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2021-11-02

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@小虎活动:[Halloween Game] Trade or Treat!

2021-10-31

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@小虎活动:[Halloween Game] Trade or Treat!

2021-10-30

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@小虎活动:[Halloween Game] Trade or Treat!

2021-10-29

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@小虎活动:[Halloween Game] Trade or Treat!

2021-10-15

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Goldman Sachs quarterly results beat expectations

2021-10-14

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Semiconductor stocks rose in premarket trading

2021-10-12

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2021-10-11

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Apple stock rose more than 1% in morning trading

2021-10-08

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2021-10-07

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Lordstown Motors Is the Poster Child for Blank-Check Firms

2021-10-05

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Stock market’s volatile October history means it’s time to steady yourself for a ‘black swan’ event

2021-10-03

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2021-10-01

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2021-09-30

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2021-09-29

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2021-09-26

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2021-09-25

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2021-09-25

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2021-09-23

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2021-09-22

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Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1469,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":840836037,"gmtCreate":1635622464581,"gmtModify":1635622464657,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/840836037","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"36984908995200","authorIdStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1007,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":857878253,"gmtCreate":1635519813263,"gmtModify":1635519813263,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/857878253","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"36984908995200","authorIdStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1026,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":824882141,"gmtCreate":1634302059051,"gmtModify":1634302307743,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/824882141","repostId":"1105144708","repostType":4,"repost":{"id":"1105144708","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1634301110,"share":"https://www.laohu8.com/m/news/1105144708?lang=&edition=full","pubTime":"2021-10-15 20:31","market":"us","language":"en","title":"Goldman Sachs quarterly results beat expectations","url":"https://stock-news.laohu8.com/highlight/detail?id=1105144708","media":"Tiger Newspress","summary":"Goldman Sachs Q3 equities revenue $3.10 bln vs. $2.05 bln; FactSet consensus $1.85 bln\n\n\nGoldman Sac","content":"<ul>\n <li>Goldman Sachs Q3 equities revenue $3.10 bln vs. $2.05 bln; FactSet consensus $1.85 bln</li>\n</ul>\n<ul>\n <li>Goldman Sachs Q3 global markets revenue $5.61 bln vs. $4.55 bln; FactSet consensus $3.70 bln</li>\n</ul>\n<p>Goldman Sachs shares rose more&nbsp;than 2% after quarterly results beat expectations.</p>\n<p><img src=\"https://static.tigerbbs.com/703a748d2ba12be3e77d1e0c5aa1c6cd\" tg-width=\"848\" tg-height=\"618\" width=\"100%\" height=\"auto\"></p>\n<p>The Goldman Sachs Group, Inc. today reported net revenues of $13.61 billion and net earnings of $5.38 billion for the third quarter ended September 30, 2021. Net revenues were $46.70 billion and net earnings were $17.70 billion for the first nine months of 2021.</p>\n<p>Diluted earnings per common share (EPS) was $14.93 for the third quarter of 2021 compared with $8.98 for the third quarter of 2020 and $15.02 for the second quarter of 2021, and was $48.59 for the first nine months of 2021 compared with $12.65 for the first nine months of 2020. In the prior year, net provisions for litigation and regulatory proceedings reduced diluted EPS by $9.46 for the first nine months of 2020.</p>\n<p>Annualized return on average common shareholders’ equity (ROE)1 was 22.5% for the third quarter of 2021 and 25.7% for the first nine months of 2021. Annualized return on average tangible common shareholders’ equity (ROTE)1 was 23.8% for the third quarter of 2021 and 27.2% for the first nine months of 2021.</p>\n<p><img src=\"https://static.tigerbbs.com/162a39880a6658f0d3d6e7ece9fe91d6\" tg-width=\"989\" tg-height=\"762\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Highlights</b></p>\n<p>Results in the third quarter of 2021 evidenced continued strong overall performance with net revenues of $13.61 billion, 26% higher than the third quarter of 2020.</p>\n<p>In the first nine months of 2021, the firm generated net revenues of $46.70 billion, net earnings of $17.70 billion and diluted EPS of $48.59, each surpassing the previous full year records.</p>\n<p>Investment Banking generated its second highest quarterly net revenues of $3.70 billion, reflecting record quarterly net revenues in Financial advisory and continued strength in Underwriting.</p>\n<p>The firm remained ranked #1 in worldwide announced and completed mergers and acquisitions, and in worldwide equity and equity-related offerings, common stock offerings, and initial public offerings for the year-to-date.</p>\n<p>Global Markets generated quarterly net revenues of $5.61 billion, primarily reflecting strong performance in Equities, including record Equities financing net revenues, and the second highest Fixed Income, Currency and Commodities (FICC) financing net revenues.</p>\n<p>Consumer &amp; Wealth Management produced quarterly net revenues of over $2 billion for the first time, 35% higher than the third quarter of 2020.</p>\n<p>Firmwide assets under supervision increased $67 billion during the quarter, including long-term net inflows of $49 billion, to a record $2.37 trillion. Firmwide Management and other fees were a record $1.95 billion for the third quarter of 2021.</p>\n<p>Book value per common share increased by 4.7% during the quarter and 17.4% during the first nine months of 2021 to $277.25.</p>\n<p>During the third quarter of 2021, the firm announced the acquisitions of NN Investment Partners and GreenSky, Inc., to accelerate the firm’s strategy to drive higher, more durable returns. Both are expected to close by the end of the first quarter of 2022.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman Sachs quarterly results beat expectations</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman Sachs quarterly results beat expectations\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\">2021-10-15 20:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<ul>\n <li>Goldman Sachs Q3 equities revenue $3.10 bln vs. $2.05 bln; FactSet consensus $1.85 bln</li>\n</ul>\n<ul>\n <li>Goldman Sachs Q3 global markets revenue $5.61 bln vs. $4.55 bln; FactSet consensus $3.70 bln</li>\n</ul>\n<p>Goldman Sachs shares rose more&nbsp;than 2% after quarterly results beat expectations.</p>\n<p><img src=\"https://static.tigerbbs.com/703a748d2ba12be3e77d1e0c5aa1c6cd\" tg-width=\"848\" tg-height=\"618\" width=\"100%\" height=\"auto\"></p>\n<p>The Goldman Sachs Group, Inc. today reported net revenues of $13.61 billion and net earnings of $5.38 billion for the third quarter ended September 30, 2021. Net revenues were $46.70 billion and net earnings were $17.70 billion for the first nine months of 2021.</p>\n<p>Diluted earnings per common share (EPS) was $14.93 for the third quarter of 2021 compared with $8.98 for the third quarter of 2020 and $15.02 for the second quarter of 2021, and was $48.59 for the first nine months of 2021 compared with $12.65 for the first nine months of 2020. In the prior year, net provisions for litigation and regulatory proceedings reduced diluted EPS by $9.46 for the first nine months of 2020.</p>\n<p>Annualized return on average common shareholders’ equity (ROE)1 was 22.5% for the third quarter of 2021 and 25.7% for the first nine months of 2021. Annualized return on average tangible common shareholders’ equity (ROTE)1 was 23.8% for the third quarter of 2021 and 27.2% for the first nine months of 2021.</p>\n<p><img src=\"https://static.tigerbbs.com/162a39880a6658f0d3d6e7ece9fe91d6\" tg-width=\"989\" tg-height=\"762\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Highlights</b></p>\n<p>Results in the third quarter of 2021 evidenced continued strong overall performance with net revenues of $13.61 billion, 26% higher than the third quarter of 2020.</p>\n<p>In the first nine months of 2021, the firm generated net revenues of $46.70 billion, net earnings of $17.70 billion and diluted EPS of $48.59, each surpassing the previous full year records.</p>\n<p>Investment Banking generated its second highest quarterly net revenues of $3.70 billion, reflecting record quarterly net revenues in Financial advisory and continued strength in Underwriting.</p>\n<p>The firm remained ranked #1 in worldwide announced and completed mergers and acquisitions, and in worldwide equity and equity-related offerings, common stock offerings, and initial public offerings for the year-to-date.</p>\n<p>Global Markets generated quarterly net revenues of $5.61 billion, primarily reflecting strong performance in Equities, including record Equities financing net revenues, and the second highest Fixed Income, Currency and Commodities (FICC) financing net revenues.</p>\n<p>Consumer &amp; Wealth Management produced quarterly net revenues of over $2 billion for the first time, 35% higher than the third quarter of 2020.</p>\n<p>Firmwide assets under supervision increased $67 billion during the quarter, including long-term net inflows of $49 billion, to a record $2.37 trillion. Firmwide Management and other fees were a record $1.95 billion for the third quarter of 2021.</p>\n<p>Book value per common share increased by 4.7% during the quarter and 17.4% during the first nine months of 2021 to $277.25.</p>\n<p>During the third quarter of 2021, the firm announced the acquisitions of NN Investment Partners and GreenSky, Inc., to accelerate the firm’s strategy to drive higher, more durable returns. Both are expected to close by the end of the first quarter of 2022.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GS":"高盛"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105144708","content_text":"Goldman Sachs Q3 equities revenue $3.10 bln vs. $2.05 bln; FactSet consensus $1.85 bln\n\n\nGoldman Sachs Q3 global markets revenue $5.61 bln vs. $4.55 bln; FactSet consensus $3.70 bln\n\nGoldman Sachs shares rose more than 2% after quarterly results beat expectations.\n\nThe Goldman Sachs Group, Inc. today reported net revenues of $13.61 billion and net earnings of $5.38 billion for the third quarter ended September 30, 2021. Net revenues were $46.70 billion and net earnings were $17.70 billion for the first nine months of 2021.\nDiluted earnings per common share (EPS) was $14.93 for the third quarter of 2021 compared with $8.98 for the third quarter of 2020 and $15.02 for the second quarter of 2021, and was $48.59 for the first nine months of 2021 compared with $12.65 for the first nine months of 2020. In the prior year, net provisions for litigation and regulatory proceedings reduced diluted EPS by $9.46 for the first nine months of 2020.\nAnnualized return on average common shareholders’ equity (ROE)1 was 22.5% for the third quarter of 2021 and 25.7% for the first nine months of 2021. Annualized return on average tangible common shareholders’ equity (ROTE)1 was 23.8% for the third quarter of 2021 and 27.2% for the first nine months of 2021.\n\nHighlights\nResults in the third quarter of 2021 evidenced continued strong overall performance with net revenues of $13.61 billion, 26% higher than the third quarter of 2020.\nIn the first nine months of 2021, the firm generated net revenues of $46.70 billion, net earnings of $17.70 billion and diluted EPS of $48.59, each surpassing the previous full year records.\nInvestment Banking generated its second highest quarterly net revenues of $3.70 billion, reflecting record quarterly net revenues in Financial advisory and continued strength in Underwriting.\nThe firm remained ranked #1 in worldwide announced and completed mergers and acquisitions, and in worldwide equity and equity-related offerings, common stock offerings, and initial public offerings for the year-to-date.\nGlobal Markets generated quarterly net revenues of $5.61 billion, primarily reflecting strong performance in Equities, including record Equities financing net revenues, and the second highest Fixed Income, Currency and Commodities (FICC) financing net revenues.\nConsumer & Wealth Management produced quarterly net revenues of over $2 billion for the first time, 35% higher than the third quarter of 2020.\nFirmwide assets under supervision increased $67 billion during the quarter, including long-term net inflows of $49 billion, to a record $2.37 trillion. Firmwide Management and other fees were a record $1.95 billion for the third quarter of 2021.\nBook value per common share increased by 4.7% during the quarter and 17.4% during the first nine months of 2021 to $277.25.\nDuring the third quarter of 2021, the firm announced the acquisitions of NN Investment Partners and GreenSky, Inc., to accelerate the firm’s strategy to drive higher, more durable returns. Both are expected to close by the end of the first quarter of 2022.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1468,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":825317998,"gmtCreate":1634200694450,"gmtModify":1634200694450,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/825317998","repostId":"1156164113","repostType":4,"repost":{"id":"1156164113","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1634199499,"share":"https://www.laohu8.com/m/news/1156164113?lang=&edition=full","pubTime":"2021-10-14 16:18","market":"us","language":"en","title":"Semiconductor stocks rose in premarket trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1156164113","media":"Tiger Newspress","summary":"Semiconductor stocks rose in premarket trading.TSMC,Nvidia,AMD,ASML,Micron Technology,STMicroelectro","content":"<p>Semiconductor stocks rose in premarket trading.TSMC,Nvidia,AMD,ASML,Micron Technology,STMicroelectronics&nbsp;and&nbsp;NXP Semiconductors&nbsp;climbed between 1% and 3.4%.</p>\n<p><img src=\"https://static.tigerbbs.com/c868f96b544488be5b9822a833670be5\" tg-width=\"409\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p>\n<p>Taiwan Semiconductor Manufacturing Co.’s quarterly profit beat expectations as demand for the chips stayed robust in the face of worsening snarls in the supply chain.</p>\n<p>ASML, a Dutch firm that makes high-tech machines used in semiconductor manufacturing, will see its market value climb from $302 billion to more than $500 billion next year, according to two tech investors.</p>\n<p>STMicroelectronics, Scuola Superiore Sant'Anna Sign A Framework Agreement To Create An Innovation Ecosystem.</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>Semiconductor stocks rose in premarket trading</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\">\nSemiconductor stocks rose in premarket trading\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\">2021-10-14 16:18</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Semiconductor stocks rose in premarket trading.TSMC,Nvidia,AMD,ASML,Micron Technology,STMicroelectronics&nbsp;and&nbsp;NXP Semiconductors&nbsp;climbed between 1% and 3.4%.</p>\n<p><img src=\"https://static.tigerbbs.com/c868f96b544488be5b9822a833670be5\" tg-width=\"409\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p>\n<p>Taiwan Semiconductor Manufacturing Co.’s quarterly profit beat expectations as demand for the chips stayed robust in the face of worsening snarls in the supply chain.</p>\n<p>ASML, a Dutch firm that makes high-tech machines used in semiconductor manufacturing, will see its market value climb from $302 billion to more than $500 billion next year, according to two tech investors.</p>\n<p>STMicroelectronics, Scuola Superiore Sant'Anna Sign A Framework Agreement To Create An Innovation Ecosystem.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司","STM":"意法半导体","ASML":"阿斯麦","TSM":"台积电","NVDA":"英伟达","INTC":"英特尔","MU":"美光科技"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156164113","content_text":"Semiconductor stocks rose in premarket trading.TSMC,Nvidia,AMD,ASML,Micron Technology,STMicroelectronics and NXP Semiconductors climbed between 1% and 3.4%.\n\nTaiwan Semiconductor Manufacturing Co.’s quarterly profit beat expectations as demand for the chips stayed robust in the face of worsening snarls in the supply chain.\nASML, a Dutch firm that makes high-tech machines used in semiconductor manufacturing, will see its market value climb from $302 billion to more than $500 billion next year, according to two tech investors.\nSTMicroelectronics, Scuola Superiore Sant'Anna Sign A Framework Agreement To Create An Innovation Ecosystem.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826728464,"gmtCreate":1634057795280,"gmtModify":1634057795410,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/826728464","repostId":"1175646314","repostType":4,"isVote":1,"tweetType":1,"viewCount":1703,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826930397,"gmtCreate":1633963074399,"gmtModify":1633963074492,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/826930397","repostId":"1104700424","repostType":4,"repost":{"id":"1104700424","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1633962193,"share":"https://www.laohu8.com/m/news/1104700424?lang=&edition=full","pubTime":"2021-10-11 22:23","market":"us","language":"en","title":"Apple stock rose more than 1% in morning trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1104700424","media":"Tiger Newspress","summary":"Apple stock rose more than 1% in morning trading.Apple appealed the Epic Games ruling and asked to p","content":"<p>Apple stock rose more than 1% in morning trading.Apple appealed the Epic Games ruling and asked to put ordered App Store changes on hold.</p>\n<p><img src=\"https://static.tigerbbs.com/2d8c8a6a273d3ea37161e8b6b988da92\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<p>The iPhone maker gave notice last Friday (Oct 8) that it will appeal a judge's ruling in its fight with Epic Games ordering the California-based company to stop blocking developers from letting users complete in-app purchases on the Web.</p>\n<p>It also asked the judge to put the Dec 9 deadline for App Store rule changes on hold during the appeal, which, if allowed, could keep business as usual for Apple for at least a year.</p>\n<p>The Sept 10 ruling largely vindicated&nbsp;Apple's business model, which&nbsp;charges commissions on developers&nbsp;for App Store transactions, but the judge said Apple must allow direct communication between users and app makers and permit links to the Web to complete transactions.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple stock rose more than 1% in morning trading</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\">\nApple stock rose more than 1% in morning trading\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\">2021-10-11 22:23</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Apple stock rose more than 1% in morning trading.Apple appealed the Epic Games ruling and asked to put ordered App Store changes on hold.</p>\n<p><img src=\"https://static.tigerbbs.com/2d8c8a6a273d3ea37161e8b6b988da92\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<p>The iPhone maker gave notice last Friday (Oct 8) that it will appeal a judge's ruling in its fight with Epic Games ordering the California-based company to stop blocking developers from letting users complete in-app purchases on the Web.</p>\n<p>It also asked the judge to put the Dec 9 deadline for App Store rule changes on hold during the appeal, which, if allowed, could keep business as usual for Apple for at least a year.</p>\n<p>The Sept 10 ruling largely vindicated&nbsp;Apple's business model, which&nbsp;charges commissions on developers&nbsp;for App Store transactions, but the judge said Apple must allow direct communication between users and app makers and permit links to the Web to complete transactions.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104700424","content_text":"Apple stock rose more than 1% in morning trading.Apple appealed the Epic Games ruling and asked to put ordered App Store changes on hold.\n\nThe iPhone maker gave notice last Friday (Oct 8) that it will appeal a judge's ruling in its fight with Epic Games ordering the California-based company to stop blocking developers from letting users complete in-app purchases on the Web.\nIt also asked the judge to put the Dec 9 deadline for App Store rule changes on hold during the appeal, which, if allowed, could keep business as usual for Apple for at least a year.\nThe Sept 10 ruling largely vindicated Apple's business model, which charges commissions on developers for App Store transactions, but the judge said Apple must allow direct communication between users and app makers and permit links to the Web to complete transactions.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1224,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":821120000,"gmtCreate":1633706743412,"gmtModify":1633706743576,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/821120000","repostId":"2173929300","repostType":4,"isVote":1,"tweetType":1,"viewCount":1497,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":823848991,"gmtCreate":1633614690549,"gmtModify":1633614726634,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/823848991","repostId":"1123346561","repostType":4,"repost":{"id":"1123346561","kind":"news","pubTimestamp":1633612422,"share":"https://www.laohu8.com/m/news/1123346561?lang=&edition=full","pubTime":"2021-10-07 21:13","market":"us","language":"en","title":"Lordstown Motors Is the Poster Child for Blank-Check Firms","url":"https://stock-news.laohu8.com/highlight/detail?id=1123346561","media":"InvestorPlace","summary":"RIDE stock confirms the importance of due diligence.\n\nA few months ago, I expressed some concerns ab","content":"<blockquote>\n <b>RIDE stock confirms the importance of due diligence.</b>\n</blockquote>\n<p>A few months ago, I expressed some concerns about&nbsp;<b><a href=\"https://laohu8.com/S/RIDE\">Lordstown Motors Corp.</a></b> stock and suffice to say, it was not well received.</p>\n<p><img src=\"https://static.tigerbbs.com/75a134f9ee8b8d1e9ec9655a092c812e\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Source: Postmodern Studio / Shutterstock.com</p>\n<p>I could understand why. Even though the criticisms I received regarding my take on RIDE stock did not involve this admission, the reality is that no one likes losing money on a deal.</p>\n<p>How often have we fretted over losing out on a negotiation rather than the joys that we accrued through victories in other areas. According to an NPR report, this concept has a name,loss aversion. “People care more about losing a dollar than gaining a dollar.” So, I get the anger over losing money from banking on RIDE stock.</p>\n<p>If it makes anyone feel any better, I’ve put my money down on plenty of clunkers. All I can tell you is that you got to stay in the game through smart money management.</p>\n<p>But there’s also another point here and that’s the value of due diligence. At the end of September, the<i>New York Times</i>&nbsp;revealed that<b>Hon Hai Precision Industry Co.</b>(OTCMKTS:<b><u>HNHPF</u></b>) – better known as Foxconn – reached an agreement in principle to&nbsp;develop Lordstown’s electric vehicles. Also, it’s quite possible that the EV maker could sell its Ohio factory to Foxconn.</p>\n<p>Adding more woes to stakeholders of RIDE stock, Lordstown “said it would continue to use the factory to make the Endurance by leasing back space from Foxconn if the sale was completed. Foxconn would then offer employment contracts to some Lordstown manufacturing employees. Troubled companies often resort to sale-lease back deals as a way to raise cash.”</p>\n<p>That’s not all. Under the terms of the agreement, “Foxconn agreed to buy $50 million worth of Lordstown shares at a price of $6.89.” At time of writing, RIDE stock closed at $5.85.</p>\n<p><b>Blank-Check Fever Was the Blessing and Curse of RIDE Stock</b></p>\n<p>With so much attention focused on EVs in light of the massive paradigm shift from the novel coronavirus, it’s easy to forget that RIDE stock came to us via a merger with a special purpose acquisition company. Over the trailing year, SPACs have been the talk of town. But at the end of this period, this distinct manner of an initial public offering has come under scrutiny.</p>\n<p>For one thing, RIDE stock isn’t an anomaly among post-merger business combinations. True, the hideousness of the losses – down 10% on Oct. 4, down 31% in the trailing five days and down 74% year-to-date – are a bit extreme, even for SPACs. However, SPACs overall have beenunderperforming benchmark indicesso far this year.</p>\n<p>Now, I don’t want to hit on SPACs (with an “S” in front) without providing some balanced context. One of the key benefits of these shell companies is that they open opportunities that would otherwise not be publicly available. Also, for the fullest of full disclosures, I make moneyanalyzing SPACs, so there’s that angle.</p>\n<p>But the positives of blank-check firms don’t exempt one from conducting due diligence. You just got to do it, especially when you’re betting blind on pre-merger-announcement SPACs.</p>\n<p>But what really struck me about RIDE stock is that it appears that at least with some SPACs, even their backers haven’t conducted a thorough examination. Another<i>New York Times</i>article describes how the scrutiny of a key architect of the SPAC that merged with Lordstown “was most likely far lessthan the inspection that a company undergoes in a conventional initial public offering.”</p>\n<p>“In an I.P.O., a company is held to strict reporting standards about its finances and prospects. By contrast, SPAC mergers give companies that would find it challenging to go public on their own an easier path to the public markets.”</p>\n<p><b>Be Careful Out There</b></p>\n<p>I’m not about to tell you not to buy SPACs – that would be SPAC-ist. Because let’s be real, even traditional IPOs can suffer from questionable antics. Otherwise, the film<i>The Wolf of Wall Street</i>wouldn’t be as colorful as it was.</p>\n<p>But the takeaway is that SPACs do seem to tempt the worst of behaviors from sponsors that seem to have their own interest in mind rather than the long-term viability of the deals they’re quarterbacking.</p>\n<p>Perhaps that’s the legacy of RIDE stock if this equity unit doesn’t make it out of this mess. Don’t be too comfortable flying with SPAC Air: there might not be anyone in the cockpit.</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>Lordstown Motors Is the Poster Child for Blank-Check Firms</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\">\nLordstown Motors Is the Poster Child for Blank-Check Firms\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-07 21:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2021/10/ride-stock-poster-child-for-spacs/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>RIDE stock confirms the importance of due diligence.\n\nA few months ago, I expressed some concerns about Lordstown Motors Corp. stock and suffice to say, it was not well received.\nSource: Postmodern ...</p>\n\n<a href=\"https://investorplace.com/2021/10/ride-stock-poster-child-for-spacs/\">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://investorplace.com/2021/10/ride-stock-poster-child-for-spacs/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123346561","content_text":"RIDE stock confirms the importance of due diligence.\n\nA few months ago, I expressed some concerns about Lordstown Motors Corp. stock and suffice to say, it was not well received.\nSource: Postmodern Studio / Shutterstock.com\nI could understand why. Even though the criticisms I received regarding my take on RIDE stock did not involve this admission, the reality is that no one likes losing money on a deal.\nHow often have we fretted over losing out on a negotiation rather than the joys that we accrued through victories in other areas. According to an NPR report, this concept has a name,loss aversion. “People care more about losing a dollar than gaining a dollar.” So, I get the anger over losing money from banking on RIDE stock.\nIf it makes anyone feel any better, I’ve put my money down on plenty of clunkers. All I can tell you is that you got to stay in the game through smart money management.\nBut there’s also another point here and that’s the value of due diligence. At the end of September, theNew York Times revealed thatHon Hai Precision Industry Co.(OTCMKTS:HNHPF) – better known as Foxconn – reached an agreement in principle to develop Lordstown’s electric vehicles. Also, it’s quite possible that the EV maker could sell its Ohio factory to Foxconn.\nAdding more woes to stakeholders of RIDE stock, Lordstown “said it would continue to use the factory to make the Endurance by leasing back space from Foxconn if the sale was completed. Foxconn would then offer employment contracts to some Lordstown manufacturing employees. Troubled companies often resort to sale-lease back deals as a way to raise cash.”\nThat’s not all. Under the terms of the agreement, “Foxconn agreed to buy $50 million worth of Lordstown shares at a price of $6.89.” At time of writing, RIDE stock closed at $5.85.\nBlank-Check Fever Was the Blessing and Curse of RIDE Stock\nWith so much attention focused on EVs in light of the massive paradigm shift from the novel coronavirus, it’s easy to forget that RIDE stock came to us via a merger with a special purpose acquisition company. Over the trailing year, SPACs have been the talk of town. But at the end of this period, this distinct manner of an initial public offering has come under scrutiny.\nFor one thing, RIDE stock isn’t an anomaly among post-merger business combinations. True, the hideousness of the losses – down 10% on Oct. 4, down 31% in the trailing five days and down 74% year-to-date – are a bit extreme, even for SPACs. However, SPACs overall have beenunderperforming benchmark indicesso far this year.\nNow, I don’t want to hit on SPACs (with an “S” in front) without providing some balanced context. One of the key benefits of these shell companies is that they open opportunities that would otherwise not be publicly available. Also, for the fullest of full disclosures, I make moneyanalyzing SPACs, so there’s that angle.\nBut the positives of blank-check firms don’t exempt one from conducting due diligence. You just got to do it, especially when you’re betting blind on pre-merger-announcement SPACs.\nBut what really struck me about RIDE stock is that it appears that at least with some SPACs, even their backers haven’t conducted a thorough examination. AnotherNew York Timesarticle describes how the scrutiny of a key architect of the SPAC that merged with Lordstown “was most likely far lessthan the inspection that a company undergoes in a conventional initial public offering.”\n“In an I.P.O., a company is held to strict reporting standards about its finances and prospects. By contrast, SPAC mergers give companies that would find it challenging to go public on their own an easier path to the public markets.”\nBe Careful Out There\nI’m not about to tell you not to buy SPACs – that would be SPAC-ist. Because let’s be real, even traditional IPOs can suffer from questionable antics. Otherwise, the filmThe Wolf of Wall Streetwouldn’t be as colorful as it was.\nBut the takeaway is that SPACs do seem to tempt the worst of behaviors from sponsors that seem to have their own interest in mind rather than the long-term viability of the deals they’re quarterbacking.\nPerhaps that’s the legacy of RIDE stock if this equity unit doesn’t make it out of this mess. Don’t be too comfortable flying with SPAC Air: there might not be anyone in the cockpit.","news_type":1},"isVote":1,"tweetType":1,"viewCount":951,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":820429933,"gmtCreate":1633418912068,"gmtModify":1633418912226,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/820429933","repostId":"1121989111","repostType":4,"repost":{"id":"1121989111","kind":"news","pubTimestamp":1633417444,"share":"https://www.laohu8.com/m/news/1121989111?lang=&edition=full","pubTime":"2021-10-05 15:04","market":"us","language":"en","title":"Stock market’s volatile October history means it’s time to steady yourself for a ‘black swan’ event","url":"https://stock-news.laohu8.com/highlight/detail?id=1121989111","media":"Marketwatch","summary":"U.S. stocks already are having a rough October — two trading days in. October is the most volatile m","content":"<p>U.S. stocks already are having a rough October — two trading days in. October is the most volatile month for stocks — and when stocks suffered their two worst crashes in U.S. market history.</p>\n<p>Moreover, there’s a 0.06% chance that the stock market this month will experience a one-day crash as bad as 1987’s Black Monday.</p>\n<p>Those odds don’t seem like much — but they are not zero. The Dow Jones Industrial Average DJIA, -0.94% tumbled 22.6% on Oct. 19, 1987, Black Monday. An equivalent percentage drop from its current level would take more than 7,700 points off the Dow in a single trading day.</p>\n<p>Few investors in the market nowadays remember the trauma of Black Monday. Those who do may reassure themselves that a similar crash couldn’t happen today, given market reforms that were instituted in the wake of the selloff.</p>\n<p>They are kidding themselves, according to a study conducted by Xavier Gabaix, a professor of economics and finance at Harvard. He and his-coauthors derived a formula that predicts the frequency, over long periods of time, of large daily swings in the market. Upon testing the formula against hundreds of years of stock market returns in both the U.S. and around the world, they found the formula to be impressively accurate.</p>\n<p>For example, Gabaix’s formula predicts that a 22.6% drop in the market will occur every 150 years, on average, over long periods of time. That doesn’t mean such a crash will occur every 150 years, since this predicted frequency is an average over extremely long periods. So the market could experience no such crash over a 150-year period, or experience two of them (or more).</p>\n<p>What you can’t conclude, however, is that the odds of a crash are zero.</p>\n<p>Why market reforms can’t prevent a crash</p>\n<p>You might object to this conclusion on the grounds that market reforms instituted since 1987 will prevent another crash from occurring — circuit breakers, trading halts and other safeguards. But, as Gabaix has explained to me many times in interviews over the years, such reforms are powerless to prevent a crash. That’s because all markets are dominated by their largest investors, and when many of them want to get out of the market simultaneously, for whatever reason, the market will crash.</p>\n<p>For example, even if trading halts and other restrictions succeed in preventing these large investors from selling on U.S. exchanges, they can still sell on foreign exchanges where many U.S. stocks also trade. They can also sell short with stock index futures contracts or via the purchase of put options. You’re kidding yourself if you think these large investors will be prevented from getting out if they want to.</p>\n<p>Black swans</p>\n<p>Gabaix’s research underlines why it’s so important to prepare for so-called black swan events like market crashes that are sudden, awful, unpredictable and rare. Notice that, by this definition, they are unpredictable, so it’s false comfort to believe you can anticipate future black swans in time to reduce your portfolio risk and thereby sidestep a market crash. Did you foresee the COVID-induced bear market in time to avoid big losses?</p>\n<p>The investment implication is to make changes to your portfolio that will protect you from a crash, if and when it occurs. It’s like buying fire insurance on your house. Most of you will not ever have your houses burn down, but that’s not a reason forego fire insurance. I doubt any of you complain about having to purchase such insurance, since the downside risk of losing everything is sufficiently awful.</p>\n<p>What might be the functional equivalent of fire insurance for your stock portfolio? I discussed several different possibilities in acolumn this summer, and I direct your attention to it.</p>\n<p>One possibility is to regularly allocate a small percentage of your portfolio to long-dated, out of the money put options on the S&amp;P 500SPX,-1.30%.In my previous column on this subject, I reported on one such strategy that each year allocated 3.33% to an S&amp;P 500 put option that was 60% out of the money and with two years left before expiration.</p>\n<p>In this particular case, your portfolio’s “fire insurance” carries a premium of 3.33% per year. That doesn’t seem prohibitive, especially since in backtesting back to 2006 this strategy beat the S&amp;P 500 itself. So over this particular period there was no net cost to your insurance. Not bad.</p>\n<p>It won’t always work out this well, of course, and this is not the only black swan strategy. But it gives you an idea. The anniversary of the two worst crashes in U.S. market history is an excellent time in which to consider insuring your portfolio against black swans.</p>","source":"market_watch","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 market’s volatile October history means it’s time to steady yourself for a ‘black swan’ event</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 market’s volatile October history means it’s time to steady yourself for a ‘black swan’ event\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-05 15:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/stock-markets-volatile-october-history-means-its-time-to-steady-yourself-for-a-black-swan-event-11633366226?siteid=yhoof2><strong>Marketwatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>U.S. stocks already are having a rough October — two trading days in. October is the most volatile month for stocks — and when stocks suffered their two worst crashes in U.S. market history.\nMoreover,...</p>\n\n<a href=\"https://www.marketwatch.com/story/stock-markets-volatile-october-history-means-its-time-to-steady-yourself-for-a-black-swan-event-11633366226?siteid=yhoof2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/stock-markets-volatile-october-history-means-its-time-to-steady-yourself-for-a-black-swan-event-11633366226?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1121989111","content_text":"U.S. stocks already are having a rough October — two trading days in. October is the most volatile month for stocks — and when stocks suffered their two worst crashes in U.S. market history.\nMoreover, there’s a 0.06% chance that the stock market this month will experience a one-day crash as bad as 1987’s Black Monday.\nThose odds don’t seem like much — but they are not zero. The Dow Jones Industrial Average DJIA, -0.94% tumbled 22.6% on Oct. 19, 1987, Black Monday. An equivalent percentage drop from its current level would take more than 7,700 points off the Dow in a single trading day.\nFew investors in the market nowadays remember the trauma of Black Monday. Those who do may reassure themselves that a similar crash couldn’t happen today, given market reforms that were instituted in the wake of the selloff.\nThey are kidding themselves, according to a study conducted by Xavier Gabaix, a professor of economics and finance at Harvard. He and his-coauthors derived a formula that predicts the frequency, over long periods of time, of large daily swings in the market. Upon testing the formula against hundreds of years of stock market returns in both the U.S. and around the world, they found the formula to be impressively accurate.\nFor example, Gabaix’s formula predicts that a 22.6% drop in the market will occur every 150 years, on average, over long periods of time. That doesn’t mean such a crash will occur every 150 years, since this predicted frequency is an average over extremely long periods. So the market could experience no such crash over a 150-year period, or experience two of them (or more).\nWhat you can’t conclude, however, is that the odds of a crash are zero.\nWhy market reforms can’t prevent a crash\nYou might object to this conclusion on the grounds that market reforms instituted since 1987 will prevent another crash from occurring — circuit breakers, trading halts and other safeguards. But, as Gabaix has explained to me many times in interviews over the years, such reforms are powerless to prevent a crash. That’s because all markets are dominated by their largest investors, and when many of them want to get out of the market simultaneously, for whatever reason, the market will crash.\nFor example, even if trading halts and other restrictions succeed in preventing these large investors from selling on U.S. exchanges, they can still sell on foreign exchanges where many U.S. stocks also trade. They can also sell short with stock index futures contracts or via the purchase of put options. You’re kidding yourself if you think these large investors will be prevented from getting out if they want to.\nBlack swans\nGabaix’s research underlines why it’s so important to prepare for so-called black swan events like market crashes that are sudden, awful, unpredictable and rare. Notice that, by this definition, they are unpredictable, so it’s false comfort to believe you can anticipate future black swans in time to reduce your portfolio risk and thereby sidestep a market crash. Did you foresee the COVID-induced bear market in time to avoid big losses?\nThe investment implication is to make changes to your portfolio that will protect you from a crash, if and when it occurs. It’s like buying fire insurance on your house. Most of you will not ever have your houses burn down, but that’s not a reason forego fire insurance. I doubt any of you complain about having to purchase such insurance, since the downside risk of losing everything is sufficiently awful.\nWhat might be the functional equivalent of fire insurance for your stock portfolio? I discussed several different possibilities in acolumn this summer, and I direct your attention to it.\nOne possibility is to regularly allocate a small percentage of your portfolio to long-dated, out of the money put options on the S&P 500SPX,-1.30%.In my previous column on this subject, I reported on one such strategy that each year allocated 3.33% to an S&P 500 put option that was 60% out of the money and with two years left before expiration.\nIn this particular case, your portfolio’s “fire insurance” carries a premium of 3.33% per year. That doesn’t seem prohibitive, especially since in backtesting back to 2006 this strategy beat the S&P 500 itself. So over this particular period there was no net cost to your insurance. Not bad.\nIt won’t always work out this well, of course, and this is not the only black swan strategy. But it gives you an idea. The anniversary of the two worst crashes in U.S. market history is an excellent time in which to consider insuring your portfolio against black swans.","news_type":1},"isVote":1,"tweetType":1,"viewCount":479,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":867273332,"gmtCreate":1633281463231,"gmtModify":1633281463352,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/867273332","repostId":"2172624809","repostType":4,"isVote":1,"tweetType":1,"viewCount":873,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":864854485,"gmtCreate":1633092984529,"gmtModify":1633092984646,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/864854485","repostId":"2172395002","repostType":4,"isVote":1,"tweetType":1,"viewCount":325,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":865723619,"gmtCreate":1633022485353,"gmtModify":1633022485653,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/865723619","repostId":"2171956958","repostType":4,"isVote":1,"tweetType":1,"viewCount":498,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862776507,"gmtCreate":1632920697824,"gmtModify":1632920697987,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/862776507","repostId":"2170960638","repostType":4,"isVote":1,"tweetType":1,"viewCount":329,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868596295,"gmtCreate":1632668277317,"gmtModify":1632798686550,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/868596295","repostId":"2170614896","repostType":4,"isVote":1,"tweetType":1,"viewCount":581,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868957833,"gmtCreate":1632581674522,"gmtModify":1632655337680,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/868957833","repostId":"1149730497","repostType":4,"isVote":1,"tweetType":1,"viewCount":428,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868957119,"gmtCreate":1632581651131,"gmtModify":1632655340680,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/8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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":1633962193,"share":"https://www.laohu8.com/m/news/1104700424?lang=&edition=full","pubTime":"2021-10-11 22:23","market":"us","language":"en","title":"Apple stock rose more than 1% in morning trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1104700424","media":"Tiger Newspress","summary":"Apple stock rose more than 1% in morning trading.Apple appealed the Epic Games ruling and asked to p","content":"<p>Apple stock rose more than 1% in morning trading.Apple appealed the Epic Games ruling and asked to put ordered App Store changes on hold.</p>\n<p><img src=\"https://static.tigerbbs.com/2d8c8a6a273d3ea37161e8b6b988da92\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<p>The iPhone maker gave notice last Friday (Oct 8) that it will appeal a judge's ruling in its fight with Epic Games ordering the California-based company to stop blocking developers from letting users complete in-app purchases on the Web.</p>\n<p>It also asked the judge to put the Dec 9 deadline for App Store rule changes on hold during the appeal, which, if allowed, could keep business as usual for Apple for at least a year.</p>\n<p>The Sept 10 ruling largely vindicated&nbsp;Apple's business model, which&nbsp;charges commissions on developers&nbsp;for App Store transactions, but the judge said Apple must allow direct communication between users and app makers and permit links to the Web to complete transactions.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple stock rose more than 1% in morning trading</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\">\nApple stock rose more than 1% in morning trading\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\">2021-10-11 22:23</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Apple stock rose more than 1% in morning trading.Apple appealed the Epic Games ruling and asked to put ordered App Store changes on hold.</p>\n<p><img src=\"https://static.tigerbbs.com/2d8c8a6a273d3ea37161e8b6b988da92\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<p>The iPhone maker gave notice last Friday (Oct 8) that it will appeal a judge's ruling in its fight with Epic Games ordering the California-based company to stop blocking developers from letting users complete in-app purchases on the Web.</p>\n<p>It also asked the judge to put the Dec 9 deadline for App Store rule changes on hold during the appeal, which, if allowed, could keep business as usual for Apple for at least a year.</p>\n<p>The Sept 10 ruling largely vindicated&nbsp;Apple's business model, which&nbsp;charges commissions on developers&nbsp;for App Store transactions, but the judge said Apple must allow direct communication between users and app makers and permit links to the Web to complete transactions.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104700424","content_text":"Apple stock rose more than 1% in morning trading.Apple appealed the Epic Games ruling and asked to put ordered App Store changes on hold.\n\nThe iPhone maker gave notice last Friday (Oct 8) that it will appeal a judge's ruling in its fight with Epic Games ordering the California-based company to stop blocking developers from letting users complete in-app purchases on the Web.\nIt also asked the judge to put the Dec 9 deadline for App Store rule changes on hold during the appeal, which, if allowed, could keep business as usual for Apple for at least a year.\nThe Sept 10 ruling largely vindicated Apple's business model, which charges commissions on developers for App Store transactions, but the judge said Apple must allow direct communication between users and app makers and permit links to the Web to complete transactions.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1224,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":820429933,"gmtCreate":1633418912068,"gmtModify":1633418912226,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/820429933","repostId":"1121989111","repostType":4,"repost":{"id":"1121989111","kind":"news","pubTimestamp":1633417444,"share":"https://www.laohu8.com/m/news/1121989111?lang=&edition=full","pubTime":"2021-10-05 15:04","market":"us","language":"en","title":"Stock market’s volatile October history means it’s time to steady yourself for a ‘black swan’ event","url":"https://stock-news.laohu8.com/highlight/detail?id=1121989111","media":"Marketwatch","summary":"U.S. stocks already are having a rough October — two trading days in. October is the most volatile m","content":"<p>U.S. stocks already are having a rough October — two trading days in. October is the most volatile month for stocks — and when stocks suffered their two worst crashes in U.S. market history.</p>\n<p>Moreover, there’s a 0.06% chance that the stock market this month will experience a one-day crash as bad as 1987’s Black Monday.</p>\n<p>Those odds don’t seem like much — but they are not zero. The Dow Jones Industrial Average DJIA, -0.94% tumbled 22.6% on Oct. 19, 1987, Black Monday. An equivalent percentage drop from its current level would take more than 7,700 points off the Dow in a single trading day.</p>\n<p>Few investors in the market nowadays remember the trauma of Black Monday. Those who do may reassure themselves that a similar crash couldn’t happen today, given market reforms that were instituted in the wake of the selloff.</p>\n<p>They are kidding themselves, according to a study conducted by Xavier Gabaix, a professor of economics and finance at Harvard. He and his-coauthors derived a formula that predicts the frequency, over long periods of time, of large daily swings in the market. Upon testing the formula against hundreds of years of stock market returns in both the U.S. and around the world, they found the formula to be impressively accurate.</p>\n<p>For example, Gabaix’s formula predicts that a 22.6% drop in the market will occur every 150 years, on average, over long periods of time. That doesn’t mean such a crash will occur every 150 years, since this predicted frequency is an average over extremely long periods. So the market could experience no such crash over a 150-year period, or experience two of them (or more).</p>\n<p>What you can’t conclude, however, is that the odds of a crash are zero.</p>\n<p>Why market reforms can’t prevent a crash</p>\n<p>You might object to this conclusion on the grounds that market reforms instituted since 1987 will prevent another crash from occurring — circuit breakers, trading halts and other safeguards. But, as Gabaix has explained to me many times in interviews over the years, such reforms are powerless to prevent a crash. That’s because all markets are dominated by their largest investors, and when many of them want to get out of the market simultaneously, for whatever reason, the market will crash.</p>\n<p>For example, even if trading halts and other restrictions succeed in preventing these large investors from selling on U.S. exchanges, they can still sell on foreign exchanges where many U.S. stocks also trade. They can also sell short with stock index futures contracts or via the purchase of put options. You’re kidding yourself if you think these large investors will be prevented from getting out if they want to.</p>\n<p>Black swans</p>\n<p>Gabaix’s research underlines why it’s so important to prepare for so-called black swan events like market crashes that are sudden, awful, unpredictable and rare. Notice that, by this definition, they are unpredictable, so it’s false comfort to believe you can anticipate future black swans in time to reduce your portfolio risk and thereby sidestep a market crash. Did you foresee the COVID-induced bear market in time to avoid big losses?</p>\n<p>The investment implication is to make changes to your portfolio that will protect you from a crash, if and when it occurs. It’s like buying fire insurance on your house. Most of you will not ever have your houses burn down, but that’s not a reason forego fire insurance. I doubt any of you complain about having to purchase such insurance, since the downside risk of losing everything is sufficiently awful.</p>\n<p>What might be the functional equivalent of fire insurance for your stock portfolio? I discussed several different possibilities in acolumn this summer, and I direct your attention to it.</p>\n<p>One possibility is to regularly allocate a small percentage of your portfolio to long-dated, out of the money put options on the S&amp;P 500SPX,-1.30%.In my previous column on this subject, I reported on one such strategy that each year allocated 3.33% to an S&amp;P 500 put option that was 60% out of the money and with two years left before expiration.</p>\n<p>In this particular case, your portfolio’s “fire insurance” carries a premium of 3.33% per year. That doesn’t seem prohibitive, especially since in backtesting back to 2006 this strategy beat the S&amp;P 500 itself. So over this particular period there was no net cost to your insurance. Not bad.</p>\n<p>It won’t always work out this well, of course, and this is not the only black swan strategy. But it gives you an idea. The anniversary of the two worst crashes in U.S. market history is an excellent time in which to consider insuring your portfolio against black swans.</p>","source":"market_watch","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 market’s volatile October history means it’s time to steady yourself for a ‘black swan’ event</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 market’s volatile October history means it’s time to steady yourself for a ‘black swan’ event\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-05 15:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/stock-markets-volatile-october-history-means-its-time-to-steady-yourself-for-a-black-swan-event-11633366226?siteid=yhoof2><strong>Marketwatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>U.S. stocks already are having a rough October — two trading days in. October is the most volatile month for stocks — and when stocks suffered their two worst crashes in U.S. market history.\nMoreover,...</p>\n\n<a href=\"https://www.marketwatch.com/story/stock-markets-volatile-october-history-means-its-time-to-steady-yourself-for-a-black-swan-event-11633366226?siteid=yhoof2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/stock-markets-volatile-october-history-means-its-time-to-steady-yourself-for-a-black-swan-event-11633366226?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1121989111","content_text":"U.S. stocks already are having a rough October — two trading days in. October is the most volatile month for stocks — and when stocks suffered their two worst crashes in U.S. market history.\nMoreover, there’s a 0.06% chance that the stock market this month will experience a one-day crash as bad as 1987’s Black Monday.\nThose odds don’t seem like much — but they are not zero. The Dow Jones Industrial Average DJIA, -0.94% tumbled 22.6% on Oct. 19, 1987, Black Monday. An equivalent percentage drop from its current level would take more than 7,700 points off the Dow in a single trading day.\nFew investors in the market nowadays remember the trauma of Black Monday. Those who do may reassure themselves that a similar crash couldn’t happen today, given market reforms that were instituted in the wake of the selloff.\nThey are kidding themselves, according to a study conducted by Xavier Gabaix, a professor of economics and finance at Harvard. He and his-coauthors derived a formula that predicts the frequency, over long periods of time, of large daily swings in the market. Upon testing the formula against hundreds of years of stock market returns in both the U.S. and around the world, they found the formula to be impressively accurate.\nFor example, Gabaix’s formula predicts that a 22.6% drop in the market will occur every 150 years, on average, over long periods of time. That doesn’t mean such a crash will occur every 150 years, since this predicted frequency is an average over extremely long periods. So the market could experience no such crash over a 150-year period, or experience two of them (or more).\nWhat you can’t conclude, however, is that the odds of a crash are zero.\nWhy market reforms can’t prevent a crash\nYou might object to this conclusion on the grounds that market reforms instituted since 1987 will prevent another crash from occurring — circuit breakers, trading halts and other safeguards. But, as Gabaix has explained to me many times in interviews over the years, such reforms are powerless to prevent a crash. That’s because all markets are dominated by their largest investors, and when many of them want to get out of the market simultaneously, for whatever reason, the market will crash.\nFor example, even if trading halts and other restrictions succeed in preventing these large investors from selling on U.S. exchanges, they can still sell on foreign exchanges where many U.S. stocks also trade. They can also sell short with stock index futures contracts or via the purchase of put options. You’re kidding yourself if you think these large investors will be prevented from getting out if they want to.\nBlack swans\nGabaix’s research underlines why it’s so important to prepare for so-called black swan events like market crashes that are sudden, awful, unpredictable and rare. Notice that, by this definition, they are unpredictable, so it’s false comfort to believe you can anticipate future black swans in time to reduce your portfolio risk and thereby sidestep a market crash. Did you foresee the COVID-induced bear market in time to avoid big losses?\nThe investment implication is to make changes to your portfolio that will protect you from a crash, if and when it occurs. It’s like buying fire insurance on your house. Most of you will not ever have your houses burn down, but that’s not a reason forego fire insurance. I doubt any of you complain about having to purchase such insurance, since the downside risk of losing everything is sufficiently awful.\nWhat might be the functional equivalent of fire insurance for your stock portfolio? I discussed several different possibilities in acolumn this summer, and I direct your attention to it.\nOne possibility is to regularly allocate a small percentage of your portfolio to long-dated, out of the money put options on the S&P 500SPX,-1.30%.In my previous column on this subject, I reported on one such strategy that each year allocated 3.33% to an S&P 500 put option that was 60% out of the money and with two years left before expiration.\nIn this particular case, your portfolio’s “fire insurance” carries a premium of 3.33% per year. That doesn’t seem prohibitive, especially since in backtesting back to 2006 this strategy beat the S&P 500 itself. So over this particular period there was no net cost to your insurance. Not bad.\nIt won’t always work out this well, of course, and this is not the only black swan strategy. But it gives you an idea. The anniversary of the two worst crashes in U.S. market history is an excellent time in which to consider insuring your portfolio against black swans.","news_type":1},"isVote":1,"tweetType":1,"viewCount":479,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":889521256,"gmtCreate":1631160313275,"gmtModify":1631890388431,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/889521256","repostId":"1127517147","repostType":4,"repost":{"id":"1127517147","kind":"news","pubTimestamp":1631158589,"share":"https://www.laohu8.com/m/news/1127517147?lang=&edition=full","pubTime":"2021-09-09 11:36","market":"us","language":"en","title":"Amazon Vs. Microsoft: Two Cloud Computing Giants, One Winning Stock","url":"https://stock-news.laohu8.com/highlight/detail?id=1127517147","media":"Seeking Alpha","summary":"Summary\n\nMicrosoft's Azure continues to gain market share in the burgeoning cloud infrastructure ser","content":"<p><b>Summary</b></p>\n<ul>\n <li>Microsoft's Azure continues to gain market share in the burgeoning cloud infrastructure services market. However, Amazon's AWS remains in the No.1 position.</li>\n <li>Although the cloud wars are heating up, both Azure and AWS are performing exceptionally, growing at 51% y/y and 37% y/y, respectively.</li>\n <li>The global cloud services market is poised to grow at a CAGR of ~15.8% until 2030 to become a $1.6T market. Therefore, cloud providers still have a long growth runway.</li>\n <li>In this article, I share a comparative financial analysis for Microsoft and Amazon to determine the better buy.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/69eeb847ac2a68d9068ee3d90ae2ec5c\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Chip Somodevilla/Getty Images News</span></p>\n<p><b>Introduction</b></p>\n<p>Microsoft (MSFT) and Amazon (AMZN) are competing for the coveted No.1 spot in the cloud infrastructure services market, which is projected to grow from $325B in 2021 to $1,620B (or $1.6T) by 2030, according to areportby Allied Market Research. In Q2, Amazon's AWS revenues grew at 37% year-over-year (marked acceleration) as it continues to lead the cloud infrastructure services market with a 31% market share. However, Microsoft's Azure is outpacing AWS's growth and now commands a market share of 22%.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60b929cfb3eb06a50b14a942b980bd8d\" tg-width=\"640\" tg-height=\"349\" width=\"100%\" height=\"auto\"><span>Source: canalys.com</span></p>\n<p>In the last year or so, the coronavirus pandemic has led to increased cloud infrastructure services spending as workload migration and cloud-native application development accelerated. Naturally, Azure and AWS have emerged as prime beneficiaries of this transformational shift toward the cloud. Although the coronavirus pandemic has receded in previous months, businesses have continued to embrace the cloud, as evidenced by the $5B sequential (q/q) growth in cloud infrastructure services spending in Q2 2021.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ab77f327d4b4f980b703dd05a727a8fd\" tg-width=\"640\" tg-height=\"349\" width=\"100%\" height=\"auto\"><span>Source: canalys.com</span></p>\n<p>Both Microsoft and Amazon are well-diversified big tech giants. However, the cloud opportunity is critical to their future successes. Today, Microsoft's Intelligent Cloud business makes up nearly ~37% of total revenues and ~40% of Microsoft's operating income, and these figures are expected to grow even further in the coming years. In relation to Amazon, AWS's revenues are a small fraction (13% in Q2 2021) of total sales. However, AWS contributes the majority of Amazon's operating income (~60%). And so, I'm not surprised with how ugly this battle is turning out to be. In recent times, we have witnessed dramatic instances such as&nbsp;Amazon's lawsuit&nbsp;for the $10B Jedi contract being awarded to Microsoft,Microsoft's protest&nbsp;to Government Accountability Office in relation to the $10B NSA contract awarded to Amazon, and a top AWS executive - Charlie Bell (once expected to be a successor to Andy Jassy as AWS CEO) -moving over to Microsoft. The competition between Amazon and Microsoft is fearsome. However, I can see ample room for multiple winners in the cloud services market.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7fd2cfae285856cb75e5ced740ef320\" tg-width=\"640\" tg-height=\"310\" width=\"100%\" height=\"auto\"><span>Source: Allied Market Research</span></p>\n<p>With massive cloud services growth on the horizon, I expect both Microsoft and Amazon to deliver double-digit revenue growth over the coming decade. Several analysts have projected the cloud services business to become a commodity. However, profitability metrics for AWS and Microsoft's Intelligent Cloud show that it's clearly not a commodity business (at least for now). Azure has been gaining ground on AWS, but it's too soon to tell which of these tech titans will lead the cloud services market over the coming years.</p>\n<p>Over the last 12 months, Microsoft has significantly outperformed Amazon in terms of creating shareholder wealth, as can be observed in the chart below. I attribute Microsoft's outperformance to a multitude of factors, including but not limited to stronger momentum in the cloud, the existence of a massive capital return program, and robust free cash flow generation.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a47beb283bcc911ba9ad25c4c2c01f91\" tg-width=\"640\" tg-height=\"413\" width=\"100%\" height=\"auto\"><span>Source: YCharts</span></p>\n<p>In today's article, I will share a comparative financial analysis to determine the better buy among Microsoft and Amazon. Furthermore, we will estimate the fair value and expected returns for both of these blue-chip companies based on the financial statement analysis conducted in this note.</p>\n<p><b>Comparative Financial Analysis: Microsoft vs. Amazon</b></p>\n<p>I think it's too early to call the cloud services market, and the winners will only be evident in due time. However, it's very likely that Amazon and Microsoft will be dominating this market in 2031. Now, Amazon and Microsoft may be competitors in the cloud, but they happen to be two very different companies with varied core competencies: Amazon - e-commerce, Microsoft - business, and consumer software. Let's carry out a comparative financial analysis to determine the better buy among Microsoft and Amazon.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d675b34f8dc1b88db5722fa7be591b9f\" tg-width=\"640\" tg-height=\"478\" width=\"100%\" height=\"auto\"><span>Source: YCharts</span></p>\n<p>In essence, Microsoft is a high-margin software and services business, while Amazon is a low-margin retail business with some higher-margin business lines such as AWS and Advertising. Since both Amazon and Microsoft are over-covered stocks, I don't think discussing their revenue mix would be of much value. However, let's look at the free cash flow generation of these blue-chip giants to understand their current business momentum.</p>\n<p>After receiving a massive pandemic boost, Amazon's free cash flows have turned negative in the last two quarters as the company invests massive amounts of capital (capex spending) in driving future revenue growth. In Q2, Amazon missed revenue estimates by ~$2B, which is further evidence of Amazon losing business momentum. On the other hand, Microsoft's business momentum remained strong in Q2 as the company beat revenue expectations by ~$2B while generating record amounts of free cash flow over the last 12 months. Therefore, it's fair to say that Microsoft is outperforming Amazon for the time being.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0ed96043009b5528ed09d4e736d1833d\" tg-width=\"640\" tg-height=\"446\" width=\"100%\" height=\"auto\"><span>Source: YCharts</span></p>\n<p>At the end of Q2, Microsoft had nearly $130B of cash and short-term investments on its balance sheet vs. financial debt of $58B (down from ~$90B debt in Dec'17). Over the last five years, Amazon's cash reserves have been building up, which now stand at ~$90B. However, the e-commerce giant has been increasing its debt load too, which has grown to $50B in Q2 2021.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1f8f27effc87360acc99c52dadd22af3\" tg-width=\"640\" tg-height=\"446\" width=\"100%\" height=\"auto\"><span>Source: YCharts</span></p>\n<p>In terms of balance sheet strength, Microsoft is clearly in a better position compared to Amazon. Moreover, Microsoft's free cash flow generation is superior to Amazon right now. As you can see below, Microsoft is using its financial strength to execute a massive capital return program that consists of stock buybacks and dividends. Although Amazon lacks a capital return program today, it's only a matter of time before Amazon boasts one of the largest capital return programs among big tech companies. Therefore, Microsoft's advantage in this department may be short lived.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ef388b2cab13ed222ddf2ba53ad6067f\" tg-width=\"640\" tg-height=\"446\" width=\"100%\" height=\"auto\"><span>Source: YCharts</span></p>\n<p>While Microsoft returns the majority of its operational cash flows back to shareholders, Amazon is investing billions of dollars to drive future revenue (and, by extension, free cash flow) growth. In my opinion, Amazon will continue to outpace Microsoft's revenue growth over the next decade. As Amazon's faster-growing, higher-margin business lines, AWS and Advertising, contribute a larger share of Amazon's revenues over the coming years, its margins are expected to head higher. Hence, Amazon possesses the greater potential for revenue growth and margin expansion compared to Microsoft. To learn more about AWS and Amazon's Ads business, you may read the following notes:</p>\n<ol>\n <li>Amazon Web Services -&nbsp;Amazon: Here's What You Should Be Monitoring</li>\n <li>Digital Ads -&nbsp;Amazon: The 'Other' Segment May Be Worth More Than AWS</li>\n</ol>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/18e9ff96d611913db9e45fbff0cc34ab\" tg-width=\"640\" tg-height=\"413\" width=\"100%\" height=\"auto\"><span>Source: YCharts</span></p>\n<p>Although Amazon appears to be more expensive than Microsoft based on backward-looking trading multiples such as Price-to-Earnings and Price-to-FCF ratios, it's relatively cheaper than Microsoft when we factor in future growth as indicated by the PEG ratios.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/68cf436c611eb187de68bf8802e73021\" tg-width=\"640\" tg-height=\"478\" width=\"100%\" height=\"auto\"><span>Source: YCharts</span></p>\n<p>In summary, Microsoft is currently performing better than Amazon. However, Amazon's future appears to be a lot brighter than Microsoft. Since the stock markets are forward-looking, I would expect Amazon to outperform Microsoft over the coming years if their relative valuations were identical. With that being said, let us now calculate the intrinsic value of both Microsoft and Amazon along with future expected returns for these tech giants.</p>\n<p>Evaluating the Fair Value And Expected Return of Microsoft And Amazon</p>\n<p>To find the fair values of Microsoft and Amazon, we will employ our proprietary valuation model. Here's what it entails:</p>\n<ul>\n <li><p>In step 1, we use a traditional DCF model with free cash flow discounted by our (shareholders) cost of capital.</p></li>\n <li><p>In step 2, the model accounts for the effects of the change in shares outstanding (buybacks/dilutions).</p></li>\n <li><p>In step 3, we normalize valuation for future growth prospects at the end of the 10 years. Then, we arrive at a CAGR using today's share price and the projected share price at the end of 10 years. If this beats the market by enough of a margin, we invest. If not, we wait for a better entry point.</p></li>\n <li>In step 4, we account for dividends.</li>\n</ul>\n<p><b>Assumptions:</b></p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p>Microsoft</p></td>\n   <td><p>Amazon</p></td>\n  </tr>\n  <tr>\n   <td><p>Forward 12-month revenue [A]</p></td>\n   <td><p>$195 billion</p></td>\n   <td><p>$515 billion</p></td>\n  </tr>\n  <tr>\n   <td><p>Potential Free Cash Flow Margin [B]</p></td>\n   <td><p>35%</p></td>\n   <td><p>20%</p></td>\n  </tr>\n  <tr>\n   <td><p>Average diluted shares outstanding [C]</p></td>\n   <td><p>7.5 billion</p></td>\n   <td><p>525 million</p></td>\n  </tr>\n  <tr>\n   <td><p>Free cash flow per share [ D = (A * B) / C ]</p></td>\n   <td><p>$9.1</p></td>\n   <td><p>$196.19</p></td>\n  </tr>\n  <tr>\n   <td><p>Free cash flow per share growth rate</p></td>\n   <td><p>10%</p></td>\n   <td><p>12.5%</p></td>\n  </tr>\n  <tr>\n   <td><p>Terminal growth rate</p></td>\n   <td><p>3%</p></td>\n   <td><p>3%</p></td>\n  </tr>\n  <tr>\n   <td><p>Years of elevated growth</p></td>\n   <td><p>10</p></td>\n   <td><p>10</p></td>\n  </tr>\n  <tr>\n   <td><p>Total years to stimulate</p></td>\n   <td><p>100</p></td>\n   <td><p>100</p></td>\n  </tr>\n  <tr>\n   <td><p>Discount Rate (Our \"Next Best Alternative\")</p></td>\n   <td><p>9.8%</p></td>\n   <td><p>9.8%</p></td>\n  </tr>\n </tbody>\n</table>\n<p><b>Results:</b></p>\n<p>1) Microsoft:</p>\n<p><img src=\"https://static.tigerbbs.com/875546f4aabbb1e580dcc9610c18a5b9\" tg-width=\"604\" tg-height=\"729\" width=\"100%\" height=\"auto\"></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8861dcb9fc1fbcd858297426ec52eaf6\" tg-width=\"606\" tg-height=\"771\" width=\"100%\" height=\"auto\"><span>Source: L.A. Stevens Valuation Model</span></p>\n<p><b>2) Amazon:</b></p>\n<p><img src=\"https://static.tigerbbs.com/f8fb43ad416565a9768e919470e59bab\" tg-width=\"605\" tg-height=\"731\" width=\"100%\" height=\"auto\"></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a15de5a0494d4557b38c2290017588e9\" tg-width=\"609\" tg-height=\"430\" width=\"100%\" height=\"auto\"><span>Source: L.A. Stevens Valuation Model</span></p>\n<p>Summary of Results:</p>\n<table>\n <tbody>\n  <tr>\n   <td><b>Current Price</b></td>\n   <td><b>Fair Value</b></td>\n   <td><b>Undervalued (-) or Overvalued (+)</b></td>\n   <td><b>2031 Share Price Target</b></td>\n   <td><b>Total Expected CAGR Return</b></td>\n   <td><b>Rating</b></td>\n  </tr>\n  <tr>\n   <td><b>Microsoft</b></td>\n   <td>$301</td>\n   <td>$295</td>\n   <td>+2.15%</td>\n   <td>$1101</td>\n   <td>14.71%</td>\n   <td><i>Modest Buy</i></td>\n  </tr>\n  <tr>\n   <td><b>Amazon</b></td>\n   <td>$3478</td>\n   <td>$6024</td>\n   <td>-42.27%</td>\n   <td>$22298</td>\n   <td>20.42%</td>\n   <td><i>Strong Buy</i></td>\n  </tr>\n </tbody>\n</table>\n<p>As you can see, Microsoft is slightly overvalued, and investors buying in at $301 can expect to generate CAGR returns of ~14.71% over the next decade, which is slightly below our investment hurdle rate of 15%. Since Microsoft's business fundamentals are robust, I rate it as a modest buy at this price. On the other hand, Amazon's business is facing near-term volatility, and business momentum looks shaky. However, Amazon's stock is deeply undervalued, and this is an opportunity for long-term investors to generate significant alpha. As Amazon's expected CAGR returns are much greater than my hurdle rate, I rate Amazon a strong buy. If I were to choose between Microsoft and Amazon based on business momentum (cloud and otherwise), I would have to go with Microsoft. However, Amazon's stock is massively undervalued while Microsoft is fairly valued. Considering the risk/reward available, I think Amazon is the better buy here.</p>\n<p>Key Takeaway: I rate Amazon a strong buy at $3,478 and Microsoft a modest buy at $301. Amazon is a better buy than Microsoft at this point in time.</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>Amazon Vs. Microsoft: Two Cloud Computing Giants, One Winning Stock</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\">\nAmazon Vs. Microsoft: Two Cloud Computing Giants, One Winning Stock\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-09 11:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4453940-amazon-vs-microsoft-two-cloud-computing-giants-one-winning-stock><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nMicrosoft's Azure continues to gain market share in the burgeoning cloud infrastructure services market. However, Amazon's AWS remains in the No.1 position.\nAlthough the cloud wars are ...</p>\n\n<a href=\"https://seekingalpha.com/article/4453940-amazon-vs-microsoft-two-cloud-computing-giants-one-winning-stock\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软","AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4453940-amazon-vs-microsoft-two-cloud-computing-giants-one-winning-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127517147","content_text":"Summary\n\nMicrosoft's Azure continues to gain market share in the burgeoning cloud infrastructure services market. However, Amazon's AWS remains in the No.1 position.\nAlthough the cloud wars are heating up, both Azure and AWS are performing exceptionally, growing at 51% y/y and 37% y/y, respectively.\nThe global cloud services market is poised to grow at a CAGR of ~15.8% until 2030 to become a $1.6T market. Therefore, cloud providers still have a long growth runway.\nIn this article, I share a comparative financial analysis for Microsoft and Amazon to determine the better buy.\n\nChip Somodevilla/Getty Images News\nIntroduction\nMicrosoft (MSFT) and Amazon (AMZN) are competing for the coveted No.1 spot in the cloud infrastructure services market, which is projected to grow from $325B in 2021 to $1,620B (or $1.6T) by 2030, according to areportby Allied Market Research. In Q2, Amazon's AWS revenues grew at 37% year-over-year (marked acceleration) as it continues to lead the cloud infrastructure services market with a 31% market share. However, Microsoft's Azure is outpacing AWS's growth and now commands a market share of 22%.\nSource: canalys.com\nIn the last year or so, the coronavirus pandemic has led to increased cloud infrastructure services spending as workload migration and cloud-native application development accelerated. Naturally, Azure and AWS have emerged as prime beneficiaries of this transformational shift toward the cloud. Although the coronavirus pandemic has receded in previous months, businesses have continued to embrace the cloud, as evidenced by the $5B sequential (q/q) growth in cloud infrastructure services spending in Q2 2021.\nSource: canalys.com\nBoth Microsoft and Amazon are well-diversified big tech giants. However, the cloud opportunity is critical to their future successes. Today, Microsoft's Intelligent Cloud business makes up nearly ~37% of total revenues and ~40% of Microsoft's operating income, and these figures are expected to grow even further in the coming years. In relation to Amazon, AWS's revenues are a small fraction (13% in Q2 2021) of total sales. However, AWS contributes the majority of Amazon's operating income (~60%). And so, I'm not surprised with how ugly this battle is turning out to be. In recent times, we have witnessed dramatic instances such as Amazon's lawsuit for the $10B Jedi contract being awarded to Microsoft,Microsoft's protest to Government Accountability Office in relation to the $10B NSA contract awarded to Amazon, and a top AWS executive - Charlie Bell (once expected to be a successor to Andy Jassy as AWS CEO) -moving over to Microsoft. The competition between Amazon and Microsoft is fearsome. However, I can see ample room for multiple winners in the cloud services market.\nSource: Allied Market Research\nWith massive cloud services growth on the horizon, I expect both Microsoft and Amazon to deliver double-digit revenue growth over the coming decade. Several analysts have projected the cloud services business to become a commodity. However, profitability metrics for AWS and Microsoft's Intelligent Cloud show that it's clearly not a commodity business (at least for now). Azure has been gaining ground on AWS, but it's too soon to tell which of these tech titans will lead the cloud services market over the coming years.\nOver the last 12 months, Microsoft has significantly outperformed Amazon in terms of creating shareholder wealth, as can be observed in the chart below. I attribute Microsoft's outperformance to a multitude of factors, including but not limited to stronger momentum in the cloud, the existence of a massive capital return program, and robust free cash flow generation.\nSource: YCharts\nIn today's article, I will share a comparative financial analysis to determine the better buy among Microsoft and Amazon. Furthermore, we will estimate the fair value and expected returns for both of these blue-chip companies based on the financial statement analysis conducted in this note.\nComparative Financial Analysis: Microsoft vs. Amazon\nI think it's too early to call the cloud services market, and the winners will only be evident in due time. However, it's very likely that Amazon and Microsoft will be dominating this market in 2031. Now, Amazon and Microsoft may be competitors in the cloud, but they happen to be two very different companies with varied core competencies: Amazon - e-commerce, Microsoft - business, and consumer software. Let's carry out a comparative financial analysis to determine the better buy among Microsoft and Amazon.\nSource: YCharts\nIn essence, Microsoft is a high-margin software and services business, while Amazon is a low-margin retail business with some higher-margin business lines such as AWS and Advertising. Since both Amazon and Microsoft are over-covered stocks, I don't think discussing their revenue mix would be of much value. However, let's look at the free cash flow generation of these blue-chip giants to understand their current business momentum.\nAfter receiving a massive pandemic boost, Amazon's free cash flows have turned negative in the last two quarters as the company invests massive amounts of capital (capex spending) in driving future revenue growth. In Q2, Amazon missed revenue estimates by ~$2B, which is further evidence of Amazon losing business momentum. On the other hand, Microsoft's business momentum remained strong in Q2 as the company beat revenue expectations by ~$2B while generating record amounts of free cash flow over the last 12 months. Therefore, it's fair to say that Microsoft is outperforming Amazon for the time being.\nSource: YCharts\nAt the end of Q2, Microsoft had nearly $130B of cash and short-term investments on its balance sheet vs. financial debt of $58B (down from ~$90B debt in Dec'17). Over the last five years, Amazon's cash reserves have been building up, which now stand at ~$90B. However, the e-commerce giant has been increasing its debt load too, which has grown to $50B in Q2 2021.\nSource: YCharts\nIn terms of balance sheet strength, Microsoft is clearly in a better position compared to Amazon. Moreover, Microsoft's free cash flow generation is superior to Amazon right now. As you can see below, Microsoft is using its financial strength to execute a massive capital return program that consists of stock buybacks and dividends. Although Amazon lacks a capital return program today, it's only a matter of time before Amazon boasts one of the largest capital return programs among big tech companies. Therefore, Microsoft's advantage in this department may be short lived.\nSource: YCharts\nWhile Microsoft returns the majority of its operational cash flows back to shareholders, Amazon is investing billions of dollars to drive future revenue (and, by extension, free cash flow) growth. In my opinion, Amazon will continue to outpace Microsoft's revenue growth over the next decade. As Amazon's faster-growing, higher-margin business lines, AWS and Advertising, contribute a larger share of Amazon's revenues over the coming years, its margins are expected to head higher. Hence, Amazon possesses the greater potential for revenue growth and margin expansion compared to Microsoft. To learn more about AWS and Amazon's Ads business, you may read the following notes:\n\nAmazon Web Services - Amazon: Here's What You Should Be Monitoring\nDigital Ads - Amazon: The 'Other' Segment May Be Worth More Than AWS\n\nSource: YCharts\nAlthough Amazon appears to be more expensive than Microsoft based on backward-looking trading multiples such as Price-to-Earnings and Price-to-FCF ratios, it's relatively cheaper than Microsoft when we factor in future growth as indicated by the PEG ratios.\nSource: YCharts\nIn summary, Microsoft is currently performing better than Amazon. However, Amazon's future appears to be a lot brighter than Microsoft. Since the stock markets are forward-looking, I would expect Amazon to outperform Microsoft over the coming years if their relative valuations were identical. With that being said, let us now calculate the intrinsic value of both Microsoft and Amazon along with future expected returns for these tech giants.\nEvaluating the Fair Value And Expected Return of Microsoft And Amazon\nTo find the fair values of Microsoft and Amazon, we will employ our proprietary valuation model. Here's what it entails:\n\nIn step 1, we use a traditional DCF model with free cash flow discounted by our (shareholders) cost of capital.\nIn step 2, the model accounts for the effects of the change in shares outstanding (buybacks/dilutions).\nIn step 3, we normalize valuation for future growth prospects at the end of the 10 years. Then, we arrive at a CAGR using today's share price and the projected share price at the end of 10 years. If this beats the market by enough of a margin, we invest. If not, we wait for a better entry point.\nIn step 4, we account for dividends.\n\nAssumptions:\n\n\n\n\nMicrosoft\nAmazon\n\n\nForward 12-month revenue [A]\n$195 billion\n$515 billion\n\n\nPotential Free Cash Flow Margin [B]\n35%\n20%\n\n\nAverage diluted shares outstanding [C]\n7.5 billion\n525 million\n\n\nFree cash flow per share [ D = (A * B) / C ]\n$9.1\n$196.19\n\n\nFree cash flow per share growth rate\n10%\n12.5%\n\n\nTerminal growth rate\n3%\n3%\n\n\nYears of elevated growth\n10\n10\n\n\nTotal years to stimulate\n100\n100\n\n\nDiscount Rate (Our \"Next Best Alternative\")\n9.8%\n9.8%\n\n\n\nResults:\n1) Microsoft:\n\nSource: L.A. Stevens Valuation Model\n2) Amazon:\n\nSource: L.A. Stevens Valuation Model\nSummary of Results:\n\n\n\nCurrent Price\nFair Value\nUndervalued (-) or Overvalued (+)\n2031 Share Price Target\nTotal Expected CAGR Return\nRating\n\n\nMicrosoft\n$301\n$295\n+2.15%\n$1101\n14.71%\nModest Buy\n\n\nAmazon\n$3478\n$6024\n-42.27%\n$22298\n20.42%\nStrong Buy\n\n\n\nAs you can see, Microsoft is slightly overvalued, and investors buying in at $301 can expect to generate CAGR returns of ~14.71% over the next decade, which is slightly below our investment hurdle rate of 15%. Since Microsoft's business fundamentals are robust, I rate it as a modest buy at this price. On the other hand, Amazon's business is facing near-term volatility, and business momentum looks shaky. However, Amazon's stock is deeply undervalued, and this is an opportunity for long-term investors to generate significant alpha. As Amazon's expected CAGR returns are much greater than my hurdle rate, I rate Amazon a strong buy. If I were to choose between Microsoft and Amazon based on business momentum (cloud and otherwise), I would have to go with Microsoft. However, Amazon's stock is massively undervalued while Microsoft is fairly valued. Considering the risk/reward available, I think Amazon is the better buy here.\nKey Takeaway: I rate Amazon a strong buy at $3,478 and Microsoft a modest buy at $301. Amazon is a better buy than Microsoft at this point in time.","news_type":1},"isVote":1,"tweetType":1,"viewCount":345,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832957256,"gmtCreate":1629569726075,"gmtModify":1631892844906,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/832957256","repostId":"2161149745","repostType":4,"isVote":1,"tweetType":1,"viewCount":157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":824882141,"gmtCreate":1634302059051,"gmtModify":1634302307743,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/824882141","repostId":"1105144708","repostType":4,"repost":{"id":"1105144708","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1634301110,"share":"https://www.laohu8.com/m/news/1105144708?lang=&edition=full","pubTime":"2021-10-15 20:31","market":"us","language":"en","title":"Goldman Sachs quarterly results beat expectations","url":"https://stock-news.laohu8.com/highlight/detail?id=1105144708","media":"Tiger Newspress","summary":"Goldman Sachs Q3 equities revenue $3.10 bln vs. $2.05 bln; FactSet consensus $1.85 bln\n\n\nGoldman Sac","content":"<ul>\n <li>Goldman Sachs Q3 equities revenue $3.10 bln vs. $2.05 bln; FactSet consensus $1.85 bln</li>\n</ul>\n<ul>\n <li>Goldman Sachs Q3 global markets revenue $5.61 bln vs. $4.55 bln; FactSet consensus $3.70 bln</li>\n</ul>\n<p>Goldman Sachs shares rose more&nbsp;than 2% after quarterly results beat expectations.</p>\n<p><img src=\"https://static.tigerbbs.com/703a748d2ba12be3e77d1e0c5aa1c6cd\" tg-width=\"848\" tg-height=\"618\" width=\"100%\" height=\"auto\"></p>\n<p>The Goldman Sachs Group, Inc. today reported net revenues of $13.61 billion and net earnings of $5.38 billion for the third quarter ended September 30, 2021. Net revenues were $46.70 billion and net earnings were $17.70 billion for the first nine months of 2021.</p>\n<p>Diluted earnings per common share (EPS) was $14.93 for the third quarter of 2021 compared with $8.98 for the third quarter of 2020 and $15.02 for the second quarter of 2021, and was $48.59 for the first nine months of 2021 compared with $12.65 for the first nine months of 2020. In the prior year, net provisions for litigation and regulatory proceedings reduced diluted EPS by $9.46 for the first nine months of 2020.</p>\n<p>Annualized return on average common shareholders’ equity (ROE)1 was 22.5% for the third quarter of 2021 and 25.7% for the first nine months of 2021. Annualized return on average tangible common shareholders’ equity (ROTE)1 was 23.8% for the third quarter of 2021 and 27.2% for the first nine months of 2021.</p>\n<p><img src=\"https://static.tigerbbs.com/162a39880a6658f0d3d6e7ece9fe91d6\" tg-width=\"989\" tg-height=\"762\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Highlights</b></p>\n<p>Results in the third quarter of 2021 evidenced continued strong overall performance with net revenues of $13.61 billion, 26% higher than the third quarter of 2020.</p>\n<p>In the first nine months of 2021, the firm generated net revenues of $46.70 billion, net earnings of $17.70 billion and diluted EPS of $48.59, each surpassing the previous full year records.</p>\n<p>Investment Banking generated its second highest quarterly net revenues of $3.70 billion, reflecting record quarterly net revenues in Financial advisory and continued strength in Underwriting.</p>\n<p>The firm remained ranked #1 in worldwide announced and completed mergers and acquisitions, and in worldwide equity and equity-related offerings, common stock offerings, and initial public offerings for the year-to-date.</p>\n<p>Global Markets generated quarterly net revenues of $5.61 billion, primarily reflecting strong performance in Equities, including record Equities financing net revenues, and the second highest Fixed Income, Currency and Commodities (FICC) financing net revenues.</p>\n<p>Consumer &amp; Wealth Management produced quarterly net revenues of over $2 billion for the first time, 35% higher than the third quarter of 2020.</p>\n<p>Firmwide assets under supervision increased $67 billion during the quarter, including long-term net inflows of $49 billion, to a record $2.37 trillion. Firmwide Management and other fees were a record $1.95 billion for the third quarter of 2021.</p>\n<p>Book value per common share increased by 4.7% during the quarter and 17.4% during the first nine months of 2021 to $277.25.</p>\n<p>During the third quarter of 2021, the firm announced the acquisitions of NN Investment Partners and GreenSky, Inc., to accelerate the firm’s strategy to drive higher, more durable returns. Both are expected to close by the end of the first quarter of 2022.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman Sachs quarterly results beat expectations</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman Sachs quarterly results beat expectations\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\">2021-10-15 20:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<ul>\n <li>Goldman Sachs Q3 equities revenue $3.10 bln vs. $2.05 bln; FactSet consensus $1.85 bln</li>\n</ul>\n<ul>\n <li>Goldman Sachs Q3 global markets revenue $5.61 bln vs. $4.55 bln; FactSet consensus $3.70 bln</li>\n</ul>\n<p>Goldman Sachs shares rose more&nbsp;than 2% after quarterly results beat expectations.</p>\n<p><img src=\"https://static.tigerbbs.com/703a748d2ba12be3e77d1e0c5aa1c6cd\" tg-width=\"848\" tg-height=\"618\" width=\"100%\" height=\"auto\"></p>\n<p>The Goldman Sachs Group, Inc. today reported net revenues of $13.61 billion and net earnings of $5.38 billion for the third quarter ended September 30, 2021. Net revenues were $46.70 billion and net earnings were $17.70 billion for the first nine months of 2021.</p>\n<p>Diluted earnings per common share (EPS) was $14.93 for the third quarter of 2021 compared with $8.98 for the third quarter of 2020 and $15.02 for the second quarter of 2021, and was $48.59 for the first nine months of 2021 compared with $12.65 for the first nine months of 2020. In the prior year, net provisions for litigation and regulatory proceedings reduced diluted EPS by $9.46 for the first nine months of 2020.</p>\n<p>Annualized return on average common shareholders’ equity (ROE)1 was 22.5% for the third quarter of 2021 and 25.7% for the first nine months of 2021. Annualized return on average tangible common shareholders’ equity (ROTE)1 was 23.8% for the third quarter of 2021 and 27.2% for the first nine months of 2021.</p>\n<p><img src=\"https://static.tigerbbs.com/162a39880a6658f0d3d6e7ece9fe91d6\" tg-width=\"989\" tg-height=\"762\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Highlights</b></p>\n<p>Results in the third quarter of 2021 evidenced continued strong overall performance with net revenues of $13.61 billion, 26% higher than the third quarter of 2020.</p>\n<p>In the first nine months of 2021, the firm generated net revenues of $46.70 billion, net earnings of $17.70 billion and diluted EPS of $48.59, each surpassing the previous full year records.</p>\n<p>Investment Banking generated its second highest quarterly net revenues of $3.70 billion, reflecting record quarterly net revenues in Financial advisory and continued strength in Underwriting.</p>\n<p>The firm remained ranked #1 in worldwide announced and completed mergers and acquisitions, and in worldwide equity and equity-related offerings, common stock offerings, and initial public offerings for the year-to-date.</p>\n<p>Global Markets generated quarterly net revenues of $5.61 billion, primarily reflecting strong performance in Equities, including record Equities financing net revenues, and the second highest Fixed Income, Currency and Commodities (FICC) financing net revenues.</p>\n<p>Consumer &amp; Wealth Management produced quarterly net revenues of over $2 billion for the first time, 35% higher than the third quarter of 2020.</p>\n<p>Firmwide assets under supervision increased $67 billion during the quarter, including long-term net inflows of $49 billion, to a record $2.37 trillion. Firmwide Management and other fees were a record $1.95 billion for the third quarter of 2021.</p>\n<p>Book value per common share increased by 4.7% during the quarter and 17.4% during the first nine months of 2021 to $277.25.</p>\n<p>During the third quarter of 2021, the firm announced the acquisitions of NN Investment Partners and GreenSky, Inc., to accelerate the firm’s strategy to drive higher, more durable returns. Both are expected to close by the end of the first quarter of 2022.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GS":"高盛"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105144708","content_text":"Goldman Sachs Q3 equities revenue $3.10 bln vs. $2.05 bln; FactSet consensus $1.85 bln\n\n\nGoldman Sachs Q3 global markets revenue $5.61 bln vs. $4.55 bln; FactSet consensus $3.70 bln\n\nGoldman Sachs shares rose more than 2% after quarterly results beat expectations.\n\nThe Goldman Sachs Group, Inc. today reported net revenues of $13.61 billion and net earnings of $5.38 billion for the third quarter ended September 30, 2021. Net revenues were $46.70 billion and net earnings were $17.70 billion for the first nine months of 2021.\nDiluted earnings per common share (EPS) was $14.93 for the third quarter of 2021 compared with $8.98 for the third quarter of 2020 and $15.02 for the second quarter of 2021, and was $48.59 for the first nine months of 2021 compared with $12.65 for the first nine months of 2020. In the prior year, net provisions for litigation and regulatory proceedings reduced diluted EPS by $9.46 for the first nine months of 2020.\nAnnualized return on average common shareholders’ equity (ROE)1 was 22.5% for the third quarter of 2021 and 25.7% for the first nine months of 2021. Annualized return on average tangible common shareholders’ equity (ROTE)1 was 23.8% for the third quarter of 2021 and 27.2% for the first nine months of 2021.\n\nHighlights\nResults in the third quarter of 2021 evidenced continued strong overall performance with net revenues of $13.61 billion, 26% higher than the third quarter of 2020.\nIn the first nine months of 2021, the firm generated net revenues of $46.70 billion, net earnings of $17.70 billion and diluted EPS of $48.59, each surpassing the previous full year records.\nInvestment Banking generated its second highest quarterly net revenues of $3.70 billion, reflecting record quarterly net revenues in Financial advisory and continued strength in Underwriting.\nThe firm remained ranked #1 in worldwide announced and completed mergers and acquisitions, and in worldwide equity and equity-related offerings, common stock offerings, and initial public offerings for the year-to-date.\nGlobal Markets generated quarterly net revenues of $5.61 billion, primarily reflecting strong performance in Equities, including record Equities financing net revenues, and the second highest Fixed Income, Currency and Commodities (FICC) financing net revenues.\nConsumer & Wealth Management produced quarterly net revenues of over $2 billion for the first time, 35% higher than the third quarter of 2020.\nFirmwide assets under supervision increased $67 billion during the quarter, including long-term net inflows of $49 billion, to a record $2.37 trillion. Firmwide Management and other fees were a record $1.95 billion for the third quarter of 2021.\nBook value per common share increased by 4.7% during the quarter and 17.4% during the first nine months of 2021 to $277.25.\nDuring the third quarter of 2021, the firm announced the acquisitions of NN Investment Partners and GreenSky, Inc., to accelerate the firm’s strategy to drive higher, more durable returns. Both are expected to close by the end of the first quarter of 2022.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1468,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":864854485,"gmtCreate":1633092984529,"gmtModify":1633092984646,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/864854485","repostId":"2172395002","repostType":4,"isVote":1,"tweetType":1,"viewCount":325,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862776507,"gmtCreate":1632920697824,"gmtModify":1632920697987,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/862776507","repostId":"2170960638","repostType":4,"isVote":1,"tweetType":1,"viewCount":329,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":887504321,"gmtCreate":1632058500263,"gmtModify":1632803093633,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/887504321","repostId":"2168508165","repostType":4,"isVote":1,"tweetType":1,"viewCount":112,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814946936,"gmtCreate":1630752147225,"gmtModify":1631890388469,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/814946936","repostId":"1196145266","repostType":4,"isVote":1,"tweetType":1,"viewCount":103,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833843471,"gmtCreate":1629220397193,"gmtModify":1631892844952,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/833843471","repostId":"2160420761","repostType":4,"isVote":1,"tweetType":1,"viewCount":180,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":825317998,"gmtCreate":1634200694450,"gmtModify":1634200694450,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/825317998","repostId":"1156164113","repostType":4,"repost":{"id":"1156164113","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1634199499,"share":"https://www.laohu8.com/m/news/1156164113?lang=&edition=full","pubTime":"2021-10-14 16:18","market":"us","language":"en","title":"Semiconductor stocks rose in premarket trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1156164113","media":"Tiger Newspress","summary":"Semiconductor stocks rose in premarket trading.TSMC,Nvidia,AMD,ASML,Micron Technology,STMicroelectro","content":"<p>Semiconductor stocks rose in premarket trading.TSMC,Nvidia,AMD,ASML,Micron Technology,STMicroelectronics&nbsp;and&nbsp;NXP Semiconductors&nbsp;climbed between 1% and 3.4%.</p>\n<p><img src=\"https://static.tigerbbs.com/c868f96b544488be5b9822a833670be5\" tg-width=\"409\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p>\n<p>Taiwan Semiconductor Manufacturing Co.’s quarterly profit beat expectations as demand for the chips stayed robust in the face of worsening snarls in the supply chain.</p>\n<p>ASML, a Dutch firm that makes high-tech machines used in semiconductor manufacturing, will see its market value climb from $302 billion to more than $500 billion next year, according to two tech investors.</p>\n<p>STMicroelectronics, Scuola Superiore Sant'Anna Sign A Framework Agreement To Create An Innovation Ecosystem.</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>Semiconductor stocks rose in premarket trading</title>\n<style 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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\">\nSemiconductor stocks rose in premarket trading\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\">2021-10-14 16:18</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Semiconductor stocks rose in premarket trading.TSMC,Nvidia,AMD,ASML,Micron Technology,STMicroelectronics&nbsp;and&nbsp;NXP Semiconductors&nbsp;climbed between 1% and 3.4%.</p>\n<p><img src=\"https://static.tigerbbs.com/c868f96b544488be5b9822a833670be5\" tg-width=\"409\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p>\n<p>Taiwan Semiconductor Manufacturing Co.’s quarterly profit beat expectations as demand for the chips stayed robust in the face of worsening snarls in the supply chain.</p>\n<p>ASML, a Dutch firm that makes high-tech machines used in semiconductor manufacturing, will see its market value climb from $302 billion to more than $500 billion next year, according to two tech investors.</p>\n<p>STMicroelectronics, Scuola Superiore Sant'Anna Sign A Framework Agreement To Create An Innovation Ecosystem.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司","STM":"意法半导体","ASML":"阿斯麦","TSM":"台积电","NVDA":"英伟达","INTC":"英特尔","MU":"美光科技"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156164113","content_text":"Semiconductor stocks rose in premarket trading.TSMC,Nvidia,AMD,ASML,Micron Technology,STMicroelectronics and NXP Semiconductors climbed between 1% and 3.4%.\n\nTaiwan Semiconductor Manufacturing Co.’s quarterly profit beat expectations as demand for the chips stayed robust in the face of worsening snarls in the supply chain.\nASML, a Dutch firm that makes high-tech machines used in semiconductor manufacturing, will see its market value climb from $302 billion to more than $500 billion next year, according to two tech investors.\nSTMicroelectronics, Scuola Superiore Sant'Anna Sign A Framework Agreement To Create An Innovation Ecosystem.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826728464,"gmtCreate":1634057795280,"gmtModify":1634057795410,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/826728464","repostId":"1175646314","repostType":4,"isVote":1,"tweetType":1,"viewCount":1703,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868596295,"gmtCreate":1632668277317,"gmtModify":1632798686550,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/868596295","repostId":"2170614896","repostType":4,"isVote":1,"tweetType":1,"viewCount":581,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":863017499,"gmtCreate":1632332577711,"gmtModify":1632801155876,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/863017499","repostId":"1146187405","repostType":4,"isVote":1,"tweetType":1,"viewCount":141,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814259778,"gmtCreate":1630829996294,"gmtModify":1631890388457,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581898537749965","authorIdStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/814259778","repostId":"2164803413","repostType":4,"isVote":1,"tweetType":1,"viewCount":164,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}