up further against Spotify and other competitors in the audio streaming wars.\nThe company is also redesigning its Apple Podcast app.\n— Jessica Bursztynsky\nApple says that credit scores are unfair, expands Apple Card to kids over 13 years old\nCEO Tim Cook said Apple will allow partners and spouses to share a credit line on a credit card, allowing both people to build credit scores. It’s also introducing features for families and teenagers. Apple was notably under fire fromco-founder Steve Wozniakafter people discovered that sometimes spouses had different credit limits.— Kif Leswing\nApple CEO Tim Cook kicks off the event\nTim Cook, CEO of Apple, speaks during an Apple Event on April 20th, 2021.Source: Apple Inc.\nWalking around Apple Park, Apple’s campus in Cupertino, California, Apple CEO Tim Cook kicked off the event with factoids about Apple’s environmental efforts, saying that Apple is carbon-neutral and hopes to remove 1 million tons of carbon from the environment per year.— Kif Leswing\nOver 360,000 people livestreaming Apple launch on YouTube\nAs Apple’s event kicks off, YouTube shows more than 360,000 people are streaming it on that platform. Apple’s three launch events last fall each garnered millions of people watching live on YouTube. It’s also available streaming directly on Apple’s website, which isn’t counted in the YouTube numbers.— Kif Leswing\nData point: iPads have been on a hot streak\nVarious models of the Apple Inc. iPad at the company’s Yeouido store during its opening in Seoul, South Korea, on Friday, Feb. 26, 2021.Jean Chung | Bloomberg | Getty Images\nAs Apple prepares to potentially release new iPads, remember that the product has had a great pandemic:In the fourth calendar quarter of 2020, Apple shipped $8.44 billion in iPads — which was up 41% year over year.— Kif Leswing\nApple’s spring events are typically more muted than its fall launch extravaganzas\nApple is best known for its fall launch events, where it reveals new iPhones, but it’s no stranger to hosting somewhat lower-profile events in the spring.\nApple didn’t hold a spring event in 2020 due to the onset of the coronavirus pandemic and instead launched new iPads and other gadgets on its website. In 2019, Apple’s spring announcement focused on services such asApple TV+and theApple Card. But it also announced new iPads in 2018 during an education-focused event at a school in Chicago.\nLast fall, Apple broadcast three prerecorded product launch events in three months, each of which garnered millions of live viewers on YouTube.— Kif Leswing\nYes, the Apple online store is down. No, it’s not a problem, it’s a tradition.\nScreenshot/Apple.com\nOne of Apple’s silliest traditions is that on the morning of an event it pulls its online Apple store down, giving up a few hours of online sales in exchange for building hype over its new products. Apple has done this for years, and technology has certainly gotten to the point where Apple could update its store without downtime — it does it all the time — but why mess with a tradition?— Kif Leswing\nWhat’s at stake for Apple?\nI wrote yesterday about some of thetensions bubbling under the surface at Apple. Yes, this is just another product event, but there are a lot of headaches on the horizon that could threaten its growth, especially in the App Store.\nThere’s the war of words withFacebookover theimpending iOS privacy feature. There’s the upcoming trial with Epic Games that centers on Apple’s control of the App Store. And then there’s Apple’s dependence on China, which is an obvious target for Apple critics. (Just ask Peter Thiel.)\nRead all about it right here.\n— Steve Kovach\nCook gets ready to kick off the event\nAppleCEO Tim Cook is gearing up for Tuesday’s “Spring Loaded” event, where the company is expected to announce new iPads and potentially a handful of other products. “It’s a beautiful spring morning for an #AppleEvent! See you soon,” Cook tweeted.\n— Jessica Bursztynsky","news_type":1},"isVote":1,"tweetType":1,"viewCount":83,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":373398182,"gmtCreate":1618819954346,"gmtModify":1634290703393,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Like n comment thanks","listText":"Like n comment thanks","text":"Like n comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/373398182","repostId":"2128525488","repostType":4,"isVote":1,"tweetType":1,"viewCount":45,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379011974,"gmtCreate":1618636651598,"gmtModify":1634291607170,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Like n comment thanks","listText":"Like n comment thanks","text":"Like n comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/379011974","repostId":"1165321503","repostType":4,"repost":{"id":"1165321503","pubTimestamp":1618588143,"share":"https://www.laohu8.com/m/news/1165321503?lang=&edition=full","pubTime":"2021-04-16 23:49","market":"us","language":"en","title":"Fed’s Waller says the economy is ‘ready to rip’ but policy should stay put","url":"https://stock-news.laohu8.com/highlight/detail?id=1165321503","media":"cnbc","summary":"KEY POINTSFed Governor Christopher Waller told CNBC on Friday that the economy “is ready to rip.Howe","content":"<div>\n<p>KEY POINTSFed Governor Christopher Waller told CNBC on Friday that the economy “is ready to rip.However, he said there’s still “no reason to be pulling the plug” on the heavy levels of policy support ...</p>\n\n<a href=\"https://www.cnbc.com/2021/04/16/feds-waller-says-the-economy-is-ready-to-rip-but-policy-should-stay-put.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","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>Fed’s Waller says the economy is ‘ready to rip’ but policy should stay put</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; 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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\">\nFed’s Waller says the economy is ‘ready to rip’ but policy should stay put\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-16 23:49 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/04/16/feds-waller-says-the-economy-is-ready-to-rip-but-policy-should-stay-put.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTSFed Governor Christopher Waller told CNBC on Friday that the economy “is ready to rip.However, he said there’s still “no reason to be pulling the plug” on the heavy levels of policy support ...</p>\n\n<a href=\"https://www.cnbc.com/2021/04/16/feds-waller-says-the-economy-is-ready-to-rip-but-policy-should-stay-put.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.cnbc.com/2021/04/16/feds-waller-says-the-economy-is-ready-to-rip-but-policy-should-stay-put.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1165321503","content_text":"KEY POINTSFed Governor Christopher Waller told CNBC on Friday that the economy “is ready to rip.However, he said there’s still “no reason to be pulling the plug” on the heavy levels of policy support the central bank is providing.Waller said he also expects inflationary pressures to be temporary, though he forecasts 2021 to run at 2.5%, well above the Fed’s 2% target.Federal Reserve Governor Christopher Waller said Friday he sees the U.S. economy as set to take off, though not at a fast enough pace that the central bank should start tightening policy.\"I think the economy is ready to rip,\" Waller told CNBC'sSteve Liesmanduring a \"Squawk on the Street\" interview. \"There's still more to do on that, but I think everyone's getting a lot more comfortable with having the virus under control and we're starting to see it in the form of economic activity.\"Those comments came amid a decidedly upward move in economic data.In March alone, nonfarmpayrolls jumped by 916,000, retail sales sawa 9.8% stimulus-fueled boom, and multiple manufacturing gauges reached their highest levels in years.There are further indications that job growth continued into April, with jobless claims last week tumbling to 576,000, easily the lowest level since the early days of the pandemic.Coupled all that witha vaccination pacein excess of the 3 million a day, and it adds up to a strong outlook, Waller said.“We can get the virus pretty much under control. We get 70% of the population vaccinated, then all the fundamentals are there for good, strong growth that we left back in January, February of 2020,” he said. “We’ve still got room to catch up to where we were. We’re making up for lost ground.”‘No reason to be pulling the plug’The economy officially entered recession in February 2020, according to the National Bureau of Economic Research, which makes the official call on contractions and expansions. While the U.S. is poised for another quarter of strong growth, gross domestic product is still running a bit below where it was prior to the Covid-19 onset.That’s part of the reason Waller concurs with his fellow central bankers in seeingthe need to keep policy loose. The Fed is currently holding short-term borrowing rates near zero while it purchases at least $120 billion of bonds each month.In a major policy shift last year, the Fed pledged that it will not raise rates until it sees full and inclusive employment, and is willing to tolerate inflation a bit above the traditional 2% target until it gets there. Fed officials have expressed concern about the uneven nature of the recovery, particularly regarding those at the lower end of the income spectrum.“We’ve got to make that up first,” Waller said. “Other parts of the economy seem to have really come back. We still have relatively high unemployment rates, particularly for minorities, and so we’ve still got a long way to go. There’s no reason to be pulling the plug on our support till we’re really through this.”Waller added that he thinks inflationary pressures that have begun to show up are likely temporary, a view widely held at the Fed. The consumer price index rose 2.6% in March from a year ago.Waller said he expects the Fed’s preferred inflation gauge based on personal consumption expenditures could run around 2.5% for 2021.","news_type":1},"isVote":1,"tweetType":1,"viewCount":100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":131277657,"gmtCreate":1621865513679,"gmtModify":1634185973594,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Like n comment thanks","listText":"Like n comment thanks","text":"Like n comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/131277657","repostId":"2137537153","repostType":4,"repost":{"id":"2137537153","pubTimestamp":1621864932,"share":"https://www.laohu8.com/m/news/2137537153?lang=&edition=full","pubTime":"2021-05-24 22:02","market":"us","language":"en","title":"NIO shares starts rising as renewed its key joint manufacturing agreements","url":"https://stock-news.laohu8.com/highlight/detail?id=2137537153","media":"SmarterAnalyst","summary":"NIO Inc.  has renewed its manufacturing agreements with Jianghuai Automobile Group  and Jianglai Advanced Manufacturing Technology  for the joint manufacture of NIO vehicles and associated fee arrangements.JAC, a state-owned vehicle manufacturer, presently manufactures NIO vehicles at its Hefei JAC-NIO plant, which was specifically set up for NIO vehicles.Jianglai is a joint venture between NIO and JAC for operations management. NIO holds a 49% stake in this JV.Under the agreement, JAC will cont","content":"<p>Today&nbsp;NIO&nbsp;shares&nbsp;starts&nbsp;rising&nbsp;as&nbsp;renewed its&nbsp;key joint&nbsp;manufacturing agreements.</p><p><img src=\"https://static.tigerbbs.com/81342d8f5525b276e53965c25c315483\" tg-width=\"1291\" tg-height=\"623\" referrerpolicy=\"no-referrer\"></p><p>NIO Inc. (<b>NIO</b>) has renewed its manufacturing agreements with Jianghuai Automobile Group (JAC) and Jianglai Advanced Manufacturing Technology (Jianglai) for the joint manufacture of NIO vehicles and associated fee arrangements.</p><p>JAC, a state-owned vehicle manufacturer, presently manufactures NIO vehicles at its Hefei JAC-NIO plant, which was specifically set up for NIO vehicles.</p><p>Jianglai is a joint venture between NIO and JAC for operations management. NIO holds a 49% stake in this JV.</p><p>Under the agreement, JAC will continue manufacturing NIO’s ES8, ES6, EC6, and ET7 models, as well as other models in its pipeline, until May 2024.</p><p>Furthermore, JAC will increase its annual production capacity to 240,000 units to satisfy the rising demand for NIO vehicles. While NIO will take responsibility for vehicle development, engineering, supply chain, quality management, and manufacturing processes, Jianglai will be in charge of parts assembly and operations management.</p><p>Significantly, the new agreement will enable NIO to benefit from economies of scale and future improvements in manufacturing processes.</p><p>On May 13, Citigroup analyst&nbsp;Jeff Chung&nbsp;reiterated a Hold rating on the stock with a $57.60 price target (69.1% upside potential).</p><p>Commenting after interacting with NIO management, Chung noted that the shortage of chips was a key constraint for vehicle production in May but management sees the situation improving in June or July.</p><p>Consensus among analysts is that NIO is a Moderate Buy based on 7 Buys and 3 Holds. The average analyst&nbsp;price target of $60.04&nbsp;implies 76.3% upside potential.</p><p>Shares have dropped about 36.3% so far this year.</p><p><img src=\"https://static.tigerbbs.com/950bbbe2c5ec687c9da6552220a18689\" tg-width=\"807\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NIO shares starts rising as renewed its key joint manufacturing agreements</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\">\nNIO shares starts rising as renewed its key joint manufacturing agreements\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-24 22:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/nio-renews-key-joint-manufacturing-134312432.html><strong>SmarterAnalyst</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Today NIO shares starts rising as renewed its key joint manufacturing agreements.NIO Inc. (NIO) has renewed its manufacturing agreements with Jianghuai Automobile Group (JAC) and Jianglai Advanced ...</p>\n\n<a href=\"https://finance.yahoo.com/news/nio-renews-key-joint-manufacturing-134312432.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://finance.yahoo.com/news/nio-renews-key-joint-manufacturing-134312432.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2137537153","content_text":"Today NIO shares starts rising as renewed its key joint manufacturing agreements.NIO Inc. (NIO) has renewed its manufacturing agreements with Jianghuai Automobile Group (JAC) and Jianglai Advanced Manufacturing Technology (Jianglai) for the joint manufacture of NIO vehicles and associated fee arrangements.JAC, a state-owned vehicle manufacturer, presently manufactures NIO vehicles at its Hefei JAC-NIO plant, which was specifically set up for NIO vehicles.Jianglai is a joint venture between NIO and JAC for operations management. NIO holds a 49% stake in this JV.Under the agreement, JAC will continue manufacturing NIO’s ES8, ES6, EC6, and ET7 models, as well as other models in its pipeline, until May 2024.Furthermore, JAC will increase its annual production capacity to 240,000 units to satisfy the rising demand for NIO vehicles. While NIO will take responsibility for vehicle development, engineering, supply chain, quality management, and manufacturing processes, Jianglai will be in charge of parts assembly and operations management.Significantly, the new agreement will enable NIO to benefit from economies of scale and future improvements in manufacturing processes.On May 13, Citigroup analyst Jeff Chung reiterated a Hold rating on the stock with a $57.60 price target (69.1% upside potential).Commenting after interacting with NIO management, Chung noted that the shortage of chips was a key constraint for vehicle production in May but management sees the situation improving in June or July.Consensus among analysts is that NIO is a Moderate Buy based on 7 Buys and 3 Holds. The average analyst price target of $60.04 implies 76.3% upside potential.Shares have dropped about 36.3% so far this year.","news_type":1},"isVote":1,"tweetType":1,"viewCount":105,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379011974,"gmtCreate":1618636651598,"gmtModify":1634291607170,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Like n comment thanks","listText":"Like n comment thanks","text":"Like n comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/379011974","repostId":"1165321503","repostType":4,"repost":{"id":"1165321503","pubTimestamp":1618588143,"share":"https://www.laohu8.com/m/news/1165321503?lang=&edition=full","pubTime":"2021-04-16 23:49","market":"us","language":"en","title":"Fed’s Waller says the economy is ‘ready to rip’ but policy should stay put","url":"https://stock-news.laohu8.com/highlight/detail?id=1165321503","media":"cnbc","summary":"KEY POINTSFed Governor Christopher Waller told CNBC on Friday that the economy “is ready to rip.Howe","content":"<div>\n<p>KEY POINTSFed Governor Christopher Waller told CNBC on Friday that the economy “is ready to rip.However, he said there’s still “no reason to be pulling the plug” on the heavy levels of policy support ...</p>\n\n<a href=\"https://www.cnbc.com/2021/04/16/feds-waller-says-the-economy-is-ready-to-rip-but-policy-should-stay-put.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","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>Fed’s Waller says the economy is ‘ready to rip’ but policy should stay put</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\">\nFed’s Waller says the economy is ‘ready to rip’ but policy should stay put\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-16 23:49 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/04/16/feds-waller-says-the-economy-is-ready-to-rip-but-policy-should-stay-put.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTSFed Governor Christopher Waller told CNBC on Friday that the economy “is ready to rip.However, he said there’s still “no reason to be pulling the plug” on the heavy levels of policy support ...</p>\n\n<a href=\"https://www.cnbc.com/2021/04/16/feds-waller-says-the-economy-is-ready-to-rip-but-policy-should-stay-put.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.cnbc.com/2021/04/16/feds-waller-says-the-economy-is-ready-to-rip-but-policy-should-stay-put.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1165321503","content_text":"KEY POINTSFed Governor Christopher Waller told CNBC on Friday that the economy “is ready to rip.However, he said there’s still “no reason to be pulling the plug” on the heavy levels of policy support the central bank is providing.Waller said he also expects inflationary pressures to be temporary, though he forecasts 2021 to run at 2.5%, well above the Fed’s 2% target.Federal Reserve Governor Christopher Waller said Friday he sees the U.S. economy as set to take off, though not at a fast enough pace that the central bank should start tightening policy.\"I think the economy is ready to rip,\" Waller told CNBC'sSteve Liesmanduring a \"Squawk on the Street\" interview. \"There's still more to do on that, but I think everyone's getting a lot more comfortable with having the virus under control and we're starting to see it in the form of economic activity.\"Those comments came amid a decidedly upward move in economic data.In March alone, nonfarmpayrolls jumped by 916,000, retail sales sawa 9.8% stimulus-fueled boom, and multiple manufacturing gauges reached their highest levels in years.There are further indications that job growth continued into April, with jobless claims last week tumbling to 576,000, easily the lowest level since the early days of the pandemic.Coupled all that witha vaccination pacein excess of the 3 million a day, and it adds up to a strong outlook, Waller said.“We can get the virus pretty much under control. We get 70% of the population vaccinated, then all the fundamentals are there for good, strong growth that we left back in January, February of 2020,” he said. “We’ve still got room to catch up to where we were. We’re making up for lost ground.”‘No reason to be pulling the plug’The economy officially entered recession in February 2020, according to the National Bureau of Economic Research, which makes the official call on contractions and expansions. While the U.S. is poised for another quarter of strong growth, gross domestic product is still running a bit below where it was prior to the Covid-19 onset.That’s part of the reason Waller concurs with his fellow central bankers in seeingthe need to keep policy loose. The Fed is currently holding short-term borrowing rates near zero while it purchases at least $120 billion of bonds each month.In a major policy shift last year, the Fed pledged that it will not raise rates until it sees full and inclusive employment, and is willing to tolerate inflation a bit above the traditional 2% target until it gets there. Fed officials have expressed concern about the uneven nature of the recovery, particularly regarding those at the lower end of the income spectrum.“We’ve got to make that up first,” Waller said. “Other parts of the economy seem to have really come back. We still have relatively high unemployment rates, particularly for minorities, and so we’ve still got a long way to go. There’s no reason to be pulling the plug on our support till we’re really through this.”Waller added that he thinks inflationary pressures that have begun to show up are likely temporary, a view widely held at the Fed. The consumer price index rose 2.6% in March from a year ago.Waller said he expects the Fed’s preferred inflation gauge based on personal consumption expenditures could run around 2.5% for 2021.","news_type":1},"isVote":1,"tweetType":1,"viewCount":100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":102446490,"gmtCreate":1620238193710,"gmtModify":1634206766532,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Where have the greens disappeared to?","listText":"Where have the greens disappeared to?","text":"Where have the greens disappeared to?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/102446490","repostId":"1148686352","repostType":4,"repost":{"id":"1148686352","pubTimestamp":1620224535,"share":"https://www.laohu8.com/m/news/1148686352?lang=&edition=full","pubTime":"2021-05-05 22:22","market":"us","language":"en","title":"This Day In Market History: Panic Of 1893 Crashes Stock Market","url":"https://stock-news.laohu8.com/highlight/detail?id=1148686352","media":"benzinga","summary":"What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the ","content":"<p><b>What Happened?</b>On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the time.</p>\n<p><b>Where The Market Was:</b>The Dow finished the day at 30.02.</p>\n<p><b>What Else Was Going On In The World?</b>In 1893, Thomas Edison completed the world’s first movie studio in West Orange, New Jersey. Lizzie Borden was acquitted of the ax murders of her father and stepmother. A fresh, one-pound beef steak cost 10 cents.</p>\n<p><b>Panic Of 1893:</b>On May 5, 1893, the Dow Jones Index dropped more than 24% from 39.90 to 30.02. It would mark the worst intraday sell-off in U.S. history at the time, a record that would stand until 1929.</p>\n<p>The&nbsp;Panic of 1893&nbsp;was triggered in part by falling gold reserves in the U.S. Treasury. At the time, the U.S. was on the gold standard, meaning U.S. dollars could be redeemed for physical gold. When Treasury gold reserves dropped from $190 million in 1890 to $100 million by 1893, Americans grew concerned that the Treasury might run out of gold and began withdrawing bank notes and converting them to gold, placing extreme strain on the U.S. banking industry and credit markets.</p>\n<p>The May 5 sell-off was triggered in part by the bankruptcy of Nation Cordage the day before.<b>General Electric Company</b>GE 0.34%shares dropped 28% on the day from $80 to $58.</p>\n<p>Fortunately for investors, the Panic of 1893 didn’t last for long. By the end of the day, the market nearly completely recovered its losses. GE, for example, closed the session at $78.50.</p>\n<p>The Panic of 1893 would ravage the U.S. economy, triggering a severe four-year depression. Roughly 14,000 U.S. businesses closed, and unemployment rose to 20%. The event would mark the worst economic downturn in U.S. history until the Great Depression began in 1929.</p>","source":"lsy1606299360108","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>This Day In Market History: Panic Of 1893 Crashes Stock Market</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\">\nThis Day In Market History: Panic Of 1893 Crashes Stock Market\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-05 22:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market><strong>benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the time.\nWhere The Market Was:The Dow finished the day at 30.02.\nWhat Else Was Going On In The World?In...</p>\n\n<a href=\"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148686352","content_text":"What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the time.\nWhere The Market Was:The Dow finished the day at 30.02.\nWhat Else Was Going On In The World?In 1893, Thomas Edison completed the world’s first movie studio in West Orange, New Jersey. Lizzie Borden was acquitted of the ax murders of her father and stepmother. A fresh, one-pound beef steak cost 10 cents.\nPanic Of 1893:On May 5, 1893, the Dow Jones Index dropped more than 24% from 39.90 to 30.02. It would mark the worst intraday sell-off in U.S. history at the time, a record that would stand until 1929.\nThe Panic of 1893 was triggered in part by falling gold reserves in the U.S. Treasury. At the time, the U.S. was on the gold standard, meaning U.S. dollars could be redeemed for physical gold. When Treasury gold reserves dropped from $190 million in 1890 to $100 million by 1893, Americans grew concerned that the Treasury might run out of gold and began withdrawing bank notes and converting them to gold, placing extreme strain on the U.S. banking industry and credit markets.\nThe May 5 sell-off was triggered in part by the bankruptcy of Nation Cordage the day before.General Electric CompanyGE 0.34%shares dropped 28% on the day from $80 to $58.\nFortunately for investors, the Panic of 1893 didn’t last for long. By the end of the day, the market nearly completely recovered its losses. GE, for example, closed the session at $78.50.\nThe Panic of 1893 would ravage the U.S. economy, triggering a severe four-year depression. Roughly 14,000 U.S. businesses closed, and unemployment rose to 20%. The event would mark the worst economic downturn in U.S. history until the Great Depression began in 1929.","news_type":1},"isVote":1,"tweetType":1,"viewCount":187,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108847739,"gmtCreate":1620014475421,"gmtModify":1634208512511,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Comment thanks","listText":"Comment thanks","text":"Comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/108847739","repostId":"1129951066","repostType":4,"isVote":1,"tweetType":1,"viewCount":45,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372978470,"gmtCreate":1619172882890,"gmtModify":1634288009652,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"RIP","listText":"RIP","text":"RIP","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/372978470","repostId":"1180283228","repostType":4,"repost":{"id":"1180283228","pubTimestamp":1619170754,"share":"https://www.laohu8.com/m/news/1180283228?lang=&edition=full","pubTime":"2021-04-23 17:39","market":"us","language":"en","title":"Stocks Will Get Over Their Big Biden Tax Wobble","url":"https://stock-news.laohu8.com/highlight/detail?id=1180283228","media":"Bloomberg","summary":"History shows that the effects of changes in capital-gains rates don’t tend to endure.\nWall Street’s","content":"<p>History shows that the effects of changes in capital-gains rates don’t tend to endure.</p>\n<p><b>Wall Street’s Taxing Day</b></p>\n<p>Stock markets don’t like it when politicians say they are going to raise capital-gains taxes. This should come as no surprise to anyone, and so Wall Street’s response to Thursday’s&nbsp;Bloomberg News exclusive&nbsp;that President Biden is planning a big hike in CGT was predictable. No prizes for working out exactly when that story was published after looking at this intraday chart of the S&amp;P 500:</p>\n<p><img src=\"https://static.tigerbbs.com/fba4525ab1282805eaeef9a243759882\" tg-width=\"1200\" tg-height=\"675\"></p>\n<p>The president, who has ambitious plans to raise spending, campaigned last year on a&nbsp;platform that included a big CGT increase. Investment strategists had already done the mathematics for the stock market. Writing the week before last year’s election, David Kostin, chief U.S. equity strategist for Goldman Sachs Group Inc.,&nbsp;predicted exactly the rate flagged in Bloomberg’s story almost six months later:</p>\n<blockquote>\n <i>Long-term capital gains and qualified dividends are currently taxed at a maximum rate of 20%, along with a separate 3.8% tax on investment income. Vice President Biden has proposed taxing these as ordinary income for filers with over $1 million in annual income. This would roughly double the tax rate on capital gains and dividend income from 23.8% to 43.4%.</i>\n</blockquote>\n<p>It should be no great surprise that capital-gains taxes will come into focus, as these have a far greater impact on the wealthy than the poor. They are the ones who have enough wealth to generate capital gains in the first place; tax-planning programs that try to convert income into capital gains can help the wealthy reduce their tax bill (which is unpopular); and most Americans hold most of their stocks through tax-privileged vehicles such as 401(k) plans, and are unaffected.&nbsp;In the current political environment, anything that counteracts inequality will be more popular with Democratic legislators and their political base.</p>\n<p>Rather, it was the scale of the rise that came as a nasty surprise. The effective top rate of 43.4% (including a levy for Obamacare) is where the Biden administration will start the bidding, according to Bloomberg News.&nbsp;That’s a lot. It could conceivably have been higher, as this is the start of a negotiation, and&nbsp;economists at Princeton University&nbsp;argued last year&nbsp;that an even higher rate, of 47%, would maximize revenue from the tax.</p>\n<p>What are the direct effects of a CGT hike? If you were thinking of selling shares anyway, it makes far more sense to sell them before the end of the year. There is also an incentive for “bed-and-breakfasting” —&nbsp;selling a position to crystalize a gain for tax purposes and then buying it back. That should help ensure an exciting end to the year. But it’s not clear that higher CGT does anything more than bring sales forward. The way the market handled the last major CGT increase, at the end of 2012, is instructive. As it grew clear that higher capital gains taxes were coming, the S&amp;P 500 languished and went sideways for the last few months of the year, closing roughly where it had been in March. Then 2013 turned out to be a great year; stocks started their rally at the beginning of January and never really stopped:</p>\n<p><img src=\"https://static.tigerbbs.com/12d30caff4d39200869832758e59ac64\" tg-width=\"1200\" tg-height=\"675\"></p>\n<p>If it becomes clear that some tax increase is going to happen, then some broad repetition of this pattern seems more likely, with returns that people might have been expecting for this year postponed until next.</p>\n<p>Longer history tends to confirm this. Capital-gains taxes can be seen coming, which makes them easier for markets to deal with. Beyond that generalizations are difficult, even though there is&nbsp;plenty of data. The level of tax you pay on gains will have an effect on the returns you make personally, but they aren’t so fundamental to the overall level of the market. In the following chart, I marked all CGT hikes in red, and cuts in green.&nbsp;&nbsp;In the late 1960s, steadily rising CGT overlapped with growing problems for the markets, but both owed much to the economy’s difficulties. Two classic examples that show CGT doesn’t overcome other issues for the markets came in 1987, which began with a tax hike, and was followed by an epic rally and then a crash, and 2008, which saw markets steadily slip for months until crashing amid the crisis, despite starting the year with a CGT cut:</p>\n<p><img src=\"https://static.tigerbbs.com/f5cd81560a7c31403bde513aefc88027\" tg-width=\"1200\" tg-height=\"675\"></p>\n<p>Kostin of Goldman Sachs crunched the numbers for the last three CGT&nbsp;hikes, from 1987, 1988 and 2013. Stocks do indeed tend to fall in the run-up to the change, but more than make up for it thereafter. Earnings multiples increased slightly before those rises, but did better in the six months afterwards. And households sold a little before the hikes, but more than made up for it.</p>\n<p>The only lasting effect appears to be on momentum stocks. They have the highest gains to be generated, and will therefore suffer the most from unexpected selling:</p>\n<p><img src=\"https://static.tigerbbs.com/bc4620692fbd8c867f8e804b0d9a8887\" tg-width=\"737\" tg-height=\"493\"></p>\n<p>Momentum stocks have had something of a correction in recent months however, so it is unlikely that the tax change will have a major effect on them. That means Kostin's summing-up from six months ago should still stand today:</p>\n<blockquote>\n <i>Using Federal Reserve data, we estimate the wealthiest households now hold around $1 trillion in unrealized equity capital gains. This equates to 3% of total US equity market cap and roughly 30% of average monthly S&amp;P 500 trading volume. However, the trend of net equity selling and falling stock prices around capital gain rate changes has usually been short-lived and reversed during subsequent quarters. In 2013, although the wealthiest households sold 1% of their assets prior to the rate hike, they bought 4% of starting equity assets in the quarter after the change and therefore only temporarily reduced their equity exposures in order to realize gains at the lower rate. Total household equity allocations demonstrated a similar pattern around the two preceding capital gains tax hikes.</i>\n</blockquote>\n<p>So if anything it is surprising that the Bloomberg story had so much of an effect, beautifully written though it was. Some of this comes from growing awareness in the investing community that the Biden administration’s spending is going to have a lumpy effect on fiscal policy. The economic benefits of building big physical infrastructure projects take time to have an effect; the taxes to pay for them have an immediate and earlier impact.</p>\n<p>There is also some reason for apprehension about the end of the year. The CGT hike is going to happen in some form, and it will weigh on the market then. If the strong economic data don’t show signs of slowing, that could be about the time that the Fed develops cold feet about overheating and starts to tighten monetary policy. So there are reasons to be nervous about the last few months of this year —&nbsp;even if there wasn’t much reason to sell off on a Thursday afternoon in April.</p>\n<p><b>Survival Tips</b></p>\n<p>It's time to confess a guilty pleasure. There is a lot of fun to be had in listening to egg-headed podcasts. I don't mean the kind that has become a work of art, with sound effects and famous actors, but the more deliberately austere type that feature someone wonky speaking to somebody else who's wonky, or possibly even just talking into a microphone for half an hour. Or an hour. There's something soothing about it, and podcasts like this are a great way to fill gaps in your knowledge.</p>\n<p>So, here are some of my favorite unadorned and unashamedly intellectual podcasts, to which I would give five stars. I'm afraid there's a bit of a bias toward&nbsp;British voices, which suggests I might also be using them to deal with occasional pangs of homesickness:</p>\n<p>Dan Snow's History Hit&nbsp;—&nbsp;Snow is a public historian, and son of the famous BBC journalist Peter Snow. He produces five episodes a week, in which he interviews a historian about their work. It ranges all over the place, with plenty of non-British voices. The last week included episodes on Shakespeare's Shoreditch Theatre, Roman Prisoners of War, Lessons from the Antonine Plague, and “Lady Mary and the First Inoculation”&nbsp;on the pre-history of vaccination. I even wrote up a newsletter from the episode on the&nbsp;Irish Potato Famine.</p>\n<p>Talking Politics History of Ideas&nbsp;— in which David Runciman, a Cambridge University politics professor, offers a series of 50-minute monologues on great political thinkers. There are episodes on John Rawls and Robert Nozick, and historic titans like Hobbes and Rousseau. But Runciman, who does a great job of building up a case and explaining his thinkers' key insights, also chooses some more surprising candidates, such as Samuel Butler, Frederick Douglass or, most recently,Judith Shklar&nbsp;and her argument on why we shouldn't be angry about hypocrisy.</p>\n<p>In Our Time&nbsp;— veteran arts journalist Melvyn Bragg interviews three university professors on some random subject. The topics are all over the place, and range into science (there was a lengthy discussion of the French mathematician Laplace earlier this month), as well as history and the arts. It can learn you up in a hurry on subjects you never knew interested you; for Points of Return readers, the episode on&nbsp;David Ricardois interesting, and told me a lot I didn't know.</p>\n<p>Deep Background&nbsp;— this features my intimidatingly intelligent Bloomberg Opinion colleague Noah Feldman, who finds time to do a weekly podcast in the gaps between his job as a professor at Harvard Law School. In each podcast he interviews one guest. He's most interesting when he hones his analytical mind on subjects off his usual beat. This week's answers the question “Is Crypto B******t?”</p>\n<p>They're worth giving a try. Have a good weekend.</p>","source":"lsy1584095487587","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>Stocks Will Get Over Their Big Biden Tax Wobble</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\">\nStocks Will Get Over Their Big Biden Tax Wobble\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-23 17:39 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/opinion/articles/2021-04-23/stock-market-will-get-over-biden-s-capital-gains-tax-increase?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>History shows that the effects of changes in capital-gains rates don’t tend to endure.\nWall Street’s Taxing Day\nStock markets don’t like it when politicians say they are going to raise capital-gains ...</p>\n\n<a href=\"https://www.bloomberg.com/opinion/articles/2021-04-23/stock-market-will-get-over-biden-s-capital-gains-tax-increase?srnd=premium-asia\">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",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.bloomberg.com/opinion/articles/2021-04-23/stock-market-will-get-over-biden-s-capital-gains-tax-increase?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180283228","content_text":"History shows that the effects of changes in capital-gains rates don’t tend to endure.\nWall Street’s Taxing Day\nStock markets don’t like it when politicians say they are going to raise capital-gains taxes. This should come as no surprise to anyone, and so Wall Street’s response to Thursday’s Bloomberg News exclusive that President Biden is planning a big hike in CGT was predictable. No prizes for working out exactly when that story was published after looking at this intraday chart of the S&P 500:\n\nThe president, who has ambitious plans to raise spending, campaigned last year on a platform that included a big CGT increase. Investment strategists had already done the mathematics for the stock market. Writing the week before last year’s election, David Kostin, chief U.S. equity strategist for Goldman Sachs Group Inc., predicted exactly the rate flagged in Bloomberg’s story almost six months later:\n\nLong-term capital gains and qualified dividends are currently taxed at a maximum rate of 20%, along with a separate 3.8% tax on investment income. Vice President Biden has proposed taxing these as ordinary income for filers with over $1 million in annual income. This would roughly double the tax rate on capital gains and dividend income from 23.8% to 43.4%.\n\nIt should be no great surprise that capital-gains taxes will come into focus, as these have a far greater impact on the wealthy than the poor. They are the ones who have enough wealth to generate capital gains in the first place; tax-planning programs that try to convert income into capital gains can help the wealthy reduce their tax bill (which is unpopular); and most Americans hold most of their stocks through tax-privileged vehicles such as 401(k) plans, and are unaffected. In the current political environment, anything that counteracts inequality will be more popular with Democratic legislators and their political base.\nRather, it was the scale of the rise that came as a nasty surprise. The effective top rate of 43.4% (including a levy for Obamacare) is where the Biden administration will start the bidding, according to Bloomberg News. That’s a lot. It could conceivably have been higher, as this is the start of a negotiation, and economists at Princeton University argued last year that an even higher rate, of 47%, would maximize revenue from the tax.\nWhat are the direct effects of a CGT hike? If you were thinking of selling shares anyway, it makes far more sense to sell them before the end of the year. There is also an incentive for “bed-and-breakfasting” — selling a position to crystalize a gain for tax purposes and then buying it back. That should help ensure an exciting end to the year. But it’s not clear that higher CGT does anything more than bring sales forward. The way the market handled the last major CGT increase, at the end of 2012, is instructive. As it grew clear that higher capital gains taxes were coming, the S&P 500 languished and went sideways for the last few months of the year, closing roughly where it had been in March. Then 2013 turned out to be a great year; stocks started their rally at the beginning of January and never really stopped:\n\nIf it becomes clear that some tax increase is going to happen, then some broad repetition of this pattern seems more likely, with returns that people might have been expecting for this year postponed until next.\nLonger history tends to confirm this. Capital-gains taxes can be seen coming, which makes them easier for markets to deal with. Beyond that generalizations are difficult, even though there is plenty of data. The level of tax you pay on gains will have an effect on the returns you make personally, but they aren’t so fundamental to the overall level of the market. In the following chart, I marked all CGT hikes in red, and cuts in green.  In the late 1960s, steadily rising CGT overlapped with growing problems for the markets, but both owed much to the economy’s difficulties. Two classic examples that show CGT doesn’t overcome other issues for the markets came in 1987, which began with a tax hike, and was followed by an epic rally and then a crash, and 2008, which saw markets steadily slip for months until crashing amid the crisis, despite starting the year with a CGT cut:\n\nKostin of Goldman Sachs crunched the numbers for the last three CGT hikes, from 1987, 1988 and 2013. Stocks do indeed tend to fall in the run-up to the change, but more than make up for it thereafter. Earnings multiples increased slightly before those rises, but did better in the six months afterwards. And households sold a little before the hikes, but more than made up for it.\nThe only lasting effect appears to be on momentum stocks. They have the highest gains to be generated, and will therefore suffer the most from unexpected selling:\n\nMomentum stocks have had something of a correction in recent months however, so it is unlikely that the tax change will have a major effect on them. That means Kostin's summing-up from six months ago should still stand today:\n\nUsing Federal Reserve data, we estimate the wealthiest households now hold around $1 trillion in unrealized equity capital gains. This equates to 3% of total US equity market cap and roughly 30% of average monthly S&P 500 trading volume. However, the trend of net equity selling and falling stock prices around capital gain rate changes has usually been short-lived and reversed during subsequent quarters. In 2013, although the wealthiest households sold 1% of their assets prior to the rate hike, they bought 4% of starting equity assets in the quarter after the change and therefore only temporarily reduced their equity exposures in order to realize gains at the lower rate. Total household equity allocations demonstrated a similar pattern around the two preceding capital gains tax hikes.\n\nSo if anything it is surprising that the Bloomberg story had so much of an effect, beautifully written though it was. Some of this comes from growing awareness in the investing community that the Biden administration’s spending is going to have a lumpy effect on fiscal policy. The economic benefits of building big physical infrastructure projects take time to have an effect; the taxes to pay for them have an immediate and earlier impact.\nThere is also some reason for apprehension about the end of the year. The CGT hike is going to happen in some form, and it will weigh on the market then. If the strong economic data don’t show signs of slowing, that could be about the time that the Fed develops cold feet about overheating and starts to tighten monetary policy. So there are reasons to be nervous about the last few months of this year — even if there wasn’t much reason to sell off on a Thursday afternoon in April.\nSurvival Tips\nIt's time to confess a guilty pleasure. There is a lot of fun to be had in listening to egg-headed podcasts. I don't mean the kind that has become a work of art, with sound effects and famous actors, but the more deliberately austere type that feature someone wonky speaking to somebody else who's wonky, or possibly even just talking into a microphone for half an hour. Or an hour. There's something soothing about it, and podcasts like this are a great way to fill gaps in your knowledge.\nSo, here are some of my favorite unadorned and unashamedly intellectual podcasts, to which I would give five stars. I'm afraid there's a bit of a bias toward British voices, which suggests I might also be using them to deal with occasional pangs of homesickness:\nDan Snow's History Hit — Snow is a public historian, and son of the famous BBC journalist Peter Snow. He produces five episodes a week, in which he interviews a historian about their work. It ranges all over the place, with plenty of non-British voices. The last week included episodes on Shakespeare's Shoreditch Theatre, Roman Prisoners of War, Lessons from the Antonine Plague, and “Lady Mary and the First Inoculation” on the pre-history of vaccination. I even wrote up a newsletter from the episode on the Irish Potato Famine.\nTalking Politics History of Ideas — in which David Runciman, a Cambridge University politics professor, offers a series of 50-minute monologues on great political thinkers. There are episodes on John Rawls and Robert Nozick, and historic titans like Hobbes and Rousseau. But Runciman, who does a great job of building up a case and explaining his thinkers' key insights, also chooses some more surprising candidates, such as Samuel Butler, Frederick Douglass or, most recently,Judith Shklar and her argument on why we shouldn't be angry about hypocrisy.\nIn Our Time — veteran arts journalist Melvyn Bragg interviews three university professors on some random subject. The topics are all over the place, and range into science (there was a lengthy discussion of the French mathematician Laplace earlier this month), as well as history and the arts. It can learn you up in a hurry on subjects you never knew interested you; for Points of Return readers, the episode on David Ricardois interesting, and told me a lot I didn't know.\nDeep Background — this features my intimidatingly intelligent Bloomberg Opinion colleague Noah Feldman, who finds time to do a weekly podcast in the gaps between his job as a professor at Harvard Law School. In each podcast he interviews one guest. He's most interesting when he hones his analytical mind on subjects off his usual beat. This week's answers the question “Is Crypto B******t?”\nThey're worth giving a try. Have a good weekend.","news_type":1},"isVote":1,"tweetType":1,"viewCount":115,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":373398182,"gmtCreate":1618819954346,"gmtModify":1634290703393,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Like n comment thanks","listText":"Like n comment thanks","text":"Like n comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/373398182","repostId":"2128525488","repostType":4,"isVote":1,"tweetType":1,"viewCount":45,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377558492,"gmtCreate":1619538347716,"gmtModify":1634211938896,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Comment thanks","listText":"Comment thanks","text":"Comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/377558492","repostId":"2130522345","repostType":4,"repost":{"id":"2130522345","pubTimestamp":1619484161,"share":"https://www.laohu8.com/m/news/2130522345?lang=&edition=full","pubTime":"2021-04-27 08:42","market":"us","language":"en","title":"AMD earnings: Are data center owners ‘digesting’ or just not buying Intel chips?","url":"https://stock-news.laohu8.com/highlight/detail?id=2130522345","media":"MarketWatch","summary":"AMD segment that includes data-center sales expected to almost triple in revenue after biggest rival's server sales declined. AMD first launched the EPYC family of server chips in 2017. AMD. Advanced Micro Devices Inc. earnings will serve as an indication if the data-center market is truly in a \"digestion\" phase, as Intel Corp. reported.AMD $$ is scheduled to report its first-quarter earnings on Tuesday after the close of markets. When Intel $$ reported results last week, the market-share leader","content":"<p>AMD segment that includes data-center sales expected to almost triple in revenue after biggest rival's server sales declined</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/615a522a230f802ea7b3c7554e6a350b\" tg-width=\"1259\" tg-height=\"709\"><span>AMD first launched the EPYC family of server chips in 2017. AMD</span></p>\n<p>Advanced Micro Devices Inc. earnings will serve as an indication if the data-center market is truly in a \"digestion\" phase, as Intel Corp. reported.</p>\n<p>AMD <a href=\"https://laohu8.com/S/AMD\">$(AMD)$</a> is scheduled to report its first-quarter earnings on Tuesday after the close of markets. When Intel <a href=\"https://laohu8.com/S/INTC\">$(INTC)$</a> reported results last week, the market-share leader noted that the market was just bottoming from a \"digestion phase\" as its data-center sales dropped 20% year-over-year.</p>\n<p>Analysts questioned that characterization of a \"digestion phase,\" however, asking instead if AMD was taking share away from Intel</p>\n<p>Wall Street, on average, expects AMD to report $1.3 billion in enterprise, embedded, and semi-custom sales, the segment containing data-center and gaming-console chips, nearly triple the $348 million the company reported in the year-ago period .</p>\n<p>This all comes amid a continuing shortage of microchips to sate demand from global industries, and the companies that make the silicon wafers chip designs use, work to clear waiting lists that span several months.</p>\n<p>AMD said in its last earnings report that it expected data-center and gaming sales growth to continue well into 2021. AMD is forecast to report $1.89 billion in computing and graphics sales, a relatively modest 31% rise from a year ago.</p>\n<p>In early April, shareholders from AMD and Xilinx Inc.&nbsp;approved a $35 billion wrap-up between the two companies. In March, the company announced a&nbsp;new gaming card.</p>\n<p><b>What to expect</b></p>\n<p>Earnings: Of the 34 analysts surveyed by FactSet, AMD on average is expected to post adjusted earnings of 44 cents a share, up from 35 cents a share expected at the beginning of the quarter and 18 cents a share reported in the year-ago period. Estimize, a software platform that crowdsources estimates from hedge-fund executives, brokerages, buy-side analysts and others, calls for earnings of 48 cents a share.</p>\n<p>Revenue: Back in January, AMD predicted first-quarter sales between $3.1 billion and $3.3 billion, while analysts on average had forecast revenue of $2.68 billion at the time. Now, 31 analysts, on average, expect revenue of $3.18 billion, up from the $1.79 billion reported in the year-ago quarter. Estimize expects revenue of $3.25 billion.</p>\n<p>Stock movement: In the first quarter, AMD shares fell 14.4%. In contrast, the PHLX Semiconductor Index gained 11.8%, the S&amp;P 500 index gained 5.8%, and the tech-heavy Nasdaq Composite Index rose 2.8%.</p>\n<p><b>What analysts are saying</b></p>\n<p>Susquehanna Financial analyst Christopher Rolland, who has a positive rating and a $115 price target on AMD, said PC and graphics processing unit checks point to continued strong demand in the first quarter.</p>\n<p>\"While many believe upside is capped by capacity constraints, we believe AMD is quickly becoming [Taiwan Semiconductor Manufacturing Co.'s (2330.TW)] preferred 'CPU' partner, as Intel's IDM 2.0 strategy appears increasingly competitive to thefoundry,\" Rolland said. \"Therefore, we would not be surprised to see AMD receive more than enough wafers to track toward full-year guidance and perhaps beyond.\"</p>\n<p><a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a> analyst Joseph Moore, who just reinstated estimates for AMD, said he expects strong earnings above the consensus from AMD with \"strong demand across the board, and supply constraints due to substrates and to a lesser extent wafers.\"</p>\n<p>Moore expects fab priority to keep going to high margin products like servers and \"enthusiast desktop microprocessors\" and \"lowest-margin customers that are strategic and sole sourced\" like Microsoft Corp.'s <a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a> and Sony Group Corp.'s gaming consoles.</p>\n<p>\"With competitors also dealing with supply constraints, overall pricing should be healthy,\" Moore said. The analysts expects AMD fiscal earnings of $2.04 a share in 2021, $2.59 a share in 2022, and $2.90 a share in 2023, while analysts surveyed by FactSet expect per-share earnings of $1.95, $2.51, and $3.23, respectively.</p>\n<p>B of A Securities analyst Vivek Arya, who has a $100 price target, said of the larger chip market that \"Supply constraints could limit Q1 outperformance/Q2 outlook, but extend cycle into CY22\"</p>\n<p>For AMD, \"can it obtain enough incremental supply from TSMC to beat its already robust 37% YoY sales outlook for CY21 while firmly convincing investors around INTC share gains?\"</p>\n<p>Of the 36 analysts who cover AMD, 21 have buy or overweight ratings, 12 have hold ratings and three have sell ratings, with an average price target of $100.50.</p>","source":"lsy1603348471595","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>AMD earnings: Are data center owners ‘digesting’ or just not buying Intel chips?</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\">\nAMD earnings: Are data center owners ‘digesting’ or just not buying Intel chips?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-27 08:42 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/amd-earnings-are-data-center-owners-digesting-or-just-not-buying-intel-chips-11619473180?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>AMD segment that includes data-center sales expected to almost triple in revenue after biggest rival's server sales declined\nAMD first launched the EPYC family of server chips in 2017. AMD\nAdvanced ...</p>\n\n<a href=\"https://www.marketwatch.com/story/amd-earnings-are-data-center-owners-digesting-or-just-not-buying-intel-chips-11619473180?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/amd-earnings-are-data-center-owners-digesting-or-just-not-buying-intel-chips-11619473180?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2130522345","content_text":"AMD segment that includes data-center sales expected to almost triple in revenue after biggest rival's server sales declined\nAMD first launched the EPYC family of server chips in 2017. AMD\nAdvanced Micro Devices Inc. earnings will serve as an indication if the data-center market is truly in a \"digestion\" phase, as Intel Corp. reported.\nAMD $(AMD)$ is scheduled to report its first-quarter earnings on Tuesday after the close of markets. When Intel $(INTC)$ reported results last week, the market-share leader noted that the market was just bottoming from a \"digestion phase\" as its data-center sales dropped 20% year-over-year.\nAnalysts questioned that characterization of a \"digestion phase,\" however, asking instead if AMD was taking share away from Intel\nWall Street, on average, expects AMD to report $1.3 billion in enterprise, embedded, and semi-custom sales, the segment containing data-center and gaming-console chips, nearly triple the $348 million the company reported in the year-ago period .\nThis all comes amid a continuing shortage of microchips to sate demand from global industries, and the companies that make the silicon wafers chip designs use, work to clear waiting lists that span several months.\nAMD said in its last earnings report that it expected data-center and gaming sales growth to continue well into 2021. AMD is forecast to report $1.89 billion in computing and graphics sales, a relatively modest 31% rise from a year ago.\nIn early April, shareholders from AMD and Xilinx Inc. approved a $35 billion wrap-up between the two companies. In March, the company announced a new gaming card.\nWhat to expect\nEarnings: Of the 34 analysts surveyed by FactSet, AMD on average is expected to post adjusted earnings of 44 cents a share, up from 35 cents a share expected at the beginning of the quarter and 18 cents a share reported in the year-ago period. Estimize, a software platform that crowdsources estimates from hedge-fund executives, brokerages, buy-side analysts and others, calls for earnings of 48 cents a share.\nRevenue: Back in January, AMD predicted first-quarter sales between $3.1 billion and $3.3 billion, while analysts on average had forecast revenue of $2.68 billion at the time. Now, 31 analysts, on average, expect revenue of $3.18 billion, up from the $1.79 billion reported in the year-ago quarter. Estimize expects revenue of $3.25 billion.\nStock movement: In the first quarter, AMD shares fell 14.4%. In contrast, the PHLX Semiconductor Index gained 11.8%, the S&P 500 index gained 5.8%, and the tech-heavy Nasdaq Composite Index rose 2.8%.\nWhat analysts are saying\nSusquehanna Financial analyst Christopher Rolland, who has a positive rating and a $115 price target on AMD, said PC and graphics processing unit checks point to continued strong demand in the first quarter.\n\"While many believe upside is capped by capacity constraints, we believe AMD is quickly becoming [Taiwan Semiconductor Manufacturing Co.'s (2330.TW)] preferred 'CPU' partner, as Intel's IDM 2.0 strategy appears increasingly competitive to thefoundry,\" Rolland said. \"Therefore, we would not be surprised to see AMD receive more than enough wafers to track toward full-year guidance and perhaps beyond.\"\nMorgan Stanley analyst Joseph Moore, who just reinstated estimates for AMD, said he expects strong earnings above the consensus from AMD with \"strong demand across the board, and supply constraints due to substrates and to a lesser extent wafers.\"\nMoore expects fab priority to keep going to high margin products like servers and \"enthusiast desktop microprocessors\" and \"lowest-margin customers that are strategic and sole sourced\" like Microsoft Corp.'s $(MSFT)$ and Sony Group Corp.'s gaming consoles.\n\"With competitors also dealing with supply constraints, overall pricing should be healthy,\" Moore said. The analysts expects AMD fiscal earnings of $2.04 a share in 2021, $2.59 a share in 2022, and $2.90 a share in 2023, while analysts surveyed by FactSet expect per-share earnings of $1.95, $2.51, and $3.23, respectively.\nB of A Securities analyst Vivek Arya, who has a $100 price target, said of the larger chip market that \"Supply constraints could limit Q1 outperformance/Q2 outlook, but extend cycle into CY22\"\nFor AMD, \"can it obtain enough incremental supply from TSMC to beat its already robust 37% YoY sales outlook for CY21 while firmly convincing investors around INTC share gains?\"\nOf the 36 analysts who cover AMD, 21 have buy or overweight ratings, 12 have hold ratings and three have sell ratings, with an average price target of $100.50.","news_type":1},"isVote":1,"tweetType":1,"viewCount":137,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":378352744,"gmtCreate":1619004869188,"gmtModify":1634289296654,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Comment","listText":"Comment","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/378352744","repostId":"1193736432","repostType":4,"repost":{"id":"1193736432","pubTimestamp":1618966262,"share":"https://www.laohu8.com/m/news/1193736432?lang=&edition=full","pubTime":"2021-04-21 08:51","market":"us","language":"en","title":"Here’s everything Apple just announced: New iPad Pros, colorful iMacs, AirTags and more","url":"https://stock-news.laohu8.com/highlight/detail?id=1193736432","media":"cnbc","summary":"Applejust held its first product launch event of the year, where it announced a colorful new iMac and an updated iPad Pro with 5G and the M1 chip that’s also used in the company’s desktop computers.Apple also announced an AirTag lost-device tracking gadget and a refreshed Apple TV 4K with a brand-new remote.Investors didn’t appear to be impressed by the news. Shares of Apple were down about 2% after the product event wrapped up.Here are some of the highlight announcements, but scroll down to see","content":"<div>\n<p>Applejust held its first product launch event of the year, where it announced a colorful new iMac and an updated iPad Pro with 5G and the M1 chip that’s also used in the company’s desktop computers.\n...</p>\n\n<a href=\"https://www.cnbc.com/2021/04/20/apple-event-live-updates.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","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>Here’s everything Apple just announced: New iPad Pros, colorful iMacs, AirTags and more</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\">\nHere’s everything Apple just announced: New iPad Pros, colorful iMacs, AirTags and more\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-21 08:51 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/04/20/apple-event-live-updates.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Applejust held its first product launch event of the year, where it announced a colorful new iMac and an updated iPad Pro with 5G and the M1 chip that’s also used in the company’s desktop computers.\n...</p>\n\n<a href=\"https://www.cnbc.com/2021/04/20/apple-event-live-updates.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.cnbc.com/2021/04/20/apple-event-live-updates.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1193736432","content_text":"Applejust held its first product launch event of the year, where it announced a colorful new iMac and an updated iPad Pro with 5G and the M1 chip that’s also used in the company’s desktop computers.\nApple also announced an AirTag lost-device tracking gadget and a refreshed Apple TV 4K with a brand-new remote.\nInvestors didn’t appear to be impressed by the news. Shares of Apple were down about 2% after the product event wrapped up.\nHere are some of the highlight announcements, but scroll down to see more.\n\nApple Card features for teens and families\nPodcast subscriptions\nAirTag lost item finder\nA purple iPhone 12\nA new Apple TV boxandremote\niMacs in seven colors with Apple’s M1 chip\nImproved iPad Pros with Apple’s M1 chip\n\nApple announces updated iPad Pros with chip from desktop computers\nApple said on Tuesday that it will release new high-end iPad Pros that use the company’s M1 chip, which is also used in its Mac computers. Previously, iPads used A-series chips, which are what powers the company’s iPhones. Apple says it is the most powerful tablet on the market.\nIt also includes an improved USB-C connector that will allow the iPad to connect to higher-resolution monitors and download images from a camera more quickly.\nThe 12.9-inch iPad Pro features an improved screen using an array of LEDs that is brighter and has better color resolution than previous displays using a technology called Mini-LED.\niPad ProSource: Apple Inc.\nThe iPad Pro will also have a 12-megapixel front-facing camera with an ultrawide lens that can automatically pan to keep human subjects in the shot.\nSome models will include 5G support, Apple said. The 11-inch model starts at $799, and the 12.9-inch model costs $1,099. They will be available for preorder on April 30 and will ship in late May.— Kif Leswing\niPad ProSource: Apple Inc.\nApple announces new iMac models that come in different colors\nApple launches new iMac.Source: Apple Inc.\nThese iMacs are powered by Apple's custom M1 silicon, not Intel processors. The computers have a new, thinner aluminum design, and they come in red, blue, purple, orange, yellow, silver, and green. The new thinner design looks a lot like a big iPad.\nApple launches new iMac with new colors.Source: Apple Inc.\nApple says the volume of the computer has been reduced by 50%, resulting in a smaller computer that can fit on a desk more easily. It comes with a 24-inch built-in display and an improved camera that can record 1080p video in low light. Apple says the display runs at \"4.5K\" resolution.\nIt ships with a new magnetic power connector reminiscent of Apple's previous MagSafe laptop chargers and a slightly updated keyboard with an emoji key and a fingerprint sensor. Apple's mouses and keyboard come in the same colors as the new iMacs.\nThe entry-level model costs $1,299, and an upgraded version costs $1,499. The new iMacs will go up for preorder on April 30 and will ship in the second half of May, Apple said.\nApple's first iMacs, released 20 years ago, also came in different colors.\nSource: Apple Inc.\nThe Apple TV finally has a brand-new remoteApple Inc.\nApple is finally rolling out a new, redesigned remote for the Apple TV. It's made of aluminum and has dedicated buttons for navigating menus, which should solve some of the headaches caused by the earlier remote. It will ship in the second half of May with the new Apple TV 4K, which costs $179 or $199 depending on the model.\n— Jessica Bursztynsky\nApple updates Apple TV 4K box with new processor\nApple announced that its Apple TV 4K box has been updated with a new processor, and it will be able to handle high frame rate HDR video which will result in displaying smoother, more colorful sports events.\nIt will also include a new feature that will use the iPhone's camera to tune the TV's picture quality.\nIt also comes with a completely redesigned remote made of aluminum with physical buttons, instead of the old remote’s touchpad. It can also control your TV’s power. Instead of a touchpad, it has a wheel for controlling the display.\nIt starts at $179 for 32GB of storage. It goes up for preorder on April 30 and will start shipping in the second half of May, Apple said.— Kif Leswing\nApple announces long-expected lost-item tracker called AirTag\n\nApple announced AirTag, calling it an iPhone accessory, priced at $29 for one or $99 for four. It will be on store shelves on April 30.\nIt uses Apple technology called Find My, which uses a network of iPhones to find lost objects. It’s using a technique Apple calls “precision finding” that it says is privacy-sensitive.\nThis product has been the source of some scrutiny from lawmakers who have heard that Apple is privileging its own lost-item trackers over others’ using anticompetitive practices and access to the iPhone operating system. Find My opened to third-party accessory makers last month.— Kif Leswing\nApple introduces new iPhone 12 color: Purple\nApple launches a new purple color iPhone for Spring.Source: Apple\nIt goes up for preorder on Friday and will ship on April 30.— Kif Leswing\nApple launching podcast subscription service\nApple announced that it’s launching its podcast subscription service next month, putting itself up further against Spotify and other competitors in the audio streaming wars.\nThe company is also redesigning its Apple Podcast app.\n— Jessica Bursztynsky\nApple says that credit scores are unfair, expands Apple Card to kids over 13 years old\nCEO Tim Cook said Apple will allow partners and spouses to share a credit line on a credit card, allowing both people to build credit scores. It’s also introducing features for families and teenagers. Apple was notably under fire fromco-founder Steve Wozniakafter people discovered that sometimes spouses had different credit limits.— Kif Leswing\nApple CEO Tim Cook kicks off the event\nTim Cook, CEO of Apple, speaks during an Apple Event on April 20th, 2021.Source: Apple Inc.\nWalking around Apple Park, Apple’s campus in Cupertino, California, Apple CEO Tim Cook kicked off the event with factoids about Apple’s environmental efforts, saying that Apple is carbon-neutral and hopes to remove 1 million tons of carbon from the environment per year.— Kif Leswing\nOver 360,000 people livestreaming Apple launch on YouTube\nAs Apple’s event kicks off, YouTube shows more than 360,000 people are streaming it on that platform. Apple’s three launch events last fall each garnered millions of people watching live on YouTube. It’s also available streaming directly on Apple’s website, which isn’t counted in the YouTube numbers.— Kif Leswing\nData point: iPads have been on a hot streak\nVarious models of the Apple Inc. iPad at the company’s Yeouido store during its opening in Seoul, South Korea, on Friday, Feb. 26, 2021.Jean Chung | Bloomberg | Getty Images\nAs Apple prepares to potentially release new iPads, remember that the product has had a great pandemic:In the fourth calendar quarter of 2020, Apple shipped $8.44 billion in iPads — which was up 41% year over year.— Kif Leswing\nApple’s spring events are typically more muted than its fall launch extravaganzas\nApple is best known for its fall launch events, where it reveals new iPhones, but it’s no stranger to hosting somewhat lower-profile events in the spring.\nApple didn’t hold a spring event in 2020 due to the onset of the coronavirus pandemic and instead launched new iPads and other gadgets on its website. In 2019, Apple’s spring announcement focused on services such asApple TV+and theApple Card. But it also announced new iPads in 2018 during an education-focused event at a school in Chicago.\nLast fall, Apple broadcast three prerecorded product launch events in three months, each of which garnered millions of live viewers on YouTube.— Kif Leswing\nYes, the Apple online store is down. No, it’s not a problem, it’s a tradition.\nScreenshot/Apple.com\nOne of Apple’s silliest traditions is that on the morning of an event it pulls its online Apple store down, giving up a few hours of online sales in exchange for building hype over its new products. Apple has done this for years, and technology has certainly gotten to the point where Apple could update its store without downtime — it does it all the time — but why mess with a tradition?— Kif Leswing\nWhat’s at stake for Apple?\nI wrote yesterday about some of thetensions bubbling under the surface at Apple. Yes, this is just another product event, but there are a lot of headaches on the horizon that could threaten its growth, especially in the App Store.\nThere’s the war of words withFacebookover theimpending iOS privacy feature. There’s the upcoming trial with Epic Games that centers on Apple’s control of the App Store. And then there’s Apple’s dependence on China, which is an obvious target for Apple critics. (Just ask Peter Thiel.)\nRead all about it right here.\n— Steve Kovach\nCook gets ready to kick off the event\nAppleCEO Tim Cook is gearing up for Tuesday’s “Spring Loaded” event, where the company is expected to announce new iPads and potentially a handful of other products. “It’s a beautiful spring morning for an #AppleEvent! See you soon,” Cook tweeted.\n— Jessica Bursztynsky","news_type":1},"isVote":1,"tweetType":1,"viewCount":83,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370105020,"gmtCreate":1618559520160,"gmtModify":1634292084607,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Gg","listText":"Gg","text":"Gg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/370105020","repostId":"1153076451","repostType":4,"repost":{"id":"1153076451","pubTimestamp":1618556863,"share":"https://www.laohu8.com/m/news/1153076451?lang=&edition=full","pubTime":"2021-04-16 15:07","market":"us","language":"en","title":"Options Prices Imply A Bearish Outlook For Tesla","url":"https://stock-news.laohu8.com/highlight/detail?id=1153076451","media":"seekingalpha","summary":"Summary\n\nTSLA's valuation is sensitive to assumptions about earnings growth, as well as interest rat","content":"<p><b>Summary</b></p>\n<ul>\n <li>TSLA's valuation is sensitive to assumptions about earnings growth, as well as interest rates.</li>\n <li>There is enormous dispersion in the Wall Street analysts' price targets due to this sensitivity.</li>\n <li>The Wall Street analyst consensus is that the stock is overpriced.</li>\n <li>The market-implied outlook (derived from options prices) gives probabilities tilted to price declines to early 2022.</li>\n <li>My overall rating is bearish.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bc756d1b948ebdb3dc4733f45bfde46c\" tg-width=\"1536\" tg-height=\"1024\"><span>Photo by jetcityimage/iStock Editorial via Getty Images</span></p>\n<p>Tesla(NASDAQ:TSLA)has a trailing twelve-month P/E of 1,226 (Source: eTrade) and a forward P/E of 180 (Source: Seeking Alpha). At these levels of P/E ratio, the vast majority of Tesla’s valuation depends on earnings growth, as with other fast-growing companies. It is not surprising that TSLA stock dropped substantially during concerns about rising rates in early 2021. Companies for which the valuations depend on future rapid earnings growth will tend to be very sensitive to rates, because rising rates increase the discount rate applied to future earnings and the impact of this increase is much higher for earnings further into the future. Especially in cases in which a stock’s value is sensitive to justifiably variable assumptions about future earnings, considering a range of possible outcomes is important. Put in statistical terms, systems with low predictability are best analyzed using ensemble forecasts rather than point forecasts.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/498fffe7f0087b498b810cc31969d6a6\" tg-width=\"897\" tg-height=\"232\"><span>Price history and basic statistics for TSLA (Source: Seeking Alpha)</span></p>\n<p>My approach to equity analysis is from a statistical standpoint rather than bottom-up fundamental valuation. I can offer no unique insight into Tesla’s technology, how quickly Tesla will grow its sales or as to the impact of competition from other car manufacturers. If you are looking for one more equity analyst’s opinion, this article is not for you. In this article, I compare two different consensus outlooks for the stock. The first is the consensus rating and price target from the Wall Street equity analysts who follow the company. The second consensus view is the market-implied outlook which is derived from the prices at which options are trading. This is, in effect, the consensus opinion of all of the buyers and sellers of options on TSLA. Market-implied outlooks are quite common in quantitative finance but tend to be less familiar to investors and advisors. I have written an&nbsp;overview post&nbsp;that provides examples and links to the finance literature and an implementation of market-implied outlooks by the Minneapolis Federal Reserve Bank.</p>\n<p><b>Wall Street Analyst Ratings</b></p>\n<p>Especially for a company like Tesla, which is innovating and evolving rapidly in a market that is also growing and changing quickly, the consensus outlook of equity analysts is of interest. Each analyst will apply their own assumptions and estimates, and the consensus will tend to emphasize the common aspects and damp out the outliers. In addition, the dispersion among the analysts provides a sense of uncertainty. The higher the dispersion among price targets, for example, the&nbsp;less predictive&nbsp;the consensus target tends to be.</p>\n<p>eTrade’s calculation of the Wall Street consensus combines the view of 27 ranked analysts who have rated the stock and provided 12-month price targets over the past 90 days. The consensus rating is neutral (HOLD) and the consensus 12-month price target is 6.5% below the current share price. The spread in the price targets is enormous, with the highest price target almost 8.9 times the lowest price target. The lowest 12-month target, $135, is not an extreme outlier. There are also analysts with price targets of $150 and $180 as well as three analysts with price targets between $200 and $300.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7fbccc769e51e3f6f019ddc3f7bfc63d\" tg-width=\"685\" tg-height=\"452\"><span>Wall Street analyst consensus rating and 12-month price target for TSLA (Source: eTrade)</span></p>\n<p>Seeking Alpha’s calculation for the Wall Street consensus combines the outlooks of 35 analysts. The consensus rating is neutral, with a price target of $636.47, which is 15% below the current price.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8c20344d6c1b7953446ab1a2f555bfa8\" tg-width=\"905\" tg-height=\"455\"><span>Wall Street analyst consensus rating and price target for TSLA (Source: Seeking Alpha)</span></p>\n<p>The wide range of analyst opinions is also captured in the pie chart of ratings. There are 14 analysts with bullish ratings, 13 with neutral ratings, and 8 with bearish ratings.</p>\n<p><b>Market-Implied Outlook</b></p>\n<p>The buyers and sellers of options on TSLA are placing bets on the probabilities of the price rising above (call options) or falling below (put options) a specific price (the strike price) between now and the expiration date of the options. By combining the prices of call options and put options at a range of strikes and the same expiration date, it is possible to calculate the probability distribution of price returns (between now and the expiration date) that reconcile all of the options prices. This probabilistic outlook for price returns is referred to as the market-implied (aka option-implied) outlook and represents the consensus outlook of the options market. The market-implied outlook provides an interesting complement to the Wall Street analyst outlook.</p>\n<p>I have analyzed options on TSLA that expire on January 21, 2022 to provide the market-implied outlook for the next 9.25 months (between now and that date). The market-implied outlook is charted in the form of a standard probability distribution of returns, with probability on the vertical axis and price return on the horizontal axis, going from most negative on the left to most positive on the right.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/681fc7b1f0d61ed0cb7734b1ea478177\" tg-width=\"723\" tg-height=\"357\"><span>Market-implied price return probabilities for TSLA for the period from today until January 21, 2022 (Source: author’s calculations using options quotes from eTrade)</span></p>\n<p>What is immediately obvious in the market-implied outlook for the next 9.25 months is the very high positive skewness in returns. The single most-probable price return over this period is -34% and the median return is -18% (There is equal probability of being above or below the median). There is, however, an extremely long positive tail on the distribution, such that there is a low but meaningful probability of exceedingly high returns. This is a bearish outlook, with the most probable outcomes being substantially negative price returns over the next 9.25 months.</p>\n<p>The annualized volatility of TSLA derived from this distribution is 69%, which is very high for a large cap or mid cap stock. To put this in context, I recently calculated 62% annualized volatility for&nbsp;Snowflake (SNOW)&nbsp;using the same type of analysis.</p>\n<p>In my analyses using the market-implied outlook, I often rotate the negative return side of the distribution about the vertical axis in order to make it easier to see the relative probabilities of positive and negative returns of the same magnitude (see chart below). I provide this view to make it easier to compare the market-implied outlook for TSLA to some of my other analysis.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dce9b2b5a6d42644665c4133af0b67dd\" tg-width=\"565\" tg-height=\"358\"><span>Market-implied price return probabilities for TSLA for the period from today until January 21, 2022 and with the negative return side of the chart rotated about the vertical axis (Source: author’s calculations using options quotes from eTrade)</span></p>\n<p>This chart looks very similar to the&nbsp;market-implied outlook for Teladoc from February, for example. I have been seeing this form of market-implied outlook for a range of tech stocks in recent months. The common characteristics are high positive skewness and prevailing probabilities tilted to price declines.</p>\n<p>Another view of the market-implied outlook is in terms of the percentiles of the outcomes (this is referred to as the cumulative probability distribution). The percentiles show the probability of having a return above or below a specific level (see chart below).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/afa38062250c74ca42ec7813a3eb600c\" tg-width=\"581\" tg-height=\"362\"><span>Percentiles of market-implied price return probabilities for TSLA for the period from today until January 21, 2022 (Source: author’s calculations using options quotes from eTrade)</span></p>\n<p>There is a 64% probability of having a price return less than or equal to zero for the 9.25 month period (where the percentile curve crosses zero return). The skewness effect is easy to see here. The 20th percentile return is -44%, which means that there is a 20% probability of having a price return of -44% or worse over the next 9.25 months. The 10th percentile is -59%. The 80th percentile is +47% and the 90th percentile is +88%. The extreme percentiles illustrate the skewness. There is a 10% probability of having returns less than or equal to -59% (the 10th percentile) and there is a 10% chance of having a return greater than +88% (the 90th percentile).</p>\n<p>There is a very active options market on TSLA, so the market-implied outlook is of considerable interest. The consensus outlook of the options traders suggests that the highest-probability outcomes over the next 9.25 months are price declines, a bearish view. There is also an elevated potential, albeit with low probability, for out-sized positive returns.</p>\n<p><b>Summary</b></p>\n<p>Tesla is a remarkable company that has transformed and continues to lead the market for electric vehicles. Because the technology, the business, and the policy and regulation around electric vehicles is evolving so quickly, I believe it is especially important to analyze TSLA by looking at the range of forecasts. The Wall Street consensus provides one approach to capturing uncertainty by looking at the dispersion in price targets. The market-implied outlook provides a particularly relevant probabilistic outlook. The Wall Street consensus is that TSLA is currently overpriced, with a consensus 12-month price target implying a return of -6.5% to -15%. The dispersion in analyst price targets is enormous, varying by a factor of 9X. The market-implied outlook gives a median price return of -18%, with the single most-probable price return (the mode of the distribution) equal to -34%, for the next 9.25 months. The annualized volatility derived from the market-implied outlook is 69%. My final rating is bearish. There is the potential for enormous positive returns, but the prevailing odds point towards price declines.</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>Options Prices Imply A Bearish Outlook For Tesla</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\">\nOptions Prices Imply A Bearish Outlook For Tesla\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-16 15:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4419312-options-prices-imply-bearish-outlook-for-tesla><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nTSLA's valuation is sensitive to assumptions about earnings growth, as well as interest rates.\nThere is enormous dispersion in the Wall Street analysts' price targets due to this sensitivity....</p>\n\n<a href=\"https://seekingalpha.com/article/4419312-options-prices-imply-bearish-outlook-for-tesla\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4419312-options-prices-imply-bearish-outlook-for-tesla","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1153076451","content_text":"Summary\n\nTSLA's valuation is sensitive to assumptions about earnings growth, as well as interest rates.\nThere is enormous dispersion in the Wall Street analysts' price targets due to this sensitivity.\nThe Wall Street analyst consensus is that the stock is overpriced.\nThe market-implied outlook (derived from options prices) gives probabilities tilted to price declines to early 2022.\nMy overall rating is bearish.\n\nPhoto by jetcityimage/iStock Editorial via Getty Images\nTesla(NASDAQ:TSLA)has a trailing twelve-month P/E of 1,226 (Source: eTrade) and a forward P/E of 180 (Source: Seeking Alpha). At these levels of P/E ratio, the vast majority of Tesla’s valuation depends on earnings growth, as with other fast-growing companies. It is not surprising that TSLA stock dropped substantially during concerns about rising rates in early 2021. Companies for which the valuations depend on future rapid earnings growth will tend to be very sensitive to rates, because rising rates increase the discount rate applied to future earnings and the impact of this increase is much higher for earnings further into the future. Especially in cases in which a stock’s value is sensitive to justifiably variable assumptions about future earnings, considering a range of possible outcomes is important. Put in statistical terms, systems with low predictability are best analyzed using ensemble forecasts rather than point forecasts.\nPrice history and basic statistics for TSLA (Source: Seeking Alpha)\nMy approach to equity analysis is from a statistical standpoint rather than bottom-up fundamental valuation. I can offer no unique insight into Tesla’s technology, how quickly Tesla will grow its sales or as to the impact of competition from other car manufacturers. If you are looking for one more equity analyst’s opinion, this article is not for you. In this article, I compare two different consensus outlooks for the stock. The first is the consensus rating and price target from the Wall Street equity analysts who follow the company. The second consensus view is the market-implied outlook which is derived from the prices at which options are trading. This is, in effect, the consensus opinion of all of the buyers and sellers of options on TSLA. Market-implied outlooks are quite common in quantitative finance but tend to be less familiar to investors and advisors. I have written an overview post that provides examples and links to the finance literature and an implementation of market-implied outlooks by the Minneapolis Federal Reserve Bank.\nWall Street Analyst Ratings\nEspecially for a company like Tesla, which is innovating and evolving rapidly in a market that is also growing and changing quickly, the consensus outlook of equity analysts is of interest. Each analyst will apply their own assumptions and estimates, and the consensus will tend to emphasize the common aspects and damp out the outliers. In addition, the dispersion among the analysts provides a sense of uncertainty. The higher the dispersion among price targets, for example, the less predictive the consensus target tends to be.\neTrade’s calculation of the Wall Street consensus combines the view of 27 ranked analysts who have rated the stock and provided 12-month price targets over the past 90 days. The consensus rating is neutral (HOLD) and the consensus 12-month price target is 6.5% below the current share price. The spread in the price targets is enormous, with the highest price target almost 8.9 times the lowest price target. The lowest 12-month target, $135, is not an extreme outlier. There are also analysts with price targets of $150 and $180 as well as three analysts with price targets between $200 and $300.\nWall Street analyst consensus rating and 12-month price target for TSLA (Source: eTrade)\nSeeking Alpha’s calculation for the Wall Street consensus combines the outlooks of 35 analysts. The consensus rating is neutral, with a price target of $636.47, which is 15% below the current price.\nWall Street analyst consensus rating and price target for TSLA (Source: Seeking Alpha)\nThe wide range of analyst opinions is also captured in the pie chart of ratings. There are 14 analysts with bullish ratings, 13 with neutral ratings, and 8 with bearish ratings.\nMarket-Implied Outlook\nThe buyers and sellers of options on TSLA are placing bets on the probabilities of the price rising above (call options) or falling below (put options) a specific price (the strike price) between now and the expiration date of the options. By combining the prices of call options and put options at a range of strikes and the same expiration date, it is possible to calculate the probability distribution of price returns (between now and the expiration date) that reconcile all of the options prices. This probabilistic outlook for price returns is referred to as the market-implied (aka option-implied) outlook and represents the consensus outlook of the options market. The market-implied outlook provides an interesting complement to the Wall Street analyst outlook.\nI have analyzed options on TSLA that expire on January 21, 2022 to provide the market-implied outlook for the next 9.25 months (between now and that date). The market-implied outlook is charted in the form of a standard probability distribution of returns, with probability on the vertical axis and price return on the horizontal axis, going from most negative on the left to most positive on the right.\nMarket-implied price return probabilities for TSLA for the period from today until January 21, 2022 (Source: author’s calculations using options quotes from eTrade)\nWhat is immediately obvious in the market-implied outlook for the next 9.25 months is the very high positive skewness in returns. The single most-probable price return over this period is -34% and the median return is -18% (There is equal probability of being above or below the median). There is, however, an extremely long positive tail on the distribution, such that there is a low but meaningful probability of exceedingly high returns. This is a bearish outlook, with the most probable outcomes being substantially negative price returns over the next 9.25 months.\nThe annualized volatility of TSLA derived from this distribution is 69%, which is very high for a large cap or mid cap stock. To put this in context, I recently calculated 62% annualized volatility for Snowflake (SNOW) using the same type of analysis.\nIn my analyses using the market-implied outlook, I often rotate the negative return side of the distribution about the vertical axis in order to make it easier to see the relative probabilities of positive and negative returns of the same magnitude (see chart below). I provide this view to make it easier to compare the market-implied outlook for TSLA to some of my other analysis.\nMarket-implied price return probabilities for TSLA for the period from today until January 21, 2022 and with the negative return side of the chart rotated about the vertical axis (Source: author’s calculations using options quotes from eTrade)\nThis chart looks very similar to the market-implied outlook for Teladoc from February, for example. I have been seeing this form of market-implied outlook for a range of tech stocks in recent months. The common characteristics are high positive skewness and prevailing probabilities tilted to price declines.\nAnother view of the market-implied outlook is in terms of the percentiles of the outcomes (this is referred to as the cumulative probability distribution). The percentiles show the probability of having a return above or below a specific level (see chart below).\nPercentiles of market-implied price return probabilities for TSLA for the period from today until January 21, 2022 (Source: author’s calculations using options quotes from eTrade)\nThere is a 64% probability of having a price return less than or equal to zero for the 9.25 month period (where the percentile curve crosses zero return). The skewness effect is easy to see here. The 20th percentile return is -44%, which means that there is a 20% probability of having a price return of -44% or worse over the next 9.25 months. The 10th percentile is -59%. The 80th percentile is +47% and the 90th percentile is +88%. The extreme percentiles illustrate the skewness. There is a 10% probability of having returns less than or equal to -59% (the 10th percentile) and there is a 10% chance of having a return greater than +88% (the 90th percentile).\nThere is a very active options market on TSLA, so the market-implied outlook is of considerable interest. The consensus outlook of the options traders suggests that the highest-probability outcomes over the next 9.25 months are price declines, a bearish view. There is also an elevated potential, albeit with low probability, for out-sized positive returns.\nSummary\nTesla is a remarkable company that has transformed and continues to lead the market for electric vehicles. Because the technology, the business, and the policy and regulation around electric vehicles is evolving so quickly, I believe it is especially important to analyze TSLA by looking at the range of forecasts. The Wall Street consensus provides one approach to capturing uncertainty by looking at the dispersion in price targets. The market-implied outlook provides a particularly relevant probabilistic outlook. The Wall Street consensus is that TSLA is currently overpriced, with a consensus 12-month price target implying a return of -6.5% to -15%. The dispersion in analyst price targets is enormous, varying by a factor of 9X. The market-implied outlook gives a median price return of -18%, with the single most-probable price return (the mode of the distribution) equal to -34%, for the next 9.25 months. The annualized volatility derived from the market-implied outlook is 69%. My final rating is bearish. There is the potential for enormous positive returns, but the prevailing odds point towards price declines.","news_type":1},"isVote":1,"tweetType":1,"viewCount":194,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183540227,"gmtCreate":1623337410069,"gmtModify":1634034398477,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Tell me your opinion about this news...","listText":"Tell me your opinion about this news...","text":"Tell me your opinion about this news...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/183540227","repostId":"1180064020","repostType":4,"repost":{"id":"1180064020","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":1623331902,"share":"https://www.laohu8.com/m/news/1180064020?lang=&edition=full","pubTime":"2021-06-10 21:31","market":"us","language":"en","title":"U.S. stocks gained in Thursday open. Chinese Education Stocks soared","url":"https://stock-news.laohu8.com/highlight/detail?id=1180064020","media":"Tiger Newspress","summary":"(June 10) U.S. stocks gained in Thursday open. Chinese Education Stocks soared.\nAirline stocks rally","content":"<p>(June 10)&nbsp;U.S. stocks gained in Thursday open.&nbsp;Chinese Education Stocks soared.</p>\n<p><img src=\"https://static.tigerbbs.com/3319d3b4d9de022c9ba1cf2e2452ee50\" tg-width=\"307\" tg-height=\"241\" referrerpolicy=\"no-referrer\">Airline stocks rally.</p>\n<p><img src=\"https://static.tigerbbs.com/918397d0861786d9643834f404915b8f\" tg-width=\"303\" tg-height=\"364\" referrerpolicy=\"no-referrer\"></p>\n<p>Video-game retailer and meme stock GameStop fell over 6%&nbsp;in morning trading even after the company tapped formerAmazon executive Matt Furlong to be its next CEOand said that sales rose 25% last quarter. The company also said it may sell up to 5 million additional shares.</p>\n<p><img src=\"https://static.tigerbbs.com/5437e23fe0b63fa6886cf840ceac1e81\" tg-width=\"700\" tg-height=\"584\" referrerpolicy=\"no-referrer\">U.S. stocks climbed on Thursday as investors shrugged off a key inflation report that showed a bigger-than-expected increase in price pressures.</p>\n<p>The Dow Jones Industrial Average rose 200 points, while theS&amp;P 500edged 0.4% higher. The Nasdaq Composite traded 0.2% higher even with bond yields rising.</p>\n<p>Consumer prices for May accelerated at their fastest pace since the summer of 2008 amid the economic recovery from the pandemic-triggered recession,the Labor Department reported Thursday.</p>\n<p>The consumer price index, which represents a basket including food, energy, groceries across a spectrum of goods, rose 5% from a year ago. Economists surveyed by Dow Jones had been expecting a gain of 4.7%.</p>\n<p>Fears of spiking inflation have weighed on the stock market in the last month, with investors worried the jump in prices will raise costs for companies, spark a move higher in interest rates and cause the Federal Reserve to remove its easy money policies.</p>\n<p>“This CPI isn’t likely to change the narrative dramatically and there are still indications that inflation momentum is set to abate in the coming months,” Adam Crisafulli, founder of Vital Knowledge, said in a note Thursday.</p>\n<p>Many economists also said the surge in used car costs for the month could have skewed the inflation reading. Used car and truck prices jumped more than 7%, accounting for one-third of the total increase for the month, according to the BLS. The jump in used car prices likely reflects a temporary phenomenon related to the pandemic and auto supply.</p>\n<p>UPS shares rose about 1% in premarket trading afteran upgrade from JPMorgan. Shares of Boeing and Delta Air Lines were also higher in premarket trading.</p>\n<p>U.S. markets continued to trade within a tight range on Wednesday, with all three major indexes ending the day within 0.5% of Tuesday’s closing levels. The Dow, S&amp;P 500 and Nasdaq Composite all fell during regular trading, ending the session further away from their respective all-time highs.</p>\n<p>The S&amp;P 500 remains closest to its benchmark and is just 0.44% away from a new all-time high. The Dow and Nasdaq are roughly 2% away from records.</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> U.S. stocks gained in Thursday open. Chinese Education Stocks soared</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 U.S. stocks gained in Thursday open. Chinese Education Stocks soared\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\">2021-06-10 21:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(June 10)&nbsp;U.S. stocks gained in Thursday open.&nbsp;Chinese Education Stocks soared.</p>\n<p><img src=\"https://static.tigerbbs.com/3319d3b4d9de022c9ba1cf2e2452ee50\" tg-width=\"307\" tg-height=\"241\" referrerpolicy=\"no-referrer\">Airline stocks rally.</p>\n<p><img src=\"https://static.tigerbbs.com/918397d0861786d9643834f404915b8f\" tg-width=\"303\" tg-height=\"364\" referrerpolicy=\"no-referrer\"></p>\n<p>Video-game retailer and meme stock GameStop fell over 6%&nbsp;in morning trading even after the company tapped formerAmazon executive Matt Furlong to be its next CEOand said that sales rose 25% last quarter. The company also said it may sell up to 5 million additional shares.</p>\n<p><img src=\"https://static.tigerbbs.com/5437e23fe0b63fa6886cf840ceac1e81\" tg-width=\"700\" tg-height=\"584\" referrerpolicy=\"no-referrer\">U.S. stocks climbed on Thursday as investors shrugged off a key inflation report that showed a bigger-than-expected increase in price pressures.</p>\n<p>The Dow Jones Industrial Average rose 200 points, while theS&amp;P 500edged 0.4% higher. The Nasdaq Composite traded 0.2% higher even with bond yields rising.</p>\n<p>Consumer prices for May accelerated at their fastest pace since the summer of 2008 amid the economic recovery from the pandemic-triggered recession,the Labor Department reported Thursday.</p>\n<p>The consumer price index, which represents a basket including food, energy, groceries across a spectrum of goods, rose 5% from a year ago. Economists surveyed by Dow Jones had been expecting a gain of 4.7%.</p>\n<p>Fears of spiking inflation have weighed on the stock market in the last month, with investors worried the jump in prices will raise costs for companies, spark a move higher in interest rates and cause the Federal Reserve to remove its easy money policies.</p>\n<p>“This CPI isn’t likely to change the narrative dramatically and there are still indications that inflation momentum is set to abate in the coming months,” Adam Crisafulli, founder of Vital Knowledge, said in a note Thursday.</p>\n<p>Many economists also said the surge in used car costs for the month could have skewed the inflation reading. Used car and truck prices jumped more than 7%, accounting for one-third of the total increase for the month, according to the BLS. The jump in used car prices likely reflects a temporary phenomenon related to the pandemic and auto supply.</p>\n<p>UPS shares rose about 1% in premarket trading afteran upgrade from JPMorgan. Shares of Boeing and Delta Air Lines were also higher in premarket trading.</p>\n<p>U.S. markets continued to trade within a tight range on Wednesday, with all three major indexes ending the day within 0.5% of Tuesday’s closing levels. The Dow, S&amp;P 500 and Nasdaq Composite all fell during regular trading, ending the session further away from their respective all-time highs.</p>\n<p>The S&amp;P 500 remains closest to its benchmark and is just 0.44% away from a new all-time high. The Dow and Nasdaq are roughly 2% away from records.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180064020","content_text":"(June 10) U.S. stocks gained in Thursday open. Chinese Education Stocks soared.\nAirline stocks rally.\n\nVideo-game retailer and meme stock GameStop fell over 6% in morning trading even after the company tapped formerAmazon executive Matt Furlong to be its next CEOand said that sales rose 25% last quarter. The company also said it may sell up to 5 million additional shares.\nU.S. stocks climbed on Thursday as investors shrugged off a key inflation report that showed a bigger-than-expected increase in price pressures.\nThe Dow Jones Industrial Average rose 200 points, while theS&P 500edged 0.4% higher. The Nasdaq Composite traded 0.2% higher even with bond yields rising.\nConsumer prices for May accelerated at their fastest pace since the summer of 2008 amid the economic recovery from the pandemic-triggered recession,the Labor Department reported Thursday.\nThe consumer price index, which represents a basket including food, energy, groceries across a spectrum of goods, rose 5% from a year ago. Economists surveyed by Dow Jones had been expecting a gain of 4.7%.\nFears of spiking inflation have weighed on the stock market in the last month, with investors worried the jump in prices will raise costs for companies, spark a move higher in interest rates and cause the Federal Reserve to remove its easy money policies.\n“This CPI isn’t likely to change the narrative dramatically and there are still indications that inflation momentum is set to abate in the coming months,” Adam Crisafulli, founder of Vital Knowledge, said in a note Thursday.\nMany economists also said the surge in used car costs for the month could have skewed the inflation reading. Used car and truck prices jumped more than 7%, accounting for one-third of the total increase for the month, according to the BLS. The jump in used car prices likely reflects a temporary phenomenon related to the pandemic and auto supply.\nUPS shares rose about 1% in premarket trading afteran upgrade from JPMorgan. Shares of Boeing and Delta Air Lines were also higher in premarket trading.\nU.S. markets continued to trade within a tight range on Wednesday, with all three major indexes ending the day within 0.5% of Tuesday’s closing levels. The Dow, S&P 500 and Nasdaq Composite all fell during regular trading, ending the session further away from their respective all-time highs.\nThe S&P 500 remains closest to its benchmark and is just 0.44% away from a new all-time high. The Dow and Nasdaq are roughly 2% away from records.","news_type":1},"isVote":1,"tweetType":1,"viewCount":101,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":195029923,"gmtCreate":1621241248362,"gmtModify":1634193111822,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Like n comment thanks","listText":"Like n comment thanks","text":"Like n comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/195029923","repostId":"1124849230","repostType":4,"isVote":1,"tweetType":1,"viewCount":211,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193190488,"gmtCreate":1620773487344,"gmtModify":1634196516761,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Like n comment thanks","listText":"Like n comment thanks","text":"Like n comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/193190488","repostId":"1153941496","repostType":4,"isVote":1,"tweetType":1,"viewCount":27,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190529559,"gmtCreate":1620635918671,"gmtModify":1634197518978,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Like n comment thanks","listText":"Like n comment thanks","text":"Like n comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/190529559","repostId":"1145718364","repostType":4,"isVote":1,"tweetType":1,"viewCount":148,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104636466,"gmtCreate":1620383094155,"gmtModify":1631888654255,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Green days??","listText":"Green days??","text":"Green days??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/104636466","repostId":"2133506592","repostType":4,"isVote":1,"tweetType":1,"viewCount":119,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109634552,"gmtCreate":1619689442476,"gmtModify":1634210707317,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Comment thanks","listText":"Comment thanks","text":"Comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/109634552","repostId":"1172342094","repostType":4,"repost":{"id":"1172342094","pubTimestamp":1619688965,"share":"https://www.laohu8.com/m/news/1172342094?lang=&edition=full","pubTime":"2021-04-29 17:36","market":"us","language":"en","title":"Tesla Haters Are Harping on Emissions Credit Sales. Investors Shouldn’t Worry.","url":"https://stock-news.laohu8.com/highlight/detail?id=1172342094","media":"MarketWatch","summary":"Teslabears need to stop harping onregulatory creditsales. The oft-repeated refrain is that Tesla isn","content":"<p>Teslabears need to stop harping onregulatory creditsales. The oft-repeated refrain is that Tesla isn’t profitable without credit sales. There are plenty of reasons bears can avoid Tesla stock, butcreditsTesla earns, and then sells for cash to other auto makers, for producing more than its shares of zero emission vehicles isn’t one of them.</p>\n<p>Tesla (ticker: TSLA) sold more than $500 million in regulatory credits in thefirst quarterand generated just under $600 million in operating profit. Excluding the credits, Tesla only eked out a small operating profit.</p>\n<p>But saying Tesla isn’t profitable without regulatory credits is falling victim to the fallacy of the predetermined outcome. It’s like saying the New York Jets lost a football game because of a bad call in the first quarter. There are many reasons the Jets lose and a refereeing mistakes aren’t one of them.</p>\n<p>To drive the analogy further, any Jets game would be totally different if the ref didn’t mess up. A penalty not called, or called, changes each subsequent play in unknown ways. If Tesla didn’t have regulatory credits to sell, the company would have to raise prices or cut costs or do something else to make money. The company would adapt to the situation.</p>\n<p>Raising prices could be a way to go, but higher prices, of course, have their own impact, potentially reducing demand. Tesla still managed to grow sales even after the company lost its $7,500 U.S. federaltax credit. That isn’t available to Tesla buyers any longer because Tesla has sold too many EVs to qualify.</p>\n<p>Tesla lost that federal credit at the end of 2019. It was effectively a $7,500 price increase in the U.S. on Jan. 1, 2020. Tesla sales in the U.S. grew 20% this past year, hitting $15.2 billion, up from $12.7 billion in 2019.</p>\n<p>There is one other–rather large–point about regulatory credits. They aren’t going away. If anything, they will increase. Government support might morph from what Tesla sells today into new purchase tax credits or something else, but governmentsin Chinaandthe U.S.are looking to increase the number of EVs sold.</p>\n<p>Refusing to deduct credit sales from operating income doesn’t make an investor a Tesla devotee. There are plenty of reasons people can choose to avoid the stock.Valuationbeing chief among them. Tesla is the world’s most valuable auto maker by a factor of roughly three even though it makes a fraction of the cars thatToyota Motor(TM), the second most valuable car company, does.</p>\n<p>Valuation is a stale reason to dislike the stock. People have been complaining about valuation for a long time. Investors can also decide that competition is ramping higher or that full self-driving technology will take longer to develop than Tesla currently believes and suggests. Autonomous driving isn’t easy. Elon Musk calls it the company’s hardest challenge and its biggest potential value creator.</p>\n<p>There is something in Tesla stock for full self-driving technology. How much is hard to say. Morgan Stanley analystAdam Jonasvalues Tesla mobility and network services business opportunities at roughly $330 a share.</p>\n<p>Those include software sales and robotaxis–both businesses are dependent on autonomous driving technology. His value is almost half of Tesla’s current stock price. Although Jonas’ Tesla target is $900 a share, making those business closer to one-third of the value he sees in the company.</p>\n<p>Autonomous hiccups, valuation and competition should be enough reason to avoid the stock. Just stop saying the company doesn’t make money without regulatory credits.</p>\n<p>Tesla shares are down about 2% year to date, trailing behind comparable gains of theS&amp;P 500andDow Jones Industrial Average.Investors aren’t worried about the credit conundrum. They are waiting for quarterly operating profits to set new highs. When, and if, it does, they won’t care about the composition of the operating profit.</p>","source":"lsy1603348471595","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>Tesla Haters Are Harping on Emissions Credit Sales. Investors Shouldn’t Worry.</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\">\nTesla Haters Are Harping on Emissions Credit Sales. Investors Shouldn’t Worry.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-29 17:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/articles/tesla-haters-are-harping-on-emissions-credit-sales-investors-shouldnt-worry-51619652841?mod=mw_latestnews><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Teslabears need to stop harping onregulatory creditsales. The oft-repeated refrain is that Tesla isn’t profitable without credit sales. There are plenty of reasons bears can avoid Tesla stock, ...</p>\n\n<a href=\"https://www.marketwatch.com/articles/tesla-haters-are-harping-on-emissions-credit-sales-investors-shouldnt-worry-51619652841?mod=mw_latestnews\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.marketwatch.com/articles/tesla-haters-are-harping-on-emissions-credit-sales-investors-shouldnt-worry-51619652841?mod=mw_latestnews","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172342094","content_text":"Teslabears need to stop harping onregulatory creditsales. The oft-repeated refrain is that Tesla isn’t profitable without credit sales. There are plenty of reasons bears can avoid Tesla stock, butcreditsTesla earns, and then sells for cash to other auto makers, for producing more than its shares of zero emission vehicles isn’t one of them.\nTesla (ticker: TSLA) sold more than $500 million in regulatory credits in thefirst quarterand generated just under $600 million in operating profit. Excluding the credits, Tesla only eked out a small operating profit.\nBut saying Tesla isn’t profitable without regulatory credits is falling victim to the fallacy of the predetermined outcome. It’s like saying the New York Jets lost a football game because of a bad call in the first quarter. There are many reasons the Jets lose and a refereeing mistakes aren’t one of them.\nTo drive the analogy further, any Jets game would be totally different if the ref didn’t mess up. A penalty not called, or called, changes each subsequent play in unknown ways. If Tesla didn’t have regulatory credits to sell, the company would have to raise prices or cut costs or do something else to make money. The company would adapt to the situation.\nRaising prices could be a way to go, but higher prices, of course, have their own impact, potentially reducing demand. Tesla still managed to grow sales even after the company lost its $7,500 U.S. federaltax credit. That isn’t available to Tesla buyers any longer because Tesla has sold too many EVs to qualify.\nTesla lost that federal credit at the end of 2019. It was effectively a $7,500 price increase in the U.S. on Jan. 1, 2020. Tesla sales in the U.S. grew 20% this past year, hitting $15.2 billion, up from $12.7 billion in 2019.\nThere is one other–rather large–point about regulatory credits. They aren’t going away. If anything, they will increase. Government support might morph from what Tesla sells today into new purchase tax credits or something else, but governmentsin Chinaandthe U.S.are looking to increase the number of EVs sold.\nRefusing to deduct credit sales from operating income doesn’t make an investor a Tesla devotee. There are plenty of reasons people can choose to avoid the stock.Valuationbeing chief among them. Tesla is the world’s most valuable auto maker by a factor of roughly three even though it makes a fraction of the cars thatToyota Motor(TM), the second most valuable car company, does.\nValuation is a stale reason to dislike the stock. People have been complaining about valuation for a long time. Investors can also decide that competition is ramping higher or that full self-driving technology will take longer to develop than Tesla currently believes and suggests. Autonomous driving isn’t easy. Elon Musk calls it the company’s hardest challenge and its biggest potential value creator.\nThere is something in Tesla stock for full self-driving technology. How much is hard to say. Morgan Stanley analystAdam Jonasvalues Tesla mobility and network services business opportunities at roughly $330 a share.\nThose include software sales and robotaxis–both businesses are dependent on autonomous driving technology. His value is almost half of Tesla’s current stock price. Although Jonas’ Tesla target is $900 a share, making those business closer to one-third of the value he sees in the company.\nAutonomous hiccups, valuation and competition should be enough reason to avoid the stock. Just stop saying the company doesn’t make money without regulatory credits.\nTesla shares are down about 2% year to date, trailing behind comparable gains of theS&P 500andDow Jones Industrial Average.Investors aren’t worried about the credit conundrum. They are waiting for quarterly operating profits to set new highs. When, and if, it does, they won’t care about the composition of the operating profit.","news_type":1},"isVote":1,"tweetType":1,"viewCount":117,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372678597,"gmtCreate":1619215777219,"gmtModify":1634287760831,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Like n comment thanks","listText":"Like n comment thanks","text":"Like n comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/372678597","repostId":"1128911279","repostType":4,"isVote":1,"tweetType":1,"viewCount":265,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":378579353,"gmtCreate":1619052892172,"gmtModify":1634288940249,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Like &amp; comment thanks","listText":"Like &amp; comment thanks","text":"Like & comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/378579353","repostId":"2129806304","repostType":4,"repost":{"id":"2129806304","pubTimestamp":1619041509,"share":"https://www.laohu8.com/m/news/2129806304?lang=&edition=full","pubTime":"2021-04-22 05:45","market":"us","language":"en","title":"Square  Stock Sinks As Market Gains: What You Should Know","url":"https://stock-news.laohu8.com/highlight/detail?id=2129806304","media":"Zacks","summary":"In the latest trading session, Square (SQ) closed at $245.25, marking a -0.1% move from the previous","content":"<p>In the latest trading session, Square (SQ) closed at $245.25, marking a -0.1% move from the previous day. This move lagged the S&amp;P 500's daily gain of 0.93%.</p>\n<p>Heading into today, shares of the mobile payments services provider had gained 8.49% over the past month, lagging the Computer and Technology sector's gain of 8.56% and outpacing the S&amp;P 500's gain of 5.84% in that time.</p>\n<p>Wall Street will be looking for positivity from SQ as it approaches its next earnings report date. This is expected to be May 6, 2021. In that report, analysts expect SQ to post earnings of $0.15 per share. This would mark year-over-year growth of 850%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.37 billion, up 143.69% from the year-ago period.</p>\n<p>For the full year, our Zacks Consensus Estimates are projecting earnings of $1.17 per share and revenue of $14.3 billion, which would represent changes of +39.29% and +50.6%, respectively, from the prior year.</p>\n<p>Investors should also note any recent changes to analyst estimates for SQ. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.</p>\n<p>Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.</p>\n<p>The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.57% lower. SQ is currently a Zacks Rank #3 (Hold).</p>\n<p>Digging into valuation, SQ currently has a Forward P/E ratio of 214.4. For comparison, its industry has an average Forward P/E of 76.52, which means SQ is trading at a premium to the group.</p>\n<p>Also, we should mention that SQ has a PEG ratio of 6. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Internet - Software stocks are, on average, holding a PEG ratio of 4.07 based on yesterday's closing prices.</p>\n<p>The Internet - Software industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 185, which puts it in the bottom 28% of all 250+ industries.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Square  Stock Sinks As Market Gains: What You Should Know</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\">\nSquare  Stock Sinks As Market Gains: What You Should Know\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-22 05:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/square-sq-stock-sinks-market-214509051.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>In the latest trading session, Square (SQ) closed at $245.25, marking a -0.1% move from the previous day. This move lagged the S&P 500's daily gain of 0.93%.\nHeading into today, shares of the mobile ...</p>\n\n<a href=\"https://finance.yahoo.com/news/square-sq-stock-sinks-market-214509051.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/28ab6654bc9a07d2468ae5090ef907f0","relate_stocks":{"SQ":"Block"},"source_url":"https://finance.yahoo.com/news/square-sq-stock-sinks-market-214509051.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2129806304","content_text":"In the latest trading session, Square (SQ) closed at $245.25, marking a -0.1% move from the previous day. This move lagged the S&P 500's daily gain of 0.93%.\nHeading into today, shares of the mobile payments services provider had gained 8.49% over the past month, lagging the Computer and Technology sector's gain of 8.56% and outpacing the S&P 500's gain of 5.84% in that time.\nWall Street will be looking for positivity from SQ as it approaches its next earnings report date. This is expected to be May 6, 2021. In that report, analysts expect SQ to post earnings of $0.15 per share. This would mark year-over-year growth of 850%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.37 billion, up 143.69% from the year-ago period.\nFor the full year, our Zacks Consensus Estimates are projecting earnings of $1.17 per share and revenue of $14.3 billion, which would represent changes of +39.29% and +50.6%, respectively, from the prior year.\nInvestors should also note any recent changes to analyst estimates for SQ. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.\nOur research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.\nThe Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.57% lower. SQ is currently a Zacks Rank #3 (Hold).\nDigging into valuation, SQ currently has a Forward P/E ratio of 214.4. For comparison, its industry has an average Forward P/E of 76.52, which means SQ is trading at a premium to the group.\nAlso, we should mention that SQ has a PEG ratio of 6. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Internet - Software stocks are, on average, holding a PEG ratio of 4.07 based on yesterday's closing prices.\nThe Internet - Software industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 185, which puts it in the bottom 28% of all 250+ industries.","news_type":1},"isVote":1,"tweetType":1,"viewCount":145,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":106686308,"gmtCreate":1620111467504,"gmtModify":1631885488504,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Time to join in too?","listText":"Time to join in too?","text":"Time to join in too?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/106686308","repostId":"1125263023","repostType":4,"isVote":1,"tweetType":1,"viewCount":94,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104632948,"gmtCreate":1620383128684,"gmtModify":1634205636139,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"Like n comment pls","listText":"Like n comment pls","text":"Like n comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/104632948","repostId":"1146154072","repostType":4,"isVote":1,"tweetType":1,"viewCount":113,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":105820384,"gmtCreate":1620290349748,"gmtModify":1634206343635,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575366267501972"},"themes":[],"htmlText":"🥲","listText":"🥲","text":"🥲","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/105820384","repostId":"1184731920","repostType":4,"isVote":1,"tweetType":1,"viewCount":99,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}