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KingJo

KingJo

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2022-06-19

$NikkoAM-STC Asia REIT(CFA.SI)$😢😢😢 not sure if it will still be up with the Fed increasing rates...

2023-02-23

$Lion-OCBC Sec HSTECH S$(HST.SI)$ When will it recover?

2022-09-07

Tiger is more user friendly than other brokers. It also has an attractive rewarda program. But recentlyit implemented a maintenance fee for users who donot trade... Not sure if it's worth it to pay so much to acquire users and remove them for a few $. I think it's bad publicity and user experience. Hope they reverse it soon.

2022-12-02

Oops

US STOCKS-Wall Street Ends Mixed; Salesforce Selloff Pressures Dow

2022-06-21

$NikkoAM-STC Asia REIT(CFA.SI)$😢😢😢 Wonder if it will go up

2022-06-02

Like pls

US STOCKS-Wall Street Ends Lower As Economic Data Fails to Ease Rate Hike Angst

2022-02-16

Hmmm

3 Growth Stocks Down 20% to 77% to Buy Now

2022-03-20

Ok

Sea Limited: The Three-Headed Monster

2022-01-06

Like pls

Nasdaq posts biggest daily drop since Feb after 'hawkish' Fed minutes

2021-12-31

Like pls

Is the Stock Market Open on New Year’s Eve and Monday? Yes. Here’s Why.

2021-06-15

Like and comment

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2021-05-27

Help to like and comment. Thanks!

Sorry, the original content has been removed

2022-11-14

Ouch

At Least $1 Billion of Client Funds Missing at Failed Crypto Firm FTX

2022-09-21

Ok

Wall Street Traders Gorge on Short-Term Stock Options as Fed Day Looms

2021-06-14

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Sorry, the original content has been removed

2021-06-09

Comment and like

Biden administration announces plans to strengthen critical supply chains

2021-06-05

Like and comment pls

U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO

2022-11-21

Ouch

The Fed Minutes May Deliver A Massive Blow To The Stock Market

Go to Tiger App to see more news

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game to have!","listText":"Nice game to have!","text":"Nice game to have!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187445235589224","repostId":"9970552986","repostType":1,"repost":{"id":9970552986,"gmtCreate":1684749089245,"gmtModify":1686052573124,"author":{"id":"3527667667103859","authorId":"3527667667103859","name":"TigerEvents","avatar":"https://community-static.tradeup.com/news/61ed9b39c6cbcdce6372edc1c0b48a2d","crmLevel":1,"crmLevelSwitch":0},"themes":[],"title":"Light up your investing with Tiger, play and win prizes worth up to USD 999","htmlText":"Join our exclusive \"Light up Your Investing\" campaign with Tiger!Participate in our game and win fantastic prizes worth up to USD 999*!Unveil the allure of various regions as you progress through exciting game levels.But wait, there's more! Along your journey, uncover hidden rewards and unlock exclusive bonuses that will supercharge your investing game!Not only will you gain valuable knowledge and insights, but you'll also compete with fellow investors for the top spot on our leaderboard!Invite your friends and embark on this epic investing adventure together! Let's light up the world of investing with Tiger!Don't miss out on this limited-time opportunity!Campaign period: 6th June to 27th June. *T&amp;Cs apply.👉 <a href=\"https://tigr.link/lightupsg\" target=\"_blank\">Click here to start play</a>","listText":"Join our exclusive \"Light up Your Investing\" campaign with Tiger!Participate in our game and win fantastic prizes worth up to USD 999*!Unveil the allure of various regions as you progress through exciting game levels.But wait, there's more! Along your journey, uncover hidden rewards and unlock exclusive bonuses that will supercharge your investing game!Not only will you gain valuable knowledge and insights, but you'll also compete with fellow investors for the top spot on our leaderboard!Invite your friends and embark on this epic investing adventure together! Let's light up the world of investing with Tiger!Don't miss out on this limited-time opportunity!Campaign period: 6th June to 27th June. *T&amp;Cs apply.👉 <a href=\"https://tigr.link/lightupsg\" target=\"_blank\">Click here to start play</a>","text":"Join our exclusive \"Light up Your Investing\" campaign with Tiger!Participate in our game and win fantastic prizes worth up to USD 999*!Unveil the allure of various regions as you progress through exciting game levels.But wait, there's more! Along your journey, uncover hidden rewards and unlock exclusive bonuses that will supercharge your investing game!Not only will you gain valuable knowledge and insights, but you'll also compete with fellow investors for the top spot on our leaderboard!Invite your friends and embark on this epic investing adventure together! 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Quite fun except for hk stage","listText":"Thanks for the game. Quite fun except for hk stage","text":"Thanks for the game. Quite fun except for hk stage","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187079789989896","isVote":1,"tweetType":1,"viewCount":364,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9948573948,"gmtCreate":1680752095984,"gmtModify":1680752099393,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9948573948","repostId":"2325363349","repostType":2,"repost":{"id":"2325363349","pubTimestamp":1680750924,"share":"https://www.laohu8.com/m/news/2325363349?lang=&edition=full","pubTime":"2023-04-06 11:15","market":"us","language":"en","title":"First Republic Bank's Very Real Path To Survivability","url":"https://stock-news.laohu8.com/highlight/detail?id=2325363349","media":"Seeking Alpha","summary":"SummaryFirst Republic Bank has suffered significant deposit outflows since March 9 and the health of","content":"<html><head></head><body><h2 style=\"text-align: left;\">Summary</h2><ul><li><p>First Republic Bank has suffered significant deposit outflows since March 9 and the health of the bank is still unclear, given the limited information shared by management.</p></li><li><p>Doing a deeper analysis of the financials, it is clear that FRC would need to shrink its balance sheet, which would impact profitability, regulatory ratios, and tangible book value.</p></li><li><p>Although the path to survivability is narrow and risky, in our view, very real and has the potential to reach a $30 per share tangible book value.</p></li></ul><p>Editor&#39;s note: Seeking Alpha is proud to welcome The Ten-Q Analysis as a new contributor. It&#39;s easy to become a Seeking Alpha contributor and earn money for your best investment ideas. Active contributors also get free access to SA Premium. </p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4d6649fc09e0bd0f747a020e30efd939\" alt=\"Sundry Photography/iStock Editorial via Getty Images\" title=\"Sundry Photography/iStock Editorial via Getty Images\" tg-width=\"750\" tg-height=\"500\"/><span>Sundry Photography/iStock Editorial via Getty Images</span></p><h2>Background</h2><p>There is still no concrete news from First Republic Bank (NYSE:FRC) regarding its internal health since the run on the bank last month. Investors have very limited information to go by - the most relevant being the 10-K for the year-end 2022 and the 8-K released on Mar 16. Analyzing these documents, and making some reasonable assumptions, it appears that First Republic will be able to weather this storm and emerge with a tangible book value of approx. $30 per share.</p><h2>Why First Republic</h2><p>The last 3 weeks have been dramatic (to say the least) for the banking sector in general and for First Republic Bank in particular. Starting with the crash of Silicon Valley Bank on March 8th, the run on First Republic Bank and other regional banks has taken a toll on the deposit base and consequently on the survivability of these banks.</p><p>First Republic Bank has become the firewall after the fall of Silvergate, Silicon Valley Bank and Signature Bank in the US and the forced takeover of Credit Suisse (CS) by UBS (UBS) orchestrated by the Swiss regulators. Another failure in the US would mean a further loss of confidence and flight from local regional banks and further bank failures would be both a regulatory and financial nightmare scenario.</p><p>The Federal Reserve&#39;s Bank Term Lending Program (BTFP) facility essentially ensures that banks like First Republic do not need to go into receivership in the near future, since they can borrow at par against their long dated assets without the need to sell them immediately. The cost of such borrowing could impact their profitability and hence an impact on available capital, but that is a slow death scenario rather than a sudden death (like that of SVB).</p><h2>Net Outflow of Funds</h2><p>Now let&#39;s analyze what the current outflow impact may look like on the liquidity situation at FRC. As of their last financial statement (Dec 2022), First Republic had an uninsured deposit of $119.5 billion out of a total deposit base of $176.4 billion (approx. 68%). There have been several estimates of how deep the deposit outflow was and range from $70 billion to $90 billion.</p><p>A rough calculation using First Republic&#39;s 10-K filing for year-end 2022, the 8-K filing on March 16, 2023 and WSJ estimate of the outflow:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2af9092c1eba432ba51ce9789bd3156\" alt=\"Authors estimate based on data from FRC 2022 10-K, 8-K from Mar 16 and WSJ (Mar 19)\" title=\"Authors estimate based on data from FRC 2022 10-K, 8-K from Mar 16 and WSJ (Mar 19)\" tg-width=\"547\" tg-height=\"401\"/><span>Authors estimate based on data from FRC 2022 10-K, 8-K from Mar 16 and WSJ (Mar 19)</span></p><p>Since the borrowing from Fed (discount window + BTFP) for Mar 22 ($164 billion) and Mar 29 ($153 billion) have similar levels as for Mar 15 ($165 billion), we assume that most of FRC&#39;s borrowing from the Fed have not been returned.</p><p>Cash available on Mar 15 did not include the $30 billion uninsured deposits from the 11 largest US banks.</p><h2>Liquidity Sources</h2><p>It is quite clear by now that First Republic has handled the liquidity situation given that anywhere from $70 billion to $90 billion of deposits may have left the bank. This is primarily thanks to the Fed Discount Window and the Bank Term Funding Program which has been available since March 12. In addition, $30 billion has been deposited for 120 days by the top 11 US banks as uninsured deposits on March 16. This ensures that FRC does not need to resort to a fire sale of the assets to fill in for the lost deposits.</p><p>Since FRC is likely not going to die of liquidity squeeze, the bank can evaluate other options in order to realign the balance sheet. Here, we explore one such option in a stand-alone scenario by selling assets rather than parts of the business or doing an equity or debt raise.</p><h2>Shrinking the Balance Sheet</h2><p>First Republic would need to shrink its asset portfolio in order to match the deposit outflow. While doing this, it may have to sell assets that are at or close to carrying value in order to minimize the realized losses and hence keep its equity ratios intact.</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d80d9a765cf2541f1d6970838837b327\" alt=\"FRC 2022 10-K\" title=\"FRC 2022 10-K\" tg-width=\"884\" tg-height=\"634\"/><span>FRC 2022 10-K</span></p><p>Here are some possible assets that can be sold while minimizing losses and hence the impact on equity (Source: FRC 2022 10-K).</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/452ebcbb14130465ec84eb85b31b1243\" alt=\"Author&#39;s estimate based on data from FRC 2022 10-K\" title=\"Author&#39;s estimate based on data from FRC 2022 10-K\" tg-width=\"634\" tg-height=\"469\"/><span>Author&#39;s estimate based on data from FRC 2022 10-K</span></p><p>We assume that loans originated in Q4 2022 and Q1 2023 should be marked very close to the carrying values and should have minimal losses if sold. The above estimate shows that approx. $70 billion of deposit outflow can be covered by selling approx. $77 billion of assets, while booking about $7.6 billion of losses. In addition, according to our estimates, the fair market value of debt securities may be 2-3% higher now than reported at the end of 2022 (due to a drop in interest rates since then), further reducing the loss.</p><p>In addition to the sale of assets, First Republic can let the loans roll-off its balance sheet and reduce it over time. Based on the latest 10-K, our estimate is that for the full year 2022, approx. $14 billion of older mortgages rolled off the balance sheet - it is possible that some of these were refinanced earlier in the year due to lower interest rates still available then. In Q4 2022, approx. $1.2 billion of mortgages rolled off the balance sheet, which is significantly lower than the full year average, possibly because of higher interest rates. Assuming the same trend (as Q4 2022), we would assume that approx. $5 billion of loans can roll off the balance sheet in the next 12 months.</p><h2>Impact on P&amp;L</h2><p>Next, we calculate the potential impact of selling these assets on the P&amp;L of the bank. According to the 2022 10-K, the available-for-sale and hold-to-maturity investment securities yielded on an average about 3.19% for the year 2022. We assume that the loans originated in Q4 2022 would yield approx. 6.5% based on the prevailing mortgage rates at the time. The impact of loans originated in Q1 2023 is not considered since we are working with a baseline P&amp;L of 2022 full year results in which these loans were not included. The &#39;other loans&#39; category had an average yield of approx. 2.85% in 2022.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0e5073217d9abc2eead611b0af16046\" alt=\"Net Interest Income from FRC 2022 10-K\" title=\"Net Interest Income from FRC 2022 10-K\" tg-width=\"640\" tg-height=\"442\"/><span>Net Interest Income from FRC 2022 10-K</span></p><p>Based on these numbers, we arrive at the following impact to the revenue:</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/15b349bb8fc897c5bd18bbdaac796890\" alt=\"Author&#39;s estimate based on data from FRC 2022 10-K\" title=\"Author&#39;s estimate based on data from FRC 2022 10-K\" tg-width=\"624\" tg-height=\"323\"/><span>Author&#39;s estimate based on data from FRC 2022 10-K</span></p><p>In addition to the impact on the revenue side, we can calculate the impact on the expense side of the P&amp;L. Based on the latest 10-K report, FRC paid $654 million in interest expense on the deposits for the full year 2022. However, compared to the 10-Q for Q3-2022, it appears that $428 million of the interest expense on deposits was incurred in Q4. Annualized and computed on a year-end deposit of $176.4 billion, it appears that interest expense was running at about 1%. Assuming $90 billion of deposit drawdown we arrive at a drop in interest expense of approx. $0.9 billion.</p><p>Assuming a worst case $90 billion deposit drawdown and a $77.2 billion asset sale, FRC would need to cover about $20 billion using Fed or FHLB borrowing at a cost of approx. 5%.</p><p>Based on these assumptions, here is our estimate of the impact to pre-tax income:</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e16af6b1348f182784b08b475b584354\" alt=\"Author&#39;s estimate based on data from FRC 2022 10-K\" title=\"Author&#39;s estimate based on data from FRC 2022 10-K\" tg-width=\"569\" tg-height=\"323\"/><span>Author&#39;s estimate based on data from FRC 2022 10-K</span></p><p>In addition, the cancellation of dividend on common stock (although does not impact P&amp;L), but will improve cash flow by another approx. $190 million (based on 2022 10-K). Adding back stock-based compensation expense and depreciation (total approx. $400 million in 2022) could make FRC cash flow positive even with a reduced balance sheet.</p><p>If the more expensive borrowing from the Fed discount window can be eliminated over the next 12-18 months, with a combination of deposit increases, loan roll-off at the rate of $1-2 billion per quarter and cost controls, there is a clear path to pre-tax income in the range of $0.7 billion to $1 billion.</p><h2>Impact on Tier 1 Leverage Ratio</h2><p>The Tier 1 capital leverage ratio at the end of 2022 was 8.51% based on a Tier 1 capital of $17.6 billion and average assets of $206 billion (as reported in 2022 10-K). Assuming a reduction of $77 billion of assets and a Dec 2022 asset base of $212 billion, the new asset base would be ~$135 billion.</p><p>Estimate of the impact on Tier 1 leverage ratio under these assumptions and based on redemption of senior notes on Feb 12, 2023:</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5dcf77d3369191bbd59e0f23c81fc5c4\" alt=\"Author&#39;s estimate based on data from FRC 2022 10-K, 8-K (Feb 13)\" title=\"Author&#39;s estimate based on data from FRC 2022 10-K, 8-K (Feb 13)\" tg-width=\"614\" tg-height=\"261\"/><span>Author&#39;s estimate based on data from FRC 2022 10-K, 8-K (Feb 13)</span></p><p>The new Tier 1 capital after adjustment for the redemption of senior notes (in Feb 2023) and the estimated loss on the sale of assets, would be about $10.5 billion. The new Tier 1 leverage ratio comes to around 7.8%, which is still considered well capitalized under regulatory standards.</p><h2>Impact on Tangible Book Value and Common Equity</h2><p>FRC reported total equity of $17.4 billion at the end of 2022 and reducing the preferred equity, the common equity was $13.8 billion and a tangible book value of $13.6 billion. After adjusting for the redemption of senior notes and the assumed loss on sale of assets, we arrive at an equity of $9.3 billion, common equity of $5.7 billion and a tangible book value of $5.5 billion.</p><p>Estimate of the impact on common equity and tangible book value under these assumptions:</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e164a4b698e76989162a80d174bae20f\" alt=\"Author&#39;s estimate based on data from FRC 2022 10-K, 8-K (Feb 13)\" title=\"Author&#39;s estimate based on data from FRC 2022 10-K, 8-K (Feb 13)\" tg-width=\"587\" tg-height=\"385\"/><span>Author&#39;s estimate based on data from FRC 2022 10-K, 8-K (Feb 13)</span></p><p>Using outstanding common shares of 183.2 million at the end of 2022 (from 10-K) and 186.2 million now (increased due to stock offering on Feb 8 comprising of 2.5 million shares and greenshoe option), we compute that the tangible book value would drop from $74.2 to approx. $30 per share.</p><h2>The Path Forward</h2><p>There are a limited number of options that can help First Republic make this transition into the new normal. Let&#39;s explore some of these and also the ones that are most likely to succeed.</p><ul><li><p>An outright acquisition is not likely because the mark-to-market losses on the loan portfolio would leave a large unfilled gap in the balance sheet.</p></li><li><p>A share capital increase using a public / private offering also seems unlikely because of the depressed share price and significant dilution that would be required.</p></li><li><p>The option that we have discussed so far (and which seems most likely) is selling assets with the least amount of unrealized losses and covering the remaining shortfall through Fed and FHLB borrowing - and such borrowing, in our opinion, can be brought down in the next 12-18 months using a combination of deposit increases, loan roll-offs and cost cutting.</p></li><li><p>In combination with the above, FRC can sell convertible bonds that are more favorable to the cash flow in the immediate term but have a sweetener in the end (e.g.: a zero-coupon convertible bond at an attractive conversion price).</p></li><li><p>Another option would be to sell off a portion of the business such as the Investment and Wealth Management business which could raise enough capital and shore up the balance sheet.</p></li></ul><p>The path forward for FRC is not without its risks:</p><ul><li><p>We assume that FRC is able to sell the assets at close to fair market value. It is possible that some of these assets may have to be sold at a discount to fair market value. Since most of the asset to be sold would likely comprise of tradable debt securities or high quality loans, it is likely that they can be sold at close to fair value.</p></li><li><p>It is possible that the deposit outflow is greater than that projected in this scenario, in which case, the cuts required could be deeper and would threaten the viability of this approach.</p></li></ul><h2>Conclusion</h2><p>With the Fed&#39;s Bank Term Funding Program, it is unlikely that banks like First Republic would go into receivership in a hurry, since the borrowing allows them time to align their balance sheet. The path is not easy, but is nonetheless very real. With a high power advisory team from JPMorgan (JPM), Lazard (LAZ) and McKinsey helping them, it is our opinion that First Republic would be able to come out of this as a strong (albeit smaller) regional bank but the transition to the new normal would be painful in the next 12-18 months.</p><p><em>This article is written by </em><strong><em>The Ten-Q Analysis</em></strong><em> for reference only. Please note the risks.</em></p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>First Republic Bank's Very Real Path To Survivability</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\">\nFirst Republic Bank's Very Real Path To Survivability\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-04-06 11:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4592326-first-republic-bank-stock-very-real-path-to-survivability><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryFirst Republic Bank has suffered significant deposit outflows since March 9 and the health of the bank is still unclear, given the limited information shared by management.Doing a deeper ...</p>\n\n<a href=\"https://seekingalpha.com/article/4592326-first-republic-bank-stock-very-real-path-to-survivability\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4588":"碎股","BK4211":"区域性银行","BK4548":"巴美列捷福持仓","BK4589":"SVB概念","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD","BK4585":"ETF&股票定投概念"},"source_url":"https://seekingalpha.com/article/4592326-first-republic-bank-stock-very-real-path-to-survivability","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2325363349","content_text":"SummaryFirst Republic Bank has suffered significant deposit outflows since March 9 and the health of the bank is still unclear, given the limited information shared by management.Doing a deeper analysis of the financials, it is clear that FRC would need to shrink its balance sheet, which would impact profitability, regulatory ratios, and tangible book value.Although the path to survivability is narrow and risky, in our view, very real and has the potential to reach a $30 per share tangible book value.Editor's note: Seeking Alpha is proud to welcome The Ten-Q Analysis as a new contributor. It's easy to become a Seeking Alpha contributor and earn money for your best investment ideas. Active contributors also get free access to SA Premium. Sundry Photography/iStock Editorial via Getty ImagesBackgroundThere is still no concrete news from First Republic Bank (NYSE:FRC) regarding its internal health since the run on the bank last month. Investors have very limited information to go by - the most relevant being the 10-K for the year-end 2022 and the 8-K released on Mar 16. Analyzing these documents, and making some reasonable assumptions, it appears that First Republic will be able to weather this storm and emerge with a tangible book value of approx. $30 per share.Why First RepublicThe last 3 weeks have been dramatic (to say the least) for the banking sector in general and for First Republic Bank in particular. Starting with the crash of Silicon Valley Bank on March 8th, the run on First Republic Bank and other regional banks has taken a toll on the deposit base and consequently on the survivability of these banks.First Republic Bank has become the firewall after the fall of Silvergate, Silicon Valley Bank and Signature Bank in the US and the forced takeover of Credit Suisse (CS) by UBS (UBS) orchestrated by the Swiss regulators. Another failure in the US would mean a further loss of confidence and flight from local regional banks and further bank failures would be both a regulatory and financial nightmare scenario.The Federal Reserve's Bank Term Lending Program (BTFP) facility essentially ensures that banks like First Republic do not need to go into receivership in the near future, since they can borrow at par against their long dated assets without the need to sell them immediately. The cost of such borrowing could impact their profitability and hence an impact on available capital, but that is a slow death scenario rather than a sudden death (like that of SVB).Net Outflow of FundsNow let's analyze what the current outflow impact may look like on the liquidity situation at FRC. As of their last financial statement (Dec 2022), First Republic had an uninsured deposit of $119.5 billion out of a total deposit base of $176.4 billion (approx. 68%). There have been several estimates of how deep the deposit outflow was and range from $70 billion to $90 billion.A rough calculation using First Republic's 10-K filing for year-end 2022, the 8-K filing on March 16, 2023 and WSJ estimate of the outflow:Authors estimate based on data from FRC 2022 10-K, 8-K from Mar 16 and WSJ (Mar 19)Since the borrowing from Fed (discount window + BTFP) for Mar 22 ($164 billion) and Mar 29 ($153 billion) have similar levels as for Mar 15 ($165 billion), we assume that most of FRC's borrowing from the Fed have not been returned.Cash available on Mar 15 did not include the $30 billion uninsured deposits from the 11 largest US banks.Liquidity SourcesIt is quite clear by now that First Republic has handled the liquidity situation given that anywhere from $70 billion to $90 billion of deposits may have left the bank. This is primarily thanks to the Fed Discount Window and the Bank Term Funding Program which has been available since March 12. In addition, $30 billion has been deposited for 120 days by the top 11 US banks as uninsured deposits on March 16. This ensures that FRC does not need to resort to a fire sale of the assets to fill in for the lost deposits.Since FRC is likely not going to die of liquidity squeeze, the bank can evaluate other options in order to realign the balance sheet. Here, we explore one such option in a stand-alone scenario by selling assets rather than parts of the business or doing an equity or debt raise.Shrinking the Balance SheetFirst Republic would need to shrink its asset portfolio in order to match the deposit outflow. While doing this, it may have to sell assets that are at or close to carrying value in order to minimize the realized losses and hence keep its equity ratios intact.FRC 2022 10-KHere are some possible assets that can be sold while minimizing losses and hence the impact on equity (Source: FRC 2022 10-K).Author's estimate based on data from FRC 2022 10-KWe assume that loans originated in Q4 2022 and Q1 2023 should be marked very close to the carrying values and should have minimal losses if sold. The above estimate shows that approx. $70 billion of deposit outflow can be covered by selling approx. $77 billion of assets, while booking about $7.6 billion of losses. In addition, according to our estimates, the fair market value of debt securities may be 2-3% higher now than reported at the end of 2022 (due to a drop in interest rates since then), further reducing the loss.In addition to the sale of assets, First Republic can let the loans roll-off its balance sheet and reduce it over time. Based on the latest 10-K, our estimate is that for the full year 2022, approx. $14 billion of older mortgages rolled off the balance sheet - it is possible that some of these were refinanced earlier in the year due to lower interest rates still available then. In Q4 2022, approx. $1.2 billion of mortgages rolled off the balance sheet, which is significantly lower than the full year average, possibly because of higher interest rates. Assuming the same trend (as Q4 2022), we would assume that approx. $5 billion of loans can roll off the balance sheet in the next 12 months.Impact on P&LNext, we calculate the potential impact of selling these assets on the P&L of the bank. According to the 2022 10-K, the available-for-sale and hold-to-maturity investment securities yielded on an average about 3.19% for the year 2022. We assume that the loans originated in Q4 2022 would yield approx. 6.5% based on the prevailing mortgage rates at the time. The impact of loans originated in Q1 2023 is not considered since we are working with a baseline P&L of 2022 full year results in which these loans were not included. The 'other loans' category had an average yield of approx. 2.85% in 2022.Net Interest Income from FRC 2022 10-KBased on these numbers, we arrive at the following impact to the revenue:Author's estimate based on data from FRC 2022 10-KIn addition to the impact on the revenue side, we can calculate the impact on the expense side of the P&L. Based on the latest 10-K report, FRC paid $654 million in interest expense on the deposits for the full year 2022. However, compared to the 10-Q for Q3-2022, it appears that $428 million of the interest expense on deposits was incurred in Q4. Annualized and computed on a year-end deposit of $176.4 billion, it appears that interest expense was running at about 1%. Assuming $90 billion of deposit drawdown we arrive at a drop in interest expense of approx. $0.9 billion.Assuming a worst case $90 billion deposit drawdown and a $77.2 billion asset sale, FRC would need to cover about $20 billion using Fed or FHLB borrowing at a cost of approx. 5%.Based on these assumptions, here is our estimate of the impact to pre-tax income:Author's estimate based on data from FRC 2022 10-KIn addition, the cancellation of dividend on common stock (although does not impact P&L), but will improve cash flow by another approx. $190 million (based on 2022 10-K). Adding back stock-based compensation expense and depreciation (total approx. $400 million in 2022) could make FRC cash flow positive even with a reduced balance sheet.If the more expensive borrowing from the Fed discount window can be eliminated over the next 12-18 months, with a combination of deposit increases, loan roll-off at the rate of $1-2 billion per quarter and cost controls, there is a clear path to pre-tax income in the range of $0.7 billion to $1 billion.Impact on Tier 1 Leverage RatioThe Tier 1 capital leverage ratio at the end of 2022 was 8.51% based on a Tier 1 capital of $17.6 billion and average assets of $206 billion (as reported in 2022 10-K). Assuming a reduction of $77 billion of assets and a Dec 2022 asset base of $212 billion, the new asset base would be ~$135 billion.Estimate of the impact on Tier 1 leverage ratio under these assumptions and based on redemption of senior notes on Feb 12, 2023:Author's estimate based on data from FRC 2022 10-K, 8-K (Feb 13)The new Tier 1 capital after adjustment for the redemption of senior notes (in Feb 2023) and the estimated loss on the sale of assets, would be about $10.5 billion. The new Tier 1 leverage ratio comes to around 7.8%, which is still considered well capitalized under regulatory standards.Impact on Tangible Book Value and Common EquityFRC reported total equity of $17.4 billion at the end of 2022 and reducing the preferred equity, the common equity was $13.8 billion and a tangible book value of $13.6 billion. After adjusting for the redemption of senior notes and the assumed loss on sale of assets, we arrive at an equity of $9.3 billion, common equity of $5.7 billion and a tangible book value of $5.5 billion.Estimate of the impact on common equity and tangible book value under these assumptions:Author's estimate based on data from FRC 2022 10-K, 8-K (Feb 13)Using outstanding common shares of 183.2 million at the end of 2022 (from 10-K) and 186.2 million now (increased due to stock offering on Feb 8 comprising of 2.5 million shares and greenshoe option), we compute that the tangible book value would drop from $74.2 to approx. $30 per share.The Path ForwardThere are a limited number of options that can help First Republic make this transition into the new normal. Let's explore some of these and also the ones that are most likely to succeed.An outright acquisition is not likely because the mark-to-market losses on the loan portfolio would leave a large unfilled gap in the balance sheet.A share capital increase using a public / private offering also seems unlikely because of the depressed share price and significant dilution that would be required.The option that we have discussed so far (and which seems most likely) is selling assets with the least amount of unrealized losses and covering the remaining shortfall through Fed and FHLB borrowing - and such borrowing, in our opinion, can be brought down in the next 12-18 months using a combination of deposit increases, loan roll-offs and cost cutting.In combination with the above, FRC can sell convertible bonds that are more favorable to the cash flow in the immediate term but have a sweetener in the end (e.g.: a zero-coupon convertible bond at an attractive conversion price).Another option would be to sell off a portion of the business such as the Investment and Wealth Management business which could raise enough capital and shore up the balance sheet.The path forward for FRC is not without its risks:We assume that FRC is able to sell the assets at close to fair market value. It is possible that some of these assets may have to be sold at a discount to fair market value. Since most of the asset to be sold would likely comprise of tradable debt securities or high quality loans, it is likely that they can be sold at close to fair value.It is possible that the deposit outflow is greater than that projected in this scenario, in which case, the cuts required could be deeper and would threaten the viability of this approach.ConclusionWith the Fed's Bank Term Funding Program, it is unlikely that banks like First Republic would go into receivership in a hurry, since the borrowing allows them time to align their balance sheet. The path is not easy, but is nonetheless very real. With a high power advisory team from JPMorgan (JPM), Lazard (LAZ) and McKinsey helping them, it is our opinion that First Republic would be able to come out of this as a strong (albeit smaller) regional bank but the transition to the new normal would be painful in the next 12-18 months.This article is written by The Ten-Q Analysis for reference only. Please note the risks.","news_type":1},"isVote":1,"tweetType":1,"viewCount":244,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9948954422,"gmtCreate":1680619694766,"gmtModify":1680619698448,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9948954422","repostId":"9943960936","repostType":1,"repost":{"id":9943960936,"gmtCreate":1679046534725,"gmtModify":1680580626622,"author":{"id":"3527667667103859","authorId":"3527667667103859","name":"TigerEvents","avatar":"https://community-static.tradeup.com/news/61ed9b39c6cbcdce6372edc1c0b48a2d","crmLevel":1,"crmLevelSwitch":0},"themes":[],"title":"【Game】Easter Egg Hunting with Tiger, Win Disney Shares and USD 120 Voucher","htmlText":"🐰🌷 Hop into the Easter spirit and join our \"Tiger's Egg Hunting\" game! 🎉Stand to win free Disney stocks and a USD 120 cash voucher!🎁🌟Our interactive Easter game is open to Tigers, and it's so easy to play! 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Let's fly to the moon together!Don't miss out on this egg-citing opportunity to win BIG! Join the game now and hop on your way to victory. 🥳🐣<a href=\"https://www.tigerbrokers.com.sg/activity/market/2023/easter/?adcode=20230316162207#/\" target=\"_blank\">Join our Easter campaign now</a>","text":"🐰🌷 Hop into the Easter spirit and join our \"Tiger's Egg Hunting\" game! 🎉Stand to win free Disney stocks and a USD 120 cash voucher!🎁🌟Our interactive Easter game is open to Tigers, and it's so easy to play! Simply jump and catch the egg, and you could be a lucky winner. 🐇That's not all. You can also invite your friends to join in the fun to earn more points. Plus, you can challenge your friends for a race up the leaderboard. Let's fly to the moon together!Don't miss out on this egg-citing opportunity to win BIG! Join the game now and hop on your way to victory. 🥳🐣Join our Easter campaign now","images":[{"img":"https://community-static.tradeup.com/news/c90a7371a3bcd1e6c552d2aa23f72c33","width":"1200","height":"630"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943960936","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":354,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9948954114,"gmtCreate":1680619673238,"gmtModify":1680619676842,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Looks like a good game","listText":"Looks like a good game","text":"Looks like a good game","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":1,"link":"https://ttm.financial/post/9948954114","isVote":1,"tweetType":1,"viewCount":369,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9941552538,"gmtCreate":1680486667325,"gmtModify":1680486670640,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9941552538","repostId":"1172772094","repostType":2,"repost":{"id":"1172772094","pubTimestamp":1680486235,"share":"https://www.laohu8.com/m/news/1172772094?lang=&edition=full","pubTime":"2023-04-03 09:43","market":"sg","language":"en","title":"Singapore Shares Rise at Monday’s Open, Tracking Global Rally; STI up 0.6%","url":"https://stock-news.laohu8.com/highlight/detail?id=1172772094","media":"The Business Times","summary":"SINGAPORE stocks started the week higher, extending gains from last week, when markets in the United","content":"<div>\n<p>SINGAPORE stocks started the week higher, extending gains from last week, when markets in the United States and Europe ended on a positive note.In Singapore, the Straits Times Index rose 0.6 per cent ...</p>\n\n<a href=\"https://www.businesstimes.com.sg/companies-markets/singapore-shares-rise-mondays-open-tracking-global-rally-sti-06\">Web Link</a>\n\n</div>\n","source":"lsy1607307803821","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Singapore Shares Rise at Monday’s Open, Tracking Global Rally; STI up 0.6%</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\">\nSingapore Shares Rise at Monday’s Open, Tracking Global Rally; STI up 0.6%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-04-03 09:43 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.businesstimes.com.sg/companies-markets/singapore-shares-rise-mondays-open-tracking-global-rally-sti-06><strong>The Business Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SINGAPORE stocks started the week higher, extending gains from last week, when markets in the United States and Europe ended on a positive note.In Singapore, the Straits Times Index rose 0.6 per cent ...</p>\n\n<a href=\"https://www.businesstimes.com.sg/companies-markets/singapore-shares-rise-mondays-open-tracking-global-rally-sti-06\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"STI.SI":"富时新加坡海峡指数"},"source_url":"https://www.businesstimes.com.sg/companies-markets/singapore-shares-rise-mondays-open-tracking-global-rally-sti-06","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172772094","content_text":"SINGAPORE stocks started the week higher, extending gains from last week, when markets in the United States and Europe ended on a positive note.In Singapore, the Straits Times Index rose 0.6 per cent or 20.38 points to 3,279.28 as at 9.01 am on Monday (Apr 3). Across the broader market, gainers outnumbered losers 93 to 30, or about three securities up for every one down, after 79.1 million securities worth S$77.8 million changed hands.The most active counter by volume was Sembcorp Marine, which climbed 3.4 per cent or S$0.004 to S$0.123, with 44 million shares changing hands. The rig builder’s shares rose as much as 4.3 per cent on Friday after it said it secured six billion euros in contracts. On Monday, however, the group gave notice that it continued to post three consecutive years of losses.Other heavily traded securities included Genting Singapore : G13 +1.79%, which was up 2.7 per cent or S$0.03 to S$1.15, with 11.8 million shares traded, as well as Dyna-Mac : NO4 +5%, which was trading 5 per cent or S$0.01 higher at S$0.21, with 6.4 million shares traded.Banking stocks rose in early morning trade. DBS : D05 -0.15% was trading 0.5 per cent or S$0.15 higher at S$33.15, UOB : U11 -0.94% was up 0.3 per cent or S$0.09 to S$29.85, while OCBC : O39 +0.16% gained 0.7 per cent or S$0.08 to S$12.45.Other active index counters included CapitaLand Integrated Commercial Trust : C38U +1.01%, which was up 1 per cent or S$0.02 to S$2, and Keppel Corporation : BN4 +1.07%, which advanced 1.6 per cent or S$0.09 to S$5.72.","news_type":1},"isVote":1,"tweetType":1,"viewCount":272,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957178458,"gmtCreate":1677123682474,"gmtModify":1677123685782,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/HST.SI\">$Lion-OCBC Sec HSTECH S$(HST.SI)$&nbsp;</a>When will it recover?","listText":"<a href=\"https://ttm.financial/S/HST.SI\">$Lion-OCBC Sec HSTECH S$(HST.SI)$&nbsp;</a>When will it recover?","text":"$Lion-OCBC Sec HSTECH S$(HST.SI)$ When will it recover?","images":[{"img":"https://community-static.tradeup.com/news/720d6a50ff075c30054bb3a12a27beac","width":"1284","height":"2538"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":33,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/9957178458","isVote":1,"tweetType":1,"viewCount":917,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9954310384,"gmtCreate":1675993257649,"gmtModify":1675993261203,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9954310384","repostId":"9954337715","repostType":1,"repost":{"id":9954337715,"gmtCreate":1675993022938,"gmtModify":1675993026466,"author":{"id":"4113824102564902","authorId":"4113824102564902","name":"Lionel8383","avatar":"https://community-static.tradeup.com/news/816b168172cfedf6cec338c52322f186","crmLevel":2,"crmLevelSwitch":1},"themes":[],"htmlText":"Starting to work my way out of this position. Hitting resistance and it is due a retrace, possibly 50% to 61.8%.&nbsp;<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a>","listText":"Starting to work my way out of this position. Hitting resistance and it is due a retrace, possibly 50% to 61.8%.&nbsp;<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a>","text":"Starting to work my way out of this position. Hitting resistance and it is due a retrace, possibly 50% to 61.8%. $Tesla Motors(TSLA)$","images":[{"img":"https://community-static.tradeup.com/news/58a6d286aa1d1608d3a73ca88912f303","width":"1170","height":"2292"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9954337715","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":212,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9953108107,"gmtCreate":1673179913809,"gmtModify":1676538795524,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Okay","listText":"Okay","text":"Okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9953108107","repostId":"9953376981","repostType":1,"repost":{"id":9953376981,"gmtCreate":1673177696943,"gmtModify":1676538795227,"author":{"id":"4116466528191252","authorId":"4116466528191252","name":"Shanosky","avatar":"https://community-static.tradeup.com/news/c9fbff1e74dce6aa3fde7f7022ef6211","crmLevel":1,"crmLevelSwitch":0},"themes":[],"title":"Recessions Are Here To Stay. We Better Get Used To Living In Them.","htmlText":"Welcome to the new normal.Photo by Jason Pofahl on UnsplashA friend of mine recently said that if we re-termed “recession” as “fiscal cooling” people would panic a whole lot less. I think it’s time for that rebranding, then, because recessions are coming. Yes, plural. And they’ll be with us for a while.There are a lot of large, societal items that are going to make living in the next 100 years&nbsp;significantly&nbsp;different than the experience of the last 100. Changes to climate, changes to the labor force, changes to societal norms, etc. My bet? Increased or near-constant recessions will be a part of that, at least if we continue to define them the way we do now.But to my friend’s point, does it even matter? We’ve (in the U.S.) had recessionary environments for about four of the last 2","listText":"Welcome to the new normal.Photo by Jason Pofahl on UnsplashA friend of mine recently said that if we re-termed “recession” as “fiscal cooling” people would panic a whole lot less. I think it’s time for that rebranding, then, because recessions are coming. Yes, plural. And they’ll be with us for a while.There are a lot of large, societal items that are going to make living in the next 100 years&nbsp;significantly&nbsp;different than the experience of the last 100. Changes to climate, changes to the labor force, changes to societal norms, etc. My bet? Increased or near-constant recessions will be a part of that, at least if we continue to define them the way we do now.But to my friend’s point, does it even matter? We’ve (in the U.S.) had recessionary environments for about four of the last 2","text":"Welcome to the new normal.Photo by Jason Pofahl on UnsplashA friend of mine recently said that if we re-termed “recession” as “fiscal cooling” people would panic a whole lot less. I think it’s time for that rebranding, then, because recessions are coming. Yes, plural. And they’ll be with us for a while.There are a lot of large, societal items that are going to make living in the next 100 years significantly different than the experience of the last 100. Changes to climate, changes to the labor force, changes to societal norms, etc. My bet? Increased or near-constant recessions will be a part of that, at least if we continue to define them the way we do now.But to my friend’s point, does it even matter? We’ve (in the U.S.) had recessionary environments for about four of the last 2","images":[{"img":"https://community-static.tradeup.com/news/1060a782a4c1e1a5de72ba172cebe051","width":"720","height":"480"},{"img":"https://community-static.tradeup.com/news/50c199ba69fbbbc6a0f41fc972f72144","width":"-1","height":"-1"},{"img":"https://community-static.tradeup.com/news/cd5e0ecc8f2a08bb971ec332f60194a1","width":"-1","height":"-1"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9953376981","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":4,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":211,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9924191594,"gmtCreate":1672193005518,"gmtModify":1676538649776,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Okay","listText":"Okay","text":"Okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9924191594","repostId":"9924101440","repostType":1,"repost":{"id":9924101440,"gmtCreate":1672191647881,"gmtModify":1676538649436,"author":{"id":"4091108376154240","authorId":"4091108376154240","name":"Mrzorro","avatar":"https://static.tigerbbs.com/0aa7353d86c04413c1e18867403db3bd","crmLevel":2,"crmLevelSwitch":1},"themes":[],"htmlText":"Apple Stock Slumps Toward Lowest Close in 18 Months, Worst Yearly Performance Since 2008 <a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;slumped 1.7% in afternoon trading, enough to pace the <a href=\"https://ttm.financial/S/.DJI\">$DJIA(.DJI)$&nbsp;</a><v-v data-views=\"0\"></v-v>s decliners as they flirted with their first sub-$130 close in 18 months. The stock was headed for a new closing low for the year, below the previous low of $130.06 on June 16, 2022, and the lowest close since June 15, 2021. Apple's stock has tumbled 12.4% in December, putting it on track for the weakest monthly performance since it shed 12.8% in May 2019, and the first December drop since 2018. It has also slumped 27.0% in 2022, which would mark the worst yearly perform","listText":"Apple Stock Slumps Toward Lowest Close in 18 Months, Worst Yearly Performance Since 2008 <a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;slumped 1.7% in afternoon trading, enough to pace the <a href=\"https://ttm.financial/S/.DJI\">$DJIA(.DJI)$&nbsp;</a><v-v data-views=\"0\"></v-v>s decliners as they flirted with their first sub-$130 close in 18 months. The stock was headed for a new closing low for the year, below the previous low of $130.06 on June 16, 2022, and the lowest close since June 15, 2021. Apple's stock has tumbled 12.4% in December, putting it on track for the weakest monthly performance since it shed 12.8% in May 2019, and the first December drop since 2018. It has also slumped 27.0% in 2022, which would mark the worst yearly perform","text":"Apple Stock Slumps Toward Lowest Close in 18 Months, Worst Yearly Performance Since 2008 $Apple(AAPL)$ slumped 1.7% in afternoon trading, enough to pace the $DJIA(.DJI)$ s decliners as they flirted with their first sub-$130 close in 18 months. The stock was headed for a new closing low for the year, below the previous low of $130.06 on June 16, 2022, and the lowest close since June 15, 2021. Apple's stock has tumbled 12.4% in December, putting it on track for the weakest monthly performance since it shed 12.8% in May 2019, and the first December drop since 2018. It has also slumped 27.0% in 2022, which would mark the worst yearly perform","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9924101440","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9925760932,"gmtCreate":1672110354827,"gmtModify":1676538635773,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/HST.SI\">$Lion-OCBC Sec HSTECH S$(HST.SI)$&nbsp;</a>Hope it goes up soon....","listText":"<a href=\"https://ttm.financial/S/HST.SI\">$Lion-OCBC Sec HSTECH S$(HST.SI)$&nbsp;</a>Hope it goes up soon....","text":"$Lion-OCBC Sec HSTECH S$(HST.SI)$ Hope it goes up soon....","images":[{"img":"https://community-static.tradeup.com/news/8e89047ec77695f0bcd68fbd948f1825","width":"1284","height":"2538"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9925760932","isVote":1,"tweetType":1,"viewCount":352,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9925808924,"gmtCreate":1671977655369,"gmtModify":1676538617169,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9925808924","isVote":1,"tweetType":1,"viewCount":189,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9922772857,"gmtCreate":1671854822179,"gmtModify":1676538604156,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Okay","listText":"Okay","text":"Okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9922772857","isVote":1,"tweetType":1,"viewCount":327,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9922628810,"gmtCreate":1671759711430,"gmtModify":1676538588482,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Okay","listText":"Okay","text":"Okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9922628810","isVote":1,"tweetType":1,"viewCount":381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9922989615,"gmtCreate":1671671274538,"gmtModify":1676538573121,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Great game","listText":"Great game","text":"Great game","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9922989615","isVote":1,"tweetType":1,"viewCount":257,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9926827602,"gmtCreate":1671515514706,"gmtModify":1676538549075,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Okay","listText":"Okay","text":"Okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9926827602","repostId":"9926822456","repostType":1,"repost":{"id":9926822456,"gmtCreate":1671514511076,"gmtModify":1676538548983,"author":{"id":"4087121953774080","authorId":"4087121953774080","name":"Moonlight23","avatar":"https://static.tigerbbs.com/28d87d8f2ae0fbc1eb42fa63744b7b78","crmLevel":2,"crmLevelSwitch":1},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a>would be a good buy for a short term trade, especially if Musk's Twitter exit plays out, and he returns to govern TSLA and soothe investors worries. Might want to be cautious in view of 2023 headwinds though, especially with liquidity drying out.&nbsp; Recommend to DCA slowly ivo recession fears and a tightening monetary policy. Tesla still has a wide moat in terms of the electric auto industry, so it is still a good buy. That being said, the Chinese carmakers are catching up in terms of technology, and might be able to mass produce for the wider market at a cheaper price, adding on to the competition for the electric automobile industry market share.","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a>would be a good buy for a short term trade, especially if Musk's Twitter exit plays out, and he returns to govern TSLA and soothe investors worries. Might want to be cautious in view of 2023 headwinds though, especially with liquidity drying out.&nbsp; Recommend to DCA slowly ivo recession fears and a tightening monetary policy. Tesla still has a wide moat in terms of the electric auto industry, so it is still a good buy. That being said, the Chinese carmakers are catching up in terms of technology, and might be able to mass produce for the wider market at a cheaper price, adding on to the competition for the electric automobile industry market share.","text":"$Tesla Motors(TSLA)$ would be a good buy for a short term trade, especially if Musk's Twitter exit plays out, and he returns to govern TSLA and soothe investors worries. Might want to be cautious in view of 2023 headwinds though, especially with liquidity drying out. Recommend to DCA slowly ivo recession fears and a tightening monetary policy. Tesla still has a wide moat in terms of the electric auto industry, so it is still a good buy. That being said, the Chinese carmakers are catching up in terms of technology, and might be able to mass produce for the wider market at a cheaper price, adding on to the competition for the electric automobile industry market share.","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9926822456","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":272,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9926380549,"gmtCreate":1671465664481,"gmtModify":1676538541209,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9926380549","isVote":1,"tweetType":1,"viewCount":140,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9926933521,"gmtCreate":1671440176464,"gmtModify":1676538536632,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9926933521","isVote":1,"tweetType":1,"viewCount":184,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9926933224,"gmtCreate":1671440158169,"gmtModify":1676538536632,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Nice game&nbsp;","listText":"Nice game&nbsp;","text":"Nice game","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9926933224","isVote":1,"tweetType":1,"viewCount":220,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9928874174,"gmtCreate":1671248726399,"gmtModify":1676538515607,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Nice game","listText":"Nice game","text":"Nice game","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9928874174","isVote":1,"tweetType":1,"viewCount":77,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9040630771,"gmtCreate":1655652604693,"gmtModify":1676535678304,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/CFA.SI\">$NikkoAM-STC Asia REIT(CFA.SI)$</a>😢😢😢 not sure if it will still be up with the Fed increasing rates...","listText":"<a href=\"https://ttm.financial/S/CFA.SI\">$NikkoAM-STC Asia REIT(CFA.SI)$</a>😢😢😢 not sure if it will still be up with the Fed increasing rates...","text":"$NikkoAM-STC Asia REIT(CFA.SI)$😢😢😢 not sure if it will still be up with the Fed increasing rates...","images":[{"img":"https://community-static.tradeup.com/news/40a842c618187faac5cde4925d5f8a80","width":"1284","height":"2538"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":34,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9040630771","isVote":1,"tweetType":1,"viewCount":703,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9957178458,"gmtCreate":1677123682474,"gmtModify":1677123685782,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/HST.SI\">$Lion-OCBC Sec HSTECH S$(HST.SI)$&nbsp;</a>When will it recover?","listText":"<a href=\"https://ttm.financial/S/HST.SI\">$Lion-OCBC Sec HSTECH S$(HST.SI)$&nbsp;</a>When will it recover?","text":"$Lion-OCBC Sec HSTECH S$(HST.SI)$ When will it recover?","images":[{"img":"https://community-static.tradeup.com/news/720d6a50ff075c30054bb3a12a27beac","width":"1284","height":"2538"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":33,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/9957178458","isVote":1,"tweetType":1,"viewCount":917,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9931720032,"gmtCreate":1662512872227,"gmtModify":1676537076826,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Tiger is more user friendly than other brokers. It also has an attractive rewarda program. But recentlyit implemented a maintenance&nbsp;fee for users who donot trade... Not sure if it's worth it to pay so much to acquire users and remove them for a few $. I think it's bad&nbsp;publicity and user experience. Hope they reverse it soon.&nbsp;","listText":"Tiger is more user friendly than other brokers. It also has an attractive rewarda program. But recentlyit implemented a maintenance&nbsp;fee for users who donot trade... Not sure if it's worth it to pay so much to acquire users and remove them for a few $. I think it's bad&nbsp;publicity and user experience. Hope they reverse it soon.&nbsp;","text":"Tiger is more user friendly than other brokers. It also has an attractive rewarda program. But recentlyit implemented a maintenance fee for users who donot trade... Not sure if it's worth it to pay so much to acquire users and remove them for a few $. I think it's bad publicity and user experience. Hope they reverse it soon.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":13,"repostSize":0,"link":"https://ttm.financial/post/9931720032","isVote":1,"tweetType":1,"viewCount":567,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3527667588142897","authorId":"3527667588142897","name":"TigerPM","avatar":"https://static.tigerbbs.com/a6704bebf28358e0d9c638e765403bd0","crmLevel":1,"crmLevelSwitch":0},"content":"Hi J0J0, thanks for your feedback, we will consider your suggestion and see if we can incorporate it into","text":"Hi J0J0, thanks for your feedback, we will consider your suggestion and see if we can incorporate it into","html":"Hi J0J0, thanks for your feedback, we will consider your suggestion and see if we can incorporate it into"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9965875452,"gmtCreate":1669940260576,"gmtModify":1676538273494,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Oops","listText":"Oops","text":"Oops","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":14,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/9965875452","repostId":"2288985598","repostType":4,"repost":{"id":"2288985598","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1669935750,"share":"https://www.laohu8.com/m/news/2288985598?lang=&edition=full","pubTime":"2022-12-02 07:02","market":"us","language":"en","title":"US STOCKS-Wall Street Ends Mixed; Salesforce Selloff Pressures Dow","url":"https://stock-news.laohu8.com/highlight/detail?id=2288985598","media":"Reuters","summary":"Salesforce drops on co-CEO exit planDollar General falls on slashing annual profit viewU.S. manufact","content":"<html><head></head><body><ul><li>Salesforce drops on co-CEO exit plan</li><li>Dollar General falls on slashing annual profit view</li><li>U.S. manufacturing shrinks for first time in 2-1/2 years in Nov</li></ul><p><img src=\"https://static.tigerbbs.com/e7238b54d469f0f4aff99a01c5ac690f\" tg-width=\"1080\" tg-height=\"1920\" width=\"100%\" height=\"auto\"/></p><p>Dec 1 (Reuters) - Wall Street ended mixed on Thursday as a selloff in Salesforce weighed on the Dow, while traders digested U.S. data that suggested the Federal Reserve&#39;s interest rate hikes are working.</p><p>On Wednesday, the S&amp;P 500 surged over 3% on optimism the Fed might moderate its campaign of interest rate hikes.</p><p>U.S. manufacturing activity shrank in November for the first time in 2-1/2 years as higher borrowing costs weighed on demand for goods, data showed, evidence the Fed&#39;s rate hikes have cooled the economy.</p><p>The personal consumption expenditures (PCE) price index rose 0.3%, the same as in September, and over the 12 months through October the index increased 6.0% after advancing 6.3% the prior month.</p><p>Excluding the volatile food and energy components, the PCE price index rose 0.2%, one-tenth less than expected, after gaining 0.5% in September.</p><p>&#34;On a normal day, the package of data this morning would be pretty risk-on, but after the rally yesterday, I think it&#39;s not quite good enough to push another leg higher,&#34; said Ross Mayfield, an investment strategy analyst at Baird.</p><p>Wednesday&#39;s rally drove the S&amp;P 500 index above its 200-day moving average for the first time since April after Fed Chair Jerome Powell said it was time to slow the pace of interest rate hikes.</p><p>Traders now see a 79% chance the Fed will increase its key benchmark rate by 50 basis points in December and a 21% chance it will hike rates by 75 basis points.</p><p>Salesforce Inc tumbled after the software maker said Bret Taylor would step down as co-chief executive officer in January.</p><p>Dollar General Corp fell after the discount retailer cut its annual profit forecast, while Costco Wholesale Corp dropped after the membership-only retail chain reported slower sales growth in November.</p><p>According to preliminary data, the S&amp;P 500 lost 2.31 points, or 0.06%, to end at 4,077.80 points, while the Nasdaq Composite gained 15.22 points, or 0.13%, to 11,483.21. The Dow Jones Industrial Average fell 193.24 points, or 0.56%, to 34,397.42.</p><p>A report from the Labor Department on Thursday showed initial claims for state unemployment benefits dropped 16,000 to a seasonally adjusted 225,000 for the week ended Nov. 26.</p><p>Investors now await nonfarm payrolls data on Friday for clues about how rate hikes have affected the labor market.</p><p>With a month left in 2022, the S&amp;P 500 is down about 14% year to date, and the Nasdaq has lost about 27%. (Reporting by Ankika Biswas and Shreyashi Sanyal in Bengaluru, and by Noel Randewich in Oakland, Calif.; Editing by Shounak Dasgupta and David Gregorio)</p></body></html>","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>US STOCKS-Wall Street Ends Mixed; Salesforce Selloff Pressures Dow</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\">\nUS STOCKS-Wall Street Ends Mixed; Salesforce Selloff Pressures Dow\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-12-02 07:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><ul><li>Salesforce drops on co-CEO exit plan</li><li>Dollar General falls on slashing annual profit view</li><li>U.S. manufacturing shrinks for first time in 2-1/2 years in Nov</li></ul><p><img src=\"https://static.tigerbbs.com/e7238b54d469f0f4aff99a01c5ac690f\" tg-width=\"1080\" tg-height=\"1920\" width=\"100%\" height=\"auto\"/></p><p>Dec 1 (Reuters) - Wall Street ended mixed on Thursday as a selloff in Salesforce weighed on the Dow, while traders digested U.S. data that suggested the Federal Reserve&#39;s interest rate hikes are working.</p><p>On Wednesday, the S&amp;P 500 surged over 3% on optimism the Fed might moderate its campaign of interest rate hikes.</p><p>U.S. manufacturing activity shrank in November for the first time in 2-1/2 years as higher borrowing costs weighed on demand for goods, data showed, evidence the Fed&#39;s rate hikes have cooled the economy.</p><p>The personal consumption expenditures (PCE) price index rose 0.3%, the same as in September, and over the 12 months through October the index increased 6.0% after advancing 6.3% the prior month.</p><p>Excluding the volatile food and energy components, the PCE price index rose 0.2%, one-tenth less than expected, after gaining 0.5% in September.</p><p>&#34;On a normal day, the package of data this morning would be pretty risk-on, but after the rally yesterday, I think it&#39;s not quite good enough to push another leg higher,&#34; said Ross Mayfield, an investment strategy analyst at Baird.</p><p>Wednesday&#39;s rally drove the S&amp;P 500 index above its 200-day moving average for the first time since April after Fed Chair Jerome Powell said it was time to slow the pace of interest rate hikes.</p><p>Traders now see a 79% chance the Fed will increase its key benchmark rate by 50 basis points in December and a 21% chance it will hike rates by 75 basis points.</p><p>Salesforce Inc tumbled after the software maker said Bret Taylor would step down as co-chief executive officer in January.</p><p>Dollar General Corp fell after the discount retailer cut its annual profit forecast, while Costco Wholesale Corp dropped after the membership-only retail chain reported slower sales growth in November.</p><p>According to preliminary data, the S&amp;P 500 lost 2.31 points, or 0.06%, to end at 4,077.80 points, while the Nasdaq Composite gained 15.22 points, or 0.13%, to 11,483.21. The Dow Jones Industrial Average fell 193.24 points, or 0.56%, to 34,397.42.</p><p>A report from the Labor Department on Thursday showed initial claims for state unemployment benefits dropped 16,000 to a seasonally adjusted 225,000 for the week ended Nov. 26.</p><p>Investors now await nonfarm payrolls data on Friday for clues about how rate hikes have affected the labor market.</p><p>With a month left in 2022, the S&amp;P 500 is down about 14% year to date, and the Nasdaq has lost about 27%. (Reporting by Ankika Biswas and Shreyashi Sanyal in Bengaluru, and by Noel Randewich in Oakland, Calif.; Editing by Shounak Dasgupta and David Gregorio)</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2288985598","content_text":"Salesforce drops on co-CEO exit planDollar General falls on slashing annual profit viewU.S. manufacturing shrinks for first time in 2-1/2 years in NovDec 1 (Reuters) - Wall Street ended mixed on Thursday as a selloff in Salesforce weighed on the Dow, while traders digested U.S. data that suggested the Federal Reserve's interest rate hikes are working.On Wednesday, the S&P 500 surged over 3% on optimism the Fed might moderate its campaign of interest rate hikes.U.S. manufacturing activity shrank in November for the first time in 2-1/2 years as higher borrowing costs weighed on demand for goods, data showed, evidence the Fed's rate hikes have cooled the economy.The personal consumption expenditures (PCE) price index rose 0.3%, the same as in September, and over the 12 months through October the index increased 6.0% after advancing 6.3% the prior month.Excluding the volatile food and energy components, the PCE price index rose 0.2%, one-tenth less than expected, after gaining 0.5% in September.\"On a normal day, the package of data this morning would be pretty risk-on, but after the rally yesterday, I think it's not quite good enough to push another leg higher,\" said Ross Mayfield, an investment strategy analyst at Baird.Wednesday's rally drove the S&P 500 index above its 200-day moving average for the first time since April after Fed Chair Jerome Powell said it was time to slow the pace of interest rate hikes.Traders now see a 79% chance the Fed will increase its key benchmark rate by 50 basis points in December and a 21% chance it will hike rates by 75 basis points.Salesforce Inc tumbled after the software maker said Bret Taylor would step down as co-chief executive officer in January.Dollar General Corp fell after the discount retailer cut its annual profit forecast, while Costco Wholesale Corp dropped after the membership-only retail chain reported slower sales growth in November.According to preliminary data, the S&P 500 lost 2.31 points, or 0.06%, to end at 4,077.80 points, while the Nasdaq Composite gained 15.22 points, or 0.13%, to 11,483.21. The Dow Jones Industrial Average fell 193.24 points, or 0.56%, to 34,397.42.A report from the Labor Department on Thursday showed initial claims for state unemployment benefits dropped 16,000 to a seasonally adjusted 225,000 for the week ended Nov. 26.Investors now await nonfarm payrolls data on Friday for clues about how rate hikes have affected the labor market.With a month left in 2022, the S&P 500 is down about 14% year to date, and the Nasdaq has lost about 27%. (Reporting by Ankika Biswas and Shreyashi Sanyal in Bengaluru, and by Noel Randewich in Oakland, Calif.; Editing by Shounak Dasgupta and David Gregorio)","news_type":1},"isVote":1,"tweetType":1,"viewCount":29,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9049977269,"gmtCreate":1655743620051,"gmtModify":1676535696414,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/CFA.SI\">$NikkoAM-STC Asia REIT(CFA.SI)$</a>😢😢😢 Wonder if it will go up","listText":"<a href=\"https://ttm.financial/S/CFA.SI\">$NikkoAM-STC Asia REIT(CFA.SI)$</a>😢😢😢 Wonder if it will go up","text":"$NikkoAM-STC Asia REIT(CFA.SI)$😢😢😢 Wonder if it will go up","images":[{"img":"https://community-static.tradeup.com/news/7026f8732ce921e8a9941eb387b54e33","width":"1284","height":"2538"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":1,"link":"https://ttm.financial/post/9049977269","isVote":1,"tweetType":1,"viewCount":51,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9050332507,"gmtCreate":1654131318709,"gmtModify":1676535399869,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Like pls&nbsp;","listText":"Like pls&nbsp;","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9050332507","repostId":"2240447767","repostType":4,"repost":{"id":"2240447767","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1654125021,"share":"https://www.laohu8.com/m/news/2240447767?lang=&edition=full","pubTime":"2022-06-02 07:10","market":"us","language":"en","title":"US STOCKS-Wall Street Ends Lower As Economic Data Fails to Ease Rate Hike Angst","url":"https://stock-news.laohu8.com/highlight/detail?id=2240447767","media":"Reuters","summary":"Wall Street closed lower on Wednesday as investors bet that the latest economic data would do nothin","content":"<html><head></head><body><p>Wall Street closed lower on Wednesday as investors bet that the latest economic data would do nothing to push the Federal Reserve off track from its aggressive interest rate hiking cycle aimed at taming run-away inflation.</p><p>Data showed that while U.S. job openings fell in April, they remained at high levels, suggesting continued wage contributing to uncomfortably high inflation as companies scramble for workers. Also U.S. manufacturing activity picked up pace faster than expected in May as demand for goods remained strong, easing concerns about an imminent recession.</p><p>Along with the data, investors were also monitoring public comments from several Fed officials on Wednesday. And a Fed report showed the economy in most U.S. regions expanding at a modest or moderate pace from April through late May with signs the Fed&#39;s efforts to cool demand were being felt.</p><p>But strategists said they expect the market to trade roughly sideways until inflation slows to the extent that investors could realistically bet on a pause in rate hikes.</p><p>&#34;Unless and until we get the sustained move lower in inflation, we can&#39;t put that notion of a pause on the table,&#34; said Mona Mahajan, senior investment strategist at Edward Jones, who will closely monitor the May jobs report due out Friday and inflation readings due next week.</p><p>Investors have been watching economic data closely for clues as to what it might mean for interest rates.</p><p>&#34;There wasn&#39;t any information to be found in today&#39;s releases that&#39;s likely to lead the Federal Reserve to become any less aggressive or to tone down its hawkishness in its rate hike campaign,&#34; said Mark Luschini, chief investment strategist, Janney Montgomery Scott.</p><p>Also on Wednesday, San Francisco Fed President Mary Daly said she sees half-point interest rate hikes in the next couple of meetings as the central bank battles high inflation, lifting rates to 2.5% as quickly as possible. This was in line with comments from Fed Governor Christopher Waller on Monday.</p><p>Jamie Dimon, chief executive of JPMorgan Chase &amp; Co</p><p>, described the challenges facing the U.S. economy akin to an &#34;hurricane&#34; down the road and urged the Fed to take forceful measures to avoid tipping the world&#39;s biggest economy into a recession.</p><p>According to preliminary data, the S&amp;P 500 lost 31.06 points, or 0.75%, to end at 4,101.09 points, while the Nasdaq Composite lost 88.36 points, or 0.73%, to 11,993.03. The Dow Jones Industrial Average fell 179.00 points, or 0.54%, to 32,811.12.</p><p>Uncertainty about the Fed&#39;s policy move, the war in Ukraine, prolonged supply chain snarls due to COVID-19 lockdowns in China and higher Treasury yields have rocked stock markets, with the benchmark S&amp;P 500 index falling roughly 13% year-to-date.</p><p>Stocks may trade sideways until the market has more clarity on inflation, the consumer&#39;s ability to keep absorbing higher prices and resulting Fed actions, said Luschini at Janney Montgomery Scott.</p><p>&#34;There&#39;s nothing imminent, that seems likely to catalyze shedding all the worries that have driven the market down to the levels that we&#39;re at right now,&#34; he said.</p><p>The benchmark U.S. 10-year Treasury yield had climbed to 2.92%, its highest in two weeks.</p><p>Late in the session <a href=\"https://laohu8.com/S/FB\">Meta Platforms</a> tumbled sharply after Chief Operating Officer Sheryl Sandberg said in a Facebook post that she would be leaving the company.</p><p><a href=\"https://laohu8.com/S/CRM\">Salesforce</a>    jumped after the enterprise software firm raised its full-year adjusted profit outlook and said it did not see any material impact from the uncertain broader economic environment.</p><p><a href=\"https://laohu8.com/S/VCCTF\">Victoria</a>&#39;s Secret climbed after the lingerie brand topped first-quarter profit estimates as costs fell.</p></body></html>","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>US STOCKS-Wall Street Ends Lower As Economic Data Fails to Ease Rate Hike Angst</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS STOCKS-Wall Street Ends Lower As Economic Data Fails to Ease Rate Hike Angst\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-06-02 07:10</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Wall Street closed lower on Wednesday as investors bet that the latest economic data would do nothing to push the Federal Reserve off track from its aggressive interest rate hiking cycle aimed at taming run-away inflation.</p><p>Data showed that while U.S. job openings fell in April, they remained at high levels, suggesting continued wage contributing to uncomfortably high inflation as companies scramble for workers. Also U.S. manufacturing activity picked up pace faster than expected in May as demand for goods remained strong, easing concerns about an imminent recession.</p><p>Along with the data, investors were also monitoring public comments from several Fed officials on Wednesday. And a Fed report showed the economy in most U.S. regions expanding at a modest or moderate pace from April through late May with signs the Fed&#39;s efforts to cool demand were being felt.</p><p>But strategists said they expect the market to trade roughly sideways until inflation slows to the extent that investors could realistically bet on a pause in rate hikes.</p><p>&#34;Unless and until we get the sustained move lower in inflation, we can&#39;t put that notion of a pause on the table,&#34; said Mona Mahajan, senior investment strategist at Edward Jones, who will closely monitor the May jobs report due out Friday and inflation readings due next week.</p><p>Investors have been watching economic data closely for clues as to what it might mean for interest rates.</p><p>&#34;There wasn&#39;t any information to be found in today&#39;s releases that&#39;s likely to lead the Federal Reserve to become any less aggressive or to tone down its hawkishness in its rate hike campaign,&#34; said Mark Luschini, chief investment strategist, Janney Montgomery Scott.</p><p>Also on Wednesday, San Francisco Fed President Mary Daly said she sees half-point interest rate hikes in the next couple of meetings as the central bank battles high inflation, lifting rates to 2.5% as quickly as possible. This was in line with comments from Fed Governor Christopher Waller on Monday.</p><p>Jamie Dimon, chief executive of JPMorgan Chase &amp; Co</p><p>, described the challenges facing the U.S. economy akin to an &#34;hurricane&#34; down the road and urged the Fed to take forceful measures to avoid tipping the world&#39;s biggest economy into a recession.</p><p>According to preliminary data, the S&amp;P 500 lost 31.06 points, or 0.75%, to end at 4,101.09 points, while the Nasdaq Composite lost 88.36 points, or 0.73%, to 11,993.03. The Dow Jones Industrial Average fell 179.00 points, or 0.54%, to 32,811.12.</p><p>Uncertainty about the Fed&#39;s policy move, the war in Ukraine, prolonged supply chain snarls due to COVID-19 lockdowns in China and higher Treasury yields have rocked stock markets, with the benchmark S&amp;P 500 index falling roughly 13% year-to-date.</p><p>Stocks may trade sideways until the market has more clarity on inflation, the consumer&#39;s ability to keep absorbing higher prices and resulting Fed actions, said Luschini at Janney Montgomery Scott.</p><p>&#34;There&#39;s nothing imminent, that seems likely to catalyze shedding all the worries that have driven the market down to the levels that we&#39;re at right now,&#34; he said.</p><p>The benchmark U.S. 10-year Treasury yield had climbed to 2.92%, its highest in two weeks.</p><p>Late in the session <a href=\"https://laohu8.com/S/FB\">Meta Platforms</a> tumbled sharply after Chief Operating Officer Sheryl Sandberg said in a Facebook post that she would be leaving the company.</p><p><a href=\"https://laohu8.com/S/CRM\">Salesforce</a>    jumped after the enterprise software firm raised its full-year adjusted profit outlook and said it did not see any material impact from the uncertain broader economic environment.</p><p><a href=\"https://laohu8.com/S/VCCTF\">Victoria</a>&#39;s Secret climbed after the lingerie brand topped first-quarter profit estimates as costs fell.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2240447767","content_text":"Wall Street closed lower on Wednesday as investors bet that the latest economic data would do nothing to push the Federal Reserve off track from its aggressive interest rate hiking cycle aimed at taming run-away inflation.Data showed that while U.S. job openings fell in April, they remained at high levels, suggesting continued wage contributing to uncomfortably high inflation as companies scramble for workers. Also U.S. manufacturing activity picked up pace faster than expected in May as demand for goods remained strong, easing concerns about an imminent recession.Along with the data, investors were also monitoring public comments from several Fed officials on Wednesday. And a Fed report showed the economy in most U.S. regions expanding at a modest or moderate pace from April through late May with signs the Fed's efforts to cool demand were being felt.But strategists said they expect the market to trade roughly sideways until inflation slows to the extent that investors could realistically bet on a pause in rate hikes.\"Unless and until we get the sustained move lower in inflation, we can't put that notion of a pause on the table,\" said Mona Mahajan, senior investment strategist at Edward Jones, who will closely monitor the May jobs report due out Friday and inflation readings due next week.Investors have been watching economic data closely for clues as to what it might mean for interest rates.\"There wasn't any information to be found in today's releases that's likely to lead the Federal Reserve to become any less aggressive or to tone down its hawkishness in its rate hike campaign,\" said Mark Luschini, chief investment strategist, Janney Montgomery Scott.Also on Wednesday, San Francisco Fed President Mary Daly said she sees half-point interest rate hikes in the next couple of meetings as the central bank battles high inflation, lifting rates to 2.5% as quickly as possible. This was in line with comments from Fed Governor Christopher Waller on Monday.Jamie Dimon, chief executive of JPMorgan Chase & Co, described the challenges facing the U.S. economy akin to an \"hurricane\" down the road and urged the Fed to take forceful measures to avoid tipping the world's biggest economy into a recession.According to preliminary data, the S&P 500 lost 31.06 points, or 0.75%, to end at 4,101.09 points, while the Nasdaq Composite lost 88.36 points, or 0.73%, to 11,993.03. The Dow Jones Industrial Average fell 179.00 points, or 0.54%, to 32,811.12.Uncertainty about the Fed's policy move, the war in Ukraine, prolonged supply chain snarls due to COVID-19 lockdowns in China and higher Treasury yields have rocked stock markets, with the benchmark S&P 500 index falling roughly 13% year-to-date.Stocks may trade sideways until the market has more clarity on inflation, the consumer's ability to keep absorbing higher prices and resulting Fed actions, said Luschini at Janney Montgomery Scott.\"There's nothing imminent, that seems likely to catalyze shedding all the worries that have driven the market down to the levels that we're at right now,\" he said.The benchmark U.S. 10-year Treasury yield had climbed to 2.92%, its highest in two weeks.Late in the session Meta Platforms tumbled sharply after Chief Operating Officer Sheryl Sandberg said in a Facebook post that she would be leaving the company.Salesforce    jumped after the enterprise software firm raised its full-year adjusted profit outlook and said it did not see any material impact from the uncertain broader economic environment.Victoria's Secret climbed after the lingerie brand topped first-quarter profit estimates as costs fell.","news_type":1},"isVote":1,"tweetType":1,"viewCount":27,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9095787741,"gmtCreate":1644995086715,"gmtModify":1676533984562,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Hmmm","listText":"Hmmm","text":"Hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9095787741","repostId":"2211563955","repostType":4,"repost":{"id":"2211563955","pubTimestamp":1644969658,"share":"https://www.laohu8.com/m/news/2211563955?lang=&edition=full","pubTime":"2022-02-16 08:00","market":"us","language":"en","title":"3 Growth Stocks Down 20% to 77% to Buy Now","url":"https://stock-news.laohu8.com/highlight/detail?id=2211563955","media":"Motley Fool","summary":"Low prices could be a value trap, but these definitely spell opportunity.","content":"<html><head></head><body><p>It hasn&#39;t been a great year so far for growth stocks. After massive valuation spikes and general macroeconomic upheaval, investors have been shifting their money into value stocks. That&#39;s leaving many excellent stocks on the table, withering in value even as they manage effective businesses and offer high potential for reward.</p><p>The tide will turn at some point, and that spells opportunity for forward-thinking investors. If you focus on the long term, you&#39;ll find great investing options that offer a low entry point, making the potential for gains even greater. We asked three Motley Fool contributors for their top choices, and <b>Walt Disney</b> (NYSE:DIS), <b>fuboTV</b> (NYSE:FUBO), and <b>Netflix</b> (NASDAQ:NFLX) made the cut. They&#39;re all down over the past year,  and smart investors will take the chance to buy on the dip.</p><h2>Disney: Down 20% over one year</h2><p><b>Jennifer Saibil (Disney):</b> Disney&#39;s business has been ping-ponging back and forth since the pandemic started, a big departure from its more typical solid performance as the biggest entertainment company in the world. When parks were closed, Disney+ carried the company through, then parks rebounded and streaming slowed down. In the latest numbers, the 2022 fiscal first quarter (ended Jan. 1) demonstrated good news all around, and this might just be the end of the tunnel for investors.</p><p>In the 2021 fourth quarter, investors were disappointed in the light subscriber additions for Disney+. At the time, management wasn&#39;t worried, and reassured investors that it was on track for subscriber additions over time, although each quarter wouldn&#39;t be symmetrical. Disney regained investor confidence when that became true in the first quarter, and Disney+ added 11.7 million more subscribers than last quarter.</p><p>But that&#39;s just the beginning of Disney&#39;s amazing performance in the first quarter. It posted record total revenue of $21.8 billion, a 34% year-over-year increase. Earnings per share (EPS) from continuing operations came in at $0.63, up from $0.02 last year. EPS (excluding certain items) of $1.06 was up from $0.32 last year and beat average analyst expectations of $0.74.</p><p>&#34;This marks the final year of The Walt Disney Company&#39;s first century, and performance like this coupled with our unmatched collection of assets and platforms, creative capabilities, and unique place in the culture give me great confidence we will continue to define entertainment for the next 100 years,&#34; CEO Bob Chapek said.  With its unmatched content creation machines, parks, products, and more, investors should expect that as well.</p><p>Disney&#39;s price did rise on the beat, but it&#39;s still down over the past year, giving you the opportunity to get shares of this entertainment giant for a great price.</p><h2>fuboTV: Down 77% over one year</h2><p><b>Parkev Tatevosian (fuboTV):</b> fuboTV is a sports-centric streaming alternative to live TV. The company benefits from the trend of consumers preferring to stream their content. That tailwind is unlikely to reverse as streaming offers convenience and, most of the time, lower costs. Not to mention folks can enjoy a streaming live TV service anywhere they get an internet connection with a mobile device, a feature not possible with a cable TV connection.</p><p>fuboTV&#39;s revenue is snowballing. Indeed, in its most recently reported quarter, ended Sept. 30, 2021, fuboTV&#39;s revenue increased by 156% from the same quarter in the year before. It grew subscribers by 108% in that same time. In January, the company announced preliminary results for its fourth quarter, and again delivered robust growth in revenue and subscriber figures. Interestingly, fuboTV is not the only streaming alternative to live TV, but it outperforms its competitors. According to <b>Nielsen</b>, from the third quarter of 2020 to Q3 2021, when fuboTV grew subscribers by 108%, the rest of its industry grew by just 34%.</p><p>The results highlight that consumers gravitate toward fuboTV&#39;s sports-centric option, which makes sense. One of the primary reasons folks stick with live TV services is sports. So far, that&#39;s an excellent sign for fuboTV and its shareholders. And with an estimated 73 million households still on traditional pay-TV subscriptions in the U.S., fuboTV has plenty of runway for growth.</p><p>That&#39;s all well and good, but why is the stock down 77% in the past year? To put it simply, it costs more for fuboTV to serve its subscribers than it gets back in revenue. The company lost $106 million on the bottom line in Q3 on $156.7 million in revenue. As you might imagine, that business model is not sustainable, and something needs to change. Either fuboTV needs to charge more for its service, which could slow subscriber growth, or it needs to lower its expenses. Investors who take a chance on management&#39;s ability to figure this out stand to reap significant gains.</p><h2>Netflix: Down 29% over one year</h2><p><b>John Ballard (Netflix):</b> Netflix shares are 42% off recent highs, which presents a rare opportunity to buy this leading streamer on sale. Investors can blame slowing subscriber growth, which came in at 8.9% year over year in the fourth quarter. That is down from the 20%-plus rates we saw through 2020. But as sometimes happens, the market is taking an ultra-short-term view on this disruptive entertainment platform.</p><p>Global broadband and smart TV penetration are still growing around the world. But investors are underestimating how far into the future Netflix can add new subscribers. One analyst estimates that Netflix can hit 500 million subscribers by 2030, which would still be a small fraction of the global internet population of more than 5 billion.</p><p>Management&#39;s strategy to continue investing in content while guiding the business toward positive free cash flow beyond 2022 should drive shareholder returns. One near-term release that could change the market&#39;s mind is season four of <i>Stranger Things</i> coming this summer. By the time Netflix dumps more content from its delayed production schedule over the next year, Netflix stock could look very undervalued at these lows.</p></body></html>","source":"fool_stock","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>3 Growth Stocks Down 20% to 77% to Buy Now</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\">\n3 Growth Stocks Down 20% to 77% to Buy Now\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-02-16 08:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/02/15/3-growth-stocks-down-20-to-77-to-buy-now/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>It hasn't been a great year so far for growth stocks. After massive valuation spikes and general macroeconomic upheaval, investors have been shifting their money into value stocks. That's leaving many...</p>\n\n<a href=\"https://www.fool.com/investing/2022/02/15/3-growth-stocks-down-20-to-77-to-buy-now/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NFLX":"奈飞","BK4507":"流媒体概念","BK4550":"红杉资本持仓","BK4566":"资本集团","FUBO":"fuboTV Inc.","DIS":"迪士尼","BK4077":"互动媒体与服务","BK4554":"元宇宙及AR概念","BK4532":"文艺复兴科技持仓","BK4561":"索罗斯持仓","BK4548":"巴美列捷福持仓","BK4551":"寇图资本持仓","BK4524":"宅经济概念","BK4108":"电影和娱乐","BK4527":"明星科技股","BK4534":"瑞士信贷持仓"},"source_url":"https://www.fool.com/investing/2022/02/15/3-growth-stocks-down-20-to-77-to-buy-now/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2211563955","content_text":"It hasn't been a great year so far for growth stocks. After massive valuation spikes and general macroeconomic upheaval, investors have been shifting their money into value stocks. That's leaving many excellent stocks on the table, withering in value even as they manage effective businesses and offer high potential for reward.The tide will turn at some point, and that spells opportunity for forward-thinking investors. If you focus on the long term, you'll find great investing options that offer a low entry point, making the potential for gains even greater. We asked three Motley Fool contributors for their top choices, and Walt Disney (NYSE:DIS), fuboTV (NYSE:FUBO), and Netflix (NASDAQ:NFLX) made the cut. They're all down over the past year,  and smart investors will take the chance to buy on the dip.Disney: Down 20% over one yearJennifer Saibil (Disney): Disney's business has been ping-ponging back and forth since the pandemic started, a big departure from its more typical solid performance as the biggest entertainment company in the world. When parks were closed, Disney+ carried the company through, then parks rebounded and streaming slowed down. In the latest numbers, the 2022 fiscal first quarter (ended Jan. 1) demonstrated good news all around, and this might just be the end of the tunnel for investors.In the 2021 fourth quarter, investors were disappointed in the light subscriber additions for Disney+. At the time, management wasn't worried, and reassured investors that it was on track for subscriber additions over time, although each quarter wouldn't be symmetrical. Disney regained investor confidence when that became true in the first quarter, and Disney+ added 11.7 million more subscribers than last quarter.But that's just the beginning of Disney's amazing performance in the first quarter. It posted record total revenue of $21.8 billion, a 34% year-over-year increase. Earnings per share (EPS) from continuing operations came in at $0.63, up from $0.02 last year. EPS (excluding certain items) of $1.06 was up from $0.32 last year and beat average analyst expectations of $0.74.\"This marks the final year of The Walt Disney Company's first century, and performance like this coupled with our unmatched collection of assets and platforms, creative capabilities, and unique place in the culture give me great confidence we will continue to define entertainment for the next 100 years,\" CEO Bob Chapek said.  With its unmatched content creation machines, parks, products, and more, investors should expect that as well.Disney's price did rise on the beat, but it's still down over the past year, giving you the opportunity to get shares of this entertainment giant for a great price.fuboTV: Down 77% over one yearParkev Tatevosian (fuboTV): fuboTV is a sports-centric streaming alternative to live TV. The company benefits from the trend of consumers preferring to stream their content. That tailwind is unlikely to reverse as streaming offers convenience and, most of the time, lower costs. Not to mention folks can enjoy a streaming live TV service anywhere they get an internet connection with a mobile device, a feature not possible with a cable TV connection.fuboTV's revenue is snowballing. Indeed, in its most recently reported quarter, ended Sept. 30, 2021, fuboTV's revenue increased by 156% from the same quarter in the year before. It grew subscribers by 108% in that same time. In January, the company announced preliminary results for its fourth quarter, and again delivered robust growth in revenue and subscriber figures. Interestingly, fuboTV is not the only streaming alternative to live TV, but it outperforms its competitors. According to Nielsen, from the third quarter of 2020 to Q3 2021, when fuboTV grew subscribers by 108%, the rest of its industry grew by just 34%.The results highlight that consumers gravitate toward fuboTV's sports-centric option, which makes sense. One of the primary reasons folks stick with live TV services is sports. So far, that's an excellent sign for fuboTV and its shareholders. And with an estimated 73 million households still on traditional pay-TV subscriptions in the U.S., fuboTV has plenty of runway for growth.That's all well and good, but why is the stock down 77% in the past year? To put it simply, it costs more for fuboTV to serve its subscribers than it gets back in revenue. The company lost $106 million on the bottom line in Q3 on $156.7 million in revenue. As you might imagine, that business model is not sustainable, and something needs to change. Either fuboTV needs to charge more for its service, which could slow subscriber growth, or it needs to lower its expenses. Investors who take a chance on management's ability to figure this out stand to reap significant gains.Netflix: Down 29% over one yearJohn Ballard (Netflix): Netflix shares are 42% off recent highs, which presents a rare opportunity to buy this leading streamer on sale. Investors can blame slowing subscriber growth, which came in at 8.9% year over year in the fourth quarter. That is down from the 20%-plus rates we saw through 2020. But as sometimes happens, the market is taking an ultra-short-term view on this disruptive entertainment platform.Global broadband and smart TV penetration are still growing around the world. But investors are underestimating how far into the future Netflix can add new subscribers. One analyst estimates that Netflix can hit 500 million subscribers by 2030, which would still be a small fraction of the global internet population of more than 5 billion.Management's strategy to continue investing in content while guiding the business toward positive free cash flow beyond 2022 should drive shareholder returns. One near-term release that could change the market's mind is season four of Stranger Things coming this summer. By the time Netflix dumps more content from its delayed production schedule over the next year, Netflix stock could look very undervalued at these lows.","news_type":1},"isVote":1,"tweetType":1,"viewCount":139,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9035778328,"gmtCreate":1647706276802,"gmtModify":1676534259732,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":13,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9035778328","repostId":"2220777059","repostType":4,"repost":{"id":"2220777059","pubTimestamp":1647653153,"share":"https://www.laohu8.com/m/news/2220777059?lang=&edition=full","pubTime":"2022-03-19 09:25","market":"sg","language":"en","title":"Sea Limited: The Three-Headed Monster","url":"https://stock-news.laohu8.com/highlight/detail?id=2220777059","media":"seekingalpha","summary":"SummaryGarena, Sea’s only profitable segment, serves as a lifeline for its other two segments, but B","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>Garena, Sea’s only profitable segment, serves as a lifeline for its other two segments, but Bookings are expected to fall sharply in FY2022.</li><li>In addition, Shopee&#39;s losses are widening. However, the e-commerce segment is expected to be self-funded by 2025. This is achievable as take rates are trending in the right direction.</li><li>SeaMoney is also gaining traction at an unprecedented pace, a monster lurking in the shadows. Investors should pay attention as this segment could serve as Sea&#39;s second cash cow.</li><li>With a net cash position of $5.9 billion and $(3.6) billion of estimated AEBITDA in FY2022, it won&#39;t be long before Sea requires another cash infusion.</li><li>Despite unprofitability risks, Sea has a strong brand, network effects, and barriers to entry moats. The stock is trading at the lowest multiple ever - it is worth a nibble at these prices.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/51b3290f2015840c5d8f754c01de8a85\" tg-width=\"750\" tg-height=\"422\" referrerpolicy=\"no-referrer\"/><span>undefined undefined/iStock via Getty Images</span></p><p>I&#39;ve been following Sea Limited ADR (NYSE:SE) for quite some time now and the stock got me interested again given the recent 75% selloff. Today, I&#39;m doing a deep dive on the three-headed monster (and each of its heads) to see if the company is a good investment opportunity at these levels. Let&#39;s get started!</p><p><b>Investment Thesis</b></p><p>Sea is at the forefront of the internet revolution in developing regions. This had many investors buying into the growth story of the company, sending shares soaring high into the sun for the better part of 2020 and 2021. However, the stock has cratered back to sea amid concerns about the company&#39;s slowing growth, especially for its only cash cow, Garena. To make matters worse, Shopee&#39;s losses are also getting worse.</p><p>The Group&#39;s cash burn rate is still high, estimated to be $(3.6) billion in FY2022. With a net cash position of $5.9 billion, future capital raises are very likely.</p><p>On the bright side, Sea still has a long growth runway ahead, solidified by its leadership positions in Southeast Asia and Latin America. SeaMoney, although still unprofitable, could also emerge as Sea&#39;s second cash cow.</p><p>Despite unprofitability and competitive risks, Sea has strong competitive moats and it is trading at the cheapest valuation multiples since its IPO.</p><p>The three-headed monster is a Buy at these levels.</p><p><b>Value Proposition</b></p><p>Founded in Singapore in 2009, Sea has grown to become the leading consumer internet company in the world, with a substantial presence in the Southeast Asian region.</p><blockquote><b>Mission</b>: To better the lives of consumers and small businesses with technology.</blockquote><p>Sea is a holding company for three core businesses: Garena, Shopee, and SeaMoney. Sea&#39;s main value proposition is providing a vertically-integrated experience through its different core businesses.</p><p><b>Garena</b></p><p>Its digital entertainment division, Garena, was Sea&#39;s first business venture. In fact, Sea was originally named Garena Interactive Holding Limited before changing its name to Sea Limited in 2017.</p><p>Garena is one of the largest online games developers and publishers, releasing some of the most successful mobile and PC games over the last decade. For example, Garena&#39;s Free Fire, its self-developed mobile battle royale game, topped the global download charts for the last three years. According to data.ai, Free Fire also ranked second globally by average monthly active users on Google Play in 2021. In Southeast Asia and Latin America, Free Fire was the highest-grossing mobile game for ten consecutive quarters, and in the US for four consecutive quarters. Based on Sensor <a href=\"https://laohu8.com/S/TWR.AU\">Tower</a>&#39;s findings, Free Fire still holds the most downloads globally as of January 2022.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa392753c19f14d60ee0d992e58c3d2f\" tg-width=\"1280\" tg-height=\"741\" referrerpolicy=\"no-referrer\"/><span>Source: SensorTower</span></p><p>Garena also exclusively licenses and publishes games from global partners and third-party developers. Some of these partners include Tencent (OTCPK:TCEHY), Activision (ATVI), and Arumgames. Games like Speed Drifters, Arena of Valor, and Fantasy Town fall into this category as they are co-developed with partners or licensed from partners.</p><p>In addition, Garena organizes some of the largest e-sports events from local tournaments to professional competitions at a global level. Moreover, Garena offers other entertainment content such as live-streaming, user chat, and online forums.</p><p><b>Shopee</b></p><p>Perhaps the most exciting business segment is Sea&#39;s mobile-centric e-commerce platform, Shopee. Launched in 2015, Shopee is now one of the fastest-growing e-commerce marketplaces with a strong presence in Southeast Asia, as well as growing recognition in Latin America and some European countries.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6649de846b2942b928a3f3e5d4035003\" tg-width=\"640\" tg-height=\"200\" referrerpolicy=\"no-referrer\"/><span>Source: Shopee</span></p><p>Through the Shopee platform, buyers can purchase items from sellers which are primarily small and medium businesses (or mom-and-pop stores). At the same time, larger, more established retailers like Xiaomi (OTCPK:XIACF), Microsoft (MSFT), or Samsung (OTC:SSNLF) can leverage Shopee&#39;s two premium shopping platforms, Shopee Mall and Shopee Premium.</p><p>Along with Shopee&#39;s e-commerce marketplace, Shopee also offers adjacent products and services for both buyers and sellers:</p><ul><li><b>Service by Shopee</b> - Value-added services for sellers such as integrated payment, logistics, fulfillment, seller support, inventory management, and online store operations.</li><li><b>BuyerProtection</b> - Consumer protection policies and procedures including seller verification, product listing screening, and dispute resolution. In addition, Shopee Guarantee reduces settlement risks by holding customers&#39; funds in a separate account until delivery is complete, where funds will be released to buyers.</li><li><b>Integrated Logistics Services</b>- Shopee partners with various local and regional third-party logistics service providers to provide a seamless last-mile delivery experience for both buyers and sellers. Shopee also has its own delivery service called Shopee Xpress.</li><li><b>Social Features</b> - Shopee also offers other social and gamification features, including Shopee Coins (virtual currency), Shopee Live (livestream), Shopee Games (in-app games), and Shopee Feed (similar to Instagram).</li><li><b>On-demand Services</b>- Shopee also recently launched on-demand services such as ShopeeFood, instant delivery, and groceries, competing directly with Grab (GRAB), Gojek, and Uber (UBER).</li></ul><p>Shopee&#39;s scale is unmatched and it is still growing at an unprecedented pace. According to data.ai, Shopee in Southeast Asia and Taiwan ranked first in average monthly active users and total time spent in the app in 2021. Shopee Indonesia, arguably Shopee&#39;s most important market, ranked first in the Shopping category. Shopee Brazil, which launched in October 2019, was also ranked first in the Shopping category. And globally, Shopee ranked first in the Shopping category, and is the #13 most downloaded app regardless of category, logging in 200+ million downloads in 2021.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3f9c550b140720336e00cc78e954d184\" tg-width=\"640\" tg-height=\"361\" referrerpolicy=\"no-referrer\"/><span>Source: SensorTower</span></p><p><b>SeaMoney</b></p><p>SeaMoney was launched in 2014 and is now one of the leading digital financial services providers in Sea&#39;s operating countries. SeaMoney offers mobile wallet services, payment processing, credit, and other digital financial services. These services are offered under SeaMoney&#39;s various brands including AirPay, ShopeePay, SPayLater, and other local brands depending on the country. SeaMoney was initially launched in Vietnam and Thailand but has since expanded to other regions.</p><p>Through SeaMoney&#39;s mobile wallet offerings, consumers and merchants have added flexibility in terms of payment options, whether through online or offline means. The launch of SPayLater, which is basically a &#34;buy now pay later&#34; payment option, enables consumers to purchase items without accessing credit. For those who are interested, I&#39;ve written a deep dive on Affirm (AFRM) where I discuss the main value propositions that BNPL provides.</p><p>SeaMoney has obtained bank licenses and government approvals to provide financial services in various countries. For example, Sea acquired Bank Kesejahteraan Ekonomi in Indonesia back in early 2021 as a push towards offering a digital banking solution. The company is now rebranded to SeaBank, which currently offers a high-yield savings account and virtual account.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4c85c862195f86fe9d4f0f8c8beced6b\" tg-width=\"640\" tg-height=\"361\" referrerpolicy=\"no-referrer\"/><span>Source: SeaBank Website</span></p><p>SeaMoney&#39;s main value proposition lies in offering a mobile wallet and payment solutions that are integrated with Sea&#39;s other businesses, namely Garena and Shopee, enabling consumers and merchants to transact seamlessly in one vertically-integrated platform.</p><p><b>Market Opportunity</b></p><p>Sea&#39;s market opportunity is predicated around the industry outlook of each of its business segments: mobile gaming, e-commerce, and fintech. Let&#39;s take a look at each industry that Sea operates in.</p><p>First, we have the mobile gaming industry. According to data.ai, Mobile Game Consumer Spend grew from $74 billion in 2018 to $116 billion in 2021, while Mobile Game Downloads grew from 63 billion in 2018 to 83 billion in 2021. Among the Top Genres by Downloads were Hypercasual games such as Hair Challenge and Water Sort Puzzle. However, the Top Genres by Consumer Spend belong to the Strategy, RPG, and Shooting categories where Garena specializes in. For example, Free Fire was the top Shooting game by revenue in Thailand, Brazil, Mexico, and the US, in 2021. Globally, however, it is still behind PUBG Mobile, which generates the bulk of its revenue from China.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f72bda6df6bc2b7bdf8756d218f53185\" tg-width=\"640\" tg-height=\"361\" referrerpolicy=\"no-referrer\"/><span>Source: SensorTower</span></p><p>According to Adjust, the mobile gaming industry is expected to reach $272 billion by 2030, which is about 1.5x of 2021&#39;s total figure. Given Garena&#39;s successes in monetizing its games, Garena should continue to enjoy gaming tailwinds in the foreseeable future, provided that its games remain in trend. This is also supported by Unity&#39;s findings that the APAC region is the fastest-growing regional market, a market that Garena dominates in.</p><p>Moving on to e-commerce, we all know that e-commerce is growing rapidly and that its market share as a whole will continue to trend up from here. This is especially true for the Southeast Asian region where internet and smartphone adoption continues to increase by the day. Based on the e-Conomy SEA report, Southeast Asia now has 440 million internet users, up from 360 million in 2019. Its total population is about 589 million.</p><p>Internet Gross Merchandise Value, or GMV, for the region was $170 billion in 2021 and is expected to reach $360 billion by 2025 with e-commerce leading the charge. The shift to e-commerce is not only happening on the consumer side but also on the merchant side. Digital marketing tools, analytical tools, and digital payment solutions have accelerated business for merchants. Shopee&#39;s vertically-integrated platform also makes it easy for merchants in these developing countries to set up shop, distribute goods, and accept payments in a single platform.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2fcb903aed7c0ec901fc83c4f25f18b8\" tg-width=\"640\" tg-height=\"361\" referrerpolicy=\"no-referrer\"/><span>Source: e-Conomy SEA 2021</span></p><p>Furthermore, Sea has recently expanded its e-commerce operations to other regions such as Latin America and Europe, which further expands its market opportunity.</p><p>Lastly, we have the fintech industry pertaining to SeaMoney. In my <a href=\"https://laohu8.com/S/PYPL\">PayPal</a> (PYPL) deep dive, I discussed the growth of mobile wallets as a payment method in both online and offline transactions. The shift to a cashless and cardless society is inevitable and that is also true for Sea&#39;s markets.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/47ec896a6208b6023ae89f654704bbc7\" tg-width=\"1261\" tg-height=\"706\" referrerpolicy=\"no-referrer\"/><span>Source: Ark Invest Big Ideas 2022</span></p><p>As you can see below, mobile wallets continue to gain traction in Southeast Asia. In addition, 92% of digital merchants intend to maintain usage or increase usage of digital payments in the next 1 to 2 years. ShopeePay and SeaMoney&#39;s other brands will benefit from this trend. Also of important note, SeaMoney&#39;s expansion to buy now pay later with SPayLater will be a key GMV and revenue driver for the segment. These are the reasons why some investors are so bullish on SeaMoney and why SeaMoney is a monster lurking in the shadows.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0eb814b800c3121e3fb8cd0913f239d5\" tg-width=\"640\" tg-height=\"361\" referrerpolicy=\"no-referrer\"/><span>Source: e-Conomy SEA 2021</span></p><p>As you can see, Sea is at the forefront of three megatrends which should propel the business forward from here. Also, combining the different verticals in the same platform would present a significant synergistic opportunity as Sea establishes itself as a SuperApp in the making.</p><p><b>Revenue Model</b></p><p>As mentioned previously, Sea operates three main business segments.</p><p><b>Digital Entertainment</b></p><p>Garena operates a freemium model whereby users can download and play games for free. The company generates revenue by selling in-game virtual items such as clothing, weaponry, or equipment.</p><p>Investors should take note of how revenue is recognized for this segment. According to Sea&#39;s 10-K:</p><blockquote>Proceeds from these sales are initially recognized as “Advances from customers” and subsequently reclassified to “Deferred revenue” when the users make in-game purchases of the virtual currencies or virtual items within the games operated by the Company and the in-game purchases are no longer refundable.</blockquote><p>Garena also licenses games from other game developers. Revenue is generated based on revenue-sharing/royalty agreements with these developers. Revenue is recognized over the performance obligation period.</p><blockquote>Such delivery obligation period is determined in accordance with the estimated average lifespan of the virtual goods sold or estimated average lifespan of the paying users of the said games or similar games.</blockquote><p><b>E-commerce</b></p><p>Shopee generates revenue through a marketplace model. Sellers on the platform pay Shopee based on paid advertisement services, transaction-based fees, logistics services, and other value-added services.</p><p>Shopee also generates revenue from goods sold directly by Shopee, which the company purchases in bulk from manufacturers or third-party suppliers.</p><p><b>Digital Financial Services</b></p><p>SeaMoney revenue consists of:</p><ul><li>Interest and fees from loans granted to commercial customers</li><li>Interest and fees from Sea&#39;s consumer credit business such as SPayLater</li><li>Commissions charged to merchants when a customer pays using SeaMoney&#39;s mobile wallet</li></ul><p><b>Income Statement</b></p><p>Let&#39;s analyze each of the business segments and then look at the entire Group as a whole.</p><p><b>Digital Entertainment</b></p><p>Garena Revenue saw a 104% increase YoY in Q4. For the full year, Garena Revenue was up 114% YoY.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/998dfbcf3f3dba11b8f8722710c36ba4\" tg-width=\"640\" tg-height=\"428\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>The rapid increase in Revenue was primarily due to recognition of accumulated deferred revenue from previous quarters. Bookings—which is essentially GAAP Revenue plus the change in digital entertainment deferred revenue —actually dropped for the first time QoQ and it is now lower than Revenue. This means that gamers are spending less on in-virtual items which will lead to lower Revenue recognized in subsequent quarters. As you can see, Bookings is in a massive deceleration.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e06de5e6066b66cd5596a445cd912c98\" tg-width=\"640\" tg-height=\"431\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>The drop in Bookings was due to fewer gamers in the platform as the economy reopens and people spend more time outdoors, at school, or in the office. Quarterly Active Users, or QAUs, grew only 7% in Q4 to 652 million, compared to Q3&#39;s QAUs of 729 million.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c5bdd570a9eb859a9fef8569c9fad10a\" tg-width=\"640\" tg-height=\"431\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>As a result, Quarterly Paying Users, or QPUs, decelerated as well, which led to lower Bookings. Q4 QPUs was 77 million compared to Q3&#39;s 93 million.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/092c4a2f47b9336f2753b4548707b39f\" tg-width=\"640\" tg-height=\"431\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>The markets reacted negatively to this slowdown in Garena growth as the gaming business acts as the lifeline for Sea&#39;s two other segments. As you can see, Garena is a high-margin business, producing Adjusted EBITDA of $2.7 billion in FY2021. Operating Margin is very high at 61% in Q4. AEBITDA margin, on the other hand, is trending downwards as QoQ adds in Bookings wither.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f28c9f35ee55afb5c7d170a80d26ebf2\" tg-width=\"640\" tg-height=\"431\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>As such, the slowdown in growth for Garena is scaring investors away as it may not provide sufficient cash flow to fund the continued growth of Shopee and SeaMoney.</p><p><b>E-Commerce</b></p><p>Shopee GMV continues its upward march as e-commerce continues to gain traction in Shopee&#39;s existing and newer markets. However, we&#39;re also seeing a deceleration in growth due to tough YoY comps. GMV in FY2021 was $62.5 billion, an increase of 77%.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f657f7cacc9e00bc57df0e913fdb9ae\" tg-width=\"640\" tg-height=\"431\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>GMV growth was also due to an increase in Orders in the Shopee platform, which totaled 6.1 billion in FY2021, an increase of 117%. Average Order Value, or AOV, however, is trending downwards. This may be perceived negatively as processing more lower-AOV orders meant higher logistical expenses and thus lower margins per order.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5fbc7f044de03ec379f262a5bfcdf331\" tg-width=\"640\" tg-height=\"431\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>The increase in GMV translated to higher Shopee Revenue, which grew faster than GMV. Shopee Revenue grew 136% to $5.1 billion in FY2021, as compared to GMV growth of 77%.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/27710dc2140a6d139900819f51bd688a\" tg-width=\"640\" tg-height=\"431\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>The faster growth in Revenue was due to Shopee&#39;s increasing take rate, which displays Shopee&#39;s ability to monetize its marketplace platform. This is one of the only few positive developments coming out of the most recent earnings update.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e4267bc5d33a2153e8624f73ed71540\" tg-width=\"640\" tg-height=\"431\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>Despite the improving Revenue and take rate, Shopee is still suffering huge losses and it is mounting with each subsequent quarter, primarily due to the company expanding into new markets. FY2021 Shopee AEBITDA was $(2.6) billion at a -50% margin. Recall that Garena AEBITDA was $2.7 billion.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d9d27cef61bc9a9058233f7eccc5eaa1\" tg-width=\"640\" tg-height=\"428\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>AEBITDA per Order has been improving, although it flat-lined in the last few quarters. Again, this is due to the company aggressively expanding into new markets. For example, in Q4, Shopee Brazil recorded 140+ million gross orders with a $70+ million Revenue, up 400% and 326%, respectively. However, AEBITDA per Order in Brazil is still negative at $(2) per Order, despite being a 40% improvement from last year. As such, it is still a far cry from the overall AEBITDA per Order of $(0.45).</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c0d6aa930a81ea4fc153b7134dbf9d3\" tg-width=\"640\" tg-height=\"432\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>On the bright side, in Southeast Asia and Taiwan, Q4 AEBITDA per Order before &#34;allocation of the headquarters’ common expenses&#34; was $(0.15), an improvement from last year&#39;s $(0.21). This shows that there is certainly hope for Shopee to be AEBITDA positive soon, which management has pointed out during the Q4 earnings call:</p><blockquote>We currently expect Shopee to achieve positive adjusted EBITDA before HQ cost allocation in Southeast Asia and Taiwan by this year. We also expect SeaMoney to achieve positive cash flow by next year. As a result, we currently expect that by 2025 cash generated by Shopee and SeaMoney proactively will enable these two businesses to substantially self-fund their own long-term growth.</blockquote><p><b>Digital Financial Services</b></p><p>SeaMoney&#39;s Mobile Wallet Total Payment Volume grew 120% YoY to $17.2 billion in FY2021 due to the increasing adoption of mobile wallets in the region.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4fa5ef6efa513d9040963fda42b4b9f2\" tg-width=\"640\" tg-height=\"432\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>The growth in TPV was largely driven by the growth in QAUs. As shown below, the total ending QAUs in Q4 grew 90% YoY to 45.8 million users.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9397aec066366f40ec92c24187347a44\" tg-width=\"640\" tg-height=\"432\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>The real exciting part is that Revenue grew much faster than TPV and QAUs. SeaMoney Revenue is growing at a blistering pace, locking in high triple-digit growth rates over the last few years. FY2021 SeaMoney Revenue was $470 million, which is an increase of 673% from the previous year. This is due to take rates increasing from less than 1% in FY2020 to almost 4% by the end of the latest quarter.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dcaf6046cf3c27e00b233a8428eb2d75\" tg-width=\"640\" tg-height=\"428\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>Furthermore, in Indonesia, over 20% of the QAUs have used more than one SeaMoney product or service, which includes credit services, digital banking, and insurance. As SeaMoney introduces more offerings, revenue should accelerate meaningfully as average revenue per user increases when people use additional products.</p><p>As SeaMoney continues to gain scale, the segment will enjoy better unit economics. As shown below, while SeaMoney&#39;s AEBITDA is still in deeply negative territories, AEBITDA Margins has continued to trend towards profitability. Management also expects SeaMoney to be cash flow positive by next year.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/51f0d5a1800fef748694417e8cb8fc9f\" tg-width=\"640\" tg-height=\"428\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>This is the segment that investors should pay special attention to, given that it has the potential to be Sea&#39;s second cash cow. For example, PayPal has Operating Margins of 20%+, which could be SeaMoney&#39;s long-term margin profile.</p><p><b>Group</b></p><p>With that said, let&#39;s take a look at how the business is doing as a whole.</p><p>FY2021 Revenue was $10.0 billion, an increase of 128% YoY. Due to the law of large numbers and tough YoY comps, Revenue growth should decelerate from here.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/38de60bd773f3ef7afc4b2e28aa1c08f\" tg-width=\"640\" tg-height=\"430\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>Here, we can see how Revenue is distributed across the different segments.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a86e59478db8a3a4fdc85897f24410e9\" tg-width=\"640\" tg-height=\"428\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>What&#39;s encouraging is that Gross Profit Margins continue to trend upwards as the company gains economies of scale, even accounting for Shopee&#39;s aggressive expansion into new markets. FY2021 Gross Profit was $3.9 billion, up 189% YoY.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dd978ba4047cc6e20ac6086ba8420a8f\" tg-width=\"640\" tg-height=\"430\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>Operating Expenses, however, remain elevated as management forgoes short-term profitability for long-term market dominance. FY2021 Total Operating Expenses were $5.5 billion. Below shows the different components of Operating Expenses as a percentage of Revenue.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fbdbde2c2ae744f36f8168ed32f94d62\" tg-width=\"640\" tg-height=\"419\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>Most of the Operating Expenses were used for Sales &amp; Marketing purposes. Unsurprisingly, Shopee had the highest S&amp;M burn rate. Discounts, cashback, celebrity promotions... they&#39;re everywhere.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5253f186120da17c4cd901e5c442bd1e\" tg-width=\"640\" tg-height=\"419\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>As a result, Operating Profit Margins is still negative, although it is trending in the right direction.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a27b7833551107397c44acefc5ad2475\" tg-width=\"640\" tg-height=\"430\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>AEBITDA, on the other hand, is plunging. This is due to Garena&#39;s falling Bookings and Shoppe&#39;s widening losses. AEBITDA for FY2021 was $(594) million, compared to FY2020 positive AEBITDA of $107 million. This is probably the most concerning figure for investors as such a high cash burn rate is unsustainable, which may also lead to additional capital raises that are dilutive to shareholders.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d89fb95f74e23e85f8932870c0190bee\" tg-width=\"640\" tg-height=\"430\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>The guidance did not help either. Garena Bookings is expected to fall to just $3 billion, which is $1.3 billion lower than FY2021&#39;s number. Management blamed the reopening of the economy as well as the ban of Free Fire in India for the expected drop in Bookings. Assuming a modest 50% AEBITDA margin, Garena would bring in just $1.5 billion of AEBITDA for Sea in FY2022.</p><p>On the other side, the other two segments are expected to continue with their immense pace of growth — Shopee and SeaMoney are expected to grow by 76% and 155%, respectively. If we assume a (50)% AEBITDA margin for both segments, Shopee and SeaMoney is expected to burn a total of about $(5.1) billion of AEBITDA. Adding Garena&#39;s estimated AEBITDA of $1.5 billion, Sea, as a Group, is expected to burn $(3.6) billion in FY2021.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ae5e9399a838e5f841dcccaffbe673d8\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited FY2021 Q4 Investor Presentation</span></p><p>Because Garena is such an important piece of Shopee&#39;s and SeaMoney&#39;s growth story, a deceleration in Garena&#39;s business had investors reacting so negatively to Sea&#39;s latest earnings release, as now, the gaming business is incapable of covering the massive losses incurred by the other two business segments.</p><p><b>Balance Sheet</b></p><p>Sea&#39;s balance sheet position as of year-end FY2021 is at about $10.2 billion of Cash and Short Term Investments. While this may show that Sea has a substantial cushion against its short-term cash burn rate, its net cash position paints a different picture.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dc30ee494abc2eda3b75434b96e4a66b\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited FY2021 Q4 Investor Presentation</span></p><p>Adjusting for Sea&#39;s debt, Sea ended the year with a net cash position of around $5.9 billion. A substantial amount of its total debt comes from its recent issuance of 0.25% Convertible Senior Notes due 2026. The notes were issued when the stock was trading at $318 per share back in September and the initial conversion price is set at $477 per share. So, yes... conversion in the next 2 to 3 years is very unlikely.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8d3d0030e6518cc4198245f624cc75e1\" tg-width=\"640\" tg-height=\"437\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>With net cash of $5.9 billion and $(3.6) billion of estimated AEBITDA in FY2022, it won&#39;t be long before Sea requires another cash infusion. Therefore, if the high cash burn rate persists for the next 2 to 3 years, investors face a major risk of increasing financial leverage and/or dilution in the form of equity raises.</p><p><b>Cash Flow Statement</b></p><p>Here is what cash flow looks like over the last few quarters. Notice how Operating Cash Flow turned negative in the last quarter. Most of the cash also comes from Financing activities.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a0aba061277a1410bb9f3dc176ea0115\" tg-width=\"640\" tg-height=\"263\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>Unlike other high-flying growth companies, Sea&#39;s Share-Based Compensation expenses are relatively low.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/81fa229682c8880d6edd35535ef6a747\" tg-width=\"640\" tg-height=\"419\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p><b>Competitive Moats</b></p><p>Based on my research and analysis, I identified three key competitive moats for Sea: brand, network effects, and barriers to entry. I used to think that Sea has cost advantages but as Garena becomes a smaller part of the overall business, and as losses continue to worsen, I have reason to believe that Sea no longer holds that moat.</p><p><b>Brand</b></p><p>As discussed in previous sections, Garena&#39;s games, particularly Free Fire, have consistently ranked as the most downloaded mobile game in the world. Additionally, the Shopee app has gained cross-border stardom and is now regarded as the most downloaded or fastest-trending shopping App in the countries it operates in. Lastly, SeaMoney is also gaining traction with banking licenses granted in various countries that should increase brand value and trust.</p><p><b>Network Effects</b></p><p>The sheer amount of app downloads leads to powerful network effects. Garena has 652 million QAUs, which is about 8% of the world&#39;s population. Shopee recorded 200+ million app downloads in FY2021 alone. SeaMoney QAUs topped 45.8 million in Q4 and it is still in the early stages of adoption.</p><p>With all these users in the Sea platform, cross-selling new products or services should be easier as Sea continues to scale. One such example is Shopee Brazil and Free Fire where each platform is encouraging consumers to use the other. As Sea continues to innovate and offer better experiences for its customers, the ecosystem gets bigger and tighter, leading to powerful network effects.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c641ac08707cc868b9e6004e2deaf950\" tg-width=\"1200\" tg-height=\"600\" referrerpolicy=\"no-referrer\"/><span>Source: Shopee Brazil</span></p><p><b>Barriers To Entry</b></p><p>I believe each of Sea&#39;s core businesses is operating in a winner-takes-most environment with high barriers to entry.</p><p>The mobile gaming environment requires the most talented developers to launch blockbuster games. Garena&#39;s Free Fire is certainly a blockbuster game and time in Free Fire&#39;s game means time away from other mobile games.</p><p>Just like how Amazon (AMZN) dominates in the US, the e-commerce landscape in Southeast Asia and Latin America is dominated by a few players, such as Shopee, Tokopedia, and <a href=\"https://laohu8.com/S/MELI\">MercadoLibre</a> (MELI). The scale and unit economics that these players have achieved makes it unsustainable for new entrants to compete with them.</p><p>Banking and fintech is also a highly-regulated environment. Furthermore, consumers prefer to have just one mobile wallet, such as ShopeePay, as opposed to owning several different fintech applications.</p><p><b>Valuation</b></p><p>Based on my sum-of-the-parts and comparable company valuation analysis, Sea looks to be slightly undervalued with 19% upside potential. Of course, comparables are not perfect but based on this, we can gauge where Sea stands among peers.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f2400cd917e5f6ce8c47ef74a8062093\" tg-width=\"640\" tg-height=\"353\" referrerpolicy=\"no-referrer\"/><span>Source: Author&#39;s Analysis</span></p><p>On the flip side, Sea looks extremely cheap on a historical basis. In terms of EV/Sales, Sea is trading at the lowest valuation since its IPO, trading at just 4.2x forward sales.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bed1fd805a89523bbb8fa982bee40079\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/><span>Source: Koyfin</span></p><p>In terms of EV/Gross Profit, Sea is trading even cheaper than its March 2020 lows.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fdf589a808c84131e9c36aa7b65a5129\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/><span>Source: Koyfin</span></p><p>The valuation compression is warranted given that the company flew too close to the sun and now it is cratering back to the sea — not just for Sea, but almost all growth stocks took a beating. Growth is also slowing down and the macroeconomic environment looks gloomier than ever. However, this is not the end of the world; I think the markets are overreacting. Diversion from the mean goes both ways — perhaps, current prices present a good margin of safety for long-term investors.</p><p><b>Catalysts</b></p><ul><li><b>Successful International Expansion</b> — Shopee has been successful in replicating its playbook from Southeast Asia to Brazil. Recently, Shopee launched operations in India, Mexico, Chile, Colombia, Argentina, Poland, and Spain. If Shopee can take substantial market share in these new regions, Shopee&#39;s growth could turn exponential.</li><li><b>The Metaverse</b> — Sea&#39;s withering gaming division needs to be revitalized. New games and features could definitely provide the boost that it needs. For example, the metaverse is an exciting opportunity and Garena could introduce this concept to its 600+ million QAUs. Sea AI Lab (SAIL) and Sea Capital are two ventures that could accelerate the company into emerging industries, including the metaverse.</li></ul><blockquote>We will continue to encourage user-generated content by enhancing greater features and accessibility. We believe that a strong user reception to Craftland is a positive indicator of the initial success to encourage user participation in content creation and to build Free Fire into an increasingly open platform and is well aligned with major emerging industry trends such as metaverse.</blockquote><ul><li><b>Regional SuperApp</b> — Although this concept has yet to be discussed by management, launching a regional SuperApp could enhance user engagement to new levels. For example, imagine Shopee users being able to play games, shop, order food delivery, pay for services, transfer money, invest, all under one app. Imagine users being able to convert their deposited funds in ShopeePay, into ShopeeCoins, and use it to perform cross-border transactions.</li><li><b>Continued Growth In SeaMoney</b> — SeaMoney is still in its early stages and continued adoption of Sea&#39;s digital financial services offerings will be a strong addition to Sea&#39;s bull thesis. SPayLater has real potential to disrupt the consumer credit industry. SeaBank and ShopeePay have the opportunity to capture digital wallet, digital banking, and cashless society trends.</li><li><b>Free Fire India Ban Lift</b>— Garena&#39;s weak guidance factored in the headwinds coming from the ban in India. If the ban is lifted, the stock may react positively as much of Sea&#39;s cash burn problems may be eliminated.</li></ul><p><b>Risks</b></p><ul><li><b>The Pressure to Launch Blockbuster Games</b>— There will come a time when Free Fire will be dethroned as the most-played and most-downloaded game. That is just how the gaming business works. This puts a substantial risk on the cash flow generation potential of Garena. Launching blockbuster games is never easy and it requires many trials and errors along the way. For me, I would like to see Garena shift to a gaming franchise model where the company launches an updated version of an existing game every year or two, which presents a more stable and recurring revenue stream for the company. An example would be FIFA or Call of Duty.</li><li><b>Shopee India Ban</b> — With Free Fire banned in India, there&#39;s also the potential for Shoppe to be banned as well.</li><li><b>Failure to Gain Traction in International Markets</b>— Shopee pulled out of France in early March, an indication that Shoppe&#39;s business model is not replicable in other countries, especially in more developed regions. Shopee Poland and Spain may be next on the exit list as they hold a close resemblance to France.</li><li><b>Geopolitical Risks</b>— Tencent, a Chinese company, has an 18.7% equity stake in Sea. Sanctions, bans, and other restrictions on Chinese companies, given the current geopolitical environment, could spell trouble for Sea. Tencent may have to cut exposure on Sea or even dissolve its developing-publishing partnership with Garena.</li><li><b>Local Competition</b>— Local champions operating in their respective markets cannot be ignored. These include GoTo in Indonesia, MercadoLibre in Latin America, and Flipkart in India.</li></ul><p>In addition, there&#39;s a certain level of pride for consumers to see their native-born companies succeed. I&#39;m Indonesian, and it makes me really happy to see GoTo grow and grow.</p><p>GoTo, the holding company of both Indonesian tech darlings Gojek and Tokopedia, recently announced its plan to IPO in the Indonesia Stock Exchange. Here&#39;s a glance of GoTo&#39;s stats for the 12-months ended 30 September 2021:</p><ul><li>Valuation: $26.2 billion to $28.8 billion</li><li>GMV: $28.8 billion</li><li>Revenue: $1 billion</li><li>Gross Orders: 2 billion</li><li>Annual Transacting Users: 55 million</li><li>Driver Partners: 2.5 million</li><li>Merchants: 14 million</li></ul><p>The point is that there are big-time local players operating in Sea&#39;s markets that investors should never ignore. Here&#39;s a little snippet from my previous Shopee article:</p><blockquote>But with the GoTo merger, Indonesia could potentially extinguish the orange flame that charred its forest for many years. Now, GoTo could finally reclaim a good chunk of its territory that was lost to waves of competition, especially from Shopee. GoTo could finally gain more ground as the roots grew even stronger with the merger, fertilized with the synergies of value propositions, logistics, payments, and banking solutions.</blockquote><blockquote>Meanwhile, Sea Limited&#39;s stock continues to soar, ignoring the titan of an elephant in the room. And because of GoTo&#39;s integration, Shopee&#39;s vertically-integrated business model doesn&#39;t look like a strong competitive advantage anymore.</blockquote><p><b>Conclusion</b></p><p>Each of Sea&#39;s core businesses is in hypergrowth mode, propelled by megatrends in the mobile gaming, e-commerce, and fintech industry. Management understands these opportunities and therefore, is sacrificing short-term profitability for long-term market dominance. Despite being a larger business, Sea still has a massive growth runway ahead.</p><p>That is not to say that unprofitability and competition risks can and should be ignored. The biggest concern for investors is the company&#39;s unsustainable cash burn rate, which will likely lead to further capital raises in the near future.</p><p>Nonetheless, the long-term growth thesis for the three-headed monster remains intact. Strong brand, network effects, and barriers to entry moats should support the business going forward. In addition, shares of Sea are trading at the lowest valuation multiples ever, which presents a good margin of safety for an entry at these prices.</p><p>Thank you for reading my Sea Limited deep dive. If you enjoyed the article, please let me know in the comment section down below. If you have any suggestions or feedback, don&#39;t hesitate to share your thoughts as well.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sea Limited: The Three-Headed Monster</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\">\nSea Limited: The Three-Headed Monster\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-19 09:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4496480-sea-limited-the-three-headed-monster><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryGarena, Sea’s only profitable segment, serves as a lifeline for its other two segments, but Bookings are expected to fall sharply in FY2022.In addition, Shopee's losses are widening. However, ...</p>\n\n<a href=\"https://seekingalpha.com/article/4496480-sea-limited-the-three-headed-monster\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"source_url":"https://seekingalpha.com/article/4496480-sea-limited-the-three-headed-monster","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2220777059","content_text":"SummaryGarena, Sea’s only profitable segment, serves as a lifeline for its other two segments, but Bookings are expected to fall sharply in FY2022.In addition, Shopee's losses are widening. However, the e-commerce segment is expected to be self-funded by 2025. This is achievable as take rates are trending in the right direction.SeaMoney is also gaining traction at an unprecedented pace, a monster lurking in the shadows. Investors should pay attention as this segment could serve as Sea's second cash cow.With a net cash position of $5.9 billion and $(3.6) billion of estimated AEBITDA in FY2022, it won't be long before Sea requires another cash infusion.Despite unprofitability risks, Sea has a strong brand, network effects, and barriers to entry moats. The stock is trading at the lowest multiple ever - it is worth a nibble at these prices.undefined undefined/iStock via Getty ImagesI've been following Sea Limited ADR (NYSE:SE) for quite some time now and the stock got me interested again given the recent 75% selloff. Today, I'm doing a deep dive on the three-headed monster (and each of its heads) to see if the company is a good investment opportunity at these levels. Let's get started!Investment ThesisSea is at the forefront of the internet revolution in developing regions. This had many investors buying into the growth story of the company, sending shares soaring high into the sun for the better part of 2020 and 2021. However, the stock has cratered back to sea amid concerns about the company's slowing growth, especially for its only cash cow, Garena. To make matters worse, Shopee's losses are also getting worse.The Group's cash burn rate is still high, estimated to be $(3.6) billion in FY2022. With a net cash position of $5.9 billion, future capital raises are very likely.On the bright side, Sea still has a long growth runway ahead, solidified by its leadership positions in Southeast Asia and Latin America. SeaMoney, although still unprofitable, could also emerge as Sea's second cash cow.Despite unprofitability and competitive risks, Sea has strong competitive moats and it is trading at the cheapest valuation multiples since its IPO.The three-headed monster is a Buy at these levels.Value PropositionFounded in Singapore in 2009, Sea has grown to become the leading consumer internet company in the world, with a substantial presence in the Southeast Asian region.Mission: To better the lives of consumers and small businesses with technology.Sea is a holding company for three core businesses: Garena, Shopee, and SeaMoney. Sea's main value proposition is providing a vertically-integrated experience through its different core businesses.GarenaIts digital entertainment division, Garena, was Sea's first business venture. In fact, Sea was originally named Garena Interactive Holding Limited before changing its name to Sea Limited in 2017.Garena is one of the largest online games developers and publishers, releasing some of the most successful mobile and PC games over the last decade. For example, Garena's Free Fire, its self-developed mobile battle royale game, topped the global download charts for the last three years. According to data.ai, Free Fire also ranked second globally by average monthly active users on Google Play in 2021. In Southeast Asia and Latin America, Free Fire was the highest-grossing mobile game for ten consecutive quarters, and in the US for four consecutive quarters. Based on Sensor Tower's findings, Free Fire still holds the most downloads globally as of January 2022.Source: SensorTowerGarena also exclusively licenses and publishes games from global partners and third-party developers. Some of these partners include Tencent (OTCPK:TCEHY), Activision (ATVI), and Arumgames. Games like Speed Drifters, Arena of Valor, and Fantasy Town fall into this category as they are co-developed with partners or licensed from partners.In addition, Garena organizes some of the largest e-sports events from local tournaments to professional competitions at a global level. Moreover, Garena offers other entertainment content such as live-streaming, user chat, and online forums.ShopeePerhaps the most exciting business segment is Sea's mobile-centric e-commerce platform, Shopee. Launched in 2015, Shopee is now one of the fastest-growing e-commerce marketplaces with a strong presence in Southeast Asia, as well as growing recognition in Latin America and some European countries.Source: ShopeeThrough the Shopee platform, buyers can purchase items from sellers which are primarily small and medium businesses (or mom-and-pop stores). At the same time, larger, more established retailers like Xiaomi (OTCPK:XIACF), Microsoft (MSFT), or Samsung (OTC:SSNLF) can leverage Shopee's two premium shopping platforms, Shopee Mall and Shopee Premium.Along with Shopee's e-commerce marketplace, Shopee also offers adjacent products and services for both buyers and sellers:Service by Shopee - Value-added services for sellers such as integrated payment, logistics, fulfillment, seller support, inventory management, and online store operations.BuyerProtection - Consumer protection policies and procedures including seller verification, product listing screening, and dispute resolution. In addition, Shopee Guarantee reduces settlement risks by holding customers' funds in a separate account until delivery is complete, where funds will be released to buyers.Integrated Logistics Services- Shopee partners with various local and regional third-party logistics service providers to provide a seamless last-mile delivery experience for both buyers and sellers. Shopee also has its own delivery service called Shopee Xpress.Social Features - Shopee also offers other social and gamification features, including Shopee Coins (virtual currency), Shopee Live (livestream), Shopee Games (in-app games), and Shopee Feed (similar to Instagram).On-demand Services- Shopee also recently launched on-demand services such as ShopeeFood, instant delivery, and groceries, competing directly with Grab (GRAB), Gojek, and Uber (UBER).Shopee's scale is unmatched and it is still growing at an unprecedented pace. According to data.ai, Shopee in Southeast Asia and Taiwan ranked first in average monthly active users and total time spent in the app in 2021. Shopee Indonesia, arguably Shopee's most important market, ranked first in the Shopping category. Shopee Brazil, which launched in October 2019, was also ranked first in the Shopping category. And globally, Shopee ranked first in the Shopping category, and is the #13 most downloaded app regardless of category, logging in 200+ million downloads in 2021.Source: SensorTowerSeaMoneySeaMoney was launched in 2014 and is now one of the leading digital financial services providers in Sea's operating countries. SeaMoney offers mobile wallet services, payment processing, credit, and other digital financial services. These services are offered under SeaMoney's various brands including AirPay, ShopeePay, SPayLater, and other local brands depending on the country. SeaMoney was initially launched in Vietnam and Thailand but has since expanded to other regions.Through SeaMoney's mobile wallet offerings, consumers and merchants have added flexibility in terms of payment options, whether through online or offline means. The launch of SPayLater, which is basically a \"buy now pay later\" payment option, enables consumers to purchase items without accessing credit. For those who are interested, I've written a deep dive on Affirm (AFRM) where I discuss the main value propositions that BNPL provides.SeaMoney has obtained bank licenses and government approvals to provide financial services in various countries. For example, Sea acquired Bank Kesejahteraan Ekonomi in Indonesia back in early 2021 as a push towards offering a digital banking solution. The company is now rebranded to SeaBank, which currently offers a high-yield savings account and virtual account.Source: SeaBank WebsiteSeaMoney's main value proposition lies in offering a mobile wallet and payment solutions that are integrated with Sea's other businesses, namely Garena and Shopee, enabling consumers and merchants to transact seamlessly in one vertically-integrated platform.Market OpportunitySea's market opportunity is predicated around the industry outlook of each of its business segments: mobile gaming, e-commerce, and fintech. Let's take a look at each industry that Sea operates in.First, we have the mobile gaming industry. According to data.ai, Mobile Game Consumer Spend grew from $74 billion in 2018 to $116 billion in 2021, while Mobile Game Downloads grew from 63 billion in 2018 to 83 billion in 2021. Among the Top Genres by Downloads were Hypercasual games such as Hair Challenge and Water Sort Puzzle. However, the Top Genres by Consumer Spend belong to the Strategy, RPG, and Shooting categories where Garena specializes in. For example, Free Fire was the top Shooting game by revenue in Thailand, Brazil, Mexico, and the US, in 2021. Globally, however, it is still behind PUBG Mobile, which generates the bulk of its revenue from China.Source: SensorTowerAccording to Adjust, the mobile gaming industry is expected to reach $272 billion by 2030, which is about 1.5x of 2021's total figure. Given Garena's successes in monetizing its games, Garena should continue to enjoy gaming tailwinds in the foreseeable future, provided that its games remain in trend. This is also supported by Unity's findings that the APAC region is the fastest-growing regional market, a market that Garena dominates in.Moving on to e-commerce, we all know that e-commerce is growing rapidly and that its market share as a whole will continue to trend up from here. This is especially true for the Southeast Asian region where internet and smartphone adoption continues to increase by the day. Based on the e-Conomy SEA report, Southeast Asia now has 440 million internet users, up from 360 million in 2019. Its total population is about 589 million.Internet Gross Merchandise Value, or GMV, for the region was $170 billion in 2021 and is expected to reach $360 billion by 2025 with e-commerce leading the charge. The shift to e-commerce is not only happening on the consumer side but also on the merchant side. Digital marketing tools, analytical tools, and digital payment solutions have accelerated business for merchants. Shopee's vertically-integrated platform also makes it easy for merchants in these developing countries to set up shop, distribute goods, and accept payments in a single platform.Source: e-Conomy SEA 2021Furthermore, Sea has recently expanded its e-commerce operations to other regions such as Latin America and Europe, which further expands its market opportunity.Lastly, we have the fintech industry pertaining to SeaMoney. In my PayPal (PYPL) deep dive, I discussed the growth of mobile wallets as a payment method in both online and offline transactions. The shift to a cashless and cardless society is inevitable and that is also true for Sea's markets.Source: Ark Invest Big Ideas 2022As you can see below, mobile wallets continue to gain traction in Southeast Asia. In addition, 92% of digital merchants intend to maintain usage or increase usage of digital payments in the next 1 to 2 years. ShopeePay and SeaMoney's other brands will benefit from this trend. Also of important note, SeaMoney's expansion to buy now pay later with SPayLater will be a key GMV and revenue driver for the segment. These are the reasons why some investors are so bullish on SeaMoney and why SeaMoney is a monster lurking in the shadows.Source: e-Conomy SEA 2021As you can see, Sea is at the forefront of three megatrends which should propel the business forward from here. Also, combining the different verticals in the same platform would present a significant synergistic opportunity as Sea establishes itself as a SuperApp in the making.Revenue ModelAs mentioned previously, Sea operates three main business segments.Digital EntertainmentGarena operates a freemium model whereby users can download and play games for free. The company generates revenue by selling in-game virtual items such as clothing, weaponry, or equipment.Investors should take note of how revenue is recognized for this segment. According to Sea's 10-K:Proceeds from these sales are initially recognized as “Advances from customers” and subsequently reclassified to “Deferred revenue” when the users make in-game purchases of the virtual currencies or virtual items within the games operated by the Company and the in-game purchases are no longer refundable.Garena also licenses games from other game developers. Revenue is generated based on revenue-sharing/royalty agreements with these developers. Revenue is recognized over the performance obligation period.Such delivery obligation period is determined in accordance with the estimated average lifespan of the virtual goods sold or estimated average lifespan of the paying users of the said games or similar games.E-commerceShopee generates revenue through a marketplace model. Sellers on the platform pay Shopee based on paid advertisement services, transaction-based fees, logistics services, and other value-added services.Shopee also generates revenue from goods sold directly by Shopee, which the company purchases in bulk from manufacturers or third-party suppliers.Digital Financial ServicesSeaMoney revenue consists of:Interest and fees from loans granted to commercial customersInterest and fees from Sea's consumer credit business such as SPayLaterCommissions charged to merchants when a customer pays using SeaMoney's mobile walletIncome StatementLet's analyze each of the business segments and then look at the entire Group as a whole.Digital EntertainmentGarena Revenue saw a 104% increase YoY in Q4. For the full year, Garena Revenue was up 114% YoY.Source: Sea Limited Investor Relations and Author's AnalysisThe rapid increase in Revenue was primarily due to recognition of accumulated deferred revenue from previous quarters. Bookings—which is essentially GAAP Revenue plus the change in digital entertainment deferred revenue —actually dropped for the first time QoQ and it is now lower than Revenue. This means that gamers are spending less on in-virtual items which will lead to lower Revenue recognized in subsequent quarters. As you can see, Bookings is in a massive deceleration.Source: Sea Limited Investor Relations and Author's AnalysisThe drop in Bookings was due to fewer gamers in the platform as the economy reopens and people spend more time outdoors, at school, or in the office. Quarterly Active Users, or QAUs, grew only 7% in Q4 to 652 million, compared to Q3's QAUs of 729 million.Source: Sea Limited Investor Relations and Author's AnalysisAs a result, Quarterly Paying Users, or QPUs, decelerated as well, which led to lower Bookings. Q4 QPUs was 77 million compared to Q3's 93 million.Source: Sea Limited Investor Relations and Author's AnalysisThe markets reacted negatively to this slowdown in Garena growth as the gaming business acts as the lifeline for Sea's two other segments. As you can see, Garena is a high-margin business, producing Adjusted EBITDA of $2.7 billion in FY2021. Operating Margin is very high at 61% in Q4. AEBITDA margin, on the other hand, is trending downwards as QoQ adds in Bookings wither.Source: Sea Limited Investor Relations and Author's AnalysisAs such, the slowdown in growth for Garena is scaring investors away as it may not provide sufficient cash flow to fund the continued growth of Shopee and SeaMoney.E-CommerceShopee GMV continues its upward march as e-commerce continues to gain traction in Shopee's existing and newer markets. However, we're also seeing a deceleration in growth due to tough YoY comps. GMV in FY2021 was $62.5 billion, an increase of 77%.Source: Sea Limited Investor Relations and Author's AnalysisGMV growth was also due to an increase in Orders in the Shopee platform, which totaled 6.1 billion in FY2021, an increase of 117%. Average Order Value, or AOV, however, is trending downwards. This may be perceived negatively as processing more lower-AOV orders meant higher logistical expenses and thus lower margins per order.Source: Sea Limited Investor Relations and Author's AnalysisThe increase in GMV translated to higher Shopee Revenue, which grew faster than GMV. Shopee Revenue grew 136% to $5.1 billion in FY2021, as compared to GMV growth of 77%.Source: Sea Limited Investor Relations and Author's AnalysisThe faster growth in Revenue was due to Shopee's increasing take rate, which displays Shopee's ability to monetize its marketplace platform. This is one of the only few positive developments coming out of the most recent earnings update.Source: Sea Limited Investor Relations and Author's AnalysisDespite the improving Revenue and take rate, Shopee is still suffering huge losses and it is mounting with each subsequent quarter, primarily due to the company expanding into new markets. FY2021 Shopee AEBITDA was $(2.6) billion at a -50% margin. Recall that Garena AEBITDA was $2.7 billion.Source: Sea Limited Investor Relations and Author's AnalysisAEBITDA per Order has been improving, although it flat-lined in the last few quarters. Again, this is due to the company aggressively expanding into new markets. For example, in Q4, Shopee Brazil recorded 140+ million gross orders with a $70+ million Revenue, up 400% and 326%, respectively. However, AEBITDA per Order in Brazil is still negative at $(2) per Order, despite being a 40% improvement from last year. As such, it is still a far cry from the overall AEBITDA per Order of $(0.45).Source: Sea Limited Investor Relations and Author's AnalysisOn the bright side, in Southeast Asia and Taiwan, Q4 AEBITDA per Order before \"allocation of the headquarters’ common expenses\" was $(0.15), an improvement from last year's $(0.21). This shows that there is certainly hope for Shopee to be AEBITDA positive soon, which management has pointed out during the Q4 earnings call:We currently expect Shopee to achieve positive adjusted EBITDA before HQ cost allocation in Southeast Asia and Taiwan by this year. We also expect SeaMoney to achieve positive cash flow by next year. As a result, we currently expect that by 2025 cash generated by Shopee and SeaMoney proactively will enable these two businesses to substantially self-fund their own long-term growth.Digital Financial ServicesSeaMoney's Mobile Wallet Total Payment Volume grew 120% YoY to $17.2 billion in FY2021 due to the increasing adoption of mobile wallets in the region.Source: Sea Limited Investor Relations and Author's AnalysisThe growth in TPV was largely driven by the growth in QAUs. As shown below, the total ending QAUs in Q4 grew 90% YoY to 45.8 million users.Source: Sea Limited Investor Relations and Author's AnalysisThe real exciting part is that Revenue grew much faster than TPV and QAUs. SeaMoney Revenue is growing at a blistering pace, locking in high triple-digit growth rates over the last few years. FY2021 SeaMoney Revenue was $470 million, which is an increase of 673% from the previous year. This is due to take rates increasing from less than 1% in FY2020 to almost 4% by the end of the latest quarter.Source: Sea Limited Investor Relations and Author's AnalysisFurthermore, in Indonesia, over 20% of the QAUs have used more than one SeaMoney product or service, which includes credit services, digital banking, and insurance. As SeaMoney introduces more offerings, revenue should accelerate meaningfully as average revenue per user increases when people use additional products.As SeaMoney continues to gain scale, the segment will enjoy better unit economics. As shown below, while SeaMoney's AEBITDA is still in deeply negative territories, AEBITDA Margins has continued to trend towards profitability. Management also expects SeaMoney to be cash flow positive by next year.Source: Sea Limited Investor Relations and Author's AnalysisThis is the segment that investors should pay special attention to, given that it has the potential to be Sea's second cash cow. For example, PayPal has Operating Margins of 20%+, which could be SeaMoney's long-term margin profile.GroupWith that said, let's take a look at how the business is doing as a whole.FY2021 Revenue was $10.0 billion, an increase of 128% YoY. Due to the law of large numbers and tough YoY comps, Revenue growth should decelerate from here.Source: Sea Limited Investor Relations and Author's AnalysisHere, we can see how Revenue is distributed across the different segments.Source: Sea Limited Investor Relations and Author's AnalysisWhat's encouraging is that Gross Profit Margins continue to trend upwards as the company gains economies of scale, even accounting for Shopee's aggressive expansion into new markets. FY2021 Gross Profit was $3.9 billion, up 189% YoY.Source: Sea Limited Investor Relations and Author's AnalysisOperating Expenses, however, remain elevated as management forgoes short-term profitability for long-term market dominance. FY2021 Total Operating Expenses were $5.5 billion. Below shows the different components of Operating Expenses as a percentage of Revenue.Source: Sea Limited Investor Relations and Author's AnalysisMost of the Operating Expenses were used for Sales & Marketing purposes. Unsurprisingly, Shopee had the highest S&M burn rate. Discounts, cashback, celebrity promotions... they're everywhere.Source: Sea Limited Investor Relations and Author's AnalysisAs a result, Operating Profit Margins is still negative, although it is trending in the right direction.Source: Sea Limited Investor Relations and Author's AnalysisAEBITDA, on the other hand, is plunging. This is due to Garena's falling Bookings and Shoppe's widening losses. AEBITDA for FY2021 was $(594) million, compared to FY2020 positive AEBITDA of $107 million. This is probably the most concerning figure for investors as such a high cash burn rate is unsustainable, which may also lead to additional capital raises that are dilutive to shareholders.Source: Sea Limited Investor Relations and Author's AnalysisThe guidance did not help either. Garena Bookings is expected to fall to just $3 billion, which is $1.3 billion lower than FY2021's number. Management blamed the reopening of the economy as well as the ban of Free Fire in India for the expected drop in Bookings. Assuming a modest 50% AEBITDA margin, Garena would bring in just $1.5 billion of AEBITDA for Sea in FY2022.On the other side, the other two segments are expected to continue with their immense pace of growth — Shopee and SeaMoney are expected to grow by 76% and 155%, respectively. If we assume a (50)% AEBITDA margin for both segments, Shopee and SeaMoney is expected to burn a total of about $(5.1) billion of AEBITDA. Adding Garena's estimated AEBITDA of $1.5 billion, Sea, as a Group, is expected to burn $(3.6) billion in FY2021.Source: Sea Limited FY2021 Q4 Investor PresentationBecause Garena is such an important piece of Shopee's and SeaMoney's growth story, a deceleration in Garena's business had investors reacting so negatively to Sea's latest earnings release, as now, the gaming business is incapable of covering the massive losses incurred by the other two business segments.Balance SheetSea's balance sheet position as of year-end FY2021 is at about $10.2 billion of Cash and Short Term Investments. While this may show that Sea has a substantial cushion against its short-term cash burn rate, its net cash position paints a different picture.Source: Sea Limited FY2021 Q4 Investor PresentationAdjusting for Sea's debt, Sea ended the year with a net cash position of around $5.9 billion. A substantial amount of its total debt comes from its recent issuance of 0.25% Convertible Senior Notes due 2026. The notes were issued when the stock was trading at $318 per share back in September and the initial conversion price is set at $477 per share. So, yes... conversion in the next 2 to 3 years is very unlikely.Source: Sea Limited Investor Relations and Author's AnalysisWith net cash of $5.9 billion and $(3.6) billion of estimated AEBITDA in FY2022, it won't be long before Sea requires another cash infusion. Therefore, if the high cash burn rate persists for the next 2 to 3 years, investors face a major risk of increasing financial leverage and/or dilution in the form of equity raises.Cash Flow StatementHere is what cash flow looks like over the last few quarters. Notice how Operating Cash Flow turned negative in the last quarter. Most of the cash also comes from Financing activities.Source: Sea Limited Investor Relations and Author's AnalysisUnlike other high-flying growth companies, Sea's Share-Based Compensation expenses are relatively low.Source: Sea Limited Investor Relations and Author's AnalysisCompetitive MoatsBased on my research and analysis, I identified three key competitive moats for Sea: brand, network effects, and barriers to entry. I used to think that Sea has cost advantages but as Garena becomes a smaller part of the overall business, and as losses continue to worsen, I have reason to believe that Sea no longer holds that moat.BrandAs discussed in previous sections, Garena's games, particularly Free Fire, have consistently ranked as the most downloaded mobile game in the world. Additionally, the Shopee app has gained cross-border stardom and is now regarded as the most downloaded or fastest-trending shopping App in the countries it operates in. Lastly, SeaMoney is also gaining traction with banking licenses granted in various countries that should increase brand value and trust.Network EffectsThe sheer amount of app downloads leads to powerful network effects. Garena has 652 million QAUs, which is about 8% of the world's population. Shopee recorded 200+ million app downloads in FY2021 alone. SeaMoney QAUs topped 45.8 million in Q4 and it is still in the early stages of adoption.With all these users in the Sea platform, cross-selling new products or services should be easier as Sea continues to scale. One such example is Shopee Brazil and Free Fire where each platform is encouraging consumers to use the other. As Sea continues to innovate and offer better experiences for its customers, the ecosystem gets bigger and tighter, leading to powerful network effects.Source: Shopee BrazilBarriers To EntryI believe each of Sea's core businesses is operating in a winner-takes-most environment with high barriers to entry.The mobile gaming environment requires the most talented developers to launch blockbuster games. Garena's Free Fire is certainly a blockbuster game and time in Free Fire's game means time away from other mobile games.Just like how Amazon (AMZN) dominates in the US, the e-commerce landscape in Southeast Asia and Latin America is dominated by a few players, such as Shopee, Tokopedia, and MercadoLibre (MELI). The scale and unit economics that these players have achieved makes it unsustainable for new entrants to compete with them.Banking and fintech is also a highly-regulated environment. Furthermore, consumers prefer to have just one mobile wallet, such as ShopeePay, as opposed to owning several different fintech applications.ValuationBased on my sum-of-the-parts and comparable company valuation analysis, Sea looks to be slightly undervalued with 19% upside potential. Of course, comparables are not perfect but based on this, we can gauge where Sea stands among peers.Source: Author's AnalysisOn the flip side, Sea looks extremely cheap on a historical basis. In terms of EV/Sales, Sea is trading at the lowest valuation since its IPO, trading at just 4.2x forward sales.Source: KoyfinIn terms of EV/Gross Profit, Sea is trading even cheaper than its March 2020 lows.Source: KoyfinThe valuation compression is warranted given that the company flew too close to the sun and now it is cratering back to the sea — not just for Sea, but almost all growth stocks took a beating. Growth is also slowing down and the macroeconomic environment looks gloomier than ever. However, this is not the end of the world; I think the markets are overreacting. Diversion from the mean goes both ways — perhaps, current prices present a good margin of safety for long-term investors.CatalystsSuccessful International Expansion — Shopee has been successful in replicating its playbook from Southeast Asia to Brazil. Recently, Shopee launched operations in India, Mexico, Chile, Colombia, Argentina, Poland, and Spain. If Shopee can take substantial market share in these new regions, Shopee's growth could turn exponential.The Metaverse — Sea's withering gaming division needs to be revitalized. New games and features could definitely provide the boost that it needs. For example, the metaverse is an exciting opportunity and Garena could introduce this concept to its 600+ million QAUs. Sea AI Lab (SAIL) and Sea Capital are two ventures that could accelerate the company into emerging industries, including the metaverse.We will continue to encourage user-generated content by enhancing greater features and accessibility. We believe that a strong user reception to Craftland is a positive indicator of the initial success to encourage user participation in content creation and to build Free Fire into an increasingly open platform and is well aligned with major emerging industry trends such as metaverse.Regional SuperApp — Although this concept has yet to be discussed by management, launching a regional SuperApp could enhance user engagement to new levels. For example, imagine Shopee users being able to play games, shop, order food delivery, pay for services, transfer money, invest, all under one app. Imagine users being able to convert their deposited funds in ShopeePay, into ShopeeCoins, and use it to perform cross-border transactions.Continued Growth In SeaMoney — SeaMoney is still in its early stages and continued adoption of Sea's digital financial services offerings will be a strong addition to Sea's bull thesis. SPayLater has real potential to disrupt the consumer credit industry. SeaBank and ShopeePay have the opportunity to capture digital wallet, digital banking, and cashless society trends.Free Fire India Ban Lift— Garena's weak guidance factored in the headwinds coming from the ban in India. If the ban is lifted, the stock may react positively as much of Sea's cash burn problems may be eliminated.RisksThe Pressure to Launch Blockbuster Games— There will come a time when Free Fire will be dethroned as the most-played and most-downloaded game. That is just how the gaming business works. This puts a substantial risk on the cash flow generation potential of Garena. Launching blockbuster games is never easy and it requires many trials and errors along the way. For me, I would like to see Garena shift to a gaming franchise model where the company launches an updated version of an existing game every year or two, which presents a more stable and recurring revenue stream for the company. An example would be FIFA or Call of Duty.Shopee India Ban — With Free Fire banned in India, there's also the potential for Shoppe to be banned as well.Failure to Gain Traction in International Markets— Shopee pulled out of France in early March, an indication that Shoppe's business model is not replicable in other countries, especially in more developed regions. Shopee Poland and Spain may be next on the exit list as they hold a close resemblance to France.Geopolitical Risks— Tencent, a Chinese company, has an 18.7% equity stake in Sea. Sanctions, bans, and other restrictions on Chinese companies, given the current geopolitical environment, could spell trouble for Sea. Tencent may have to cut exposure on Sea or even dissolve its developing-publishing partnership with Garena.Local Competition— Local champions operating in their respective markets cannot be ignored. These include GoTo in Indonesia, MercadoLibre in Latin America, and Flipkart in India.In addition, there's a certain level of pride for consumers to see their native-born companies succeed. I'm Indonesian, and it makes me really happy to see GoTo grow and grow.GoTo, the holding company of both Indonesian tech darlings Gojek and Tokopedia, recently announced its plan to IPO in the Indonesia Stock Exchange. Here's a glance of GoTo's stats for the 12-months ended 30 September 2021:Valuation: $26.2 billion to $28.8 billionGMV: $28.8 billionRevenue: $1 billionGross Orders: 2 billionAnnual Transacting Users: 55 millionDriver Partners: 2.5 millionMerchants: 14 millionThe point is that there are big-time local players operating in Sea's markets that investors should never ignore. Here's a little snippet from my previous Shopee article:But with the GoTo merger, Indonesia could potentially extinguish the orange flame that charred its forest for many years. Now, GoTo could finally reclaim a good chunk of its territory that was lost to waves of competition, especially from Shopee. GoTo could finally gain more ground as the roots grew even stronger with the merger, fertilized with the synergies of value propositions, logistics, payments, and banking solutions.Meanwhile, Sea Limited's stock continues to soar, ignoring the titan of an elephant in the room. And because of GoTo's integration, Shopee's vertically-integrated business model doesn't look like a strong competitive advantage anymore.ConclusionEach of Sea's core businesses is in hypergrowth mode, propelled by megatrends in the mobile gaming, e-commerce, and fintech industry. Management understands these opportunities and therefore, is sacrificing short-term profitability for long-term market dominance. Despite being a larger business, Sea still has a massive growth runway ahead.That is not to say that unprofitability and competition risks can and should be ignored. The biggest concern for investors is the company's unsustainable cash burn rate, which will likely lead to further capital raises in the near future.Nonetheless, the long-term growth thesis for the three-headed monster remains intact. Strong brand, network effects, and barriers to entry moats should support the business going forward. In addition, shares of Sea are trading at the lowest valuation multiples ever, which presents a good margin of safety for an entry at these prices.Thank you for reading my Sea Limited deep dive. If you enjoyed the article, please let me know in the comment section down below. If you have any suggestions or feedback, don't hesitate to share your thoughts as well.","news_type":1},"isVote":1,"tweetType":1,"viewCount":27,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9008646402,"gmtCreate":1641437810454,"gmtModify":1676533615693,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9008646402","repostId":"2201255535","repostType":4,"repost":{"id":"2201255535","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1641423313,"share":"https://www.laohu8.com/m/news/2201255535?lang=&edition=full","pubTime":"2022-01-06 06:55","market":"us","language":"en","title":"Nasdaq posts biggest daily drop since Feb after 'hawkish' Fed minutes","url":"https://stock-news.laohu8.com/highlight/detail?id=2201255535","media":"Reuters","summary":"* S&P 500 posts biggest daily pct fall since Nov. 26* Fed minutes show officials said labor market \"very tight\"* Indexes: Dow down 1.1%, S&P 500 down 1.9%, Nasdaq down 3.3%NEW YORK, Jan 5 (Reuters) - ","content":"<html><head></head><body><p>* S&amp;P 500 posts biggest daily pct fall since Nov. 26</p><p>* Fed minutes show officials said labor market &#34;very tight&#34;</p><p>* Indexes: Dow down 1.1%, S&amp;P 500 down 1.9%, Nasdaq down 3.3%</p><p>NEW YORK, Jan 5 (Reuters) - U.S. stocks fell sharply on Wednesday, with the Nasdaq plunging more than 3% in its biggest one-day percentage drop since February, after U.S. Federal Reserve meeting minutes signaled the central bank may raise interest rates sooner than expected.</p><p>The S&amp;P 500 fell more than 1%, its biggest daily percentage decline since Nov. 26, the first day of trading after news of the Omicron variant of the coronavirus.</p><p>The S&amp;P 500 and Nasdaq quickly extended their declines after the release of the minutes, which investors viewed as more hawkish than they had feared. The Dow, which hit a record high earlier in the day, reversed course and ended down more than 1%.</p><p>The selloff was broad, with all S&amp;P sectors ending in the red, and Wall Street&#39;s fear gauge, the Cboe Volatility index, closing at its highest level since Dec. 21.</p><p>In the minutes from the Fed&#39;s Dec. 14-15 policy meeting, central bank policymakers said a &#34;very tight&#34; job market and unabated inflation might require the Fed to raise rates sooner and begin reducing its overall asset holdings as a second brake on the economy.</p><p>&#34;Indications that the Fed is very concerned about inflation could quickly create a view that the Fed will aggressively tighten in 2022,&#34; said David Carter, chief investment officer at Lenox Wealth Advisors in New York, calling the minutes &#34;more hawkish than expected.&#34;</p><p>The S&amp;P 500 technology sector fell 3.1% and was the biggest drag on the benchmark index, while the rate-sensitive real estate sector dropped 3.2% in its biggest daily percentage decline since Jan. 4, 2021.</p><p>The Dow Jones Industrial Average fell 392.54 points, or 1.07%, to 36,407.11, the S&amp;P 500 lost 92.96 points, or 1.94%, to 4,700.58 and the Nasdaq Composite dropped 522.54 points, or 3.34%, to 15,100.17.</p><p>Rising interest rates increase borrowing costs for businesses and consumers, and higher rates can depress stock multiples, especially for technology and other growth stocks.</p><p>Growth shares have been under pressure from a recent rise in U.S. Treasury yields.</p><p>The Russell 2000 index also suffered its biggest one-day drop since Nov. 26, while the S&amp;P 500 financials index fell 1.3%, a day after it registered an all-time closing high.</p><p>Policymakers in December agreed to hasten the end of their pandemic-era program of bond purchases, and issued forecasts anticipating three quarter-percentage-point rate increases during 2022. The Fed&#39;s benchmark overnight interest rate is currently set near zero.</p><p>Early in the day, an ADP National Employment report showed private payrolls increased by 807,000 jobs last month, more than double of what economists polled by Reuters had forecast.</p><p>The report comes ahead of the Labor Department&#39;s more comprehensive and closely watched nonfarm payrolls data for December on Friday.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 4.32-to-1 ratio; on Nasdaq, a 4.22-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 59 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 81 new highs and 307 new lows.</p><p>Volume on U.S. exchanges was 12.18 billion shares, compared with the 10.4 billion average for the full session over the last 20 trading days.</p></body></html>","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>Nasdaq posts biggest daily drop since Feb after 'hawkish' Fed minutes</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\">\nNasdaq posts biggest daily drop since Feb after 'hawkish' Fed minutes\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-01-06 06:55</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>* S&amp;P 500 posts biggest daily pct fall since Nov. 26</p><p>* Fed minutes show officials said labor market &#34;very tight&#34;</p><p>* Indexes: Dow down 1.1%, S&amp;P 500 down 1.9%, Nasdaq down 3.3%</p><p>NEW YORK, Jan 5 (Reuters) - U.S. stocks fell sharply on Wednesday, with the Nasdaq plunging more than 3% in its biggest one-day percentage drop since February, after U.S. Federal Reserve meeting minutes signaled the central bank may raise interest rates sooner than expected.</p><p>The S&amp;P 500 fell more than 1%, its biggest daily percentage decline since Nov. 26, the first day of trading after news of the Omicron variant of the coronavirus.</p><p>The S&amp;P 500 and Nasdaq quickly extended their declines after the release of the minutes, which investors viewed as more hawkish than they had feared. The Dow, which hit a record high earlier in the day, reversed course and ended down more than 1%.</p><p>The selloff was broad, with all S&amp;P sectors ending in the red, and Wall Street&#39;s fear gauge, the Cboe Volatility index, closing at its highest level since Dec. 21.</p><p>In the minutes from the Fed&#39;s Dec. 14-15 policy meeting, central bank policymakers said a &#34;very tight&#34; job market and unabated inflation might require the Fed to raise rates sooner and begin reducing its overall asset holdings as a second brake on the economy.</p><p>&#34;Indications that the Fed is very concerned about inflation could quickly create a view that the Fed will aggressively tighten in 2022,&#34; said David Carter, chief investment officer at Lenox Wealth Advisors in New York, calling the minutes &#34;more hawkish than expected.&#34;</p><p>The S&amp;P 500 technology sector fell 3.1% and was the biggest drag on the benchmark index, while the rate-sensitive real estate sector dropped 3.2% in its biggest daily percentage decline since Jan. 4, 2021.</p><p>The Dow Jones Industrial Average fell 392.54 points, or 1.07%, to 36,407.11, the S&amp;P 500 lost 92.96 points, or 1.94%, to 4,700.58 and the Nasdaq Composite dropped 522.54 points, or 3.34%, to 15,100.17.</p><p>Rising interest rates increase borrowing costs for businesses and consumers, and higher rates can depress stock multiples, especially for technology and other growth stocks.</p><p>Growth shares have been under pressure from a recent rise in U.S. Treasury yields.</p><p>The Russell 2000 index also suffered its biggest one-day drop since Nov. 26, while the S&amp;P 500 financials index fell 1.3%, a day after it registered an all-time closing high.</p><p>Policymakers in December agreed to hasten the end of their pandemic-era program of bond purchases, and issued forecasts anticipating three quarter-percentage-point rate increases during 2022. The Fed&#39;s benchmark overnight interest rate is currently set near zero.</p><p>Early in the day, an ADP National Employment report showed private payrolls increased by 807,000 jobs last month, more than double of what economists polled by Reuters had forecast.</p><p>The report comes ahead of the Labor Department&#39;s more comprehensive and closely watched nonfarm payrolls data for December on Friday.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 4.32-to-1 ratio; on Nasdaq, a 4.22-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 59 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 81 new highs and 307 new lows.</p><p>Volume on U.S. exchanges was 12.18 billion shares, compared with the 10.4 billion average for the full session over the last 20 trading days.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯","BK4534":"瑞士信贷持仓","BK4559":"巴菲特持仓",".IXIC":"NASDAQ Composite","BK4504":"桥水持仓","BK4550":"红杉资本持仓",".SPX":"S&P 500 Index"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2201255535","content_text":"* S&P 500 posts biggest daily pct fall since Nov. 26* Fed minutes show officials said labor market \"very tight\"* Indexes: Dow down 1.1%, S&P 500 down 1.9%, Nasdaq down 3.3%NEW YORK, Jan 5 (Reuters) - U.S. stocks fell sharply on Wednesday, with the Nasdaq plunging more than 3% in its biggest one-day percentage drop since February, after U.S. Federal Reserve meeting minutes signaled the central bank may raise interest rates sooner than expected.The S&P 500 fell more than 1%, its biggest daily percentage decline since Nov. 26, the first day of trading after news of the Omicron variant of the coronavirus.The S&P 500 and Nasdaq quickly extended their declines after the release of the minutes, which investors viewed as more hawkish than they had feared. The Dow, which hit a record high earlier in the day, reversed course and ended down more than 1%.The selloff was broad, with all S&P sectors ending in the red, and Wall Street's fear gauge, the Cboe Volatility index, closing at its highest level since Dec. 21.In the minutes from the Fed's Dec. 14-15 policy meeting, central bank policymakers said a \"very tight\" job market and unabated inflation might require the Fed to raise rates sooner and begin reducing its overall asset holdings as a second brake on the economy.\"Indications that the Fed is very concerned about inflation could quickly create a view that the Fed will aggressively tighten in 2022,\" said David Carter, chief investment officer at Lenox Wealth Advisors in New York, calling the minutes \"more hawkish than expected.\"The S&P 500 technology sector fell 3.1% and was the biggest drag on the benchmark index, while the rate-sensitive real estate sector dropped 3.2% in its biggest daily percentage decline since Jan. 4, 2021.The Dow Jones Industrial Average fell 392.54 points, or 1.07%, to 36,407.11, the S&P 500 lost 92.96 points, or 1.94%, to 4,700.58 and the Nasdaq Composite dropped 522.54 points, or 3.34%, to 15,100.17.Rising interest rates increase borrowing costs for businesses and consumers, and higher rates can depress stock multiples, especially for technology and other growth stocks.Growth shares have been under pressure from a recent rise in U.S. Treasury yields.The Russell 2000 index also suffered its biggest one-day drop since Nov. 26, while the S&P 500 financials index fell 1.3%, a day after it registered an all-time closing high.Policymakers in December agreed to hasten the end of their pandemic-era program of bond purchases, and issued forecasts anticipating three quarter-percentage-point rate increases during 2022. The Fed's benchmark overnight interest rate is currently set near zero.Early in the day, an ADP National Employment report showed private payrolls increased by 807,000 jobs last month, more than double of what economists polled by Reuters had forecast.The report comes ahead of the Labor Department's more comprehensive and closely watched nonfarm payrolls data for December on Friday.Declining issues outnumbered advancing ones on the NYSE by a 4.32-to-1 ratio; on Nasdaq, a 4.22-to-1 ratio favored decliners.The S&P 500 posted 59 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 81 new highs and 307 new lows.Volume on U.S. exchanges was 12.18 billion shares, compared with the 10.4 billion average for the full session over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":24,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9003855755,"gmtCreate":1640938903010,"gmtModify":1676533556978,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9003855755","repostId":"1123532697","repostType":4,"repost":{"id":"1123532697","pubTimestamp":1640936750,"share":"https://www.laohu8.com/m/news/1123532697?lang=&edition=full","pubTime":"2021-12-31 15:45","market":"us","language":"en","title":"Is the Stock Market Open on New Year’s Eve and Monday? Yes. Here’s Why.","url":"https://stock-news.laohu8.com/highlight/detail?id=1123532697","media":"Barrons","summary":"A new year is right around the corner. But for anyone active in the stock market, there will be no y","content":"<html><head></head><body><p>A new year is right around the corner. But for anyone active in the stock market, there will be no year-end holiday.</p><p>U.S. exchanges will remain open on New Year’s Eve and the following Monday this year. Traders typically have off to observe New Year’s Day—but not when the first day of the year falls on a Saturday.</p><p>The New York Stock Exchange cites rule 7.2 for arranging this year’s holiday schedule this way. That rule, essentially, says the exchange will remain on the Friday before a Saturday holiday in cases such as the end of the year or the quarter’s end. Here’s the full text of the rule:</p><blockquote>When a holiday observed by the Exchange falls on a Saturday, the Exchange will not be open for business on the preceding Friday and when any holiday observed by the Exchange falls on a Sunday, the Exchange will not be open for business on the succeeding Monday, unless unusual business conditions exist, such as the ending of a monthly or yearly accounting period.</blockquote><p>And, according to the rule, the NYSE will remain open on Monday because New Year’s Day doesn’t fall on Sunday. When New Year’s Day falls on a Sunday, the exchange closes the following Monday. That’s what will happen next year: January 2, 2023, will be a holiday.</p><p>Like the NYSE, the Federal Reserve will not observe the holiday on Monday this year. Bond traders, at least, will get a bit of a break on Friday. The bond market closes at 2 p.m.</p><p>But not every exchange is handling the holiday the same way. Toronto and London stock exchanges will be closed on Monday, Jan. 3.</p><p>And institutions that are usually open on Saturdays will be closed. The U.S. Postal Service, for example, will be open on Friday and closed on Saturday.</p><p>So the best answer for why Monday isn’t a holiday for the NYSE? Much to the ire of bleary-eyed traders, it’s simply because that’s what has always happened when the calendar lines up this way.</p><p><i>Barron’s</i> will see you on Monday for the first trading day of 2022. Stocks, options, and bonds will be traded and investors will get their first look at whether the new year can match 2021’s impressive gains. The S&amp;P 500 and Dow Jones Industrial Average added about 28% and 19%, respectively, in 2021, as of Thursday’s close.</p><p>For the S&amp;P 500, that puts 2021’s return in the top fifth of performances dating back to 1927. For the Dow, last year was in the top third of years dating back to 1896. Here’s to hoping the new year is another profitable one.</p><p>Some positive news for anyone looking for a break: You won’t have to wait too long. The first long weekend of 2022 is Jan. 17, in observance of Martin Luther King Jr. Day.</p></body></html>","source":"lsy1601382232898","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>Is the Stock Market Open on New Year’s Eve and Monday? Yes. Here’s Why.</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\">\nIs the Stock Market Open on New Year’s Eve and Monday? Yes. Here’s Why.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-31 15:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/stock-market-open-close-new-years-eve-monday-hours-51640891577?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A new year is right around the corner. But for anyone active in the stock market, there will be no year-end holiday.U.S. exchanges will remain open on New Year’s Eve and the following Monday this year...</p>\n\n<a href=\"https://www.barrons.com/articles/stock-market-open-close-new-years-eve-monday-hours-51640891577?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/stock-market-open-close-new-years-eve-monday-hours-51640891577?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123532697","content_text":"A new year is right around the corner. But for anyone active in the stock market, there will be no year-end holiday.U.S. exchanges will remain open on New Year’s Eve and the following Monday this year. Traders typically have off to observe New Year’s Day—but not when the first day of the year falls on a Saturday.The New York Stock Exchange cites rule 7.2 for arranging this year’s holiday schedule this way. That rule, essentially, says the exchange will remain on the Friday before a Saturday holiday in cases such as the end of the year or the quarter’s end. Here’s the full text of the rule:When a holiday observed by the Exchange falls on a Saturday, the Exchange will not be open for business on the preceding Friday and when any holiday observed by the Exchange falls on a Sunday, the Exchange will not be open for business on the succeeding Monday, unless unusual business conditions exist, such as the ending of a monthly or yearly accounting period.And, according to the rule, the NYSE will remain open on Monday because New Year’s Day doesn’t fall on Sunday. When New Year’s Day falls on a Sunday, the exchange closes the following Monday. That’s what will happen next year: January 2, 2023, will be a holiday.Like the NYSE, the Federal Reserve will not observe the holiday on Monday this year. Bond traders, at least, will get a bit of a break on Friday. The bond market closes at 2 p.m.But not every exchange is handling the holiday the same way. Toronto and London stock exchanges will be closed on Monday, Jan. 3.And institutions that are usually open on Saturdays will be closed. The U.S. Postal Service, for example, will be open on Friday and closed on Saturday.So the best answer for why Monday isn’t a holiday for the NYSE? Much to the ire of bleary-eyed traders, it’s simply because that’s what has always happened when the calendar lines up this way.Barron’s will see you on Monday for the first trading day of 2022. Stocks, options, and bonds will be traded and investors will get their first look at whether the new year can match 2021’s impressive gains. The S&P 500 and Dow Jones Industrial Average added about 28% and 19%, respectively, in 2021, as of Thursday’s close.For the S&P 500, that puts 2021’s return in the top fifth of performances dating back to 1927. For the Dow, last year was in the top third of years dating back to 1896. Here’s to hoping the new year is another profitable one.Some positive news for anyone looking for a break: You won’t have to wait too long. The first long weekend of 2022 is Jan. 17, in observance of Martin Luther King Jr. Day.","news_type":1},"isVote":1,"tweetType":1,"viewCount":76,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184413014,"gmtCreate":1623721298338,"gmtModify":1704209517419,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":6,"repostSize":0,"link":"https://ttm.financial/post/184413014","repostId":"1126626020","repostType":4,"isVote":1,"tweetType":1,"viewCount":34,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3581937853250082","authorId":"3581937853250082","name":"SandyPoo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0},"content":"Comment back pls","text":"Comment back pls","html":"Comment back pls"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":132831594,"gmtCreate":1622078997918,"gmtModify":1704179013336,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Help to like and comment. Thanks!","listText":"Help to like and comment. Thanks!","text":"Help to like and comment. Thanks!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/132831594","repostId":"1174912010","repostType":4,"isVote":1,"tweetType":1,"viewCount":60,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3578877444948553","authorId":"3578877444948553","name":"ALDX","avatar":"https://static.tigerbbs.com/1c30b3322520635b1f24c04407d5574c","crmLevel":3,"crmLevelSwitch":0},"content":"Done pls reply","text":"Done pls reply","html":"Done pls reply"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9969123409,"gmtCreate":1668387950402,"gmtModify":1676538047914,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Ouch","listText":"Ouch","text":"Ouch","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9969123409","repostId":"2283144175","repostType":4,"repost":{"id":"2283144175","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1668383535,"share":"https://www.laohu8.com/m/news/2283144175?lang=&edition=full","pubTime":"2022-11-14 07:52","market":"us","language":"en","title":"At Least $1 Billion of Client Funds Missing at Failed Crypto Firm FTX","url":"https://stock-news.laohu8.com/highlight/detail?id=2283144175","media":"Reuters","summary":"FTX founder Bankman-Fried secretly moved $10 billion in funds to trading firm Alameda - sourcesBankm","content":"<html><head></head><body><ul><li>FTX founder Bankman-Fried secretly moved $10 billion in funds to trading firm Alameda - sources</li><li>Bankman-Fried showed spreadsheets to colleagues that revealed shift in funds to Alameda - sources</li><li>Spreadsheets indicated between $1 billion and $2 billion in client money is unaccounted for – sources</li><li>Executives set up book-keeping &#34;back door&#34; that thwarted red flags - sources</li><li>Whereabouts of missing funds is unknown - sources</li></ul><p>(Reuters) - At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter.</p><p>The exchange&#39;s founder Sam Bankman-Fried secretly transferred $10 billion of customer funds from FTX to Bankman-Fried&#39;s trading company Alameda Research, the people told Reuters.</p><p>A large portion of that total has since disappeared, they said. One source put the missing amount at about $1.7 billion. The other said the gap was between $1 billion and $2 billion.</p><p>While it is known that FTX moved customer funds to Alameda, the missing funds are reported here for the first time.</p><p>The financial hole was revealed in records that Bankman-Fried shared with other senior executives last Sunday, according to the two sources. The records provided an up-to-date account of the situation at the time, they said. Both sources held senior FTX positions until this week and said they were briefed on the company&#39;s finances by top staff.</p><p>Bahamas-based FTX filed for bankruptcy on Friday after a rush of customer withdrawals earlier this week. A rescue deal with rival exchange Binance fell through, precipitating crypto’s highest-profile collapse in recent years.</p><p>In text messages to Reuters, Bankman-Fried said he &#34;disagreed with the characterization&#34; of the $10 billion transfer.</p><p>&#34;We didn&#39;t secretly transfer,&#34; he said. &#34;We had confusing internal labeling and misread it,&#34; he added, without elaborating.</p><p>Asked about the missing funds, Bankman-Fried responded: &#34;???&#34;</p><p>FTX and Alameda did not respond to requests for comment.</p><p>In a tweet on Friday, Bankman-Fried said he was &#34;piecing together&#34; what had happened at FTX. &#34;I was shocked to see things unravel the way they did earlier this week,&#34; he wrote. &#34;I will, soon, write up a more complete post on the play by play.&#34;</p><p>At the heart of FTX&#39;s problems were losses at Alameda that most FTX executives did not know about, Reuters has previously reported.</p><p>Customer withdrawals had surged last Sunday after Changpeng Zhao, CEO of giant crypto exchange Binance, said Binance would sell its entire stake in FTX&#39;s digital token, worth at least $580 million, &#34;due to recent revelations.&#34; Four days before, news outlet CoinDesk reported that much of Alameda&#39;s $14.6 billion in assets were held in the token.</p><p>That Sunday, Bankman-Fried held a meeting with several executives in the Bahamas capital Nassau to calculate how much outside funding he needed to cover FTX&#39;s shortfall, the two people with knowledge of FTX&#39;s finances said.</p><p>Bankman-Fried confirmed to Reuters that the meeting took place.</p><p>Bankman-Fried showed several spreadsheets to the heads of the company&#39;s regulatory and legal teams that revealed FTX had moved around $10 billion in client funds from FTX to Alameda, the two people said. The spreadsheets displayed how much money FTX loaned to Alameda and what it was used for, they said.</p><p>The documents showed that between $1 billion and $2 billion of these funds were not accounted for among Alameda&#39;s assets, the sources said. The spreadsheets did not indicate where this money was moved, and the sources said they don&#39;t know what became of it.</p><p>In a subsequent examination, FTX legal and finance teams also learned that Bankman-Fried implemented what the two people described as a &#34;backdoor&#34; in FTX&#39;s book-keeping system, which was built using bespoke software.</p><p>They said the &#34;backdoor&#34; allowed Bankman-Fried to execute commands that could alter the company&#39;s financial records without alerting other people, including external auditors. This set-up meant that the movement of the $10 billion in funds to Alameda did not trigger internal compliance or accounting red flags at FTX, they said.</p><p>In his text message to Reuters, Bankman-Fried denied implementing a &#34;backdoor&#34;.</p><p>The U.S. Securities and Exchange Commission is investigating FTX.com&#39;s handling of customer funds, as well its crypto-lending activities, a source with knowledge of the inquiry told Reuters on Wednesday. The Department of Justice and the Commodity Futures Trading Commission are also investigating, the source said.</p><p>FTX&#39;s bankruptcy marked a stunning reversal for Bankman-Fried. The 30-year-old had set up FTX in 2019 and led it to become <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the largest crypto exchanges, accumulating a personal fortune estimated at nearly $17 billion. FTX was valued in January at $32 billion, with investors including SoftBank and BlackRock.</p><p>The crisis has sent reverberations through the crypto world, with the price of major coins plummeting. And FTX&#39;s collapse is drawing comparisons to earlier major business meltdowns.</p><p>On Friday, FTX said it had turned over control of the company to John J. Ray III, the restructuring specialist who handled the liquidation of Enron Corp – one of the largest bankruptcies in history.</p></body></html>","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>At Least $1 Billion of Client Funds Missing at Failed Crypto Firm FTX</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\">\nAt Least $1 Billion of Client Funds Missing at Failed Crypto Firm FTX\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-11-14 07:52</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><ul><li>FTX founder Bankman-Fried secretly moved $10 billion in funds to trading firm Alameda - sources</li><li>Bankman-Fried showed spreadsheets to colleagues that revealed shift in funds to Alameda - sources</li><li>Spreadsheets indicated between $1 billion and $2 billion in client money is unaccounted for – sources</li><li>Executives set up book-keeping &#34;back door&#34; that thwarted red flags - sources</li><li>Whereabouts of missing funds is unknown - sources</li></ul><p>(Reuters) - At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter.</p><p>The exchange&#39;s founder Sam Bankman-Fried secretly transferred $10 billion of customer funds from FTX to Bankman-Fried&#39;s trading company Alameda Research, the people told Reuters.</p><p>A large portion of that total has since disappeared, they said. One source put the missing amount at about $1.7 billion. The other said the gap was between $1 billion and $2 billion.</p><p>While it is known that FTX moved customer funds to Alameda, the missing funds are reported here for the first time.</p><p>The financial hole was revealed in records that Bankman-Fried shared with other senior executives last Sunday, according to the two sources. The records provided an up-to-date account of the situation at the time, they said. Both sources held senior FTX positions until this week and said they were briefed on the company&#39;s finances by top staff.</p><p>Bahamas-based FTX filed for bankruptcy on Friday after a rush of customer withdrawals earlier this week. A rescue deal with rival exchange Binance fell through, precipitating crypto’s highest-profile collapse in recent years.</p><p>In text messages to Reuters, Bankman-Fried said he &#34;disagreed with the characterization&#34; of the $10 billion transfer.</p><p>&#34;We didn&#39;t secretly transfer,&#34; he said. &#34;We had confusing internal labeling and misread it,&#34; he added, without elaborating.</p><p>Asked about the missing funds, Bankman-Fried responded: &#34;???&#34;</p><p>FTX and Alameda did not respond to requests for comment.</p><p>In a tweet on Friday, Bankman-Fried said he was &#34;piecing together&#34; what had happened at FTX. &#34;I was shocked to see things unravel the way they did earlier this week,&#34; he wrote. &#34;I will, soon, write up a more complete post on the play by play.&#34;</p><p>At the heart of FTX&#39;s problems were losses at Alameda that most FTX executives did not know about, Reuters has previously reported.</p><p>Customer withdrawals had surged last Sunday after Changpeng Zhao, CEO of giant crypto exchange Binance, said Binance would sell its entire stake in FTX&#39;s digital token, worth at least $580 million, &#34;due to recent revelations.&#34; Four days before, news outlet CoinDesk reported that much of Alameda&#39;s $14.6 billion in assets were held in the token.</p><p>That Sunday, Bankman-Fried held a meeting with several executives in the Bahamas capital Nassau to calculate how much outside funding he needed to cover FTX&#39;s shortfall, the two people with knowledge of FTX&#39;s finances said.</p><p>Bankman-Fried confirmed to Reuters that the meeting took place.</p><p>Bankman-Fried showed several spreadsheets to the heads of the company&#39;s regulatory and legal teams that revealed FTX had moved around $10 billion in client funds from FTX to Alameda, the two people said. The spreadsheets displayed how much money FTX loaned to Alameda and what it was used for, they said.</p><p>The documents showed that between $1 billion and $2 billion of these funds were not accounted for among Alameda&#39;s assets, the sources said. The spreadsheets did not indicate where this money was moved, and the sources said they don&#39;t know what became of it.</p><p>In a subsequent examination, FTX legal and finance teams also learned that Bankman-Fried implemented what the two people described as a &#34;backdoor&#34; in FTX&#39;s book-keeping system, which was built using bespoke software.</p><p>They said the &#34;backdoor&#34; allowed Bankman-Fried to execute commands that could alter the company&#39;s financial records without alerting other people, including external auditors. This set-up meant that the movement of the $10 billion in funds to Alameda did not trigger internal compliance or accounting red flags at FTX, they said.</p><p>In his text message to Reuters, Bankman-Fried denied implementing a &#34;backdoor&#34;.</p><p>The U.S. Securities and Exchange Commission is investigating FTX.com&#39;s handling of customer funds, as well its crypto-lending activities, a source with knowledge of the inquiry told Reuters on Wednesday. The Department of Justice and the Commodity Futures Trading Commission are also investigating, the source said.</p><p>FTX&#39;s bankruptcy marked a stunning reversal for Bankman-Fried. The 30-year-old had set up FTX in 2019 and led it to become <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the largest crypto exchanges, accumulating a personal fortune estimated at nearly $17 billion. FTX was valued in January at $32 billion, with investors including SoftBank and BlackRock.</p><p>The crisis has sent reverberations through the crypto world, with the price of major coins plummeting. And FTX&#39;s collapse is drawing comparisons to earlier major business meltdowns.</p><p>On Friday, FTX said it had turned over control of the company to John J. Ray III, the restructuring specialist who handled the liquidation of Enron Corp – one of the largest bankruptcies in history.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2283144175","content_text":"FTX founder Bankman-Fried secretly moved $10 billion in funds to trading firm Alameda - sourcesBankman-Fried showed spreadsheets to colleagues that revealed shift in funds to Alameda - sourcesSpreadsheets indicated between $1 billion and $2 billion in client money is unaccounted for – sourcesExecutives set up book-keeping \"back door\" that thwarted red flags - sourcesWhereabouts of missing funds is unknown - sources(Reuters) - At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter.The exchange's founder Sam Bankman-Fried secretly transferred $10 billion of customer funds from FTX to Bankman-Fried's trading company Alameda Research, the people told Reuters.A large portion of that total has since disappeared, they said. One source put the missing amount at about $1.7 billion. The other said the gap was between $1 billion and $2 billion.While it is known that FTX moved customer funds to Alameda, the missing funds are reported here for the first time.The financial hole was revealed in records that Bankman-Fried shared with other senior executives last Sunday, according to the two sources. The records provided an up-to-date account of the situation at the time, they said. Both sources held senior FTX positions until this week and said they were briefed on the company's finances by top staff.Bahamas-based FTX filed for bankruptcy on Friday after a rush of customer withdrawals earlier this week. A rescue deal with rival exchange Binance fell through, precipitating crypto’s highest-profile collapse in recent years.In text messages to Reuters, Bankman-Fried said he \"disagreed with the characterization\" of the $10 billion transfer.\"We didn't secretly transfer,\" he said. \"We had confusing internal labeling and misread it,\" he added, without elaborating.Asked about the missing funds, Bankman-Fried responded: \"???\"FTX and Alameda did not respond to requests for comment.In a tweet on Friday, Bankman-Fried said he was \"piecing together\" what had happened at FTX. \"I was shocked to see things unravel the way they did earlier this week,\" he wrote. \"I will, soon, write up a more complete post on the play by play.\"At the heart of FTX's problems were losses at Alameda that most FTX executives did not know about, Reuters has previously reported.Customer withdrawals had surged last Sunday after Changpeng Zhao, CEO of giant crypto exchange Binance, said Binance would sell its entire stake in FTX's digital token, worth at least $580 million, \"due to recent revelations.\" Four days before, news outlet CoinDesk reported that much of Alameda's $14.6 billion in assets were held in the token.That Sunday, Bankman-Fried held a meeting with several executives in the Bahamas capital Nassau to calculate how much outside funding he needed to cover FTX's shortfall, the two people with knowledge of FTX's finances said.Bankman-Fried confirmed to Reuters that the meeting took place.Bankman-Fried showed several spreadsheets to the heads of the company's regulatory and legal teams that revealed FTX had moved around $10 billion in client funds from FTX to Alameda, the two people said. The spreadsheets displayed how much money FTX loaned to Alameda and what it was used for, they said.The documents showed that between $1 billion and $2 billion of these funds were not accounted for among Alameda's assets, the sources said. The spreadsheets did not indicate where this money was moved, and the sources said they don't know what became of it.In a subsequent examination, FTX legal and finance teams also learned that Bankman-Fried implemented what the two people described as a \"backdoor\" in FTX's book-keeping system, which was built using bespoke software.They said the \"backdoor\" allowed Bankman-Fried to execute commands that could alter the company's financial records without alerting other people, including external auditors. This set-up meant that the movement of the $10 billion in funds to Alameda did not trigger internal compliance or accounting red flags at FTX, they said.In his text message to Reuters, Bankman-Fried denied implementing a \"backdoor\".The U.S. Securities and Exchange Commission is investigating FTX.com's handling of customer funds, as well its crypto-lending activities, a source with knowledge of the inquiry told Reuters on Wednesday. The Department of Justice and the Commodity Futures Trading Commission are also investigating, the source said.FTX's bankruptcy marked a stunning reversal for Bankman-Fried. The 30-year-old had set up FTX in 2019 and led it to become one of the largest crypto exchanges, accumulating a personal fortune estimated at nearly $17 billion. FTX was valued in January at $32 billion, with investors including SoftBank and BlackRock.The crisis has sent reverberations through the crypto world, with the price of major coins plummeting. And FTX's collapse is drawing comparisons to earlier major business meltdowns.On Friday, FTX said it had turned over control of the company to John J. Ray III, the restructuring specialist who handled the liquidation of Enron Corp – one of the largest bankruptcies in history.","news_type":1},"isVote":1,"tweetType":1,"viewCount":9,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9919319684,"gmtCreate":1663728009148,"gmtModify":1676537324789,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/9919319684","repostId":"1157331684","repostType":4,"repost":{"id":"1157331684","pubTimestamp":1663717564,"share":"https://www.laohu8.com/m/news/1157331684?lang=&edition=full","pubTime":"2022-09-21 07:46","market":"us","language":"en","title":"Wall Street Traders Gorge on Short-Term Stock Options as Fed Day Looms","url":"https://stock-news.laohu8.com/highlight/detail?id=1157331684","media":"Bloomberg","summary":"Trading volume spikes in SPY contracts maturing within a weekFocus turned to short term as market st","content":"<html><head></head><body><ul><li>Trading volume spikes in SPY contracts maturing within a week</li><li>Focus turned to short term as market stuck in range trading</li></ul><p>Betting on Federal Reserve-spurred market fireworks, but lack conviction on where stocks are headed in the months ahead as news bombs hit the tape? You’re far from alone.</p><p>Stocks retreated Tuesday, with the S&amp;P 500 sinking more than 1% on the eve of the Federal Open Market Committee decision. Wild daily market moves have been so common of late that options traders are loading up on short-term bets at a pace unseen in the post-lockdown era.</p><p>Over the past month, the average daily volume in derivatives contracts linked to the biggest ETF tracking the S&amp;P 500 (ticker SPY) with a maturity within one week spiked to the highest level since at least the start of 2020, data complied by Susquehanna International Group. By contrast, trading in long-dated contracts mostly slowed or stagnated.</p><p>Whether they’re directional wagers or intended as a hedge, it’s hard to tell. But the intense focus on the here and now may reflect a lack of conviction to trade options with longer maturities at a time when the market is stuck in a range. Add on top all the market-moving developments such as last week’s shocking inflation data, and it’s a recipe for traders to shorten their time horizon.</p><p>“There is clearly an enhanced focus on macro events like CPI and the FOMC,” said Chris Murphy, co-head of derivatives strategy at Susquehanna. “Macro events are driving markets and narratives appear to be turning on a dime. In this kind of an environment, it might make sense to use near-term options to express opinions.”</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c7ab5ab34a7a36f3393fa2ee712c60df\" tg-width=\"1000\" tg-height=\"630\" referrerpolicy=\"no-referrer\"/><span>Source: Susquehanna Source: Susquehanna</span></p><p>To stock investors, the cluster of near-dated options means the cash market is more likely held hostage to the derivatives market. While a controversial narrative, Friday’s $3.2 trillion options expiration, for instance, was viewed in some circles as one catalyst worsening the equity selloff that’s sparked by the hotter-than-expected reading on the consumer price index.</p><p>This year has been a dangerous one for bulls and even bears with all the twists and turns. While the Fed is expected to raise interest rates by another 75 basis points Wednesday, any damage from monetary tightening has yet to show up in broad corporate earnings. Buffeted by conflicting narratives, stock moves have made market timing all but impossible.</p><p>One standout constant, however, is the market’s propensity to swing wildly around key economic data or policy events. Take Fed day, for instance. The S&amp;P 500 has moved an average 1.9% this year on the day when the central bank announced its policy decision. That’s about double an average for all Fed days in the previous three years.</p><p>Right now, the benchmark index was implied to move about 2% Wednesday, based on an at-the-money straddle strategy that buys an equal number of calls and puts with the same strike price and expiration date.</p><p>Forecasting 2022’s market has been a futile exercise for even professional prognosticators. While many strategists were forced to cut their year-end targets during the S&amp;P 500’s worst first half in five decades, the index has since largely been trapped in a range between 3,600 and 4,300.</p><p>With uncertainty lingering over the Fed’s monetary policy and its impact on the economy, strategists tracked by Bloomberg have shown divergent views on the stock market on a scale rarely seen in history.</p><p>While the long-term outlook remains murky, equities have become a one big trade where the obsession with economic data or Fed speech overwhelms company fundamentals. That backdrop, along with relatively inexpensive options, has contributed to the frenzy of bets on what’s coming in the days ahead, according to Brian Donlin, an equity derivatives strategist at Stifel Nicolaus &amp; Co.</p><p>“Option premiums are cheap relative to the moves we are seeing,” he said. “And we have clear consistent macro data points as catalysts more than ever.”</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Traders Gorge on Short-Term Stock Options as Fed Day Looms</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Traders Gorge on Short-Term Stock Options as Fed Day Looms\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-21 07:46 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-09-20/wall-street-traders-gorge-on-short-term-options-as-fed-day-looms?srnd=markets-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Trading volume spikes in SPY contracts maturing within a weekFocus turned to short term as market stuck in range tradingBetting on Federal Reserve-spurred market fireworks, but lack conviction on ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-09-20/wall-street-traders-gorge-on-short-term-options-as-fed-day-looms?srnd=markets-vp\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.bloomberg.com/news/articles/2022-09-20/wall-street-traders-gorge-on-short-term-options-as-fed-day-looms?srnd=markets-vp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157331684","content_text":"Trading volume spikes in SPY contracts maturing within a weekFocus turned to short term as market stuck in range tradingBetting on Federal Reserve-spurred market fireworks, but lack conviction on where stocks are headed in the months ahead as news bombs hit the tape? You’re far from alone.Stocks retreated Tuesday, with the S&P 500 sinking more than 1% on the eve of the Federal Open Market Committee decision. Wild daily market moves have been so common of late that options traders are loading up on short-term bets at a pace unseen in the post-lockdown era.Over the past month, the average daily volume in derivatives contracts linked to the biggest ETF tracking the S&P 500 (ticker SPY) with a maturity within one week spiked to the highest level since at least the start of 2020, data complied by Susquehanna International Group. By contrast, trading in long-dated contracts mostly slowed or stagnated.Whether they’re directional wagers or intended as a hedge, it’s hard to tell. But the intense focus on the here and now may reflect a lack of conviction to trade options with longer maturities at a time when the market is stuck in a range. Add on top all the market-moving developments such as last week’s shocking inflation data, and it’s a recipe for traders to shorten their time horizon.“There is clearly an enhanced focus on macro events like CPI and the FOMC,” said Chris Murphy, co-head of derivatives strategy at Susquehanna. “Macro events are driving markets and narratives appear to be turning on a dime. In this kind of an environment, it might make sense to use near-term options to express opinions.”Source: Susquehanna Source: SusquehannaTo stock investors, the cluster of near-dated options means the cash market is more likely held hostage to the derivatives market. While a controversial narrative, Friday’s $3.2 trillion options expiration, for instance, was viewed in some circles as one catalyst worsening the equity selloff that’s sparked by the hotter-than-expected reading on the consumer price index.This year has been a dangerous one for bulls and even bears with all the twists and turns. While the Fed is expected to raise interest rates by another 75 basis points Wednesday, any damage from monetary tightening has yet to show up in broad corporate earnings. Buffeted by conflicting narratives, stock moves have made market timing all but impossible.One standout constant, however, is the market’s propensity to swing wildly around key economic data or policy events. Take Fed day, for instance. The S&P 500 has moved an average 1.9% this year on the day when the central bank announced its policy decision. That’s about double an average for all Fed days in the previous three years.Right now, the benchmark index was implied to move about 2% Wednesday, based on an at-the-money straddle strategy that buys an equal number of calls and puts with the same strike price and expiration date.Forecasting 2022’s market has been a futile exercise for even professional prognosticators. While many strategists were forced to cut their year-end targets during the S&P 500’s worst first half in five decades, the index has since largely been trapped in a range between 3,600 and 4,300.With uncertainty lingering over the Fed’s monetary policy and its impact on the economy, strategists tracked by Bloomberg have shown divergent views on the stock market on a scale rarely seen in history.While the long-term outlook remains murky, equities have become a one big trade where the obsession with economic data or Fed speech overwhelms company fundamentals. That backdrop, along with relatively inexpensive options, has contributed to the frenzy of bets on what’s coming in the days ahead, according to Brian Donlin, an equity derivatives strategist at Stifel Nicolaus & Co.“Option premiums are cheap relative to the moves we are seeing,” he said. “And we have clear consistent macro data points as catalysts more than ever.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":46,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185937490,"gmtCreate":1623630080010,"gmtModify":1704207188937,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Please like&nbsp;and comment","listText":"Please like&nbsp;and comment","text":"Please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/185937490","repostId":"1146430910","repostType":4,"isVote":1,"tweetType":1,"viewCount":17,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3582325347699347","authorId":"3582325347699347","name":"ZTPang","avatar":"https://static.tigerbbs.com/447bbc8a52fb7a0361b472c0afceaa15","crmLevel":2,"crmLevelSwitch":1},"content":"done,please reply here","text":"done,please reply here","html":"done,please reply here"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180989175,"gmtCreate":1623168730697,"gmtModify":1704197652120,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Comment and like","listText":"Comment and like","text":"Comment and like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/180989175","repostId":"1136550999","repostType":4,"repost":{"id":"1136550999","pubTimestamp":1623142939,"share":"https://www.laohu8.com/m/news/1136550999?lang=&edition=full","pubTime":"2021-06-08 17:02","market":"us","language":"en","title":"Biden administration announces plans to strengthen critical supply chains","url":"https://stock-news.laohu8.com/highlight/detail?id=1136550999","media":"cnbc","summary":"KEY POINTS\n\nThe Biden administration will announce new actions designed to strengthen critical U.S. ","content":"<div>\n<p>KEY POINTS\n\nThe Biden administration will announce new actions designed to strengthen critical U.S. supply chains on Tuesday.\nThey include plans to develop a domestic lithium battery manufacturing ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/08/biden-administration-announces-plans-to-strengthen-critical-supply-chains.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Biden administration announces plans to strengthen critical supply chains</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 administration announces plans to strengthen critical supply chains\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-08 17:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/08/biden-administration-announces-plans-to-strengthen-critical-supply-chains.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nThe Biden administration will announce new actions designed to strengthen critical U.S. supply chains on Tuesday.\nThey include plans to develop a domestic lithium battery manufacturing ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/08/biden-administration-announces-plans-to-strengthen-critical-supply-chains.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.cnbc.com/2021/06/08/biden-administration-announces-plans-to-strengthen-critical-supply-chains.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1136550999","content_text":"KEY POINTS\n\nThe Biden administration will announce new actions designed to strengthen critical U.S. supply chains on Tuesday.\nThey include plans to develop a domestic lithium battery manufacturing industry, as well as to mine and process rare earth minerals.\nThey also include a USTR “strike force” to combat “unfair foreign trade practices” which the White House says have contributed to the erosion of supply chains around the world.\n\nWASHINGTON — The Biden administration is set to announce a series of steps designed to strengthen critical U.S. supply chains on Tuesday, building up domestic manufacturing capabilities for key products and addressing existing vulnerabilities.\nIn February, President Joe Biden ordered a 100-day interagency review of domestic supply chains.\nThe outcome of this review and the resulting policy recommendations make up a new report totaling several hundred pages,due to bereleased on Tuesday.\nThe report's initial recommendations focus on four products critical to the U.S. economy: large capacity lithium batteries, rare earth minerals, semiconductors and active pharmaceutical ingredients.\n\nLarge capacity lithium batteries:The Department of Energy is aiming to release a 10-year plan to develop a domesticlithium battery supply chain in the United Statescapable of producing the batteries that power electric vehicles. The agency's Advanced Technology Vehicles Manufacturing Loan Program will distribute $17 billion in an effort to support new research and manufacturing efforts in the United States.\nRare earth minerals:The Department of Interior will lead a task force to identify sites wherecritical minerals could be producedand processed in the United States.\" The report said the U.S. will develop the capacity for \"sustainable production, refining, and recycling\" of the 17 rare earth metals used in cell phones, cars and magnets, while meeting high environmental standards.\nSemiconductors:As the nation grapples witha semiconductor shortage that has idled major auto manufacturing plants, the White House said it will work with the private sector to increase supply chain transparency.\nAdvanced pharmaceutical ingredients:The Department of Health and Human Services will use authority granted under the Defense Production Act to commit approximately $60 million to \"develop novel platform technologies to increase domestic manufacturing capacity for API.\"\n\nIn addition to these steps, designed to boost supplies of specific products, the administration also announced several broader initiatives.\nTo help train the workers that will be needed to staff these new projects, the White House will announce $100 million in additional grants to support state-led apprenticeship expansion efforts. The grants will be administered by the Department of Labor.\nThe Department of Energy will announce a new policy that requires awardees of DOE research and development grants to \"substantially manufacture those products in the United States.\"\nAlong with these efforts to bolster domestic supply chains, the Biden administration will also announce new steps to combat \"unfair foreign trade practices,\" which it says have contributed to the erosion of supply chains around the world.\nOne of these will be the creation of a \"trade strike force\" led by the U.S. Trade Representative's office. The strike force will aim to identify \"unilateral and multilateral\" enforcement actions the United States can take to punish countries that it believes are engaging in unfair trade practices. According to a senior administration official, the strike force will focus on developing U.S.-China trade policies.\nThe other enforcement-related action will be an evaluation, led by the Department of Commerce, of whether to initiate an investigation into neodymium magnets under Section 232 of the Trade Expansion Act.\nThe rare earth magnets are used in motors and electronics by both civilians and the military. If the investigation were to conclude that U.S. national security is threatened by foreign supplies of neodymium, it could open the door to import restrictions or tariffs.\nBiden's predecessor, Donald Trump, invoked Section 232 twice during his one term as president, citing it as his justification for imposing broad steel and aluminum tariffs. Those tariffs are still in place, and Biden has not said whether he will lift them or not.\nA senior administration official who briefed reporters emphasized that Biden's trade policy actions are fundamentally different from Trump's trade wars, because they are carefully targeted.\n\"We're not looking to wage trade wars with our allies and partners,\" said the official. \"We're looking at very targeted products where we think there are effective tools we could deploy to strengthen our own supply chains and reduce vulnerabilities.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":41,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3579339960508739","authorId":"3579339960508739","name":"Stanpai","avatar":"https://static.tigerbbs.com/9d7937f5358a694015eb202f6a8282a3","crmLevel":2,"crmLevelSwitch":0},"content":"comment and like back pls","text":"comment and like back pls","html":"comment and like back pls"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112602028,"gmtCreate":1622863822564,"gmtModify":1704192675496,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/112602028","repostId":"1106312903","repostType":4,"repost":{"id":"1106312903","pubTimestamp":1622855773,"share":"https://www.laohu8.com/m/news/1106312903?lang=&edition=full","pubTime":"2021-06-05 09:16","market":"us","language":"en","title":"U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO","url":"https://stock-news.laohu8.com/highlight/detail?id=1106312903","media":"Renaissance Capital","summary":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental h","content":"<p><b>Summary</b></p>\n<ul>\n <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>\n <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>\n <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li>\n</ul>\n<p>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p>\n<p>Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p>\n<p>Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p>\n<p>Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p>\n<p>Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p>\n<p>BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p>\n<p>Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p>\n<p>Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p>\n<p>Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p>\n<p>Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p>\n<p><b>IPO Market Snapshot</b></p>\n<p>The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p>","source":"lsy1603787993745","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO</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\">\nU.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-05 09:16 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div><strong>Renaissance Capital</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta plans to raise $1.0 billion at a $12.4 billion ...</p>\n\n<a href=\"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DIBS":"1stdibs.com Inc.","MNDY":"Monday.com Ltd.","ZME":"掌门教育",".IXIC":"NASDAQ Composite","MQ":"Marqeta, Inc.",".SPX":"S&P 500 Index","BZ":"BOSS直聘","ZETA":"Zeta Global Holdings Corp.","TASK":"TaskUs Inc.","LFST":"LifeStance Health Group, Inc.",".DJI":"道琼斯"},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106312903","content_text":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.\nChinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.\nChinese online recruitment platform Kanzhun(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.\nMental health services provider LifeStance Health(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.\nIsrael’s monday.com(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.\nBPO vendor TaskUs(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.\nData-driven marketing platform Zeta Global(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.\nOnline luxury goods marketplace 1stDibs(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.\nChinese online tutoring platform Zhangmen Education(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.\n\nStreet research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.","news_type":1},"isVote":1,"tweetType":1,"viewCount":50,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3576907051418885","authorId":"3576907051418885","name":"gohomeclub","avatar":"https://static.tigerbbs.com/93a04d104a18acf8a1363e84d3a952a4","crmLevel":2,"crmLevelSwitch":0},"content":"reply to my comment please","text":"reply to my comment please","html":"reply to my comment please"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9961539726,"gmtCreate":1668993240166,"gmtModify":1676538135551,"author":{"id":"3559556416091691","authorId":"3559556416091691","name":"KingJo","avatar":"https://static.tigerbbs.com/b0c610addd66a5842a11cbf8ce38b5f0","crmLevel":1,"crmLevelSwitch":1},"themes":[],"htmlText":"Ouch","listText":"Ouch","text":"Ouch","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9961539726","repostId":"1117170787","repostType":4,"repost":{"id":"1117170787","pubTimestamp":1669002303,"share":"https://www.laohu8.com/m/news/1117170787?lang=&edition=full","pubTime":"2022-11-21 11:45","market":"us","language":"en","title":"The Fed Minutes May Deliver A Massive Blow To The Stock Market","url":"https://stock-news.laohu8.com/highlight/detail?id=1117170787","media":"Seeking Alpha","summary":"SummaryThe November Fed Minutes will be released Wednesday afternoon.The bond and currency markets a","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>The November Fed Minutes will be released Wednesday afternoon.</li><li>The bond and currency markets are already preparing for very hawkish minutes.</li><li>Fed board members appear to think rates may head towards 5%.</li></ul><p>It will be a holiday-shortened trading week, but it will not be short on news events. The massive news event will come on Wednesday at 2 PM with the release of the November Fed minutes. These minutes will likely reverse the equity market&#39;s celebration following a lower-than-expected October CPI report, as the Fed has a different view and is already pushing back hard.</p><p>Since the release of that CPI report on November 10, Fed-speak has been crystal clear - slower rate hikes do not mean a lower terminal rate, and one better-than-expected CPI report isn&#39;t going to change the path of monetary policy. Ultimately, these speakers seem to think rates are going even higher.</p><p>St. Louis Fed Governor James Bullard suggested dovish assumptions about monetary policy justified additional rate hikes.</p><p>The November FOMC statement indicated the likelihood of a slower pace of rate hikes coming, while the FOMC press conference indicated that the terminal rate was likely to be higher than previously expected in September. Since the FOMC meeting, a strong case has been laid out by many FOMC members for the overnight rate to head over 5% and potentially to go as high as 5.25% in 2023.</p><p>If this message of higher rates is correctly delivered in the FOMC minutes, then it seems more likely than not that the equity market rally since the October CPI report in mid-November should not only pause but reverse.</p><p><b>VIX Positioning</b></p><p>Additionally, the VIX should rise sharply heading into the FOMC meeting on December 14. Not on worries over a 50 or 75 bps rate hike but due to concerns over the Fed&#39;s Summary of Economic Projections and the committee&#39;s dot plot for terminal rate for the end of 2023.</p><p>In fact, throughout 2022, there has been a pattern of the VIX rising or falling into the FOMC meeting following the market&#39;s perception of the Fed minutes. Currently, the VIX is trading towards the lower end of its trading range, around 23. The last time the VIX was this low heading into the release of the FOMC minutes came back on August 17, which also marked the end of the August rally and was followed by a sharp rise in the VIX and a very sharp decline in the S&amp;P 500. The same thing also happened at the beginning of April, which also marked the end of the March rally, and early January, which marked the market peak.</p><p><img src=\"https://static.tigerbbs.com/2eb742a0f644a317b0c584c79d197735\" tg-width=\"640\" tg-height=\"321\" referrerpolicy=\"no-referrer\"/></p><p>TradingView</p><p><b>Rates And The Dollar</b></p><p>The bond market is already anticipating the more hawkish commentary out of the Fed minutes to be released this week. The Fed funds rates again call for the peak rate to be above 5% and back to levels seen immediately following the November FOMC meeting. Additionally, that peak rate is now seen coming in July instead of May, incorporating smaller rate hikes.</p><p><img src=\"https://static.tigerbbs.com/085a10f01649229138206ef78793ac66\" tg-width=\"640\" tg-height=\"499\" referrerpolicy=\"no-referrer\"/></p><p>Bloomberg</p><p>The view of higher rates has also helped lift the 2-year yield, moving it back above 4.5%, and stopped the bleeding of the dollar index. These are critical signs that the bond and currency markets are listening to what the FOMC members are saying and taking the calls for higher rates very seriously. The Fed minutes should enforce the view of the Fed officials and should only help to push the dollar and rates even higher.</p><p>Higher rates and a strong dollar should help financial conditions tighten, pushing stock prices lower and increasing implied volatility levels.</p><p><img src=\"https://static.tigerbbs.com/d88b54ba9843396edf02be5023d2da16\" tg-width=\"640\" tg-height=\"321\" referrerpolicy=\"no-referrer\"/></p><p>TradingView</p><p><b>Fall Back Plan</b></p><p>Just in case the market doesn&#39;t respond appropriately to these minutes. The Fed is taking no chances heading into the FOMC meeting this time and will ensure that there will be no mix-ups from a potential article drop heading into the December meeting. There will be no repeat of the October version of the dovish pivot.</p><p>This time Jay Powell will take things into his own hands and talk for an hour at the Brookings Institute on November 30, starting at 1:30 PM ET. The talk is even more critical because it will come one day before the official FOMC blackout period starts heading into the December 14 FOMC meeting. It will be Powell&#39;s chance to make sure the market does not veer off course over those two weeks.</p><p>The Fed has been telling the market all year that it intended to raise rates aggressively and wanted financial conditions to tighten. Yes, there have been countertrend rallies along the way, but if one thing is clear, the Fed has been committed to higher rates. If the minutes do not deliver that message this week, Powell will be sure to do on November 30 what he did on August 26 at Jackson Hole, putting the hammer down on the equity market again.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Fed Minutes May Deliver A Massive Blow To The Stock Market</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Fed Minutes May Deliver A Massive Blow To The Stock Market\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-21 11:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4559258-fed-minutes-may-deliver-massive-blow-to-stock-market><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryThe November Fed Minutes will be released Wednesday afternoon.The bond and currency markets are already preparing for very hawkish minutes.Fed board members appear to think rates may head ...</p>\n\n<a href=\"https://seekingalpha.com/article/4559258-fed-minutes-may-deliver-massive-blow-to-stock-market\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://seekingalpha.com/article/4559258-fed-minutes-may-deliver-massive-blow-to-stock-market","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117170787","content_text":"SummaryThe November Fed Minutes will be released Wednesday afternoon.The bond and currency markets are already preparing for very hawkish minutes.Fed board members appear to think rates may head towards 5%.It will be a holiday-shortened trading week, but it will not be short on news events. The massive news event will come on Wednesday at 2 PM with the release of the November Fed minutes. These minutes will likely reverse the equity market's celebration following a lower-than-expected October CPI report, as the Fed has a different view and is already pushing back hard.Since the release of that CPI report on November 10, Fed-speak has been crystal clear - slower rate hikes do not mean a lower terminal rate, and one better-than-expected CPI report isn't going to change the path of monetary policy. Ultimately, these speakers seem to think rates are going even higher.St. Louis Fed Governor James Bullard suggested dovish assumptions about monetary policy justified additional rate hikes.The November FOMC statement indicated the likelihood of a slower pace of rate hikes coming, while the FOMC press conference indicated that the terminal rate was likely to be higher than previously expected in September. Since the FOMC meeting, a strong case has been laid out by many FOMC members for the overnight rate to head over 5% and potentially to go as high as 5.25% in 2023.If this message of higher rates is correctly delivered in the FOMC minutes, then it seems more likely than not that the equity market rally since the October CPI report in mid-November should not only pause but reverse.VIX PositioningAdditionally, the VIX should rise sharply heading into the FOMC meeting on December 14. Not on worries over a 50 or 75 bps rate hike but due to concerns over the Fed's Summary of Economic Projections and the committee's dot plot for terminal rate for the end of 2023.In fact, throughout 2022, there has been a pattern of the VIX rising or falling into the FOMC meeting following the market's perception of the Fed minutes. Currently, the VIX is trading towards the lower end of its trading range, around 23. The last time the VIX was this low heading into the release of the FOMC minutes came back on August 17, which also marked the end of the August rally and was followed by a sharp rise in the VIX and a very sharp decline in the S&P 500. The same thing also happened at the beginning of April, which also marked the end of the March rally, and early January, which marked the market peak.TradingViewRates And The DollarThe bond market is already anticipating the more hawkish commentary out of the Fed minutes to be released this week. The Fed funds rates again call for the peak rate to be above 5% and back to levels seen immediately following the November FOMC meeting. Additionally, that peak rate is now seen coming in July instead of May, incorporating smaller rate hikes.BloombergThe view of higher rates has also helped lift the 2-year yield, moving it back above 4.5%, and stopped the bleeding of the dollar index. These are critical signs that the bond and currency markets are listening to what the FOMC members are saying and taking the calls for higher rates very seriously. The Fed minutes should enforce the view of the Fed officials and should only help to push the dollar and rates even higher.Higher rates and a strong dollar should help financial conditions tighten, pushing stock prices lower and increasing implied volatility levels.TradingViewFall Back PlanJust in case the market doesn't respond appropriately to these minutes. The Fed is taking no chances heading into the FOMC meeting this time and will ensure that there will be no mix-ups from a potential article drop heading into the December meeting. There will be no repeat of the October version of the dovish pivot.This time Jay Powell will take things into his own hands and talk for an hour at the Brookings Institute on November 30, starting at 1:30 PM ET. The talk is even more critical because it will come one day before the official FOMC blackout period starts heading into the December 14 FOMC meeting. It will be Powell's chance to make sure the market does not veer off course over those two weeks.The Fed has been telling the market all year that it intended to raise rates aggressively and wanted financial conditions to tighten. Yes, there have been countertrend rallies along the way, but if one thing is clear, the Fed has been committed to higher rates. If the minutes do not deliver that message this week, Powell will be sure to do on November 30 what he did on August 26 at Jackson Hole, putting the hammer down on the equity market again.","news_type":1},"isVote":1,"tweetType":1,"viewCount":50,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}