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Biggest U.S. banks smash profit estimates as economy revives

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Jobless claims preview: New weekly filings likely reached pandemic-era low of 350,000

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A national vaccination roll-out has allowed also Americans get back to work and to start spending again.</p>\n<p>Sizzling capital markets activity has also helped the largest U.S. banks, with Goldman Sachs Group Inc(GS.N)reporting a $5.35 billion profit, more than double its adjusted earnings a year ago.</p>\n<p>\"The pace of the global recovery is exceeding earlier expectations and with it, consumer and corporate confidence is rising,\" Citigroup Chief Executive Officer Jane Fraser said.</p>\n<p>That was reflected in a pick-up in consumer lending.</p>\n<p>For example, JPMorgan said combined spending on its debit and credit cards rose 22% compared with the same quarter in 2019, when spending patterns were more normal.</p>\n<p>Spending on Citi-branded credit cards in the United States jumped 40% from a year earlier, but with so many customers paying off balances its card loans fell 4%.read more</p>\n<p>Citigroup Chief Financial Officer Mark Mason said the bank expects more customers to go back to their pre-pandemic pattern of carrying revolving balances as government stimulus programs wind down later this year.</p>\n<p>Wells Fargo posted a 14% gain in credit-card revenue compared with the second quarter of 2020, due to higher point-of-sale volume. Revenue was up slightly on the first quarter, the bank said.</p>\n<p>\"What we're seeing is people starting to spend and act more in a way that seems more like it was before the pandemic started and, certainly on the consumer side, spending is up quite a bit, even when you compare it to 2018,\" Wells Fargo chief financial officer Mike Santomassimo told reporters.</p>\n<p>While loan growth is still tepid, which is usually bad for bank profits, there were signs that demand is creeping back.</p>\n<p>Excluding loans related to the U.S. government's pandemic aid program, loan balances at Bank of America, for example, grew $5.1 billion from the first quarter.read more</p>\n<p>\"Deposit growth is strong, and loan levels have begun to grow,\" Bank of America CEO Brian Moynihan said in a statement.</p>\n<p>JPMorgan, the country's largest lender, on Tuesday reported profits of $11.9 billion compared with $4.7 billion last year.</p>\n<p>Citigroup's second-quarter profit rose to $6.19 billion, up from $1.06 billion last year, while Bank of America's profit jumped to $8.96 billion from $3.28 billion.</p>\n<p>Wells Fargo posted a profit of $6 billion compared with a loss of $3.85 billion last year, which was largely related to special items.</p>\n<p>While the results indicate good news for consumers and businesses, low interest rates, weak loan demand and a slowdown in trading will probably weigh on results going forward, analysts said.</p>\n<p>The U.S. Federal Reserve is staying the course, with an inflation target of 2% and no plans to tighten monetary policy by, for instance, raising interest rates, Fed Chair Jerome Powell said in prepared remarks for a congressional appearance on Wednesday.read more</p>\n<p>That suggests banks will have to deal with low rates for an extended period of 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>Biggest U.S. banks smash profit estimates as economy revives</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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBiggest U.S. banks smash profit estimates as economy revives\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-15 16:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/business/finance/top-us-banks-smash-profit-estimates-rebounding-economy-2021-07-14/><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>WASHINGTON, July 14 (Reuters) - The four largest U.S. consumer banks posted blockbuster second-quarter results this week, after pandemic loan losses failed to materialize and the U.S. economy began ...</p>\n\n<a href=\"https://www.reuters.com/business/finance/top-us-banks-smash-profit-estimates-rebounding-economy-2021-07-14/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"C":"花旗","WFC":"富国银行","BAC":"美国银行","JPM":"摩根大通"},"source_url":"https://www.reuters.com/business/finance/top-us-banks-smash-profit-estimates-rebounding-economy-2021-07-14/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142984811","content_text":"WASHINGTON, July 14 (Reuters) - The four largest U.S. consumer banks posted blockbuster second-quarter results this week, after pandemic loan losses failed to materialize and the U.S. economy began roaring back to life.\nWells Fargo & Co(WFC.N), Bank of America Corp(BAC.N), Citigroup Inc(C.N)and JPMorgan Chase & Co(JPM.N)posted a combined $33 billion in profits, buoyed by the release of $9 billion in reserves they had put aside last year to absorb feared pandemic losses.\nThat was beyond analystestimatesof about $24 billion combined, compared with $6 billion in the year-ago quarter.\nConsumer spending has climbed, sometimes beyond pre-pandemic levels, while credit quality has improved and savings and investments have risen, the banks said.\nThanks to extraordinary government stimulus and loan repayment holidays, feared pandemic losses have not materialized. A national vaccination roll-out has allowed also Americans get back to work and to start spending again.\nSizzling capital markets activity has also helped the largest U.S. banks, with Goldman Sachs Group Inc(GS.N)reporting a $5.35 billion profit, more than double its adjusted earnings a year ago.\n\"The pace of the global recovery is exceeding earlier expectations and with it, consumer and corporate confidence is rising,\" Citigroup Chief Executive Officer Jane Fraser said.\nThat was reflected in a pick-up in consumer lending.\nFor example, JPMorgan said combined spending on its debit and credit cards rose 22% compared with the same quarter in 2019, when spending patterns were more normal.\nSpending on Citi-branded credit cards in the United States jumped 40% from a year earlier, but with so many customers paying off balances its card loans fell 4%.read more\nCitigroup Chief Financial Officer Mark Mason said the bank expects more customers to go back to their pre-pandemic pattern of carrying revolving balances as government stimulus programs wind down later this year.\nWells Fargo posted a 14% gain in credit-card revenue compared with the second quarter of 2020, due to higher point-of-sale volume. Revenue was up slightly on the first quarter, the bank said.\n\"What we're seeing is people starting to spend and act more in a way that seems more like it was before the pandemic started and, certainly on the consumer side, spending is up quite a bit, even when you compare it to 2018,\" Wells Fargo chief financial officer Mike Santomassimo told reporters.\nWhile loan growth is still tepid, which is usually bad for bank profits, there were signs that demand is creeping back.\nExcluding loans related to the U.S. government's pandemic aid program, loan balances at Bank of America, for example, grew $5.1 billion from the first quarter.read more\n\"Deposit growth is strong, and loan levels have begun to grow,\" Bank of America CEO Brian Moynihan said in a statement.\nJPMorgan, the country's largest lender, on Tuesday reported profits of $11.9 billion compared with $4.7 billion last year.\nCitigroup's second-quarter profit rose to $6.19 billion, up from $1.06 billion last year, while Bank of America's profit jumped to $8.96 billion from $3.28 billion.\nWells Fargo posted a profit of $6 billion compared with a loss of $3.85 billion last year, which was largely related to special items.\nWhile the results indicate good news for consumers and businesses, low interest rates, weak loan demand and a slowdown in trading will probably weigh on results going forward, analysts said.\nThe U.S. Federal Reserve is staying the course, with an inflation target of 2% and no plans to tighten monetary policy by, for instance, raising interest rates, Fed Chair Jerome Powell said in prepared remarks for a congressional appearance on Wednesday.read more\nThat suggests banks will have to deal with low rates for an extended period of time.","news_type":1},"isVote":1,"tweetType":1,"viewCount":117,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147874992,"gmtCreate":1626353537916,"gmtModify":1633927607447,"author":{"id":"3583751336625896","authorId":"3583751336625896","name":"khu","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583751336625896","authorIdStr":"3583751336625896"},"themes":[],"htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/147874992","repostId":"2151510215","repostType":4,"repost":{"id":"2151510215","kind":"news","pubTimestamp":1626339420,"share":"https://www.laohu8.com/m/news/2151510215?lang=&edition=full","pubTime":"2021-07-15 16:57","market":"us","language":"en","title":"Jobless claims preview: New weekly filings likely reached pandemic-era low of 350,000","url":"https://stock-news.laohu8.com/highlight/detail?id=2151510215","media":"Yahoo Finance","summary":"New weekly jobless claims are expected to fall to the lowest level since March 2020, closing back in","content":"<p>New weekly jobless claims are expected to fall to the lowest level since March 2020, closing back in on pre-pandemic levels as the rate of new joblessness slowed further.</p>\n<p>The Department of Labor is set to release its weekly report on new jobless claims Thursday at 8:30 a.m. ET. Here were the main metrics expected from the report, compared to consensus data compiled by Bloomberg:</p>\n<ul>\n <li><p><b>Initial jobless claims, week ended July 10:</b> 350,000 expected vs. 373,000 during prior week</p></li>\n <li><p><b>Continuing claims, week ended July 3:</b> 3.300 million expected vs. 3.339 million during prior week</p></li>\n</ul>\n<p>Initial unemployment claims are set to extend a months-long downward trend and come in below the psychologically important 400,000 level for a third straight week. During the comparable week in mid-July last year, new filings totaled 1.5 million.</p>\n<p>The weekly jobless claims numbers help capture the pace of those rendered newly unemployed. However, labor supply shortages have become the primary concern in returning the job market to its pre-pandemic conditions. The National Federation of Independent Business said that a historically elevated 46% of small business owners reported job openings that could not be filled in June, and that a record high of 39% of owners reported raising compensation in order to attract workers. In the Labor Department's latest June jobs report, the labor force participation rate stayed flat even as payroll gains handily exceeded estimates, reflecting an elevated number of workers still yet to reenter the workforce.</p>\n<p>And according to the government's Job Openings and Labor Turnover Summary, the layoffs and discharge rate hit an all-time low of 0.9% in May, further underscoring that the labor market's latest strains have been for lack of supply, not demand.</p>\n<p>\"It bears a reminder that the U.S. economy is booming with growth, or GDP, soaring. While welcome, this is not without a downside. The reopening of the economy has created unprecedented strains, including strong demand for workers,\" Mark Hamrick, senior economist and analyst at Bankrate, said in an email. \"One doesn’t have to travel very far to find businesses visibly understaffed, some of which are opting to reduce operating hours or output as a less optimal way of adjusting to the worker shortage.\"</p>\n<p>A multitude of factors seen as inhibiting labor supplies are expected to ease by the fall, however, with schools set to reopen to alleviate child care concerns, more vaccinations taking place to help lessen lingering COVID-19 concerns, and enhanced unemployment benefits expiring across states. How quickly these factors drive an increase in labor force participation, however, remains to be seen, and has given monetary policymakers reason to wait and see the incoming data before removing some of their supportive policies for the recovering economy.</p>\n<p>\"The issue for markets and the Fed ... is that it is not possible to know if these shortages will persist once enhanced unemployment benefits stop in early September — earlier in most Republican-led states — and pressure on child care eases with the full reopening of facilities and schools in the fall,\" Ian Shepherdson, chief economist of Pantheon Macroeconomics, said in a note. \"The current situation in the labor market has no precedent, and hence no basis exists for taking a strong position on what will happen next.\"</p>\n<p>\"Fortunately, the flexibility of the new monetary policy strategy gives policymakers wide latitude to wait until the underlying labor market position emerges from beneath the COVID distortions,\" he added.</p>","source":"yahoofinance_au","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>Jobless claims preview: New weekly filings likely reached pandemic-era low of 350,000</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJobless claims preview: New weekly filings likely reached pandemic-era low of 350,000\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-15 16:57 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-july-10-2021-173250411.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New weekly jobless claims are expected to fall to the lowest level since March 2020, closing back in on pre-pandemic levels as the rate of new joblessness slowed further.\nThe Department of Labor is ...</p>\n\n<a href=\"https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-july-10-2021-173250411.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NGD":"New Gold","SPY.AU":"SPDR® S&P 500® ETF Trust"},"source_url":"https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-july-10-2021-173250411.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151510215","content_text":"New weekly jobless claims are expected to fall to the lowest level since March 2020, closing back in on pre-pandemic levels as the rate of new joblessness slowed further.\nThe Department of Labor is set to release its weekly report on new jobless claims Thursday at 8:30 a.m. ET. Here were the main metrics expected from the report, compared to consensus data compiled by Bloomberg:\n\nInitial jobless claims, week ended July 10: 350,000 expected vs. 373,000 during prior week\nContinuing claims, week ended July 3: 3.300 million expected vs. 3.339 million during prior week\n\nInitial unemployment claims are set to extend a months-long downward trend and come in below the psychologically important 400,000 level for a third straight week. During the comparable week in mid-July last year, new filings totaled 1.5 million.\nThe weekly jobless claims numbers help capture the pace of those rendered newly unemployed. However, labor supply shortages have become the primary concern in returning the job market to its pre-pandemic conditions. The National Federation of Independent Business said that a historically elevated 46% of small business owners reported job openings that could not be filled in June, and that a record high of 39% of owners reported raising compensation in order to attract workers. In the Labor Department's latest June jobs report, the labor force participation rate stayed flat even as payroll gains handily exceeded estimates, reflecting an elevated number of workers still yet to reenter the workforce.\nAnd according to the government's Job Openings and Labor Turnover Summary, the layoffs and discharge rate hit an all-time low of 0.9% in May, further underscoring that the labor market's latest strains have been for lack of supply, not demand.\n\"It bears a reminder that the U.S. economy is booming with growth, or GDP, soaring. While welcome, this is not without a downside. The reopening of the economy has created unprecedented strains, including strong demand for workers,\" Mark Hamrick, senior economist and analyst at Bankrate, said in an email. \"One doesn’t have to travel very far to find businesses visibly understaffed, some of which are opting to reduce operating hours or output as a less optimal way of adjusting to the worker shortage.\"\nA multitude of factors seen as inhibiting labor supplies are expected to ease by the fall, however, with schools set to reopen to alleviate child care concerns, more vaccinations taking place to help lessen lingering COVID-19 concerns, and enhanced unemployment benefits expiring across states. How quickly these factors drive an increase in labor force participation, however, remains to be seen, and has given monetary policymakers reason to wait and see the incoming data before removing some of their supportive policies for the recovering economy.\n\"The issue for markets and the Fed ... is that it is not possible to know if these shortages will persist once enhanced unemployment benefits stop in early September — earlier in most Republican-led states — and pressure on child care eases with the full reopening of facilities and schools in the fall,\" Ian Shepherdson, chief economist of Pantheon Macroeconomics, said in a note. \"The current situation in the labor market has no precedent, and hence no basis exists for taking a strong position on what will happen next.\"\n\"Fortunately, the flexibility of the new monetary policy strategy gives policymakers wide latitude to wait until the underlying labor market position emerges from beneath the COVID distortions,\" he added.","news_type":1},"isVote":1,"tweetType":1,"viewCount":174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147875617,"gmtCreate":1626353509039,"gmtModify":1633927607913,"author":{"id":"3583751336625896","authorId":"3583751336625896","name":"khu","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583751336625896","authorIdStr":"3583751336625896"},"themes":[],"htmlText":"Gd","listText":"Gd","text":"Gd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/147875617","repostId":"1171091897","repostType":4,"repost":{"id":"1171091897","kind":"news","pubTimestamp":1626338605,"share":"https://www.laohu8.com/m/news/1171091897?lang=&edition=full","pubTime":"2021-07-15 16:43","market":"us","language":"en","title":"TV Lawyer, Ex-Israeli Commando Forge a $33 Billion SPAC Deal","url":"https://stock-news.laohu8.com/highlight/detail?id=1171091897","media":"Bloomberg","summary":"(Bloomberg) -- John H. Ruiz is on no one’s list of Wall Street big shots.\nOver the years the Miami l","content":"<p>(Bloomberg) -- John H. Ruiz is on no one’s list of Wall Street big shots.</p>\n<p>Over the years the Miami lawyer has hosted a Spanish language cable-TV show, owned a high school sport website and worked on class-action lawsuits. At one point, his luxury cigarette boat was repossessed, according to a published report — an episode Ruiz has called a misunderstanding.</p>\n<p>Yet today Ruiz is on the cusp of a $23 billion fortune as his MSP Recovery enters into a merger with Lionheart Acquisition Corporation II, a $230 million special purpose acquisition company founded by a former member of an Israel Defense Forces elite combat unit who spent most of his career in real estate.</p>\n<p>If the deal is completed, it will go down as one of the most unusual SPAC transactions yet. Aside from the disparate backgrounds of its principals, the company forecasts zero revenue this year, there are none of the traditional co-investors participating and three of Lionheart’s directors have resigned in recent months. And at a $32.6 billion valuation, it’s the second-biggest proposed SPAC transaction after Grab Holdings’ $40 billion merger scheduled for later this year.</p>\n<p><b>SPAC Fortunes</b></p>\n<p>SPACs have become synonymous with enormous fortunes seemingly created overnight, such as the $11.3 billion stake Mat Ishbia realized when his mortgage company was taken public. But other fortunes have faded just as fast. Nikola Corp.’s Trevor Milton saw his net worth peak at almost $10 billion, according to the Bloomberg Billionaires Index, before allegations of fraud tanked the stock and forced him out of leadership at the company.</p>\n<p>The frenzied dealmaking has also drawn the attention of regulators, who have zeroed in on the sometimes dubious business practices and questionable disclosures of merging firms, as well as the misalignment of interests between the people selling SPACs and those buying them. The Securities and Exchange Commission took the rare step this week of sanctioning a SPAC and its merger target — a space-cargo firm — for misleading investors.</p>\n<p>The choice of MSP Recovery, a health-care payments recovery firm, comes despite Lionheart saying in its prospectus and website that it was looking for an acquisition in the real estate sector, which is where founder Ophir Sternberg spent most of his career.</p>\n<p>After emigrating from Israel in 1993 and a stint in New York, Sternberg bought and sold real estate in South Florida for most of the past decade. But he spotted an opportunity in the red-hot world of SPACs, and in December led the combination of restaurant chain BurgerFi International Inc. with Opes Acquisition Corp.</p>\n<p>BurgerFi shares closed Tuesday at $10.66, just above the $10 offering price of the SPAC that it merged with. For the year, they’re down 22%.</p>\n<p>BurgerFi’s $100 million deal is set to be dwarfed by Lionheart’s combination with MSP. Sternberg took Lionheart Acquistion Corporation II public last August.</p>\n<p><b>‘Deal Done’</b></p>\n<p>“Most SPACs ask for a 24 months before they throw in the towel and have to redeem,” Sternberg told Bloomberg News at the time. “I told my investors at the IPO level that I was very confident that we could get a deal done within a shorter time frame, so I took the lifespan down to 18 months.”</p>\n<p>That put added pressure on Lionheart to find a deal quickly, even as it competed against a greater number of SPACs chasing a limited number of potential targets. If no agreement is reached before 18 months, Sternberg and his team earn nothing from the SPAC.</p>\n<p>Leading up to the MSP transaction, three directors on Lionheart’s five-person board resigned. One of them, Trevor Barran, who was also the firm’s chief operating officer, left last week, just days before the deal was announced on Monday. A fourth died in June.</p>\n<p>“Lionheart brought in new board of director members to eliminate any potential or perceived conflicts of interest, better align the board’s collective expertise with MSP’s business, and to have a total of four independent directors, one more than required,” a spokesperson for Lionheart said in a statement.</p>\n<p>MSP Recovery describes itself as a pioneer in obtaining reimbursements for Medicare and other health-care claims that should have been covered by other parties. The Coral Gables, Florida-based firm looks through records and identifies potentially erroneous payments using complex data analysis techniques. MSP said it owns nearly $50 billion in billed claims from its clients.</p>\n<p><b>‘Humongous Flaw’</b></p>\n<p>“The scalability of this business is beyond any business that exists,” said Ruiz, MSP’s founder and chief executive officer. “There’s a humongous flaw in the data capturing of medical claims and the insurance processing of those claims. This is a disruptive process that we’ve created and we’re changing the way that it’s done.”</p>\n<p>If MSP is able to collect a payment, it typically shares half the money with the claim assignor, such as an insurance company that paid a wrong amount, and then pays lawyers 40% of the balance. MSP keeps what’s left.</p>\n<p>A law firm owned by Ruiz and MSP’s chief legal officer will the exclusive lead counsel for MSP, meaning it stands to receive 20% of all recovered payments, according to a filing.</p>\n<p>MSP calls the total amount recovered (before paying out the assignor and lawyers) gross revenue, and expects to take in about $3.1 billion in 2023. In an investor presentation, the company argued that its 10.5-times multiple against that revenue was in-line with prominent private equity firms it identified as peers, including Blackstone Group Inc., Brookfield Asset Management, Ares Management Corp. and KKR &amp; Co.</p>\n<p>It forecasts net revenue for that year of $963 million, and net income of $632 million. By 2026, it expects gross revenues of $23.8 billion.</p>\n<p><b>Valuation Questions</b></p>\n<p>Lionheart is putting as much as $160 million into MSP, depending on shareholder redemptions, in exchange for about 0.7% of the merged company. Unlike most SPAC deals, there’s no private investment in public equity, or PIPE, being injected alongside the SPAC.</p>\n<p>That may be partly due to questions over valuation. Hedge fund Marshall Wace, an existing Lionheart investor, discussed participating in a PIPE at a valuation closer to $10 billion, according to a person with knowledge of the matter, who asked not to be identified discussing confidential information.</p>\n<p>“A wide range of valuations, which didn’t include the entire scope of what’s included in the company now, were discussed at a very preliminary stage nearly six months ago,” Ruiz said.</p>\n<p>A spokesperson for Marshall Wace declined to comment.</p>\n<p>Shareholders who don’t redeem prior to the business combination are being offered at least 35 additional warrants allowing them to purchase shares at an $11.50 strike price. When those warrants are exercised, MSP’s founders — principally Ruiz — will sell their shares back to MSP at the strike price, meaning that on a net basis no new stock is issued. More than a billion such warrants will be dispersed.</p>\n<p><b>Transaction Costs</b></p>\n<p>Ruiz has agreed to sell a large portion of his shares at 15% above their $10 value implied by the transaction, limiting his upside. Ruiz says it was part of the cost of getting the deal done.</p>\n<p>Lionheart’s sponsor, controlled by Sternberg, will get about $60 million of shares, according to an investor presentation. Transaction costs, including banker fees, will eat up $70 million or about 30% of the cash Lionheart raised from investors last year. The remaining cash will be used to fund operations and growth. MSP anticipates $37 million in expenses this year on no revenue.</p>\n<p>“In the big scheme of things, it’s really de minimis,” Ruiz said, referring to the fees. “If I had to put a number on it, there’s more than 200, 300 people working on this deal.”</p>\n<p>Of all the players, Ruiz stands to gain the most. His 70% stake in the firm is worth close to $23 billion at the combination price. MSP and Lionheart executives will be allowed to sell 10% of their shares as soon as the transaction is completed, with the remainder subject to a six-month lock up.</p>\n<p>It should be enough to buy as many cigarette boats as Ruiz wants. In fact, in May, he bought Cigarette Racing Team — the company, not the boat. His partner on the deal? None other than Sternberg.</p>","source":"lsy1612507957220","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>TV Lawyer, Ex-Israeli Commando Forge a $33 Billion SPAC Deal</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTV Lawyer, Ex-Israeli Commando Forge a $33 Billion SPAC Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-15 16:43 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/florida-lawyer-ex-paratrooper-forge-152841571.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- John H. Ruiz is on no one’s list of Wall Street big shots.\nOver the years the Miami lawyer has hosted a Spanish language cable-TV show, owned a high school sport website and worked on ...</p>\n\n<a href=\"https://finance.yahoo.com/news/florida-lawyer-ex-paratrooper-forge-152841571.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/florida-lawyer-ex-paratrooper-forge-152841571.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171091897","content_text":"(Bloomberg) -- John H. Ruiz is on no one’s list of Wall Street big shots.\nOver the years the Miami lawyer has hosted a Spanish language cable-TV show, owned a high school sport website and worked on class-action lawsuits. At one point, his luxury cigarette boat was repossessed, according to a published report — an episode Ruiz has called a misunderstanding.\nYet today Ruiz is on the cusp of a $23 billion fortune as his MSP Recovery enters into a merger with Lionheart Acquisition Corporation II, a $230 million special purpose acquisition company founded by a former member of an Israel Defense Forces elite combat unit who spent most of his career in real estate.\nIf the deal is completed, it will go down as one of the most unusual SPAC transactions yet. Aside from the disparate backgrounds of its principals, the company forecasts zero revenue this year, there are none of the traditional co-investors participating and three of Lionheart’s directors have resigned in recent months. And at a $32.6 billion valuation, it’s the second-biggest proposed SPAC transaction after Grab Holdings’ $40 billion merger scheduled for later this year.\nSPAC Fortunes\nSPACs have become synonymous with enormous fortunes seemingly created overnight, such as the $11.3 billion stake Mat Ishbia realized when his mortgage company was taken public. But other fortunes have faded just as fast. Nikola Corp.’s Trevor Milton saw his net worth peak at almost $10 billion, according to the Bloomberg Billionaires Index, before allegations of fraud tanked the stock and forced him out of leadership at the company.\nThe frenzied dealmaking has also drawn the attention of regulators, who have zeroed in on the sometimes dubious business practices and questionable disclosures of merging firms, as well as the misalignment of interests between the people selling SPACs and those buying them. The Securities and Exchange Commission took the rare step this week of sanctioning a SPAC and its merger target — a space-cargo firm — for misleading investors.\nThe choice of MSP Recovery, a health-care payments recovery firm, comes despite Lionheart saying in its prospectus and website that it was looking for an acquisition in the real estate sector, which is where founder Ophir Sternberg spent most of his career.\nAfter emigrating from Israel in 1993 and a stint in New York, Sternberg bought and sold real estate in South Florida for most of the past decade. But he spotted an opportunity in the red-hot world of SPACs, and in December led the combination of restaurant chain BurgerFi International Inc. with Opes Acquisition Corp.\nBurgerFi shares closed Tuesday at $10.66, just above the $10 offering price of the SPAC that it merged with. For the year, they’re down 22%.\nBurgerFi’s $100 million deal is set to be dwarfed by Lionheart’s combination with MSP. Sternberg took Lionheart Acquistion Corporation II public last August.\n‘Deal Done’\n“Most SPACs ask for a 24 months before they throw in the towel and have to redeem,” Sternberg told Bloomberg News at the time. “I told my investors at the IPO level that I was very confident that we could get a deal done within a shorter time frame, so I took the lifespan down to 18 months.”\nThat put added pressure on Lionheart to find a deal quickly, even as it competed against a greater number of SPACs chasing a limited number of potential targets. If no agreement is reached before 18 months, Sternberg and his team earn nothing from the SPAC.\nLeading up to the MSP transaction, three directors on Lionheart’s five-person board resigned. One of them, Trevor Barran, who was also the firm’s chief operating officer, left last week, just days before the deal was announced on Monday. A fourth died in June.\n“Lionheart brought in new board of director members to eliminate any potential or perceived conflicts of interest, better align the board’s collective expertise with MSP’s business, and to have a total of four independent directors, one more than required,” a spokesperson for Lionheart said in a statement.\nMSP Recovery describes itself as a pioneer in obtaining reimbursements for Medicare and other health-care claims that should have been covered by other parties. The Coral Gables, Florida-based firm looks through records and identifies potentially erroneous payments using complex data analysis techniques. MSP said it owns nearly $50 billion in billed claims from its clients.\n‘Humongous Flaw’\n“The scalability of this business is beyond any business that exists,” said Ruiz, MSP’s founder and chief executive officer. “There’s a humongous flaw in the data capturing of medical claims and the insurance processing of those claims. This is a disruptive process that we’ve created and we’re changing the way that it’s done.”\nIf MSP is able to collect a payment, it typically shares half the money with the claim assignor, such as an insurance company that paid a wrong amount, and then pays lawyers 40% of the balance. MSP keeps what’s left.\nA law firm owned by Ruiz and MSP’s chief legal officer will the exclusive lead counsel for MSP, meaning it stands to receive 20% of all recovered payments, according to a filing.\nMSP calls the total amount recovered (before paying out the assignor and lawyers) gross revenue, and expects to take in about $3.1 billion in 2023. In an investor presentation, the company argued that its 10.5-times multiple against that revenue was in-line with prominent private equity firms it identified as peers, including Blackstone Group Inc., Brookfield Asset Management, Ares Management Corp. and KKR & Co.\nIt forecasts net revenue for that year of $963 million, and net income of $632 million. By 2026, it expects gross revenues of $23.8 billion.\nValuation Questions\nLionheart is putting as much as $160 million into MSP, depending on shareholder redemptions, in exchange for about 0.7% of the merged company. Unlike most SPAC deals, there’s no private investment in public equity, or PIPE, being injected alongside the SPAC.\nThat may be partly due to questions over valuation. Hedge fund Marshall Wace, an existing Lionheart investor, discussed participating in a PIPE at a valuation closer to $10 billion, according to a person with knowledge of the matter, who asked not to be identified discussing confidential information.\n“A wide range of valuations, which didn’t include the entire scope of what’s included in the company now, were discussed at a very preliminary stage nearly six months ago,” Ruiz said.\nA spokesperson for Marshall Wace declined to comment.\nShareholders who don’t redeem prior to the business combination are being offered at least 35 additional warrants allowing them to purchase shares at an $11.50 strike price. When those warrants are exercised, MSP’s founders — principally Ruiz — will sell their shares back to MSP at the strike price, meaning that on a net basis no new stock is issued. More than a billion such warrants will be dispersed.\nTransaction Costs\nRuiz has agreed to sell a large portion of his shares at 15% above their $10 value implied by the transaction, limiting his upside. Ruiz says it was part of the cost of getting the deal done.\nLionheart’s sponsor, controlled by Sternberg, will get about $60 million of shares, according to an investor presentation. Transaction costs, including banker fees, will eat up $70 million or about 30% of the cash Lionheart raised from investors last year. The remaining cash will be used to fund operations and growth. MSP anticipates $37 million in expenses this year on no revenue.\n“In the big scheme of things, it’s really de minimis,” Ruiz said, referring to the fees. “If I had to put a number on it, there’s more than 200, 300 people working on this deal.”\nOf all the players, Ruiz stands to gain the most. His 70% stake in the firm is worth close to $23 billion at the combination price. MSP and Lionheart executives will be allowed to sell 10% of their shares as soon as the transaction is completed, with the remainder subject to a six-month lock up.\nIt should be enough to buy as many cigarette boats as Ruiz wants. In fact, in May, he bought Cigarette Racing Team — the company, not the boat. His partner on the deal? None other than Sternberg.","news_type":1},"isVote":1,"tweetType":1,"viewCount":304,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145723260,"gmtCreate":1626247665050,"gmtModify":1633928658187,"author":{"id":"3583751336625896","authorId":"3583751336625896","name":"khu","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583751336625896","authorIdStr":"3583751336625896"},"themes":[],"htmlText":"Lol","listText":"Lol","text":"Lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/145723260","repostId":"2151560584","repostType":4,"repost":{"id":"2151560584","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1626207238,"share":"https://www.laohu8.com/m/news/2151560584?lang=&edition=full","pubTime":"2021-07-14 04:13","market":"us","language":"en","title":"S&P 500 and Nasdaq end down after hitting record highs","url":"https://stock-news.laohu8.com/highlight/detail?id=2151560584","media":"Reuters","summary":"JPMorgan drops amid low interest rates\nU.S. consumer prices surge in June\nBoeing slips on new produc","content":"<ul>\n <li>JPMorgan drops amid low interest rates</li>\n <li>U.S. consumer prices surge in June</li>\n <li>Boeing slips on new production problems for 787 Dreamliners</li>\n <li>Indexes: Dow -0.31%, S&amp;P 500 -0.35%, Nasdaq -0.38%</li>\n</ul>\n<p>(Updates following end of session)</p>\n<p>July 13 (Reuters) - The S&amp;P 500 and Nasdaq ended lower on Tuesday after hitting record highs earlier in the session, with investors digesting a jump in consumer prices in June and earnings from JPMorgan and Goldman Sachs that kicked off the quarterly reporting season.</p>\n<p>The S&amp;P 500 and Nasdaq reached fresh record highs but quickly fell into negative territory after an auction of 30-year Treasuries showed less demand than some investors expected and pushed yields higher.</p>\n<p>Data indicated U.S. consumer prices rose by the most in 13 years last month, while so-called core consumer prices surged 4.5% year over year, the largest rise since November 1991.</p>\n<p>Economists viewed the price surge, driven by travel-rated services and used automobiles, as mostly temporary, aligning with Federal Reserve Chair Jerome Powell's long-standing views.</p>\n<p>\"Any time you get an uptick in interest rates the stock market is going to get nervous, especially on a day like today,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.</p>\n<p>The S&amp;P 500 growth index dipped 0.05%, while the value index fell 0.70%.</p>\n<p>\"With growth outperforming value, the takeaway is clearly that inflation from a market perspective is not a real threat in the long term,\" said Keith Buchanan, a portfolio manager at GLOBALT Investments in Atlanta, Georgia.</p>\n<p>Ten of the 11 major S&amp;P 500 sector indexes ended lower, with real estate , consumer discretionary and financials each down more than 1%.</p>\n<p>JPMorgan Chase &amp; Co stock fell 1.5% after the company reported blockbuster quarterly profit growth but warned that the sunny outlook would not make for blockbuster revenues in the short term due to low interest rates.</p>\n<p>Goldman Sachs Group Inc dipped 1.2% after its quarterly earnings exceeded forecasts.</p>\n<p>Citigroup , Wells Fargo &amp; Co and Bank of America were due to report their quarterly results early on Wednesday.</p>\n<p>PepsiCo Inc gained 2.3% after raising its full-year earnings forecast, betting on accelerating demand as COVID-19 restrictions continue to ease.</p>\n<p>June-quarter earnings per share for S&amp;P 500 companies are expected to rise 66%, according to Refinitiv data, with investors questioning how long Wall Street's rally would last after a 16% rise in the benchmark index so far this year.</p>\n<p>All eyes now turn to Fed Chair Jerome Powell's congressional testimony on Wednesday and Thursday for his comments about rising price pressures and monetary support going forward.</p>\n<p>The Dow Jones Industrial Average fell 0.31% to end at 34,888.79 points, while the S&amp;P 500 lost 0.35% to 4,369.21.</p>\n<p>The Nasdaq Composite dropped 0.38% to 14,677.65.</p>\n<p>Conagra Brands Inc dropped 5.4% after the packaged foods company warned that higher raw material and ingredient costs would take a bigger bite out of its profit this year than previously estimated.</p>\n<p>Boeing Co fell 4.2% after the Federal Aviation Administration said late on Monday some undelivered 787 Dreamliners have a new manufacturing quality issue.</p>\n<p>Declining issues outnumbered advancing ones on the NYSE by a 2.85-to-1 ratio; on Nasdaq, a 3.06-to-1 ratio favored decliners.</p>\n<p>The S&amp;P 500 posted 39 new 52-week highs and no new lows; the Nasdaq Composite recorded 61 new highs and 73 new lows.</p>\n<p>Volume on U.S. exchanges was 9.5 billion shares, compared with the 10.5 billion average for the full session over the last 20 trading days.</p>\n<p>(Additional reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; Editing by Cynthia Osterman)</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>S&P 500 and Nasdaq end down after hitting record highs</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\">\nS&P 500 and Nasdaq end down after hitting record highs\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-07-14 04:13</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<ul>\n <li>JPMorgan drops amid low interest rates</li>\n <li>U.S. consumer prices surge in June</li>\n <li>Boeing slips on new production problems for 787 Dreamliners</li>\n <li>Indexes: Dow -0.31%, S&amp;P 500 -0.35%, Nasdaq -0.38%</li>\n</ul>\n<p>(Updates following end of session)</p>\n<p>July 13 (Reuters) - The S&amp;P 500 and Nasdaq ended lower on Tuesday after hitting record highs earlier in the session, with investors digesting a jump in consumer prices in June and earnings from JPMorgan and Goldman Sachs that kicked off the quarterly reporting season.</p>\n<p>The S&amp;P 500 and Nasdaq reached fresh record highs but quickly fell into negative territory after an auction of 30-year Treasuries showed less demand than some investors expected and pushed yields higher.</p>\n<p>Data indicated U.S. consumer prices rose by the most in 13 years last month, while so-called core consumer prices surged 4.5% year over year, the largest rise since November 1991.</p>\n<p>Economists viewed the price surge, driven by travel-rated services and used automobiles, as mostly temporary, aligning with Federal Reserve Chair Jerome Powell's long-standing views.</p>\n<p>\"Any time you get an uptick in interest rates the stock market is going to get nervous, especially on a day like today,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.</p>\n<p>The S&amp;P 500 growth index dipped 0.05%, while the value index fell 0.70%.</p>\n<p>\"With growth outperforming value, the takeaway is clearly that inflation from a market perspective is not a real threat in the long term,\" said Keith Buchanan, a portfolio manager at GLOBALT Investments in Atlanta, Georgia.</p>\n<p>Ten of the 11 major S&amp;P 500 sector indexes ended lower, with real estate , consumer discretionary and financials each down more than 1%.</p>\n<p>JPMorgan Chase &amp; Co stock fell 1.5% after the company reported blockbuster quarterly profit growth but warned that the sunny outlook would not make for blockbuster revenues in the short term due to low interest rates.</p>\n<p>Goldman Sachs Group Inc dipped 1.2% after its quarterly earnings exceeded forecasts.</p>\n<p>Citigroup , Wells Fargo &amp; Co and Bank of America were due to report their quarterly results early on Wednesday.</p>\n<p>PepsiCo Inc gained 2.3% after raising its full-year earnings forecast, betting on accelerating demand as COVID-19 restrictions continue to ease.</p>\n<p>June-quarter earnings per share for S&amp;P 500 companies are expected to rise 66%, according to Refinitiv data, with investors questioning how long Wall Street's rally would last after a 16% rise in the benchmark index so far this year.</p>\n<p>All eyes now turn to Fed Chair Jerome Powell's congressional testimony on Wednesday and Thursday for his comments about rising price pressures and monetary support going forward.</p>\n<p>The Dow Jones Industrial Average fell 0.31% to end at 34,888.79 points, while the S&amp;P 500 lost 0.35% to 4,369.21.</p>\n<p>The Nasdaq Composite dropped 0.38% to 14,677.65.</p>\n<p>Conagra Brands Inc dropped 5.4% after the packaged foods company warned that higher raw material and ingredient costs would take a bigger bite out of its profit this year than previously estimated.</p>\n<p>Boeing Co fell 4.2% after the Federal Aviation Administration said late on Monday some undelivered 787 Dreamliners have a new manufacturing quality issue.</p>\n<p>Declining issues outnumbered advancing ones on the NYSE by a 2.85-to-1 ratio; on Nasdaq, a 3.06-to-1 ratio favored decliners.</p>\n<p>The S&amp;P 500 posted 39 new 52-week highs and no new lows; the Nasdaq Composite recorded 61 new highs and 73 new lows.</p>\n<p>Volume on U.S. exchanges was 9.5 billion shares, compared with the 10.5 billion average for the full session over the last 20 trading days.</p>\n<p>(Additional reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; Editing by Cynthia Osterman)</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","SDS":"两倍做空标普500ETF",".SPX":"S&P 500 Index","OEX":"标普100","PSQ":"纳指反向ETF","OEF":"标普100指数ETF-iShares","QLD":"纳指两倍做多ETF","SH":"标普500反向ETF","IVV":"标普500指数ETF","TQQQ":"纳指三倍做多ETF","NDAQ":"纳斯达克OMX交易所",".IXIC":"NASDAQ Composite","SSO":"两倍做多标普500ETF",".DJI":"道琼斯","SPXU":"三倍做空标普500ETF","QQQ":"纳指100ETF","UPRO":"三倍做多标普500ETF","QID":"纳指两倍做空ETF","SQQQ":"纳指三倍做空ETF","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151560584","content_text":"JPMorgan drops amid low interest rates\nU.S. consumer prices surge in June\nBoeing slips on new production problems for 787 Dreamliners\nIndexes: Dow -0.31%, S&P 500 -0.35%, Nasdaq -0.38%\n\n(Updates following end of session)\nJuly 13 (Reuters) - The S&P 500 and Nasdaq ended lower on Tuesday after hitting record highs earlier in the session, with investors digesting a jump in consumer prices in June and earnings from JPMorgan and Goldman Sachs that kicked off the quarterly reporting season.\nThe S&P 500 and Nasdaq reached fresh record highs but quickly fell into negative territory after an auction of 30-year Treasuries showed less demand than some investors expected and pushed yields higher.\nData indicated U.S. consumer prices rose by the most in 13 years last month, while so-called core consumer prices surged 4.5% year over year, the largest rise since November 1991.\nEconomists viewed the price surge, driven by travel-rated services and used automobiles, as mostly temporary, aligning with Federal Reserve Chair Jerome Powell's long-standing views.\n\"Any time you get an uptick in interest rates the stock market is going to get nervous, especially on a day like today,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.\nThe S&P 500 growth index dipped 0.05%, while the value index fell 0.70%.\n\"With growth outperforming value, the takeaway is clearly that inflation from a market perspective is not a real threat in the long term,\" said Keith Buchanan, a portfolio manager at GLOBALT Investments in Atlanta, Georgia.\nTen of the 11 major S&P 500 sector indexes ended lower, with real estate , consumer discretionary and financials each down more than 1%.\nJPMorgan Chase & Co stock fell 1.5% after the company reported blockbuster quarterly profit growth but warned that the sunny outlook would not make for blockbuster revenues in the short term due to low interest rates.\nGoldman Sachs Group Inc dipped 1.2% after its quarterly earnings exceeded forecasts.\nCitigroup , Wells Fargo & Co and Bank of America were due to report their quarterly results early on Wednesday.\nPepsiCo Inc gained 2.3% after raising its full-year earnings forecast, betting on accelerating demand as COVID-19 restrictions continue to ease.\nJune-quarter earnings per share for S&P 500 companies are expected to rise 66%, according to Refinitiv data, with investors questioning how long Wall Street's rally would last after a 16% rise in the benchmark index so far this year.\nAll eyes now turn to Fed Chair Jerome Powell's congressional testimony on Wednesday and Thursday for his comments about rising price pressures and monetary support going forward.\nThe Dow Jones Industrial Average fell 0.31% to end at 34,888.79 points, while the S&P 500 lost 0.35% to 4,369.21.\nThe Nasdaq Composite dropped 0.38% to 14,677.65.\nConagra Brands Inc dropped 5.4% after the packaged foods company warned that higher raw material and ingredient costs would take a bigger bite out of its profit this year than previously estimated.\nBoeing Co fell 4.2% after the Federal Aviation Administration said late on Monday some undelivered 787 Dreamliners have a new manufacturing quality issue.\nDeclining issues outnumbered advancing ones on the NYSE by a 2.85-to-1 ratio; on Nasdaq, a 3.06-to-1 ratio favored decliners.\nThe S&P 500 posted 39 new 52-week highs and no new lows; the Nasdaq Composite recorded 61 new highs and 73 new lows.\nVolume on U.S. exchanges was 9.5 billion shares, compared with the 10.5 billion average for the full session over the last 20 trading days.\n(Additional reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; Editing by Cynthia Osterman)","news_type":1},"isVote":1,"tweetType":1,"viewCount":337,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142275065,"gmtCreate":1626157745457,"gmtModify":1633929542990,"author":{"id":"3583751336625896","authorId":"3583751336625896","name":"khu","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583751336625896","authorIdStr":"3583751336625896"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/142275065","repostId":"1101566017","repostType":4,"repost":{"id":"1101566017","kind":"news","pubTimestamp":1626132937,"share":"https://www.laohu8.com/m/news/1101566017?lang=&edition=full","pubTime":"2021-07-13 07:35","market":"us","language":"en","title":"How earnings season is likely to play out in the coming weeks and its impact on the stock market","url":"https://stock-news.laohu8.com/highlight/detail?id=1101566017","media":"cnbc","summary":"The great cyclical rebound is about to get underway with outsized gains expected in the quarterly profits of industrial, consumer discretionary, energy and materials companies.Earnings growth in the second quarter is expected to be a stunning 66%, as companies compare their results to the depressed period last year when the pandemic abruptly shut down the economy, according to Refinitiv data.“If you listen to what the CFOs are going to say, you’re going to think the earnings are terrible, but if","content":"<div>\n<p>The great cyclical rebound is about to get underway with outsized gains expected in the quarterly profits of industrial, consumer discretionary, energy and materials companies.\nEarnings growth in the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/12/how-earnings-season-is-likely-to-play-out-in-the-coming-weeks-and-its-impact-on-the-stock-market.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How earnings season is likely to play out in the coming weeks and its impact on the stock market</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow earnings season is likely to play out in the coming weeks and its impact on the stock market\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-13 07:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/12/how-earnings-season-is-likely-to-play-out-in-the-coming-weeks-and-its-impact-on-the-stock-market.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The great cyclical rebound is about to get underway with outsized gains expected in the quarterly profits of industrial, consumer discretionary, energy and materials companies.\nEarnings growth in the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/12/how-earnings-season-is-likely-to-play-out-in-the-coming-weeks-and-its-impact-on-the-stock-market.html\">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","SPY":"标普500ETF"},"source_url":"https://www.cnbc.com/2021/07/12/how-earnings-season-is-likely-to-play-out-in-the-coming-weeks-and-its-impact-on-the-stock-market.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1101566017","content_text":"The great cyclical rebound is about to get underway with outsized gains expected in the quarterly profits of industrial, consumer discretionary, energy and materials companies.\nEarnings growth in the second quarter is expected to be a stunning 66%, as companies compare their results to the depressed period last year when the pandemic abruptly shut down the economy, according to Refinitiv data.\nNormally a profit leader, the technology sector this quarter, is expected to see just 32% profit growth, according to Refiniv. That compares to shockingly large estimated increases in industrial sector profits of more than 570%, and energy industry profits, up 220%. Earnings for the financial and materials sectors are expected to be up more than 100% each.\nThose huge gains and expected earnings beats should be a positive for some cyclical stocks this quarter. Earnings season kicks off Tuesday with reports fromJPMorgan Chase,Goldman Sachs,andPepsiCo.\nThis earnings season will be the period where the tug of war that’s been a factor in the stock market, between cyclical and growth trades, is due to play out very clearly in the earnings numbers. Inflationary pressures, negative for tech stock performance, are expected to help boost cyclical earnings growth in the rebound, as companies face rising input costs but also up their prices.\n“I think what you’re going to see is a very unusual kind of contradiction between the data and the narrative,” said Jonathan Golub, chief U.S. equity strategist at Credit Suisse. “What companies are going to say is they are facing shortages and rising input costs and other things which are constraints to their success. And then what you’re going to see is massive beats and the biggest portions coming from higher margins. They’re not going to try to reconcile it.”\nGolub expects companies to provide detail on rising costs and supply shortages but not as much information on how much they are raising prices or how broadly.\n“If you listen to what the CFOs are going to say, you’re going to think the earnings are terrible, but if you look at the results, they’re going to be magnificent,” he said.\nBut ultimately, it’s tech and growth that will prove to be the best performers profit-wise over the long haul. “Their own earnings revisions for themselves are still good. They’re not deteriorating. They’re solid. They’re not getting worse. They’re not accelerating in this ridiculous way. They’re on the same solid trajectory they’ve been on,” said Brian Rauscher, Fundstrat head of global portfolio strategy.\nRauscher expects the trend to revert back to tech as the better earnings performer in two quarters from now, when cyclical airline stocks or industrial stocks like Caterpillar will see earnings growth back in the single digits. “Tech will keep growing at 25%,” he said.\nHe says economic growth will have slowed to a more normalized and sustained pace. By then it will be more apparent whether inflation is temporary or not.\n“If they are unable to pass along price increases, it will hit the earnings,” he said.\nGolub points out that tech profits in last year’s second quarter actually increased by 3.3% from 2019, as cyclical earnings plunged 85% in the same period. The 2021 second quarter earnings growth estimate for tech is 34.2%, while some cyclical earnings will rebound by more than 570% just to get back to even with 2019.\n“It says one of these is a near term trade, and one of them is a long term trade,” said Golub. “Once the supply chain issues are gone, [cyclicals] are going to be unimpressive.”\nEven with the push pull of tech and growth versus cyclical trades, strategists say the earning season should be good for the stock market.\n“I think the numbers will be very good, and it’ll be supportive for markets,” said Rauscher. He said some investors may be concerned that a peak period of earnings this quarter will lead to a market decline but he doesn’t expect that to be the case.\n“Obviously, the numbers are going to be outsized because we have that weird comparison from last year. I think the important thing is going to be the return of guidance,” Rauscher said. Both he and Golub say they expect earnings to beat to the upside.\n“I think the analysts have underestimated the improvement in operating leverage,” Rauscher said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":312,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":142275065,"gmtCreate":1626157745457,"gmtModify":1633929542990,"author":{"id":"3583751336625896","authorId":"3583751336625896","name":"khu","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583751336625896","authorIdStr":"3583751336625896"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/142275065","repostId":"1101566017","repostType":4,"repost":{"id":"1101566017","kind":"news","pubTimestamp":1626132937,"share":"https://www.laohu8.com/m/news/1101566017?lang=&edition=full","pubTime":"2021-07-13 07:35","market":"us","language":"en","title":"How earnings season is likely to play out in the coming weeks and its impact on the stock market","url":"https://stock-news.laohu8.com/highlight/detail?id=1101566017","media":"cnbc","summary":"The great cyclical rebound is about to get underway with outsized gains expected in the quarterly profits of industrial, consumer discretionary, energy and materials companies.Earnings growth in the second quarter is expected to be a stunning 66%, as companies compare their results to the depressed period last year when the pandemic abruptly shut down the economy, according to Refinitiv data.“If you listen to what the CFOs are going to say, you’re going to think the earnings are terrible, but if","content":"<div>\n<p>The great cyclical rebound is about to get underway with outsized gains expected in the quarterly profits of industrial, consumer discretionary, energy and materials companies.\nEarnings growth in the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/12/how-earnings-season-is-likely-to-play-out-in-the-coming-weeks-and-its-impact-on-the-stock-market.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How earnings season is likely to play out in the coming weeks and its impact on the stock market</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow earnings season is likely to play out in the coming weeks and its impact on the stock market\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-13 07:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/12/how-earnings-season-is-likely-to-play-out-in-the-coming-weeks-and-its-impact-on-the-stock-market.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The great cyclical rebound is about to get underway with outsized gains expected in the quarterly profits of industrial, consumer discretionary, energy and materials companies.\nEarnings growth in the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/12/how-earnings-season-is-likely-to-play-out-in-the-coming-weeks-and-its-impact-on-the-stock-market.html\">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","SPY":"标普500ETF"},"source_url":"https://www.cnbc.com/2021/07/12/how-earnings-season-is-likely-to-play-out-in-the-coming-weeks-and-its-impact-on-the-stock-market.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1101566017","content_text":"The great cyclical rebound is about to get underway with outsized gains expected in the quarterly profits of industrial, consumer discretionary, energy and materials companies.\nEarnings growth in the second quarter is expected to be a stunning 66%, as companies compare their results to the depressed period last year when the pandemic abruptly shut down the economy, according to Refinitiv data.\nNormally a profit leader, the technology sector this quarter, is expected to see just 32% profit growth, according to Refiniv. That compares to shockingly large estimated increases in industrial sector profits of more than 570%, and energy industry profits, up 220%. Earnings for the financial and materials sectors are expected to be up more than 100% each.\nThose huge gains and expected earnings beats should be a positive for some cyclical stocks this quarter. Earnings season kicks off Tuesday with reports fromJPMorgan Chase,Goldman Sachs,andPepsiCo.\nThis earnings season will be the period where the tug of war that’s been a factor in the stock market, between cyclical and growth trades, is due to play out very clearly in the earnings numbers. Inflationary pressures, negative for tech stock performance, are expected to help boost cyclical earnings growth in the rebound, as companies face rising input costs but also up their prices.\n“I think what you’re going to see is a very unusual kind of contradiction between the data and the narrative,” said Jonathan Golub, chief U.S. equity strategist at Credit Suisse. “What companies are going to say is they are facing shortages and rising input costs and other things which are constraints to their success. And then what you’re going to see is massive beats and the biggest portions coming from higher margins. They’re not going to try to reconcile it.”\nGolub expects companies to provide detail on rising costs and supply shortages but not as much information on how much they are raising prices or how broadly.\n“If you listen to what the CFOs are going to say, you’re going to think the earnings are terrible, but if you look at the results, they’re going to be magnificent,” he said.\nBut ultimately, it’s tech and growth that will prove to be the best performers profit-wise over the long haul. “Their own earnings revisions for themselves are still good. They’re not deteriorating. They’re solid. They’re not getting worse. They’re not accelerating in this ridiculous way. They’re on the same solid trajectory they’ve been on,” said Brian Rauscher, Fundstrat head of global portfolio strategy.\nRauscher expects the trend to revert back to tech as the better earnings performer in two quarters from now, when cyclical airline stocks or industrial stocks like Caterpillar will see earnings growth back in the single digits. “Tech will keep growing at 25%,” he said.\nHe says economic growth will have slowed to a more normalized and sustained pace. By then it will be more apparent whether inflation is temporary or not.\n“If they are unable to pass along price increases, it will hit the earnings,” he said.\nGolub points out that tech profits in last year’s second quarter actually increased by 3.3% from 2019, as cyclical earnings plunged 85% in the same period. The 2021 second quarter earnings growth estimate for tech is 34.2%, while some cyclical earnings will rebound by more than 570% just to get back to even with 2019.\n“It says one of these is a near term trade, and one of them is a long term trade,” said Golub. “Once the supply chain issues are gone, [cyclicals] are going to be unimpressive.”\nEven with the push pull of tech and growth versus cyclical trades, strategists say the earning season should be good for the stock market.\n“I think the numbers will be very good, and it’ll be supportive for markets,” said Rauscher. He said some investors may be concerned that a peak period of earnings this quarter will lead to a market decline but he doesn’t expect that to be the case.\n“Obviously, the numbers are going to be outsized because we have that weird comparison from last year. I think the important thing is going to be the return of guidance,” Rauscher said. Both he and Golub say they expect earnings to beat to the upside.\n“I think the analysts have underestimated the improvement in operating leverage,” Rauscher said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":312,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145723260,"gmtCreate":1626247665050,"gmtModify":1633928658187,"author":{"id":"3583751336625896","authorId":"3583751336625896","name":"khu","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583751336625896","authorIdStr":"3583751336625896"},"themes":[],"htmlText":"Lol","listText":"Lol","text":"Lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/145723260","repostId":"2151560584","repostType":4,"repost":{"id":"2151560584","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1626207238,"share":"https://www.laohu8.com/m/news/2151560584?lang=&edition=full","pubTime":"2021-07-14 04:13","market":"us","language":"en","title":"S&P 500 and Nasdaq end down after hitting record highs","url":"https://stock-news.laohu8.com/highlight/detail?id=2151560584","media":"Reuters","summary":"JPMorgan drops amid low interest rates\nU.S. consumer prices surge in June\nBoeing slips on new produc","content":"<ul>\n <li>JPMorgan drops amid low interest rates</li>\n <li>U.S. consumer prices surge in June</li>\n <li>Boeing slips on new production problems for 787 Dreamliners</li>\n <li>Indexes: Dow -0.31%, S&amp;P 500 -0.35%, Nasdaq -0.38%</li>\n</ul>\n<p>(Updates following end of session)</p>\n<p>July 13 (Reuters) - The S&amp;P 500 and Nasdaq ended lower on Tuesday after hitting record highs earlier in the session, with investors digesting a jump in consumer prices in June and earnings from JPMorgan and Goldman Sachs that kicked off the quarterly reporting season.</p>\n<p>The S&amp;P 500 and Nasdaq reached fresh record highs but quickly fell into negative territory after an auction of 30-year Treasuries showed less demand than some investors expected and pushed yields higher.</p>\n<p>Data indicated U.S. consumer prices rose by the most in 13 years last month, while so-called core consumer prices surged 4.5% year over year, the largest rise since November 1991.</p>\n<p>Economists viewed the price surge, driven by travel-rated services and used automobiles, as mostly temporary, aligning with Federal Reserve Chair Jerome Powell's long-standing views.</p>\n<p>\"Any time you get an uptick in interest rates the stock market is going to get nervous, especially on a day like today,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.</p>\n<p>The S&amp;P 500 growth index dipped 0.05%, while the value index fell 0.70%.</p>\n<p>\"With growth outperforming value, the takeaway is clearly that inflation from a market perspective is not a real threat in the long term,\" said Keith Buchanan, a portfolio manager at GLOBALT Investments in Atlanta, Georgia.</p>\n<p>Ten of the 11 major S&amp;P 500 sector indexes ended lower, with real estate , consumer discretionary and financials each down more than 1%.</p>\n<p>JPMorgan Chase &amp; Co stock fell 1.5% after the company reported blockbuster quarterly profit growth but warned that the sunny outlook would not make for blockbuster revenues in the short term due to low interest rates.</p>\n<p>Goldman Sachs Group Inc dipped 1.2% after its quarterly earnings exceeded forecasts.</p>\n<p>Citigroup , Wells Fargo &amp; Co and Bank of America were due to report their quarterly results early on Wednesday.</p>\n<p>PepsiCo Inc gained 2.3% after raising its full-year earnings forecast, betting on accelerating demand as COVID-19 restrictions continue to ease.</p>\n<p>June-quarter earnings per share for S&amp;P 500 companies are expected to rise 66%, according to Refinitiv data, with investors questioning how long Wall Street's rally would last after a 16% rise in the benchmark index so far this year.</p>\n<p>All eyes now turn to Fed Chair Jerome Powell's congressional testimony on Wednesday and Thursday for his comments about rising price pressures and monetary support going forward.</p>\n<p>The Dow Jones Industrial Average fell 0.31% to end at 34,888.79 points, while the S&amp;P 500 lost 0.35% to 4,369.21.</p>\n<p>The Nasdaq Composite dropped 0.38% to 14,677.65.</p>\n<p>Conagra Brands Inc dropped 5.4% after the packaged foods company warned that higher raw material and ingredient costs would take a bigger bite out of its profit this year than previously estimated.</p>\n<p>Boeing Co fell 4.2% after the Federal Aviation Administration said late on Monday some undelivered 787 Dreamliners have a new manufacturing quality issue.</p>\n<p>Declining issues outnumbered advancing ones on the NYSE by a 2.85-to-1 ratio; on Nasdaq, a 3.06-to-1 ratio favored decliners.</p>\n<p>The S&amp;P 500 posted 39 new 52-week highs and no new lows; the Nasdaq Composite recorded 61 new highs and 73 new lows.</p>\n<p>Volume on U.S. exchanges was 9.5 billion shares, compared with the 10.5 billion average for the full session over the last 20 trading days.</p>\n<p>(Additional reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; Editing by Cynthia Osterman)</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>S&P 500 and Nasdaq end down after hitting record highs</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\">\nS&P 500 and Nasdaq end down after hitting record highs\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-07-14 04:13</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<ul>\n <li>JPMorgan drops amid low interest rates</li>\n <li>U.S. consumer prices surge in June</li>\n <li>Boeing slips on new production problems for 787 Dreamliners</li>\n <li>Indexes: Dow -0.31%, S&amp;P 500 -0.35%, Nasdaq -0.38%</li>\n</ul>\n<p>(Updates following end of session)</p>\n<p>July 13 (Reuters) - The S&amp;P 500 and Nasdaq ended lower on Tuesday after hitting record highs earlier in the session, with investors digesting a jump in consumer prices in June and earnings from JPMorgan and Goldman Sachs that kicked off the quarterly reporting season.</p>\n<p>The S&amp;P 500 and Nasdaq reached fresh record highs but quickly fell into negative territory after an auction of 30-year Treasuries showed less demand than some investors expected and pushed yields higher.</p>\n<p>Data indicated U.S. consumer prices rose by the most in 13 years last month, while so-called core consumer prices surged 4.5% year over year, the largest rise since November 1991.</p>\n<p>Economists viewed the price surge, driven by travel-rated services and used automobiles, as mostly temporary, aligning with Federal Reserve Chair Jerome Powell's long-standing views.</p>\n<p>\"Any time you get an uptick in interest rates the stock market is going to get nervous, especially on a day like today,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.</p>\n<p>The S&amp;P 500 growth index dipped 0.05%, while the value index fell 0.70%.</p>\n<p>\"With growth outperforming value, the takeaway is clearly that inflation from a market perspective is not a real threat in the long term,\" said Keith Buchanan, a portfolio manager at GLOBALT Investments in Atlanta, Georgia.</p>\n<p>Ten of the 11 major S&amp;P 500 sector indexes ended lower, with real estate , consumer discretionary and financials each down more than 1%.</p>\n<p>JPMorgan Chase &amp; Co stock fell 1.5% after the company reported blockbuster quarterly profit growth but warned that the sunny outlook would not make for blockbuster revenues in the short term due to low interest rates.</p>\n<p>Goldman Sachs Group Inc dipped 1.2% after its quarterly earnings exceeded forecasts.</p>\n<p>Citigroup , Wells Fargo &amp; Co and Bank of America were due to report their quarterly results early on Wednesday.</p>\n<p>PepsiCo Inc gained 2.3% after raising its full-year earnings forecast, betting on accelerating demand as COVID-19 restrictions continue to ease.</p>\n<p>June-quarter earnings per share for S&amp;P 500 companies are expected to rise 66%, according to Refinitiv data, with investors questioning how long Wall Street's rally would last after a 16% rise in the benchmark index so far this year.</p>\n<p>All eyes now turn to Fed Chair Jerome Powell's congressional testimony on Wednesday and Thursday for his comments about rising price pressures and monetary support going forward.</p>\n<p>The Dow Jones Industrial Average fell 0.31% to end at 34,888.79 points, while the S&amp;P 500 lost 0.35% to 4,369.21.</p>\n<p>The Nasdaq Composite dropped 0.38% to 14,677.65.</p>\n<p>Conagra Brands Inc dropped 5.4% after the packaged foods company warned that higher raw material and ingredient costs would take a bigger bite out of its profit this year than previously estimated.</p>\n<p>Boeing Co fell 4.2% after the Federal Aviation Administration said late on Monday some undelivered 787 Dreamliners have a new manufacturing quality issue.</p>\n<p>Declining issues outnumbered advancing ones on the NYSE by a 2.85-to-1 ratio; on Nasdaq, a 3.06-to-1 ratio favored decliners.</p>\n<p>The S&amp;P 500 posted 39 new 52-week highs and no new lows; the Nasdaq Composite recorded 61 new highs and 73 new lows.</p>\n<p>Volume on U.S. exchanges was 9.5 billion shares, compared with the 10.5 billion average for the full session over the last 20 trading days.</p>\n<p>(Additional reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; Editing by Cynthia Osterman)</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","SDS":"两倍做空标普500ETF",".SPX":"S&P 500 Index","OEX":"标普100","PSQ":"纳指反向ETF","OEF":"标普100指数ETF-iShares","QLD":"纳指两倍做多ETF","SH":"标普500反向ETF","IVV":"标普500指数ETF","TQQQ":"纳指三倍做多ETF","NDAQ":"纳斯达克OMX交易所",".IXIC":"NASDAQ Composite","SSO":"两倍做多标普500ETF",".DJI":"道琼斯","SPXU":"三倍做空标普500ETF","QQQ":"纳指100ETF","UPRO":"三倍做多标普500ETF","QID":"纳指两倍做空ETF","SQQQ":"纳指三倍做空ETF","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151560584","content_text":"JPMorgan drops amid low interest rates\nU.S. consumer prices surge in June\nBoeing slips on new production problems for 787 Dreamliners\nIndexes: Dow -0.31%, S&P 500 -0.35%, Nasdaq -0.38%\n\n(Updates following end of session)\nJuly 13 (Reuters) - The S&P 500 and Nasdaq ended lower on Tuesday after hitting record highs earlier in the session, with investors digesting a jump in consumer prices in June and earnings from JPMorgan and Goldman Sachs that kicked off the quarterly reporting season.\nThe S&P 500 and Nasdaq reached fresh record highs but quickly fell into negative territory after an auction of 30-year Treasuries showed less demand than some investors expected and pushed yields higher.\nData indicated U.S. consumer prices rose by the most in 13 years last month, while so-called core consumer prices surged 4.5% year over year, the largest rise since November 1991.\nEconomists viewed the price surge, driven by travel-rated services and used automobiles, as mostly temporary, aligning with Federal Reserve Chair Jerome Powell's long-standing views.\n\"Any time you get an uptick in interest rates the stock market is going to get nervous, especially on a day like today,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.\nThe S&P 500 growth index dipped 0.05%, while the value index fell 0.70%.\n\"With growth outperforming value, the takeaway is clearly that inflation from a market perspective is not a real threat in the long term,\" said Keith Buchanan, a portfolio manager at GLOBALT Investments in Atlanta, Georgia.\nTen of the 11 major S&P 500 sector indexes ended lower, with real estate , consumer discretionary and financials each down more than 1%.\nJPMorgan Chase & Co stock fell 1.5% after the company reported blockbuster quarterly profit growth but warned that the sunny outlook would not make for blockbuster revenues in the short term due to low interest rates.\nGoldman Sachs Group Inc dipped 1.2% after its quarterly earnings exceeded forecasts.\nCitigroup , Wells Fargo & Co and Bank of America were due to report their quarterly results early on Wednesday.\nPepsiCo Inc gained 2.3% after raising its full-year earnings forecast, betting on accelerating demand as COVID-19 restrictions continue to ease.\nJune-quarter earnings per share for S&P 500 companies are expected to rise 66%, according to Refinitiv data, with investors questioning how long Wall Street's rally would last after a 16% rise in the benchmark index so far this year.\nAll eyes now turn to Fed Chair Jerome Powell's congressional testimony on Wednesday and Thursday for his comments about rising price pressures and monetary support going forward.\nThe Dow Jones Industrial Average fell 0.31% to end at 34,888.79 points, while the S&P 500 lost 0.35% to 4,369.21.\nThe Nasdaq Composite dropped 0.38% to 14,677.65.\nConagra Brands Inc dropped 5.4% after the packaged foods company warned that higher raw material and ingredient costs would take a bigger bite out of its profit this year than previously estimated.\nBoeing Co fell 4.2% after the Federal Aviation Administration said late on Monday some undelivered 787 Dreamliners have a new manufacturing quality issue.\nDeclining issues outnumbered advancing ones on the NYSE by a 2.85-to-1 ratio; on Nasdaq, a 3.06-to-1 ratio favored decliners.\nThe S&P 500 posted 39 new 52-week highs and no new lows; the Nasdaq Composite recorded 61 new highs and 73 new lows.\nVolume on U.S. exchanges was 9.5 billion shares, compared with the 10.5 billion average for the full session over the last 20 trading days.\n(Additional reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; Editing by Cynthia Osterman)","news_type":1},"isVote":1,"tweetType":1,"viewCount":337,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170151830,"gmtCreate":1626414666320,"gmtModify":1633926945162,"author":{"id":"3583751336625896","authorId":"3583751336625896","name":"khu","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583751336625896","authorIdStr":"3583751336625896"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/170151830","repostId":"1172978394","repostType":4,"isVote":1,"tweetType":1,"viewCount":133,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170153177,"gmtCreate":1626414623599,"gmtModify":1633926945878,"author":{"id":"3583751336625896","authorId":"3583751336625896","name":"khu","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583751336625896","authorIdStr":"3583751336625896"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/170153177","repostId":"1172978394","repostType":4,"isVote":1,"tweetType":1,"viewCount":279,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147877636,"gmtCreate":1626353653425,"gmtModify":1633927606654,"author":{"id":"3583751336625896","authorId":"3583751336625896","name":"khu","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583751336625896","authorIdStr":"3583751336625896"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/147877636","repostId":"1142984811","repostType":4,"repost":{"id":"1142984811","kind":"news","pubTimestamp":1626337623,"share":"https://www.laohu8.com/m/news/1142984811?lang=&edition=full","pubTime":"2021-07-15 16:27","market":"us","language":"en","title":"Biggest U.S. banks smash profit estimates as economy revives","url":"https://stock-news.laohu8.com/highlight/detail?id=1142984811","media":"Reuters","summary":"WASHINGTON, July 14 (Reuters) - The four largest U.S. consumer banks posted blockbuster second-quart","content":"<p>WASHINGTON, July 14 (Reuters) - The four largest U.S. consumer banks posted blockbuster second-quarter results this week, after pandemic loan losses failed to materialize and the U.S. economy began roaring back to life.</p>\n<p>Wells Fargo &amp; Co(WFC.N), Bank of America Corp(BAC.N), Citigroup Inc(C.N)and JPMorgan Chase &amp; Co(JPM.N)posted a combined $33 billion in profits, buoyed by the release of $9 billion in reserves they had put aside last year to absorb feared pandemic losses.</p>\n<p>That was beyond analystestimatesof about $24 billion combined, compared with $6 billion in the year-ago quarter.</p>\n<p>Consumer spending has climbed, sometimes beyond pre-pandemic levels, while credit quality has improved and savings and investments have risen, the banks said.</p>\n<p>Thanks to extraordinary government stimulus and loan repayment holidays, feared pandemic losses have not materialized. A national vaccination roll-out has allowed also Americans get back to work and to start spending again.</p>\n<p>Sizzling capital markets activity has also helped the largest U.S. banks, with Goldman Sachs Group Inc(GS.N)reporting a $5.35 billion profit, more than double its adjusted earnings a year ago.</p>\n<p>\"The pace of the global recovery is exceeding earlier expectations and with it, consumer and corporate confidence is rising,\" Citigroup Chief Executive Officer Jane Fraser said.</p>\n<p>That was reflected in a pick-up in consumer lending.</p>\n<p>For example, JPMorgan said combined spending on its debit and credit cards rose 22% compared with the same quarter in 2019, when spending patterns were more normal.</p>\n<p>Spending on Citi-branded credit cards in the United States jumped 40% from a year earlier, but with so many customers paying off balances its card loans fell 4%.read more</p>\n<p>Citigroup Chief Financial Officer Mark Mason said the bank expects more customers to go back to their pre-pandemic pattern of carrying revolving balances as government stimulus programs wind down later this year.</p>\n<p>Wells Fargo posted a 14% gain in credit-card revenue compared with the second quarter of 2020, due to higher point-of-sale volume. Revenue was up slightly on the first quarter, the bank said.</p>\n<p>\"What we're seeing is people starting to spend and act more in a way that seems more like it was before the pandemic started and, certainly on the consumer side, spending is up quite a bit, even when you compare it to 2018,\" Wells Fargo chief financial officer Mike Santomassimo told reporters.</p>\n<p>While loan growth is still tepid, which is usually bad for bank profits, there were signs that demand is creeping back.</p>\n<p>Excluding loans related to the U.S. government's pandemic aid program, loan balances at Bank of America, for example, grew $5.1 billion from the first quarter.read more</p>\n<p>\"Deposit growth is strong, and loan levels have begun to grow,\" Bank of America CEO Brian Moynihan said in a statement.</p>\n<p>JPMorgan, the country's largest lender, on Tuesday reported profits of $11.9 billion compared with $4.7 billion last year.</p>\n<p>Citigroup's second-quarter profit rose to $6.19 billion, up from $1.06 billion last year, while Bank of America's profit jumped to $8.96 billion from $3.28 billion.</p>\n<p>Wells Fargo posted a profit of $6 billion compared with a loss of $3.85 billion last year, which was largely related to special items.</p>\n<p>While the results indicate good news for consumers and businesses, low interest rates, weak loan demand and a slowdown in trading will probably weigh on results going forward, analysts said.</p>\n<p>The U.S. Federal Reserve is staying the course, with an inflation target of 2% and no plans to tighten monetary policy by, for instance, raising interest rates, Fed Chair Jerome Powell said in prepared remarks for a congressional appearance on Wednesday.read more</p>\n<p>That suggests banks will have to deal with low rates for an extended period of 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>Biggest U.S. banks smash profit estimates as economy revives</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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBiggest U.S. banks smash profit estimates as economy revives\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-15 16:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/business/finance/top-us-banks-smash-profit-estimates-rebounding-economy-2021-07-14/><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>WASHINGTON, July 14 (Reuters) - The four largest U.S. consumer banks posted blockbuster second-quarter results this week, after pandemic loan losses failed to materialize and the U.S. economy began ...</p>\n\n<a href=\"https://www.reuters.com/business/finance/top-us-banks-smash-profit-estimates-rebounding-economy-2021-07-14/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"C":"花旗","WFC":"富国银行","BAC":"美国银行","JPM":"摩根大通"},"source_url":"https://www.reuters.com/business/finance/top-us-banks-smash-profit-estimates-rebounding-economy-2021-07-14/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142984811","content_text":"WASHINGTON, July 14 (Reuters) - The four largest U.S. consumer banks posted blockbuster second-quarter results this week, after pandemic loan losses failed to materialize and the U.S. economy began roaring back to life.\nWells Fargo & Co(WFC.N), Bank of America Corp(BAC.N), Citigroup Inc(C.N)and JPMorgan Chase & Co(JPM.N)posted a combined $33 billion in profits, buoyed by the release of $9 billion in reserves they had put aside last year to absorb feared pandemic losses.\nThat was beyond analystestimatesof about $24 billion combined, compared with $6 billion in the year-ago quarter.\nConsumer spending has climbed, sometimes beyond pre-pandemic levels, while credit quality has improved and savings and investments have risen, the banks said.\nThanks to extraordinary government stimulus and loan repayment holidays, feared pandemic losses have not materialized. A national vaccination roll-out has allowed also Americans get back to work and to start spending again.\nSizzling capital markets activity has also helped the largest U.S. banks, with Goldman Sachs Group Inc(GS.N)reporting a $5.35 billion profit, more than double its adjusted earnings a year ago.\n\"The pace of the global recovery is exceeding earlier expectations and with it, consumer and corporate confidence is rising,\" Citigroup Chief Executive Officer Jane Fraser said.\nThat was reflected in a pick-up in consumer lending.\nFor example, JPMorgan said combined spending on its debit and credit cards rose 22% compared with the same quarter in 2019, when spending patterns were more normal.\nSpending on Citi-branded credit cards in the United States jumped 40% from a year earlier, but with so many customers paying off balances its card loans fell 4%.read more\nCitigroup Chief Financial Officer Mark Mason said the bank expects more customers to go back to their pre-pandemic pattern of carrying revolving balances as government stimulus programs wind down later this year.\nWells Fargo posted a 14% gain in credit-card revenue compared with the second quarter of 2020, due to higher point-of-sale volume. Revenue was up slightly on the first quarter, the bank said.\n\"What we're seeing is people starting to spend and act more in a way that seems more like it was before the pandemic started and, certainly on the consumer side, spending is up quite a bit, even when you compare it to 2018,\" Wells Fargo chief financial officer Mike Santomassimo told reporters.\nWhile loan growth is still tepid, which is usually bad for bank profits, there were signs that demand is creeping back.\nExcluding loans related to the U.S. government's pandemic aid program, loan balances at Bank of America, for example, grew $5.1 billion from the first quarter.read more\n\"Deposit growth is strong, and loan levels have begun to grow,\" Bank of America CEO Brian Moynihan said in a statement.\nJPMorgan, the country's largest lender, on Tuesday reported profits of $11.9 billion compared with $4.7 billion last year.\nCitigroup's second-quarter profit rose to $6.19 billion, up from $1.06 billion last year, while Bank of America's profit jumped to $8.96 billion from $3.28 billion.\nWells Fargo posted a profit of $6 billion compared with a loss of $3.85 billion last year, which was largely related to special items.\nWhile the results indicate good news for consumers and businesses, low interest rates, weak loan demand and a slowdown in trading will probably weigh on results going forward, analysts said.\nThe U.S. Federal Reserve is staying the course, with an inflation target of 2% and no plans to tighten monetary policy by, for instance, raising interest rates, Fed Chair Jerome Powell said in prepared remarks for a congressional appearance on Wednesday.read more\nThat suggests banks will have to deal with low rates for an extended period of time.","news_type":1},"isVote":1,"tweetType":1,"viewCount":117,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147874992,"gmtCreate":1626353537916,"gmtModify":1633927607447,"author":{"id":"3583751336625896","authorId":"3583751336625896","name":"khu","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583751336625896","authorIdStr":"3583751336625896"},"themes":[],"htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/147874992","repostId":"2151510215","repostType":4,"repost":{"id":"2151510215","kind":"news","pubTimestamp":1626339420,"share":"https://www.laohu8.com/m/news/2151510215?lang=&edition=full","pubTime":"2021-07-15 16:57","market":"us","language":"en","title":"Jobless claims preview: New weekly filings likely reached pandemic-era low of 350,000","url":"https://stock-news.laohu8.com/highlight/detail?id=2151510215","media":"Yahoo Finance","summary":"New weekly jobless claims are expected to fall to the lowest level since March 2020, closing back in","content":"<p>New weekly jobless claims are expected to fall to the lowest level since March 2020, closing back in on pre-pandemic levels as the rate of new joblessness slowed further.</p>\n<p>The Department of Labor is set to release its weekly report on new jobless claims Thursday at 8:30 a.m. ET. Here were the main metrics expected from the report, compared to consensus data compiled by Bloomberg:</p>\n<ul>\n <li><p><b>Initial jobless claims, week ended July 10:</b> 350,000 expected vs. 373,000 during prior week</p></li>\n <li><p><b>Continuing claims, week ended July 3:</b> 3.300 million expected vs. 3.339 million during prior week</p></li>\n</ul>\n<p>Initial unemployment claims are set to extend a months-long downward trend and come in below the psychologically important 400,000 level for a third straight week. During the comparable week in mid-July last year, new filings totaled 1.5 million.</p>\n<p>The weekly jobless claims numbers help capture the pace of those rendered newly unemployed. However, labor supply shortages have become the primary concern in returning the job market to its pre-pandemic conditions. The National Federation of Independent Business said that a historically elevated 46% of small business owners reported job openings that could not be filled in June, and that a record high of 39% of owners reported raising compensation in order to attract workers. In the Labor Department's latest June jobs report, the labor force participation rate stayed flat even as payroll gains handily exceeded estimates, reflecting an elevated number of workers still yet to reenter the workforce.</p>\n<p>And according to the government's Job Openings and Labor Turnover Summary, the layoffs and discharge rate hit an all-time low of 0.9% in May, further underscoring that the labor market's latest strains have been for lack of supply, not demand.</p>\n<p>\"It bears a reminder that the U.S. economy is booming with growth, or GDP, soaring. While welcome, this is not without a downside. The reopening of the economy has created unprecedented strains, including strong demand for workers,\" Mark Hamrick, senior economist and analyst at Bankrate, said in an email. \"One doesn’t have to travel very far to find businesses visibly understaffed, some of which are opting to reduce operating hours or output as a less optimal way of adjusting to the worker shortage.\"</p>\n<p>A multitude of factors seen as inhibiting labor supplies are expected to ease by the fall, however, with schools set to reopen to alleviate child care concerns, more vaccinations taking place to help lessen lingering COVID-19 concerns, and enhanced unemployment benefits expiring across states. How quickly these factors drive an increase in labor force participation, however, remains to be seen, and has given monetary policymakers reason to wait and see the incoming data before removing some of their supportive policies for the recovering economy.</p>\n<p>\"The issue for markets and the Fed ... is that it is not possible to know if these shortages will persist once enhanced unemployment benefits stop in early September — earlier in most Republican-led states — and pressure on child care eases with the full reopening of facilities and schools in the fall,\" Ian Shepherdson, chief economist of Pantheon Macroeconomics, said in a note. \"The current situation in the labor market has no precedent, and hence no basis exists for taking a strong position on what will happen next.\"</p>\n<p>\"Fortunately, the flexibility of the new monetary policy strategy gives policymakers wide latitude to wait until the underlying labor market position emerges from beneath the COVID distortions,\" he added.</p>","source":"yahoofinance_au","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>Jobless claims preview: New weekly filings likely reached pandemic-era low of 350,000</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJobless claims preview: New weekly filings likely reached pandemic-era low of 350,000\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-15 16:57 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-july-10-2021-173250411.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New weekly jobless claims are expected to fall to the lowest level since March 2020, closing back in on pre-pandemic levels as the rate of new joblessness slowed further.\nThe Department of Labor is ...</p>\n\n<a href=\"https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-july-10-2021-173250411.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NGD":"New Gold","SPY.AU":"SPDR® S&P 500® ETF Trust"},"source_url":"https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-july-10-2021-173250411.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151510215","content_text":"New weekly jobless claims are expected to fall to the lowest level since March 2020, closing back in on pre-pandemic levels as the rate of new joblessness slowed further.\nThe Department of Labor is set to release its weekly report on new jobless claims Thursday at 8:30 a.m. ET. Here were the main metrics expected from the report, compared to consensus data compiled by Bloomberg:\n\nInitial jobless claims, week ended July 10: 350,000 expected vs. 373,000 during prior week\nContinuing claims, week ended July 3: 3.300 million expected vs. 3.339 million during prior week\n\nInitial unemployment claims are set to extend a months-long downward trend and come in below the psychologically important 400,000 level for a third straight week. During the comparable week in mid-July last year, new filings totaled 1.5 million.\nThe weekly jobless claims numbers help capture the pace of those rendered newly unemployed. However, labor supply shortages have become the primary concern in returning the job market to its pre-pandemic conditions. The National Federation of Independent Business said that a historically elevated 46% of small business owners reported job openings that could not be filled in June, and that a record high of 39% of owners reported raising compensation in order to attract workers. In the Labor Department's latest June jobs report, the labor force participation rate stayed flat even as payroll gains handily exceeded estimates, reflecting an elevated number of workers still yet to reenter the workforce.\nAnd according to the government's Job Openings and Labor Turnover Summary, the layoffs and discharge rate hit an all-time low of 0.9% in May, further underscoring that the labor market's latest strains have been for lack of supply, not demand.\n\"It bears a reminder that the U.S. economy is booming with growth, or GDP, soaring. While welcome, this is not without a downside. The reopening of the economy has created unprecedented strains, including strong demand for workers,\" Mark Hamrick, senior economist and analyst at Bankrate, said in an email. \"One doesn’t have to travel very far to find businesses visibly understaffed, some of which are opting to reduce operating hours or output as a less optimal way of adjusting to the worker shortage.\"\nA multitude of factors seen as inhibiting labor supplies are expected to ease by the fall, however, with schools set to reopen to alleviate child care concerns, more vaccinations taking place to help lessen lingering COVID-19 concerns, and enhanced unemployment benefits expiring across states. How quickly these factors drive an increase in labor force participation, however, remains to be seen, and has given monetary policymakers reason to wait and see the incoming data before removing some of their supportive policies for the recovering economy.\n\"The issue for markets and the Fed ... is that it is not possible to know if these shortages will persist once enhanced unemployment benefits stop in early September — earlier in most Republican-led states — and pressure on child care eases with the full reopening of facilities and schools in the fall,\" Ian Shepherdson, chief economist of Pantheon Macroeconomics, said in a note. \"The current situation in the labor market has no precedent, and hence no basis exists for taking a strong position on what will happen next.\"\n\"Fortunately, the flexibility of the new monetary policy strategy gives policymakers wide latitude to wait until the underlying labor market position emerges from beneath the COVID distortions,\" he added.","news_type":1},"isVote":1,"tweetType":1,"viewCount":174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147875617,"gmtCreate":1626353509039,"gmtModify":1633927607913,"author":{"id":"3583751336625896","authorId":"3583751336625896","name":"khu","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583751336625896","authorIdStr":"3583751336625896"},"themes":[],"htmlText":"Gd","listText":"Gd","text":"Gd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/147875617","repostId":"1171091897","repostType":4,"repost":{"id":"1171091897","kind":"news","pubTimestamp":1626338605,"share":"https://www.laohu8.com/m/news/1171091897?lang=&edition=full","pubTime":"2021-07-15 16:43","market":"us","language":"en","title":"TV Lawyer, Ex-Israeli Commando Forge a $33 Billion SPAC Deal","url":"https://stock-news.laohu8.com/highlight/detail?id=1171091897","media":"Bloomberg","summary":"(Bloomberg) -- John H. Ruiz is on no one’s list of Wall Street big shots.\nOver the years the Miami l","content":"<p>(Bloomberg) -- John H. Ruiz is on no one’s list of Wall Street big shots.</p>\n<p>Over the years the Miami lawyer has hosted a Spanish language cable-TV show, owned a high school sport website and worked on class-action lawsuits. At one point, his luxury cigarette boat was repossessed, according to a published report — an episode Ruiz has called a misunderstanding.</p>\n<p>Yet today Ruiz is on the cusp of a $23 billion fortune as his MSP Recovery enters into a merger with Lionheart Acquisition Corporation II, a $230 million special purpose acquisition company founded by a former member of an Israel Defense Forces elite combat unit who spent most of his career in real estate.</p>\n<p>If the deal is completed, it will go down as one of the most unusual SPAC transactions yet. Aside from the disparate backgrounds of its principals, the company forecasts zero revenue this year, there are none of the traditional co-investors participating and three of Lionheart’s directors have resigned in recent months. And at a $32.6 billion valuation, it’s the second-biggest proposed SPAC transaction after Grab Holdings’ $40 billion merger scheduled for later this year.</p>\n<p><b>SPAC Fortunes</b></p>\n<p>SPACs have become synonymous with enormous fortunes seemingly created overnight, such as the $11.3 billion stake Mat Ishbia realized when his mortgage company was taken public. But other fortunes have faded just as fast. Nikola Corp.’s Trevor Milton saw his net worth peak at almost $10 billion, according to the Bloomberg Billionaires Index, before allegations of fraud tanked the stock and forced him out of leadership at the company.</p>\n<p>The frenzied dealmaking has also drawn the attention of regulators, who have zeroed in on the sometimes dubious business practices and questionable disclosures of merging firms, as well as the misalignment of interests between the people selling SPACs and those buying them. The Securities and Exchange Commission took the rare step this week of sanctioning a SPAC and its merger target — a space-cargo firm — for misleading investors.</p>\n<p>The choice of MSP Recovery, a health-care payments recovery firm, comes despite Lionheart saying in its prospectus and website that it was looking for an acquisition in the real estate sector, which is where founder Ophir Sternberg spent most of his career.</p>\n<p>After emigrating from Israel in 1993 and a stint in New York, Sternberg bought and sold real estate in South Florida for most of the past decade. But he spotted an opportunity in the red-hot world of SPACs, and in December led the combination of restaurant chain BurgerFi International Inc. with Opes Acquisition Corp.</p>\n<p>BurgerFi shares closed Tuesday at $10.66, just above the $10 offering price of the SPAC that it merged with. For the year, they’re down 22%.</p>\n<p>BurgerFi’s $100 million deal is set to be dwarfed by Lionheart’s combination with MSP. Sternberg took Lionheart Acquistion Corporation II public last August.</p>\n<p><b>‘Deal Done’</b></p>\n<p>“Most SPACs ask for a 24 months before they throw in the towel and have to redeem,” Sternberg told Bloomberg News at the time. “I told my investors at the IPO level that I was very confident that we could get a deal done within a shorter time frame, so I took the lifespan down to 18 months.”</p>\n<p>That put added pressure on Lionheart to find a deal quickly, even as it competed against a greater number of SPACs chasing a limited number of potential targets. If no agreement is reached before 18 months, Sternberg and his team earn nothing from the SPAC.</p>\n<p>Leading up to the MSP transaction, three directors on Lionheart’s five-person board resigned. One of them, Trevor Barran, who was also the firm’s chief operating officer, left last week, just days before the deal was announced on Monday. A fourth died in June.</p>\n<p>“Lionheart brought in new board of director members to eliminate any potential or perceived conflicts of interest, better align the board’s collective expertise with MSP’s business, and to have a total of four independent directors, one more than required,” a spokesperson for Lionheart said in a statement.</p>\n<p>MSP Recovery describes itself as a pioneer in obtaining reimbursements for Medicare and other health-care claims that should have been covered by other parties. The Coral Gables, Florida-based firm looks through records and identifies potentially erroneous payments using complex data analysis techniques. MSP said it owns nearly $50 billion in billed claims from its clients.</p>\n<p><b>‘Humongous Flaw’</b></p>\n<p>“The scalability of this business is beyond any business that exists,” said Ruiz, MSP’s founder and chief executive officer. “There’s a humongous flaw in the data capturing of medical claims and the insurance processing of those claims. This is a disruptive process that we’ve created and we’re changing the way that it’s done.”</p>\n<p>If MSP is able to collect a payment, it typically shares half the money with the claim assignor, such as an insurance company that paid a wrong amount, and then pays lawyers 40% of the balance. MSP keeps what’s left.</p>\n<p>A law firm owned by Ruiz and MSP’s chief legal officer will the exclusive lead counsel for MSP, meaning it stands to receive 20% of all recovered payments, according to a filing.</p>\n<p>MSP calls the total amount recovered (before paying out the assignor and lawyers) gross revenue, and expects to take in about $3.1 billion in 2023. In an investor presentation, the company argued that its 10.5-times multiple against that revenue was in-line with prominent private equity firms it identified as peers, including Blackstone Group Inc., Brookfield Asset Management, Ares Management Corp. and KKR &amp; Co.</p>\n<p>It forecasts net revenue for that year of $963 million, and net income of $632 million. By 2026, it expects gross revenues of $23.8 billion.</p>\n<p><b>Valuation Questions</b></p>\n<p>Lionheart is putting as much as $160 million into MSP, depending on shareholder redemptions, in exchange for about 0.7% of the merged company. Unlike most SPAC deals, there’s no private investment in public equity, or PIPE, being injected alongside the SPAC.</p>\n<p>That may be partly due to questions over valuation. Hedge fund Marshall Wace, an existing Lionheart investor, discussed participating in a PIPE at a valuation closer to $10 billion, according to a person with knowledge of the matter, who asked not to be identified discussing confidential information.</p>\n<p>“A wide range of valuations, which didn’t include the entire scope of what’s included in the company now, were discussed at a very preliminary stage nearly six months ago,” Ruiz said.</p>\n<p>A spokesperson for Marshall Wace declined to comment.</p>\n<p>Shareholders who don’t redeem prior to the business combination are being offered at least 35 additional warrants allowing them to purchase shares at an $11.50 strike price. When those warrants are exercised, MSP’s founders — principally Ruiz — will sell their shares back to MSP at the strike price, meaning that on a net basis no new stock is issued. More than a billion such warrants will be dispersed.</p>\n<p><b>Transaction Costs</b></p>\n<p>Ruiz has agreed to sell a large portion of his shares at 15% above their $10 value implied by the transaction, limiting his upside. Ruiz says it was part of the cost of getting the deal done.</p>\n<p>Lionheart’s sponsor, controlled by Sternberg, will get about $60 million of shares, according to an investor presentation. Transaction costs, including banker fees, will eat up $70 million or about 30% of the cash Lionheart raised from investors last year. The remaining cash will be used to fund operations and growth. MSP anticipates $37 million in expenses this year on no revenue.</p>\n<p>“In the big scheme of things, it’s really de minimis,” Ruiz said, referring to the fees. “If I had to put a number on it, there’s more than 200, 300 people working on this deal.”</p>\n<p>Of all the players, Ruiz stands to gain the most. His 70% stake in the firm is worth close to $23 billion at the combination price. MSP and Lionheart executives will be allowed to sell 10% of their shares as soon as the transaction is completed, with the remainder subject to a six-month lock up.</p>\n<p>It should be enough to buy as many cigarette boats as Ruiz wants. In fact, in May, he bought Cigarette Racing Team — the company, not the boat. His partner on the deal? None other than Sternberg.</p>","source":"lsy1612507957220","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>TV Lawyer, Ex-Israeli Commando Forge a $33 Billion SPAC Deal</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTV Lawyer, Ex-Israeli Commando Forge a $33 Billion SPAC Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-15 16:43 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/florida-lawyer-ex-paratrooper-forge-152841571.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- John H. Ruiz is on no one’s list of Wall Street big shots.\nOver the years the Miami lawyer has hosted a Spanish language cable-TV show, owned a high school sport website and worked on ...</p>\n\n<a href=\"https://finance.yahoo.com/news/florida-lawyer-ex-paratrooper-forge-152841571.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/florida-lawyer-ex-paratrooper-forge-152841571.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171091897","content_text":"(Bloomberg) -- John H. Ruiz is on no one’s list of Wall Street big shots.\nOver the years the Miami lawyer has hosted a Spanish language cable-TV show, owned a high school sport website and worked on class-action lawsuits. At one point, his luxury cigarette boat was repossessed, according to a published report — an episode Ruiz has called a misunderstanding.\nYet today Ruiz is on the cusp of a $23 billion fortune as his MSP Recovery enters into a merger with Lionheart Acquisition Corporation II, a $230 million special purpose acquisition company founded by a former member of an Israel Defense Forces elite combat unit who spent most of his career in real estate.\nIf the deal is completed, it will go down as one of the most unusual SPAC transactions yet. Aside from the disparate backgrounds of its principals, the company forecasts zero revenue this year, there are none of the traditional co-investors participating and three of Lionheart’s directors have resigned in recent months. And at a $32.6 billion valuation, it’s the second-biggest proposed SPAC transaction after Grab Holdings’ $40 billion merger scheduled for later this year.\nSPAC Fortunes\nSPACs have become synonymous with enormous fortunes seemingly created overnight, such as the $11.3 billion stake Mat Ishbia realized when his mortgage company was taken public. But other fortunes have faded just as fast. Nikola Corp.’s Trevor Milton saw his net worth peak at almost $10 billion, according to the Bloomberg Billionaires Index, before allegations of fraud tanked the stock and forced him out of leadership at the company.\nThe frenzied dealmaking has also drawn the attention of regulators, who have zeroed in on the sometimes dubious business practices and questionable disclosures of merging firms, as well as the misalignment of interests between the people selling SPACs and those buying them. The Securities and Exchange Commission took the rare step this week of sanctioning a SPAC and its merger target — a space-cargo firm — for misleading investors.\nThe choice of MSP Recovery, a health-care payments recovery firm, comes despite Lionheart saying in its prospectus and website that it was looking for an acquisition in the real estate sector, which is where founder Ophir Sternberg spent most of his career.\nAfter emigrating from Israel in 1993 and a stint in New York, Sternberg bought and sold real estate in South Florida for most of the past decade. But he spotted an opportunity in the red-hot world of SPACs, and in December led the combination of restaurant chain BurgerFi International Inc. with Opes Acquisition Corp.\nBurgerFi shares closed Tuesday at $10.66, just above the $10 offering price of the SPAC that it merged with. For the year, they’re down 22%.\nBurgerFi’s $100 million deal is set to be dwarfed by Lionheart’s combination with MSP. Sternberg took Lionheart Acquistion Corporation II public last August.\n‘Deal Done’\n“Most SPACs ask for a 24 months before they throw in the towel and have to redeem,” Sternberg told Bloomberg News at the time. “I told my investors at the IPO level that I was very confident that we could get a deal done within a shorter time frame, so I took the lifespan down to 18 months.”\nThat put added pressure on Lionheart to find a deal quickly, even as it competed against a greater number of SPACs chasing a limited number of potential targets. If no agreement is reached before 18 months, Sternberg and his team earn nothing from the SPAC.\nLeading up to the MSP transaction, three directors on Lionheart’s five-person board resigned. One of them, Trevor Barran, who was also the firm’s chief operating officer, left last week, just days before the deal was announced on Monday. A fourth died in June.\n“Lionheart brought in new board of director members to eliminate any potential or perceived conflicts of interest, better align the board’s collective expertise with MSP’s business, and to have a total of four independent directors, one more than required,” a spokesperson for Lionheart said in a statement.\nMSP Recovery describes itself as a pioneer in obtaining reimbursements for Medicare and other health-care claims that should have been covered by other parties. The Coral Gables, Florida-based firm looks through records and identifies potentially erroneous payments using complex data analysis techniques. MSP said it owns nearly $50 billion in billed claims from its clients.\n‘Humongous Flaw’\n“The scalability of this business is beyond any business that exists,” said Ruiz, MSP’s founder and chief executive officer. “There’s a humongous flaw in the data capturing of medical claims and the insurance processing of those claims. This is a disruptive process that we’ve created and we’re changing the way that it’s done.”\nIf MSP is able to collect a payment, it typically shares half the money with the claim assignor, such as an insurance company that paid a wrong amount, and then pays lawyers 40% of the balance. MSP keeps what’s left.\nA law firm owned by Ruiz and MSP’s chief legal officer will the exclusive lead counsel for MSP, meaning it stands to receive 20% of all recovered payments, according to a filing.\nMSP calls the total amount recovered (before paying out the assignor and lawyers) gross revenue, and expects to take in about $3.1 billion in 2023. In an investor presentation, the company argued that its 10.5-times multiple against that revenue was in-line with prominent private equity firms it identified as peers, including Blackstone Group Inc., Brookfield Asset Management, Ares Management Corp. and KKR & Co.\nIt forecasts net revenue for that year of $963 million, and net income of $632 million. By 2026, it expects gross revenues of $23.8 billion.\nValuation Questions\nLionheart is putting as much as $160 million into MSP, depending on shareholder redemptions, in exchange for about 0.7% of the merged company. Unlike most SPAC deals, there’s no private investment in public equity, or PIPE, being injected alongside the SPAC.\nThat may be partly due to questions over valuation. Hedge fund Marshall Wace, an existing Lionheart investor, discussed participating in a PIPE at a valuation closer to $10 billion, according to a person with knowledge of the matter, who asked not to be identified discussing confidential information.\n“A wide range of valuations, which didn’t include the entire scope of what’s included in the company now, were discussed at a very preliminary stage nearly six months ago,” Ruiz said.\nA spokesperson for Marshall Wace declined to comment.\nShareholders who don’t redeem prior to the business combination are being offered at least 35 additional warrants allowing them to purchase shares at an $11.50 strike price. When those warrants are exercised, MSP’s founders — principally Ruiz — will sell their shares back to MSP at the strike price, meaning that on a net basis no new stock is issued. More than a billion such warrants will be dispersed.\nTransaction Costs\nRuiz has agreed to sell a large portion of his shares at 15% above their $10 value implied by the transaction, limiting his upside. Ruiz says it was part of the cost of getting the deal done.\nLionheart’s sponsor, controlled by Sternberg, will get about $60 million of shares, according to an investor presentation. Transaction costs, including banker fees, will eat up $70 million or about 30% of the cash Lionheart raised from investors last year. The remaining cash will be used to fund operations and growth. MSP anticipates $37 million in expenses this year on no revenue.\n“In the big scheme of things, it’s really de minimis,” Ruiz said, referring to the fees. “If I had to put a number on it, there’s more than 200, 300 people working on this deal.”\nOf all the players, Ruiz stands to gain the most. His 70% stake in the firm is worth close to $23 billion at the combination price. MSP and Lionheart executives will be allowed to sell 10% of their shares as soon as the transaction is completed, with the remainder subject to a six-month lock up.\nIt should be enough to buy as many cigarette boats as Ruiz wants. In fact, in May, he bought Cigarette Racing Team — the company, not the boat. His partner on the deal? None other than Sternberg.","news_type":1},"isVote":1,"tweetType":1,"viewCount":304,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}