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08:27","market":"us","language":"en","title":"GE and JNJ Aren't the Only Aging Companies That Could Benefit From a Breakup","url":"https://stock-news.laohu8.com/highlight/detail?id=1178164317","media":"Thestreet","summary":"After years of turmoil and a valiant effort by its latest CEO Larry Culp, General Electric (GE) fina","content":"<p>After years of turmoil and a valiant effort by its latest CEO Larry Culp, General Electric (GE) finally gave up in its efforts to salvage its broad-reaching business as a singular unit.</p>\n<p>The company has consistently spun off numerous assets across the sprawling conglomerate in recent years to lessen its debt load. Perhaps most important was a $20 billion deal to ship its biopharmaceutical business to Danaher (DHR) in 2020. Yet, it appears the moves were not enough to satisfy Culp's ambitious recovery goals for the once-great industrial giant.</p>\n<p>\"The world demands-and deserves-we bring our best to solve the biggest challenges in flight, healthcare, and energy,\" Culp said in a statement on Tuesday. \"By creating three industry-leading, global public companies, each can benefit from greater focus, tailored capital allocation, and strategic flexibility to drive long-term growth and value for customers, investors, and employees. We are putting our technology expertise, leadership, and global reach to work to better serve our customers.\"</p>\n<p>Similarly, the lawsuit-besieged Johnson & Johnson (JNJ)announced it would spin off its consumer health division from its higher growth pharmaceutical and medical devices divisions in the coming two years.</p>\n<p>Judging by the jump in GE stock after the announcement and the early jolt to Johnson & Johnson stock after its announcement Friday<u>,</u>the market certainly looks as though it was offering its initial approval for the streamlining of separate companies. Still, a few questions quickly come to mind.</p>\n<p>First, is this indeed a deft move by management in both cases and therefore deserving of the share-price reaction? And if so, are there more companies that could benefit from following the example set by both of these storied companies?</p>\n<p><b>Better After a Breakup?</b></p>\n<p>The first line of questioning is one of whether or not two or three firms are truly better than one.</p>\n<p>On paper, it would certainly appear to be so. As of Thursday's market open, GE touted a valuation of about $119 billion as a total entity. However, when broken into constituent parts, RBC Capital Markets analyst Deane Dray suggested up to a 20% upside for investors. Judging by company metrics and projections, it could well be even higher.</p>\n<p>Also, each of the spun-off GE units will be less encumbered by the debt of their former counterparts within the broader company, especially as asset sales in recent years alleviate debt and pension issues. Further, future deals are more likely to reach approval based upon diminished antitrust risk, opening a much wider world of opportunity for investors in the streamlined companies.</p>\n<p>The logic is very much the same for Johnson & Johnson as its pharmaceutical business breaks free from the burdensome troubles of lawsuits over talcum-powder products as well as low-margin medicines like Tylenol. Separation is seen as a key step toward unlocking innovation.</p>\n<p>\"For the new Johnson & Johnson, this planned separation underscores our focus on delivering industry-leading biopharmaceutical and medical device innovation and technology with the goal of bringing new solutions to market for patients and healthcare systems, while creating sustainable value for shareholders,\" CEO Alex Gorsky explained in a statement. \"We believe that the New Consumer Health Company would be a global leader across attractive and growing consumer health categories, and a streamlined and targeted corporate structure would provide it with the agility and flexibility to grow its iconic portfolio of brands and innovate new products.\"</p>\n<p>To be sure, these targets and optimistic angles assume a rosy trajectory for each of the newly formed firms. As the example of DowDupont (now Dupont (DD) , Dow Inc. (DOW) , and Corteva (CTVA) ) shows, splitting up historic firms with sprawling business is not always a process that progresses precisely to plan.</p>\n<p>Since splitting, the two storied industrial companies, once combined into one mega-conglomerate, have not had much success.</p>\n<p>\"New Dow will be well positioned to drive best-in-class financial performance and shareholder returns,\" Dow CEO Jim Fitterling said ahead of the firm's 2019 spinoff to a standalone firm. \"We have a focused playbook of cost and growth drivers, clear and disciplined capital allocation priorities and a strong balance sheet. Our path to shareholder value creation is straightforward and in our control.\"</p>\n<p>These pronouncements are very much in line with what GE has said of each of its planned new standalone entities. Also, in a move very much reminiscent of GE's quarterly results in recent years, the pronouncement promised much more than what has actually been delivered.</p>\n<p>Since it's spinoff was official in April 2019, DOW stock has marked a less than 10% gain. Meanwhile, the S&P has risen over 60% over the same period.</p>\n<p><b>An Example to Follow?</b></p>\n<p>Still, assuming things do go well post-breakup, these moves could serve as a benchmark for other bigger, older, and perhaps bloated companies. At the very least, this is the logic adopted not only by aging and perhaps overcomplicated American conglomerates like GE and Johnson & Johnson, but also the nearly 150-year-old Japanese giant Toshiba (TOSBF) . In short, it looks as though a trend is taking hold.</p>\n<p>\"Companies that have very diversified portfolios continue to dilute the value to the shareholders,\" David Braun, CEO of M&A advisory firm Capstone Strategic, told Real Money. \"We are in an era where technology and access to capital are different things. A conglomerate is going to have trouble competing.\"</p>\n<p>He suggested that Emerson Electric (EMR) and Berkshire Hathaway (BRK.A) (BRK.B) are two companies that could likely benefit from a similar breakup.</p>\n<p>\"They continue to stockpile excess cash they cannot deploy,\" Braun added, voicing the drawbacks of the behemoth business. \"I'm not sure they benefit from that model any longer.\"</p>\n<p>On the former, he is far from the first to suggest such a move. RBC's Deane Dray has actually been calling for such a breakup for a few years, alongside 3M (MMM) and Roper Technologies (ROP) , firms he also believes could benefit from being a bit less bulky.</p>\n<p>\"We believe the pendulum is still swinging towards the 'urge to demerge' trend,\" he wrote in a note on Tuesday. \"GE's announcement today could embolden the boards of several other multi-industry companies to move ahead on more aggressive portfolio simplification moves, including Emerson, Roper Technologies and 3M.\"</p>\n<p>As far back as 2019, Dray suggested a breakup of Emerson's automation and commercial divisions could be a boon for shareholders. While the stock has been on a roll since the pandemic began, such a breakup has already been intensely considered by management. In early February, Emerson announced it would not pursue a split \"unless a major strategic acquisition catalyst is actioned.\"</p>\n<p>At the least, if such a catalyst is to appear the company is clearly willing to consider such an option.</p>\n<p>For Berkshire, it is eminently unlikely that any moves come while both Warren Buffett and Charlie Munger helm the conglomerate. But prospects for such a breakup could take many forms considering the business spans industries from insurance to construction to railroads. As such, attempting to size up a form that such a move might take is nearly impossible to forecast.</p>\n<p>Finally, the prospects of a 3M breakup are certainly not out of the question.</p>\n<p>Investors in the storied firm are understandably frustrated. Long-term shareholders have seen the stock stagnate over the past five years, marking a basically flat return even after shares were buoyed by demand for PPE and healthcare equipment that the firm manufactured during the pandemic. Looking back on the boost to the shares, many might have been happier with a pure-play option for healthcare and protective equipment rather than a company also weighed down by industrial, transportation, and consumer segments.</p>\n<p>Toward this end, the company may have already telegraphed its intention to move toward breaking up. In March 2019, the company divided its business into four units. The units, entitled safety & industrial, transportation & electronics, healthcare, and consumer respectively, were created in order to focus the business.</p>\n<p>\"We are continuing to advance 3M into the future, and today's actions will strengthen our ability to meet the fast-moving needs of our customers,\" 3M CEO Mike Roman said at the time. \"Our new alignment will leverage our business transformation progress, accelerate growth and deliver greater operational efficiencies.\"</p>\n<p>As operational efficiencies have not materialized to the point of elevating the share price, it is not unreasonable to ask questions as to why separate businesses might further tap into the desired efficiency. In short, the healthcare business might be stronger if it was no longer adhered to a scotch tape and post-it manufacturer and vice versa.</p>\n<p>In the end, if the pursuit of separate businesses proves successful in each of the current experiments under way, the lesson may be that bigger is not always better. For investors, it might also open a number of pure-play options that provide a better investment than their parent companies do at present.</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>GE and JNJ Aren't the Only Aging Companies That Could Benefit From a Breakup</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\">\nGE and JNJ Aren't the Only Aging Companies That Could Benefit From a Breakup\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-15 08:27 GMT+8 <a href=https://realmoney.thestreet.com/investing/stocks/ge-isn-t-the-only-aging-company-that-could-benefit-from-a-breakup-15830176?puc=yahoo&cm_ven=YAHOO><strong>Thestreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>After years of turmoil and a valiant effort by its latest CEO Larry Culp, General Electric (GE) finally gave up in its efforts to salvage its broad-reaching business as a singular unit.\nThe company ...</p>\n\n<a href=\"https://realmoney.thestreet.com/investing/stocks/ge-isn-t-the-only-aging-company-that-could-benefit-from-a-breakup-15830176?puc=yahoo&cm_ven=YAHOO\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GE":"GE航空航天","JNJ":"强生"},"source_url":"https://realmoney.thestreet.com/investing/stocks/ge-isn-t-the-only-aging-company-that-could-benefit-from-a-breakup-15830176?puc=yahoo&cm_ven=YAHOO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178164317","content_text":"After years of turmoil and a valiant effort by its latest CEO Larry Culp, General Electric (GE) finally gave up in its efforts to salvage its broad-reaching business as a singular unit.\nThe company has consistently spun off numerous assets across the sprawling conglomerate in recent years to lessen its debt load. Perhaps most important was a $20 billion deal to ship its biopharmaceutical business to Danaher (DHR) in 2020. Yet, it appears the moves were not enough to satisfy Culp's ambitious recovery goals for the once-great industrial giant.\n\"The world demands-and deserves-we bring our best to solve the biggest challenges in flight, healthcare, and energy,\" Culp said in a statement on Tuesday. \"By creating three industry-leading, global public companies, each can benefit from greater focus, tailored capital allocation, and strategic flexibility to drive long-term growth and value for customers, investors, and employees. We are putting our technology expertise, leadership, and global reach to work to better serve our customers.\"\nSimilarly, the lawsuit-besieged Johnson & Johnson (JNJ)announced it would spin off its consumer health division from its higher growth pharmaceutical and medical devices divisions in the coming two years.\nJudging by the jump in GE stock after the announcement and the early jolt to Johnson & Johnson stock after its announcement Friday,the market certainly looks as though it was offering its initial approval for the streamlining of separate companies. Still, a few questions quickly come to mind.\nFirst, is this indeed a deft move by management in both cases and therefore deserving of the share-price reaction? And if so, are there more companies that could benefit from following the example set by both of these storied companies?\nBetter After a Breakup?\nThe first line of questioning is one of whether or not two or three firms are truly better than one.\nOn paper, it would certainly appear to be so. As of Thursday's market open, GE touted a valuation of about $119 billion as a total entity. However, when broken into constituent parts, RBC Capital Markets analyst Deane Dray suggested up to a 20% upside for investors. Judging by company metrics and projections, it could well be even higher.\nAlso, each of the spun-off GE units will be less encumbered by the debt of their former counterparts within the broader company, especially as asset sales in recent years alleviate debt and pension issues. Further, future deals are more likely to reach approval based upon diminished antitrust risk, opening a much wider world of opportunity for investors in the streamlined companies.\nThe logic is very much the same for Johnson & Johnson as its pharmaceutical business breaks free from the burdensome troubles of lawsuits over talcum-powder products as well as low-margin medicines like Tylenol. Separation is seen as a key step toward unlocking innovation.\n\"For the new Johnson & Johnson, this planned separation underscores our focus on delivering industry-leading biopharmaceutical and medical device innovation and technology with the goal of bringing new solutions to market for patients and healthcare systems, while creating sustainable value for shareholders,\" CEO Alex Gorsky explained in a statement. \"We believe that the New Consumer Health Company would be a global leader across attractive and growing consumer health categories, and a streamlined and targeted corporate structure would provide it with the agility and flexibility to grow its iconic portfolio of brands and innovate new products.\"\nTo be sure, these targets and optimistic angles assume a rosy trajectory for each of the newly formed firms. As the example of DowDupont (now Dupont (DD) , Dow Inc. (DOW) , and Corteva (CTVA) ) shows, splitting up historic firms with sprawling business is not always a process that progresses precisely to plan.\nSince splitting, the two storied industrial companies, once combined into one mega-conglomerate, have not had much success.\n\"New Dow will be well positioned to drive best-in-class financial performance and shareholder returns,\" Dow CEO Jim Fitterling said ahead of the firm's 2019 spinoff to a standalone firm. \"We have a focused playbook of cost and growth drivers, clear and disciplined capital allocation priorities and a strong balance sheet. Our path to shareholder value creation is straightforward and in our control.\"\nThese pronouncements are very much in line with what GE has said of each of its planned new standalone entities. Also, in a move very much reminiscent of GE's quarterly results in recent years, the pronouncement promised much more than what has actually been delivered.\nSince it's spinoff was official in April 2019, DOW stock has marked a less than 10% gain. Meanwhile, the S&P has risen over 60% over the same period.\nAn Example to Follow?\nStill, assuming things do go well post-breakup, these moves could serve as a benchmark for other bigger, older, and perhaps bloated companies. At the very least, this is the logic adopted not only by aging and perhaps overcomplicated American conglomerates like GE and Johnson & Johnson, but also the nearly 150-year-old Japanese giant Toshiba (TOSBF) . In short, it looks as though a trend is taking hold.\n\"Companies that have very diversified portfolios continue to dilute the value to the shareholders,\" David Braun, CEO of M&A advisory firm Capstone Strategic, told Real Money. \"We are in an era where technology and access to capital are different things. A conglomerate is going to have trouble competing.\"\nHe suggested that Emerson Electric (EMR) and Berkshire Hathaway (BRK.A) (BRK.B) are two companies that could likely benefit from a similar breakup.\n\"They continue to stockpile excess cash they cannot deploy,\" Braun added, voicing the drawbacks of the behemoth business. \"I'm not sure they benefit from that model any longer.\"\nOn the former, he is far from the first to suggest such a move. RBC's Deane Dray has actually been calling for such a breakup for a few years, alongside 3M (MMM) and Roper Technologies (ROP) , firms he also believes could benefit from being a bit less bulky.\n\"We believe the pendulum is still swinging towards the 'urge to demerge' trend,\" he wrote in a note on Tuesday. \"GE's announcement today could embolden the boards of several other multi-industry companies to move ahead on more aggressive portfolio simplification moves, including Emerson, Roper Technologies and 3M.\"\nAs far back as 2019, Dray suggested a breakup of Emerson's automation and commercial divisions could be a boon for shareholders. While the stock has been on a roll since the pandemic began, such a breakup has already been intensely considered by management. In early February, Emerson announced it would not pursue a split \"unless a major strategic acquisition catalyst is actioned.\"\nAt the least, if such a catalyst is to appear the company is clearly willing to consider such an option.\nFor Berkshire, it is eminently unlikely that any moves come while both Warren Buffett and Charlie Munger helm the conglomerate. But prospects for such a breakup could take many forms considering the business spans industries from insurance to construction to railroads. As such, attempting to size up a form that such a move might take is nearly impossible to forecast.\nFinally, the prospects of a 3M breakup are certainly not out of the question.\nInvestors in the storied firm are understandably frustrated. Long-term shareholders have seen the stock stagnate over the past five years, marking a basically flat return even after shares were buoyed by demand for PPE and healthcare equipment that the firm manufactured during the pandemic. Looking back on the boost to the shares, many might have been happier with a pure-play option for healthcare and protective equipment rather than a company also weighed down by industrial, transportation, and consumer segments.\nToward this end, the company may have already telegraphed its intention to move toward breaking up. In March 2019, the company divided its business into four units. The units, entitled safety & industrial, transportation & electronics, healthcare, and consumer respectively, were created in order to focus the business.\n\"We are continuing to advance 3M into the future, and today's actions will strengthen our ability to meet the fast-moving needs of our customers,\" 3M CEO Mike Roman said at the time. \"Our new alignment will leverage our business transformation progress, accelerate growth and deliver greater operational efficiencies.\"\nAs operational efficiencies have not materialized to the point of elevating the share price, it is not unreasonable to ask questions as to why separate businesses might further tap into the desired efficiency. In short, the healthcare business might be stronger if it was no longer adhered to a scotch tape and post-it manufacturer and vice versa.\nIn the end, if the pursuit of separate businesses proves successful in each of the current experiments under way, the lesson may be that bigger is not always better. 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Plc(ITRM)$👀👀","images":[{"img":"https://static.tigerbbs.com/cfc2c0b5230b646cc0ec309df7e69d0b","width":"828","height":"1632"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/855407285","isVote":1,"tweetType":1,"viewCount":403,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":855088554,"gmtCreate":1635314360701,"gmtModify":1635314360865,"author":{"id":"3586416322315154","authorId":"3586416322315154","name":"Waiyanno","avatar":"https://static.tigerbbs.com/d94e88cfc13d3e583872213190b39f22","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586416322315154","authorIdStr":"3586416322315154"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>go back $20++++","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>go back $20++++","text":"$Tiger Brokers(TIGR)$go back 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Plc(ITRM)$👀👀","images":[{"img":"https://static.tigerbbs.com/f8668fa0d0fb1ca3f0ad525a57b94b22","width":"828","height":"1632"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/855088974","isVote":1,"tweetType":1,"viewCount":198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":852945661,"gmtCreate":1635237179279,"gmtModify":1635237631808,"author":{"id":"3586416322315154","authorId":"3586416322315154","name":"Waiyanno","avatar":"https://static.tigerbbs.com/d94e88cfc13d3e583872213190b39f22","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586416322315154","authorIdStr":"3586416322315154"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Up to $20 Hold& buy🔥🔥🔥🔥","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Up to $20 Hold& buy🔥🔥🔥🔥","text":"$Tiger Brokers(TIGR)$Up to $20 Hold& buy🔥🔥🔥🔥","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/852945661","isVote":1,"tweetType":1,"viewCount":134,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":873611551,"gmtCreate":1636936936799,"gmtModify":1636936936933,"author":{"id":"3586416322315154","authorId":"3586416322315154","name":"Waiyanno","avatar":"https://static.tigerbbs.com/d94e88cfc13d3e583872213190b39f22","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586416322315154","authorIdStr":"3586416322315154"},"themes":[],"htmlText":"👀","listText":"👀","text":"👀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/873611551","repostId":"1178164317","repostType":4,"repost":{"id":"1178164317","kind":"news","pubTimestamp":1636936020,"share":"https://www.laohu8.com/m/news/1178164317?lang=&edition=full","pubTime":"2021-11-15 08:27","market":"us","language":"en","title":"GE and JNJ Aren't the Only Aging Companies That Could Benefit From a Breakup","url":"https://stock-news.laohu8.com/highlight/detail?id=1178164317","media":"Thestreet","summary":"After years of turmoil and a valiant effort by its latest CEO Larry Culp, General Electric (GE) fina","content":"<p>After years of turmoil and a valiant effort by its latest CEO Larry Culp, General Electric (GE) finally gave up in its efforts to salvage its broad-reaching business as a singular unit.</p>\n<p>The company has consistently spun off numerous assets across the sprawling conglomerate in recent years to lessen its debt load. Perhaps most important was a $20 billion deal to ship its biopharmaceutical business to Danaher (DHR) in 2020. Yet, it appears the moves were not enough to satisfy Culp's ambitious recovery goals for the once-great industrial giant.</p>\n<p>\"The world demands-and deserves-we bring our best to solve the biggest challenges in flight, healthcare, and energy,\" Culp said in a statement on Tuesday. \"By creating three industry-leading, global public companies, each can benefit from greater focus, tailored capital allocation, and strategic flexibility to drive long-term growth and value for customers, investors, and employees. We are putting our technology expertise, leadership, and global reach to work to better serve our customers.\"</p>\n<p>Similarly, the lawsuit-besieged Johnson & Johnson (JNJ)announced it would spin off its consumer health division from its higher growth pharmaceutical and medical devices divisions in the coming two years.</p>\n<p>Judging by the jump in GE stock after the announcement and the early jolt to Johnson & Johnson stock after its announcement Friday<u>,</u>the market certainly looks as though it was offering its initial approval for the streamlining of separate companies. Still, a few questions quickly come to mind.</p>\n<p>First, is this indeed a deft move by management in both cases and therefore deserving of the share-price reaction? And if so, are there more companies that could benefit from following the example set by both of these storied companies?</p>\n<p><b>Better After a Breakup?</b></p>\n<p>The first line of questioning is one of whether or not two or three firms are truly better than one.</p>\n<p>On paper, it would certainly appear to be so. As of Thursday's market open, GE touted a valuation of about $119 billion as a total entity. However, when broken into constituent parts, RBC Capital Markets analyst Deane Dray suggested up to a 20% upside for investors. Judging by company metrics and projections, it could well be even higher.</p>\n<p>Also, each of the spun-off GE units will be less encumbered by the debt of their former counterparts within the broader company, especially as asset sales in recent years alleviate debt and pension issues. Further, future deals are more likely to reach approval based upon diminished antitrust risk, opening a much wider world of opportunity for investors in the streamlined companies.</p>\n<p>The logic is very much the same for Johnson & Johnson as its pharmaceutical business breaks free from the burdensome troubles of lawsuits over talcum-powder products as well as low-margin medicines like Tylenol. Separation is seen as a key step toward unlocking innovation.</p>\n<p>\"For the new Johnson & Johnson, this planned separation underscores our focus on delivering industry-leading biopharmaceutical and medical device innovation and technology with the goal of bringing new solutions to market for patients and healthcare systems, while creating sustainable value for shareholders,\" CEO Alex Gorsky explained in a statement. \"We believe that the New Consumer Health Company would be a global leader across attractive and growing consumer health categories, and a streamlined and targeted corporate structure would provide it with the agility and flexibility to grow its iconic portfolio of brands and innovate new products.\"</p>\n<p>To be sure, these targets and optimistic angles assume a rosy trajectory for each of the newly formed firms. As the example of DowDupont (now Dupont (DD) , Dow Inc. (DOW) , and Corteva (CTVA) ) shows, splitting up historic firms with sprawling business is not always a process that progresses precisely to plan.</p>\n<p>Since splitting, the two storied industrial companies, once combined into one mega-conglomerate, have not had much success.</p>\n<p>\"New Dow will be well positioned to drive best-in-class financial performance and shareholder returns,\" Dow CEO Jim Fitterling said ahead of the firm's 2019 spinoff to a standalone firm. \"We have a focused playbook of cost and growth drivers, clear and disciplined capital allocation priorities and a strong balance sheet. Our path to shareholder value creation is straightforward and in our control.\"</p>\n<p>These pronouncements are very much in line with what GE has said of each of its planned new standalone entities. Also, in a move very much reminiscent of GE's quarterly results in recent years, the pronouncement promised much more than what has actually been delivered.</p>\n<p>Since it's spinoff was official in April 2019, DOW stock has marked a less than 10% gain. Meanwhile, the S&P has risen over 60% over the same period.</p>\n<p><b>An Example to Follow?</b></p>\n<p>Still, assuming things do go well post-breakup, these moves could serve as a benchmark for other bigger, older, and perhaps bloated companies. At the very least, this is the logic adopted not only by aging and perhaps overcomplicated American conglomerates like GE and Johnson & Johnson, but also the nearly 150-year-old Japanese giant Toshiba (TOSBF) . In short, it looks as though a trend is taking hold.</p>\n<p>\"Companies that have very diversified portfolios continue to dilute the value to the shareholders,\" David Braun, CEO of M&A advisory firm Capstone Strategic, told Real Money. \"We are in an era where technology and access to capital are different things. A conglomerate is going to have trouble competing.\"</p>\n<p>He suggested that Emerson Electric (EMR) and Berkshire Hathaway (BRK.A) (BRK.B) are two companies that could likely benefit from a similar breakup.</p>\n<p>\"They continue to stockpile excess cash they cannot deploy,\" Braun added, voicing the drawbacks of the behemoth business. \"I'm not sure they benefit from that model any longer.\"</p>\n<p>On the former, he is far from the first to suggest such a move. RBC's Deane Dray has actually been calling for such a breakup for a few years, alongside 3M (MMM) and Roper Technologies (ROP) , firms he also believes could benefit from being a bit less bulky.</p>\n<p>\"We believe the pendulum is still swinging towards the 'urge to demerge' trend,\" he wrote in a note on Tuesday. \"GE's announcement today could embolden the boards of several other multi-industry companies to move ahead on more aggressive portfolio simplification moves, including Emerson, Roper Technologies and 3M.\"</p>\n<p>As far back as 2019, Dray suggested a breakup of Emerson's automation and commercial divisions could be a boon for shareholders. While the stock has been on a roll since the pandemic began, such a breakup has already been intensely considered by management. In early February, Emerson announced it would not pursue a split \"unless a major strategic acquisition catalyst is actioned.\"</p>\n<p>At the least, if such a catalyst is to appear the company is clearly willing to consider such an option.</p>\n<p>For Berkshire, it is eminently unlikely that any moves come while both Warren Buffett and Charlie Munger helm the conglomerate. But prospects for such a breakup could take many forms considering the business spans industries from insurance to construction to railroads. As such, attempting to size up a form that such a move might take is nearly impossible to forecast.</p>\n<p>Finally, the prospects of a 3M breakup are certainly not out of the question.</p>\n<p>Investors in the storied firm are understandably frustrated. Long-term shareholders have seen the stock stagnate over the past five years, marking a basically flat return even after shares were buoyed by demand for PPE and healthcare equipment that the firm manufactured during the pandemic. Looking back on the boost to the shares, many might have been happier with a pure-play option for healthcare and protective equipment rather than a company also weighed down by industrial, transportation, and consumer segments.</p>\n<p>Toward this end, the company may have already telegraphed its intention to move toward breaking up. In March 2019, the company divided its business into four units. The units, entitled safety & industrial, transportation & electronics, healthcare, and consumer respectively, were created in order to focus the business.</p>\n<p>\"We are continuing to advance 3M into the future, and today's actions will strengthen our ability to meet the fast-moving needs of our customers,\" 3M CEO Mike Roman said at the time. \"Our new alignment will leverage our business transformation progress, accelerate growth and deliver greater operational efficiencies.\"</p>\n<p>As operational efficiencies have not materialized to the point of elevating the share price, it is not unreasonable to ask questions as to why separate businesses might further tap into the desired efficiency. In short, the healthcare business might be stronger if it was no longer adhered to a scotch tape and post-it manufacturer and vice versa.</p>\n<p>In the end, if the pursuit of separate businesses proves successful in each of the current experiments under way, the lesson may be that bigger is not always better. For investors, it might also open a number of pure-play options that provide a better investment than their parent companies do at present.</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>GE and JNJ Aren't the Only Aging Companies That Could Benefit From a Breakup</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\">\nGE and JNJ Aren't the Only Aging Companies That Could Benefit From a Breakup\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-15 08:27 GMT+8 <a href=https://realmoney.thestreet.com/investing/stocks/ge-isn-t-the-only-aging-company-that-could-benefit-from-a-breakup-15830176?puc=yahoo&cm_ven=YAHOO><strong>Thestreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>After years of turmoil and a valiant effort by its latest CEO Larry Culp, General Electric (GE) finally gave up in its efforts to salvage its broad-reaching business as a singular unit.\nThe company ...</p>\n\n<a href=\"https://realmoney.thestreet.com/investing/stocks/ge-isn-t-the-only-aging-company-that-could-benefit-from-a-breakup-15830176?puc=yahoo&cm_ven=YAHOO\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GE":"GE航空航天","JNJ":"强生"},"source_url":"https://realmoney.thestreet.com/investing/stocks/ge-isn-t-the-only-aging-company-that-could-benefit-from-a-breakup-15830176?puc=yahoo&cm_ven=YAHOO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178164317","content_text":"After years of turmoil and a valiant effort by its latest CEO Larry Culp, General Electric (GE) finally gave up in its efforts to salvage its broad-reaching business as a singular unit.\nThe company has consistently spun off numerous assets across the sprawling conglomerate in recent years to lessen its debt load. Perhaps most important was a $20 billion deal to ship its biopharmaceutical business to Danaher (DHR) in 2020. Yet, it appears the moves were not enough to satisfy Culp's ambitious recovery goals for the once-great industrial giant.\n\"The world demands-and deserves-we bring our best to solve the biggest challenges in flight, healthcare, and energy,\" Culp said in a statement on Tuesday. \"By creating three industry-leading, global public companies, each can benefit from greater focus, tailored capital allocation, and strategic flexibility to drive long-term growth and value for customers, investors, and employees. We are putting our technology expertise, leadership, and global reach to work to better serve our customers.\"\nSimilarly, the lawsuit-besieged Johnson & Johnson (JNJ)announced it would spin off its consumer health division from its higher growth pharmaceutical and medical devices divisions in the coming two years.\nJudging by the jump in GE stock after the announcement and the early jolt to Johnson & Johnson stock after its announcement Friday,the market certainly looks as though it was offering its initial approval for the streamlining of separate companies. Still, a few questions quickly come to mind.\nFirst, is this indeed a deft move by management in both cases and therefore deserving of the share-price reaction? And if so, are there more companies that could benefit from following the example set by both of these storied companies?\nBetter After a Breakup?\nThe first line of questioning is one of whether or not two or three firms are truly better than one.\nOn paper, it would certainly appear to be so. As of Thursday's market open, GE touted a valuation of about $119 billion as a total entity. However, when broken into constituent parts, RBC Capital Markets analyst Deane Dray suggested up to a 20% upside for investors. Judging by company metrics and projections, it could well be even higher.\nAlso, each of the spun-off GE units will be less encumbered by the debt of their former counterparts within the broader company, especially as asset sales in recent years alleviate debt and pension issues. Further, future deals are more likely to reach approval based upon diminished antitrust risk, opening a much wider world of opportunity for investors in the streamlined companies.\nThe logic is very much the same for Johnson & Johnson as its pharmaceutical business breaks free from the burdensome troubles of lawsuits over talcum-powder products as well as low-margin medicines like Tylenol. Separation is seen as a key step toward unlocking innovation.\n\"For the new Johnson & Johnson, this planned separation underscores our focus on delivering industry-leading biopharmaceutical and medical device innovation and technology with the goal of bringing new solutions to market for patients and healthcare systems, while creating sustainable value for shareholders,\" CEO Alex Gorsky explained in a statement. \"We believe that the New Consumer Health Company would be a global leader across attractive and growing consumer health categories, and a streamlined and targeted corporate structure would provide it with the agility and flexibility to grow its iconic portfolio of brands and innovate new products.\"\nTo be sure, these targets and optimistic angles assume a rosy trajectory for each of the newly formed firms. As the example of DowDupont (now Dupont (DD) , Dow Inc. (DOW) , and Corteva (CTVA) ) shows, splitting up historic firms with sprawling business is not always a process that progresses precisely to plan.\nSince splitting, the two storied industrial companies, once combined into one mega-conglomerate, have not had much success.\n\"New Dow will be well positioned to drive best-in-class financial performance and shareholder returns,\" Dow CEO Jim Fitterling said ahead of the firm's 2019 spinoff to a standalone firm. \"We have a focused playbook of cost and growth drivers, clear and disciplined capital allocation priorities and a strong balance sheet. Our path to shareholder value creation is straightforward and in our control.\"\nThese pronouncements are very much in line with what GE has said of each of its planned new standalone entities. Also, in a move very much reminiscent of GE's quarterly results in recent years, the pronouncement promised much more than what has actually been delivered.\nSince it's spinoff was official in April 2019, DOW stock has marked a less than 10% gain. Meanwhile, the S&P has risen over 60% over the same period.\nAn Example to Follow?\nStill, assuming things do go well post-breakup, these moves could serve as a benchmark for other bigger, older, and perhaps bloated companies. At the very least, this is the logic adopted not only by aging and perhaps overcomplicated American conglomerates like GE and Johnson & Johnson, but also the nearly 150-year-old Japanese giant Toshiba (TOSBF) . In short, it looks as though a trend is taking hold.\n\"Companies that have very diversified portfolios continue to dilute the value to the shareholders,\" David Braun, CEO of M&A advisory firm Capstone Strategic, told Real Money. \"We are in an era where technology and access to capital are different things. A conglomerate is going to have trouble competing.\"\nHe suggested that Emerson Electric (EMR) and Berkshire Hathaway (BRK.A) (BRK.B) are two companies that could likely benefit from a similar breakup.\n\"They continue to stockpile excess cash they cannot deploy,\" Braun added, voicing the drawbacks of the behemoth business. \"I'm not sure they benefit from that model any longer.\"\nOn the former, he is far from the first to suggest such a move. RBC's Deane Dray has actually been calling for such a breakup for a few years, alongside 3M (MMM) and Roper Technologies (ROP) , firms he also believes could benefit from being a bit less bulky.\n\"We believe the pendulum is still swinging towards the 'urge to demerge' trend,\" he wrote in a note on Tuesday. \"GE's announcement today could embolden the boards of several other multi-industry companies to move ahead on more aggressive portfolio simplification moves, including Emerson, Roper Technologies and 3M.\"\nAs far back as 2019, Dray suggested a breakup of Emerson's automation and commercial divisions could be a boon for shareholders. While the stock has been on a roll since the pandemic began, such a breakup has already been intensely considered by management. In early February, Emerson announced it would not pursue a split \"unless a major strategic acquisition catalyst is actioned.\"\nAt the least, if such a catalyst is to appear the company is clearly willing to consider such an option.\nFor Berkshire, it is eminently unlikely that any moves come while both Warren Buffett and Charlie Munger helm the conglomerate. But prospects for such a breakup could take many forms considering the business spans industries from insurance to construction to railroads. As such, attempting to size up a form that such a move might take is nearly impossible to forecast.\nFinally, the prospects of a 3M breakup are certainly not out of the question.\nInvestors in the storied firm are understandably frustrated. Long-term shareholders have seen the stock stagnate over the past five years, marking a basically flat return even after shares were buoyed by demand for PPE and healthcare equipment that the firm manufactured during the pandemic. Looking back on the boost to the shares, many might have been happier with a pure-play option for healthcare and protective equipment rather than a company also weighed down by industrial, transportation, and consumer segments.\nToward this end, the company may have already telegraphed its intention to move toward breaking up. In March 2019, the company divided its business into four units. The units, entitled safety & industrial, transportation & electronics, healthcare, and consumer respectively, were created in order to focus the business.\n\"We are continuing to advance 3M into the future, and today's actions will strengthen our ability to meet the fast-moving needs of our customers,\" 3M CEO Mike Roman said at the time. \"Our new alignment will leverage our business transformation progress, accelerate growth and deliver greater operational efficiencies.\"\nAs operational efficiencies have not materialized to the point of elevating the share price, it is not unreasonable to ask questions as to why separate businesses might further tap into the desired efficiency. In short, the healthcare business might be stronger if it was no longer adhered to a scotch tape and post-it manufacturer and vice versa.\nIn the end, if the pursuit of separate businesses proves successful in each of the current experiments under way, the lesson may be that bigger is not always better. For investors, it might also open a number of pure-play options that provide a better investment than their parent companies do at present.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1260,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":890406825,"gmtCreate":1628126541867,"gmtModify":1631890693384,"author":{"id":"3586416322315154","authorId":"3586416322315154","name":"Waiyanno","avatar":"https://static.tigerbbs.com/d94e88cfc13d3e583872213190b39f22","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586416322315154","authorIdStr":"3586416322315154"},"themes":[],"htmlText":"Ok👀","listText":"Ok👀","text":"Ok👀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/890406825","repostId":"2157748627","repostType":4,"isVote":1,"tweetType":1,"viewCount":146,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175136614,"gmtCreate":1627012396538,"gmtModify":1633768779809,"author":{"id":"3586416322315154","authorId":"3586416322315154","name":"Waiyanno","avatar":"https://static.tigerbbs.com/d94e88cfc13d3e583872213190b39f22","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586416322315154","authorIdStr":"3586416322315154"},"themes":[],"htmlText":"👀👀ok","listText":"👀👀ok","text":"👀👀ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/175136614","repostId":"1164478982","repostType":4,"repost":{"id":"1164478982","kind":"news","pubTimestamp":1626995319,"share":"https://www.laohu8.com/m/news/1164478982?lang=&edition=full","pubTime":"2021-07-23 07:08","market":"us","language":"en","title":"Wall Street ekes out gains, led by tech, growth stocks","url":"https://stock-news.laohu8.com/highlight/detail?id=1164478982","media":"Reuters","summary":"NEW YORK - Big tech helped Wall Street inch up to a higher close on Thursday, modestly building on a two-day rally as lackluster economic data and mixed corporate earnings prompted a pivot back to growth stocks.A pull-back in economically sensitive cyclicals kept the S&P 500’s and the blue-chip Dow’s gains muted, while small-caps underperformed their larger rivals.“The market is flip-flopping between the view that economic growth has almost peaked so you need to buy stocks that manufacture thei","content":"<p>NEW YORK (Reuters) - Big tech helped Wall Street inch up to a higher close on Thursday, modestly building on a two-day rally as lackluster economic data and mixed corporate earnings prompted a pivot back to growth stocks.</p>\n<p>A pull-back in economically sensitive cyclicals kept the S&P 500’s and the blue-chip Dow’s gains muted, while small-caps underperformed their larger rivals.</p>\n<p>But megacap tech and tech-adjacent stocks, such as Microsoft Corp, Amazon.com, Apple Inc, <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc and Alphabet Inc, rose ahead of their quarterly results next week, putting the Nasdaq out front.</p>\n<p>All three major U.S. stock indexes ended the session within 1% of their record closing highs.</p>\n<p>Growth stocks, which outperformed throughout the health crisis, were back in favor, gaining 0.8%, while the value index slipped by 0.5%.</p>\n<p>“The market is flip-flopping between the view that economic growth has almost peaked so you need to buy stocks that manufacture their own growth like tech names, versus the view that economic growth will continue and you want to own cyclicals and value names,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York.</p>\n<p>The number of U.S. workers filing first-time applications for unemployment benefits spiked unexpectedly to 419,000 last week, a two-month high, according to the Labor Department.</p>\n<p>Market participants are closely watching labor market indicators for hints as to when the Federal Reserve, expected to convene next week for its two-day monetary policy meeting, will begin discussions about hiking key interest rates from near zero.</p>\n<p>“The jobless data today didn’t have a meaningful impact on markets or the economic outlook,” Carter added. “It’s now all about how much longer the Fed will tolerate low rates. The Fed seems to be favoring its full employment mandate more than its price stability mandate.”</p>\n<p>“Accordingly, the upcoming Fed meeting could be impactful,” Carter said.</p>\n<p>Benchmark Treasury yields eased after the bid at the largest-ever TIPS auction touched a record low, pressuring rate sensitive banks.</p>\n<p>The Dow Jones Industrial Average rose 25.35 points, or 0.07%, to 34,823.35, the S&P 500 gained 8.79 points, or 0.20%, to 4,367.48 and the Nasdaq Composite added 52.64 points, or 0.36%, to 14,684.60.</p>\n<p>Of the 11 major sectors of the S&P 500, tech was shining brightest, gaining 0.7%. Energy stocks suffered the largest percentage drop.</p>\n<p>The second-quarter reporting season barreled ahead at full-throttle, with 104 of the companies in the S&P 500 having reported. Of those, 88% have beaten consensus estimates, according to Refinitiv.</p>\n<p>Drugmaker Biogen Inc gained 1.1% after hiking its full-year revenue guidance, while Domino’s Pizza Inc surged 14.6% to an all-time high on the heels of its quarterly report.</p>\n<p>Southwest Airlines Co posted a bigger-than-expected quarterly loss, sending its stock down 3.5%, and American Airlines Group Inc dipped 1.1% even after reporting a quarterly profit.</p>\n<p>The S&P 1500 Airlines index ended the session off 1.7%.</p>\n<p>Shares of Texas Instruments Inc slid 5.3% after its current-quarter revenue forecast cast concerns as to whether the company will be able to meet spiking demand in the face of a global semiconductor shortage.</p>\n<p>The Philadelphia SE Semiconductor index ended the session down 0.9%.</p>\n<p>Chipmaker Intel Corp slipped more than 1% in extended trading after the chipmaker posted results and raised its annual revenue forecast.</p>\n<p>Declining issues outnumbered advancing ones on the NYSE by a 1.82-to-1 ratio; on Nasdaq, a 1.90-to-1 ratio favored decliners.</p>\n<p>The S&P 500 posted 39 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 54 new lows.</p>\n<p>Volume on U.S. exchanges was 8.25 billion shares, compared with the 10.12 billion average over the last 20 trading days.</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>Wall Street ekes out gains, led by tech, growth stocks</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street ekes out gains, led by tech, growth stocks\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-23 07:08 GMT+8 <a href=https://www.reuters.com/article/usa-stocks/us-stocks-wall-street-ekes-out-gains-led-by-tech-growth-stocks-idUSL1N2OY2HH><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - Big tech helped Wall Street inch up to a higher close on Thursday, modestly building on a two-day rally as lackluster economic data and mixed corporate earnings prompted a pivot ...</p>\n\n<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-wall-street-ekes-out-gains-led-by-tech-growth-stocks-idUSL1N2OY2HH\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-wall-street-ekes-out-gains-led-by-tech-growth-stocks-idUSL1N2OY2HH","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164478982","content_text":"NEW YORK (Reuters) - Big tech helped Wall Street inch up to a higher close on Thursday, modestly building on a two-day rally as lackluster economic data and mixed corporate earnings prompted a pivot back to growth stocks.\nA pull-back in economically sensitive cyclicals kept the S&P 500’s and the blue-chip Dow’s gains muted, while small-caps underperformed their larger rivals.\nBut megacap tech and tech-adjacent stocks, such as Microsoft Corp, Amazon.com, Apple Inc, Facebook Inc and Alphabet Inc, rose ahead of their quarterly results next week, putting the Nasdaq out front.\nAll three major U.S. stock indexes ended the session within 1% of their record closing highs.\nGrowth stocks, which outperformed throughout the health crisis, were back in favor, gaining 0.8%, while the value index slipped by 0.5%.\n“The market is flip-flopping between the view that economic growth has almost peaked so you need to buy stocks that manufacture their own growth like tech names, versus the view that economic growth will continue and you want to own cyclicals and value names,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York.\nThe number of U.S. workers filing first-time applications for unemployment benefits spiked unexpectedly to 419,000 last week, a two-month high, according to the Labor Department.\nMarket participants are closely watching labor market indicators for hints as to when the Federal Reserve, expected to convene next week for its two-day monetary policy meeting, will begin discussions about hiking key interest rates from near zero.\n“The jobless data today didn’t have a meaningful impact on markets or the economic outlook,” Carter added. “It’s now all about how much longer the Fed will tolerate low rates. The Fed seems to be favoring its full employment mandate more than its price stability mandate.”\n“Accordingly, the upcoming Fed meeting could be impactful,” Carter said.\nBenchmark Treasury yields eased after the bid at the largest-ever TIPS auction touched a record low, pressuring rate sensitive banks.\nThe Dow Jones Industrial Average rose 25.35 points, or 0.07%, to 34,823.35, the S&P 500 gained 8.79 points, or 0.20%, to 4,367.48 and the Nasdaq Composite added 52.64 points, or 0.36%, to 14,684.60.\nOf the 11 major sectors of the S&P 500, tech was shining brightest, gaining 0.7%. Energy stocks suffered the largest percentage drop.\nThe second-quarter reporting season barreled ahead at full-throttle, with 104 of the companies in the S&P 500 having reported. Of those, 88% have beaten consensus estimates, according to Refinitiv.\nDrugmaker Biogen Inc gained 1.1% after hiking its full-year revenue guidance, while Domino’s Pizza Inc surged 14.6% to an all-time high on the heels of its quarterly report.\nSouthwest Airlines Co posted a bigger-than-expected quarterly loss, sending its stock down 3.5%, and American Airlines Group Inc dipped 1.1% even after reporting a quarterly profit.\nThe S&P 1500 Airlines index ended the session off 1.7%.\nShares of Texas Instruments Inc slid 5.3% after its current-quarter revenue forecast cast concerns as to whether the company will be able to meet spiking demand in the face of a global semiconductor shortage.\nThe Philadelphia SE Semiconductor index ended the session down 0.9%.\nChipmaker Intel Corp slipped more than 1% in extended trading after the chipmaker posted results and raised its annual revenue forecast.\nDeclining issues outnumbered advancing ones on the NYSE by a 1.82-to-1 ratio; on Nasdaq, a 1.90-to-1 ratio favored decliners.\nThe S&P 500 posted 39 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 54 new lows.\nVolume on U.S. exchanges was 8.25 billion shares, compared with the 10.12 billion average over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":62,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171220907,"gmtCreate":1626746805609,"gmtModify":1631884922343,"author":{"id":"3586416322315154","authorId":"3586416322315154","name":"Waiyanno","avatar":"https://static.tigerbbs.com/d94e88cfc13d3e583872213190b39f22","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586416322315154","authorIdStr":"3586416322315154"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/MMAT\">$Meta Materials Inc.(MMAT)$</a>🐯","listText":"<a href=\"https://laohu8.com/S/MMAT\">$Meta Materials Inc.(MMAT)$</a>🐯","text":"$Meta Materials Inc.(MMAT)$🐯","images":[{"img":"https://static.tigerbbs.com/e7eb047b09b303505e48ad821cec98de","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/171220907","isVote":1,"tweetType":1,"viewCount":190,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":164814900,"gmtCreate":1624191533600,"gmtModify":1634009641848,"author":{"id":"3586416322315154","authorId":"3586416322315154","name":"Waiyanno","avatar":"https://static.tigerbbs.com/d94e88cfc13d3e583872213190b39f22","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586416322315154","authorIdStr":"3586416322315154"},"themes":[],"htmlText":"👀👀","listText":"👀👀","text":"👀👀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/164814900","repostId":"1126454279","repostType":4,"repost":{"id":"1126454279","kind":"news","pubTimestamp":1624151746,"share":"https://www.laohu8.com/m/news/1126454279?lang=&edition=full","pubTime":"2021-06-20 09:15","market":"us","language":"en","title":"A Stock Market Crash Is Coming: 5 High-Conviction Stocks to Buy Hand Over Fist When It Happens","url":"https://stock-news.laohu8.com/highlight/detail?id=1126454279","media":"fool","summary":"It might be the last thing you want to hear, but it's the truth:A stock market crash is inevitable.\n","content":"<p>It might be the last thing you want to hear, but it's the truth:A stock market crash is inevitable.</p>\n<p>Since the March 23, 2020 bottom, investors have enjoyed a historically strong bounce-back rally -- the widely followed<b>S&P 500</b>(SNPINDEX:^GSPC)has gained an impressive 90%. But both history and valuation metrics unequivocally suggest that a big drop is upcoming for the stock market.</p>\n<p><b>History is pretty clear that trouble lies ahead</b></p>\n<p>For example, there have beenone or two double-digit percentage declineswithin the three years following a bottom in each of the previous eight bear markets prior to the coronavirus crash (i.e., dating back to 1960). Although bull markets tend to last years, rebounds from a bear market are never this smooth. We're nearly 15 months past the March 2020 bear-market bottom in the S&P 500 and have yet to see anything close to a double-digit correction.</p>\n<p>To add to this point, data from market analytics firm Yardeni Research shows that there have been 38 double-digit declines in the S&P 500 over the past 71 years. That's a crash or correction, on average,every 1.87 years. Though the market doesn't adhere to averages, it does give a general sense of when to expect these hiccups.</p>\n<p>On a valuation basis, the S&P 500's Shiller price-to-earnings (P/E) ratio is a waving red flag. The S&P 500's Shiller P/E -- a measure of inflation-adjusted earnings over the previous 10 years -- almost hit 38 earlier this week. That more than doubles its 151-year average, and it's the highest level in nearly two decades. The previous four times the Shiller P/E surpassed and held above 30 during a bull market rally, the indexsubsequently declined by a minimum of 20%.</p>\n<p>Make no mistake about it -- a stock market crash is coming.</p>\n<p>Every crash or correction is an opportunity for patient investors to make money</p>\n<p>However, a crash is no reason to duck and cover. While history may signal trouble ahead, it also tells us that each and every double-digit decline has been a buying opportunity. Eventually, every big drop in the major indexes is erased by a bull-market rally. When the next crash does occur, the following five high-conviction stocks can be confidently bought hand over fist.</p>\n<p><b>CrowdStrike Holdings</b></p>\n<p>Cybersecurity is projected to beone of the safest double-digit growth trendsthis decade. No matter the size of the business or the state of the U.S./global economy, protecting enterprise and consumer data is paramount. This means cloud-based cybersecurity stock<b>CrowdStrike Holdings</b>(NASDAQ:CRWD)can thrive in any environment.</p>\n<p>CrowdStrike's successderives from its cloud-native Falcon security platform. Because it's built in the cloud and relies on artificial intelligence, it's growing smarter at identifying and responding to threats all the time. It's currently overseeing 6 trillion events on a weekly basis, and it's far more cost-effective at protecting data than on-premise solutions.</p>\n<p>We can also look to the company's income statements to see clear-cut evidence that businesses favor CrowdStrike's cybersecurity platform. It's been retaining 98% of its clients, has seen existing clients spend 23% to 47% more on a year-over-year basis for the past 12 quarters, and recently reported that 64% of its customers have purchased at least four cloud module subscriptions. Scaling with its customers is CrowdStrike's ticket to big-time cash flow expansion.</p>\n<p><b>Facebook</b></p>\n<p>Brand-name businesses can make patient investors a fortune, and social media giant<b>Facebook</b>(NASDAQ:FB)is the perfect example.</p>\n<p>When the curtain closed on March, Facebook tallied 2.85 billion monthly active users (MAU) visiting its namesake site and an additional 600 million unique MAUs visiting WhatsApp or Instagram, which it also owns. All told, this equates to44% of the global populationinteracting with its owned sites each month. There's simply no social media platform businesses can go to get their message to a broader (or potentially targeted) audience, which is why Facebook ad-pricing power is so strong.</p>\n<p>But here's the kicker: Facebookhasn't even put the pedal to the metal. Although it's on track to generate more than $100 billion in advertising revenue in 2021, nearly all of these ad sales are coming from its namesake site and Instagram. WhatsApp and Facebook Messenger, which are two of the six most-visited social sites in the world, aren't being meaningfully monetized as of yet. Further, the company's Oculus virtual reality devices are still in the early stage of their growth. Suffice it to say, Facebook offers ample upside as its other operating segments are monetized and mature.</p>\n<p><b>NextEra Energy</b></p>\n<p>Another high-conviction stock to buy hand over fist the next time a crash or steep correction strikes is electric utility stock<b>NextEra Energy</b>(NYSE:NEE).</p>\n<p>Did I put you to sleep when I said \"electric utility stock?\" Electric utilities are traditionally known for their market-topping dividend yields and persistently low growth rates. But this doesn't describe NextEra Energy. NextEra has aggressively invested in renewable energy projects and is leading the country in solar and wind capacity. As a result of these investments, its electric generation costs have declined and its compound annual growth ratehas consistently been in the high single digitsfor more than a decade. It also doesn't hurt that NextEra is front-running any potential green-energy legislation that might come out of Washington.</p>\n<p>In addition to growth rates that are well above the sector average, NextEra still benefits from the predictability of energy demand. For instance, its regulated utilities (i.e., those not powered by renewable energy) require approval from state utility commissions before price hikes can be passed along to households. This might sound like an inconvenience, but it's actually great news. It means NextEra won't be exposed to potentially volatile wholesale pricing.</p>\n<p><b>Visa</b></p>\n<p>When the next stock market crash arrives, payment processing kingpin<b>Visa</b>(NYSE:V)is a winning company to confidently buy hand over fist. It's also another brand-name company thatcan still make its shareholders a fortune.</p>\n<p>Buying into the Visa growth story is a simple numbers game. Visa grows its revenue and profits when consumers and businesses are spending more. This happens when the U.S. and global economy are expanding. Although contractions and recessions are an inevitable part of the economic cycle, they tend to be short-lived. Meanwhile, periods of economic expansion are almost always measured in years. Buying into Visa during these short-lived crashes or corrections should allow long-term investors to be handsomely rewarded by this numbers game.</p>\n<p>The other interesting thing about Visa is thatit's shunned becoming a lender. You'd think that Visa could generate big bucks from interest income and fees by lending during these long-lived periods of expansion. But lending would also expose Visa to the credit delinquencies that arise during recessions. Operating solely as a payment processor means not having to set aside cash to cover delinquencies. It's why Visa rebounds so much faster than most financial stocks following a recession.</p>\n<p><b>Amazon</b></p>\n<p>Lastly (andwho couldn't see this coming?), investors should take any discount they can get during a crash on e-commerce behemoth<b>Amazon</b>(NASDAQ:AMZN).</p>\n<p>Amazon's online marketplace has proved virtually unstoppable for well over a decade. An April 2021 report from eMarketer pegged the company's share of U.S. online sales at 40.4%. That more than quintuples its next-closest competitor and effectively solidifies Amazon as the go-to source for online shopping in the U.S.</p>\n<p>What about those pesky low retail margins, you ask? Amazon has signed up more than 200 million people globally to a Prime membership. The fees collected from Prime members help to offset some of the company's retail-based margin weakness. Prime members are extremely loyal to the Amazon ecosystem and spend far more than non-members, too.</p>\n<p>But it's Amazon's cloud infrastructure segmentthat's the superstar. Amazon Web Services (AWS) brings in around one-eighth of the company's total sales but accounts for well over half its operating income. Since cloud margins are superior to retail and advertising margins, AWS is the company's key to explosive cash flow growth this decade.</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>A Stock Market Crash Is Coming: 5 High-Conviction Stocks to Buy Hand Over Fist When It Happens</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\">\nA Stock Market Crash Is Coming: 5 High-Conviction Stocks to Buy Hand Over Fist When It Happens\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-20 09:15 GMT+8 <a href=https://www.fool.com/investing/2021/06/19/stock-market-crash-coming-5-high-conviction-stocks/><strong>fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>It might be the last thing you want to hear, but it's the truth:A stock market crash is inevitable.\nSince the March 23, 2020 bottom, investors have enjoyed a historically strong bounce-back rally -- ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/06/19/stock-market-crash-coming-5-high-conviction-stocks/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"V":"Visa","CRWD":"CrowdStrike Holdings, Inc.","NEP":"Nextera Energy Partners","AMZN":"亚马逊"},"source_url":"https://www.fool.com/investing/2021/06/19/stock-market-crash-coming-5-high-conviction-stocks/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126454279","content_text":"It might be the last thing you want to hear, but it's the truth:A stock market crash is inevitable.\nSince the March 23, 2020 bottom, investors have enjoyed a historically strong bounce-back rally -- the widely followedS&P 500(SNPINDEX:^GSPC)has gained an impressive 90%. But both history and valuation metrics unequivocally suggest that a big drop is upcoming for the stock market.\nHistory is pretty clear that trouble lies ahead\nFor example, there have beenone or two double-digit percentage declineswithin the three years following a bottom in each of the previous eight bear markets prior to the coronavirus crash (i.e., dating back to 1960). Although bull markets tend to last years, rebounds from a bear market are never this smooth. We're nearly 15 months past the March 2020 bear-market bottom in the S&P 500 and have yet to see anything close to a double-digit correction.\nTo add to this point, data from market analytics firm Yardeni Research shows that there have been 38 double-digit declines in the S&P 500 over the past 71 years. That's a crash or correction, on average,every 1.87 years. Though the market doesn't adhere to averages, it does give a general sense of when to expect these hiccups.\nOn a valuation basis, the S&P 500's Shiller price-to-earnings (P/E) ratio is a waving red flag. The S&P 500's Shiller P/E -- a measure of inflation-adjusted earnings over the previous 10 years -- almost hit 38 earlier this week. That more than doubles its 151-year average, and it's the highest level in nearly two decades. The previous four times the Shiller P/E surpassed and held above 30 during a bull market rally, the indexsubsequently declined by a minimum of 20%.\nMake no mistake about it -- a stock market crash is coming.\nEvery crash or correction is an opportunity for patient investors to make money\nHowever, a crash is no reason to duck and cover. While history may signal trouble ahead, it also tells us that each and every double-digit decline has been a buying opportunity. Eventually, every big drop in the major indexes is erased by a bull-market rally. When the next crash does occur, the following five high-conviction stocks can be confidently bought hand over fist.\nCrowdStrike Holdings\nCybersecurity is projected to beone of the safest double-digit growth trendsthis decade. No matter the size of the business or the state of the U.S./global economy, protecting enterprise and consumer data is paramount. This means cloud-based cybersecurity stockCrowdStrike Holdings(NASDAQ:CRWD)can thrive in any environment.\nCrowdStrike's successderives from its cloud-native Falcon security platform. Because it's built in the cloud and relies on artificial intelligence, it's growing smarter at identifying and responding to threats all the time. It's currently overseeing 6 trillion events on a weekly basis, and it's far more cost-effective at protecting data than on-premise solutions.\nWe can also look to the company's income statements to see clear-cut evidence that businesses favor CrowdStrike's cybersecurity platform. It's been retaining 98% of its clients, has seen existing clients spend 23% to 47% more on a year-over-year basis for the past 12 quarters, and recently reported that 64% of its customers have purchased at least four cloud module subscriptions. Scaling with its customers is CrowdStrike's ticket to big-time cash flow expansion.\nFacebook\nBrand-name businesses can make patient investors a fortune, and social media giantFacebook(NASDAQ:FB)is the perfect example.\nWhen the curtain closed on March, Facebook tallied 2.85 billion monthly active users (MAU) visiting its namesake site and an additional 600 million unique MAUs visiting WhatsApp or Instagram, which it also owns. All told, this equates to44% of the global populationinteracting with its owned sites each month. There's simply no social media platform businesses can go to get their message to a broader (or potentially targeted) audience, which is why Facebook ad-pricing power is so strong.\nBut here's the kicker: Facebookhasn't even put the pedal to the metal. Although it's on track to generate more than $100 billion in advertising revenue in 2021, nearly all of these ad sales are coming from its namesake site and Instagram. WhatsApp and Facebook Messenger, which are two of the six most-visited social sites in the world, aren't being meaningfully monetized as of yet. Further, the company's Oculus virtual reality devices are still in the early stage of their growth. Suffice it to say, Facebook offers ample upside as its other operating segments are monetized and mature.\nNextEra Energy\nAnother high-conviction stock to buy hand over fist the next time a crash or steep correction strikes is electric utility stockNextEra Energy(NYSE:NEE).\nDid I put you to sleep when I said \"electric utility stock?\" Electric utilities are traditionally known for their market-topping dividend yields and persistently low growth rates. But this doesn't describe NextEra Energy. NextEra has aggressively invested in renewable energy projects and is leading the country in solar and wind capacity. As a result of these investments, its electric generation costs have declined and its compound annual growth ratehas consistently been in the high single digitsfor more than a decade. It also doesn't hurt that NextEra is front-running any potential green-energy legislation that might come out of Washington.\nIn addition to growth rates that are well above the sector average, NextEra still benefits from the predictability of energy demand. For instance, its regulated utilities (i.e., those not powered by renewable energy) require approval from state utility commissions before price hikes can be passed along to households. This might sound like an inconvenience, but it's actually great news. It means NextEra won't be exposed to potentially volatile wholesale pricing.\nVisa\nWhen the next stock market crash arrives, payment processing kingpinVisa(NYSE:V)is a winning company to confidently buy hand over fist. It's also another brand-name company thatcan still make its shareholders a fortune.\nBuying into the Visa growth story is a simple numbers game. Visa grows its revenue and profits when consumers and businesses are spending more. This happens when the U.S. and global economy are expanding. Although contractions and recessions are an inevitable part of the economic cycle, they tend to be short-lived. Meanwhile, periods of economic expansion are almost always measured in years. Buying into Visa during these short-lived crashes or corrections should allow long-term investors to be handsomely rewarded by this numbers game.\nThe other interesting thing about Visa is thatit's shunned becoming a lender. You'd think that Visa could generate big bucks from interest income and fees by lending during these long-lived periods of expansion. But lending would also expose Visa to the credit delinquencies that arise during recessions. Operating solely as a payment processor means not having to set aside cash to cover delinquencies. It's why Visa rebounds so much faster than most financial stocks following a recession.\nAmazon\nLastly (andwho couldn't see this coming?), investors should take any discount they can get during a crash on e-commerce behemothAmazon(NASDAQ:AMZN).\nAmazon's online marketplace has proved virtually unstoppable for well over a decade. An April 2021 report from eMarketer pegged the company's share of U.S. online sales at 40.4%. That more than quintuples its next-closest competitor and effectively solidifies Amazon as the go-to source for online shopping in the U.S.\nWhat about those pesky low retail margins, you ask? Amazon has signed up more than 200 million people globally to a Prime membership. The fees collected from Prime members help to offset some of the company's retail-based margin weakness. Prime members are extremely loyal to the Amazon ecosystem and spend far more than non-members, too.\nBut it's Amazon's cloud infrastructure segmentthat's the superstar. Amazon Web Services (AWS) brings in around one-eighth of the company's total sales but accounts for well over half its operating income. Since cloud margins are superior to retail and advertising margins, AWS is the company's key to explosive cash flow growth this decade.","news_type":1},"isVote":1,"tweetType":1,"viewCount":36,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":865177448,"gmtCreate":1632964571025,"gmtModify":1632964571427,"author":{"id":"3586416322315154","authorId":"3586416322315154","name":"Waiyanno","avatar":"https://static.tigerbbs.com/d94e88cfc13d3e583872213190b39f22","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586416322315154","authorIdStr":"3586416322315154"},"themes":[],"htmlText":"👀","listText":"👀","text":"👀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/865177448","repostId":"2171300933","repostType":4,"repost":{"id":"2171300933","kind":"news","pubTimestamp":1632945650,"share":"https://www.laohu8.com/m/news/2171300933?lang=&edition=full","pubTime":"2021-09-30 04:00","market":"us","language":"en","title":"Wall Street closes up amid inflation concerns, debt ceiling debate","url":"https://stock-news.laohu8.com/highlight/detail?id=2171300933","media":"Reuters","summary":"NEW YORK, Sept 29 (Reuters) - Wall Street ended firmer on Wednesday in a partial rebound from the pr","content":"<p>NEW YORK, Sept 29 (Reuters) - Wall Street ended firmer on Wednesday in a partial rebound from the previous day's broad sell-off, with remarks from U.S. Federal Reserve Chairman Jerome Powell and the ongoing debt ceiling debate keeping a lid on gains.</p>\n<p>The S&P 500 index and the Dow Jones Industrial Average advanced, but the Nasdaq Composite closed lower as Treasury yields halted their ascent. Defensive sectors took the lead as investors sought stability in the volatile market.</p>\n<p>Still, all three remain on course to post monthly declines, with the bellwether S&P 500 snapping a seven-month winning streak.</p>\n<p>\"The same story we've seen for a couple of weeks,\" said Oliver Pursche, senior vice president at Wealthspire Advisors, in New York.</p>\n<p>\"Investors are concerned about three things: the eventual taper of bond purchases by the Fed, ongoing inflation with Chairman Powell saying it's going to stick around longer than initially expected, and the debt ceiling issue that congress is grappling with.\"</p>\n<p>Powell, speaking at a European Central Bank event, expressed frustration over persistent supply chain woes which could keep inflation elevated for longer than expected.</p>\n<p>The stock market strengthened following his remarks.</p>\n<p>\"Powell has been very good at delivering the news officially that everyone knows is coming,\" Pursche said.</p>\n<p>Wrangling continued on Capitol Hill over funding the government as the Friday deadline to prevent a shutdown approached, with mounting concerns over a U.S. credit default.</p>\n<p>U.S. Treasury yields paused after a runup in recent days as the debt ceiling debate unfolded in Washington.</p>\n<p>Unofficially, the Dow Jones Industrial Average rose 90.93 points, or 0.27%, to 34,390.92, the S&P 500 gained 6.86 points, or 0.16%, to 4,359.49 and the Nasdaq Composite dropped 34.24 points, or 0.24%, to 14,512.44.</p>\n<p>Boeing Co provided the biggest lift to the Dow following China's aviation regulator's successful 737 MAX test.</p>\n<p>Discount retailer Dollar Tree Inc jumped after increasing its buyback authorization by $1.05 billion to $2.5 billion.</p>\n<p>Drugmaker Eli Lilly & Co gained on Citigroup's rating upgrade to \"buy\" from \"neutral.\" (Reporting by Stephen Culp; Additional reporting by Devik Jain in Bengaluru; Editing by Richard Chang)</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street closes up amid inflation concerns, debt ceiling debate</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\">\nWall Street closes up amid inflation concerns, debt ceiling debate\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-30 04:00 GMT+8 <a href=https://finance.yahoo.com/news/us-stocks-wall-street-closes-200050282.html><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK, Sept 29 (Reuters) - Wall Street ended firmer on Wednesday in a partial rebound from the previous day's broad sell-off, with remarks from U.S. Federal Reserve Chairman Jerome Powell and the ...</p>\n\n<a href=\"https://finance.yahoo.com/news/us-stocks-wall-street-closes-200050282.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","SSO":"两倍做多标普500ETF","IVV":"标普500指数ETF","SH":"标普500反向ETF","OEF":"标普100指数ETF-iShares","COMP":"Compass, Inc.","OEX":"标普100",".SPX":"S&P 500 Index","SPXU":"三倍做空标普500ETF","SDS":"两倍做空标普500ETF","UPRO":"三倍做多标普500ETF"},"source_url":"https://finance.yahoo.com/news/us-stocks-wall-street-closes-200050282.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2171300933","content_text":"NEW YORK, Sept 29 (Reuters) - Wall Street ended firmer on Wednesday in a partial rebound from the previous day's broad sell-off, with remarks from U.S. Federal Reserve Chairman Jerome Powell and the ongoing debt ceiling debate keeping a lid on gains.\nThe S&P 500 index and the Dow Jones Industrial Average advanced, but the Nasdaq Composite closed lower as Treasury yields halted their ascent. Defensive sectors took the lead as investors sought stability in the volatile market.\nStill, all three remain on course to post monthly declines, with the bellwether S&P 500 snapping a seven-month winning streak.\n\"The same story we've seen for a couple of weeks,\" said Oliver Pursche, senior vice president at Wealthspire Advisors, in New York.\n\"Investors are concerned about three things: the eventual taper of bond purchases by the Fed, ongoing inflation with Chairman Powell saying it's going to stick around longer than initially expected, and the debt ceiling issue that congress is grappling with.\"\nPowell, speaking at a European Central Bank event, expressed frustration over persistent supply chain woes which could keep inflation elevated for longer than expected.\nThe stock market strengthened following his remarks.\n\"Powell has been very good at delivering the news officially that everyone knows is coming,\" Pursche said.\nWrangling continued on Capitol Hill over funding the government as the Friday deadline to prevent a shutdown approached, with mounting concerns over a U.S. credit default.\nU.S. Treasury yields paused after a runup in recent days as the debt ceiling debate unfolded in Washington.\nUnofficially, the Dow Jones Industrial Average rose 90.93 points, or 0.27%, to 34,390.92, the S&P 500 gained 6.86 points, or 0.16%, to 4,359.49 and the Nasdaq Composite dropped 34.24 points, or 0.24%, to 14,512.44.\nBoeing Co provided the biggest lift to the Dow following China's aviation regulator's successful 737 MAX test.\nDiscount retailer Dollar Tree Inc jumped after increasing its buyback authorization by $1.05 billion to $2.5 billion.\nDrugmaker Eli Lilly & Co gained on Citigroup's rating upgrade to \"buy\" from \"neutral.\" (Reporting by Stephen Culp; Additional reporting by Devik Jain in Bengaluru; Editing by Richard Chang)","news_type":1},"isVote":1,"tweetType":1,"viewCount":252,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":891750320,"gmtCreate":1628433491960,"gmtModify":1631890693360,"author":{"id":"3586416322315154","authorId":"3586416322315154","name":"Waiyanno","avatar":"https://static.tigerbbs.com/d94e88cfc13d3e583872213190b39f22","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586416322315154","authorIdStr":"3586416322315154"},"themes":[],"htmlText":"Ok👀","listText":"Ok👀","text":"Ok👀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/891750320","repostId":"1180529438","repostType":4,"repost":{"id":"1180529438","kind":"news","pubTimestamp":1628386129,"share":"https://www.laohu8.com/m/news/1180529438?lang=&edition=full","pubTime":"2021-08-08 09:28","market":"us","language":"en","title":"SEC Moves First DeFi Unregistered Securities Lawsuit","url":"https://stock-news.laohu8.com/highlight/detail?id=1180529438","media":"Benzinga","summary":"The United States Securities and Exchange Commission sued the organization responsible for the development of a decentralized finance protocol over activities involved with the project for the first time.What Happened: According to a Friday SEC announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purported","content":"<p>The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project for the first time.</p>\n<p><b>What Happened:</b> According to a Friday SEC announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purportedly sold over $30 million worth of two types of tokens that the SEC deemed to be securities that should have been registered as such.</p>\n<p>The SEC notes that Blockchain Credit Partners founders Gregory Keough and Derek Acree will have to pay fines of $125,000 while the company itself also agreed to pay $12.8 million in disgorgement. The settlement does not indicate an admition or denial the accusations.</p>\n<p><b>New Game, Old Rules?</b></p>\n<p>SEC Enforcement Director Gurbir Grewal explained that \"full and honest disclosure remains the cornerstone of our securities laws — no matter what technologies are used to offer and sell those securities.\" This comment makes it very clear that slapping the DeFi label on a project and hoping to avoid regulation this way works no better than calling it a \"utility token\" prevented falling under the SEC's scrutiny during 2017's initial coin offering craze.</p>\n<p>The SEC is trying to send the clear rule that the new kind of financial organizations that operate on blockchains have to still play by the old rules that govern traditional finance. At the same time, market onlookers are not sure if the regulator is actually right.</p>\n<p>In a way, it is a tour de force where the regulator wins every time it has a way to take enforcement action, but these new organizations potentially have a very real way to make enforcement impossible — or at the very least impractical. The only protection against enforcement by the SEC and other regulators is decentralization and the only reason why the SEC was able to act in this case is that a centralized organization such as Blockchain Credit Partners exists.</p>\n<p><b>What's Next:</b>If no company exists and all that there is to a DeFi protocol is a set of smart contracts deployed on a blockchain by a group of anonymous developers scattered around the world there is very little that the SEC can do short of attacking the blockchain itself. This is where the decentralization of the underlying blockchain comes into play: will the regulators for instance be able to force <b>Ethereum's</b> (CRYPTO: ETH) core development team to write an update stopping such a project?</p>\n<p>If the regulators would actually be able to force the blockchain's developers to write such an update, would node operators and miners or stakers adopt this software or would they refuse to? Such situations will be the real test of the decentralization and reliability of any blockchain that many are waiting to happen. Regulators are seeing power slipping away between their fingers like sand, and they are going to try to grab it.</p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SEC Moves First DeFi Unregistered Securities Lawsuit</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\">\nSEC Moves First DeFi Unregistered Securities Lawsuit\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-08 09:28 GMT+8 <a href=https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project ...</p>\n\n<a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180529438","content_text":"The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project for the first time.\nWhat Happened: According to a Friday SEC announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purportedly sold over $30 million worth of two types of tokens that the SEC deemed to be securities that should have been registered as such.\nThe SEC notes that Blockchain Credit Partners founders Gregory Keough and Derek Acree will have to pay fines of $125,000 while the company itself also agreed to pay $12.8 million in disgorgement. The settlement does not indicate an admition or denial the accusations.\nNew Game, Old Rules?\nSEC Enforcement Director Gurbir Grewal explained that \"full and honest disclosure remains the cornerstone of our securities laws — no matter what technologies are used to offer and sell those securities.\" This comment makes it very clear that slapping the DeFi label on a project and hoping to avoid regulation this way works no better than calling it a \"utility token\" prevented falling under the SEC's scrutiny during 2017's initial coin offering craze.\nThe SEC is trying to send the clear rule that the new kind of financial organizations that operate on blockchains have to still play by the old rules that govern traditional finance. At the same time, market onlookers are not sure if the regulator is actually right.\nIn a way, it is a tour de force where the regulator wins every time it has a way to take enforcement action, but these new organizations potentially have a very real way to make enforcement impossible — or at the very least impractical. The only protection against enforcement by the SEC and other regulators is decentralization and the only reason why the SEC was able to act in this case is that a centralized organization such as Blockchain Credit Partners exists.\nWhat's Next:If no company exists and all that there is to a DeFi protocol is a set of smart contracts deployed on a blockchain by a group of anonymous developers scattered around the world there is very little that the SEC can do short of attacking the blockchain itself. This is where the decentralization of the underlying blockchain comes into play: will the regulators for instance be able to force Ethereum's (CRYPTO: ETH) core development team to write an update stopping such a project?\nIf the regulators would actually be able to force the blockchain's developers to write such an update, would node operators and miners or stakers adopt this software or would they refuse to? Such situations will be the real test of the decentralization and reliability of any blockchain that many are waiting to happen. Regulators are seeing power slipping away between their fingers like sand, and they are going to try to grab it.","news_type":1},"isVote":1,"tweetType":1,"viewCount":9,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126166480,"gmtCreate":1624547947940,"gmtModify":1631884928250,"author":{"id":"3586416322315154","authorId":"3586416322315154","name":"Waiyanno","avatar":"https://static.tigerbbs.com/d94e88cfc13d3e583872213190b39f22","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586416322315154","authorIdStr":"3586416322315154"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TRCH\">$Torchlight Energy Resources(TRCH)$</a>buy&Hold🔥🔥🔥💰💰💰","listText":"<a href=\"https://laohu8.com/S/TRCH\">$Torchlight Energy Resources(TRCH)$</a>buy&Hold🔥🔥🔥💰💰💰","text":"$Torchlight Energy Resources(TRCH)$buy&Hold🔥🔥🔥💰💰💰","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/126166480","isVote":1,"tweetType":1,"viewCount":88,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162988742,"gmtCreate":1624031591786,"gmtModify":1631890613175,"author":{"id":"3586416322315154","authorId":"3586416322315154","name":"Waiyanno","avatar":"https://static.tigerbbs.com/d94e88cfc13d3e583872213190b39f22","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586416322315154","authorIdStr":"3586416322315154"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GTE\">$Gran Tierra(GTE)$</a>🚀🚀🚀🔥🔥🔥<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>🚀🚀🚀🔥🔥🔥","listText":"<a href=\"https://laohu8.com/S/GTE\">$Gran Tierra(GTE)$</a>🚀🚀🚀🔥🔥🔥<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>🚀🚀🚀🔥🔥🔥","text":"$Gran Tierra(GTE)$🚀🚀🚀🔥🔥🔥$ContextLogic Inc.(WISH)$🚀🚀🚀🔥🔥🔥","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/162988742","isVote":1,"tweetType":1,"viewCount":272,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169537010,"gmtCreate":1623842244530,"gmtModify":1634027269456,"author":{"id":"3586416322315154","authorId":"3586416322315154","name":"Waiyanno","avatar":"https://static.tigerbbs.com/d94e88cfc13d3e583872213190b39f22","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586416322315154","authorIdStr":"3586416322315154"},"themes":[],"htmlText":"👀👀","listText":"👀👀","text":"👀👀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/169537010","repostId":"2143679504","repostType":4,"repost":{"id":"2143679504","kind":"news","pubTimestamp":1623842177,"share":"https://www.laohu8.com/m/news/2143679504?lang=&edition=full","pubTime":"2021-06-16 19:16","market":"us","language":"en","title":"Roblox Slips As User Base Falls, Engagement Slows","url":"https://stock-news.laohu8.com/highlight/detail?id=2143679504","media":"Investing.com","summary":"Investing.com -- Roblox (NYSE:RBLX) shares lost 8% of their value in premarket trading on Wednesday ","content":"<p>Investing.com -- Roblox (NYSE:RBLX) shares lost 8% of their value in premarket trading on Wednesday as weak May numbers of its user base and their slowing engagement hit sentiment for the stock.</p>\n<p>In a note released Tuesday, Roblox said its daily active users were 43 million, down 1% from 43.3 million in April.</p>\n<p>On a year-over-year basis, DAUs were up 28%.</p>\n<p>Notwithstanding the fall in the number of users from a month ago, hours engaged rose 1% to 3.2 billion though engagement was much weaker on a year-on-year basis.</p>\n<p>The online gaming company said May revenue is estimated to be between $149 million and $151 million, up 123%-126% on a yearly basis.</p>\n<p>Roblox’s online platform allows its users to program games and play those created by other users. Roblox is free to play on both iOS and Android devices, but there are in-game purchases available.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Roblox Slips As User Base Falls, Engagement Slows</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\">\nRoblox Slips As User Base Falls, Engagement Slows\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-16 19:16 GMT+8 <a href=https://finance.yahoo.com/news/roblox-slips-user-falls-engagement-061917317.html><strong>Investing.com</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Investing.com -- Roblox (NYSE:RBLX) shares lost 8% of their value in premarket trading on Wednesday as weak May numbers of its user base and their slowing engagement hit sentiment for the stock.\nIn a ...</p>\n\n<a href=\"https://finance.yahoo.com/news/roblox-slips-user-falls-engagement-061917317.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RBLX":"Roblox Corporation"},"source_url":"https://finance.yahoo.com/news/roblox-slips-user-falls-engagement-061917317.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2143679504","content_text":"Investing.com -- Roblox (NYSE:RBLX) shares lost 8% of their value in premarket trading on Wednesday as weak May numbers of its user base and their slowing engagement hit sentiment for the stock.\nIn a note released Tuesday, Roblox said its daily active users were 43 million, down 1% from 43.3 million in April.\nOn a year-over-year basis, DAUs were up 28%.\nNotwithstanding the fall in the number of users from a month ago, hours engaged rose 1% to 3.2 billion though engagement was much weaker on a year-on-year basis.\nThe online gaming company said May revenue is estimated to be between $149 million and $151 million, up 123%-126% on a yearly basis.\nRoblox’s online platform allows its users to program games and play those created by other users. Roblox is free to play on both iOS and Android devices, but there are in-game purchases available.","news_type":1},"isVote":1,"tweetType":1,"viewCount":105,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886656543,"gmtCreate":1631588228782,"gmtModify":1631885956107,"author":{"id":"3586416322315154","authorId":"3586416322315154","name":"Waiyanno","avatar":"https://static.tigerbbs.com/d94e88cfc13d3e583872213190b39f22","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586416322315154","authorIdStr":"3586416322315154"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NAKD\">$Naked Brand(NAKD)$</a>No Pain No Gain!🤟","listText":"<a href=\"https://laohu8.com/S/NAKD\">$Naked Brand(NAKD)$</a>No Pain No Gain!🤟","text":"$Naked Brand(NAKD)$No Pain No Gain!🤟","images":[{"img":"https://static.tigerbbs.com/8e9a75b66fa4764c9afb98a5e9ed7d8d","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/886656543","isVote":1,"tweetType":1,"viewCount":273,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":129077453,"gmtCreate":1624349011472,"gmtModify":1634007435498,"author":{"id":"3586416322315154","authorId":"3586416322315154","name":"Waiyanno","avatar":"https://static.tigerbbs.com/d94e88cfc13d3e583872213190b39f22","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586416322315154","authorIdStr":"3586416322315154"},"themes":[],"htmlText":"👀👀","listText":"👀👀","text":"👀👀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/129077453","repostId":"1178646274","repostType":4,"isVote":1,"tweetType":1,"viewCount":88,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167754350,"gmtCreate":1624285941770,"gmtModify":1631890613165,"author":{"id":"3586416322315154","authorId":"3586416322315154","name":"Waiyanno","avatar":"https://static.tigerbbs.com/d94e88cfc13d3e583872213190b39f22","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586416322315154","authorIdStr":"3586416322315154"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a><a href=\"https://laohu8.com/S/GTE\">$Gran Tierra(GTE)$</a>🚀🚀🚀","listText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a><a href=\"https://laohu8.com/S/GTE\">$Gran Tierra(GTE)$</a>🚀🚀🚀","text":"$ContextLogic Inc.(WISH)$$Gran Tierra(GTE)$🚀🚀🚀","images":[{"img":"https://static.tigerbbs.com/b3ad78116eb518073816e4a41cbd2bea","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":1,"link":"https://laohu8.com/post/167754350","isVote":1,"tweetType":1,"viewCount":108,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":855088554,"gmtCreate":1635314360701,"gmtModify":1635314360865,"author":{"id":"3586416322315154","authorId":"3586416322315154","name":"Waiyanno","avatar":"https://static.tigerbbs.com/d94e88cfc13d3e583872213190b39f22","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586416322315154","authorIdStr":"3586416322315154"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>go back $20++++","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>go back $20++++","text":"$Tiger Brokers(TIGR)$go back $20++++","images":[{"img":"https://static.tigerbbs.com/31eb0cfa4206c49273339e1dc6992597","width":"750","height":"2335"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/855088554","isVote":1,"tweetType":1,"viewCount":182,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":852945661,"gmtCreate":1635237179279,"gmtModify":1635237631808,"author":{"id":"3586416322315154","authorId":"3586416322315154","name":"Waiyanno","avatar":"https://static.tigerbbs.com/d94e88cfc13d3e583872213190b39f22","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586416322315154","authorIdStr":"3586416322315154"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Up to $20 Hold& buy🔥🔥🔥🔥","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Up to $20 Hold& buy🔥🔥🔥🔥","text":"$Tiger Brokers(TIGR)$Up to $20 Hold& buy🔥🔥🔥🔥","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/852945661","isVote":1,"tweetType":1,"viewCount":134,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":810946085,"gmtCreate":1629941511047,"gmtModify":1631884919718,"author":{"id":"3586416322315154","authorId":"3586416322315154","name":"Waiyanno","avatar":"https://static.tigerbbs.com/d94e88cfc13d3e583872213190b39f22","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586416322315154","authorIdStr":"3586416322315154"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NAKD\">$Naked Brand(NAKD)$</a>🔥🔥🔥<a href=\"https://laohu8.com/S/MEDS\">$Trxade Group, Inc.(MEDS)$</a>🚀🚀<a href=\"https://laohu8.com/S/MMAT\">$Meta Materials Inc.(MMAT)$</a>🚀🚀🔥🔥🔥 Go to the Moon!🚀🚀","listText":"<a href=\"https://laohu8.com/S/NAKD\">$Naked Brand(NAKD)$</a>🔥🔥🔥<a href=\"https://laohu8.com/S/MEDS\">$Trxade Group, Inc.(MEDS)$</a>🚀🚀<a href=\"https://laohu8.com/S/MMAT\">$Meta Materials Inc.(MMAT)$</a>🚀🚀🔥🔥🔥 Go to the Moon!🚀🚀","text":"$Naked Brand(NAKD)$🔥🔥🔥$Trxade Group, Inc.(MEDS)$🚀🚀$Meta Materials Inc.(MMAT)$🚀🚀🔥🔥🔥 Go to the Moon!🚀🚀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/810946085","isVote":1,"tweetType":1,"viewCount":180,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171308319,"gmtCreate":1626704674331,"gmtModify":1633924776957,"author":{"id":"3586416322315154","authorId":"3586416322315154","name":"Waiyanno","avatar":"https://static.tigerbbs.com/d94e88cfc13d3e583872213190b39f22","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586416322315154","authorIdStr":"3586416322315154"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/171308319","repostId":"1146536243","repostType":4,"repost":{"id":"1146536243","kind":"news","pubTimestamp":1626683272,"share":"https://www.laohu8.com/m/news/1146536243?lang=&edition=full","pubTime":"2021-07-19 16:27","market":"us","language":"en","title":"Morgan Stanley: This Cycle Will Be \"Hotter But Shorter\" Than Usual","url":"https://stock-news.laohu8.com/highlight/detail?id=1146536243","media":"zerohedge","summary":"This cycle is unusual. Most 'normal' cycles are. We think that the recovery is sustainable and more likely to be ‘hotter and shorter’. Sell Treasuries and trust the expansion.","content":"<p>We think that this economic cycle will be normal, strong and short. Each of these assumptions is being hotly debated by the market. Each is key to our investment strategy.</p>\n<p>The debate over cycle 'normalcy' is self-explanatory. The pandemic created, without exaggeration, the single sharpest decline in output in recorded history. Then activity raced back, helped by policy support. The case for viewing this situation as unique, and distinct from other cyclical experiences, is based on the view that a fall and rise this violent never allowed for a traditional 'reset'.</p>\n<p>But 'normal' in markets is a funny concept, with the rough edges of memory often smoothed and polished by the passage of time. The cycle of 2003-07 ended with the largest banking and housing crisis since the Great Depression. The cycle of 1992-2000 ended with the bursting of an enormous equity bubble, widespread accounting fraud and unspeakable tragedy. 'Normal' cycles are nice in theory, harder in practice.</p>\n<p>Instead, let’s consider why we use the term ‘cycle’ at all. Economies and markets tend to follow cyclical patterns, patterns that tend to show up in market performance. It is those patterns we care about, and if they still apply, they can provide a useful guide in uncertain terrain.</p>\n<p>Was last year’s recession preceded by late-cycle conditions such as an inverted yield curve, low volatility, low unemployment, high consumer confidence and narrowing equity market breadth? It was. Did the resulting troughs in equities, credit, yields and yield curves match the usual cadence between market and economic lows? They did. And were the leaders of the ensuing rally the usual early-cycle winners, like small and cyclical stocks, high yield credit and industrial metals? They were.</p>\n<p>If it walks like a duck and quacks like a duck, we think that it’s a normal cycle. Or as normal as these things realistically are. If a lot of 'normal' cycle behavior has played out so far, it should <i>continue</i> to do so.</p>\n<p>Specifically, this relates to patterns of performance as the market recovers. And as that recovery advances, those patterns should shift. As noted by my colleague Michael Wilson, we think that we are moving to a mid-cycle market, despite being just 16 months removed from the lows of economic activity. We see a number of similarities between current conditions and 1H04, a mid-cycle period that followed a large, reflationary rally. And importantly, despite recent fears about growth, we think that the global recovery will keep pushing on (see The Growth Scare Anniversary, July 11, 2021).</p>\n<p>Because one can always find an indicator that fits their particular cycle view, we’ve long been fans of a composite. That’s our ‘cycle model’, which combines ten US metrics across macro, the credit cycle and corporate aggression to gauge where we are in the market cycle. After moving into late-cycle ‘downturn’ in June 2019, and early-cycle ‘repair’ in April 2020, it’s rocketed higher.<b>It has risen so fast that it’s blown right past what should be the next phase ('recovery'), and moved right into ‘expansion’.</b></p>\n<p><img src=\"https://static.tigerbbs.com/41879c4f66b33597ee236bdd52841004\" tg-width=\"904\" tg-height=\"490\" referrerpolicy=\"no-referrer\">Thisis unusual. ‘Expansion’ is meant to capture conditions that are 'better than normal, and improving',<b>and since 1980, it has taken an average of 35 months to get there after 'downturn' ends</b>. Its speedy arrival speaks to a speedy recovery powered by enormous policy support.<b>It also hints at another possibility: this hotter cycle could be shorter.</b>This is our thesis, and it’s showing up in our quantitative measure.</p>\n<p>All this has a number of implications:</p>\n<ul>\n <li><b>The shorter the cycle, the worse for credit relative to other risky assets; credit enjoys fewer of the gains from the 'boom', is exposed if the next downturn is early, and faces more supply as corporate confidence increases</b>. In the ‘expansion’ phase of our cycle model, US IG and HY credit N12M excess returns are 29bp and 161bp worse than average, respectively.</li>\n <li><b>In many of those periods, more mixed credit performance occurs despite default rates remaining low</b>. Investors should try to take default risk over spread risk: our credit strategists like owning CDX HY 0-15%, and hedging with CDX IG payer spreads.</li>\n <li><b>In equities, we think that our model supports more balance in portfolios</b>. We like healthcare in both the US and Europe as a sector with several nice factor exposures: quality, low valuation, high carry and low volatility. Globally, equities in Europe and Japan have tended to outperform 'mid-cycle', and we think that they can do so again.</li>\n <li><b>Interest rates are too pessimistic on the recovery. US 10-year Treasury N12M returns are 97bp worse than average during the ‘expansion’ phase of our cycle model</b>. Guneet Dhingra and our US interest rate strategy team have moved underweight US 10-year Treasuries, and we in turn have moved back underweight government bonds in our global asset allocation.</li>\n</ul>\n<p>This cycle is unusual. Most 'normal' cycles are. We think that the recovery is sustainable and more likely to be ‘hotter and shorter’. Sell Treasuries and trust the expansion.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Morgan Stanley: This Cycle Will Be \"Hotter But Shorter\" Than Usual</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMorgan Stanley: This Cycle Will Be \"Hotter But Shorter\" Than Usual\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-19 16:27 GMT+8 <a href=https://www.zerohedge.com/markets/morgan-stanley-cycle-will-be-hotter-shorter-usual><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>We think that this economic cycle will be normal, strong and short. Each of these assumptions is being hotly debated by the market. Each is key to our investment strategy.\nThe debate over cycle '...</p>\n\n<a href=\"https://www.zerohedge.com/markets/morgan-stanley-cycle-will-be-hotter-shorter-usual\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/morgan-stanley-cycle-will-be-hotter-shorter-usual","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146536243","content_text":"We think that this economic cycle will be normal, strong and short. Each of these assumptions is being hotly debated by the market. Each is key to our investment strategy.\nThe debate over cycle 'normalcy' is self-explanatory. The pandemic created, without exaggeration, the single sharpest decline in output in recorded history. Then activity raced back, helped by policy support. The case for viewing this situation as unique, and distinct from other cyclical experiences, is based on the view that a fall and rise this violent never allowed for a traditional 'reset'.\nBut 'normal' in markets is a funny concept, with the rough edges of memory often smoothed and polished by the passage of time. The cycle of 2003-07 ended with the largest banking and housing crisis since the Great Depression. The cycle of 1992-2000 ended with the bursting of an enormous equity bubble, widespread accounting fraud and unspeakable tragedy. 'Normal' cycles are nice in theory, harder in practice.\nInstead, let’s consider why we use the term ‘cycle’ at all. Economies and markets tend to follow cyclical patterns, patterns that tend to show up in market performance. It is those patterns we care about, and if they still apply, they can provide a useful guide in uncertain terrain.\nWas last year’s recession preceded by late-cycle conditions such as an inverted yield curve, low volatility, low unemployment, high consumer confidence and narrowing equity market breadth? It was. Did the resulting troughs in equities, credit, yields and yield curves match the usual cadence between market and economic lows? They did. And were the leaders of the ensuing rally the usual early-cycle winners, like small and cyclical stocks, high yield credit and industrial metals? They were.\nIf it walks like a duck and quacks like a duck, we think that it’s a normal cycle. Or as normal as these things realistically are. If a lot of 'normal' cycle behavior has played out so far, it should continue to do so.\nSpecifically, this relates to patterns of performance as the market recovers. And as that recovery advances, those patterns should shift. As noted by my colleague Michael Wilson, we think that we are moving to a mid-cycle market, despite being just 16 months removed from the lows of economic activity. We see a number of similarities between current conditions and 1H04, a mid-cycle period that followed a large, reflationary rally. And importantly, despite recent fears about growth, we think that the global recovery will keep pushing on (see The Growth Scare Anniversary, July 11, 2021).\nBecause one can always find an indicator that fits their particular cycle view, we’ve long been fans of a composite. That’s our ‘cycle model’, which combines ten US metrics across macro, the credit cycle and corporate aggression to gauge where we are in the market cycle. After moving into late-cycle ‘downturn’ in June 2019, and early-cycle ‘repair’ in April 2020, it’s rocketed higher.It has risen so fast that it’s blown right past what should be the next phase ('recovery'), and moved right into ‘expansion’.\nThisis unusual. ‘Expansion’ is meant to capture conditions that are 'better than normal, and improving',and since 1980, it has taken an average of 35 months to get there after 'downturn' ends. Its speedy arrival speaks to a speedy recovery powered by enormous policy support.It also hints at another possibility: this hotter cycle could be shorter.This is our thesis, and it’s showing up in our quantitative measure.\nAll this has a number of implications:\n\nThe shorter the cycle, the worse for credit relative to other risky assets; credit enjoys fewer of the gains from the 'boom', is exposed if the next downturn is early, and faces more supply as corporate confidence increases. In the ‘expansion’ phase of our cycle model, US IG and HY credit N12M excess returns are 29bp and 161bp worse than average, respectively.\nIn many of those periods, more mixed credit performance occurs despite default rates remaining low. Investors should try to take default risk over spread risk: our credit strategists like owning CDX HY 0-15%, and hedging with CDX IG payer spreads.\nIn equities, we think that our model supports more balance in portfolios. We like healthcare in both the US and Europe as a sector with several nice factor exposures: quality, low valuation, high carry and low volatility. Globally, equities in Europe and Japan have tended to outperform 'mid-cycle', and we think that they can do so again.\nInterest rates are too pessimistic on the recovery. US 10-year Treasury N12M returns are 97bp worse than average during the ‘expansion’ phase of our cycle model. Guneet Dhingra and our US interest rate strategy team have moved underweight US 10-year Treasuries, and we in turn have moved back underweight government bonds in our global asset allocation.\n\nThis cycle is unusual. Most 'normal' cycles are. We think that the recovery is sustainable and more likely to be ‘hotter and shorter’. Sell Treasuries and trust the expansion.","news_type":1},"isVote":1,"tweetType":1,"viewCount":101,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148039922,"gmtCreate":1625897841266,"gmtModify":1633936232981,"author":{"id":"3586416322315154","authorId":"3586416322315154","name":"Waiyanno","avatar":"https://static.tigerbbs.com/d94e88cfc13d3e583872213190b39f22","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586416322315154","authorIdStr":"3586416322315154"},"themes":[],"htmlText":"Ok 👀","listText":"Ok 👀","text":"Ok 👀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/148039922","repostId":"2150053623","repostType":4,"repost":{"id":"2150053623","kind":"highlight","pubTimestamp":1625883910,"share":"https://www.laohu8.com/m/news/2150053623?lang=&edition=full","pubTime":"2021-07-10 10:25","market":"us","language":"en","title":"A crazy week for U.S. stocks came with a change in the market narrative -- should investors believe it?","url":"https://stock-news.laohu8.com/highlight/detail?id=2150053623","media":"MarketWatch","summary":"Investors must decide whether they believe stalling economic growth is a bigger threat than an infla","content":"<p>Investors must decide whether they believe stalling economic growth is a bigger threat than an inflation surge</p>\n<p><img src=\"https://static.tigerbbs.com/32ec205cf1616aaba5573cc40240a899\" tg-width=\"1260\" tg-height=\"876\"></p>\n<p>Fears of runaway inflation have been swapped for worries about a rapid slowdown in global economic growth -- and that made for one very long, holiday-shortened week for U.S. investors -- but is this new narrative the right <a href=\"https://laohu8.com/S/AONE.U\">one</a> ?</p>\n<p>A Treasury debt rally became a buying frenzy , sending long-term yields sharply lower. That took any remaining wind out of the sails of the so-called reflation trade, which had favored shares of more cyclically sensitive companies expected to benefit the most from rising prices and accelerating economic growth.</p>\n<p>What changed? There are three important elements to the shift in the market narrative, said Lauren Goodwin, economist and portfolio strategist at New York Life Investments, which has $605 billion in assets under management.</p>\n<p>The first is a perceived change in the way the Federal Reserve reacts to data, with investors no longer looking for policy makers to be as tolerant of economic overheating and rising inflation as previously thought, she said. The second is that while economic growth is expected to remain strong, the pace of growth is expected to have peaked . Third, there are worries the spread of the delta and other variants of the coronavirus that causes COVID-19 could force a renewed round of restrictions that will weigh on global economic activity.</p>\n<p>\"Together, that's a very different consensus market narrative than we had a few weeks ago, when the focus was all about stimulus and overheating,\" Goodwin said, in a phone interview, noting that investors must now ask: \"Is this new narrative the right one?\"</p>\n<p>The real pain in the past week was in the Treasury market, where a rally drove long-term yields sharply lower and prices higher. Much of that rally was attributed to forced short covering by Treasury bears, who had feared inflation, creating something of a feeding frenzy, driving the 10-year yield to a five-month low below 1.25% on Thursday before finally relenting.</p>\n<p>But analysts said the move, at least in part, also reflected legitimate concerns over the global economic growth outlook .</p>\n<p>That Thursday dive in yields, and accompanying growth fears, triggered a broad stock-market selloff that saw the S&P 500 and Nasdaq Composite retreat from all-time highs, while the Dow Jones Industrial Average shed more than 500 points at its session low. Stocks trimmed losses by the close and then pushed higher Friday, with all three major indexes finishing at records .</p>\n<p>One casualty was the stock market reflation trade. The small-cap Russell 2000 index RUT (#phrase-company?ref=COMPANY%7CRUT;onlineSignificance=passing-mention) fell 1.1% for a second straight week of losses, while the tech-heavy Nasdaq-100 saw a 0.4% weekly rise. Value stocks underperformed, with the Russell 1000 Value Index falling 0.3%, while the Russell 1000 Growth Index rose 1%.</p>\n<p>\"The 'reflation' and 'rotation' trades -- associated with optimism about rapid, broad-based economic recovery from the pandemic and higher inflation -- has arguably been flagging since as long ago as the end of the first quarter, but clearly took another hit this week,\" said Oliver Jones, senior markets economist at research firm Capital Economics, in a Friday note.</p>\n<p>Sectors, like energy and financials, and factors, such as value, that benefited most from the reflation/rotation narrative have underperformed, he noted.</p>\n<p>Jones argued that it makes sense for optimism about the U.S. economic recovery to top out as supply constraints bite into activity. And global growth expectations may also see pressure, with China's economy likely to continue to disappoint.</p>\n<p>At the same time, the U.S. economy remains on track for a very strong recovery in absolute terms, far exceeding the one that followed the global financial crisis of 2008. And core inflation in the U.S. may prove somewhat more persistent than anticipated, he argued.</p>\n<p>That sets the stage for a scenario in which \"the rotation/reflation trade label may become progressively less useful in the coming quarters,\" he said.</p>\n<p>In particular, parts of the trade, including rapid gains in most stock markets and outperformance by energy companies is likely over for now, he said, while the drop in Treasury yields is probably an \"overreaction\" given the path of growth and inflation in the U.S.</p>\n<p>Investors will get a look at evidence on both the inflation and growth front in the coming week. The June consumer-price index is set for release Tuesday, while a producer-price reading is set for Wednesday. A raft of other economic data is due over the course of the week, including June retail sales figures on Friday.</p>\n<p>And then there's the start of the corporate earnings reporting season, which is expected to offer another peak as profits roared in the second quarter relative to the early days of the pandemic last year.</p>\n<p>\"With earnings season kicking off next week, the bar is set quite high and corporate America better produce another stellar quarter or there could be some disappointed bulls,\" said Ryan Detrick, chief market strategist at LPL Financial, after Friday's record close.</p>\n<p>Goodwin said the choice for investors boils down to either leaning into the old narrative that benefits cyclical stocks and shorter duration assets or the new one that expects economic growth to prove more sluggish and anemic, much as it was before the pandemic, favoring growth stocks and defensive sectors.</p>\n<p>The best response, however, may be a little bit of both, Goodwin said.</p>\n<p>Reflation likely still has some room to run in the near term. Distribution of child tax credit payments will begin later this month, while labor shortages may be alleviated in coming months as children return to school and additional unemployment benefits expire, she said, while consumers are sitting on sizable savings.</p>\n<p>At the same time, growth and inflation are peaking, she said, and valuations are stretched across asset classes. While still maintaining a cyclical tilt, the changing backdrop calls for a more balanced approach to portfolios, she said.</p>\n<p>Investors need to look closely at sectors and individual companies that can leverage changing trends and pass rising prices on to consumers, she said, in a more selective environment rather than one in which a rising tide raises all boats.</p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>A crazy week for U.S. stocks came with a change in the market narrative -- should investors believe it?</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\">\nA crazy week for U.S. stocks came with a change in the market narrative -- should investors believe it?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-10 10:25 GMT+8 <a href=https://www.marketwatch.com/story/a-crazy-week-for-u-s-stocks-came-with-a-change-in-the-market-narrative-should-investors-believe-it-11625865324?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Investors must decide whether they believe stalling economic growth is a bigger threat than an inflation surge\n\nFears of runaway inflation have been swapped for worries about a rapid slowdown in ...</p>\n\n<a href=\"https://www.marketwatch.com/story/a-crazy-week-for-u-s-stocks-came-with-a-change-in-the-market-narrative-should-investors-believe-it-11625865324?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/a-crazy-week-for-u-s-stocks-came-with-a-change-in-the-market-narrative-should-investors-believe-it-11625865324?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2150053623","content_text":"Investors must decide whether they believe stalling economic growth is a bigger threat than an inflation surge\n\nFears of runaway inflation have been swapped for worries about a rapid slowdown in global economic growth -- and that made for one very long, holiday-shortened week for U.S. investors -- but is this new narrative the right one ?\nA Treasury debt rally became a buying frenzy , sending long-term yields sharply lower. That took any remaining wind out of the sails of the so-called reflation trade, which had favored shares of more cyclically sensitive companies expected to benefit the most from rising prices and accelerating economic growth.\nWhat changed? There are three important elements to the shift in the market narrative, said Lauren Goodwin, economist and portfolio strategist at New York Life Investments, which has $605 billion in assets under management.\nThe first is a perceived change in the way the Federal Reserve reacts to data, with investors no longer looking for policy makers to be as tolerant of economic overheating and rising inflation as previously thought, she said. The second is that while economic growth is expected to remain strong, the pace of growth is expected to have peaked . Third, there are worries the spread of the delta and other variants of the coronavirus that causes COVID-19 could force a renewed round of restrictions that will weigh on global economic activity.\n\"Together, that's a very different consensus market narrative than we had a few weeks ago, when the focus was all about stimulus and overheating,\" Goodwin said, in a phone interview, noting that investors must now ask: \"Is this new narrative the right one?\"\nThe real pain in the past week was in the Treasury market, where a rally drove long-term yields sharply lower and prices higher. Much of that rally was attributed to forced short covering by Treasury bears, who had feared inflation, creating something of a feeding frenzy, driving the 10-year yield to a five-month low below 1.25% on Thursday before finally relenting.\nBut analysts said the move, at least in part, also reflected legitimate concerns over the global economic growth outlook .\nThat Thursday dive in yields, and accompanying growth fears, triggered a broad stock-market selloff that saw the S&P 500 and Nasdaq Composite retreat from all-time highs, while the Dow Jones Industrial Average shed more than 500 points at its session low. Stocks trimmed losses by the close and then pushed higher Friday, with all three major indexes finishing at records .\nOne casualty was the stock market reflation trade. The small-cap Russell 2000 index RUT (#phrase-company?ref=COMPANY%7CRUT;onlineSignificance=passing-mention) fell 1.1% for a second straight week of losses, while the tech-heavy Nasdaq-100 saw a 0.4% weekly rise. Value stocks underperformed, with the Russell 1000 Value Index falling 0.3%, while the Russell 1000 Growth Index rose 1%.\n\"The 'reflation' and 'rotation' trades -- associated with optimism about rapid, broad-based economic recovery from the pandemic and higher inflation -- has arguably been flagging since as long ago as the end of the first quarter, but clearly took another hit this week,\" said Oliver Jones, senior markets economist at research firm Capital Economics, in a Friday note.\nSectors, like energy and financials, and factors, such as value, that benefited most from the reflation/rotation narrative have underperformed, he noted.\nJones argued that it makes sense for optimism about the U.S. economic recovery to top out as supply constraints bite into activity. And global growth expectations may also see pressure, with China's economy likely to continue to disappoint.\nAt the same time, the U.S. economy remains on track for a very strong recovery in absolute terms, far exceeding the one that followed the global financial crisis of 2008. And core inflation in the U.S. may prove somewhat more persistent than anticipated, he argued.\nThat sets the stage for a scenario in which \"the rotation/reflation trade label may become progressively less useful in the coming quarters,\" he said.\nIn particular, parts of the trade, including rapid gains in most stock markets and outperformance by energy companies is likely over for now, he said, while the drop in Treasury yields is probably an \"overreaction\" given the path of growth and inflation in the U.S.\nInvestors will get a look at evidence on both the inflation and growth front in the coming week. The June consumer-price index is set for release Tuesday, while a producer-price reading is set for Wednesday. A raft of other economic data is due over the course of the week, including June retail sales figures on Friday.\nAnd then there's the start of the corporate earnings reporting season, which is expected to offer another peak as profits roared in the second quarter relative to the early days of the pandemic last year.\n\"With earnings season kicking off next week, the bar is set quite high and corporate America better produce another stellar quarter or there could be some disappointed bulls,\" said Ryan Detrick, chief market strategist at LPL Financial, after Friday's record close.\nGoodwin said the choice for investors boils down to either leaning into the old narrative that benefits cyclical stocks and shorter duration assets or the new one that expects economic growth to prove more sluggish and anemic, much as it was before the pandemic, favoring growth stocks and defensive sectors.\nThe best response, however, may be a little bit of both, Goodwin said.\nReflation likely still has some room to run in the near term. Distribution of child tax credit payments will begin later this month, while labor shortages may be alleviated in coming months as children return to school and additional unemployment benefits expire, she said, while consumers are sitting on sizable savings.\nAt the same time, growth and inflation are peaking, she said, and valuations are stretched across asset classes. While still maintaining a cyclical tilt, the changing backdrop calls for a more balanced approach to portfolios, she said.\nInvestors need to look closely at sectors and individual companies that can leverage changing trends and pass rising prices on to consumers, she said, in a more selective environment rather than one in which a rising tide raises all boats.","news_type":1},"isVote":1,"tweetType":1,"viewCount":82,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127825466,"gmtCreate":1624843866055,"gmtModify":1633948115074,"author":{"id":"3586416322315154","authorId":"3586416322315154","name":"Waiyanno","avatar":"https://static.tigerbbs.com/d94e88cfc13d3e583872213190b39f22","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586416322315154","authorIdStr":"3586416322315154"},"themes":[],"htmlText":"👀","listText":"👀","text":"👀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/127825466","repostId":"2146888571","repostType":4,"repost":{"id":"2146888571","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":1624842733,"share":"https://www.laohu8.com/m/news/2146888571?lang=&edition=full","pubTime":"2021-06-28 09:12","market":"fut","language":"en","title":"Oil strikes 2018 highs on demand recovery, Iran nuclear talks","url":"https://stock-news.laohu8.com/highlight/detail?id=2146888571","media":"Reuters","summary":"* OPEC+ to meet on July 1\n* OPEC+ discuss increasing supplies in August\nSINGAPORE, June 28 (Reuters)","content":"<p>* OPEC+ to meet on July 1</p>\n<p>* OPEC+ discuss increasing supplies in August</p>\n<p>SINGAPORE, June 28 (Reuters) - Oil prices climbed to highs last seen in October 2018 on Monday as the United States and Iran wrangled over the revival of a nuclear deal, delaying a surge in Iranian oil exports, while investors eyed the outcome of the OPEC+ meeting this week.</p>\n<p>Brent crude for August had gained 22 cents, or 0.3%, to $76.40 a barrel by 0051 GMT while U.S. West Texas Intermediate crude for August was at $74.30 a barrel, up 25 cents, or 0.3%.</p>\n<p>Oil prices rose for a fifth week last week as fuel demand rebounded on strong economic growth and increased travel during summer in the northern hemisphere, while global crude supplies stayed snug as the Organization of the Petroleum Exporting Countries (OPEC) and their allies maintained production cuts.</p>\n<p>The producer group, known as OPEC+, is returning 2.1 million barrels per day (bpd) to the market from May through July as part of a plan to gradually unwind last year's record oil output curbs. OPEC+ meets on July 1 and could further ease supply cuts in August as oil prices rise on demand recovery.</p>\n<p>\"We expect the OPEC+ alliance will try to balance the market's need for more supply against the fragile nature of the recovery in demand, at next week's meeting,\" ANZ analysts said, adding that jet fuel demand recovery continued to be capped with the closure of international borders.</p>\n<p>ANZ expect OPEC+ to increase output by about 500,000 bpd in August, which is likely to support higher prices.</p>\n<p>Negotiations over the revival of Iran's nuclear deal are expected to resume in coming days. A monitoring agreement between Tehran and the U.N. nuclear watchdog lapsed last week.</p>\n<p>A weaker U.S. dollar and a reversal of risk appetite in global markets also supported dollar-denominated commodity prices.</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>Oil strikes 2018 highs on demand recovery, Iran nuclear talks</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\">\nOil strikes 2018 highs on demand recovery, Iran nuclear talks\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\">2021-06-28 09:12</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>* OPEC+ to meet on July 1</p>\n<p>* OPEC+ discuss increasing supplies in August</p>\n<p>SINGAPORE, June 28 (Reuters) - Oil prices climbed to highs last seen in October 2018 on Monday as the United States and Iran wrangled over the revival of a nuclear deal, delaying a surge in Iranian oil exports, while investors eyed the outcome of the OPEC+ meeting this week.</p>\n<p>Brent crude for August had gained 22 cents, or 0.3%, to $76.40 a barrel by 0051 GMT while U.S. West Texas Intermediate crude for August was at $74.30 a barrel, up 25 cents, or 0.3%.</p>\n<p>Oil prices rose for a fifth week last week as fuel demand rebounded on strong economic growth and increased travel during summer in the northern hemisphere, while global crude supplies stayed snug as the Organization of the Petroleum Exporting Countries (OPEC) and their allies maintained production cuts.</p>\n<p>The producer group, known as OPEC+, is returning 2.1 million barrels per day (bpd) to the market from May through July as part of a plan to gradually unwind last year's record oil output curbs. OPEC+ meets on July 1 and could further ease supply cuts in August as oil prices rise on demand recovery.</p>\n<p>\"We expect the OPEC+ alliance will try to balance the market's need for more supply against the fragile nature of the recovery in demand, at next week's meeting,\" ANZ analysts said, adding that jet fuel demand recovery continued to be capped with the closure of international borders.</p>\n<p>ANZ expect OPEC+ to increase output by about 500,000 bpd in August, which is likely to support higher prices.</p>\n<p>Negotiations over the revival of Iran's nuclear deal are expected to resume in coming days. A monitoring agreement between Tehran and the U.N. nuclear watchdog lapsed last week.</p>\n<p>A weaker U.S. dollar and a reversal of risk appetite in global markets also supported dollar-denominated commodity prices.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DDG":"ProShares做空石油与天然气ETF","DWT":"三倍做空原油ETN","UCO":"二倍做多彭博原油ETF","SCO":"二倍做空彭博原油指数ETF","DUG":"二倍做空石油与天然气ETF(ProShares)","USO":"美国原油ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146888571","content_text":"* OPEC+ to meet on July 1\n* OPEC+ discuss increasing supplies in August\nSINGAPORE, June 28 (Reuters) - Oil prices climbed to highs last seen in October 2018 on Monday as the United States and Iran wrangled over the revival of a nuclear deal, delaying a surge in Iranian oil exports, while investors eyed the outcome of the OPEC+ meeting this week.\nBrent crude for August had gained 22 cents, or 0.3%, to $76.40 a barrel by 0051 GMT while U.S. West Texas Intermediate crude for August was at $74.30 a barrel, up 25 cents, or 0.3%.\nOil prices rose for a fifth week last week as fuel demand rebounded on strong economic growth and increased travel during summer in the northern hemisphere, while global crude supplies stayed snug as the Organization of the Petroleum Exporting Countries (OPEC) and their allies maintained production cuts.\nThe producer group, known as OPEC+, is returning 2.1 million barrels per day (bpd) to the market from May through July as part of a plan to gradually unwind last year's record oil output curbs. OPEC+ meets on July 1 and could further ease supply cuts in August as oil prices rise on demand recovery.\n\"We expect the OPEC+ alliance will try to balance the market's need for more supply against the fragile nature of the recovery in demand, at next week's meeting,\" ANZ analysts said, adding that jet fuel demand recovery continued to be capped with the closure of international borders.\nANZ expect OPEC+ to increase output by about 500,000 bpd in August, which is likely to support higher prices.\nNegotiations over the revival of Iran's nuclear deal are expected to resume in coming days. A monitoring agreement between Tehran and the U.N. nuclear watchdog lapsed last week.\nA weaker U.S. dollar and a reversal of risk appetite in global markets also supported dollar-denominated commodity prices.","news_type":1},"isVote":1,"tweetType":1,"viewCount":89,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128120754,"gmtCreate":1624506924078,"gmtModify":1631890613135,"author":{"id":"3586416322315154","authorId":"3586416322315154","name":"Waiyanno","avatar":"https://static.tigerbbs.com/d94e88cfc13d3e583872213190b39f22","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586416322315154","authorIdStr":"3586416322315154"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GTE\">$Gran Tierra(GTE)$</a>🚀🚀🚀🚀","listText":"<a href=\"https://laohu8.com/S/GTE\">$Gran Tierra(GTE)$</a>🚀🚀🚀🚀","text":"$Gran Tierra(GTE)$🚀🚀🚀🚀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/128120754","isVote":1,"tweetType":1,"viewCount":192,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}