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- Chuah_SChuah_S
  ·2021-12-03
  So good meh
  Five Below Stock Surges After Earnings: 3 Things to Know
  Recent supply challenges highlight the strength of Five Below's business model. Shares of Five Below
  Five Below Stock Surges After Earnings: 3 Things to Know
  969 1
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- Chuah_SChuah_S
  ·2021-11-05
  $Futu Holdings Limited(FUTU)$Lol
  1,019 评论
  1
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- Chuah_SChuah_S
  ·2021-10-12
  $SINGAPORE AIRLINES LTD(C6L.SI)$Hello
  1,192 1
  6
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- Chuah_SChuah_S
  ·2021-10-11
  Wow
  Visa: Getting Closer To Its Intrinsic Value
  Summary Visa reported impressive growth rates in the last quarter, but the same quarter last year w
  Visa: Getting Closer To Its Intrinsic Value
  1,328 1
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- Chuah_SChuah_S
  ·2021-10-04
  Sheng
  Biden's agenda facing test this week as Pelosi, moderate Democrats in standoff
  House speaker plans meeting with her fellow Democrats at 5:30 p.m. Eastern Monday Can the Democratic
  Biden's agenda facing test this week as Pelosi, moderate Democrats in standoff
  807 评论
  3
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- Chuah_SChuah_S
  ·2021-09-27
  靠不足
  Debt ceiling debates in Congress, consumer confidence: What to know this week
  Investors this week are set to closely monitor developments in Washington, D.C., as lawmakers race t
  Debt ceiling debates in Congress, consumer confidence: What to know this week
  854 评论
  2
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- Chuah_SChuah_S
  ·2021-09-23
  $SINGAPORE AIRLINES LTD(C6L.SI)$Wah lan
  294 评论
  4
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- Chuah_SChuah_S
  ·2021-09-17
  $SINGAPORE AIRLINES LTD(C6L.SI)$drop again!
  203 评论
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- Chuah_SChuah_S
  ·2021-09-15
  $SINGAPORE AIRLINES LTD(C6L.SI)$drop drop drop everyday drop
  506 评论
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- Chuah_SChuah_S
  ·2021-09-14
  $SINGAPORE AIRLINES LTD(C6L.SI)$up!
  371 评论
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Here are three things from the report that highlight why Five Below is such a formidable retail business.</p>\n<p>1. Growth where it counts</p>\n<p>Total sales increased by 27% year over year.&nbsp;Five Below achieved the highest average store sales in the third quarter in the company's history.&nbsp;The extra demand during the quarter helped offset higher transportation costs and delivered a stellar 75% year-over-year increase in operating profit.</p>\n<p>\"The ability of our teams to recognize trends and capitalize on them quickly is a key distinguishing characteristic and strength of our model,\" CEO Joel Anderson said during the&nbsp;earnings call.</p>\n<p>It's not a coincidence that Five Below delivered this level of performance in a quarter where consumers are being squeezed with higher prices for goods.&nbsp;Higher inflation could serve as a catalyst for more demand through the fiscal fourth quarter as consumers seek the best value for gifts this Christmas.</p>\n<p>2. Delivering value above the $5 price point</p>\n<p>One growth catalyst to watch is Five Below's efforts to sell items above its traditional $5-or-less assortment. As the company grows larger and expands its buying power with suppliers, it's able to source higher-priced merchandise and deliver even better quality and savings for customers. Management is pleased with the results so far, citing its recent offering of $12 telescopes and a $25 six-foot basketball hoop.</p>\n<p>Moreover, customers who shop Five Beyond products tend to spend more than the average customer.&nbsp;These high spenders clearly contributed to Five Below's record average store sales last quarter. The Five Beyond category should spread to half of the chain by the end of next year. It's currently at about 30% of the business.</p>\n<p>3. Room for more store openings</p>\n<p>Overall, the biggest contributor to sales momentum is new stores. Five Below opened 52 new stores during the quarter. This brings its total fleet to 1,190 stores across 40 states, but management continues to see the potential for more than 2,500 stores over the long term.</p>\n<p>The store count has historically grown about 21% per year.&nbsp;Plus, stores have consistently delivered positive comparable sales growth, excluding the temporary store closures during the pandemic. This gives the company a long-term runway for sales growth.</p>\n<p>Most importantly, Five Below has proven it's got a profitable business model for selling goods at ultra-cheap prices, which makes it a resilient retail business during a recession.&nbsp;Consumers are naturally going to shop for more value when the economy softens or inflation spikes, as it has recently. This scenario plays to Five Below's advantage.</p>\n<p>Of course, long-term investors should always consider how much value they are getting in return for buying shares in a business. Considering Five Below's opportunities to continue opening new stores, the stock'sprice-to-earnings ratio&nbsp;of 40 based on this year's earnings forecast doesn't look all that expensive.&nbsp;Investors shouldn't be afraid to start a position in the stock at these levels.</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>Five Below Stock Surges After Earnings: 3 Things to Know</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFive Below Stock Surges After Earnings: 3 Things to Know\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-03 08:49 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/12/02/five-below-stock-surges-earnings-3-things-to-know/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Recent supply challenges highlight the strength of Five Below's business model.\nShares of Five Below(FIVE5.02%)were trading sharply higher after the company reported terrific earnings results for the ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/12/02/five-below-stock-surges-earnings-3-things-to-know/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FIVE":"Five Below"},"source_url":"https://www.fool.com/investing/2021/12/02/five-below-stock-surges-earnings-3-things-to-know/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111599374","content_text":"Recent supply challenges highlight the strength of Five Below's business model.\nShares of Five Below(FIVE5.02%)were trading sharply higher after the company reported terrific earnings results for the fiscal third quarter after the market close on Wednesday.\nInvestors got a welcome surprise, as the stock had been dropping in the week leading up to the earnings report, but Five Below is executing at a high level despite the supply chain issues challenging many retailers right now.\nThe stock is not cheap, trading at a relatively high price-to-earnings ratio of roughly 40, but more results like we just saw could support a higher stock price looking ahead to 2022. Here are three things from the report that highlight why Five Below is such a formidable retail business.\n1. Growth where it counts\nTotal sales increased by 27% year over year. Five Below achieved the highest average store sales in the third quarter in the company's history. The extra demand during the quarter helped offset higher transportation costs and delivered a stellar 75% year-over-year increase in operating profit.\n\"The ability of our teams to recognize trends and capitalize on them quickly is a key distinguishing characteristic and strength of our model,\" CEO Joel Anderson said during the earnings call.\nIt's not a coincidence that Five Below delivered this level of performance in a quarter where consumers are being squeezed with higher prices for goods. Higher inflation could serve as a catalyst for more demand through the fiscal fourth quarter as consumers seek the best value for gifts this Christmas.\n2. Delivering value above the $5 price point\nOne growth catalyst to watch is Five Below's efforts to sell items above its traditional $5-or-less assortment. As the company grows larger and expands its buying power with suppliers, it's able to source higher-priced merchandise and deliver even better quality and savings for customers. Management is pleased with the results so far, citing its recent offering of $12 telescopes and a $25 six-foot basketball hoop.\nMoreover, customers who shop Five Beyond products tend to spend more than the average customer. These high spenders clearly contributed to Five Below's record average store sales last quarter. The Five Beyond category should spread to half of the chain by the end of next year. It's currently at about 30% of the business.\n3. Room for more store openings\nOverall, the biggest contributor to sales momentum is new stores. Five Below opened 52 new stores during the quarter. This brings its total fleet to 1,190 stores across 40 states, but management continues to see the potential for more than 2,500 stores over the long term.\nThe store count has historically grown about 21% per year. Plus, stores have consistently delivered positive comparable sales growth, excluding the temporary store closures during the pandemic. This gives the company a long-term runway for sales growth.\nMost importantly, Five Below has proven it's got a profitable business model for selling goods at ultra-cheap prices, which makes it a resilient retail business during a recession. Consumers are naturally going to shop for more value when the economy softens or inflation spikes, as it has recently. This scenario plays to Five Below's advantage.\nOf course, long-term investors should always consider how much value they are getting in return for buying shares in a business. Considering Five Below's opportunities to continue opening new stores, the stock'sprice-to-earnings ratio of 40 based on this year's earnings forecast doesn't look all that expensive. Investors shouldn't be afraid to start a position in the stock at these levels.","news_type":1},"isVote":1,"tweetType":1,"viewCount":969,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":846831773,"gmtCreate":1636071828799,"gmtModify":1636071828912,"author":{"id":"3577144861005942","authorId":"3577144861005942","name":"Chuah_S","avatar":"https://static.tigerbbs.com/998d1189054c3b22fa7f718f6147782d","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577144861005942","authorIdStr":"3577144861005942"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/FUTU\">$Futu Holdings Limited(FUTU)$</a>Lol","listText":"<a href=\"https://laohu8.com/S/FUTU\">$Futu Holdings Limited(FUTU)$</a>Lol","text":"$Futu Holdings Limited(FUTU)$Lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/846831773","isVote":1,"tweetType":1,"viewCount":1019,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826601492,"gmtCreate":1634008494738,"gmtModify":1634008494738,"author":{"id":"3577144861005942","authorId":"3577144861005942","name":"Chuah_S","avatar":"https://static.tigerbbs.com/998d1189054c3b22fa7f718f6147782d","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577144861005942","authorIdStr":"3577144861005942"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>Hello","listText":"<a href=\"https://laohu8.com/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>Hello","text":"$SINGAPORE AIRLINES LTD(C6L.SI)$Hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/826601492","isVote":1,"tweetType":1,"viewCount":1192,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826011570,"gmtCreate":1633957887641,"gmtModify":1633957887641,"author":{"id":"3577144861005942","authorId":"3577144861005942","name":"Chuah_S","avatar":"https://static.tigerbbs.com/998d1189054c3b22fa7f718f6147782d","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577144861005942","authorIdStr":"3577144861005942"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/826011570","repostId":"1134101513","repostType":4,"repost":{"id":"1134101513","kind":"news","pubTimestamp":1633956505,"share":"https://www.laohu8.com/m/news/1134101513?lang=&edition=full","pubTime":"2021-10-11 20:48","market":"us","language":"en","title":"Visa: Getting Closer To Its Intrinsic Value","url":"https://stock-news.laohu8.com/highlight/detail?id=1134101513","media":"Seeking Alpha","summary":"Summary\n\nVisa reported impressive growth rates in the last quarter, but the same quarter last year w","content":"<p><b>Summary</b></p>\n<ul>\n <li>Visa reported impressive growth rates in the last quarter, but the same quarter last year was one of the worst for Visa.</li>\n <li>While COVID-19 impacted Visa negatively in the short term, it might create long-term tailwinds due to declining cash usage.</li>\n <li>In my opinion, Visa is still a bit too expensive although we could make the case for even higher growth rates than used in my calculation.</li>\n</ul>\n<p>Visa (V) and Mastercard (MA) are without any doubt two great businesses. But both stocks appeared overvalued for the most time in the last few years and so far, I did not invest in either of the two businesses. However, I am keeping a close eye on both stocks as they are taking one of the top spots in my personal watchlist.</p>\n<p>In the following article, we will look at the quarterly results in which Visa could report growth for the first time since the second quarter of fiscal 2020. Additionally, we are looking at positive trends for Visa as well as risks and competitors the company is facing. And finally, I will provide another intrinsic value calculation.</p>\n<p><b>Quarterly Results</b></p>\n<p>After Visa had to report declining revenue and earnings per share (year-over-year comparison) in the previous four quarters, the company could now report strong growth rates in the third quarter of fiscal 2021. Of course, we are comparing the results to one of the worst quarters in recent history – those months in which COVID-19 hit the world and several countries imposed lockdowns in different forms.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d997624389ce1626f1c30ff5d3ab1618\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>Source: Visa Q3/21 Investor Presentation</span></p>\n<p>In Q3/21, Visa generated $6,130 million in revenue and compared to $4,837 million in the same quarter last year, this is an increase of 26.7% YoY. Operating income increased from $2,999 million in the same quarter last year to $4,064 million this quarter reflecting an increase of 35.5% YoY. And while we are seeing impressive growth rates for revenue and operating income, earnings per share increased “only” from $1.07 in the same quarter last year to $1.18 this quarter – an increase of 10.3% YoY.</p>\n<p>We can also compare the results of Q3/21 to the results of Q3/19 as the third quarter in fiscal 2020 was kind of an outlier.</p>\n<p><img src=\"https://static.tigerbbs.com/1e0347c4716e28a58bebce529323a645\" tg-width=\"904\" tg-height=\"354\" width=\"100%\" height=\"auto\"></p>\n<p>When looking at the different segments, we can see especially “International Transaction Revenues” growing at a high pace (54% YoY growth), which is not surprising as this segment was hit the hardest by COVID-19. And while gross revenue increased 30%, client incentives increased even 41% which led to a net revenue growth of “only” 27%.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1713204726bc14614950682e1e0baae3\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>Source: Visa Q3/21 Investor Presentation</span></p>\n<p><b>Past Performance</b></p>\n<p>When looking not only at the last quarter, but at longer timeframes, we also see strong growth rates for Visa (with only few exceptions). We only have data since 2008 although Visa is much older (the company did not go public before 2008). But we see strong growth rates during that time and Visa could grow its earnings per share with a CAGR of 28.15% between 2008 and 2020. When looking at the 5-year CAGR, Visa could still report growth rates between 15% and 20% in the last few years.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09a7aed5fb8b6915db311e371188813a\" tg-width=\"640\" tg-height=\"326\" width=\"100%\" height=\"auto\"><span>Source: Author's work</span></p>\n<p>And Visa clearly outperformed the S&amp;P 500 (SPY) in the last few years. But not only Visa and Mastercard are outperforming the rest of the stock market, the entire payments sector clearly outperformed the S&amp;P 500. It also outperformed other sectors like “asset management”, “retail banking” as well as “corporate and investment banking”. When looking at the total shareholder return, the payments sector grew with a CAGR of 25% in the years between 2009 and 2021 – clearly outperforming the other three sectors.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75e79e45de3c4ae01c8a000857ffc3de\" tg-width=\"640\" tg-height=\"509\" width=\"100%\" height=\"auto\"><span>Source: The 2020 McKinsey Global Payment Report</span></p>\n<p><b>Positive Trends</b></p>\n<p>Visa outperforming in the last decade is clearly a good sign that we are dealing with a high-quality company, but the question is, if Visa can continue to grow at a high pace in the years to come. And the last few quarters, Visa struggled due to COVID-19 and when looking at the results and operational metrics, we saw a negative trend especially in 2020. In fiscal 2020, revenue declined from $22,977 million to $21,846 million (a decline of 4.9% year-over-year) while Visa was able to grow with an extremely high pace in the past. Earnings per share also declined from $5.32 in fiscal 2019 to $4.89 in fiscal 2020 – a decline of 8.1% YoY.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/26a682a825f7fa81260215b7045c89ac\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>Source: Visa Q3/21 Investor Presentation</span></p>\n<p>And when looking at the U.S. Payment volume for example, we also see the business suffering during 2020 – especially “card present” saw steep declines, which is not surprising in times of lockdowns and without people traveling. And it is also not surprising that “card present” is now showing the highest growth rates compared to the year before.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/68f2e939f213b330aba1db7628758a29\" tg-width=\"640\" tg-height=\"361\" width=\"100%\" height=\"auto\"><span>Source: Visa Q3/21 Investor Presentation</span></p>\n<p>And when looking at processed transactions for example, we can see a constant improvement in the weeks of April till July 2021 and the processed transactions being about 20% higher than in fiscal 2019.</p>\n<p>Visa is constantly improving, but we can’t deny that in the short-run, the COVID-19 pandemic had a negative effect on Visa’s business. However, over the long run, the pandemic could have been a huge tailwind for Visa (and similar businesses). Not only did the percentage of people paying with cash decrease, but many businesses were also forced to accept payments per card as people did not want to use cash anymore. In Germany for example, I can now pay with my Mastercard in almost any bakery - before COVID-19, people would have laughed at me if I asked in a small bakery if I can pay with my Mastercard.</p>\n<p>McKinsey&nbsp;is showing that the cash usage declined in most mature markets during the last ten years and especially in countries like the Netherlands (from 52% of people using cash in 2010 to only 14% in 2020) or in Sweden (from 56% to only 9%) almost nobody is using cash anymore, which is good for companies like Visa as people need other forms of payment – and credit cards are one way.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/29910f5464a53310baf2a19a4e71e22a\" tg-width=\"640\" tg-height=\"486\" width=\"100%\" height=\"auto\"><span>Source: The 2020 McKinsey Global Payment Report</span></p>\n<p>The authors of the McKinsey study assume that COVID-19 will lead to a further decline in cash usage in the years to come and that the pandemic might have changed the buying behavior in a dramatic and lasting way:</p>\n<blockquote>\n Overall, in retail, the impact was not a decline but a shift in buying behavior. In the first six months of the year, consumers spent $347 billion online with US retailers, up 30 percent from the same period in 2019—corresponding to six times the annualized 2019 growth rate of online retail. Amazon’s second- quarter 2020 numbers recorded 40 percent year-over-year growth, boosted in particular by the tripling of grocery sales. In Europe, differences in shopping behavior between geographies were strongly reduced and differences between age groups eroded as many consumers (in particular, older shoppers) turned to online shopping for the first time.\n</blockquote>\n<p>And Visa and Mastercard will profit from two shifts. Both companies will profit from customers, which are buying in traditional brick-and-mortar stores but using credit cards instead of cash. And Visa and Mastercard will also profit from customers shopping online as one way to pay is by using Visa/Mastercard. And not only are emerging markets offering growth potential as in countries like Mexico (86%), Indonesia (96%), Argentina (87%) or Brazil (74%) a high percentage of people are still paying with cash. In developed markets like Japan (54%), Korea (34%), Singapore (39%) or the United States (28%) a huge part of the population is also still using cash – giving Visa still room to grow.</p>\n<p><b>Competition</b></p>\n<p>In theory, Visa could profit from more and more people not using cash anymore. But aside from competitor Mastercard, there are several other companies that could profit from that trend and credit cards issued by Visa or Mastercard are not the only way how people can pay.</p>\n<p>One method to pay without cash is by using digital/mobile wallets – like Apple Pay (AAPL) or Google Pay (GOOG)(NASDAQ:GOOGL). But right now, Apple Pay is not a challenge to Visa. As long as Apple Pay still needs a credit card (like a Visa credit card), this is not a huge threat. However, the threat would emerge if Apple were to come up with its own payment network and Apple Pay would not need a credit card from Mastercard or Visa anymore. For 2025,analysts estimate&nbsp;that Apple Pay could account for 10% of all card transactions. And then it is also not a problem that digital/mobile wallets are already the dominant e-com payment method (about 45% market share) and will gain market share in the next few years.</p>\n<p><img src=\"https://static.tigerbbs.com/68107ced876e65315a5c91ae5d514cc4\" tg-width=\"640\" tg-height=\"551\" width=\"100%\" height=\"auto\"></p>\n<p>One of the competitors is PayPal (PYPL) and Visa must take that company seriously.In my last article about PayPalI already talked a bit about the competition between Visa and Mastercard on the one side and PayPal on the other side. In the article I pointed out that neither the number of cardholders/accounts nor the TPV of PayPal is anywhere close to Visa. While Visa has almost 3.5 billion cardholders, PayPal has only slightly above 400 million accounts. And the total process volume of PayPal was $937 billion while Visa’s TPV is $8,941 billion. And Visa’s operating margin (64.6%) is much higher than PayPal’s operating margin (17.7%). Nevertheless, PayPal is already generating more revenue than Visa and is already generating billions in free cash flow. It would certainly be a huge mistake for Visa to underestimate PayPal.</p>\n<p>And when talking about competition and risks for “classical” payment methods, we must mention cryptocurrencies as many people see it as a serious threat. I personally don’t see Bitcoin (or any other cryptocurrency) ever replacing today’s payment methods (cash, credit cards) in a meaningful way. And if it should happen that cryptocurrencies will replace today’s payment methods (and currencies) it will take decades. I still consider Bitcoin a long-lasting hype that will vanish again at some point in the future. When talking about risks for Visa,the following article&nbsp;is also mentioning some aspects and worth reading.</p>\n<p><b>Intrinsic Value Calculation</b></p>\n<p>Another “risk” for Visa are the high valuation multiples the stock has been trading for in the last few years (with some brief exceptions). The stock is trading for a P/E ratio of almost 45 and a forward P/E ratio of 39.55 right now. And Visa is now trading for 39.5 times free cash flow, which is in line with the average P/FCF ratio of the last 10 years.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7064775d745628081a12ec19225d729d\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p>\n<p>A high pace, which should justify a higher valuation multiple for Visa compared to many other companies. I have pointed out several times that P/E ratios as well as P/FCF ratios might give us hints about the valuation of a stock, but as they are ignoring the growth potential of a business, a discounted cash flow calculation is usually the better way to determine an intrinsic value.</p>\n<p>In my last article about Visa, I calculated the intrinsic value in two different scenarios – a less optimistic scenario, which led to an intrinsic value of $151.21 and a more optimistic one, which led to an intrinsic value of $174.20. In this article, I want to provide an update for my intrinsic value calculation.</p>\n<p>As basis, we either can take the free cash flow of the last fiscal year ($9,704 million) or the free cash flow of the last four quarters ($12,687 million). Let’s be optimistic and take the free cash flow of the last four quarter as basis and for the next ten years, we assume that Visa can grow 11% annually (the same growth assumption as I used in my more optimistic scenario in the last article). Considering that Visa can still report EPS growth rates in the high teens, 11% growth seems realistic (with a reasonable margin of safety). For perpetuity, we assume once again 6% growth (as we always do when talking about companies with a wide economic moat). When using these assumptions (and 2,184 million in diluted outstanding shares as well as a discount rate of 10%), we get an intrinsic value of&nbsp;<b>$206.84</b>.</p>\n<p><b>Conclusion</b></p>\n<p>Visa is still a bit overvalued in my opinion, but it is trading closer to its intrinsic value than 10 months ago, when my last article was published. And we can also make the case that Visa can grow even at a higher pace in the years to come (maybe 12% or 13%) and this would make the stock fairly valued. And when assuming that the declining cash usage will be an additional driver for growth, it seems not unlikely that Visa will grow at a higher pace than 11% in the years to come.</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>Visa: Getting Closer To Its Intrinsic Value</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\">\nVisa: Getting Closer To Its Intrinsic Value\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-11 20:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4459306-visa-stock-getting-closer-intrinsic-value><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nVisa reported impressive growth rates in the last quarter, but the same quarter last year was one of the worst for Visa.\nWhile COVID-19 impacted Visa negatively in the short term, it might ...</p>\n\n<a href=\"https://seekingalpha.com/article/4459306-visa-stock-getting-closer-intrinsic-value\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"V":"Visa"},"source_url":"https://seekingalpha.com/article/4459306-visa-stock-getting-closer-intrinsic-value","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134101513","content_text":"Summary\n\nVisa reported impressive growth rates in the last quarter, but the same quarter last year was one of the worst for Visa.\nWhile COVID-19 impacted Visa negatively in the short term, it might create long-term tailwinds due to declining cash usage.\nIn my opinion, Visa is still a bit too expensive although we could make the case for even higher growth rates than used in my calculation.\n\nVisa (V) and Mastercard (MA) are without any doubt two great businesses. But both stocks appeared overvalued for the most time in the last few years and so far, I did not invest in either of the two businesses. However, I am keeping a close eye on both stocks as they are taking one of the top spots in my personal watchlist.\nIn the following article, we will look at the quarterly results in which Visa could report growth for the first time since the second quarter of fiscal 2020. Additionally, we are looking at positive trends for Visa as well as risks and competitors the company is facing. And finally, I will provide another intrinsic value calculation.\nQuarterly Results\nAfter Visa had to report declining revenue and earnings per share (year-over-year comparison) in the previous four quarters, the company could now report strong growth rates in the third quarter of fiscal 2021. Of course, we are comparing the results to one of the worst quarters in recent history – those months in which COVID-19 hit the world and several countries imposed lockdowns in different forms.\nSource: Visa Q3/21 Investor Presentation\nIn Q3/21, Visa generated $6,130 million in revenue and compared to $4,837 million in the same quarter last year, this is an increase of 26.7% YoY. Operating income increased from $2,999 million in the same quarter last year to $4,064 million this quarter reflecting an increase of 35.5% YoY. And while we are seeing impressive growth rates for revenue and operating income, earnings per share increased “only” from $1.07 in the same quarter last year to $1.18 this quarter – an increase of 10.3% YoY.\nWe can also compare the results of Q3/21 to the results of Q3/19 as the third quarter in fiscal 2020 was kind of an outlier.\n\nWhen looking at the different segments, we can see especially “International Transaction Revenues” growing at a high pace (54% YoY growth), which is not surprising as this segment was hit the hardest by COVID-19. And while gross revenue increased 30%, client incentives increased even 41% which led to a net revenue growth of “only” 27%.\nSource: Visa Q3/21 Investor Presentation\nPast Performance\nWhen looking not only at the last quarter, but at longer timeframes, we also see strong growth rates for Visa (with only few exceptions). We only have data since 2008 although Visa is much older (the company did not go public before 2008). But we see strong growth rates during that time and Visa could grow its earnings per share with a CAGR of 28.15% between 2008 and 2020. When looking at the 5-year CAGR, Visa could still report growth rates between 15% and 20% in the last few years.\nSource: Author's work\nAnd Visa clearly outperformed the S&P 500 (SPY) in the last few years. But not only Visa and Mastercard are outperforming the rest of the stock market, the entire payments sector clearly outperformed the S&P 500. It also outperformed other sectors like “asset management”, “retail banking” as well as “corporate and investment banking”. When looking at the total shareholder return, the payments sector grew with a CAGR of 25% in the years between 2009 and 2021 – clearly outperforming the other three sectors.\nSource: The 2020 McKinsey Global Payment Report\nPositive Trends\nVisa outperforming in the last decade is clearly a good sign that we are dealing with a high-quality company, but the question is, if Visa can continue to grow at a high pace in the years to come. And the last few quarters, Visa struggled due to COVID-19 and when looking at the results and operational metrics, we saw a negative trend especially in 2020. In fiscal 2020, revenue declined from $22,977 million to $21,846 million (a decline of 4.9% year-over-year) while Visa was able to grow with an extremely high pace in the past. Earnings per share also declined from $5.32 in fiscal 2019 to $4.89 in fiscal 2020 – a decline of 8.1% YoY.\nSource: Visa Q3/21 Investor Presentation\nAnd when looking at the U.S. Payment volume for example, we also see the business suffering during 2020 – especially “card present” saw steep declines, which is not surprising in times of lockdowns and without people traveling. And it is also not surprising that “card present” is now showing the highest growth rates compared to the year before.\nSource: Visa Q3/21 Investor Presentation\nAnd when looking at processed transactions for example, we can see a constant improvement in the weeks of April till July 2021 and the processed transactions being about 20% higher than in fiscal 2019.\nVisa is constantly improving, but we can’t deny that in the short-run, the COVID-19 pandemic had a negative effect on Visa’s business. However, over the long run, the pandemic could have been a huge tailwind for Visa (and similar businesses). Not only did the percentage of people paying with cash decrease, but many businesses were also forced to accept payments per card as people did not want to use cash anymore. In Germany for example, I can now pay with my Mastercard in almost any bakery - before COVID-19, people would have laughed at me if I asked in a small bakery if I can pay with my Mastercard.\nMcKinsey is showing that the cash usage declined in most mature markets during the last ten years and especially in countries like the Netherlands (from 52% of people using cash in 2010 to only 14% in 2020) or in Sweden (from 56% to only 9%) almost nobody is using cash anymore, which is good for companies like Visa as people need other forms of payment – and credit cards are one way.\nSource: The 2020 McKinsey Global Payment Report\nThe authors of the McKinsey study assume that COVID-19 will lead to a further decline in cash usage in the years to come and that the pandemic might have changed the buying behavior in a dramatic and lasting way:\n\n Overall, in retail, the impact was not a decline but a shift in buying behavior. In the first six months of the year, consumers spent $347 billion online with US retailers, up 30 percent from the same period in 2019—corresponding to six times the annualized 2019 growth rate of online retail. Amazon’s second- quarter 2020 numbers recorded 40 percent year-over-year growth, boosted in particular by the tripling of grocery sales. In Europe, differences in shopping behavior between geographies were strongly reduced and differences between age groups eroded as many consumers (in particular, older shoppers) turned to online shopping for the first time.\n\nAnd Visa and Mastercard will profit from two shifts. Both companies will profit from customers, which are buying in traditional brick-and-mortar stores but using credit cards instead of cash. And Visa and Mastercard will also profit from customers shopping online as one way to pay is by using Visa/Mastercard. And not only are emerging markets offering growth potential as in countries like Mexico (86%), Indonesia (96%), Argentina (87%) or Brazil (74%) a high percentage of people are still paying with cash. In developed markets like Japan (54%), Korea (34%), Singapore (39%) or the United States (28%) a huge part of the population is also still using cash – giving Visa still room to grow.\nCompetition\nIn theory, Visa could profit from more and more people not using cash anymore. But aside from competitor Mastercard, there are several other companies that could profit from that trend and credit cards issued by Visa or Mastercard are not the only way how people can pay.\nOne method to pay without cash is by using digital/mobile wallets – like Apple Pay (AAPL) or Google Pay (GOOG)(NASDAQ:GOOGL). But right now, Apple Pay is not a challenge to Visa. As long as Apple Pay still needs a credit card (like a Visa credit card), this is not a huge threat. However, the threat would emerge if Apple were to come up with its own payment network and Apple Pay would not need a credit card from Mastercard or Visa anymore. For 2025,analysts estimate that Apple Pay could account for 10% of all card transactions. And then it is also not a problem that digital/mobile wallets are already the dominant e-com payment method (about 45% market share) and will gain market share in the next few years.\n\nOne of the competitors is PayPal (PYPL) and Visa must take that company seriously.In my last article about PayPalI already talked a bit about the competition between Visa and Mastercard on the one side and PayPal on the other side. In the article I pointed out that neither the number of cardholders/accounts nor the TPV of PayPal is anywhere close to Visa. While Visa has almost 3.5 billion cardholders, PayPal has only slightly above 400 million accounts. And the total process volume of PayPal was $937 billion while Visa’s TPV is $8,941 billion. And Visa’s operating margin (64.6%) is much higher than PayPal’s operating margin (17.7%). Nevertheless, PayPal is already generating more revenue than Visa and is already generating billions in free cash flow. It would certainly be a huge mistake for Visa to underestimate PayPal.\nAnd when talking about competition and risks for “classical” payment methods, we must mention cryptocurrencies as many people see it as a serious threat. I personally don’t see Bitcoin (or any other cryptocurrency) ever replacing today’s payment methods (cash, credit cards) in a meaningful way. And if it should happen that cryptocurrencies will replace today’s payment methods (and currencies) it will take decades. I still consider Bitcoin a long-lasting hype that will vanish again at some point in the future. When talking about risks for Visa,the following article is also mentioning some aspects and worth reading.\nIntrinsic Value Calculation\nAnother “risk” for Visa are the high valuation multiples the stock has been trading for in the last few years (with some brief exceptions). The stock is trading for a P/E ratio of almost 45 and a forward P/E ratio of 39.55 right now. And Visa is now trading for 39.5 times free cash flow, which is in line with the average P/FCF ratio of the last 10 years.\nData by YCharts\nA high pace, which should justify a higher valuation multiple for Visa compared to many other companies. I have pointed out several times that P/E ratios as well as P/FCF ratios might give us hints about the valuation of a stock, but as they are ignoring the growth potential of a business, a discounted cash flow calculation is usually the better way to determine an intrinsic value.\nIn my last article about Visa, I calculated the intrinsic value in two different scenarios – a less optimistic scenario, which led to an intrinsic value of $151.21 and a more optimistic one, which led to an intrinsic value of $174.20. In this article, I want to provide an update for my intrinsic value calculation.\nAs basis, we either can take the free cash flow of the last fiscal year ($9,704 million) or the free cash flow of the last four quarters ($12,687 million). Let’s be optimistic and take the free cash flow of the last four quarter as basis and for the next ten years, we assume that Visa can grow 11% annually (the same growth assumption as I used in my more optimistic scenario in the last article). Considering that Visa can still report EPS growth rates in the high teens, 11% growth seems realistic (with a reasonable margin of safety). For perpetuity, we assume once again 6% growth (as we always do when talking about companies with a wide economic moat). When using these assumptions (and 2,184 million in diluted outstanding shares as well as a discount rate of 10%), we get an intrinsic value of $206.84.\nConclusion\nVisa is still a bit overvalued in my opinion, but it is trading closer to its intrinsic value than 10 months ago, when my last article was published. And we can also make the case that Visa can grow even at a higher pace in the years to come (maybe 12% or 13%) and this would make the stock fairly valued. And when assuming that the declining cash usage will be an additional driver for growth, it seems not unlikely that Visa will grow at a higher pace than 11% in the years to come.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1328,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":820091767,"gmtCreate":1633321473103,"gmtModify":1633321473203,"author":{"id":"3577144861005942","authorId":"3577144861005942","name":"Chuah_S","avatar":"https://static.tigerbbs.com/998d1189054c3b22fa7f718f6147782d","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577144861005942","authorIdStr":"3577144861005942"},"themes":[],"htmlText":"Sheng","listText":"Sheng","text":"Sheng","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/820091767","repostId":"2172313961","repostType":4,"repost":{"id":"2172313961","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1633304749,"share":"https://www.laohu8.com/m/news/2172313961?lang=&edition=full","pubTime":"2021-10-04 07:45","market":"hk","language":"en","title":"Biden's agenda facing test this week as Pelosi, moderate Democrats in standoff","url":"https://stock-news.laohu8.com/highlight/detail?id=2172313961","media":"Dow Jones","summary":"House speaker plans meeting with her fellow Democrats at 5:30 p.m. Eastern Monday\nCan the Democratic","content":"<p>House speaker plans meeting with her fellow Democrats at 5:30 p.m. Eastern Monday</p>\n<p>Can the Democratic-run U.S. House move along the party's big spending plans?</p>\n<p>The House is back in Washington, D.C., on Monday, returning from an August break earlier than originally planned in order to consider measures already passed by the Democratic-run Senate and touted by President Joe Biden.</p>\n<p>The Senate voted 69-30 in favor of a $1 trillion bipartisan infrastructure bill on Aug. 10, and it then had a procedural vote a day later for a $3.5 trillion package targeting social spending, climate change and other Democratic priorities that was approved 50-49, along party lines.</p>\n<p>House Speaker Nancy Pelosi, the California Democrat, plans a procedural vote on Monday that would set up future passage of both measures, as she works to corral nine moderate Democratic representatives who want the $1 trillion infrastructure bill to get approved before the larger package. Additional voting then is expected to happen Tuesday.</p>\n<p>\"We must not squander our Congressional Democratic Majorities and jeopardize the once-in-a-generation opportunity to create historic change to meet the needs of working families,\" she said in a letter on Monday to her fellow Democrats. She has given Oct. 1 as a deadline for enacting the infrastructure and social-spending packages and has planned a 5:30 p.m. Eastern meeting with her caucus.</p>\n<p>\"Listening to the priorities across the spectrum in our Caucus, there is a clear recognition that we must pass both the Build Back Better Act and the bipartisan infrastructure bill -- and we must do so soon,\" Pelosi added.</p>\n<p>But her nine colleagues have been sounding defiant, saying in a joint Washington Post op-ed column on Sunday that they're \"firmly opposed to holding the president's infrastructure legislation hostage to reconciliation, risking its passage and the bipartisan support behind it.\"</p>\n<p>\"We can walk and chew gum, just as the Senate did,\" the nine moderates said in the column. \"We can pass the infrastructure measure now, and then quickly consider reconciliation and the policies from climate to health care to universal pre-K that we believe are critical.\"</p>\n<p>Pelosi also faces pressure from progressive House Democrats who say they won't support the bipartisan infrastructure bill unless the $3.5 trillion package moves ahead as well. She has a narrow House majority and can afford no more than three defections by Democrats on legislation if there's no Republican support for it.</p>\n<p>House Majority Leader Steny Hoyer, the Maryland Democrat, reportedly urged all Democrats on a conference call last week to support the vote setting up future passage of both measures. He also said voting would take place on Monday night, with the House acting as well on a voting-rights bill named after the late Rep. John Lewis.</p>\n<p>\"I continue to believe that there is a small but non-trivial possibility that in the end, Congress passes none of the above,\" said Stephen Stanley, chief economist at Amherst Pierpont, in a recent note. He pointed out lawmakers soon will have to address the federal government's debt ceiling and \"do something about a budget for next year or risk a government shutdown.\"</p>\n<p>\"It is possible that the infrastructure and reconciliation bills get shoved to the back burner for a few days or for as long as two months while Congress addresses these more pressing concerns. Like a banana sitting in your pantry, the longer these bills sit in limbo, the softer their support will get,\" Stanley said.</p>\n<p>\"With no signs of progress, expectations for a resolution this week hingeon Pelosi's track record of corralling Democrats using both carrots and sticks,\" said Benjamin Salisbury, director of research at Height Capital Markets, in a note.</p>\n<p>\"We expect leadership to find a face-saving exit for moderates potentially offering private and/or public commitments on the timing for an infrastructure vote and/or the size of the reconciliation bill. However, at this point the pathway is still uncertain,\" Salisbury added.</p>\n<p>Biden is facing criticism even from within his own party over his administration's handling of the U.S. withdrawal from Afghanistan, and that might be a problem for his plans for infrastructure and social spending.</p>\n<p>\"The fallout from the collapse of Afghanistan is not limited to foreign policy and could impact U.S. domestic politics including the debate in the House about regarding the two infrastructure bills as well as the future of the Federal Reserve,\" said Brian Gardner, chief Washington policy strategist at Stifel, in a note.</p>\n<p>Related:Powell's future in question as Warren blasts Fed for being too easy on the biggest banks</p>\n<p>Beyond the possible roadblocks in the House, the $3.5 trillion package is facing opposition from moderate Democratic senators, with Sen. Joe Manchin of West Virginia warning last week about Washington \"continuing to spend at irresponsible levels.\"</p>\n<p>Infrastructure stocks, as tracked by the <a href=\"https://laohu8.com/S/EFFE\">Global X</a> U.S. Infrastructure Development ETF <a href=\"https://laohu8.com/S/PAVE\">$(PAVE)$</a>, have jumped 27% so far this year, topping the broad S&amp;P 500 index's gain of 19%.</p>\n<p>This is an updated version of a report that was first published on Aug. 17, 2021.</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>Biden's agenda facing test this week as Pelosi, moderate Democrats in standoff</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\">\nBiden's agenda facing test this week as Pelosi, moderate Democrats in standoff\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-10-04 07:45</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>House speaker plans meeting with her fellow Democrats at 5:30 p.m. Eastern Monday</p>\n<p>Can the Democratic-run U.S. House move along the party's big spending plans?</p>\n<p>The House is back in Washington, D.C., on Monday, returning from an August break earlier than originally planned in order to consider measures already passed by the Democratic-run Senate and touted by President Joe Biden.</p>\n<p>The Senate voted 69-30 in favor of a $1 trillion bipartisan infrastructure bill on Aug. 10, and it then had a procedural vote a day later for a $3.5 trillion package targeting social spending, climate change and other Democratic priorities that was approved 50-49, along party lines.</p>\n<p>House Speaker Nancy Pelosi, the California Democrat, plans a procedural vote on Monday that would set up future passage of both measures, as she works to corral nine moderate Democratic representatives who want the $1 trillion infrastructure bill to get approved before the larger package. Additional voting then is expected to happen Tuesday.</p>\n<p>\"We must not squander our Congressional Democratic Majorities and jeopardize the once-in-a-generation opportunity to create historic change to meet the needs of working families,\" she said in a letter on Monday to her fellow Democrats. She has given Oct. 1 as a deadline for enacting the infrastructure and social-spending packages and has planned a 5:30 p.m. Eastern meeting with her caucus.</p>\n<p>\"Listening to the priorities across the spectrum in our Caucus, there is a clear recognition that we must pass both the Build Back Better Act and the bipartisan infrastructure bill -- and we must do so soon,\" Pelosi added.</p>\n<p>But her nine colleagues have been sounding defiant, saying in a joint Washington Post op-ed column on Sunday that they're \"firmly opposed to holding the president's infrastructure legislation hostage to reconciliation, risking its passage and the bipartisan support behind it.\"</p>\n<p>\"We can walk and chew gum, just as the Senate did,\" the nine moderates said in the column. \"We can pass the infrastructure measure now, and then quickly consider reconciliation and the policies from climate to health care to universal pre-K that we believe are critical.\"</p>\n<p>Pelosi also faces pressure from progressive House Democrats who say they won't support the bipartisan infrastructure bill unless the $3.5 trillion package moves ahead as well. She has a narrow House majority and can afford no more than three defections by Democrats on legislation if there's no Republican support for it.</p>\n<p>House Majority Leader Steny Hoyer, the Maryland Democrat, reportedly urged all Democrats on a conference call last week to support the vote setting up future passage of both measures. He also said voting would take place on Monday night, with the House acting as well on a voting-rights bill named after the late Rep. John Lewis.</p>\n<p>\"I continue to believe that there is a small but non-trivial possibility that in the end, Congress passes none of the above,\" said Stephen Stanley, chief economist at Amherst Pierpont, in a recent note. He pointed out lawmakers soon will have to address the federal government's debt ceiling and \"do something about a budget for next year or risk a government shutdown.\"</p>\n<p>\"It is possible that the infrastructure and reconciliation bills get shoved to the back burner for a few days or for as long as two months while Congress addresses these more pressing concerns. Like a banana sitting in your pantry, the longer these bills sit in limbo, the softer their support will get,\" Stanley said.</p>\n<p>\"With no signs of progress, expectations for a resolution this week hingeon Pelosi's track record of corralling Democrats using both carrots and sticks,\" said Benjamin Salisbury, director of research at Height Capital Markets, in a note.</p>\n<p>\"We expect leadership to find a face-saving exit for moderates potentially offering private and/or public commitments on the timing for an infrastructure vote and/or the size of the reconciliation bill. However, at this point the pathway is still uncertain,\" Salisbury added.</p>\n<p>Biden is facing criticism even from within his own party over his administration's handling of the U.S. withdrawal from Afghanistan, and that might be a problem for his plans for infrastructure and social spending.</p>\n<p>\"The fallout from the collapse of Afghanistan is not limited to foreign policy and could impact U.S. domestic politics including the debate in the House about regarding the two infrastructure bills as well as the future of the Federal Reserve,\" said Brian Gardner, chief Washington policy strategist at Stifel, in a note.</p>\n<p>Related:Powell's future in question as Warren blasts Fed for being too easy on the biggest banks</p>\n<p>Beyond the possible roadblocks in the House, the $3.5 trillion package is facing opposition from moderate Democratic senators, with Sen. Joe Manchin of West Virginia warning last week about Washington \"continuing to spend at irresponsible levels.\"</p>\n<p>Infrastructure stocks, as tracked by the <a href=\"https://laohu8.com/S/EFFE\">Global X</a> U.S. Infrastructure Development ETF <a href=\"https://laohu8.com/S/PAVE\">$(PAVE)$</a>, have jumped 27% so far this year, topping the broad S&amp;P 500 index's gain of 19%.</p>\n<p>This is an updated version of a report that was first published on Aug. 17, 2021.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2172313961","content_text":"House speaker plans meeting with her fellow Democrats at 5:30 p.m. Eastern Monday\nCan the Democratic-run U.S. House move along the party's big spending plans?\nThe House is back in Washington, D.C., on Monday, returning from an August break earlier than originally planned in order to consider measures already passed by the Democratic-run Senate and touted by President Joe Biden.\nThe Senate voted 69-30 in favor of a $1 trillion bipartisan infrastructure bill on Aug. 10, and it then had a procedural vote a day later for a $3.5 trillion package targeting social spending, climate change and other Democratic priorities that was approved 50-49, along party lines.\nHouse Speaker Nancy Pelosi, the California Democrat, plans a procedural vote on Monday that would set up future passage of both measures, as she works to corral nine moderate Democratic representatives who want the $1 trillion infrastructure bill to get approved before the larger package. Additional voting then is expected to happen Tuesday.\n\"We must not squander our Congressional Democratic Majorities and jeopardize the once-in-a-generation opportunity to create historic change to meet the needs of working families,\" she said in a letter on Monday to her fellow Democrats. She has given Oct. 1 as a deadline for enacting the infrastructure and social-spending packages and has planned a 5:30 p.m. Eastern meeting with her caucus.\n\"Listening to the priorities across the spectrum in our Caucus, there is a clear recognition that we must pass both the Build Back Better Act and the bipartisan infrastructure bill -- and we must do so soon,\" Pelosi added.\nBut her nine colleagues have been sounding defiant, saying in a joint Washington Post op-ed column on Sunday that they're \"firmly opposed to holding the president's infrastructure legislation hostage to reconciliation, risking its passage and the bipartisan support behind it.\"\n\"We can walk and chew gum, just as the Senate did,\" the nine moderates said in the column. \"We can pass the infrastructure measure now, and then quickly consider reconciliation and the policies from climate to health care to universal pre-K that we believe are critical.\"\nPelosi also faces pressure from progressive House Democrats who say they won't support the bipartisan infrastructure bill unless the $3.5 trillion package moves ahead as well. She has a narrow House majority and can afford no more than three defections by Democrats on legislation if there's no Republican support for it.\nHouse Majority Leader Steny Hoyer, the Maryland Democrat, reportedly urged all Democrats on a conference call last week to support the vote setting up future passage of both measures. He also said voting would take place on Monday night, with the House acting as well on a voting-rights bill named after the late Rep. John Lewis.\n\"I continue to believe that there is a small but non-trivial possibility that in the end, Congress passes none of the above,\" said Stephen Stanley, chief economist at Amherst Pierpont, in a recent note. He pointed out lawmakers soon will have to address the federal government's debt ceiling and \"do something about a budget for next year or risk a government shutdown.\"\n\"It is possible that the infrastructure and reconciliation bills get shoved to the back burner for a few days or for as long as two months while Congress addresses these more pressing concerns. Like a banana sitting in your pantry, the longer these bills sit in limbo, the softer their support will get,\" Stanley said.\n\"With no signs of progress, expectations for a resolution this week hingeon Pelosi's track record of corralling Democrats using both carrots and sticks,\" said Benjamin Salisbury, director of research at Height Capital Markets, in a note.\n\"We expect leadership to find a face-saving exit for moderates potentially offering private and/or public commitments on the timing for an infrastructure vote and/or the size of the reconciliation bill. However, at this point the pathway is still uncertain,\" Salisbury added.\nBiden is facing criticism even from within his own party over his administration's handling of the U.S. withdrawal from Afghanistan, and that might be a problem for his plans for infrastructure and social spending.\n\"The fallout from the collapse of Afghanistan is not limited to foreign policy and could impact U.S. domestic politics including the debate in the House about regarding the two infrastructure bills as well as the future of the Federal Reserve,\" said Brian Gardner, chief Washington policy strategist at Stifel, in a note.\nRelated:Powell's future in question as Warren blasts Fed for being too easy on the biggest banks\nBeyond the possible roadblocks in the House, the $3.5 trillion package is facing opposition from moderate Democratic senators, with Sen. Joe Manchin of West Virginia warning last week about Washington \"continuing to spend at irresponsible levels.\"\nInfrastructure stocks, as tracked by the Global X U.S. Infrastructure Development ETF $(PAVE)$, have jumped 27% so far this year, topping the broad S&P 500 index's gain of 19%.\nThis is an updated version of a report that was first published on Aug. 17, 2021.","news_type":1},"isVote":1,"tweetType":1,"viewCount":807,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868796703,"gmtCreate":1632703986102,"gmtModify":1632798472100,"author":{"id":"3577144861005942","authorId":"3577144861005942","name":"Chuah_S","avatar":"https://static.tigerbbs.com/998d1189054c3b22fa7f718f6147782d","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577144861005942","authorIdStr":"3577144861005942"},"themes":[],"htmlText":"靠不足","listText":"靠不足","text":"靠不足","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/868796703","repostId":"2170488786","repostType":4,"repost":{"id":"2170488786","kind":"news","pubTimestamp":1632685409,"share":"https://www.laohu8.com/m/news/2170488786?lang=&edition=full","pubTime":"2021-09-27 03:43","market":"other","language":"en","title":"Debt ceiling debates in Congress, consumer confidence: What to know this week","url":"https://stock-news.laohu8.com/highlight/detail?id=2170488786","media":"Yahoo Finance","summary":"Investors this week are set to closely monitor developments in Washington, D.C., as lawmakers race t","content":"<p>Investors this week are set to closely monitor developments in Washington, D.C., as lawmakers race to pass legislation to avoid a government shutdown by the end of the month and debate raising the debt ceiling. Elsewhere, economic data on consumer confidence is also due for release.</p>\n<p>The Senate is expected to vote Monday on a procedural motion over the legislation passed by the House of Representatives last week. That bill included a plan to temporarily fund the government through early December, and came alongside a measure to raise the government debt ceiling through December 2022.</p>\n<p>The latter point has been an area of contention for Senate Republicans, who are only narrowly outnumbered by Democratic lawmakers in both chambers and who have threatened to block the bill in its current form.</p>\n<p>Senate Republicans including Minority Leader Mitch McConnell have suggested that Democratic lawmakers should use the budget reconciliation process to raise the debt ceiling without Republican support. McConnell has, however, supported a short-term government funding bill that excludes a debt ceiling suspension.</p>\n<p>\"If they [the Democrats] want to tax, borrow and spend historic sums of money without our input, they’ll have to raise the debt limit without our help. This is the reality,” McConnell said on the Senate floor last week.</p>\n<p>Democratic lawmakers, for their part, have called for the move to raise the debt limit be bipartisan to prevent the government from defaulting on its obligations. The Treasury Department has warned that the U.S. could default on its debts as soon as October in absence of congressional action.</p>\n<p>\"The U.S. has always paid its bills on time, but the overwhelming consensus among economists and Treasury officials of both parties is that failing to raise the debt limit would produce widespread economic catastrophe,\" Treasury Secretary Janet Yellen wrote in an op-ed in the Wall Street Journal last week.</p>\n<p>Federal Reserve Chair Jerome Powell also warned of the consequences of a failure to raise the debt ceiling during his post-FOMC meeting press conference last week.</p>\n<p>\"It's just very important that the debt ceiling be raised in a timely fashion so that the United States can pay its bills when and as they come due. That's a critically important thing,\" he said. \"The failure to do that is something that could result in severe reactions, severe damage to the economy and to the financial markets ... no <a href=\"https://laohu8.com/S/AONE.U\">one</a> should assume that the Fed or anyone else can protect the markets or the economy in the event of a failure.\"</p>\n<p><img src=\"https://static.tigerbbs.com/76c6a59b9c059b09d9267c8298e0b837\" referrerpolicy=\"no-referrer\">A dead Elm tree is removed on the West Front of the Capitol in Washington, Friday, Sept. 10, 2021. (AP Photo/J. Scott Applewhite)ASSOCIATED PRESS</p>\n<p>Amid the standoff, the Office of Management and Budget began warning federal agencies last week to prepare for a potential government shutdown. The reminder served as a standard warning one week out from Congress's deadline to reach an agreement to at least temporarily continue funding the government.</p>\n<p>Though leaders of both political parties have agreed that a continuing resolution to avoid the shutdown at the end of the month is needed, the ongoing tension over raising the debt limit has served as a potential roadblock in this effort.</p>\n<p>\"We still expect Congress to avert a partial government shutdown at the start of October. Republicans won’t vote for the current continuing resolution being touted by the Democratic leadership, which also includes a new debt ceiling suspension,\" wrote Paul Ashworth, chief North America economist for Capital Economics, in a note Friday. \"But we expect a Plan B to emerge next week with the latter stripped out, which Republicans will support.\"</p>\n<p>\"The bigger issue is that there doesn’t appear to be an easy path to raising the debt ceiling by mid-October, which is when estimates suggest the Treasury’s will exhaust the 'extraordinary measures it is currently using to keep the lights on,\" he added.</p>\n<p>Investors have also grown jittery as the debates wore on, with stocks posting their worst day since May last week amid a confluence of concerns that also included debt concerns with China Evergrande.</p>\n<p>Many strategists, however, have suggested market participants need not be overly concerned about the impacts of a potential government shutdown.</p>\n<p>\"Historically, we've seen that government shutdowns tend to be short-lived,\" Jordan Jackson, JPMorgan Asset Management global market strategist, told Yahoo Finance Live on Friday. \"We also know that for those non-essential federal employees, they do get furlough pay as well.\"</p>\n<p>\"If it lasts more than 30 days, it's certainly going to have a bigger impact on the economy. But generally speaking, these shutdowns tend to be short-lived and markets — while they may correct in the short-term — they do sort of continue to grind higher,\" he added. \"I think it's certainly a risk in terms of a short-term mini correction there. But again, with all the liquidity out there, I think any sort of blip in the markets will be short-lived.\"</p>\n<p>Historical equity performance during and immediately following a government shutdown has also tended to point to a muted market impact.</p>\n<p>\"In the 14 government shutdowns since 1980, the S&amp;P 500 generated median returns of -0.1% on the dates of budget authority expiration, 0.1% during the shutdown periods, and 0.3% on the dates of resolution,\" David Kostin, Goldman Sachs chief equity strategist, wrote in a note published on Sept. 21.</p>\n<p>\"One notable exception was the most recent federal shutdown in December 2018, when the S&amp;P 500 fell 2% on the spending authority expiration date,\" he added. \"However, this decline was likely driven primarily by investor concerns about Fed tightening.\"</p>\n<p>Kostin also noted that the typical government shutdown since 1980 has only lasted three days before ultimately being resolved. More recent shutdowns have lasted several times longer, however, with the duration of the four most recent federal shutdowns averaging 18 days, Kostin said.</p>\n<h3>Consumer confidence</h3>\n<p>On the economic data front, one of the most closely watched new pieces of data will be on consumer confidence.</p>\n<p>The Conference Board is set to release its September consumer confidence index Tuesday morning. Economists expect the index to tick up only slightly compared to August, with consumers' views on the coronavirus and rising prices stabilizing near the lowest level since February.</p>\n<p>Specifically, consensus economists are looking for the index to rise to 115.0 in September after dropping to 113.8 in August. During the last monthly report, consumers' assessments of current business and labor market conditions both eased, and expectations for the next six months out also deteriorated.</p>\n<p>\"Consumer confidence fell to a six-month low in August, due to concerns around the Delta variant and inflation,\" wrote Bank of America economist Michelle Meyer in a note on Friday. \"We think these concerns largely remained in September.\"</p>\n<p>At the time, Lynn Franco, senior director of economic indicators at the Conference Board, said it was still \"too soon to conclude\" whether decline in consumer confidence would \"result in consumers significantly curtailing their spending in the months ahead.\"</p>\n<p>The latest spending data has also been equivocal. The Commerce Department's latest report showed retail sales rose 0.7% in August after declining in July. However, the categories posting the biggest declines were areas like e-commerce shops and grocery stores, suggesting consumer behavior was shifting back toward stay-in-place trends and away from in-person events like restaurant dining amid the latest wave of the coronavirus.</p>\n<h3>Economic calendar</h3>\n<ul>\n <li><p><b>Monday: </b>Durable goods orders, August preliminary (0.6% expected, -0.1% in July); Durable goods excluding transportation, August preliminary (0.5% expected, 0.8% in July); Non-defense capital goods orders excluding aircraft, August preliminary (0.3% expected, 0.1% in July); Non-defense capital goods orders excluding aircraft, August preliminary (0.9% in July); Dallas Fed Manufacturing Activity Index, September (11.0 expected, 9.0 in July)</p></li>\n <li><p><b>Tuesday: </b>Advance goods trade balance, August (-$87.0 billion expected, -$86.4 billion in July); Wholesale inventories, month-over-month, August preliminary (0.6% in July); Retail inventories, month-over-month, August (0.4% in July); FHFA House Price Index, month-over-month, July (1.5% expected, 1.6% in July); S&amp;P <a href=\"https://laohu8.com/S/CLGX\">CoreLogic</a> Case-Shiller 20-City Composite Index, month-over-month, July (1.62% expected, 1.77% in June); S&amp;P CoreLogic Case-Shiller 20-City Composite Index, month-over-month, July (20.1% expected, 19.08% in June); Conference Board Consumer Confidence Index, September (114.2 expected, 113.8 in August); Richmond Fed Manufacturing Index, September (9 in August)</p></li>\n <li><p><b>Wednesday: </b>MBA Mortgage Applications, week ended September 24 (4.9% during prior month); Pending home sales, month-over-month, August (1.0% expected, -1.8% in July)</p></li>\n <li><p><b>Thursday: </b>Initial jobless claims, week ended September 25 (320,000 expected, 351,000 during prior week); Continuing claims, week ended September 18 (2.845 million during prior week); GDP annualized, quarter-over-quarter, second-quarter third estimate (6.7% expected, 6.6% in prior estimate); Personal consumption, second-quarter third estimate (11.9% in prior estimate); Core personal consumption expenditures, second quarter third estimate (6.1% in prior estimate); MNI Chicago PMI, September (65.0 expected, 66.8 in August)</p></li>\n <li><p><b>Friday: </b>Personal income, August (0.2% expected, 1.1% in July); Personal spending, August (0.7% expected, 0.3% in July); Personal consumption expenditures core deflator, month-over-over, August (0.2% expected, 0.3% in July); Personal consumption expenditures core deflator, year-over-year, August (3.6% expected, 3.6% in July); <a href=\"https://laohu8.com/S/MRKT\">Markit</a> manufacturing PMI, September final (60.5 in prior estimate); Construction spending, month-over-month, August (0.3% expected, 0.3% in July); University of Michigan sentiment, September final (71.0 expected, 71.0 in prior print); ISM Manufacturing, September (59.5 expected, 59.9 in August)</p></li>\n</ul>\n<h3>Earnings calendar</h3>\n<ul>\n <li><p><b>Monday: </b>Aurora Cannabis (ACB) after market close</p></li>\n <li><p><b>Tuesday: </b>Micron Technology (MU) after market close.</p></li>\n <li><p><b>Wednesday: </b><i>No notable reports scheduled for release</i></p></li>\n <li><p><b>Thursday: </b>CarMax (KMX), Bed Bath &amp; Beyond (BBBY) before market open; Jefferies (JEF) after market close</p></li>\n <li><p><b>Friday: </b><i>No notable reports scheduled for releas</i></p></li>\n</ul>","source":"yahoofinance_au","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Debt ceiling debates in Congress, consumer confidence: What to know this week</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\">\nDebt ceiling debates in Congress, consumer confidence: What to know this week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-27 03:43 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/debt-ceiling-debates-in-congress-consumer-confidence-what-to-know-this-week-194329712.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Investors this week are set to closely monitor developments in Washington, D.C., as lawmakers race to pass legislation to avoid a government shutdown by the end of the month and debate raising the ...</p>\n\n<a href=\"https://finance.yahoo.com/news/debt-ceiling-debates-in-congress-consumer-confidence-what-to-know-this-week-194329712.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e7e749e88d2580d292ffc6ae18d03b65","relate_stocks":{"SPY.AU":"SPDR® S&P 500® ETF Trust"},"source_url":"https://finance.yahoo.com/news/debt-ceiling-debates-in-congress-consumer-confidence-what-to-know-this-week-194329712.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2170488786","content_text":"Investors this week are set to closely monitor developments in Washington, D.C., as lawmakers race to pass legislation to avoid a government shutdown by the end of the month and debate raising the debt ceiling. Elsewhere, economic data on consumer confidence is also due for release.\nThe Senate is expected to vote Monday on a procedural motion over the legislation passed by the House of Representatives last week. That bill included a plan to temporarily fund the government through early December, and came alongside a measure to raise the government debt ceiling through December 2022.\nThe latter point has been an area of contention for Senate Republicans, who are only narrowly outnumbered by Democratic lawmakers in both chambers and who have threatened to block the bill in its current form.\nSenate Republicans including Minority Leader Mitch McConnell have suggested that Democratic lawmakers should use the budget reconciliation process to raise the debt ceiling without Republican support. McConnell has, however, supported a short-term government funding bill that excludes a debt ceiling suspension.\n\"If they [the Democrats] want to tax, borrow and spend historic sums of money without our input, they’ll have to raise the debt limit without our help. This is the reality,” McConnell said on the Senate floor last week.\nDemocratic lawmakers, for their part, have called for the move to raise the debt limit be bipartisan to prevent the government from defaulting on its obligations. The Treasury Department has warned that the U.S. could default on its debts as soon as October in absence of congressional action.\n\"The U.S. has always paid its bills on time, but the overwhelming consensus among economists and Treasury officials of both parties is that failing to raise the debt limit would produce widespread economic catastrophe,\" Treasury Secretary Janet Yellen wrote in an op-ed in the Wall Street Journal last week.\nFederal Reserve Chair Jerome Powell also warned of the consequences of a failure to raise the debt ceiling during his post-FOMC meeting press conference last week.\n\"It's just very important that the debt ceiling be raised in a timely fashion so that the United States can pay its bills when and as they come due. That's a critically important thing,\" he said. \"The failure to do that is something that could result in severe reactions, severe damage to the economy and to the financial markets ... no one should assume that the Fed or anyone else can protect the markets or the economy in the event of a failure.\"\nA dead Elm tree is removed on the West Front of the Capitol in Washington, Friday, Sept. 10, 2021. (AP Photo/J. Scott Applewhite)ASSOCIATED PRESS\nAmid the standoff, the Office of Management and Budget began warning federal agencies last week to prepare for a potential government shutdown. The reminder served as a standard warning one week out from Congress's deadline to reach an agreement to at least temporarily continue funding the government.\nThough leaders of both political parties have agreed that a continuing resolution to avoid the shutdown at the end of the month is needed, the ongoing tension over raising the debt limit has served as a potential roadblock in this effort.\n\"We still expect Congress to avert a partial government shutdown at the start of October. Republicans won’t vote for the current continuing resolution being touted by the Democratic leadership, which also includes a new debt ceiling suspension,\" wrote Paul Ashworth, chief North America economist for Capital Economics, in a note Friday. \"But we expect a Plan B to emerge next week with the latter stripped out, which Republicans will support.\"\n\"The bigger issue is that there doesn’t appear to be an easy path to raising the debt ceiling by mid-October, which is when estimates suggest the Treasury’s will exhaust the 'extraordinary measures it is currently using to keep the lights on,\" he added.\nInvestors have also grown jittery as the debates wore on, with stocks posting their worst day since May last week amid a confluence of concerns that also included debt concerns with China Evergrande.\nMany strategists, however, have suggested market participants need not be overly concerned about the impacts of a potential government shutdown.\n\"Historically, we've seen that government shutdowns tend to be short-lived,\" Jordan Jackson, JPMorgan Asset Management global market strategist, told Yahoo Finance Live on Friday. \"We also know that for those non-essential federal employees, they do get furlough pay as well.\"\n\"If it lasts more than 30 days, it's certainly going to have a bigger impact on the economy. But generally speaking, these shutdowns tend to be short-lived and markets — while they may correct in the short-term — they do sort of continue to grind higher,\" he added. \"I think it's certainly a risk in terms of a short-term mini correction there. But again, with all the liquidity out there, I think any sort of blip in the markets will be short-lived.\"\nHistorical equity performance during and immediately following a government shutdown has also tended to point to a muted market impact.\n\"In the 14 government shutdowns since 1980, the S&P 500 generated median returns of -0.1% on the dates of budget authority expiration, 0.1% during the shutdown periods, and 0.3% on the dates of resolution,\" David Kostin, Goldman Sachs chief equity strategist, wrote in a note published on Sept. 21.\n\"One notable exception was the most recent federal shutdown in December 2018, when the S&P 500 fell 2% on the spending authority expiration date,\" he added. \"However, this decline was likely driven primarily by investor concerns about Fed tightening.\"\nKostin also noted that the typical government shutdown since 1980 has only lasted three days before ultimately being resolved. More recent shutdowns have lasted several times longer, however, with the duration of the four most recent federal shutdowns averaging 18 days, Kostin said.\nConsumer confidence\nOn the economic data front, one of the most closely watched new pieces of data will be on consumer confidence.\nThe Conference Board is set to release its September consumer confidence index Tuesday morning. Economists expect the index to tick up only slightly compared to August, with consumers' views on the coronavirus and rising prices stabilizing near the lowest level since February.\nSpecifically, consensus economists are looking for the index to rise to 115.0 in September after dropping to 113.8 in August. During the last monthly report, consumers' assessments of current business and labor market conditions both eased, and expectations for the next six months out also deteriorated.\n\"Consumer confidence fell to a six-month low in August, due to concerns around the Delta variant and inflation,\" wrote Bank of America economist Michelle Meyer in a note on Friday. \"We think these concerns largely remained in September.\"\nAt the time, Lynn Franco, senior director of economic indicators at the Conference Board, said it was still \"too soon to conclude\" whether decline in consumer confidence would \"result in consumers significantly curtailing their spending in the months ahead.\"\nThe latest spending data has also been equivocal. The Commerce Department's latest report showed retail sales rose 0.7% in August after declining in July. However, the categories posting the biggest declines were areas like e-commerce shops and grocery stores, suggesting consumer behavior was shifting back toward stay-in-place trends and away from in-person events like restaurant dining amid the latest wave of the coronavirus.\nEconomic calendar\n\nMonday: Durable goods orders, August preliminary (0.6% expected, -0.1% in July); Durable goods excluding transportation, August preliminary (0.5% expected, 0.8% in July); Non-defense capital goods orders excluding aircraft, August preliminary (0.3% expected, 0.1% in July); Non-defense capital goods orders excluding aircraft, August preliminary (0.9% in July); Dallas Fed Manufacturing Activity Index, September (11.0 expected, 9.0 in July)\nTuesday: Advance goods trade balance, August (-$87.0 billion expected, -$86.4 billion in July); Wholesale inventories, month-over-month, August preliminary (0.6% in July); Retail inventories, month-over-month, August (0.4% in July); FHFA House Price Index, month-over-month, July (1.5% expected, 1.6% in July); S&P CoreLogic Case-Shiller 20-City Composite Index, month-over-month, July (1.62% expected, 1.77% in June); S&P CoreLogic Case-Shiller 20-City Composite Index, month-over-month, July (20.1% expected, 19.08% in June); Conference Board Consumer Confidence Index, September (114.2 expected, 113.8 in August); Richmond Fed Manufacturing Index, September (9 in August)\nWednesday: MBA Mortgage Applications, week ended September 24 (4.9% during prior month); Pending home sales, month-over-month, August (1.0% expected, -1.8% in July)\nThursday: Initial jobless claims, week ended September 25 (320,000 expected, 351,000 during prior week); Continuing claims, week ended September 18 (2.845 million during prior week); GDP annualized, quarter-over-quarter, second-quarter third estimate (6.7% expected, 6.6% in prior estimate); Personal consumption, second-quarter third estimate (11.9% in prior estimate); Core personal consumption expenditures, second quarter third estimate (6.1% in prior estimate); MNI Chicago PMI, September (65.0 expected, 66.8 in August)\nFriday: Personal income, August (0.2% expected, 1.1% in July); Personal spending, August (0.7% expected, 0.3% in July); Personal consumption expenditures core deflator, month-over-over, August (0.2% expected, 0.3% in July); Personal consumption expenditures core deflator, year-over-year, August (3.6% expected, 3.6% in July); Markit manufacturing PMI, September final (60.5 in prior estimate); Construction spending, month-over-month, August (0.3% expected, 0.3% in July); University of Michigan sentiment, September final (71.0 expected, 71.0 in prior print); ISM Manufacturing, September (59.5 expected, 59.9 in August)\n\nEarnings calendar\n\nMonday: Aurora Cannabis (ACB) after market close\nTuesday: Micron Technology (MU) after market close.\nWednesday: No notable reports scheduled for release\nThursday: CarMax (KMX), Bed Bath & Beyond (BBBY) before market open; Jefferies (JEF) after market close\nFriday: No notable reports scheduled for releas","news_type":1},"isVote":1,"tweetType":1,"viewCount":854,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":863965270,"gmtCreate":1632354048090,"gmtModify":1632801045113,"author":{"id":"3577144861005942","authorId":"3577144861005942","name":"Chuah_S","avatar":"https://static.tigerbbs.com/998d1189054c3b22fa7f718f6147782d","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577144861005942","authorIdStr":"3577144861005942"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>Wah lan","listText":"<a href=\"https://laohu8.com/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>Wah lan","text":"$SINGAPORE AIRLINES LTD(C6L.SI)$Wah lan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/863965270","isVote":1,"tweetType":1,"viewCount":294,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":884077514,"gmtCreate":1631843234238,"gmtModify":1631884824275,"author":{"id":"3577144861005942","authorId":"3577144861005942","name":"Chuah_S","avatar":"https://static.tigerbbs.com/998d1189054c3b22fa7f718f6147782d","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577144861005942","authorIdStr":"3577144861005942"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>drop again!","listText":"<a href=\"https://laohu8.com/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>drop again!","text":"$SINGAPORE AIRLINES LTD(C6L.SI)$drop again!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/884077514","isVote":1,"tweetType":1,"viewCount":203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":882870242,"gmtCreate":1631678666186,"gmtModify":1631885194664,"author":{"id":"3577144861005942","authorId":"3577144861005942","name":"Chuah_S","avatar":"https://static.tigerbbs.com/998d1189054c3b22fa7f718f6147782d","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577144861005942","authorIdStr":"3577144861005942"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>drop drop drop everyday drop","listText":"<a href=\"https://laohu8.com/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>drop drop drop everyday drop","text":"$SINGAPORE AIRLINES LTD(C6L.SI)$drop drop drop everyday drop","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/882870242","isVote":1,"tweetType":1,"viewCount":506,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886145173,"gmtCreate":1631577561592,"gmtModify":1631885194738,"author":{"id":"3577144861005942","authorId":"3577144861005942","name":"Chuah_S","avatar":"https://static.tigerbbs.com/998d1189054c3b22fa7f718f6147782d","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577144861005942","authorIdStr":"3577144861005942"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>up!","listText":"<a href=\"https://laohu8.com/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>up!","text":"$SINGAPORE AIRLINES LTD(C6L.SI)$up!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/886145173","isVote":1,"tweetType":1,"viewCount":371,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}